TruStage is another example of a Direct-to-Consumer (D2C) Life Insurance platform, with the goal of making it quick / simple / affordable to buy Life Insurance… if you qualify!
TruStage policies are issued by CMFG Life Insurance Company. CMFG Life is rated “A” Excellent by A.M. Best and has been in business for 80 years.
But take the time to read the fine print. Restrictions and limitations apply. It is important to know what you are getting into, before you make a decision.
***TruStage ONLY SELLS CMFG Products***
What Types of Life Insurance are Offered by TruStage?
TruStage ‘Sales Pitch’ – About Their Online Process
- Apply online in just a few minutes
- Only need to answer a few questions
- No medical exam (for most people)
- Premiums are guaranteed throughout the life of the policy
Pros and Cons of TruStage Life Insurance
Pros
No medical exam required
Policies as low as $10,000
Easy online application.
Instant approval
Can convert to permanent whole life insurance coverage
Cons
Policies will expire at age 80 or before.
Premiums increase every 5 years to age 75
Cannot purchase a policy greater than $100,000
No available life insurance riders
TruStage term life insurance policies are more expensive compared to other companies
Confusing online quotes and application
How To Get an Online Quote from TruStage
***images shown in this section are screenshots captured by our Secret Shopper during online quoting process in February 2022***
Trustage has quite a bizarre online quoting platform.
It starts off similarly to most other companies. You can get started by click the “Get a Quote” button on their homepage.
Next, you’ll be presented with a page asking for a bit of personal information including:
- Your zip code
- Your date of birth
- Your gender
I like that it’s a simple page and is easy to fill out. I also like how Trustage posts their Trustpilot reviews at the bottom of the page. At the time I went through this, in February of 2022; it looks like they have 5,119 reviews and are sitting around 4.5 stars.
Note that at this point, they haven’t asked about my health or what type of coverage I’m interested in.
Some companies, like Ethos, will show you a range of quotes before asking any health questions. Then, if you’re interested in applying, they narrow your quote down later based on your health. I think that’s sort of what I was expecting on Trustage.
But that’s not exactly what you get on the results page.
Trustage’s results page is quite interesting. They do something I don’t believe I’ve EVER seen attempted on another insurance quoting platform, and I can’t say that I appreciate it!
First of all, they show a sample quote.
In my case, they show me a quote of $52.90 per month for a “Term Life” policy with $80,000 of coverage. Note that I told them I was 42 years old in the input section.
Starting with the good news, I like that you can click the “plus” button and see how the price changes based on more coverage. I also like that you can click on the “More Pricing” button where they’ll show you various amounts and different rates.
But my admiration ends there!
They still haven’t asked me any health questions at this point, so now I’m wondering if this is the price everyone gets.
I am in great health so I certainly don’t want the price that any average Joe can get!
But here’s what I really don’t like… They don’t tell me what kind of term I’m buying!
It just says “Term Life“. If you go back to the page before, it doesn’t tell you the term length either!
You can also scroll down the quote page and find answers to some frequently asked questions like:
- Will I be approved? What happens if I get declined?
- What is term life insurance?
- How these rates work
- How do I apply and what happens next?
- and more!
But none of them say anything about the term length!?!
I can’t imagine buying a term life insurance policy having no idea if it’s a 10 year term, a 20 year, a 30 year, etc. What if it’s a 1 year term?
This is absolutley bonkers!!!
It wasn’t until I scrolled down to the very bottom of the page and read the fine print that I found the following information:
“This is a term policy to age 80 that has premiums that increase when entering each five-year band: 25, 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. For coverage amounts over $100,000 rates will be higher due to tobacco use.”
To say I’m perplexed by Trustage’s decision NOT to tell you up, front and center; that this is a term policy that lasts to age 80 —with RATE INCREASES EVERY 5 YEARS— would be an understatement.
How is someone to make a purchasing decision without knowing this? How much will it increase after 5 years, I wonder?
And still, there’s nothing about my health. Will I be lumped into the same health category as someone who is overweight and has heart disease?
And yet they’re asking me to apply for coverage on this page without having answered any of these questions.
