Cumis Life Insurance

P.O. Box 5065, 151 North Service Road, Burlington, ON L7R 4C2
Phone Numbers
Call: 905-632-1221
Toll-free: 1-800-263-9120
Fax: 1-888-770-7951
Owned by
The Co-Operators
Financials (CAD Millions)
Gross premiums 2021: $6.6B
Gross premiums 2022: $7.0B

Assets 2021: $26.5M
Assets 2022: $25.1B
Life Insurance products
Life Insurance
Living Benefits
Home Insurance
Car Insurance
Travel Insurance
Credit Insurance
President & CEO
Rob Wesseling (President and Chief Executive Officer, Co-Operators)

Alec Blundell (Executive Vice-President and Chief Operating Officer, Co-operators Life Insurance Company and President and Chief Operating Officer, CUMIS)

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    Cumis Life Insurance: Overview

    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:

    • Critical Assist: Providing Critical Illness insurance coverage for both adults and children.
    • Whole Life: Offering permanent insurance solutions for both adults and children.
    • Infinity Term: Providing permanent insurance coverage tailored for adults and children.
    • Universal Life: Tailored insurance options available for both adults and children.
    • Versatile Term: This product allows individuals to choose from various term lengths such as Term 10, Term 15, Term 20, Term 25, and Term 30. Notably, Versatile Term 10 can be exchanged for Versatile Term 20, 25, or 30 within the initial 5 years without the need for additional medical evidence.

    Cumis Life Insurance product features: Term Life

    Infinity TermVersatile 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

    Cumis Life Insurance product features: Whole and Universal Life Insurance

    Whole LifeUniversal 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

    Cumis Critical Illness Products:

    Critical AssistCritical 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

    Cumis Life Insurance products’ pros and cons

    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.

    CUMIS Life Overview of Product Features

    A table below shows an overview of all key features for main Cumis Life Products

    CUMIS Life Products
    Product featureVersatile TermInfinity TermUniversal LifeCritical Assist
    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
    Interested to see how Cumis Life Insurance rates compare with others?

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