CUMIS Insurance Review 2024

When it comes to buying life insurance, there are many different insurance companies to choose from. And if you're like most people, you may not know where to start.

One option that might be worth considering is a CUMIS (credit union members insurance society) policy. Let's take a closer look at what these policies are all about, and see if they're right for you.

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Who is CUMIS Life Insurance?

CUMIS is a popular insurance solution provider to credit unions. They are known to deliver a range of financial services, effective partnerships, and innovative technology solutions. Besides life insurance solutions, CUMIS offers car insurance, home insurance, travel insurance, retirement services, and more.  

CUMIS Facts & Financial Information

The Facts

Founded in 1960

Headquartered at Calgary, Canada

Financial Information

AM Best Financial Strength Rating: A

CUMIS Insurance Reviews

So, you might be interested to find out what people are saying about CUMIS insurance online?

Keep in mind, less than 2% of consumers ever leave a review. And those who do tend to leave a review only do so when things do not live up to their expectations.

Considering all this, we never judge an insurer solely on the basis of their online ratings.

Coming back to CUMIS insurance reviews, they are not very encouraging (which, is common with many top-ranking Canadian life insurers, such as RBC or SunLife). While CUMIS life insurance does not have reviews on Google, their overall score on Insureye is below par at 1.2 stars out of 5.

Products and Features

CUMIS sell term life insurance, permanent life insurance (both whole and universal life) and critical illness insurance to credit unions and their members.

Term Life Insurance

Term life insurance is a great option for Canadians looking for the best coverage at the best price. The coverage is for a limited time frame and your loved ones get paid should you pass away within the selected period.

Term life insurance is also commonly used as an income replacement tool or to cover a large debt (like a mortgage) or a future expense (like a child’s college tuition fees).

CUMIS Versatile Term

Features

• Available in coverage amounts from $25,000 to $10 million
• Available in term lengths of 10, 15, 20, 25, and 30 years
• Coverage for people ages 16 to 85 years minus the policy term. For instance, the cut-off age for buying a 10-year term policy is 75 years (85 years – 10 years term)
• Guaranteed level premiums during the initial term. That is, your premium rate will not change during the initial policy term
• Guaranteed renewal rates with annual increases
• Preferred rates for eligible applicants

Permanent Life Insurance

Term life insurance is best for financial needs with an end date. But what if you have a lifelong dependent? Or want to leave an inheritance? For such situations, permanent life insurance works better because the payout is guaranteed regardless of when you die.

Many permanent life policies (like whole and universal policies) include a built-in savings component, known as cash value. This feature may appeal to wealthy individuals looking for another investment opportunity.  

CUMIS insurance offers three permanent life plans: Whole life, Infinity Term, and Universal Life.

CUMIS Whole Life

You get coverage for life and can also accumulate cash value on a tax-deferred basis.

Features

• Available for Canadians between the ages of 0 to 80
• Minimum coverage amount is $25,000
• Potential to earn dividends
• Guaranteed level premiums
• Guaranteed cash values
• Three premium payment options available — for the life of the policy, for 10 years, or for 20 years
• Automatic premium loans. That is, if you cannot pay premiums for a certain period, the accumulated cash value will be used for keeping the policy active
• You can buy coverage for your child for life through Whole Life – Head Start

Infinity Term

CUMIS Infinity Term offers two distinct benefits. Firstly, it is more affordable than whole and universal life because it does not include a savings component. Secondly, it gives you the option to pay off the policy quickly, within 20 years.

Features

• The minimum coverage amount is $25,000, and the maximum is $10 million
• Available for Canadians between the ages of 0 to 80
• Life-Pay option is available for people between the ages of 0 to 80 and 20-pay option is for individuals between the ages of 0 to 70
• Guaranteed insurance protection for life, provided you keep the policy active
• Preferred rates for eligible applicants

Universal Life

Universal life policies are ideal for people looking for more flexibility than what is offered by whole life insurance. This kind of policy offers customizable investment options, plus you can adjust the coverage if your needs change.

Features

• The minimum coverage amount is $25,000. The maximum $10 million
• Available for people between the ages of 0 to 80
• Guaranteed loyalty bonus, depending on policy duration and size
• Includes disability benefit
• Pick the investment options that matches your risk tolerance and investment goals
• Preferred rates for eligible applicants

Critical Illness Insurance

Critical illness insurance has become quite popular in the last few years — and understandably so. Thanks to medical advancements, many people will survive and even fully recover from severe illnesses. However, the medical costs can take a heavy toll on their life savings.

By providing you with a lump-sum payment if you are diagnosed with a serious condition, critical illness insurance lets you focus on recovery without worrying about the financial consequences.

CUMIS insurance offers two critical illness plans — Critical Assist and Critical Assist – Head Start. The first one is aimed at adults, the other at children.

CUMIS life insurance gives you a choice of four Critical Assist plans:

• Level premiums for a period of 10 years (CA 10). You can renew the plan for 10-year periods until the age of 75
• Level premiums for a period of 25 years (CA 25). You can renew the plan for 20-year periods until the age of 75
• Level premiums for 20 years (CA 20-Pay). The plan is up to age 75
• Level premiums to age 75 (CA 75)

Both the Critical Assist plans offer these unique benefits:

• Premium Payback at Death (PPD): If you die while the policy is active and no full payout has been issued, the insurer will return the premiums paid.
• Conversion Privileges: If you want protection for a longer time, CUMIS insurance makes it easy. You can convert your CA 10 or CA 25 plan to CA 75 or CA 20-Pay without proof of good health.
• Best Doctors: Get access to a pool of over 50,000 doctors.
• Counseling Benefit: You or your family members can access counseling over the phone (up to 3 hours) should you develop a covered condition.

Critical Assist

Features

• Coverage amount available is from $25,000 to $2 million
• Includes 25 full payout conditions and 4 Early Assist partial payout conditions
• You are eligible to receive the full policy amount if you are diagnosed with any of the 25 full payout conditions listed. If you develop any of the illnesses listed in the four early assist list, you will receive a partial payout

Critical Assist – Head Start (for Children)

Features

• Available for children between the ages of 30 days to 17 years
• The coverage is available up to age 75
• The coverage amount available is from $25,000 to $250,000
• The plan includes 32 full payout covered conditions (this includes seven childhood-specific illnesses) as well as 4 Early Assist partial payout health conditions

CUMIS Term Life Insurance Rates

Term life premium rates may vary from one insurer to the next. We grabbed quotes from CUMIS insurance to get an idea about their affordability.

These quotes are for a 20-year term policy with $400,000 in coverage. Our sample applicants were healthy, non-smoking men and women of various ages.

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Term Life Insurance Review – Price Comparison vs. Competitor Products

For most people, buying life insurance boils down to one thing — price. So, is CUMIS life insurance cheaper than its competitors? Well, it is certainly more affordable than Sun Life. For example, a 40-year-old man can expect to save $821 by buying a 20-year term policy having $400,000 in coverage from CUMIS instead of Sun Life.

Conclusion – Is CUMIS Insurance Right for You?

CUMIS is a leading provider of life insurance products to Canada’s credit unions. Their product range is impressive and includes permanent life and critical illness solutions in addition to term life insurance.