CMFG Life Insurance Review

CMFG Life Insurance Company offers term and whole life policy options to buyers looking for low coverage amounts and a quick online application process. The company’s products are available under CUNA Mutual Group as the marketing name and sold through TruStage Insurance Agency. The provider may suit those with pre-existing or terminal conditions as they will not have to undergo a medical exam for any policy. CMFG may also suit seniors and those who need accident coverage at no additional cost.

Conversely, CMFG may not be the best if you need a policy with rider options, especially one that offers living benefits. The provider works through credit unions and may limit access to its life insurance products if you are not a member of one. It also offers no funeral expense policy, so you may consider Haven Life if this is a priority for you.

Our review provides key information about CMFG’s life insurance product offerings to ensure you make an informed decision as you compare its policy types.

Based on the Life Insurance Marketing and Research Association (LIMRA) 2022 Insurance Barometer Study, 31% of adults in the United States are more likely to buy life insurance following the COVID-19 pandemic, while 68% of the respondents with financial dependents feel more relaxed after getting a life insurance policy. CMFG’s life insurance policies may ensure you get the best protection for your beneficiaries.

Term life insurance offers protection for a specific time frame and is the most affordable option from CMFG for individuals who do not want a whole life policy. In the event of death, your loved ones will receive a death benefit without a cash benefit. CMFG’s term life insurance requires no invasive tests or medical exams. Your coverage begins as soon as you make your first payment. If you are dissatisfied with the policy or cancel it within 30 days, the insurer will refund your premium. The following term life insurance option is available at CMFG:

A term life insurance policy from CMFG may be beneficial if you are a young buyer, have obtained a mortgage or recently began a family. The policy is manageable if you have several financial commitments because it features lower premiums and a defined term. If you are healthy and on a budget, a term life policy may be the best.

A whole life insurance policy offers permanent protection and a cash value component that lacks term policies. If you are keen to obtain permanent coverage, whole life insurance from CMFG can be ideal, and you will only need to respond to a few questions online to get your preferred protection. No physical exams or intrusive tests are involved.

A whole life insurance policy from CMFG makes more sense if you need permanent coverage for your loved ones. It is a guarantee that your beneficiaries will receive a death benefit, provided you remain current on your payments. A cash value component that accumulates over time is also available and can be a good security for your long-term dependents.

TruStage offers final arrangements and pre-planning solutions, but it is not clearly mentioned on its website whether these policies are with CMFG.

Final expense insurance offers low-cost protection to cover end-of-life expenses, such as burial costs. These are available at lower coverage limits and help alleviate the burden of your beneficiaries once you pass away.

A life insurance rider is an add-on feature to your policy obtained at an additional cost. It allows you to custom-make your life insurance policy to suit your needs.

With most life insurance providers, you can use insurance riders to access more coverage or receive your benefits early. However, CMFG does not offer any riders. Instead, its partner credit union members access free accidental death and dismemberment (AD&D) insurance. With this insurance, your beneficiaries receive a death benefit if your death results from a covered accident. The death benefit is separate from your life insurance policy’s benefit. The longer you keep this insurance, the more your death benefit value increases, and all this is at no extra cost.

In case you or a covered dependent gets injured and is hospitalized for a covered accident for more than seven days consecutively, the insurance pays you a hospital benefit equivalent to 1% of the coverage amount to a maximum of $1,000 monthly and $12,000 yearly.

Understanding how to buy a CMFG policy is the next step after familiarizing yourself with the available policy offerings. It is also essential to have alternative options should your application get denied. The next section discusses the two situations.

MoneyGeek provides answers to the frequently asked questions and concerns about CMFG as a top life insurance company.