TruStage whole life insurance plans offer a convenient and straightforward way to pre-plan for final expenses while providing financial protection to loved ones.
With a whole life insurance policy, your coverage is permanent, which means the policy will remain in effect for an entire lifetime. In addition, owning a whole life insurance policy will give you peace of mind knowing that your beneficiaries are guaranteed to receive a death benefit payout upon your passing.
TruStage Life Insurance Company offers two different whole life insurance plans. It allows applicants of all risks to apply and receive life insurance coverage no matter if they are in excellent health or have health risks that would normally disqualify them from getting coverage with other companies.
The two TruStage whole life insurance options include:
- Advantage Whole Life
- TruStage Guaranteed Acceptance Whole Life
Both life insurance options are backed by a reliable company and include various options to tailor the policy to suit your needs. Yet, each plan also has different requirements and features that may impact your final expenses planning.
This article will examine both whole life insurance policies offered by TruStage. Use this TruStage whole life insurance review to explore the coverage amounts, issue ages, and other details of the policies to determine which one is right for you.
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A Quick Look At TruStage Life Insurance Company
TruStage is the insurance division of CUNA Mutual Group. The company registered the TruStage brand trademark in 2010 and started using it commercially two years later. However, the history of CUNA Mutual Group goes back much further.
CUNA Mutual Group was founded in 1935 as the Credit Union National Association (CUNA). The company offers retirement planning, wealth management, and lending services. CUNA Mutual Group gradually expanded its services to include insurance products starting in 1983.
While TruStage is part of the CUNA Mutual Group, the insurance policies are underwritten by CMFG Life Insurance Company. CMFG was ranked the 59th best insurance company out of the top 200 insurers in the US, according to AM Best’s annual rankings for 2021.
CUNA Mutual Group now has over 20 million customers around the world. In addition, through TruStage and CMFG, CUNA Mutual Group has exceeded over $6 billion in insurance coverage.
TruStage Ratings & Reviews
Along with learning more about the company’s history you want to buy insurance from, you should review their financial ratings. Financial ratings are provided by independent agencies that track the assets and liabilities of major companies.
As the CMFG Life Insurance Company underwrites TruStage insurance policies, CMFG is the company that you want to analyze.
AM Best gave CMFG an A (Excellent) rating, which is one of the highest ratings offered by the rating agency. AM Best uses its Financial Strength Ratings (FSRs) to assess a company’s ability to meet its contractual obligations, including paying death benefits on insurance policies. The A rating is the third-highest rating out of a possible 16, indicating that CMFG Life Insurance Company is financially secure.
Yet, CMFG is a relatively small insurer, so financial ratings are not available from other agencies, such as S&P, Moody’s Investors Service, or Fitch. However, CMFG also has a high customer score from the Better Business Bureau (BBB). While CMFG is not BBB-accredited, it has an A+ rating from the bureau.
TruStage Whole Life Insurance Plans
The whole life insurance policies from TruStage are primarily intended as final expense life insurance. Final expense life insurance planning generally revolves around coverage needed for pre-planning end-of-life expenses such as funeral costs and any smaller debts that would be passed onto loved ones.
TruStage whole life insurance is a perfect fit for that type of life insurance planning. The two plans offer smaller death benefit options and require no medical exams, great for seniors who might not be in the best health and who need affordable life insurance coverage.
With TruStage’s whole life insurance plans, you’ll receive coverage for life, along with level premiums that never increase. You can also choose a coverage amount that suits your needs and budget.
TruStage final expense insurance includes two options:
- TruStage Advantage Whole Life Insurance (TAWL)
- TruStage Guaranteed Acceptance Whole Life Insurance (GAWL)
Each option has different age requirements, available coverage amounts, and eligibility requirements. However, no matter which of the two plans you select, TruStage whole life policies come with the following key features:
- No medical exam
- Guaranteed rates that never increase
- Lifetime protection
- Builds guaranteed cash value
- Includes a simple online application process
Depending on your age, health, and the intended coverage amount, one of the policies from TruStage may better fit your needs. Here is a closer look at the details of each policy.
