March, 6 2021

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CMFG Life Insurance Company Reviews

CMFG Life Insurance Company Reviews

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CMFG Life Insurance Company Reviews

Pros: History– CMFG Life Insurance, also known as CUNA Mutual (Credit Union National Association) had been serving credit unions since 1935.  No Physical Exam– With CMFG, life insurance coverage won’t require a physical exam and is quick and easy.

Cons: The rates increase every 5 years as you get older with each age band (age: 25, 30, 35, 40, 45, 50, 55, 60, 65, 70 and 75.) The rates can be high compared to what is available with other top carriers (see rates below). Also, the maximum amount of term life insurance is $100k.

Bottom Line: CMFG Life Insurance Company, formally known as CUNA Mutual Insurance after a company reorganization, is a dominant insurer in the niche of serving credit union members.  In 2012, the company launched the TruStage insurance program to better market specifically to credit unions.  In reviewing their rates, CMFG Life Insurance Company is typically more than what is available on the open market. However, they do offer quick and easy coverage online without a physical exam and they are an insurer your family can depend on. CMFG is “A” (Excellent) rated by A.M. Best and has an 81 Comdex Score.  As with all the companies we review, we recommend that you receive a quote from CMFG Life Insurance Company and from the other top life insurance companies as well and choose the best policy for you.

 

About

Issued by: CMFG Life Insurance Company

Founded: 1935

Website: www.cunamutual.com

Phone: (800) 356-2644

Address: 5910 Mineral Point Rd, Madison, WI 53705

A.M Best Rating 2021: A (Excellent) Third highest of 16 possible ratings 

Comdex Ranking 2021: 81

BBB Rating: A+  

Life Insurance Products: Term Life Insurance (rate increases every 5 years with each age group 25 to 75), Whole Life Insurance, Simplified Issue-no medical exam $100,000 and under, Guaranteed Acceptance (Burial),  Accidental Death & Dismemberment- (AD&D).

Life Insurance for: Credit Union Members

Competitors: Country Financial, MetLife, Prudential, PennMutual,  Assurity, Sagicor Life Insurance, Western National Life Insurance Company, Pacific Life Insurance Company, Nationwide, Globe Life Insurance, UNUM, Mutual of Omaha Insurance Company, Northwestern Mutual Life Insurance, New York Life, TIAA-CREF, MassMutual, Liberty Mutual, John Hancock, Ohio National Life, Principal, State Farm, Farmers, Allstate, American General Life-AIG, Banner Life, Protective Life, Primerica, Genworth Life, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Midland, Columbus Life Insurance Company, Cincinnati Life, ANICO, TIAA-CREF, Securian, Guardian, OneAmerica, Amica, Minnesota Life, RiverSource, Allianz Life Insurance Company, AAA, Erie, Thrivent Financial for Lutherans, EMC National Life, Motorists Life, Pan-American Life, National Life Group, Shelter, HoraceMann, Group Life Insurance, Supplemental Life Insurance, Aflac, Voluntary Life Insurance, Baltimore Life, Security Mutual Life, SBLI, Foresters, 5 Star Life Insurance Company, Oxford, Americo, United Home Life, Monumental, Funeral Advantage, Standard Life, Colonial Penn, AARP.

Price Comparison

Sample rates for a 45 year male for a $100,000 policy, best health class, non-smoker:

Pacific Life=$16 month (no exam)

Sagicor=$16 month (no exam)

Ameritas=$23 month (no exam)

Forresters= $41 month (no exam)

Mutual of Omaha=$50 month (no exam)

CMFG Life Insurance (Trustage)= $86 month (no exam)

*All rates are based on a 20 year level term except CMFG Life Insurance-Tustage, which is on a 5-year age band step-rate plan.

 

Sample rates for a 60 year female for a $50,000 policy, best health class, non-smoker:

Sagicor=$17 month (no exam)

Pacific Life=$20 month (no exam)

Forresters= $35 month (no exam)

Ameritas=$44 month (no exam)

Mutual of Omaha=$45 month (no exam)

CMFG Life Insurance (Trustage)= $87 month month (no exam)

*All rates are based on a 20 year level term except CMFG Life Insurance/Tustage, which is on a 5-year age band step-rate plan.

Common Questions

What Does CMFG Life Insurance Stand For?

CMFG Life Insurance Company, formally known as CUNA (Credit Union National Association) Mutual Insurance after a company reorganization, is a dominant insurer in the niche of serving credit union members. They sell a life insurance product called TruStage (since 2012) through the network of credit unions across the county. The initials CMFG do not apparently have any meaning, at least that was ever made known to the public.

Does CMFG Life Insurance Have Good Rates?

Not really. By looking at the rates in the tables above, you can see there are typically other life insurance companies with lower rates.

Does CMFG Life Insurance Require A Medical Exam?

No. A positive about a CMFG Life Insurance policy through TruStage is that there is no medical exam needed and  approval is fast.

 

 

What is your experience with CMFG Life Insurance Company?  Tell others if you would recommend them to your friends and family.  Please leave a comment and rating below.

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