Ben Nguyen 
If you bank with a Canadian credit union, you may have heard about CUMIS life insurance. But how does their coverage stack up compared to other leading life insurers?
This CUMIS life insurance review provides everything you need to know, from the types of policies offered to sample rates and customer feedback. Read on to see if the company is the right fit for your family’s protection needs and budget.
Who is CUMIS Life Insurance Company?
CUMIS Life Insurance Company is a wholly-owned subsidiary of the Co-operators Group Ltd. The company is led by President Alec Blundell and is governed by a board of directors. The board upholds cooperative values of integrity, excellence, and responsibility.
Serving the insurance needs of credit union members for over 60 years, they offer a range of coverage, including term life insurance, permanent life insurance, and critical illness insurance.
| Pros of CUMIS | Cons of CUMIS |
|---|---|
| Wide selection of policies Preferred pricing for some applicants High maximum limits up to $10M Critical illness options for adults and kids | Limited online support and information No instant quote availability Mixed customer reviews |
CUMIS life insurance is available across most Canadian provinces and territories except Quebec, and mainly distributes products through provincial credit unions. AM Best has given it an A (Excellent) rating, indicating good financial strength.
What CUMIS Term Life Insurance Plans Are Offered?
Term life provides affordable protection for a set period, generally 10 to 30 years. Let’s look at the core term products from CUMIS Life Insurance:
CUMIS Versatile Term
Key Features:
- Available Terms: 10, 15, 20, 25 or 30 years
- Coverage amount: $25K to $10M
- Issue ages: 16 to 85, minus the term length
- Guaranteed level rates during the initial term
- Annual rate increases at renewal
- Preferred pricing for some applicants
Versatile term offers guaranteed renewability up to age 85. You can exchange for a longer term within the first five years without medical underwriting.
This flexibility makes it a great choice for budget-conscious families needing life insurance.
How Much Does CUMIS Term Life Insurance Cost?
The company does not provide instant online quotes. However, we obtained sample Versatile Term rates to give an idea of pricing:
| Age | Male | Female |
|---|---|---|
| 25 | $27.63 | $21.15 |
| 35 | $31.59 | $24.75 |
| 45 | $71.55 | $51.03 |
| 55 | $206.91 | $142.83 |
*Quotes are for $400K coverage, 20-year term, non-smoker
This showcases affordable rates, especially for younger applicants. Pricing is competitive with other top Canadian life insurance companies.
Full review: Life Insurance Rates By Age Chart in Canada
How Can You Use CUMIS Term Life Insurance?
Term life insurance can provide critical financial security in various scenarios:
- Mortgage coverage – Replace income to pay off the mortgage
- Income replacement – Fund ongoing family living expenses
- Business insurance – Keep the company running if the owner dies
- Estate taxes – Pay estate taxes so heirs receive the full inheritance
- Special needs dependents – Provide lifelong care for dependents
- Final expenses – Pay for funeral and medical costs
CUMIS term life insurance options like Versatile Term and Infinity Term are appropriate for these common uses.
What Permanent Life Insurance Does CUMIS Offer?
In addition to term life insurance, CUMIS offers two permanent policies – whole life and universal life.
CUMIS Whole Life Insurance
Whole life insurance combines lifelong protection with a savings component.
Key Perks:
- Cash value accumulation
- Dividends and interest credited
- Coverage from $25K to $10M
- Issue ages 0-80 years
- Pay premiums for 10, 20 years or life
- Preferred rates for some applicants
- Tax-deferred cash value growth
This type of permanent coverage provides guarantees, upside potential through dividends, and tax-advantaged savings. It’s a good fit for those who want to leave a legacy.
Whole Life – Head StartTM
- Permanent life insurance for children
- Ensures lifelong protection for kids
This type offers guarantees, dividend upside, and tax-advantaged savings. It’s ideal if you want to leave a legacy.
CUMIS Universal Life Insurance
A flexible permanent and universal life policy provides adjustable coverage and investment options.
Top Features:
- Customizable death benefit
- Variety of investment choices
- Cash value accumulation
- Disability payment provision
- Issue ages 0-80 years
- Coverage from $25K to $10M
- Loyalty bonuses on cash value
- Preferred pricing for some applicants
With investment customization and adjustable coverage, universal life adapts as your needs change over time. It’s ideal for complex estate planning.
CUMIS Infinity Term
A permanent life insurance option, Infinity Term offers lifetime protection.
Highlights:
- Minimum coverage: $25K
- Maximum coverage: $10M
- Issue ages: 0-80 (Life Pay), 0-70 (20 Pay)
- Pay premiums for life or just 20 years
- Guaranteed level rates
- Preferred pricing available
With Infinity Term, you get lifelong coverage for you and your family. The 20 Pay option gives the ability to pay off premiums in just 20 years.