TruStage Final Expense Coverage Options Overview
| Policy Features | TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|---|
| Death Benefit: | Day one coverage | 2-year graded death benefit |
| Issue Ages: | 18-85 | 45-80 |
| Minimum Coverage Amount: | $5,000 | $2,000 |
| Maximum Coverage Amount: | Ages 18-70: $100,000 Ages 71-75: $50,000 Ages 76-85: $25,000 | Ages 45-80: $20,000 |
| Contract Length: | Level premiums for life | Level premiums for life |
| Policy Riders | NA | NA |
| State Availability | Not available in CT, GA, NC, NY or OR | Not available in WA or NY |
Death Benefit Payout
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| Provides day one level benefit coverage | Offers 2-year graded death benefit then full coverage starting policy year three |
TruStage Advantage Whole Life (TAWL) includes a level death benefit with coverage from day one. As a result, your beneficiaries are entitled to the full death benefit as soon as the life insurance coverage goes into effect. This plan is primarily offered to applicants who are not viewed as having a risky medical history.
TruStage Guaranteed Acceptance Whole Life (GAWL) includes a graded death benefit for the first two policy years. If death occurs within the first two years from purchasing the life insurance coverage, the death benefit equals the total premiums paid plus 10% interest. Immediately after the second policy year, TruStage will pay the full death benefit whenever death occurs.
*The only exception to the full death benefit being payable in the first two years of owning a guaranteed acceptance whole life insurance policy is if the death was a direct result of an accident. If that were to happen, the full death benefit would be payable to the beneficiary.
Issue Ages
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| 18-85 | 45-80 |
The issue ages for TruStage Advantage Whole Life is 18 to 85. The Guaranteed Acceptance plan’s age is 45 to 80 years old. You must apply for a policy before reaching the age limit cutoff.
It’s worth mentioning that most guaranteed acceptance plans offered by other companies have a minimum starting age of 50, whereas TruStage is age 45.
Minimum and Maximum Coverage Amounts
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| Minimum Coverage: $5,000 | Minimum Coverage: $2,000 |
| Maximum Coverage: Ages 18-70: $100,000 Ages 71-75: $50,000 Ages 76-85: $25,000 | Maximum Coverage: $20,000 |
TruStage Advantage and Guaranteed Acceptance have different minimum and maximum coverage amounts. With TruStage Advantage, the minimum coverage is $5,000. The maximum coverage is based on your age at the time of the application:
- 18 to 70 years old: up to $100,000 in coverage
- 71 to 75 years old: up to $50,000 in coverage
- 76 to 85 years old: up to $25,000 in coverage
With TruStage Guaranteed Acceptance, you can apply for $2,000 to $20,000 in coverage if you are between 45 and 80 years of age.
Contract Duration
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| Level premiums up to age 121 | Level premiums up to age 121 |
TruStage whole life insurance policies are classified as permanent insurance policies, which means you’re likely to have the policy until death.
However, if you live to age 121, your policy would reach maturity. If that were to occur, TruStage would pay out the cash value, equivalent to the full coverage amount.
TruStage can also cancel a policy if a policyholder fails to pay their premiums when due. If that were to happen, the policy would lapse and terminate.
Policy Riders
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| NA | NA |
TruStage whole life policies are not available with any policy riders. The only options include the coverage amount and payment method, making it a simple plan to apply for.
State Availability
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| Not available in CT, GA, NC, NY or OR | Not available in WA or NY |
TruStage whole life insurance policies are not available in every state.
TruStage Advantage is not available in the following states:
- Connecticut
- New York
TruStage Guaranteed Acceptance is not available in:
- New York
- Washington
Medical Exam Requirements
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| No medical exam is required. Application consists of 8 health questions and a prescription check. | No medical exam or health questions. Approval is guaranteed. |
TruStage Advantage Whole Life Insurance and TruStage Guaranteed Acceptance Whole Life Insurance do not require a medical exam. Both options involve simplified underwriting and the use of third-party data to determine eligibility.
If you apply for TruStage Advantage, you must answer eight health questions listed on the application to determine eligibility. For example, one of the questions asks whether you have received treatment or been diagnosed with certain medical conditions in the past five years.
