Chris Kissell is a Denver-based writer and editor with work featured on U.S. News & World Report, MSN Money, Fox Business, Forbes, Yahoo Finance, Money Talks News and more.
Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.
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Our take: TruStage, which is a 2023 rebrand of CUNA Mutual Group, is a digital-focused life insurance company that promises quotes within minutes and policies without any medical exams. However, its prices are notably higher than many competitors and its coverage limits for online life insurance are lower — only offering quotes up to $300,000. Because of low coverage availability, TruStage is a good option for people who don’t need a lot of life insurance coverage, such as individuals who are retired or don’t have any major financial obligations. People seeking high coverage amounts should look elsewhere.
While TruStage is very young, CUNA Mutual has been around for over 85 years. Although in its infancy as a life insurer, TruStage is ahead of the curve for its easy online applications and no medical exam requirements. However, you pay higher premium costs for this convenience than some competitors.
Trustworthiness: The Better Business Bureau evaluates businesses’ behavior, trustworthiness, and performance. A business with a high ranking from the BBB can be trusted to meet its commitments. TruStage is not accredited with the BBB, which means it has not made a commitment to respond to complaints made to the BBB about its service. Still, the BBB gives TruStage an A.
Financial strength: A.M. Best evaluates a company’s financial health and its ability to meet its financial obligations. CMFG Life Insurance Company, a subsidiary of TruStage that underwrites its policies, was given an A grade from A.M. Best. This is considered an “Excellent” rating, but it is also the third-highest rating according to A.M. Best’s standards.
Customer experience: Trustpilot is an online platform for individuals to provide reviews of companies and their customer experience. Trustpilot gives TruStage a rating of 4.7 out of a possible 5.
*NR = not rated
More details on TruStage term: TruStage offers term life insurance, which provides insurance for a specified period of years. If premiums are paid, you’re covered. You can also convert your term policy into a whole life policy. TruStage offers policies based on 10-to-30-year terms.
More details on TruStage whole life: Whole life insurance offers enduring protection in the form of a death benefit — because of this, it provides protection for life. TruStage has whole life policies available after you answer only a few health questions online.
Compared to other online insurers, TruStage tends to offer less coverage for a higher price. Additionally, premiums aren’t level — which means they don’t stay the same over the course of the policy. Premiums increase when the policyholder reaches each five-year age band. For example, if you buy a policy at age 25, your premiums will increase at age 30, 35, 40, and so on.
How much TruStage costs for healthy non-smokers:
The table below shows TruStage’s monthly rates by age and gender for healthy non-smokers purchasing 20-year term policies.
Company background: TruStage was created in 2023 after CUNA Mutual Group rebranded itself and over a dozen financial products under the one TruStage brand. However, CUNA — which originally stood for “Credit Union National Association” — has been around since 1935 and used to focus their services on credit union customers.
Interesting tidbit: CMFG Ventures, the company’s venture capital arm, has a fund that invests in startups with diverse founding teams. Launched in 2021 and called the Discovery Fund, it has invested over $6.5 million in 17 companies led by women, BIPOC or LGBTQ founders.