CUMIS General, a fully owned subsidiary of Co-operators General Insurance Company, specializes in providing insurance services tailored for credit unions, making it a prevalent choice within this sector. While available to credit unions across all provinces and territories, it is important to note that CUMIS insurance is not offered in Quebec.
The company’s diverse portfolio encompasses life, auto, home, and travel insurance products. In the realm of life and living benefits, CUMIS General offers an array of products, including:
| Infinity Term | Versatile Term |
| ⦁ Coverage amounts vary from $25,000 to $10,000,000. ⦁ Accessible for individuals aged 0 to 80 for Life-Pay and 0 to 70 for 20-Pay. ⦁ Guarantees lifelong insurance protection as long as the policy remains in effect. ⦁ Ensures consistent premiums that are fully paid-up by age 110. ⦁ Preferred rates are offered to eligible individuals. | ⦁ Term durations include options of 10, 15, 20, 25, and 30 years. ⦁ Coverage amounts span from $25,000 to $10,000,000. ⦁ Coverage is applicable for individuals aged 16 to 85 years, excluding the chosen term length. ⦁ Premium rates are guaranteed throughout the initial level term duration. ⦁ Renewal rates are guaranteed with annual increments. ⦁ Preferred rates are available for eligible individuals. |
Source: Cumis Life Insurance page
| Whole Life | Universal Life |
| ⦁ Guaranteed cash values that grant you access to funds through partial surrenders and policy loans. ⦁ Policy dividends (non-guaranteed) that enable profit-sharing based on participating account performance, payable post the first policy anniversary. ⦁ Flexibility in premium payment options: for the entire policy duration, 20 years, or 10 years. ⦁ Inclusion of Children’s coverage within our Whole Life – Head Start policies ensures lifelong protection for your loved ones. ⦁ Coverage initiates at $25,000 and is accessible for individuals aged 0 to 80. | ⦁ Coverage amounts vary from $25,000 to $10,000,000. ⦁ Accessible for individuals aged 0 to 80. ⦁ Guaranteed insurance rates. ⦁ Guaranteed loyalty bonus determined by policy size and duration. ⦁ Lump sum disability benefit. ⦁ Risk charges cease at age 106, ensuring permanent coverage. ⦁ Tailor-made investment choices based on risk tolerance. ⦁ Preferred rates offered to eligible individuals. |
Source: Cumis Life Insurance page
| Critical Assist | Critical Assist Head Start |
| Number of payout conditions: 25 (full payout) Number of payout conditions: 4 (Partial payout) Coverage range: $25,000 to $2,000,000 | Safeguards your child Number of payout conditions: 32 (full payout) Coverage range: $25,000 to $250,000 This plan is accessible for children from 30 days old up to the age of 17, and the policy concludes at the anniversary closest to age 75. |
Source: Cumis Life Insurance page
On the positive side, accessing CUMIS Life Insurance products is made convenient through your credit union, especially if it serves as your preferred financial institution and you prefer obtaining both financial and insurance products from a single source.
CUMIS Life Insurance provides a variety of options for Term Life Insurance, which can often be converted into no-medical-term products within the initial 5 years.
However, it’s worth noting that as CUMIS Life Insurance isn’t among the largest life insurance companies in Canada, it does not provide a comprehensive range of more intricate life insurance products. Additionally, it does not offer Disability or Health Insurance products.
A table below shows an overview of all key features for main Cumis Life Products
| CUMIS Life Products | ||||
| Product feature | Versatile Term | Infinity Term | Universal Life | Critical Assist |
| 20-Pay | ✓ | |||
| Permanent Protection | ✓ | ✓ | ||
| Cash Value | ✓ | |||
| Best Doctors Program | ✓ | |||
| Conversion Option | ✓ | ✓ | ||
| Premium Deposit Fund | ✓ | ✓ | ✓ | |
| Reduced Paid-Up Provision | ✓ | |||
| Flexible Premiums | ✓ | |||
| Early Assist Benefits | ✓ | |||
| Accidental Death Benefit | ✓ | ✓ | ✓ | |
| Child Rider | ✓ | ✓ | ✓ | |
| Disability Premium Waiver | ✓ | ✓ | ✓ | ✓ |
| Versatile Term Riders | ✓ | ✓ | ✓ | |
| Guaranteed Insurability Option | ✓ | ✓ | ✓ | |
| Premium Payback at Death | ✓ | |||
| Premium Payback at Expiry | ✓ | |||
| Premium Payback at Surrender | ✓ | |||
| Mortgage Guard Disability Insurance Rider | ✓ | ✓ | ✓ | |
| Critical Assist Rider | ✓ | ✓ | ✓ | |
