Crump Life Insurance Review

An insurance broker with access to quality life insurance carriers

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Crump Life Insurance

Crump Life Insurance

overall rating
4.4

Our Take

Crump Life Insurance Services is an insurance broker that distributes insurance and retirement products including whole, term, universal, universal index, and variable universal life insurance plans. It sells products from many of the top insurance carriers in the U.S., allowing you more life insurance options to choose from. Crump is a great option if you want an easy way to find the best policy for you. 

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Offers access to many life insurance companies’ plans in one place

  • Support from a broker to sort through policy options

  • Offers other retirement and insurance products

  • Alternative funding policies for large life insurance policies

  • Helps foreign nationals meet their life insurance needs

Cons
  • Does not directly sell policies

  • No policy details available on website

  • Does not offer online quotes

  • Process of getting insurance may take longer

  • Customer service experience will depend on the company you purchase your coverage from

Key Takeaways
  • Crump Life Insurance is an insurance broker that works with more than 100 popular life insurance providers, including Prudential, Symetra, Securian, Legal & General, and others.
  • The company’s insurance brokers are able to help you find the best life insurance product for your needs. Because they work with many providers, they have greater access to customizable policies and rider options.
  • Crump Life Insurance only offers supplementary insurance policies and annuities outside of its life insurance offerings, so you will need to find another insurer for property and casualty insurance.
Specifications
  • Year Founded 1983
  • Kinds of Plans Term, whole, universal, universal index, variable universal
  • Number of Plans Over 100 different carriers
  • Payment Options Depends on the carrier you choose (Mail, online, phone, automated payment, credit card)
  • Official Website www.crump.com/Products-Services/Products

Introduction

Crump Life Insurance (Crump) is an insurance broker, which means the company doesn’t underwrite insurance policies itself but instead works to connect customers with the right whole, term, universal, universal index, and variable universal life insurance policies. It also offers access via carriers to other forms of coverage like disability coverage, annuities, and long-term care coverage, allowing you to shop around and purchase multiple policies in the same place with the help of an expert broker who specializes in life insurance. 

We reviewed Crump’s policy offerings, riders, pricing, customer service, industry ratings, and more to help you decide if their policies are right for you.  

Company Overview

Crump is headquartered in Harrisburg, Pennsylvania. It is part of Truist Insurance Holdings, which is the sixth-largest insurance broker in the world. It operates under a number of different names including RiskRighter, Tellus Brokerage Connections, TIME, and Truist Life Insurance Services. The company employs over 1,000 people who work with 42,000 independent financial professionals. They have sold over $87 billion in insurance policies, which translates to over 170,000 individual insurance policies. 

Crump works with insurance carriers that are licensed to do business in all states, although not all of its carriers sell policies in all states or offer the same policy options in every state. A Crump broker will help you find a policy that’s available in your state.  

Available Plans

As an insurance broker, Crump does not directly sell any insurance policies. Instead, it connects consumers to companies that sell the types of insurance they’re looking for. Because Crump works with so many insurance companies, it does not detail every policy offered by every partner. However, it does explain the types of insurance it can help customers purchase. 

For more information on what policy options are available through Crump, contact a Crump representative. 

Term Life Insurance

Term life insurance is a more affordable form of life insurance that you purchase for a set number of years, referred to as a term. These terms tend to range from 10 years to 30 years, with term options in five-year increments. Term life policies can often be renewed or converted to permanent life insurance policies. 

They’re great options for protecting your family during your main earning years, when your income is needed for paying for your mortgage, saving for college costs, or covering living expenses. 

For more information on what term life policy options are available through Crump partners, you’ll need to speak with a Crump representative.

Whole Life Insurance

Whole life insurance is a form of permanent life insurance that allows you to purchase a policy that does not expire and will pay your beneficiaries a death benefit as long as your premiums are paid. Many whole life insurance policies build cash value and allow you to borrow against your policy through a policy loan. 

If you want more information about the whole life policy options available from Crump’s insurance partners, contact a Crump representative.

Due to the level premiums, guaranteed death benefit, and ability to accumulate cash value, premiums for whole life policies are typically higher than for term life insurance.

