TruStage Life Insurance Review

Simple online coverage with no medical exams

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TruStage

 TruStage

Our Take

If you’re looking to purchase $100,000 or less in term, whole life, or guaranteed issue whole life insurance, TruStage life insurance may be worth a look. This carrier offers a 100% online application process, no medical exams, and a 30-day refund policy, and has high consumer satisfaction ratings.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • No medical exams required for most policies

  • Can apply for coverage online

  • 30-day money back guarantee on all policies

  • Term policies can be converted at any time

  • AD&D coverage to certain credit union members

Cons
  • Premiums increase at five-year intervals

  • Low coverage limits

  • No policy riders on term or whole life coverage

  • No universal life products

Key Takeaways
  • You can buy term, whole life, or guaranteed issue whole life policies entirely online.
  • There are no medical exams or invasive testing required.
  • Up to $100,000 in coverage is available for both term and whole life policies, though there are no rider options.
  • Coverage is 100% satisfaction guaranteed with a 30-day money-back option.
Company Overview

TruStage insurance policies are underwritten by CMFG Life Insurance Company, which was founded in 1935 and boasts over 20 million customers nationwide. The company also partners with more than 3,500 credit unions across the country to provide budget-friendly, personalized coverage at a discount for members.

TruStage is headquartered in Madison, Wisconsin, and offers life insurance policies that can be purchased online with ease. There are no medical exams required and TruStage has a 30-day money-back guarantee if you’re not satisfied with your policy.

Geographical Restrictions

TruStage life insurance policies are available nationwide. Not all policy features or coverages are offered in all states, however, and there are some differences in coverage limitations from one state to the next. (For example, there is a one-year suicide exclusion if you live in North Dakota, but a two-year exclusion in all other states.)

  • Year Founded 1935
  • Kinds of Plans Term, whole, guaranteed acceptance whole life, accidental death and dismemberment (AD&D)
  • Number of Plans 4
  • Payment Plan Options Monthly, annually
  • Customer Service Available by telephone Monday through Friday (7 a.m. to 9 p.m. CST) and Saturday (8 a.m. to 4 p.m. CST), (851) 991-9798
  • Official Website www.trustage.com

TruStage is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for those that we think are better options.

Pros Explained

  • No medical exams required for most policies: Nearly all applicants will be able to shop around for (and even purchase) TruStage life insurance coverage without the need for a medical exam or invasive testing. Generally, a few health questions online are all that’s required.
  • Can apply for coverage online: It takes most applicants less than 10 minutes to get a quote and purchase a policy online. Coverage begins as soon as the first premiums are received.
  • 30-day money-back guarantee on all policies: Not happy with your new TruStage policy? Cancel in the first 30 days of coverage and receive a 100% refund.
  • Term policies can be converted at any time: If you decide that you need permanent coverage instead, you can convert your term life policy into a whole life policy at any time during the effective coverage period. No medical exam is required, either.
  • AD&D coverage to certain credit union members: Though accidental death and dismemberment (AD&D) coverage isn’t available online, TruStage does offer this coverage to eligible members of certain credit unions. 

Cons Explained

  • Premiums increase at five-year intervals: TruStage term life policies are renewable to age 80, but premiums increase each time you enter a new five-year band. This enables you to only lock in your price for up to five years at a time.
  • Low coverage limits: Most TruStage policies max out at $100,000 in coverage (though you may be able to speak with an agent and request a higher coverage limit). Depending on your financial situation and the needs of your loved ones, this may not be enough coverage to adequately protect them.
  • No policy riders on term or whole life coverage: TruStage does not offer any riders on term or whole life policies. If you’re looking for a child rider, disability coverage, or even an accelerated death benefit, you’ll need to shop around elsewhere.
  • No universal life products: If you’re looking to buy a universal life insurance policy of any kind, TruStage won’t have what you need. 

Available Plans

There are four types of life insurance coverage offered by TruStage:

You can purchase term, whole, and guaranteed acceptance whole life policies online. However, TruStage’s AD&D coverage is only offered to members of certain partner credit unions, and cannot be purchased directly.

