CUMIS Life Insurance review (2025 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 products. 

Headquartered in Alberta and founded in 1960, CUMIS is known for a wide variety of insurance products besides life insurance like car insurance, home insurance, and travel insurance. The company has an A+ AM rating for financial stability, and offers products 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.
• Lower than average customer ratings: With a 2.9-star Google rating, customers seem to be dissatisfied with the service at CUMIS.

Overall, CUMIS is convenient for credit union members and usually more affordable than a big bank option (like CIBC). However, the actual experience of being a policyholder could disappoint, if current CUMIS reviews are accurate.

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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 products and providers.

Our analysis combines 450,000+ quotes for 50+ life insurance products with in-depth research on 20+ providers. We assigned each product 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.

CUMIS life insurance: pros & cons

Pros

Cons

CUMIS Life Insurance cost and value

The cost of CUMIS product name life insurance ranges from 5% below to 3% 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 $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

^{** 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.}

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 18-29 with $500,000 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 2.9-star rating on Google. Those customer reviews are not strong enough to earn a “Great Customer Service” badge.

CUMIS does have strong ratings for financial stability, but policyholders seem dissatisfied with the service — specifically inconsistent communication and claims handling.

CUMIS Life Insurance products at a glance

CUMIS products include term, whole, permanent, universal, and critical illness insurance. These are available for adults and children in Canada, and some credit union members are eligible for free Accidental Death coverage.

Read more about CUMIS life insurance products 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 $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

CUMIS life insurance vs. PolicyMe life insurance

CUMIS may be comparable in cost for some Canadians, but PolicyMe comes out on top for most people when considering cost, 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 low Google rating of 2.9/5 stars, compared to PolicyMe’s 4.9/5-star rating. Both companies are well-rated for financial stability, but CUMIS policyholders have complained about claims handling and communication.

Convenience

CUMIS may seem convenient for credit union members, but policies are underwritten by Co-operators. So, you can get a quote online, but you can’t buy a policy or ask for cancellation without speaking to an advisor. Plus, you can only buy through CUMIS if you’re a credit union member.

PolicyMe’s process is totally digital. You can get a quote and purchase your policy online, fast.

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 is probably not the right choice among insurance providers. You can find more affordable options (with better customer service experiences) than CUMIS.

FAQ: CUMIS life insurance