Individuals with any of the following conditions may need to apply for TruStage Guaranteed Acceptance:
- Cancer (except skin cancer)
- Diabetes
- Stroke
- Heart disease
- Chronic kidney disease
- Chronic lung disease
- Chronic depression or anxiety
- Bipolar disorder or schizophrenia
- Dementia or Alzheimer’s disease
- Head or brain injury
- Lou Gehrig’s Disease or muscular dystrophy
- Alcohol or drug abuse
- Cirrhosis of the liver
- HIV or AIDS
Individuals who receive dialysis or require oxygen may also fail to qualify for the TruStage Advantage policy. As mentioned, TruStage Guaranteed Acceptance offers an alternative for those that cannot receive coverage through the Advantage policy as there are no medical requirements required. Approval is guaranteed.
Guaranteed Cash Value Growth
| TruStage Advantage | TruStage Guaranteed Acceptance |
|---|---|
| Guaranteed cash value growth | Guaranteed cash value growth |
TruStage whole life insurance includes guaranteed cash value growth. The cash value is separate from the death benefit and grows over the policy’s life. Each time you make a premium payment, a portion of the payment is added to your total cash value.
The cash value will eventually grow, equaling the death benefit’s total amount once the contract has reached its maturity date of age 121.
As the cash value of your policy grows, you have the option to withdraw funds. You can withdraw the entire cash value or make a partial withdrawal.
Choosing to withdraw the entire cash value requires you to surrender the policy. You essentially cancel your policy and receive the total cash value built up so far. Making partial withdrawals allows you to retain your policy.
You may also borrow money from your cash value balance. You do not typically need to pay taxes on these loans and will likely receive a lower interest rate than the typical personal loan.
TruStage Whole Life Insurance Frequently Asked Questions – Overview
You may still need to learn a little more about TruStage insurance policies before deciding if either policy is right for you. So here are answers to the most frequently asked questions we get about TruStage whole life insurance:
How Do You Apply for TruStage Whole Life Insurance?
TruStage whole life insurance plans are designed with a 100% online application process. If you are within the age limits and in good to average health, you will want to consider applying for TruStage Advantage.
You may receive lower rates if you do not have any disqualifying health conditions. However, you can still apply for TruStage Guaranteed Acceptance if you get turned down for the TruStage Advantage plan.
The application process for both policies is quick and straightforward. Some of the information that you need to supply includes:
- The names of your beneficiaries
- Contact information
- Coverage amount
- Personal details (age, weight, height, social security number, etc.)
- Payment information
You must also answer several basic health questions and list any existing insurance policies.
Payment information is needed when applying, but TruStage does not charge your account until coverage has been approved and you have accepted the policy.
What Determines Eligibility for Coverage?
Eligibility for TruStage whole life insurance is mainly based on your age and the availability of TruStage products in your state. TruStage Advantage is available between the ages of 18 and 85. TruStage Guaranteed Acceptance is available between the ages of 45 and 80.
When applying for TruStage Advantage Whole Life Insurance, you must also answer eight health questions. Here is a summary of the questions asked on the application:
- Have you used tobacco products in the past 12 months?
- Do you require assistance with daily living?
- Are you currently hospitalized, under hospice care, or living in a nursing facility?
- Have you been advised to have surgery in the past three months?
- Have you been diagnosed or treated for a major medical issue in the past five years?
- Do you require the use of oxygen?
- Are you receiving dialysis?
- What are your height and weight?
If you answer yes to any of these questions, you may not qualify for TruStage Advantage. However, you can still apply for TruStage Guaranteed Acceptance Whole Life. As the name implies, you are guaranteed acceptance. Therefore, you cannot be turned down for the guaranteed acceptance policy.
TruStage also obtains information about your medical history and prescription drug history by contacting third-party sources, such as the Medical Information Bureau (MIB), and looking at any prescribed medications.
Most applicants are eligible for a policy from TruStage. However, the answers to the health questions and the information obtained through third parties also help determine your premiums.
How Quickly is Approval for Coverage?
