CMFG Life Insurance Company Review

Term and whole-life policies without a medical exam

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Our Take

CMFG Life Insurance Company is the company that issues life insurance policies for CUNA Mutual Group’s TruStage insurance program. Through TruStage, customers can purchase term life, whole life, and guaranteed acceptance life insurance policies without undergoing a medical exam. 

Through CMFG Life Insurance Company, the TruStage insurance program serves over 20 million people and works with over 3,500 credit unions nationwide. 

In addition to life insurance, families can also get protection with accidental death and dismemberment coverage, car insurance, health insurance, and property insurance through TruStage.

CMFG Life Insurance Company is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • You can get quotes and apply online

  • Medical exams are not required

  • Guaranteed acceptance policies available

Cons
  • Limited coverage amounts

  • No riders available

  • Prices increase every five years

Key Takeaways
  • The company was founded in 1935 and is headquartered in Madison, Wisconsin
  • The CMFG Life Insurance Company issues insurance through CUNA Mutual Group’s TruStage insurance program
  • The company sells term, whole, and guaranteed acceptance life insurance policies
  • The CMFG Life Insurance Company also issues accidental death and dismemberment coverage through the TruStage insurance program
  • In 2019, it paid out $1.4 billion in benefits
Company Overview

CUNA Mutual Group, the parent company of CMFG Life Insurance Company, was founded in 1935. Headquartered in Madison, Wisconsin, the company has over 43,000 advisors available nationwide to serve customers. 

While you can purchase TruStage insurance through some credit unions, you can also get quotes and submit your application online, even if you aren’t a credit union member.

CMFG Life Insurance Company is licensed to sell its life insurance products in all 50 states and the District of Columbia.

  • Year Founded 1935
  • Kinds of Plans Term, Whole, Guaranteed Acceptance
  • Number of Plans 3
  • Payment Plan Options Monthly
  • Customer Service Online, phone
  • Phone 855-252-9540
  • Official Website www.TruStage.com

Pros Explained

  • You can get quotes and apply online: With CMFG Life Insurance Company, there’s no need to call a representative or meet with an insurance agent. You can get quotes for life insurance policies and complete the application online by answering just a few simple questions. 
  • Medical exams are not required: While most life insurance companies require customers to undergo medical exams to get coverage, CMFG Life Insurance Company doesn’t require exams for term or whole life policies. 
  • Guaranteed acceptance policies available: The CMFG Life Insurance Company does have a guaranteed acceptance policy. With a guaranteed acceptance policy, you cannot be denied coverage because of your health history. 

Cons Explained

  • Limited coverage amounts: The CMFG Life Insurance Company has relatively low coverage maximums. For term and whole life insurance purchased through TruStage, the maximum is $100,000. 
  • No riders available: Most insurance companies allow you to customize and enhance your coverage by adding insurance endorsements, or insurance riders, to your policy. However, CMFG Life Insurance Company doesn’t offer any riders. 
  • Prices for term policies increase every five years: Your term life premiums are based on where you fall within five-year age brackets. As you reach five-year milestones, your premiums will increase. 

Available Plans

Through the TruStage insurance program, the CMFG Life Insurance Company offers three different types of life insurance. You can get quotes and apply for all three online, and there are no medical exam requirements. If approved for a policy, coverage starts immediately once you pay your first premium. 

Guaranteed Acceptance

If you are age 45 or older, you may be eligible for a guaranteed acceptance policy. With these whole life policies, you have protection for your entire life, and you cannot be turned down because of your health. The maximum amount of coverage you can get with a guaranteed acceptance policy through TruStage is $20,000. 

Term Life

With most term life policies, you pick a time period for your coverage. Typically, the terms range from 10 to 30 years. If you pass away during the covered term, your beneficiaries receive a death benefit. However, your beneficiaries receive nothing if you die after the term expires. 

The TruStage term life policy works differently. You cannot select your own term; instead, all term life policies expire once you reach 80. When you’re young, your premiums will start off relatively low. However, your premiums will increase when you reach five-year age brackets: 25, 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. The maximum coverage amount for term life policies purchased through TruStage is $100,000. 

Whole Life

With whole life coverage, you get protection for your entire life; there is no expiration date. With policies from CMFG Life Insurance Company, your rates are locked in and won’t increase as you age. The maximum amount of whole life coverage you can purchase through TruStage is $100,000. 

If you belong to a credit union, you may qualify for accidental death and dismemberment coverage issued by CMFG Life Insurance Company at no cost to you.

Available Riders

With most life insurance companies, you can add riders, also known as insurance endorsements, to your policy. Riders can be used to adjust or enhance your coverage, allowing you to customize your policy for your unique needs. 