Universal Life Insurance

A universal life insurance policy is another form of permanent life insurance. However, universal life insurance often has some perks that traditional whole life insurance policies do not have, such as investment savings accounts, to help you build cash value, and more flexibility around premiums. This flexibility allows you to change how much you pay in premiums or around when you pay your premiums so long as your premiums or your cash value is covering the cost of your death benefit. 

Universal life insurance also gives you the ability to increase or decrease the value of your death benefit.

To learn more about what universal life insurance options are available from Crump’s partners, reach out to a Crump agent.

Variable Universal Life Insurance

A variable universal life insurance policy is a type of universal life insurance policy that offers a permanent death benefit and the option to invest your cash value to accumulate tax-deferred returns. 

With this type of insurance, you can manage your cash value accounts like a mutual fund by investing in the market for a greater investment return. They often allow you to invest in many different stock and bond accounts. Universal variable life insurance often comes with a minimum cap on your returns as well as a floor on your return, which is usually set at 0% so you have no losses. 

Connect with a Crump agent or representative to learn more about Crump’s universal variable life insurance options. 

Universal Index Life Insurance

A universal index life insurance policy is coverage that provides a permanent death benefit and also allows you to invest the cash value amount of your policy in a vehicle indexed to popular market indexes. Because you are not actually investing your money in those indexes directly, there is no risk of losing money. Many insurance carriers will provide you with several indexing options and also offer you a minimum guaranteed return on your cash value. The interest on the indexed cash value accumulates tax-deferred in your account.  

Contact a Crump representative to learn more about universal index life insurance options available from Crump partners. 

Using an insurance broker is beneficial, as you can work directly with them to determine your needs and find the best policy from their many carriers.

Available Riders

Life insurance riders are policy add-ons that give you more personalized protection. Crump works with many providers that sell riders as part of their life insurance coverage, although the riders will vary by provider and policy. 

Here are some examples of life insurance riders their carriers sell: 

  • Accelerated death or accelerated access rider. This rider allows policyholders to access all or part of their death benefit early if they are diagnosed with a terminal illness or chronic illness.  
  • Child life insurance rider. These riders typically allow you to purchase an add-on term or whole life policy for your children who are under 25 years old. How much you can buy varies depending on the insurer and policy.
  • Spouse life insurance rider. A spousal rider allows you to purchase an add-on term policy for your spouse as part of our insurance coverage. Sometimes these riders are guaranteed issue and allow you to get spousal coverage at a low rate. 
  • Accidental death benefit rider. These riders increase your death benefit in the case of accidental death. 
  • Waiver of premium rider. These riders pay your policy premiums for you in the event that you become totally disabled. 
  • Loan protection rider. There are a number of riders you can get on permanent life insurance policies that allow you to protect the cash value portion of your policy if you take out a loan on your life insurance.

Riders are not available on all policies or from all insurance companies. Many are not available in every state or might require underwriting and a medical exam in order to qualify. You will need to contact your Crump representative for more details.  

Insurance riders are a great way to customize your coverage or save money on coverage by purchasing a type of protection as a rider rather than as a separate policy. 

Customer Service: Good Phone, Email, and Online Options

You can contact Crump’s customer service by calling 1-800-692-7303, although its call center hours of operations aren’t listed online. However, if you can’t reach someone at the main call center, you can try calling one of the company’s regional offices

You can also contact the company via email at marketing@crump.com or via an online form and have a Crump representative contact you. 

Customer Satisfaction: Varies Depending on Carrier

The National Association of Insurance Commissioners (NAIC) assigns ratings to insurance companies to help customers gauge the number of customer complaints they receive relative to market share. The NAIC rates companies 1.0 if they have an average number of complaints. It rates companies over 1.0 if they have more complaints than average and it rates companies under 1.0 if they have fewer complaints than average. 

