TruStage Term Life Insurance is a type of life insurance policy offered by TruStage, a brand of insurance products and services under CUNA Mutual Group. This type of policy provides coverage for a specific period of time, typically 10, 20, or 30 years, and pays out a death benefit to the designated beneficiary if the insured person passes away during the term of the policy.
The Insurance offers coverage amounts ranging from $25,000 to $300,000, and premiums that are guaranteed to remain level for the entire term of the policy. This means that the cost of the policy will not increase over time, providing peace of mind and budgeting stability for policyholders.
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Term Life Insurance policies are underwritten by CMFG Life Insurance Company, which is part of CUNA Mutual Group. As a trusted financial services company serving credit unions and their members, TruStage strives to provide affordable and reliable insurance products that meet the needs of individuals and families.
Pros and Cons of TruStage Term Life Insurance
Here are some pros and cons of Term Life Insurance:
Pros:
- Affordable premiums: TruStage offers term life insurance policies with guaranteed level premiums for the entire term of the policy, making it easier to budget for the cost of insurance.
- No medical exam required: In many cases, TruStage does not require a medical exam to approve an application for coverage, which can save time and reduce the hassle for applicants.
- Simple application process: The application process for TruStage Term Life Insurance is straightforward and can be completed online or over the phone.
- Backed by a trusted company: TruStage is part of CUNA Mutual Group, a reputable financial services company that has been serving credit unions and their members for over 80 years.
- Flexible coverage options: TruStage offers coverage amounts ranging from $25,000 to $300,000, which can be adjusted to fit individual needs and budgets.
Cons:
- Limited coverage options: TruStage only offers term life insurance, which may not be suitable for everyone. Other types of life insurance, such as whole life or universal life, may provide more comprehensive coverage.
- No physical agent: Some people may prefer to work with an insurance agent in person to help them navigate the policy options and application process.
- Limited availability: TruStage Term Life Insurance is only available to credit union members and their families, which may limit its accessibility for some people.
- Limited term lengths: TruStage offers term lengths of only 10, 20, and 30 years, which may not meet the needs of some individuals or families who require coverage for a different period of time.
- Coverage limits: TruStage has a maximum coverage limit of $300,000, which may not be sufficient for those with higher income or larger financial obligations.
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How to Apply for TruStage Term Life Insurance
Applying is a simple and straightforward process. Here are the steps to apply:
You can apply by visiting the TruStage website or by calling 1-855-612-7909.
Eligibility Requirements for TruStage Term Life Insurance
To be eligible, you must meet certain requirements, which may vary depending on the state you live in and the coverage amount you are seeking. Here are some general eligibility requirements:
- Age: You must be between the ages of 18 and 80 to be eligible for TruStage Term Life Insurance.
- Health: TruStage Term Life Insurance requires applicants to answer a series of health questions on the application.
- Smoking status: TruStage Term Life Insurance rates are based on smoking status, so if you are a smoker, you may pay higher premiums than non-smokers.
- State availability: TruStage Term Life Insurance is available in most states, but not all. You should check the availability in your state before applying.
- Credit union membership: While TruStage Insurance Agency is available to anyone, it was created to serve credit union members and their families.
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