CMFG Life Insurance Review

Quick online coverage without a medical exam for term and whole life insurance

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TruStage

 TruStage

Our Take

CMFG is the issuer for the TruStage life insurance program, which offers quick online coverage without a medical exam for term life, whole life, and guaranteed acceptance policies. The company also has a great reputation for financial strength and customer service, but coverage options are relatively limited. It’s a good choice for people who want a whole life insurance product without a medical exam and can qualify based on answering some basic health questions.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • No medical exam required

  • Easy online quote

  • Some applicants eligible for same-day coverage

  • Excellent customer service reviews

  • A financial strength rating from AM Best

  • Fewer than average number of complaints with the NAIC

  • Guaranteed acceptance policies available

Cons
  • Coverage limit for term and whole life policies is only $100,000

  • More expensive than some competitors

  • Term policy premiums increase as you enter each new five-year age bracket

  • No riders available

  • Not rated in J.D. Power’s 2020 U.S. Life Insurance Study

Key Takeaways
  • CMFG Life Insurance Company underwrites policies for the TruStage life insurance program.
  • You can get term life, whole life, or guaranteed acceptance life insurance through CMFG.
  • There are few customization options, low coverage limits, and no available riders on TruStage policies.
  • TruStage has great customer service reviews on third-party websites.
Specifications
  • Year Founded 1935
  • Kinds of Plans Term life, whole life, and guaranteed acceptance
  • Number of Plans 3
  • Payment Options Online, by phone, or by mail
  • Official Website https://www.trustage.com/

Introduction

CMFG Life Insurance Company underwrites CUNA Mutual Group’s TruStage life insurance policies. The company partners with more than 3,500 credit unions and has helped more than 20 million people acquire life insurance. One appealing aspect of TruStage’s programs is that you can get a quote and apply for coverage online without undergoing a medical exam. The company offers term life, whole life, and guaranteed acceptance policies in addition to accidental death and dismemberment coverage. Customers can also get auto, property, and health insurance through TruStage, but these programs use different underwriters. 

While CMFG is not one of our choices for the best life insurance companies of 2021, it may be a suitable choice for you if you don’t need high coverage limits. We researched CMFG’s financial strength, customer service reputation, policy offerings, and online tools to help you decide if the life insurance provider is right for you. Read on for our findings. 

Company Overview

CUNA Mutual Group, CMFG’s parent company, was founded in 1935 and is based in Madison, Wisconsin. The company is licensed to issue insurance products nationwide. CMFG is focused on providing insurance products through credit unions, but you can also apply for a policy directly on the TruStage website, and you don’t need to be a credit union member. 

Although CMFG is a smaller life insurance company and is not even in the top 20 with regards to market share, the company is still a reputable provider. It has an A rating from AM Best.

Available Plans


TruStage offers three life insurance plans: Term life, whole life, and guaranteed acceptance life insurance. On all plans, TruStage offers a 30-day satisfaction guarantee. Here’s what you need to know. 

Term

Term life insurance is designed to protect your family during a specific period, and with most term life insurance companies, you purchase a policy for 10-30 years and your rate stays locked in. With TruStage’s program, however, your rate increases as you enter each new five-year age bracket. But the death benefit never changes, and as long as you keep your policy active, your beneficiaries will receive a payout if anything happens to you. 

There’s no medical exam required for term coverage, and coverage starts immediately after your premium payment is received. You can get coverage up to age 80, and you can also convert your term policy to a whole life policy later on. One thing to keep in mind is that TruStage only offers up to $100,000 worth of coverage. If you need more than that, you’ll be better served by another life insurance provider. 

Whole Life

TruStage is one of the few life insurance providers to offer a whole life insurance product without a medical exam. But the TruStage whole life insurance plan only offers coverage up to $50,000. The coverage stays in place your entire life as long as you pay your premiums and builds cash value over time. And unlike with TruStage term policies, whole life premiums are locked in for life. 

Guaranteed Acceptance

With TruStage’s guaranteed acceptance life insurance policy, you can’t be denied coverage due to your health. There’s no medical exam and anyone age 45 or older can purchase a policy without answering any health questions. Rates are locked in for life and coverage never decreases or expires as long as you pay your premiums. However, policy limits only go up to $20,000, and monthly premiums are expensive. People without health issues should choose one of the other TruStage plans. 

Available Riders

CMFG only issues the standard policies above without the option for customization. This means you can’t add additional coverage or protections; you are only covered by the terms of the policy you select.

Most insurers offer riders, or add-ons, that can help with various insurance needs. For example, some companies allow you to add a child term life rider, which would pay out if your child were to pass away, or an accelerated death benefit, which would pay in advance of your death if you developed a terminal illness. Some people also choose to purchase a long-term care rider rather than a separate long-term care insurance policy. 

