Trustage Life Insurance Review: Life insurance is an essential financial product that provides financial security to your family in case of an untimely death.
It ensures that your family is taken care of financially if you are no longer around to provide for them.
Choosing the right life insurance policy and company is crucial to ensure your family gets the maximum benefit when they need it the most.
This review of Trustage Life Insurance will provide an unbiased assessment to help you evaluate if it is the right choice for your life insurance needs.
About Trustage Life Insurance
Trustage Life Insurance Company offers term life, whole life, and universal life insurance policies. It was founded in 1935 and is based in Madison, Wisconsin.
Trustage Life Insurance is a relatively new company compared to industry veterans, but it has quickly grown to provide coverage to over 15,000 families across the United States.
The company has an A- (Excellent) financial strength rating from A.M. Best, indicating its ability to meet its ongoing insurance obligations.
Pros of Trustage Life Insurance
- Competitive pricing: Trustage offers very competitive pricing on term life policies compared to other insurance providers. This makes it an affordable option for life insurance.
- Good customer service: Most customer reviews indicate polite, helpful, and prompt customer service from Trustage’s call center staff. The company aims to make applying and maintaining a policy hassle-free.
- Quick underwriting: The application process is simplified, and policies are issued relatively quickly based on customer reports. For healthy applicants, policies can be approved in just a few weeks.
- Online customer portal: Customers can manage their policies and payments through Trustage’s online portal. This is a convenient feature for handling your policy after purchase.
- Living benefits: Terminal illness and chronic illness riders provide accelerated benefits allowing access to death benefits while alive.
Cons of Trustage Life Insurance
- Limited policy options: Trustage currently only offers term, whole, and universal life policies. Those needing more specialized products like variable or indexed universal life may have to look at other providers.
- No mobile app: Many leading insurers now offer mobile apps to access your policy. Trustage does not have an app at this time.
- Low NAIC complaint index: Trustage’s complaint index of 1.18 to the National Association of Insurance Commissioners (NAIC) is lower than average for life insurers. However, this is expected for a newer company.
- Lacks financial strength history: As a newer company, Trustage does not have an extensive history yet to demonstrate its financial strength over decades like older insurers.
Trustage Life Insurance Policies
Trustage offers three main policy types:
- Term life insurance: Provides temporary death benefit coverage at fixed premiums for 10, 15, 20, or 30 years. Great for covering short- or mid-term financial needs.
- Whole life insurance: Provides lifelong coverage with level premiums. Builds cash value that grows over time and can be borrowed against. More expensive but offers permanent coverage.
- Universal life insurance: Allows flexible premium payments while maintaining a minimum cash value balance. Combines aspects of the term and whole life insurance. More customizable coverage.
Within each policy type, Trustage offers a variety of options regarding coverage limits, terms, and riders.
How Much Does Trustage Life Insurance Cost?
As a newer company with lower overhead, Trustage can price their policies very competitively:
- 10-year term policy: About $30 per month for $250,000 of coverage for a healthy 30-year-old male. Very affordable basic coverage.
- 20-year term policy: Approximately $40-50 per month for $500,000 of coverage for a 40-year-old healthy female. Low-cost coverage during prime earning years.
- Whole life policy: Around $100 per month for $100,000 of coverage for a 55-year-old female in good health. Provides permanent protection.
- Universal life policy: Approximately $200 monthly premium for $250,000 of coverage for a 50-year-old male in excellent health. Allows flexible payments.
Of course, your specific monthly premium will vary based on age, gender, health status, and coverage amount selected.
How Do the Reviews Look?
Trustage holds a strong average rating of 4 out of 5 stars based on policyholder reviews on various online insurance comparison sites.
Here is a summary of the pros and cons cited by customers:
Pros
- Easy and fast application process
- Affordable pricing, especially on term life policies
- Excellent and helpful customer service
- Smooth claims process based on limited experience so far
Cons
- Limited extra policy benefits compared to bigger companies
- Their website and online portal could be improved
- Have to contact the company to make any changes to existing policies
Many reviews praise the simple application process and cost savings from Trustage’s budget rates.
Negative feedback focuses on the lack of extras compared to larger firms, although some customers accept fewer perks for lower premium costs.
Conclusion
Trustage Life Insurance best suits healthy individuals seeking affordable term or whole-life coverage with great customer service.
The application and underwriting processes are fast, smooth, and healthy.
While they lack some bells and whistles from the big insurers, Trustage provides the essentials of life insurance at very competitive pricing.
For budget-minded consumers, they are tough to beat on premium costs.
Trustage Life Insurance offers a great value proposition balancing price and features.
If you qualify for coverage, they deserve strong consideration for protection during your working life. Just be aware they have limited extras outside the basic policy.
Trustage Life Insurance reviews indicate they are an excellent choice for no-frills term and whole-life policies with strong customer service.
Growing quickly, Trustage has already established itself as an affordable life insurance solution.
