LATEST NEWSHow to Get a Scotiabank Void Cheque OnlineInstantly Tangerine Void Cheque: How to Get and CreateYours How to Get a TD Void Cheque: A CompleteGuide How to Get an RBC Void Cheque in 5 EasyWays Direct Deposit in Canada: How it Works &How to Set Up Bank Statement in Canada: A Tool ForFinancial Tracking and Money Management Home » Life Insurance » Top Life Insurance Companies in Canada » CUMIS Life Insurance Review 2025: Coverage,Rates and Is It Right for You?CUMIS Life Insurance Review 2025: Coverage, Ratesand Is It Right for You?CUMIS Life Insurance ReviewLAST UPDATED Oct 22, 2025WRITTEN BYBen NguyenContent DirectorLife Buzz maintains strict editorial standards to ensure all content is reliable and well-researched. View our editorial guidelines fordetails.If you bank with a Canadian credit union, you may have heard about CUMIS lifeinsurance. 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 ofpolicies offered to sample rates and customer feedback. Read on to see if the company isthe 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 GroupLtd. The company is led by President Alec Blundell and is governed by a board ofdirectors. 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 rangeof coverage, including term life insurance, permanent life insurance, and critical illnessinsurance. ContentsMenu
CUMIS life insurance is available across most Canadian provinces and territories exceptQuebec, and mainly distributes products through provincial credit unions. AM Best hasgiven 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’slook at the core term products from CUMIS Life Insurance:CUMIS Versatile TermKey Features:Available Terms: 10, 15, 20, 25 or 30 yearsCoverage amount: $25K to $10MIssue ages: 16 to 85, minus the term lengthGuaranteed level rates during the initial termAnnual rate increases at renewalPreferred pricing for some applicantsVersatile term offers guaranteed renewability up to age 85. You can exchange for a longerterm within the first five years without medical underwriting.This flexibility makes it a great choice for budget-conscious families needing lifeinsurance.How Much Does CUMIS Term Life Insurance Cost?The company does not provide instant online quotes. However, we obtained sampleVersatile Term rates to give an idea of pricing:PROS OF CUMIS CONS OF CUMISWide selection of policiesPreferred pricing for some applicantsHigh maximum limits up to $10MCritical illness options for adults and kidsLimited online support and informationNo instant quote availabilityMixed customer reviewsCUMIS Term Life Insurance Plans
*Quotes are for $400K coverage, 20-year term, non-smokerThis showcases affordable rates, especially for younger applicants. Pricing is competitivewith other top Canadian life insurance companies.Full review: Life Insurance Rates By Age Chart in CanadaHow 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 mortgageIncome replacement – Fund ongoing family living expensesBusiness insurance – Keep the company running if the owner diesEstate taxes – Pay estate taxes so heirs receive the full inheritanceSpecial needs dependents – Provide lifelong care for dependentsFinal expenses – Pay for funeral and medical costsCUMIS term life insurance options like Versatile Term and Infinity Term are appropriatefor these common uses.What Permanent Life Insurance Does CUMIS Offer?In addition to term life insurance, CUMIS offers two permanent policies – whole life anduniversal life.CUMIS Whole Life InsuranceAGE MALE FEMALE25 $27.63 $21.1535 $31.59 $24.7545 $71.55 $51.0355 $206.91 $142.83CUMIS Permanent Life Insurance
Whole life insurance combines lifelong protection with a savings component.Key Perks:Cash value accumulationDividends and interest creditedCoverage from $25K to $10MIssue ages 0-80 yearsPay premiums for 10, 20 years or lifePreferred rates for some applicantsTax-deferred cash value growthThis 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 StartTMPermanent life insurance for childrenEnsures lifelong protection for kidsThis type offers guarantees, dividend upside, and tax-advantaged savings. It’s ideal if youwant to leave a legacy.CUMIS Universal Life InsuranceA flexible permanent and universal life policy provides adjustable coverage and investmentoptions.Top Features:Customizable death benefitVariety of investment choicesCash value accumulationDisability payment provisionIssue ages 0-80 yearsCoverage from $25K to $10MLoyalty bonuses on cash valuePreferred pricing for some applicantsWith investment customization and adjustable coverage, universal life adapts as your needschange over time. It’s ideal for complex estate planning.CUMIS Infinity TermA permanent life insurance option, Infinity Term offers lifetime protection.Highlights:Minimum coverage: $25KMaximum coverage: $10MIssue ages: 0-80 (Life Pay), 0-70 (20 Pay)Pay premiums for life or just 20 yearsGuaranteed level ratesPreferred pricing available
With Infinity Term, you get lifelong coverage for you and your family. The 20 Pay optiongives the ability to pay off premiums in just 20 years.CUMIS permanent life insurance options, like whole life and universal life, suit theselifelong coverage needs.How Much Does CUMIS Permanent Life Insurance Cost?As a general benchmark, permanent life insurance costs significantly more than terminsurance. 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 coveredcondition. CUMIS offers two options:CUMIS Critical AssistProtects adults against 25 critical conditions and 4 partial payout illnesses.Highlights:Coverage amounts: $25K to $2MIssue ages: 18-65 yearsTerms: 10 Year, 25 Year, To Age 75, 20 PayUnique benefits like premium paybacksCritical Assist lets you focus on recovery without worrying about finances. Payouts cancover 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 conditionCUMIS Critical Illness Insurance
