Key Takeaways
- CUMIS offers various life insurance products, including term life, permanent life, and critical illness insurance, as well as other customizable insurance solutions.
- CUMIS has years of experience in providing quality insurance products and services to credit unions and their members.
- CUMIS' life insurance products can help provide financial security for loved ones in the event of the policyholder's death or critical illness diagnosis and provides financial support to help ease the burdens
Google Reviews CUMIS Life Insurance Rating
To help you determine whether CUMIS Insurance is for you, here are reviews based on products, prices, features and feedback.
Google rating for CUMIS Life Insurance:
2.4 / 5 stars ★★☆☆☆
Who is CUMIS?
CUMIS insurance company is a leading provider of life insurance to credit unions and their members, offering both term and permanent life insurance products. They are known for a wide variety of insurance products besides life insurance like auto, home and travel insurance. The company also has products that provide additional financial support to ease the financial burden during a difficult time.
CUMIS Life Insurance quick facts for 2023
- Headquarters: Calgary, Alberta
- A+ AM Rating
- Founded: 1960
- Employees: 354
CUMIS life insurance rates for 2023
A 20-year-old male can expect to pay $27.27 per month, while a female of the same age would pay $20.79 per month. These prices are based on a 20-year term policy with $400,000 in coverage for healthy, non-smoking men and women of various ages.
These rates may vary depending on individual circumstances such as health history, lifestyle choices, and location. It is recommended to contact CUMIS directly to receive a personalized quote for term life insurance.
The big downside to their rates is that they are not publicly available. CUMIS does not offer online quotes for the average life insurance shopper. For this type of information, shoppers will have to contact a CUMIS advisor by phone or by e-mail.
CUMIS life insurance: pros and cons
Pros of CUMIS life insurance
- Average range of life insurance products: CUMIS offers term life insurance with terms ranging from 15-30 years, universal life insurance, whole life insurance and Infinity Term which is similar to a typical Term to 100 policy.
- Affordable coverage: Although CUMIS' term life insurance may not be the most affordable option, their rates are for more cheaper than other companies such as CIBC or Primerica.
- Expert advice: CUMIS provides expert advice and personalized insurance solutions to credit unions and their members, ensuring that clients understand their coverage and receive the best possible protection.
Cons of CUMIS life insurance
- Depending on the individual's age, health, and other factors, the premiums for CUMIS insurance Canada products may be higher than those offered by other insurance providers. We recommend looking for cheaper rates with RBC, Desjardins or even us, PolicyMe!
- Some CUMIS life Canada policies may require a medical exam, which can be inconvenient or uncomfortable for some individuals.
- Some CUMIS life company policies may have restrictions on coverage, such as exclusions for pre-existing conditions or limitations on certain activities.
- To access CUMIS insurance products, individuals may need to become members of a credit union, which can limit choice and flexibility.
- Their website isn't user-friendly for the average researcher. If you are looking for in-depth information about their products and rates, you'll have to go out of your way to either contact their advisors or read up on their company reviews.
CUMIS life insurance: customer reviews
- "Have been a long standing customer with CUMIS for more than a decade. My unfortunate claim was thankfully a positive experience. I have never had to wait long periods to get a representative and the CS has always been polite and done their best to answer all my questions. I have a range of products with this company and thus far have no concerns or negative feedback." - Customer on Google Reviews
- "Amazing costumer service. Really happy with the staff! Made my experience a breeze." - Customer on Google Reviews
- "Absolutely incompetent customer service workers who shouldn't be working in insurance. They are unknowledgeable in their own packages they offer, they are inefficient and waste time when trying to quote you." - Customer on Google Reviews.