Approval can occur as quickly as the same day. As mentioned, TruStage has a simplified underwriting process. After submitting your application, CMFG Insurance Company starts reviewing your application and reviewing a prescription drug history report leading to an instant decision for approval.
What Happens After You Are Approved for Coverage?
If you are approved for coverage, TruStage automatically processes your first premium payment using the payment information that you provided on the application. Your coverage starts immediately.
You can choose to continue paying your premiums with monthly or annual payments. TruStage accepts debit/credit card transactions and ACH transfers.
Is TruStage Whole Life Insurance Affordable?
TruStage whole life insurance can provide an affordable option. However, the cost is based on your age, health, and the policy that you select. TruStage Guaranteed Acceptance comes with higher premiums than TruStage Advantage, as it is intended for those unable to obtain other forms of insurance due to their age or health.
The amount of the premiums you pay is also based on your underwriting class. TruStage uses underwriting classes of either non-tobacco rates or tobacco rates.
However, both policies include a level premium. Therefore, your rates can never increase during the life of the policy.
TruStage Whole Life Insurance Rates - Advantage
| Male | TruStage Advantage $25,000 | TruStage Advantage $50,000 | TruStage Advantage $100,000 |
|---|---|---|---|
| Age 50 | $72.00 / monthly | $135.00 / monthly | $267.00 / monthly |
| Age 55 | $90.00 / monthly | $170.00 / monthly | $337.00 / monthly |
| Age 60 | $114.00 / monthly | $216.00 / monthly | $428.00 / monthly |
| Age 65 | $152.00 / monthly | $289.00 / monthly | $574.00 / monthly |
| Age 70 | $211.00 / monthly | $403.00 / monthly | $803.00 / monthly |
| Age 75 | $299.00 / monthly | $572.00 / monthly | NA |
| Age 80 | $416.00 / monthly | NA | NA |
| Female | TruStage Advantage $25,000 | TruStage Advantage $50,000 | TruStage Advantage $100,000 |
| Age 50 | $61.00 / monthly | $114.00 / monthly | $224.00 / monthly |
| Age 55 | $76.00 / monthly | $143.00 / monthly | $283.00 / monthly |
| Age 60 | $94.00 / monthly | $177.00 / monthly | $351.00 / monthly |
| Age 65 | $119.00 / monthly | $225.00 / monthly | $447.00 / monthly |
| Age 70 | $168.00 / monthly | $319.00 / monthly | $635.00 / monthly |
| Age 75 | $229.00 / monthly | $437.00 / monthly | NA |
| Age 80 | $326.00 / monthly | NA | NA |
Monthly male/female premium rates current as of 3/15/2022 representing the cost of a $25,000 / $50,000 / $100,000 TruStage Advantage final expense whole life insurance policy.
TruStage Whole Life Insurance Rates - Guaranteed Acceptance
| Male | TruStage Guaranteed Acceptance $10,000 | TruStage Guaranteed Acceptance $15,000 | TruStage Guaranteed Acceptance $20,000 |
|---|---|---|---|
| Age 50 | $55.00 / monthly | $82.00 / monthly | $109.00 / monthly |
| Age 55 | $60.00 / monthly | $89.00 / monthly | $119.00 / monthly |
| Age 60 | $72.00 / monthly | $107.00 / monthly | $143.00 / monthly |
| Age 65 | $93.00 / monthly | $139.00 / monthly | $185.00 / monthly |
| Age 70 | $122.00 / monthly | $182.00 / monthly | $242.00 / monthly |
| Age 75 | $157.00 / monthly | $234.00 / monthly | $312.00 / monthly |
| Age 80 | $312.00 / monthly | $467.00 / monthly | $622.00/ monthly |
| Female | TruStage Guaranteed Acceptance $10,000 | TruStage Guaranteed Acceptance $15,000 | TruStage Guaranteed Acceptance $20,000 |
| Age 50 | $44.00 / monthly | $65.00 / monthly | $87.00 / monthly |
| Age 55 | $49.00 / monthly | $73.00 / monthly | $97.00 / monthly |
| Age 60 | $55.00 / monthly | $82.00 / monthly | $109.00 / monthly |
| Age 65 | $67.00 / monthly | $100.00 / monthly | $133.00 / monthly |
| Age 70 | $85.00 / monthly | $126.00 / monthly | $168.00 / monthly |
| Age 75 | $113.00 / monthly | $168.00 / monthly | $224.00 / monthly |
| Age 80 | $181.00 / monthly | $270.00 / monthly | $360.00 / monthly |
Monthly male/female premium rates current as of 3/15/2022 representing the cost of a $10,000 / $15,000 / $20,000 TruStage Guaranteed Acceptance final expense whole life insurance policy.