Frankly, I’m shocked people ever actually apply here!
TruStage Term Life Insurance Sample Rates
TruStage Term Life Insurance Sample Monthly Quotes – $25,000 for ages 30 to 50
| Coverage | Age 30 | Age 40 | Age 50 |
|---|---|---|---|
| $25,000 | Male – $12.50 | Female – $13.00 | Male – $30.50 |
Pros and Cons of TruStage Whole Life Insurance
PROS
Easy to apply
Policies start at $1,000
Available up to age 80
Few health questions and no medical exam required
Permanent insurance – premiums never increase
CONS
Expensive prices
Can not purchase a policy greater than $100,000
Sample Quotes for TruStage Whole Life Insurance
TruStage Whole Life Insurance – Sample Monthly Rates – $50,000 up to age 50
| Coverage | Age 30 | Age 40 | Age 50 |
|---|---|---|---|
| $50,000 | Female – $35.50 | Male – $62.00 | Female – $85.00 |
Pros and Cons of TruStage Guaranteed Acceptance Whole Life Insurance
PROS
Policies start at $2,000
Acceptance guaranteed – You cannot be turned down for coverage regardless of health
Available up to age 80
No health questions or medical exam required
Premiums never increase
CONS
Can not purchase a policy greater than $20,000
No coverage if you die in first 2 years.
TruStage guaranteed acceptance whole life is expensive compared to other companies
Sample Quotes for TruStage Guaranteed Acceptance Whole Life Insurance
TruStage Guaranteed Issue Whole Life Insurance Sample Monthly Quotes
| Coverage | Age 50 | Age 60 | Age 70 |
|---|---|---|---|
| $10,000 | Male – $55.00 | Female – $55.00 | Male – $122.00 |
Frequently Asked Questions About TruStage
Are TruStage rates competitive?
No. There are much better prices out there, so be sure to shop around.
Will I need a medical exam or lab appointment?
It’s possible. Every customer is underwritten on an individual basis making it difficult to predict whether you will need to have a medical exam. That said, in most cases, applicants don’t need to get a medical exam. If you do, it can be done conveniently at no expense to you.
Can I still get coverage even if I’ve has some health problems?
Possible. Every customer is underwritten individually and receives a price based on many factors – (medical history, current health, age, and gender). It is possible to be denied coverage due to health issues.
Will applying to TruStage hurt my credit score?
No. Insurers look at the data behind your credit score – timeliness of payments or if you’ve filed for bankruptcy – but not your credit score itself. The request for this data is only a soft credit inquiry and doesn’t impact your credit.
Does TruStage have good customer service?
YES. Their website portal is very efficient in handling the life insurance application / underwriting process.
Does TruStage offer any other types of insurance coverage?
YES. TruStage also offers AD&D, auto, property, and health insurance.
Do I have to be a member of a credit union to purchase?
NO. TruStage products are now available to everyone.
Are there any customer complaints about TruStage?
YES & NO. If you fit their profile and get approved for the coverage, it will be an easy buying experience. You will be happy and have no complaints. If you are rejected, you will not be happy. This in turn will generate complaints.
Is the TruStage platform good, safe and reliable to use when buying life insurance?
YES – The TruStage platform is safe and secure.
What happens when I turn 80 years old?
If you own TruStage term life insurance, the policy will expire. If you own TruStage whole life or guaranteed acceptance whole life, your policy will remain inforce, with no premium increase, as long as you continue to pay your premiums.
What is life expectancy?
Life expectancy is the statistical expectation of how long someone will live at birth based on a number of factors such as socioeconomics, demographic, geographic, thermographic, stenographic, idiographic, and historiographics.
The Bottom Line?
TruStage offers limited amounts of coverage, at an average price; from ONLY ONE Life Insurance Company (CMFG).
Since they only offer plans up to $100,000 —and increase premiums every five years— we would expect their premiums to be much lower!
Their products —like all life insurance policies— contain limitations, exclusions, termination provisions, and requirements for keeping them “in force”. ALWAYS carefully review your actual policy, as soon as you purchase it and contact the company if you have any questions.
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