CUMIS life insurance products
CUMIS Versatile Term Life Insurance
- Get coverage up to 10 million or a minimum of $25,000
- Term lengths 10-30 years
- Your premium rate (a.k.a how much you pay monthly) stays the same throughout your entire term length
- Convertible to permanent up to 75, no conversion for simplified term policies
- Renewal rate guaranteed after every term
- Coverage for folks from ages 16 to 85
Infinity Term
- Get coverage up to 10 million
- Life-Pay option available for those ages 0 to 80, 20-Pay option is available for those ages 0 to 70
- Pay the same premium the entire term
- Convertible to permanent up to 75, no conversion for simplified term policies
- Renewal rate guaranteed after every term
- Cheaper than regular whole life insurance
- Can pay off the life policy within 20 years with their 20-Pay option if you want to pay off your policy quickly
CUMIS Whole Life Insurance
- Starts at 25,000
- Pay the same premium the entire term
- Guaranteed cash values
- Pays itself using the accumulated cash value in case of default
- Whole life head start is permanent life insurance for children
- Three payment options are available in this policy: Life Pay, 10 Pay, and 20 Pay
Universal Life Insurance
- Minimum of $25,000 coverage and up to $10 million
- Available for those aged 0 to 80
- Disability benefit included
- Pick the investment options that align with your risk
- Loyalty bonuses depending on policy duration
Critical Assist
- This is CUMIS' Critical illness product
- Up to 2 million in coverage
- 25 illnesses covered
- Premium payback at death (if they don't payout you'll receive your premium payments)
- Critical Assist - Head Start is their second critical illness insurance product that is offered for children (P.S. did you know most children don't need life insurance?)
CUMIS Mortgage Insurance
Don't confuse this with mortgage life insurance! We just wanted to include mortgage insurance for those of us looking for all types of insurance policies.
- CUMIS mortgage insurance uses life insurance, critical illness insurance disability and unemployment insurance to aid with mortgage payments
- Coverage can go up till $1 million depending on what kind of policy you purchase from them
- CUMIS mortgage insurance reviews individual's policies and based on the coverage provides a set of predetermined payments to go towards the mortgage
Bottom line: CUMIS is best for credit union members
CUMIS life is a reputable provider of customizable life insurance products and services for credit unions and their members. While there are some potential areas of improvement, such as limited availability and product variety, the company's strong financial stability, long-standing commitment, and expert advice make it a good option for those seeking comprehensive life insurance coverage. For those already in credit unions, CUMIS is the best option for you but for the average Canadian, there are more affordable options out there for you!
FAQ: CUMIS life insurance
What types of life insurance does CUMIS offer?
CUMIS offers both term and permanent life insurance products. Term life insurance provides affordable coverage for a specified period of time, while permanent life insurance offers lifetime coverage with a cash value component that can accumulate over time.
How much life insurance do I need?
The amount of life insurance you need depends on various factors, such as your income, debts, and dependents. CUMIS provides expert advice and personalized insurance solutions to help you determine the appropriate coverage amount based on your individual needs.
Is medical underwriting required for CUMIS Canada policies?
Medical underwriting may be required for some CUMIS insurance policies, depending on the individual's age, health, and other factors. However, CUMIS also offers some no-medical life insurance products that do not require a medical exam.
What is CUMIS?
CUMIS is a credit union-owned company that provides insurance and financial solutions for credit unions and their members. They offer a range of products and services, including personal, financial, and business protection. Additionally, CUMIS insurance provides legal assistance through the provision of CUMIS 16counsel, which refers to an independent attorney hired by an insurance company to represent the defendant in cases with a strong conflict of interest.
Can I change my coverage level in the future?
Yes, you can change your coverage level in the future by contacting CUMIS insurance directly. However, changes to your coverage may require a medical exam or other underwriting requirements.
How do I file a life insurance claim with CUMIS life?
To file a life insurance claim with CUMIS insurance, you must contact the company directly and provide proof of the policyholder's death. CUMIS insurance will then guide you through the claims process and provide any additional information or documentation required.
Who owns CUMIS Life Insurance
CUMIS Canada is owned by The Co-operators Life Insurance Company and Central 1 Credit Union. The two companies jointly owned The CUMIS Group Limited, the provider of CUMIS insurance Ontario, CUMIS insurance Calgary and CUMIS insurance Alberta products, before The Co-operators assumed full ownership in 2019.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
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