Whole life insurance, also known as permanent life insurance, is a type of insurance policy that provides coverage for the policyholder’s entire life.
This means they will be covered if the person keeps paying for the policy. Term life insurance only covers someone for a set amount of time, but whole life insurance will cover them forever.
Trustage is a well-established company with over a century of experience in the insurance industry. This article will look closely at Trustage’s whole-life coverage rates and how they compare to industry averages.
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Who is Trustage Insurance?
TruStage was founded in 2012. CMFG Life Insurance Company currently owns it.
TruStage is a company that provides insurance products and services. It has a lot of customers, with over 20 million people protected. TruStage claims it wants to help customers make good decisions about their insurance needs and prides itself on great customer service.
Understanding Whole Life Insurance Rates
Whole life insurance rates are determined by several factors, including the policyholder’s age, gender, health, and tobacco use.
There are some things that insurance companies look at to see how likely it is that they will have to pay money to the person with the insurance policy. They look at how likely the person will die and other things.
- Age: Younger policyholders typically have lower rates than older policyholders, as they are considered to be at a lower risk of death.
- Gender: On average, men have higher rates than women due to a higher risk of death.
- Health: Policyholders in good health will typically have lower rates than those in poor health, as they are at a lower risk of death. Although Trustage does not require a medical exam, it is important to note that it requires a health questionnaire.
- Tobacco use: Policyholders who use tobacco products will typically have higher rates than those who do not, as they are at a higher risk of death.
Whole life insurance rates are different from term life insurance rates. Whole life insurance rates are usually higher than term life insurance rates because whole life insurance offers lifelong coverage while maintaining its fixed rates.
Trustage Whole Life Insurance Rates
$10,000 Whole Life Insurance Rates
| Age | Male | Female |
|---|---|---|
| 30 | $16 | $14 |
| 40 | $22 | $19 |
| 50 | $32 | $27 |
| 60 | $49 | $41 |
| 70 | $90 | $72 |
| 80 | $175 | $138 |
| 85 | $290 | $200 |
$15,000 Whole Life Insurance Rates
| Age | Male | Female |
|---|---|---|
| 30 | $23 | $19 |
| 40 | $32 | $26 |
| 50 | $46 | $39 |
| 60 | $72 | $60 |
| 70 | $133 | $106 |
| 80 | $261 | $205 |
| 85 | $434 | $298 |
$20,000 Whole Life Insurance Rates
| Age | Male | Female |
|---|---|---|
| 30 | $29 | $25 |
| 40 | $41 | $34 |
| 50 | $60 | $51 |
| 60 | $95 | $79 |
| 70 | $177 | $140 |
| 80 | $347 | $272 |
| 85 | $577 | $396 |
$50,000 Whole Life Insurance Rates
| Age | Male | Female |
|---|---|---|
| 30 | $63 | $54 |
| 40 | $92 | $75 |
| 50 | $135 | $114 |
| 60 | $216 | $177 |
| 70 | $403 | $319 |
| 80 | N/A | N/A |
| 85 | N/A | N/A |
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$100,000 Whole Life Insurance Rates
| Age | Male | Female |
|---|---|---|
| 30 | $123 | $104 |
| 40 | $180 | $147 |
| 50 | $267 | $224 |
| 60 | $428 | $351 |
| 70 | $803 | $635 |
| 80 | N/A | N/A |
| 85 | N/A | N/A |
The table below shows the rates for different coverage amounts of whole life insurance coverage for males and females at various ages.
As more coverage amount goes up, so do the rates. And as people get older, the rates go up too. The oldest people have to pay the most. But for $50,000 and $100,000 coverage amounts, rates are not given for people over 80 years old.
This indicates that coverage at these levels is unavailable for individuals in that age range.
Another important note from this table is that the rates for females are usually lower than for males. This means that girls pay less money than boys do. The reason may be that girls live longer on average. So insurance companies think they are less likely to have an accident or get sick.
The price of whole life insurance goes up as coverage increases. For example, a 30-year-old male with $10,000 in coverage would pay $16 per year, while the same individual with $50,000 would pay $63 per year. This means it is important to think about how much coverage you need before buying whole life insurance.
It is important to note that for coverage of $50,000 and $100,000, rates are not provided for those over 80 years old. This means that either this level of coverage is not available for individuals in that age range, or the cost of coverage at that age is too expensive.
Does Trustage Whole Life Insurance have cash value?
Whole life insurance lets you save money over time. This is because it has a cash value component.
The cash value of a whole life insurance policy is like a savings account that you can access while you are still alive. The cash value grows over time because part of the money you pay into the policy is set aside and invested.
People with Trustage life insurance policies can get money from the policy by taking out a loan or withdrawing funds, which might reduce the money their family gets if they die.
How to Choose the Right Whole Life Insurance Policy
When choosing the right whole life insurance policy, there are a few key factors to consider.
Know your coverage amount: Deciding how much money your loved ones will need if you die is important. They will need enough money to pay for things like your income, debts, and any other expenses they might have.
Comparison shopping: It is important to compare rates for whole life insurance from different providers. You can do this online or by talking to a trusted insurance agent.
Know what you sign up for: Understanding the terms and conditions of a whole life insurance policy before you purchase it is important. This includes knowing the limits of what the policy will cover, what is not included, and any extra features (riders) that can be added to the policy.
Reviewing the company’s financial strength: The company’s financial health is important. To find out how healthy the company is, look at AM Best. The best rating is A++. Trustage has an “A” rating, which is excellent.
Final Thoughts
Trustage is a reputable whole life insurance provider that offers a variety of discounts and flexible payment options to help policyholders save on their premiums.
When choosing a whole life insurance policy, it is essential to determine the amount of coverage needed, compare rates from different providers, understand the policy’s terms and conditions, and review the company’s financial strength.
Considering these factors, you can make a more informed decision and choose a policy that best meets your needs.