Crump Insurance does not have an NAIC rating because it’s a broker and not an underwriter. Your customer service experience would depend on the company you buy a policy from. Crump sells insurance via many of the industry’s top carriers including the following companies: 

  • Prudential, which has an NAIC complaint index of 0.15
  • Symetra, which has an NAIC complaint index of 0.07
  • Securian, which has an NAIC complaint index of 0.16 
  • GEICO, which has an NAIC complaint index of 0.33 

Financial Strength: Varies Depending on Carrier

AM Best rates companies for their financial strength to determine how likely a company will be to fulfill its financial expectations in the future. To do this, it looks at a company’s performance, assets, balance sheet, and forward-looking statements. 

Since Crump is an insurance broker rather than an insurer, it is not rated by AM Best. However, many of its carriers are highly rated: 

  • Prudential, which has an AM Best rating of A+ (Superior)
  • Symetra, which has an AM Best rating of A (Excellent)
  • Securian, which has an AM Best rating of A+ (Superior)
  • GEICO, which has an AM Best rating of A+ (Superior)

Cancellation Policy: Varies Depending on Carrier

The cancellation policies of the insurance coverage Crump sells will depend on the company you purchase your policy from. Each company should have a "free-look" period of anywhere from 10 days to 30 days, which can vary by state. During the free-look period, you will be able to cancel your policy with a full premium refund and no cancellation fees. 

After the free-look period, some policies charge cancellation fees. Be sure to talk to your Crump representative about the cancelation policy on the insurance that you’re purchasing. 

If you end up purchasing a permanent life insurance policy through Crump, you’ll also want to check how the company that you purchase the policy from calculates the surrender value of your policy. That determines how much of the cash value your insurer returns to you after you cancel a policy. 

Price of Crump Life Insurance: Varies Depending on Carrier

How much you’ll pay in premiums for a life insurance policy through Crump will depend on the provider you purchase your policy from. Crump does not give price quotes online, and since many of its carriers primarily sell insurance through brokers or professionals, they don’t offer online quotes either.  

Typically, your premiums will be calculated based on things like what kind of coverage you’re getting, how much coverage you’re getting, your age, health, gender, and how the policy is being underwritten. While guaranteed issue and simplified issue policies can take less time to get, if you’re in good health, you might be able to save money by undergoing a medical exam and getting a fully underwritten policy. 

How Crump Compares to Other Life Insurance

Crump is a broker that offers access to over 100 well-known and respected life insurance carriers. It also offers other types of insurance like disability and long-term care coverage as well as annuities. However, to get access to coverage, you need to meet with a broker or insurance agent. 

If you’re looking to get coverage quickly, companies like GEICO might be a better choice.

Crump vs. GEICO

Crump and GEICO are both companies that don’t directly underwrite their life insurance policies. While Crump works directly with carriers, GEICO has a partnership with the website LifeQuotes to sell insurance products to their customers. Both companies give you access to a wide variety of life insurance including term, whole, and universal coverage. However, GEICO gives you quotes immediately online, whereas it takes longer to get quotes through Crump.  

Some key differences between GEICO and Crump include the following:  

  • Some partners connected to Crump offer up to $65 million in life insurance coverage, which makes it a good option if you need a large policy.
  • GEICO does not offer variable universal and universal index coverage.
  • GEICO works with life insurance companies that sell coverage online, which could mean that they offer simpler policies at lower price points.
  • Both offer riders on their plans, but rider availability depends on the particular insurer you purchase your policy from
  Crump GEICO
Types of plans  Whole, term, universal, universal variable, universal index Whole, term, universal
Customer service Phone, online form, email Phone, online, app, agent, chat 
NAIC complaint index Varies depending on carrier 1.41
Optional riders available Yes  Yes 
AM Best rating Varies depending on carrier A++

Read our full GEICO Life Insurance review.

Final Verdict

Crump offers a wide variety of life insurance coverage options from a large number of well-known and well-respected life insurance providers. It has experienced agents and brokers who can listen to your life insurance needs and help you customize your policy, including the type of coverage, the coverage amount, and any riders or add-on coverages you need.

As one of the top brokers in the industry, Crump is a great option for those who are interested in working with an industry professional who knows a lot about different policies. However, if you want quick coverage with online quotes, you’ll need to look for a different provider.

Methodology

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.