CMFG life insurance reviews present everything you need to know about this insurer along with the sample rates. This reference helps you answer some essential questions that often emerge in applicants’ minds before purchasing a life insurance policy. Typically, people ask for CMFG Life, and then it is followed by other questions such as the pros and cons also the insurance types.
Different from other life insurers, CMFG Life always increases the rates every 5 years so it makes the policies do not work like that. Nonetheless, this kind of life insurance gets good ratings from third-party rating agencies. It implies that CMFG Life insurer belongs to a good or legit company.
What Is CMFG Life Insurance Company?
CMFG does not have any actual meaning or abbreviation but it is the parents of CUNA Mutual Group. It can be called CUNA Mutual Financial Group but this name is not available on its website. Nonetheless, you may find the headquarters in IOWA.
Through CUNA Mutual Group, CMFG Life insurer sells its products using a TruStage Life Insurance Agency. This brand not only sells CMFG life insurance policies to the public but also to credit union members. In addition, CMFG Life Insurance Company has existed around for over 80 years to serve its customers.
Pros And Cons Of CMFG Life Insurer
The increase in premium rate every 5 years is not exciting news to hear but CMFG life insurance reviews still have a lot of great benefits to get.
CMFG Life Insurer carries good news for the applicants if they want to purchase term and whole life policies. The applicants do not be required to undergo a medical exam and only asked for answering a few health questions. No medical exam or health question is as well provided in a guaranteed acceptance whole life.
The applicants or policyholders can obtain a fully digital application with instant decision. The applicants will be approved by the CMFG Life insurer based on your answers to the questions within the application. Alongside that, TruStage obtains other information from other sources.
Next, the applicants can get their refund in full if they cancel to purchase of the life insurance policy within the first 30 days. The 30-Day Satisfaction Guarantee is provided for them when they are not satisfied with the policy or service. CMFG Life Insurer also gives an expedited claim process to its policyholders.
CMFG Life presents an online application and services so you can manage your policy from any device. Besides that, it provides comparison tools on its website to help you make informed decisions and create a budget.
See how many disadvantages or cons of CMFG Life are in this reference. Firstly, the cons are related to the policy limitation. The policyholders, it turns out, cannot purchase a policy larger than $100,000. Secondly, TruStage life insurance policies are regarded as more expensive than the other leading company such as Ladder Life, Bestow Life, or Health IQ.
CMFG life insurance reviews add you cannot lock in a level payment for 10, 20, or 30 years on the term life policies. Since the insurer always increases the premium rates every 5 years. CMFG Life only provides a whole life insurance policy in the permanent life plan so you cannot purchase a Universal Life policy.
Three Kinds Of CMFG Life Insurance Plans
There are three life insurance types offered by CMFG Life such as a term, whole life, and guaranteed acceptance (guaranteed issue) whole life.
Term Life Plan
CMFG term life insurance is available for the policyholders from the ages of 25 to 69 but it can be renewed until age 80. If the policyholder applies for the term life insurance at the age of 25, the coverage amounts will be $10,000 to $100,000. However, they just receive $10,000 to $50,000 of the coverage amounts when they apply for the policy for the ages of 51 to 69.
When the applicants enroll in the term life policy through the online feature, the policy will be given in about 10 minutes or less. There is no medical exam to apply for but only a few questions as the health information. Equal to another life insurer, CMFG Life pays the death benefit when the policyholders die during the term.
The five-year increase occurs at the age of 30, 35, 40, 45, 50, 55, 60, 65, 70, 75, and the last is 80. The term life policy in CMFG Life adds affordable coverage protection but it is for a specific term period.
Whole Life Plan
A whole life insurance policy from CMFG also does not include a medical exam and only gives a few health questions. It is issued for the policyholders between the ages of 18 to 85 with coverage that can never outlive.
Talk about the coverage amount, the policyholders will receive$1,000 to $100,000 if they purchase at the ages of 25 to 85. Meanwhile, the ages of 51 to 85 when purchasing receive $1,000 to $50,000 coverage amounts.
CMFG life insurer provides some features as long as the payments are made. More correctly, CMFG life insurance reviews inform on the features such as Permanent protection and a price guaranteed.
The whole life policy builds cash value over time as a source of money before your death. You may borrow the loans against the value. Even though the loan incurs interest and your death benefit amount upon death will be deducted from your unpaid amounts.
Guaranteed Acceptance Whole Life
CMFG’s whole life still provides another type called a guaranteed acceptance or guaranteed issue. It is designed for the policyholders between the ages of 45 to 80 with coverage amounts of $2,000-$25,000. The guaranteed acceptance does not require a health question and medical exam.
Guaranteed acceptance whole life cannot be turned down because of a health reason. Your price and coverage keep being guaranteed as long as you pay your payments. There are Permanent protections and a price guaranteed for life too but it is provided as long as your payments are made.