CUMIS permanent life insurance options, like whole life and universal life, suit these lifelong coverage needs.
How Much Does CUMIS Permanent Life Insurance Cost?
As a general benchmark, permanent life insurance costs significantly more than term insurance. Annual whole-life premiums for a healthy 30-year-old male could average $2,000-$3,000 for $250,000 of coverage.
However, pricing varies greatly depending on factors like age, existing health conditions, coverage amount and length of payment. Contact the company for a personalized quote.
What Critical Illness Insurance Does CUMIS Offer?
Critical illness insurance provides a lump sum payment if diagnosed with a covered condition. CUMIS offers two options:
CUMIS Critical Assist
Protects adults against 25 critical conditions and 4 partial payout illnesses.
Highlights:
- Coverage amounts: $25K to $2M
- Issue ages: 18-65 years
- Terms: 10 Year, 25 Year, To Age 75, 20 Pay
- Unique benefits like premium paybacks
Critical Assist lets you focus on recovery without worrying about finances. Payouts can cover medical bills, daily expenses, and lost income.
How Does Critical Illness Insurance Work?
Critical illness insurance pays out a lump sum if the policyholder develops a condition included in the coverage. Here are some examples:
- Sam, 38, is diagnosed with early-stage prostate cancer. His Critical Assist policy has a $75,000 payout. He can use funds to pay for treatment costs as well as childcare help for his kids while he undergoes surgery and radiation.
- Naomi, 52, suffers a heart attack requiring triple bypass surgery. Her Critical Assist policy provides $200,000, which she uses to hire home health aides and pay household bills while she is off work for three months while recovering.
- Liam, 44, is diagnosed with MS, which forces him to stop working as a contractor. His Critical Assist payout of $150,000 supplements the loss of income while he transitions to a desk job with lower pay.
Critical illness insurance gives you options by providing a cash infusion at the time of diagnosis.
CUMIS Critical Assist – Head Start
Covers children for 32 critical illnesses, including seven child-specific conditions.
Key Features:
- Coverage amounts: $25K to $250K
- Issue ages: 30 days through 17 years
- Terms: 10 Year, 25 Year, To Age 25, To Age 30
- Extra benefits like grief counselling
Securing critical illness coverage for your kids in case of unexpected diagnoses can give you a head start and alleviate financial stress so you can concentrate on your child’s health.
What are Other Insurance Plans of CUMIS?
Aside from life and critical illness insurance, they provide other policies like:
- Home insurance – Protects your home and belongings
- Auto insurance – Coverage for vehicles, liability, and collision damage
- Travel insurance – Medical and trip cancellation coverage outside Canada
Leveraging your credit union relationship for multiple insurance needs can simplify payments and bundled pricing.
Bundling Insurance Policies
Some benefits of bundling multiple insurance policies with CUMIS include:
- Convenience – Single billing and payment process
- Discounts – Potential cost savings when you bundle
- Credit union rewards – Possible rewards points on premiums
- Personalized service – Dedicated credit union insurance advisor
Look into discounts and credit union loyalty programs when purchasing more than one type of insurance from CUMIS.
How Do You Get a CUMIS Insurance Quote?
The company does not provide direct online quotes. To get accurate pricing:
- Get a quote at LifeBuzz advisor
- Email telelife@cumis.com
- Speak to your credit union advisor
Be ready to provide details like age, smoking status, health, coverage amount and riders. This will allow them to give personalized premium estimates.
Purchasing is also handled through your credit union or CUMIS contact center. An advisor will walk through the application process and required medical assessments.
Is CUMIS Life Insurance Right for You?
CUMIS offers a wide range of options for Canadian credit union members.
Top reasons to consider CUMIS:
- Already a credit union member
- Seeking permanent life insurance
- Want critical illness coverage
- Prefer personalized service over online experience
Circumstances where other insurers may be better:
- Need niche policies like mortgage insurance
- Looking for budget-term life insurance
- Prioritizing digital experience and self-service
Talk to an advisor to get rates and assess if their products are cost-competitive and appropriate for your insurance needs.
Wanna search for other alternatives to CUMIS Life Insurance? We have detailed reviews of the top life insurance companies in Canada:
Sun Life and Manulife, in particular, are leading national insurers with wide product offerings and online support.
While CUMIS fills a specific niche for credit union members, expanding your comparison to brands like Sun Life can give you greater choice.