Simplified Issue Term Life

TruStage term life insurance provides between $5,000 and $100,000 in temporary coverage; higher coverage limits may be available if you call the carrier directly or if you apply through a partner credit union. Applying online takes about 10 minutes, and there is no medical exam required (just a few short health questions). Once your application is approved and your first premiums received, coverage begins immediately with no waiting period.

Term life policies can be converted to permanent coverage at any time during the policy’s coverage period, with no health questions. Policies can also be canceled at any time, and there is a 30-day money-back guarantee if you’re unhappy with your coverage for any reason.

One thing to note is that while TruStage term life policies can provide you with coverage through age 80, premiums can (and usually do) increase each time you hit a new age band. These bands are at five-year intervals, occurring at ages 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. Unlike other term policies where you could potentially lock in a rate for 30+ years, you can expect your TruStage premiums to increase every five years.

Whole Life

Like TruStage’s term life policies above, you can purchase between $5,000 and $100,000 in permanent (whole life) insurance coverage online, as well. The application and instant decision process take only a few minutes and there is no medical exam or invasive test requirement (in nearly all cases).

Coverage is active 30 days after approval when the first premiums are received. If you’re not satisfied with the policy, cancel within 30 days to get a full refund with no penalties.

Life insurance policy riders can enable you to add coverage for your spouse and/or children, or even provide protection in case of disability or a terminal illness. However, there are no riders offered on TruStage term or whole life policies.

Guaranteed Whole Life Acceptance

With TruStage’s Guaranteed Acceptance Life Insurance policy, you cannot be turned down for health reasons. This makes it possible to buy necessary coverage for your loved ones if you’re between the ages of 45 and 80, even if you have certain conditions in your medical history.

This permanent policy provides between $12,000 and $20,000 in life insurance coverage, which can be applied for and purchased online in minutes. There are no medical exams or invasive tests required, and coverage starts as soon as the premiums for your approved policy are received. There is a two-year graded benefit with this policy.

Accidental Death and Dismemberment

Accidental Death and Dismemberment coverage from TruStage is only offered through partner credit unions to qualifying members. If you qualify, however, you can enroll for complimentary AD&D coverage that protects your family if you are seriously injured or killed in a covered accident. 

Additional benefits on this policy include Additional Coverage (family plans), Increasing Benefit (your additional coverage limit goes up 5% each year for up to 10 years), and Hospital Coverage. Limits for AD&D policies vary based on the credit union and your location.

Available Riders

There are no riders available for TruStage term, whole, or guaranteed issue whole life insurance policies. If you are eligible to purchase a TruStage AD&D policy, you may be able to add on the following riders, depending on your location and credit union:

  • Increasing Benefit
  • Hospital Benefits
  • Additional Coverage (Family Plan)

Customer Service

You can reach TruStage customer service Monday through Friday from 7 a.m. to 9 p.m. CST, or on Saturdays from 8 a.m. to 4 p.m. CST, by calling (855) 463-9027. You may also request a call with a TruStage agent through their website if you would rather have the next available agent reach out to you directly.

Complaint Index

A complaint index is one way to gauge consumer satisfaction in relation to the company’s size and market share. This score, provided by the National Association of Insurance Commissioners (NAIC), demonstrates how well a company is performing and the direction of its consumer satisfaction trend. 

By default, the average complaint index for any company is 1.00, which is adjusted for its specific market share. A company with an index score below 1.00 has received fewer complaints than expected in a given year; a complaint index above 1.00, however, shows that more complaints were filed than expected. (So a company with a 2.00 complaint index received twice as many consumer complaints as they should have for their size and market.)

TruStage’s parent company, CMFG Life Insurance Company, received a complaint index of 0.6170 in 2020, according to the NAIC. In 2019, their complaint index was 0.9037 and in 2018, it was 1.068. This shows that the company receives an average or below-average number of consumer complaints and that complaints seem to be trending downward in recent years.

Third-Party Ratings

According to AM Best, TruStage’s parent company, CMFG, holds an A rating for financial strength. This is the third-highest score possible, and shows that AM Best believes the company to be financially stable. In other words, if you purchase a policy today, there is a strong likelihood that the company will be around (and solvent) if and when your loved ones need to file a claim.