If these riders sound appealing, consider getting quotes from other companies. 

Customer Service: Business Hours Only

You can apply and pay your premiums online without help from an agent, but if you do need assistance from customer service, you’ll have to call on weekdays between 7:00 a.m. and 5:00 p.m. CT at 1-855-591-9026. There’s also an online form you can use to send a message to the customer support team at any time. 

Customer Satisfaction: Few Complaints

The National Association of Insurance Commissioners (NAIC) uses a complaint index to compare the number of complaints an insurer gets with other companies of the same size. If the index falls below one, that means the insurer has fewer complaints than average for a company of its size. Overall in 2020, CMFG’s complaint index was just 0.49 and for individual life insurance policies, the index was 0.62. This has been trending downward in recent years and shows a high level of customer satisfaction. 

CMFG is not rated by J.D. Power in the 2020 U.S. Life Insurance Study, but customer service reviews on third-party websites are excellent. 

Financial Strength: A (Excellent)

AM Best is one of the independent agencies that assess an insurer’s financial strength, or their ability to meet their policy obligations and pay claims. The best life insurance companies are graded A- or above, with some earning the highest possible rating of A++. 

Although CMFG doesn’t have the best possible rating at an A, it’s still considered excellent and you can still count on the company to pay your death benefit. 

Cancellation Policy: Satisfaction Guaranteed

Should you decide to cancel your TruStage policy, you must call to request the cancellation. If you do so within 30 days of issuance, you’ll get a full refund on your premium. This is pretty standard among most life insurance companies since the law requires a free look period of at least 10 days. You can also cancel at any time; you’ll just need to call the TruStage customer service team at 1-855-591-9026. 

Price: More Expensive Than Most

TruStage’s term policies are expensive, particularly because the price increases as you enter new age brackets. A 35-year-old female would pay $38.50 per month for $100,000 worth of coverage, and the price would go up to $44.50 after five years. A similar initial premium could get you $500,000 worth of coverage from Bestow with locked-in rates for 30 years. A 45-year-old male would pay $86.50 per month for a TruStage term policy. (Note that rates may vary by location.)

The TruStage guaranteed acceptance policies come with premiums closer to the industry average, but we still found lower prices with competitors. For example, a 55-year-old male would pay $119 per month for guaranteed acceptance life insurance, while it would only cost him $74 per month at Mutual of Omaha. 

That said, TruStage is one of the few providers to offer a whole life policy with no medical exam, and coverage is generally cheaper than guaranteed issue policies from other companies. $20,000 worth of coverage under a TruStage whole life policy would only cost a 55-year-old male $68.60 per month. 

If you can get approved for a whole life policy from TruStage based on your health question responses and you don’t want to take a medical exam, TruStage could be your best bet. 

How CMFG Compares to Other Life Insurance 

TruStage policies have fewer customization options and lower coverage limits than most other providers. The term and guaranteed acceptance policies will also be more costly for most people than other insurers. However, TruStage offers a unique product, a whole life insurance policy that doesn’t require a medical exam. 

Here’s how TruStage stacks up when compared to a top competitor, Mutual of Omaha. 

CMFG Life Insurance vs. Mutual of Omaha Review

CMFG and Mutual of Omaha each have a great reputation for customer satisfaction and financial strength, but there are some key differences between them:

  • Mutual of Omaha offers fixed premiums for terms of 10, 15, 20, or 30 years, while CMFG premiums increase with age. Mutual of Omaha’s term premiums will also be cheaper from the start for most applicants.
  • Mutual of Omaha offers much higher coverage levels for all of its products and plenty of riders to customize your policy
  • CMFG offers a whole life insurance product without a medical exam that is cheaper than Mutual of Omaha’s guaranteed whole life policy. 
  • Mutual of Omaha offers simplified underwriting whole life policies, but you’ll need to speak to an agent to get a quote. 
  • Mutual of Omaha offers universal life insurance policies and children’s whole life insurance while CMFG does not

For most policy types, Mutual of Omaha has an advantage over CMFG due to the company’s low pricing and customization options. However, people who can get approved for CMFG’s whole life product may find it’s the best option for online coverage without a medical exam. 

Read our full Mutual of Omaha life insurance review.

Final Verdict

CMFG has a great reputation for customer satisfaction and financial strength as well as an easy online quote and application process, but policy offerings are limited when compared to other companies. TruStage policies come with relatively low coverage levels, and term policies are more expensive than at other insurers. 

CMFG may be a good option for someone who wants quick whole life coverage without a medical exam, but those looking for an affordable term policy should look elsewhere. 

Methodology

All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.