Trustage Burial Insurance worth it? Everything to know before you buy
TruStage burial insurance is a lifeline for those planning ahead. It helps ease the financial burden of final expenses. The truth is, TruStage burial insurance comes in two main forms: Funeral Preplanning and Final Expense Insurance.
Funeral Preplanning lets you pick out services and products, funding them with life insurance. Final Expense Insurance pays your beneficiary directly for funeral costs and other needs. TruStage works with funeral homes to make planning simpler.
TruStage burial insurance reviews often highlight the company’s goal. They aim to cut down on both money worries and emotional stress for families. By partnering with credit unions, TruStage makes its funeral insurance more accessible to many Americans.
Key Takeaways
- TruStage offers Funeral Preplanning and Final Expense Insurance
- Coverage options range from $2,000 to $100,000
- No medical exam required for some policies
- Available for ages 18 to 85, depending on the plan
- Partners with over 3,500 credit unions
- High customer satisfaction with a 4.7/5 Trustpilot rating
Understanding TruStage Insurance Company and Its Offerings
TruStage Insurance Company is known for its unique offerings. It caters to various needs, including trustage life insurance for seniors and others. Let’s explore the company’s background, coverage types, and partnerships.
Company Background and History
TruStage is a part of CMFG Life Insurance Company, based in Madison, Wisconsin. It has a strong reputation in the insurance world. This is shown in its high trustage insurance company ratings.
They focus on making customers happy. They have a 95% satisfaction rate and resolve 94% of calls on the first try.
Types of Coverage Available
TruStage has a range of insurance products:
- Term Life Insurance: Available for ages 18-69, with coverage from $5,000 to $300,000
- Whole Life Insurance: For ages 18-85, with coverage limits varying by age group
- Guaranteed Acceptance Final Expense Insurance: For ages 45-80, with coverage from $2,000 to $20,000
Customers can find a plan that suits their needs and budget. The cost of trustage life insurance depends on the type, age, and health of the applicant.
Partnership with Credit Unions
TruStage is strong because of its partnership with over 3,500 credit unions. This partnership lets them offer life and accidental death & dismemberment insurance to many. Through these partnerships, TruStage makes insurance affordable and accessible to credit union members across the U.S.
| Insurance Type | Age Range | Coverage Amount |
|---|---|---|
| Term Life | 18-69 | $5,000 – $300,000 |
| Whole Life | 18-85 | Varies by age |
| Final Expense | 45-80 | $2,000 – $20,000 |
The Truth About TruStage Burial Insurance
TruStage offers burial insurance to help families with final expenses. Let’s look into their coverage to see if it’s right for you.
Coverage Options and Limits
TruStage has trustage whole life insurance with different coverage limits by age:
- Ages 18-70: $5,000 to $100,000
- Ages 71-75: $5,000 to $50,000
- Ages 76-85: $5,000 to $25,000
For those looking for affordable burial coverage, their guaranteed acceptance final expense insurance offers $2,000 to $20,000 for ages 45-80.
Policy Features and Benefits
TruStage’s trustage final expense insurance has:
- No medical exam required
- Builds cash value over time
- Premiums that never increase
- Coverage that never decreases
Eligibility Requirements
Eligibility for TruStage insurance changes with each policy type:
| Policy Type | Age Range |
|---|---|
| Term Life | 18-69 |
| Whole Life | 18-85 |
| Guaranteed Acceptance | 45-80 |
Waiting Period Considerations
The guaranteed acceptance policy has a 2-year waiting period for non-accidental deaths. If death from illness happens during this time, premiums are refunded. For accidental deaths, the full benefit is paid right away.
Cost Analysis and Premium Structure
Knowing the cost of trustage life insurance is key for those looking for affordable burial coverage. TruStage’s burial insurance prices change based on several factors. It’s important to look at these costs closely.