Conclusion: Solid Choice for Credit Union Members Seeking Personalized Service
CUMIS life insurance provides robust solutions for many coverage needs, combining a comprehensive selection with credit union member benefits. While not the cheapest for term insurance, their policies remain budget-friendly. Value shines through for permanent, critical illness and bundled insurance offerings.
For personalized service with a human touch, CUMIS is tough to beat. It is a top contender if you already rely on a credit union for banking and loans.
Think CUMIS life insurance aligns with your priorities? Reach out to LifeBuzz for a custom quote today.
FAQs about CUMIS Life Insurance
Is CUMIS life insurance cheaper than other companies?
CUMIS term life rates can be very competitive but are not always the absolute cheapest compared to all other insurers. Permanent and critical illness options provide strong value based on product features and credit union membership perks.
Is CUMIS life insurance guaranteed?
CUMIS term life policies offer guaranteed renewability up to certain ages, such as 85 for Versatile Term. Permanent life plans also come with guarantees like level premiums and cash value accumulation.
Does CUMIS insure high-risk applicants?
CUMIS considers applicants with health conditions on a case-by-case basis. They may offer higher premiums for higher risk individuals based on age and medical history.
What are the health questions for CUMIS life insurance?
CUMIS will ask detailed questions about your health history, family medical background, lifestyle habits, occupation, and recreational activities when applying for coverage. Medical exams may be required.
How long does it take to get approved for CUMIS insurance?
Approval time can range from 1 week to 2 months depending on the CUMIS policy type, application complexity, need for medical exams, and underwriting processes. A credit union advisor can advise on estimated timelines.
When do benefits start for CUMIS life insurance?
For approved applicants, CUMIS life insurance coverage generally takes effect after the policy is issued and the first premium payment is made. Certain free coverage periods may apply while underwriting is pending.
How do I pay premiums for CUMIS insurance?
CUMIS life insurance premiums can be paid annually, semi-annually, quarterly, monthly or through pre-authorized chequing on an ongoing basis. Payments are made through your credit union.
Does CUMIS offer riders or add-ons?
Yes, CUMIS allows you to customize coverage with add-ons called riders, such as disability waivers, accidental death benefits, children's insurance, and critical illness insurance on permanent life policies.
Can I get a discount for bundling CUMIS insurance?
Bundling multiple policies like home, auto, and life insurance with CUMIS may qualify you for multi-policy discounts. Check with your credit union advisor about available savings when you bundle.
Can I cancel my CUMIS life insurance policy?
Yes, CUMIS life insurance policies can be cancelled by notifying your credit union or CUMIS advisor in writing and stopping premium payments. Some surrender fees may apply depending on individual policy terms.
Is CUMIS a mutual life insurance company?
No, CUMIS is not a mutual life insurer. They are a wholly owned subsidiary of the Co-operators group, which operates based on cooperative principles. Some CUMIS life policies participate in Co-operators' pooled dividends.
What is the claims process for CUMIS life insurance?
To make a claim, contact CUMIS as soon as possible. You'll need to complete claim forms and provide documentation like a death certificate. CUMIS will review and process eligible claims by paying out the policy death benefit.
Does CUMIS use labs for medical exams?
Yes, CUMIS contracts with exam providers like ExamOne to conduct medical exams at lab locations that are convenient for applicants. Getting lab tests or fluids may be required depending on health, age, and policy amount.
Can I get an instant quote for CUMIS insurance?
No, CUMIS does not provide instant online quotes. You need to contact CUMIS directly and provide detailed personal information to receive an accurate, personalized quote.
What is the phone number for CUMIS life insurance?
You can reach a CUMIS life insurance advisor at 1-800-263-9120. This number connects you with their telelife customer support team to ask questions or request quotes.
Does CUMIS offer mortgage life insurance?
No, CUMIS does not currently provide mortgage life insurance policies. Their term life plans can provide general mortgage coverage but are not directly linked to your mortgage terms.
Is CUMIS whole life insurance participating?
Yes, CUMIS's whole life policies are participating, meaning they share in dividends from the Co-operators participating account. This provides upside potential in the form of dividend payouts.
Can I manage my CUMIS policy online?
There are limited online self-service options for CUMIS life insurance customers currently. Some credit unions may provide digital policy access, but CUMIS does not have their own customer portal.
What is the AM Best rating for CUMIS insurance?
CUMIS life insurance has an A (Excellent) Financial Strength Rating from AM Best. This indicates very good financial health and ability to meet policy obligations.
Is CUMIS related to Desjardins insurance?
No, CUMIS is not affiliated with Desjardins. It is owned by the Co-operators group and partners with provincial credit unions across Canada to distribute life insurance.
