Trustage Life Insurance: Legit Or A Scam?

TruStage is a legitimate company that offers life insurance policies underwritten by CMFG Life Insurance Company, a trusted provider of insurance coverage for over 80 years. The company has an A rating from AM Best, indicating that it has an excellent ability to pay claims. TruStage offers term, whole, and guaranteed acceptance life insurance policies, with no medical exam required for any of them. However, the maximum coverage amount for term life insurance is $300,000, which is relatively low compared to other providers. TruStage has received mixed reviews from customers, with some praising the easy application process and others complaining about issues with receiving benefits. Overall, TruStage is a solid choice for those seeking permanent life coverage online, but those seeking term life coverage may want to explore other options due to TruStage's limited term length options and higher prices.

TruStage's parent company, CMFG Life Insurance Co., has an average number of complaints

TruStage's parent company, CMFG Life Insurance Company, has received an average number of complaints relative to its size, according to the National Association of Insurance Commissioners. However, it's important to note that the number of complaints is just one factor to consider when evaluating the legitimacy and reputation of an insurance company.

CMFG Life Insurance has been in business for over 80 years and is underwritten by a company that was rated "A" (Excellent) by A.M. Best as of December 2023. TruStage itself has a rating of 4.75/5 stars from consumers on TrustPilot and has paid out over $1.8 billion in benefits in the last year.

While the number of complaints for CMFG Life Insurance may be average, it's always a good idea to consider multiple factors when evaluating any company. Customer reviews, financial strength, and the company's ability to pay out claims are all important aspects to consider. Additionally, it's worth noting that TruStage has a large reach, partnering with over 3,200 credit unions across the US.

When it comes to customer complaints, it's worth mentioning that the Better Business Bureau (BBB) profiles for CMFG Life Insurance show a range of issues, including unexpected policy price increases, difficulties with policy cancellation, and delays in receiving payments. However, it's important to note that the BBB is not a government agency, and companies are not obligated to respond to complaints filed through them. As with any insurance company, it is essential to carefully review the terms and conditions of any policy before purchasing it and to understand the coverage, exclusions, and limitations.

TruStage offers a range of whole life coverage with a convenient online application

TruStage is a legitimate insurance company that offers a range of whole life coverage options with a convenient online application process. The company has been in the insurance business for over 80 years and is underwritten by CMFG Life Insurance Company, a trusted provider.

One of the key benefits of TruStage's whole life insurance is that it offers coverage for life with no expiration date. This means that your family will receive a cash benefit if something happens to you. Additionally, the rate you pay is locked in upfront and will never increase, even with age or health concerns. As long as premiums are paid, your coverage cannot be canceled.

The application process for TruStage's whole life insurance is designed to be straightforward and hassle-free. You can receive a quote and apply for coverage from your smartphone, with an instant decision provided. The policy becomes active 30 days after approval, as soon as the first payment is received. There is also a 30-day money-back guarantee if you are not completely satisfied.

TruStage's whole life insurance policies are available to individuals aged 18 to 85 and offer coverage ranging from $1,000 to $100,000. The policies build cash value over time, which you can borrow against in the future. However, it is important to note that TruStage's whole life insurance policies have limited rider options and low maximum coverage amounts compared to other providers.

Overall, TruStage's whole life insurance offers a convenient and accessible option for individuals seeking permanent life coverage. The company's strong financial stability, as indicated by its A rating from AM Best, and its positive customer reviews, reflect its legitimacy and commitment to providing quality insurance services.

TruStage's term life insurance is substantially more expensive than top competitors

TruStage's term life insurance is significantly more expensive than its competitors. For example, a $150,000 term life policy for a 30-year-old man costs about $50 a month with TruStage, whereas the same coverage from Ethos Life costs $10-$16 a month. Similarly, a 40-year-old man can get the same coverage from SBLI for just $29.10, which is less than a quarter of TruStage's price.

The high cost of TruStage's term life insurance is likely due to the company's limited rider options and low maximum coverage amounts. TruStage's term life insurance policies only offer up to $300,000 in coverage, while other companies typically offer multimillion-dollar maximums. Additionally, TruStage's premiums increase every five years, making it even more expensive in the long run.

Despite the high cost, TruStage's term life insurance may still be attractive to some customers due to its simplified application process and guaranteed acceptance for those with pre-existing health conditions. The company's term life insurance is also renewable until the age of 80 and can be converted to a whole life policy at any time.

TruStage has a 4.7 out of 5 stars rating on Trustpilot

> "It was quick, easy, and really easy. I liked having the Ethos agent come on board at the time he did during the application process. I could then ask questions I still had and did not have to wait!"

Customers also seem overall satisfied with the pricing and found representatives helpful when connecting over the phone. One customer review states:

> "I was denied whole life by several companies, and it was getting difficult.. The term life I had tripled the rate and would continue to increase. The agent who worked with me (and all contacts I have had with the company) have been understanding, encouraging, helped me look at alternatives and make a plan. I am most grateful for their help, and now I can call it a day."

However, some customers have complained about the company's marketing for its AD&D services, which include communications that appear to be from local credit unions. There have also been issues with receiving benefits after a loved one's passing, with multiple beneficiaries finding the need for continued documentation frustrating.

TruStage's life insurance is underwritten by CMFG Life Insurance, a trusted provider of insurance coverage for over 80 years

TruStage is a legitimate company offering life insurance policies underwritten by CMFG Life Insurance, a trusted provider of insurance coverage for over 80 years. CMFG Life Insurance has an A rating from AM Best, indicating that the company has an "excellent" ability to pay claims.

TruStage offers a range of life insurance products, including term life, whole life, and guaranteed acceptance whole life insurance. Their policies do not require a medical exam, making them accessible to individuals who may have been rejected for coverage in the past due to health issues.

However, it's important to note that TruStage's coverage amounts are relatively low compared to other providers, with a maximum of $300,000 for term life insurance and $100,000 for whole life insurance. Additionally, their rates tend to be higher than those of competitors, especially for term life coverage.

TruStage has received mixed reviews from customers. While some praise the company's easy online application process and helpful representatives, others have complained about difficulties in receiving benefits and aggressive marketing tactics.

Overall, TruStage can be a good choice for individuals seeking permanent life coverage online, but those seeking term life coverage may find better options elsewhere. It's always a good idea to shop around and compare quotes from multiple providers to find the best coverage and rates for your needs.

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