How Long Does Coverage Last?
Coverage for TruStage whole life insurance lasts until you pass away or reach the age of 121. If you reach the age of 121, the policy expires, and the cash value is paid out to you in full. The cash value at the time of your 121st birthday should be equivalent to your policy’s full death benefit amount.
What is the Cancellation Policy with TruStage?
TruStage has a 30-day satisfaction guarantee. If you are not completely satisfied with your policy, you can cancel it within the first 30 days. If you cancel within 30 days, you can receive a full refund of any premiums paid.
TruStage Life Insurance Company Customer Service
TruStage customer service is available to address your questions and concerns. You can reach the customer service department at 1-833-495-1545
You can also submit a message through a contact form on the company’s website.
Advantages of TruStage Whole Life Insurance
TruStage provides many benefits for people of all ages, but it is especially helpful for older individuals wanting to finalize their burial expenses. Here are some of the advantages provided by TruStage:
- Streamlined online application
- No medical exams required
- Highly likely to receive same-day coverage
- Lenient application requirements
- Guaranteed acceptance option
- Builds cash value
Applying for whole life insurance through TruStage is convenient and easy. The streamlined online application takes just a few minutes to complete. You may even receive same-day coverage.
TruStage also has lenient application requirements for its TruStage Advantage policy. You do not need to complete a medical exam and may still receive coverage with pre-existing conditions. If you do not qualify for TruStage Advantage, you are guaranteed to receive coverage with TruStage Guaranteed Acceptance.
Both policies also build cash value. A portion of your premiums is added to your cash value. You may eventually use the cash value to cover other expenses or increase the amount available for your beneficiaries.
Disadvantages of TruStage Whole Life Insurance
TruStage final expense insurance offers many advantages, especially for seniors, but also has a few drawbacks:
- No available policy riders
- Limited coverage amounts
- Guaranteed acceptance can be costly
While policy riders are more common with term life insurance, you can also find whole life policies with optional riders. TruStage does not offer any policy riders. However, the lack of riders streamlines the underwriting process, which helps TruStage approve applications quickly.
Another potential issue is the limited coverage amounts. The maximum coverage amount for TruStage Advantage is $100,000. The maximum coverage amount for TruStage Guaranteed Acceptance is $20,000.
In addition to the low death benefits with Guaranteed Acceptance, which is familiar with that type of coverage, the rates can be costly. The primary reason is that you cannot be turned away for coverage even if you have a high-risk medical condition.
If you want a large death benefit or the flexibility to customize your plan with optional riders, you will need to consider another whole life insurance product. TruStage is built to give older individuals a simple solution for covering final expenses.
How to Get a TruStage Whole Life Insurance Quote
You can visit the TruStage website and apply for insurance directly through the company. However, our company also offers TruStage whole life insurance through our partnership with Ethos Life.
You can view rates through our online quoter and complete the 100% online application process in minutes with an instant descsion.
Conclusion – Is TruStage Whole Life Insurance Worth It?
TruStage whole life insurance is worth it for those that want coverage without any fuss. The eligibility requirements are also relatively lenient, making it a suitable option for those with pre-existing medical conditions.
TruStage has a simple online application process. You can apply and receive coverage quickly without dealing with medical exams or attending physician statements.
If you are worried about your medical history limiting your insurance options, consider applying for TruStage insurance. You can get up to $100,000 in coverage with TruStage Advantage and up to $20,000 with TruStage Guaranteed Acceptance.
Use our online quote tool to get your TruStage whole life insurance quote today.