Additionally, TruStage holds a 4.8 out of five rating on TrustPilot, with more than 4,200 customer reviews. Common themes among the reviews include helpful customer service agents, a simple application process, and the ease of filing claims.

Cancellation Policy

You can cancel your TruStage life insurance policy for a full refund anytime in the first 30 days after coverage begins. 

As with most term life policies, you can cancel at any point in your coverage by simply calling the company or ceasing premium payments. If you wish to cancel a guaranteed issue or whole life policy, you’ll need to call and speak with an agent. Depending on your coverage options and how long the policy has been active, you will receive a cash settlement for your policy minus a surrender charge.

Be sure to calculate how much life insurance coverage you need (and why) before buying. With most policies maxing out at a $100,000 death benefit, TruStage may not be able to offer enough coverage to adequately protect your family.

Price

There are many variables that go into pricing out life insurance coverage, from your location to your age, gender, tobacco use, and medical history. Since TruStage doesn’t require medical exams as part of their underwriting process, you can expect the prices to be a bit higher than some other carriers.

To give you an idea of cost, we priced out a $100,000 policy for a 30- and 40-year old man and woman. We considered both term and whole life coverage, as well, to demonstrate the difference in pricing.

  Male, 30 Female, 30 Male, 40 Female, 40
$100,000 term coverage* $42.50 $32.50 $65.60 $44.50
$100,000 whole life coverage $83.00 $69.00 $122.00 $106.00

*Keep in mind that TruStage term policies have a step-up increase in premiums every five years, when you hit a new age band. So, whether you keep your coverage for 10 years or 30 years, your premiums won’t remain exactly the same as they would with other term life policy providers.

As with most other carriers, TruStage will require you to identify your gender as either male or female when getting a quote or buying coverage. Though being binary won’t preclude you from buying a new policy, you will need to choose your birth or legal gender to complete the buying process.

Competition 

To give you an idea of how TruStage Insurance measures up, we compared it to Bestow, another online-based carrier. Like TruStage, Bestow policies are also underwritten by a larger parent company (North American Company for Life and Health Insurance, in Bestow’s case), and both carriers hold a very small portion of the overall market share. Neither company requires a medical exam to buy a policy, either.

TruStage offers more plans than Bestow, though, with four options to choose from to Bestow’s one. TruStage also has a better complaint ratio through the NAIC. 

Bestow, however, scores higher in terms of AM Best rating, with an A+ rating to TruStage’s A rating. Bestow also offers higher coverage limits on term policies, with a maximum policy limit of $1.5 million. Neither company offers riders on their policies.

  TruStage Bestow
Market Share Not applicable Not applicable
Number of Plans 4 1
Dividends for 2020 Not applicable Not applicable
Wellness Program Discounts/ Quit Smoking Incentives None None
Service Method Online Online
AM Best Rating A A+
Price Rank Average Above Average
Complaints Trend 0.62 Very good 0.68 Good
Final Verdict

If you’re looking for a term, whole life, or guaranteed issue whole life policy—and would prefer an online process that requires no medical exam—TruStage may be worth a look. A new policy can often be quoted and purchased online in under 10 minutes, with coverage going into effect as soon as the first premiums are received (no waiting period).

Though TruStage does offer AD&D coverage, it’s only available to members of certain partner credit unions. And if you’re looking to buy term, whole, or guaranteed issue whole life insurance, know that TruStage’s coverage limits are lower than most other carriers.

Methodology

In order to provide a comprehensive review of each life insurance carrier, we created a life insurance methodology that analyzes the company’s products, features, guidelines, and ratings. We look at factors such as the availability of coverage across the country, individual policy limits, available riders, and important coverage exclusions, in addition to pricing. And to ensure that each carrier can offer reliable, trusted coverage, we also evaluate various industry ratings and third-party reviews.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. TrustPilot. "Trustage Insurance Reviews." Accessed April 1, 2021.

  2. National Association of Insurance Commissioners. "CIS Refined Results — CMFG Life Insurance Co."Accessed April 1, 2021.