Premium Rates by Age and Gender
TruStage’s burial insurance rates change with age and gender. For example, a 50-year-old male might pay $32 a month for a $10,000 whole life policy. On the other hand, a 70-year-old female could pay $72 for the same policy.
| Age | Gender | Monthly Premium |
|---|---|---|
| 50 | Male | $32 |
| 70 | Female | $72 |
Comparison with Competitor Pricing
Compared to Liberty Bankers Life and Mutual of Omaha, TruStage’s rates are often higher, mainly for older seniors. This shows why it’s important to compare prices for affordable burial coverage.
Factors Affecting Premium Costs
Several things affect the cost of trustage life insurance:
- Age at policy purchase
- Gender
- Health status
- Type of policy selected
Guaranteed acceptance policies usually have higher premiums. For instance, a 50-year-old male might pay $55 a month for a $10,000 guaranteed acceptance policy. This is compared to $32 for a standard whole life policy.
The burial insurance market is growing fast, expected to hit $247.77 billion by 2030. This growth is due to an aging population and higher funeral costs. It shows how important affordable burial coverage is in financial planning.
Customer Experience and Company Ratings
TruStage Insurance Company ratings show high customer satisfaction. On Trustpilot, TruStage gets an 82% 5-star rating. It ranks 31 out of 89 in the Insurance Agency category, showing its strong position.
TruStage burial insurance reviews praise the company. People like the easy application process, available online or by phone. The instant decision and no-exam policies are big hits. But, some say there are limited rider options and low coverage amounts.
| Rating | Percentage of Reviews |
|---|---|
| 5-star | 82% |
| 4-star | 14% |
| 3-star | 2% |
| 2-star | Less than 1% |
| 1-star | 2% |
TruStage gets lots of positive feedback. But, state regulators say there are more complaints than expected. This shows the need to do your homework before choosing TruStage for burial insurance.
Conclusion
TruStage burial insurance has both good and bad points. They offer policies without medical exams, but their prices are often higher. People like how easy it is to apply and the chance to build cash value in whole life policies.
TruStage works with credit unions, which might get you better rates. But, you don’t have to be a member to apply. It’s key to know there’s a 2-year wait for some policies and to compare prices with others.
TruStage’s policies can grow in value over time. This could add hundreds or thousands of dollars. When looking at TruStage, tell them about your health and lifestyle to avoid any issues with claims.
Most life insurance payouts to loved ones aren’t taxed. For advice and quotes that fit your needs, contact www.theburialinsurance.com at (866) 255-5575.
FAQ
What types of burial insurance does TruStage offer?
TruStage offers Funeral Preplanning Insurance and Final Expense Insurance. They also have whole life burial insurance and guaranteed acceptance final expense insurance.
Is a medical exam required for TruStage burial insurance?
No, TruStage doesn’t require a medical exam for their burial insurance policies.
What are the age limits for TruStage’s burial insurance policies?
TruStage’s whole life burial insurance is for ages 18-85. Their guaranteed acceptance final expense insurance is for ages 45-80.
How much coverage can I get with TruStage burial insurance?
Coverage varies by age and policy type. Whole life burial insurance offers ,000 to 0,000 for ages 18-70. For ages 71-75, it’s ,000 to ,000. For ages 76-85, it’s ,000 to ,000. Guaranteed acceptance final expense insurance offers ,000 to ,000 for ages 45-80.
Is there a waiting period for TruStage’s guaranteed acceptance policy?
Yes, there’s a 2-year waiting period for non-accidental deaths with TruStage’s guaranteed acceptance final expense insurance.
How do TruStage’s rates compare to competitors?
TruStage’s rates are generally higher than competitors like Liberty Bankers Life, Mutual of Omaha, and AIG. This is more noticeable for older seniors.
What is TruStage’s financial strength rating?
TruStage’s parent company, CUNA Mutual Holding Company and CMFG Life Insurance Company, has an A rating with AM Best. This shows excellent financial strength.
Do I need to be a credit union member to purchase TruStage insurance?
While TruStage partners with over 3,500 credit unions nationwide, non-members can also apply for their insurance products.
Does TruStage’s whole life burial insurance build cash value?
Yes, TruStage’s whole life burial insurance policies build cash value over time.
What is TruStage’s Better Business Bureau rating?
TruStage has a B rating with the Better Business Bureau and has been accredited for 10 years.