TruStage Life Insurance Review: Life Insurance That Doesn't Require Any Medical Exams

This life insurer is a good fit for: People who have been declined coverage in the past due to age or health and want a life insurance policy without taking a medical exam. Those needing a large policy will need to look elsewhere, though, as TruStage does not offer coverage over $300,000.

TruStage Life Insurance life insurance at a glance

• Average costs: $82.50/month for a 35-year-old male purchasing $250,000 in coverage, $67.50/month for a 35-year-old female purchasing $250,000 in coverage for a term policy up to the age of 80 that has premiums that increase when entering each five-year band.
• Term life policy limits: $5,000 to $300,000
• Whole life policy limits: $5,000 to $100,000
• Riders/Add-ons: None
• Eligibility: Up to age 80
• Discounts available: N/A
• Other insurances offered: Life, Accidental Death and Dismemberment, Auto, Property, and Funeral

Top perks

Medical exams not required

One of the biggest benefits of TruStage life insurance is that applicants don't need to take a medical exam to get a term or whole life insurance policy. Applicants need to answer some online questions and coverage starts immediately once TruStage receives the first premium payment. Even applicants with pre-existing conditions or health concerns may still be eligible for a TruStage policy. If an applicant is declined for a term policy, they may be able to get coverage with TruStage's Guaranteed Acceptance Whole Life Insurance. Applicants between the ages of 45 and 80 cannot be turned down, even if they have a serious illness like cancer or another health issue.

Instant decision and potential same-day coverage

The application for a policy is online and provides an instant decision. If approved, applicants will be covered as soon as their first payment is processed. TruStage also offers a 30-day satisfaction guarantee. If policyholders want to cancel within the first 30 days, they can get their premium refunded.

Easy application process

TruStage has designed its application to be simple, easy, and 100% online. Applicants do not need to talk to an agent. TruStage is also one of the few companies that offer quotes online for whole life insurance policies. To apply, you will need the name of your beneficiaries. You will have to answer a few basic questions to answer and applicants must give TruStage permission to check their prescription records. You can choose to pay via a checking or savings account, or by credit or debit card.

What could be improved

Low coverage limits

The maximum for a term policy is $300,000. For a whole life policy, the maximum is $100,000. Applicants who need more coverage will need to go elsewhere.

Premiums are expensive

Because applicants don't have to take a medical exam, insurance premiums are higher with TruStage than other insurance companies. The average cost of a 20-year $500,000 term policy is about $38 per month. TruStage's $300,000 term life policy is $98 a month, more than three times the cost for 40% less coverage.

In addition, the premiums increase when entering each five-year band: 25, 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. The premiums for term policies offered by other insurers typically are set throughout the duration of the term. Rates for TruStage's whole life insurance policy are locked in.

Few customization options

There are no frills to TruStage's life insurance policies. TruStage doesn't offer endorsements like accelerated death benefits, waiver of premium option, or any other riders.

Because there is no medical exam and for its guaranteed whole life policy, applicants can get a TruStage policy regardless of health status, and premiums are much more expensive than that of its competitors.

If you want a life insurer who offers more coverage terms: AIG provides a choice of 18 different term lengths and much higher coverage limits. However, AIG doesn't provide term life policies without a medical exam.

If you want flexible and affordable policies: Pacific Life offers a variety of term, whole, and universal life insurance policies. It also gives customers the option to customize their policies with a number of riders. But Pacific Life doesn't offer online quotes.

TruStage offers three basic coverages.

Term life insurance

TruStage offers just one term life insurance policy for policyholders up to the age of 80. As long as you own your policy and make your payments, your coverage is guaranteed to never decrease or be canceled -- even if you get cancer or develop other serious health conditions. An applicant's initial monthly rate is based on their current age and sex and will increase as with each five-year age band (25, 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75).

In addition, TruStage offers a guaranteed conversion privilege. Policyholders can decide to convert all or part of a term life insurance policy into a permanent whole life insurance at any time after the policy is in effect. TruStage states that there are no health questions asked when you make the conversion. Coverage amounts range from $5,000 to $300,000.

Whole life insurance

TruStage's whole life insurance policy offers rates that remain the same throughout your life. This insurance gives you the benefit of cash value as it matures. You can borrow against the cash value of the policy if the need arises. As long as premiums are paid, the company can never cancel your coverage, regardless of age or failing health. Only you can cancel your coverage. Coverage amounts range from $5,000 to $100,000.

Guaranteed acceptance

This type of policy is for those ages 45-80. TruStage guarantees your acceptance, with no health questions or medical exam, regardless of your health. Coverage amounts range from $2,000 to $20,000.

TruStage has a simplified application process without medical exams, intrusive tests, or even health questions. Applicants can apply for a policy entirely online and through its mobile application process. Coverage starts immediately upon the first payment clearing.

Anyone up to the age of 80 is eligible for TruStage life insurance, for both term and whole life insurance policies. For TruStage's guaranteed whole life insurance policies, anyone between the ages of 45 and 80 cannot be turned down.

TruStage offers a 100% satisfaction guarantee. Policyholders can cancel within the first 30 days and their premium will be refunded in full. Based on 6,057 reviews from TrustPilot, TruStage has an excellent rating, with an average of 4.7 stars out of 5. TruStage is backed by CMFG and has an "A" rating by AM Best, a global credit rating agency specializing in the insurance industry.

• Those who have been denied life insurance in the past due to health reasons
• Those who do not want to take a medical exam
• Those who want a simple online application process

But people who want customizable life insurance policies with riders may want to consider Pacific Life, or AIG if they want higher coverage limits.