MADISON, Wis. ̶ TruStage simplified-issue life insurance products have exceeded $6 billion in issued coverage.
TruStage, CUNA Mutual Group’s consumer brand, offers term and whole life insurance policies, and was among the first to offer a suite of simplified-issue term and whole life insurance products to customers via a completely digital, automated application process that yields a decision within minutes by answering just a few questions, CUNA Mutual Group said.
That avenue accounts for more than $1 billion in coverage issued to date, the company added.
Since its launch in November 2016, TruStage simplified-issue life insurance has expanded to 49 states.
Consumer Feedback Included
“TruStage designed these products by incorporating consumer feedback and retail best practices to offer younger, middle-market and diverse consumers a wide range of protection options to cover home mortgages, children’s education, income replacement and final expenses. Coverage options are calculated and presented based on the buyer’s budget rather than a set coverage amount,” the company said.
“The continued success of our simplified-issue life products, and their rapid growth with digital channels in such a short period of time, demonstrates the strong desire and need of middle-market consumers for insurance that is both affordable and accessible,” said Susan Sachatello, senior vice president, TruStage. “Purchasing life insurance is an inherently emotional decision, but with TruStage, it doesn’t have to be complicated or time consuming.”
Protecting Loved Ones
According to CUNA Mutual, TruStage structures its products around the concept that protecting loved ones rests at the core of purchasing life insurance. The online application asks for the name of the beneficiary at the beginning of the process, displaying that name through each step to remind applicants whom they are protecting, the company added.
“Supporting families by helping them reach a place of financial security remains our paramount priority, and we are committed to continuously improving our technology so consumers can more easily and quickly acquire proper and adequate insurance coverage,” added Sachatello.