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 helpfor his kids while he undergoes surgery and radiation.Naomi, 52, suffers a heart attack requiring triple bypass surgery. Her Critical Assistpolicy provides $200,000, which she uses to hire home health aides and pay householdbills 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. HisCritical Assist payout of $150,000 supplements the loss of income while he transitionsto a desk job with lower pay.Critical illness insurance gives you options by providing a cash infusion at the time ofdiagnosis.CUMIS Critical Assist – Head StartCovers children for 32 critical illnesses, including seven child-specific conditions.Key Features:Coverage amounts: $25K to $250KIssue ages: 30 days through 17 yearsTerms: 10 Year, 25 Year, To Age 25, To Age 30Extra benefits like grief counsellingSecuring critical illness coverage for your kids in case of unexpected diagnoses can giveyou 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 belongingsAuto insurance – Coverage for vehicles, liability, and collision damageTravel insurance – Medical and trip cancellation coverage outside CanadaLeveraging your credit union relationship for multiple insurance needs can simplifypayments and bundled pricing.Bundling Insurance PoliciesSome benefits of bundling multiple insurance policies with CUMIS include:Convenience – Single billing and payment processDiscounts – Potential cost savings when you bundleCredit union rewards – Possible rewards points on premiumsPersonalized service – Dedicated credit union insurance advisorLook into discounts and credit union loyalty programs when purchasing more than one typeof 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 advisorEmail [email protected] to your credit union advisorBe 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 advisorwill 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 memberSeeking permanent life insuranceWant critical illness coveragePrefer personalized service over online experienceCircumstances where other insurers may be better:Need niche policies like mortgage insuranceLooking for budget-term life insurancePrioritizing digital experience and self-serviceTalk to an advisor to get rates and assess if their products are cost-competitive andappropriate for your insurance needs.Wanna search for other alternatives to CUMIS Life Insurance? We have detailed reviews ofthe top life insurance companies in Canada:Sun LifeManulifeRBC InsuranceCanada LifeBMO InsuranceSun Life and Manulife, in particular, are leading national insurers with wide productofferings and online support.While CUMIS fills a specific niche for credit union members, expanding your comparisonto brands like Sun Life can give you greater choice.Conclusion: Solid Choice for Credit Union Members SeekingPersonalized ServiceCUMIS life insurance provides robust solutions for many coverage needs, combining acomprehensive 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 contenderif you already rely on a credit union for banking and loans.Think CUMIS life insurance aligns with your priorities? Reach out to LifeBuzz for acustom quote today.FAQs about CUMIS Life InsuranceIs CUMIS life insurance cheaper than other companies?CUMIS term life rates can be very competitive but are not always the absolute cheapestcompared to all other insurers. Permanent and critical illness options provide strong valuebased 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 forVersatile Term. Permanent life plans also come with guarantees like level premiums andcash value accumulation.Does CUMIS insure high-risk applicants?CUMIS considers applicants with health conditions on a case-by-case basis. They mayoffer 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. Medicalexams 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 unionadvisor can advise on estimated timelines.When do benefits start for CUMIS life insurance?For approved applicants, CUMIS life insurance coverage generally takes effect after thepolicy is issued and the first premium payment is made. Certain free coverage periods mayapply while underwriting is pending.How do I pay premiums for CUMIS insurance?CUMIS life insurance premiums can be paid annually, semi-annually, quarterly, monthly orthrough pre-authorized chequing on an ongoing basis. Payments are made through yourcredit union.Does CUMIS offer riders or add-ons?Yes, CUMIS allows you to customize coverage with add-ons called riders, such asdisability 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 qualifyyou for multi-policy discounts. Check with your credit union advisor about availablesavings when you bundle.Can I cancel my CUMIS life insurance policy?Yes, CUMIS life insurance policies can be cancelled by notifying your credit union orCUMIS advisor in writing and stopping premium payments. Some surrender fees mayapply 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 Cooperators group, which operates based on cooperative principles. Some CUMIS lifepolicies 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 formsand provide documentation like a death certificate. CUMIS will review and process eligibleclaims 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 lablocations that are convenient for applicants. Getting lab tests or fluids may be requireddepending 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 directlyand 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 connectsyou 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 lifeplans can provide general mortgage coverage but are not directly linked to your mortgageterms.Is CUMIS whole life insurance participating?Yes, CUMIS's whole life policies are participating, meaning they share in dividends fromthe Co-operators participating account. This provides upside potential in the form ofdividend payouts.Can I manage my CUMIS policy online?There are limited online self-service options for CUMIS life insurance customers currently.
LifeBuzz provides news, insights, and analysis on theCanadian life insurance industry. We aim to be the topinformation resource to help Canadians make informedchoices about life insurance.DISCLAIMERThe content on lifebuzz.ca is for informational purposesonly and is not intended as financial advice. Pleaseconsult a professional financial advisor for guidancespecific to your circumstances and coverage needs.LifeBuzz is an independent news site not affiliated withany life insurance companies or providers. We adhere tostrict editorial standards and aim to provide objective,unbiased reporting and comparisons.HOW TO REACH USLifeBuzz Content CanadaC/O ORCA Financial Publishers36 Toronto St, #850Toronto, ON M5C [email protected] USAbout LifebuzzContact UsPrivacy Policy© 2025 LifeBuzz Content Canada by ORCA Financial PublishersSome credit unions may provide digital policy access, but CUMIS does not have their owncustomer portal.What is the AM Best rating for CUMIS insurance?CUMIS life insurance has an A (Excellent) Financial Strength Rating from AM Best. Thisindicates 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 andpartners with provincial credit unions across Canada to distribute life insurance.Article Sources:Rate this postWritten by Ben NguyenBen Nguyen is Lifebuzz Canada's principal author and content director. As aninsurance expert and industry veteran, Ben is renowned for his extensive knowledgeof life, health, disability, and travel insurance products.Drawing from two decades of experience, Ben specializes in breaking downcomplex topics into simple, easy-to-understand articles that empower readers tomake informed insurance and financial decisions.