Once more, you will get the limitation of the death benefit. Even though, it is applied when you die in the first two years of purchasing the policy.
Sample Quotes Of CMFG Life Insurance
Sample quotes or prices of CMFG life are presented completely for the term, whole life, and guaranteed acceptance. Below are the lists of pricing descriptions to observe!
Term Life Pricing
The sample monthly quotes of term life insurance are divided between males and females. The male applicants with the age of 25 pay monthly premiums of $12.50 for the coverage amounts of $25,000. Monthly quotes of $22.50 for the coverage amounts of $50,000, and $42.50 is for the coverage amounts of $100,000.
Male in the age 35 pays $13.50 for the coverage amount of $25,000 and $24.50 for $50,000. CMFG life insurance reviews add the male applicant should pay $46.50 for the coverage amounts of $100,000.
Ages of 45 have to pay $23.50 for $25,000, $44.50 for $50,000, and $86.50 for the coverage amounts of $100,000. Male at the ages of 55 will pay for $44.50 for $25,000, $$86.50 for $50,000, and N/A for $100,000 coverage amounts. At the ages of 65, it needs to pay $103.00 for the coverage amounts of $25,000 and N/A for the coverage amounts of $50,000 and $100,000.
Next, it is the monthly sample quotes for the female term life policy in CMFG Life. Females at the ages of 25 will pay $8.25 for the coverage amounts of $25,000 and $12.85 for $50,000. Meanwhile, the coverage amount of $100,000 needs the monthly premium rate of $25.50.
The sample quotes of term life policy for females are cheaper than males, indeed. Female between the ages of 35 just needs $11.50 to receive the coverage amounts of $25,500 and $20.50 for $50,000. Later on, it needs $30.50 to get the coverage amount of $100,000.
Ages 45, female applicants must pay monthly premiums rates of $16.60 for the coverage amounts of $ 25,000. The coverage amount of $50,000 needs monthly premium payments of $30.50 and the coverage amount of $100,000 needs $58.50.
Sample quotes of female term life policy at the ages of 55 are $31.52 for the coverage amounts of $25.000. The monthly quotes of $60.00 for the coverage amounts of $50.000 while $100,000 of coverage amounts are N/A.
N/A is also applied to female applicants at the ages of 65 for the coverage amounts of $50,000 and $100,000. Meanwhile, the coverage amounts of $25,000 ask for payments of $66.75 per month.
Whole Life Pricing Or Monthly Sample Quotes
Equal to prior sample monthly quotes, CMFG life insurance reviews show the pricing details for males and females. The male policyholder at the age of 25 will pay premiums at $20.75 for the coverage amounts of $25,000. Further, it needs $35.00 for the coverage amounts of $50,000 and $68.00 for the coverage amounts of $100,000.
Ages of 35 ask for the male applicants to pay $29.75 for the coverage amounts of $25.000. It needs $51.00 for the coverage amounts of $50.000 and $100.00 for $100,000 of the coverage amounts.
Purchasing a whole life policy at the age of 45 will needs $44.25 for the coverage amounts of $25,000. Then, it asks for paying premiums of $77.00 for the coverage amounts of $50,000. Male applicants of this age need $152.00 to purchase the coverage policy of $100,000.
Ages of 55 need $73.25 for the coverage amounts of $25,000 and $129.00 for coverage amounts of $50,000. N/A is applied for the coverage amounts of $100,000 for male applicants 55 years old.
Buying whole life insurance coverage at the age of 65 will spend $119.00 for the coverage amounts of $25,000. Same as prior monthly sample quotes, male applicants in the age of 65 are applied for N/A for the coverage amounts of $50,000 and $100,000.
Sample monthly quotes for female applicants are also cheaper than the male applicants. Ages of 25 have to pay $16.75 for $25,000, $28.50 for $50,000, and $55.00 for $100,000. CMFG life insurance reviews shows female in 35 years will pay $25.75 for $25,000, $53.00 for $50,000, and $87.00 for the coverage amounts of $100,000.
Ages of 45 needs $38.50 for $25,000, $67.00 for $50,000, and $132.00 for $100,000 of coverage amounts. The ages of 55 and 65 need $62.50 and $99.25 for the coverage amounts of $25,000. Next, it needs $109.50 for the coverage amounts of $50,000 at the age of 55 and N/ A is applied for the coverage amounts of $50,000 and $100, 000 at the age of 65.
The pricing list of guaranteed acceptance is presented for the ages of 45 to 65 with the coverage amounts of $10,000 and $20,000. Male applicants need $$50.00 to $185.000 according to the coverage amounts chosen. Then, the female needs $39.00 to $133.00 to purchase the coverage amounts.
CMFG life insurance reviews have given the most detailed information to observe and concern. The price list of monthly sample quotes may change anytime without notice.