The CMFG Life Insurance Company uses the TruStage brand in order to sell insurance through the CUNA Mutual Group. It sells to both credit union members and the general public. You might be wondering what the CMFG acronym stands for, but it doesn’t stand for anything.
The CMFG Life Insurance Company has been in operation for more than eight decades. It has an A rating from A.M. Best Agency, which is a financial rating company. This is the third highest one, out of 16 different categories from A.M. Best Agency. What this means is that the CMFG life insurance company is stable financially.
Information About the Company
The CMFG Life Insurance Company is also known as the CUNA Mutual Credit Union National Association. The company has been serving different credit unions since 1935, and it is easy and quick to get a policy with CMFG.
The company is a leader when it comes to serving members of the credit union. The company started the TruStage brand in 2012. This insurance program was designed to better market the policies.
The rates might be a bit more than what you can find in other places. However, the fact that the company offers such easy and fast coverage can make up for this fact. Plus, you do not have to have a medical exam, and your family can depend on this insurer.
It is a good idea to get a quote from this company and from the others that you are considering so that you can get the best possible policy for you and your loved ones.
What You Can Get
You can get a policy issued from the age of 25 to 69. You can get a policy in an amount from $10,000 to $100,000. From the ages of 51 to 69, you might get a policy from $10,000 to $50,000.
You will answer just a couple of questions about your health information. You will most likely not need to have a medical exam to get this coverage. It only takes about 10 minutes or less to get this policy online.
Your approval for a policy is often based on your answers to the questions that are on the application. Plus, TruStage will pull in information from other sources to see if you are a good fit.
The policy you get will last until the age of 80. You can keep renewing your policy until this age. While it might be a bit more expensive than other policies, it is still fairly affordable. If you die during the term, it will pay you a benefit.
Term Life Insurance Instant Issue Policy
One product that the CMFG Life Insurance promotes through TruStage is its instant issue term policy. The company does offer other financial products and life insurance, but many times, its marketing is centered around this kind of instant product.
Technology continues to change, which means that getting instant life insurance is becoming even more popular. With developments in artificial technology (AI), it is easier than ever before to underwrite policies and manage risk.
The changes have resulted in more affordable options in today’s insurance market. As this change becomes embraced more, you will likely see more companies offering this kind of policy as part of their solutions.
The Benefits of CMFG Life Insurance
CMFG Life Insurance and TruStage are mutual insurance companies. When you are looking around for life insurance policies, mutual companies might offer more benefits for you as a customer. It is the policyholders, not the shareholders, that own mutual companies.
What this means for you as the customer is that the administration is often more focused on customers. Policyholders often have more say when it comes to managing the company.
Another advantage of working with CMFG Life Insurance is that it offers instant policies. Technology is constantly changing, and today’s insurance companies are using the advancements to reduce both underwriting time and risk.
This means that the simplified issue and instant issue policies are both becoming more common. This product lets the company make a fast decision about whether or not you are approved. It can also expedite the purchasing stage.
This is becoming more popular with people who do not want to wait a long time to get insurance. Plus, it reduces the hassle of a medical exam or a long underwriting time.
There is also a 30-day guarantee of your satisfaction. If you are not satisfied with the policy, then you can cancel it in the first 30 days after getting it and get a full refund.
Working With Credit Unions
Today’s customers are often not as favorable toward large banks as they were in the past. This means that the market has now seen an increase in the demand for credit unions. This is because they are often nonprofit companies that can support the local community.
As more people are turning away from the bigger banks, credit unions are growing, creating a market where mutual life insurance companies can do very well.
Cons of the Company
There are a few things to be aware of that might be considered cons by some people. For example, you can’t buy a policy that is larger than $100,000.
Some people also believe that the insurance policies from the TruStage brand are expensive when compared to other policies from leading companies. This is why it is so important to do your research and shop around to compare your options. The policy might cost as much as 38 percent more when you compare them to other products.
With each age bracket of five years, the premiums of CMFG term life insurance policies will increase. This is mentioned in the fine print, which is important to read with any insurance policy. With some other kinds of policies, the price will likely stay the same when you have the policy.
However, the adjustment to the premium based on your age is fairly common, and it is something that you might get stuck with if you do not read the fine print carefully.
Two-year exclusion
It might be hard to find this information on the company’s website, but there is a two-year coverage exclusion on the guaranteed issue for death. But what you might not realize is that this does not cover what is considered an accidental death.
This is known as graded benefits, and you can often find them in guaranteed issue whole policies. During the two years, if you die naturally, your premiums and the interest on them will be refunded instead of getting a death benefit. If you want to get a guaranteed issue policy, this is very important to notice.
Hard to Compare Prices
You will use the TruStage portal, and this is a direct sales portal for the life insurance company. It is harder to compare prices with similar products from other life insurance companies.
You will likely want to go with an independent insurance agency when you are looking for insurance. That way, you can ensure that you are getting the best options and are doing your research when it comes to finding the quality and price.
Common Questions About CMFG Life Insurance
You might be wondering if deaths related to COVID-19 are included in this policy. The insurance will cover death by any cause that is not excluded explicitly in your policy.
The policy does not come right out and say that COVID-19 is excluded, so if someone passed away because of this, the claim would not be denied.
You may also wonder if it is easy for you to be approved. You can get your quote, fill out your application, and be approved in just a few minutes for a policy with TruStage.
Remember that you will most likely need to give your social security number when you are applying. The company will use your social security number to verify that you are who you say you are. The company might also need to run a credit check on you and find out other data while it is doing underwriting.
The company is legitimate, and you can read its over 3,600 reviews on the reviewing site Trustpilot. The company has a four-star rating there and has many satisfied customers. The staff members are knowledgeable and offer great customer service both before and after you make your purchase.
There are a few complaints, but most of the reviews of the company are fairly positive.
Closing Thoughts
The CMFG Life Insurance Company offers coverage that can be paid to your beneficiaries. It is an average price, and you can get it through the TruStage brand. If you are thinking about buying life insurance, it is worthwhile to explore all of your options.
Like many other life insurance policies available today, there are termination provisions, limitations, requirements, and exclusions that keep the policy in force. You have to do your research. Once you have purchased a policy, you need to review it carefully. Contact your issuing company if you have questions about it.