Is Cumis disability insurance good in 2024?
verified information
Information verified by Alexandre Desoutter
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodology
Cumis, officially known as CUMIS Insurance Company, is a Canadian insurance provider specializing in credit union protection, insurance, and financial solutions.
There is no standalone Cumis disability insurance in Canada. Instead, it provides credit protection insurance that includes disability coverage as an optional rider or add-on to loans or lines of credit offered through their partner credit unions.
You can get coverage for:
- Total Disability: If you become unable to work due to illness or accident, you'll receive monthly benefits to help cover your loan or line of credit payments.
- Partial Disability: In some cases, you may receive partial benefits if you can only work part-time due to your disability.
Good to know
The maximum monthly benefit for total disability is typically around $3,000 and $1,500 for partial disability. Also, the coverage is only valid for the term of your loan or line of credit.
Who is eligible for Cumis disability insurance?
- You must be employed and have a regular income.
- You must be approved for a loan or line of credit from a participating credit union.
- There may be certain medical conditions that exclude you from coverage.
If you're looking for standalone disability insurance plans in Canada, you can use our free comparator below. Explore multiple plans and get free quotes tailormade for your unique needs right here.
Compare Disability Insurance
Start Saving
Which credit unions does Cumis partner with?
Cumis primarily operates through partnerships with credit unions across Canada, offering a variety of insurance products and services to credit union members. There isn't a publicly available and comprehensive list of all the credit unions Cumis partners with for disability insurance in Canada.
This information is typically kept confidential between Cumis and the participating credit unions. But if you search the web, you can find leading options like East Coast Credit Union and Casera Credit Union.
If you are looking for a particular credit union, you can:
- Contact Cumis directly: You can reach their customer service team at 1-800-263-9120. They may be able to provide you with a list of participating credit unions in your region, or at least direct you to the appropriate contact at your local credit union.
- Contact your local credit union: Contact your credit union directly and ask if they offer Cumis disability insurance as an add-on to loans or lines of credit.
- Search the Cumis website: While there isn't a dedicated list, Cumis occasionally mentions partnerships with specific credit unions on their website. You can try searching their website for keywords like "disability insurance" and "credit union partnerships" and see if any relevant information comes up.
What are the direct options for disability insurance in Canada?
There are many options for standalone disability insurance. Here are some renowned providers offering direct coverage, along with their key features:
- Manulife disability insurance
- RBC Insurance
- Canada Life disability insurance
- Desjardins Insurance
- iA Financial Group insurance
Before making any decision, compare policies and benefits carefully. Consider coverage amounts, waiting periods, benefit duration, and exclusions.
You can use our comparator below to compare the best disability insurance plans in Canada, explore their coverage, and get free personalized quotes right here. All you need to do is click the button below.
Compare Disability Insurance
Start Saving
Is disability insurance tax deductible in Canada?
Disability insurance premiums may be tax deductible in Canada depending on the type of insurance you have and the entity that pays for the premiums. Private disability insurance is not tax-deductible, whereas corporate disability insurance is tax-deductible. You can read our full guide on the disability insurance tax deductible subject.
What types of insurance does Cumis offer?
Cumis offers credit union protection insurance and financial solutions. Its credit union protection includes:
- Loan Protection Insurance: This insurance helps cover loan payments if you become disabled or die unexpectedly.
- Critical Illness Insurance: This insurance provides financial support if you're diagnosed with a critical illness.
- Life Insurance: Cumis offers a variety of life insurance products, including term life, whole life, and universal life insurance.
Speaking of insurance solutions, Cumis offers:
- Home Insurance: Comprehensive home insurance plans to protect your property against damage or loss.
- Auto Insurance: A range of auto insurance options to fit your needs and budget.
- Travel Insurance: Plans to protect you and your belongings while you're on vacation.
- Retirement Services: Cumis can help you plan and save for your retirement.
Under its financial solutions, you get payment protection insurance that helps cover loan payments if you lose your job and several savings plans to help you reach your financial goals.
