CUMIS Life Insurance review (2026 update)

CUMIS insurance company is a leading provider of life insurance to credit unions and their members, offering both term life insurance and permanent life insurance plans. 

Headquartered in Alberta and founded in 1937, CUMIS is known for a wide variety of insurance plans besides life insurance like car insurance, home insurance, and travel insurance. The company has an A+ AM rating for financial stability, and offers plans that provide additional financial support to ease Canadians’ financial burden during a difficult time.

CUMIS Life Insurance ★★★★★ (4.5)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for $500,000 in coverage.}

^{** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

Credit union members can purchase a variety of life insurance from CUMIS, underwritten by Co-operators. Rates can be more affordable than those from big banks, but only if you’re eligible.

• Good selection of policies: Whether you want term, permanent, whole or universal coverage, you can find it at CUMIS. 
• Must be a credit union member: CUMIS serves credit unions, so you’re only eligible if you’re part of a member union.
• Customer ratings for CUMIS: Google average around 2.3 stars, reflecting a range of customer experiences with the service.

Overall, CUMIS may offer convenience for credit union members and can be more affordable than some traditional bank-owned insurance options, such as CIBC. Customer reviews indicate a range of opinions about the policyholder experience.
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CUMIS is best for:

Credit union members who want convenient life insurance options (especially competitive insurance quotes for smokers).

Methodology

PolicyMe’s ratings are based on an independent, data-driven review of Canada’s best life insurance plans and providers.

Our analysis combines 450,000+ quotes for 50+ life insurance plans with in-depth research on 20+ providers. We assigned each plan a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.

Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.

Read more: Life insurance rating and reviews methodology

CUMIS life insurance: pros & cons

Pros

Cons

CUMIS Life Insurance cost and value

The cost of CUMIS life insurance extends from 6% below to 9% above the industry average, depending on your age and sex at birth. The table below shows the average monthly premiums for $500,000 of coverage for applicants of different ages:

^{* These figures reflect the average monthly cost for $600,000 of fully underwritten  coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

^{** Compared to the average monthly costs for $600,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 30-44 with $600,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

CUMIS Life Insurance reviews and customer service

CUMIS Life Insurance carries a 2.3-star rating on Google. CUMIS does have strong ratings for financial stability, but based on some reviews, policyholders seem dissatisfied with the service, specifically inconsistent communication and claims handling.

CUMIS Life Insurance plans at a glance

CUMIS offers term, whole, permanent, universal, and critical illness insurance plans, all of which are underwritten by Co-operators Life Insurance Company. These plans are available for adults and children in Canada, and some credit union members are also eligible for free Accidental Death coverage. 

Read more about CUMIS life insurance plans below:

CUMIS life insurance riders

• Disability and critical illness: Get a lump-sum payout if the policyholder becomes disabled or critically ill.
• Accidental injury hospital cash plan: Receive a daily cash benefit during hospital stays to ease loved ones’ financial burden when the policyholder needs prolonged hospital care.
• Accidental death: Additional coverage if the policyholder dies accidentally (a higher payout for the beneficiaries).

How CUMIS compares to other providers

^{* These figures reflect the average monthly cost for $600,000 of coverage for healthy, non-smoking women aged 30-44 across a term length of 10-30 years.}

CUMIS life insurance vs. PolicyMe life insurance

CUMIS may be similarly priced to some options for certain Canadians, depending on individual circumstances. PolicyMe is also a direct-to-consumer option that many people consider for its combination of pricing, customer satisfaction, and convenience.

Cost

CUMIS rates tend to be similar to PolicyMe, although CUMIS may offer better rates for some smokers in Canada.

Customer Satisfaction

CUMIS has a Google rating of approximately 2.3/5 stars, while PolicyMe is rated around 4.9/5 stars. Both companies are generally considered financially stable. Customer feedback for CUMIS includes a range of experiences, with some reviews mentioning challenges related to communication and claims handling.

Convenience

CUMIS may be convenient for credit union members, though policies are underwritten by Co-operators. While quotes can be obtained online, completing a purchase or making changes such as cancellations typically requires speaking with an advisor. Access to CUMIS policies is also limited to credit union members.

PolicyMe offers a fully digital process, where users can get a quote and purchase a policy online without needing to speak with an advisor.

The bottom line: Who should consider CUMIS life insurance?

CUMIS is best for credit union members, and people who are fine with sacrificing customer service for cost savings. The company’s strong financial stability and long track record make it a good option for people who want life insurance coverage and are already members. 

For the average Canadian who is not a credit union member, CUMIS may not be the right choice compared to other popular insurance providers. You can find more affordable options than CUMIS that also offer a fully-digital application process with providers like PolicyMe.

FAQ: CUMIS life insurance