Trustmark Life Insurance offers group universal life insurance as well as employee benefits insurance that is deducted directly from employee paychecks. Trustmark Life Insurance services over 2 million plan participants in all 50 states, making it one of the larger employee benefit insurance providers in the U.S. While its life insurance offerings are slim, employees looking for supplemental insurance that pays cash benefits might find Trustmark a good option.
- Pros and Cons
- Key Takeaways
Premiums paid directly from paychecks using pre-tax dollars
Multiple types of supplement insurance available
Coverage costs may be covered by employer completely
Limited to universal life policies only
Coverage terms and amounts may vary by employer
No online quotes or estimates available
- Trustmark Life Insurance offers group life insurance coverage through employers
- It is licensed to sell insurance in all 50 states
- Trustmark Life Insurance has been in business since 1913
- Trustmark Life Insurance is a subsidiary of Trustmark Holdings, a large international financial holding company
- Year Founded 1913
- Kinds of Plans Universal, Supplemental
- Number of Plans 1
- Payment Options Payroll deduction, Monthly
- Official Website www.trustmarkbenefits.com
Trustmark Life Insurance is an employee benefits insurance company that provides life and supplemental insurance through employers. We researched Trustmark Life Insurance’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of Trustmark Life Insurance with the competition.
Trustmark Life Insurance was founded in 1913 as Brotherhood of All Railway Employees and became a mutual insurance company in 1922. It has grown into a large voluntary benefits company, adopting the name Trustmark in 1994. It is a subsidiary of Trustmark Holdings, a large financial holding company.
Trustmark Life Insurance is headquartered in Lake Forest, Illinois. It offers universal life insurance as well as accident and disability coverage to employees as an elective benefit, with premiums paid directly through employer payroll as a paycheck deduction.
Trustmark Life Insurance offers a continuation of coverage option, allowing employees to keep their coverage as they change jobs.
Trustmark Life Insurance offers only group universal life insurance plans through employers, no term or whole life policies are available. Policies are offered as an employee benefit through the workplace.
Universal LifeEvents Insurance
Trustmark Life Insurance offers universal life insurance with flexible insurance premiums as well as the ability to build cash value over time. This universal life policy has a unique benefit structure, which reduces the benefit down to one-third of the original amount after 15 years or when the insured turns 70.5 years old, whichever is sooner. There is also an included long-term care rider to help pay for the costs of long-term care services at any age.
The cash value of the policy can also be borrowed against on a tax-free basis.
Unpaid loans against the cash value of your policy may reduce the death benefit.
Trustmark Life Insurance offers several optional riders with its universal life policy. A rider is additional coverage that can be added to a life insurance policy to enhance the coverage of that policy. While some riders are included for no additional fee, others will be billed as a flat fee when exercised or added to the policy premium.
Rider fees and terms may vary.
Accidental Death Benefit
If the insured death is the result of an accident, the death benefit payout is doubled (if the death occurs before age 75).
Disability Waiver of Premium
If you become permanently disabled, the Disability Waiver of Premium rider waives all premium payments as long as the insured is disabled and unable to pay premiums. The qualifications and terms typically vary by employer policy.
Terminal Illness Benefit
This policy allows the insured to accelerate 75% of the death benefit amount if diagnosed with a terminal illness with a life expectancy of 24 months or less.
Long-Term Care Benefit (LTC)
This benefit allows the insured to accelerate the death benefit of a policy for up to 25 months to help pay for nursing home or assisted living expenses. These benefits can be extended for up to 50 months total. Any benefits withdrawn from the policy reduces the overall policy death benefit.
Example benefit: With a death benefit of $100,000, $4,000 per month is available for 25 months to pay for long-term care.
Child’s Term Benefit
Term coverage is available to the dependent children of the insured up to age 23 years old. This is a single-premium policy that can be converted to a whole life policy by the child at age 23, for up to five times the term benefit amount.
Additional Insurance Products Offered by Trustmark Life Insurance
Beyond life insurance, Trustmark Life Insurance also offers other supplemental insurance products to employees:
Critical HealthEvents Insurance (Critical Illness)
This coverage pays out a lump-sum amount if the insured is diagnosed with a critical illness (check with your employer benefits department for a list of covered illnesses). This helps clients focus on recovery and offsets the cost of missed work and other income.
Hospital StayPay Insurance
This coverage is designed to help the insured cover daily expenses while in the hospital. It pays out a daily benefit just for being hospitalized, as well as a benefit for every day you are in the hospital (up to 365 days). For those who are in intensive care, the benefit could double for those days.
Trustmark Life Insurance offers both long and short-term disability coverage to replace a portion of the insured’s income when disabled. This coverage can be customized by employers to their specific workforce.
This policy offers a cash benefit that is paid out when the insured is in a serious accident, resulting in an injury. There are no restrictions on how the funds can be used by the insured.