However, the CMFG Life Insurance Company does not offer any insurance riders through its TruStage insurance program. The policies you purchase cannot be adjusted. 

Customer Service

Instead of requiring customers to contact insurance agents or financial professionals to get information, the CMFG Life Insurance Company allows you to get quotes and even purchase life insurance online. 

If you have questions about CMFG Life Insurance Company’s policies, you can contact customer service through secure messaging. Or, you can call 855-591-9026. Customer support is available Monday through Friday, from 7 a.m. until 5 p.m. CST. 

Complaint Index

Before choosing a life insurance company, it’s wise to research how many complaints are lodged against it compared to other insurers. 

Each year, the National Association of Insurance Commissioners (NAIC) collects and releases companies’ complaint ratios, a number that reflects how many complaints a company received relative to its market share. 

The national complaint index is 1.0. Companies with complaint ratios below 1.0 received fewer complaints than expected for their size. By contrast, companies with complaint ratios over 1.0 received more complaints than expected. 

In 2019, CMFG Life Insurance Company had a 0.90 complaint ratio for its individual life insurance policies, indicating that the company received fewer complaints than expected for its size. 

Third-Party Ratings

AM Best issues its Financial Strength Ratings (FSRs) on insurance companies. A high FSR indicates that the company is financially sound and able to meet its contractual and policy obligations. 

In 2020, AM Best affirmed CMFG Life Insurance Company’s “A” (Excellent) rating, recognizing the company’s strong balance sheet and enterprise risk management. 

As a smaller insurer, CMFG Life Insurance Company was not included in the J.D. Power Life Insurance Study, which ranked 23 top insurers based on product offerings, price, and communications. 

Cancellation Policy

Most insurance companies have a 10-day free look period, though some states require longer periods. During the free look period, you have a few days to review your policy documents and change your mind. You can cancel your policy without penalty and get a full refund of all premiums you paid. 

CMFG Life Insurance Company and the TruStage insurance program extend this protection with a 30-day satisfaction guarantee. If you aren’t satisfied with your policy, you have 30 days from the time your policy was issued to cancel. Your premiums will be refunded in full. 

After the 30-day period expires, the cancellation policy is dependent on the type of plan you have. Review your application and contract carefully to ensure you understand its terms. 

To cancel your policy, call 1-855-591-9026. 

Price

CMFG Life Insurance Company allows you to get quotes and apply for policies online through the TruStage website. 

We found that CMFG Life Insurance Company’s whole life policies were in line with other major insurers that don’t require a medical exam. 

Like all of the other life insurance companies that Investopedia has reviewed, CMFG Life Insurance Company and TruStage require you to select “male” or “female” when getting a quote or submitting an application for insurance. There is not currently a way to select nonbinary, or opt not to answer. Being nonbinary doesn’t disqualify you from getting life insurance. However, most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues, and you may find their application processes restrictive. 

Competition

We compared CMFG Life Insurance Company to MassMutual because both companies offer term and whole life coverage and multiple insurance riders. 

For families looking for basic whole or term life policies, CMFG Life Insurance Company may be a good fit. You can get up to $100,000 in coverage without a medical exam. 

However, coverage limits are lower than some competitors', and CMFG Life Insurance Company only offers three plans. If you want more options and customization, consider MassMutual. MassMutual has five different plans to choose from, including whole, term, and universal life policies. The company also has multiple riders you can add to your policy to enhance or adjust your insurance coverage, giving it the clear edge over CMFG Life Insurance Company.

  CMFG MassMutual
Market Share 0.35% Fourth-largest in the U.S., 5.9%
Number of Plans 3 5
Dividends for 2020 Not applicable $1.7 billion
Wellness Program Discounts/Quit Smoking Incentives Not applicable Not applicable
Service Method Online, phone Financial professional, web
AM Best Rating A (Excellent) A++ (Superior)
Price Rank Fair About Average
Complaints Trend 0.90 0.08
Verdict

If you are young, relatively healthy, and want life insurance without the hassle of a medical exam, CMFG Life Insurance Company can be a convenient option. You can get quotes and apply for insurance online. If eligible for a policy, you can get coverage quickly. 

However, CMFG Life Insurance Company has relatively low insurance coverage limits, so it may not provide enough protection for your family. If you want more coverage or want to customize your policy with insurance riders, you’ll have to get life insurance through another company.

How We Review Life Insurance Companies

Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation. 

Learn more: Read our full Life Insurance Methodology.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "Licensing Report - CMFG Life Insurance Company." Accessed Dec. 28, 2020. 

  2. NAIC. "Complaint Index - CMFG Life Insurance Company." Accessed December 28, 2020. 

  3. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds."
    Accessed December 28, 2020.