What Were the 2017 Trustage Life Insurance Rates?
In 2017, Trustage Life Insurance released a new set of term and whole‑life policies with rates that reflected the company's underwriting philosophy and the broader actuarial environment. The rates varied by age, gender, health status, and policy type. For example, a 35‑year‑old male in excellent health could secure a 20‑year term policy at a premium of roughly $25 per month for a $250,000 death benefit, whereas a 45‑year‑old female with a history of hypertension might face $35 per month for the same coverage.
More from this site
Keep reading the latest coverage
How Trustage Determined Its Rates
Trustage used a combination of actuarial tables, mortality projections, and expense loading to set its 2017 rates. The company's actuaries relied on the 2016 mortality tables published by the Society of Actuaries, adjusted for observed trends such as reduced smoking rates and improved chronic disease management.
Key Rate‑Setting Factors
- Mortality experience: Lower than expected death rates for certain age groups lowered premiums.
- Expense loading: Administrative and marketing costs were spread across the policy portfolio.
- Investment returns: Assumptions about the company's investment income influenced the reserve levels and thus the premium base.
Comparison with Competitors in 2017
Trustage's rates were competitive within the mid‑market segment. A quick comparison with two peer insurers—Apex Life and Horizon Insurance—shows the relative positioning:
| Policy Type | Trustage Rate (per month) | Apex Rate (per month) | Horizon Rate (per month) |
|---|---|---|---|
| 20‑Year Term, $250k | $25 | $27 | $26 |
| 30‑Year Term, $500k | $35 | $38 | $36 |
What Policyholders Experienced in 2017
Policyholders reported that Trustage's 2017 rates were considered affordable, especially given the company's emphasis on transparent underwriting. Claims processing times averaged 10 days, and the company's customer satisfaction score was 4.2 out of 5.
Common Customer Feedback
- Positive: Clear communication of rate changes.
- Negative: Limited online policy management features.
Long‑Term Impact of 2017 Rates
The 2017 rates set a precedent for Trustage's pricing strategy in subsequent years. By maintaining a conservative mortality assumption and a moderate expense load, the company positioned itself to offer stable premiums for the next decade. However, shifts in medical technology and increased life expectancy in the 2020s led to gradual premium adjustments.
How to Evaluate If 2017 Rates Were Right for You
When assessing whether the 2017 Trustage rates were appropriate, consider:
- Your age and health status at the time of application.
- Comparison with current rates from other insurers.
- The policy's terms (duration, benefit amount).
- Any discounts or riders that could offset higher premiums.