Customer Service: Many Ways To Connect
Trustmark Life Insurance offers support over the phone, online, or via email and social media. As an employee benefit, many customer service questions will be directed to your workplace benefits department.
Trustmark Life Insurance customer service is available by phone from Monday through Thursday, 8 a.m. to 7 p.m. CT, and Friday 8 a.m. to 6 p.m. CT, by calling 877-201-9373. You can also email directly at ClaimContactVB@trustmarkbenefits.com. They also handle basic customer service questions via Twitter.
Customer Satisfaction: Better Than Average
Trustmark Life Insurance receives fewer complaints than average life insurance companies, according to the National Association of Insurance Commissioners (NAIC) Complaint Index. While an average complaint score is 1.0 (the lower, the better based on market share), Trustmark Life Insurance received a 0.0 score. In fact, Trustmark Life Insurance received no formal complaints in 2020 and 2019. It did receive four formal complaints in 2018, but its complaint index was still below average, with a score of 0.78.
Trustmark Life Insurance was not included in the 2020 J.D. Power U.S. Life Insurance Study, which compares the customer satisfaction scores of top life insurance companies.
Financial Strength: A- (Excellent)
Trustmark Life Insurance received an A- (Excellent) rating from AM Best. This is based on Trustmark Life Insurance’s very strong balance sheet, as well as its adequate operating performance, neutral business profile, and appropriate enterprise risk management. This reflects a strong financial position and gives customers the assurance that their life insurance claims will be covered and paid by Trustmark Life Insurance.
Cancellation Policy: Depends on Employer Policy
Most U.S. states require a minimum “free look” period for insurance policies, and Trustmark Life Insurance is held to this same standard. This is usually a 10- to 30-day period (which varies by state) that allows clients to sign up for a policy and cancel to receive a full refund.
Since Trustmark Life Insurance offers group life insurance policies directly through employers, the actual cancellation policy may depend on your state and employer.
After the free look period, universal life insurance policies may have a surrender value available to customers, but there may also be associated cancellation fees. Check with your employee benefits department for exact details on Trustmark Life Insurance cancellation policies.
Price of Trustmark Life Insurance: Varies by Employer
Trustmark Life Insurance quotes are not available online, and premiums may be partially covered by your employer. Prices vary by policy, coverage, and benefit amounts selected, as well as employer-negotiated pricing.
How Trustmark Life Insurance Compares to Other Life Insurance
Trustmark Life Insurance only offers universal life policies through employers, with no access to term or whole life policies. While the universal policy is flexible, builds cash value, and has an included long-term care rider, it might not be the right fit for everyone.
Trustmark Life Insurance also offers supplemental insurance coverage, intended to put cash in your pocket if you fall ill or get in an accident. These offerings may help cover your expenses while you are out of work, but coverage and costs will vary by employer.
Here’s how Trustmark Life Insurance compares to another well-known workplace insurance company.
Trustmark Life Insurance vs. Colonial Life Insurance
Trustmark Life Insurance and Colonial are both top group life insurance providers for workplaces around the U.S. Both offer supplemental insurance coverage as well. But while Colonial offers both term and whole life policies, Trustmark does not offer either.
Here are some other differences between Trustmark Life Insurance and Colonial:
- Colonial offers term and whole life policies as well as dental insurance
- Trustmark Life Insurance offers hospital stay insurance that pays a daily benefit
- Colonial offers cancer insurance to help cover medical and out-of-pocket costs
- Trustmark Life Insurance offers a universal life policy, while Colonial does not
Trustmark Life Insurance doesn’t offer as many life insurance coverage options as Colonial but instead focuses on paying out cash benefits with its supplemental insurance offerings. Colonial, on the other hand, is one of the largest group life insurance companies in the U.S. and offers various life insurance options through employers.
Read our full Colonial Life Insurance review.
|Trustmark Life Insurance||Colonial Life Insurance|
|Market Share||N/A||Sixth-largest in the U.S. by in-force premiums (UNUM, parent company)|
|Number of Plans||One||Two|
|Online Quotes Available?||No||No|
|Service Method||Email, phone, social media||Email, phone, social media|
|AM Best Rating||A- (Excellent)||A (Excellent)|
|Complaints Index||0.00 (excellent)||0.55 (very good)|
Trustmark Life Insurance offers only one life insurance plan as part of its employer benefits. The universal life policy comes with a long-term care rider to help cover users that may need extra funds while paying for long-term care expenses. While pricing information will vary per employer, premiums paid by employees are tax-deductible, coming directly out of paychecks.
If you are looking for a simple way to get universal life insurance or supplemental insurance coverage from your employer, Trustmark Life Insurance may be a good choice. It's best to compare prices with other insurance companies to make sure you are getting a good deal. If you need more life insurance coverage options, such as term and whole life policies, you may want to find a top-rated life insurance policy outside of your workplace.
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, as well as 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.