Is CUMIS Life Insurance good? Review (2023)

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Alexandre Desoutter updated on 11 September 2023

Shopping for life insurance can be a daunting task with so many providers and plans to choose from in Canada. And when you talk to an insurance broker you might face high-pressure sales tactics.

Picking a reputable provider can help simplify the decision-making process and among the companies in the market is CUMIS Life Insurance. But is it the right choice for you?

In this CUMIS Life Insurance review, we take you through its plans, pros, cons, and premiums. You can also compare plans from Canada's other best life insurance companies and get free quotes to decide if CUMIS truly fits your unique needs.

CUMIS Life Insurance: 5 key takeaways

  • CUMIS offers various financial services, including life insurance, through credit unions
  • It has a long history of over 80 years and provides term, whole, and universal life insurance policies
  • Offers personal insurance, car insurance, home insurance, travel insurance, and more
  • Comprehensive coverage options of up to $10 million
  • No online quotes, potential customers must contact directly for precise pricing information

Our review of CUMIS life insurance company: Good choice for credit union members

CUMIS (Credit Union Members Insurance Society) is a lesser-known insurance provider in Canada. It is a fully-owned subsidiary of The Co-operators. It offers a range of financial services, including life insurance, travel insurance, home insurance, car insurance, and more through credit unions.

The insurance provider has more than 80 years of experience in offering insurance and financial solutions to Canadians. They have a simple and easy-to-navigate site that provides details about their products.

With plans of many different lengths and comprehensive coverage options, there are plans for everyone. If you are a Canadian who banks through a credit union, a CUMIS life insurance policy may be right for you.

With coverage options as high as $10 million and policies like Whole Life, Universal Life, and Infinity Term, CUMIS caters to various financial goals. However, the lack of online quotes and limited information without speaking to an advisor might be a drawback for some. If you value flexibility and are a credit union member in Canada, CUMIS could be a suitable option for your life insurance needs.

Here are some of the pros and cons of CUMIS life insurance.


  • Coverage as high as $10 million
  • Many products to choose from
  • Preferred rates for eligible applicants
  • Critical illness insurance add-ons available
  • Subsidiary of The Co-operators


  • No online quotes are available (A drawback mentioned in many CUMIS life insurance reviews from customers)
  • Relatively little information is available without speaking with an advisor

Picking the right life insurance is a hard decision so before deciding on a policy with CUMIS take a peek at the competitors’ offerings. Our comparison tool below lets you get prices from many of Canada's leading life insurance providers. All you need to do is share some basic information on what you're looking for and voila, you can get over 20 personalized life insurance quotes, in seconds.

Compare the best life insurance companies

Get 20+ quotes in seconds

How much does CUMIS life insurance cost?

The price of life insurance with Cumis varies greatly depending on the type of insurance you want to purchase, your age, your health, your smoking status, and your financial goals.

Unfortunately, CUMIS does not offer online quotes nor do they have any indication of costs available through brochures, marketing material, or their websites. For a precise quote, shoppers need to contact CUMIS or their credit directly.

The table below offers a representative view of the expected monthly costs of term life insurance in Canada. The premiums shown are based on a death benefit value of $500,000 for a non-smoker in good health.

Expected Cumis term life insurance pricing

What does CUMIS life insurance cover?

CUMIS life insurance company offers a reliable way to meet any financial goals you may have while also providing financial security for your dependents. A CUMIS life insurance policy can cover anything from lost income to education costs and final expenses, as well as offering the perfect tool to grow your investments.

Life insurance can be used as a family protection tool, in need for business continuation or for specific needs such as disability cover or income replacement. Various life needs can be categorized as per the below.

Family protection cover

  • Rent and mortgage payments
  • Funeral costs as well as other final expenses
  • Survivor’s income for dependents
  • Higher education and tuition fees

Business continuation cover

  • Buy and sell agreements
  • Family business continuance
  • Key person/stakeholders
  • Collateral insurance

Special needs cover

  • Surviving critical illness
  • Retirement income
  • Disability and income protection
  • Charitable donations

Expert advice

Not sure how much life insurance you need? Unfortunately, CUMIS does not have an online calculator to help prospective clients plan their budget and ideal coverage. However, HelloSafe’s dedicated life insurance calculator quickly lets you figure out just how much life insurance coverage you need!

What types of life insurance does CUMIS life insurance offer?

Every individual has a unique life insurance requirement and you need a plan that works for you. Here is a quick comparison of the plans offered by CUMIS Life Insurance Canada.

Insurance TypeVersatile TermUniversal LifeWhole LifeInfinity Term
Coverage term
  • 10 years
  • 15 years
  • 20 years
  • 25 years
  • 30 years
For lifeFor lifeFor life
Age limit
Coverage to age 85
(Available to age 85 minus the length of term)
0-80 years0-80 years
  • To age 80 (Life-Pay)
  • To age 70 (20-Pay)
Cash value
Coverage amount
$25,000 to $10 million$25,000 to $10 millionStarts at $25,000$25,000 to $10 million
CUMIS Life Insurance Canada options

Let's take a look at each of these in some more detail.

CUMIS Term Life insurance

A great option for those looking for coverage for a specific period at an affordable rate. The term life insurance from CUMIS is available with term lengths of 10, 15, 20, 25 and 30 years. It is often used as an income replacement for families with children and/or a mortgage. It is available in coverage amounts ranging from $25,000 to $10 million.

They also offer preferred rates for eligible applicants and it comes with guaranteed renewal rates with an annual increase. The coverage is for people aged 16 years to 85 years minus the term of the policy. There are guaranteed level rates so premiums will not change until it’s time to review.

CUMIS Permanent life insurance

A permanent life insurance policy is ideal for those who want to leave an inheritance. While they are much more expensive, payout is guaranteed for accounts in good standing regardless of how long you live. The policy also has a built-in savings component which is known as the cash value and there are three types of permanent life plans you can choose from: Whole life, Universal life, and Infinity Term.

Whole Life Insurance: With this plan, you enjoy a life cover and accumulate cash value on a tax-deferred basis. It is available for individuals between the ages of 0 to 90 and the lowest coverage amount is $25,000. You have the potential to earn dividends while enjoying the guaranteed cash value and level premiums. There are 3 premium payment options: 10 years, 20 years, or for the life of the policy. This policy can include coverage for children known as Whole Life-Head Start.

Infinity Term: This has the advantage of a 20-Pay option, so you can keep premiums under control, and get life coverage, but only pay for 20 years. The plan has a minimum coverage amount of $25,000 and the maximum can go as high as $10 million. It is open for individuals from age 0 to 90 and it offers guaranteed insurance protection for life.

Universal Life: The Universal life policy is perfect for those who enjoy more flexibility than that offered by whole life insurance. It has customizable investment options and allows you to adjust the coverage in case your needs change. Even in this policy, the minimum coverage starts at $25,000 and goes up to $10 million. There is a guaranteed loyalty bonus which is based on the size and duration of the policy and also includes a disability benefit.

How do I get a CUMIS life insurance quote?

Before settling on a CUMIS Life Insurance Canada policy, it pays to compare the competition. Canada has dozens of life insurance providers. While it may seem like a daunting process to compare multiple plans and get estimates, we've made it simple for you. Simply use our comparator tool below and get free personalized quotes and compare coverages from Canada's best life insurance companies.

Compare the best life insurance companies

Get 20+ quotes in seconds

If you have decided to buy a CUMIS life insurance policy, you can request a quote directly from the provider by asking at a partner credit union or by reaching out by email to [email protected] or by phone to 1-800-810-2847 Mondays to Fridays from 8 am to 8 pm EST

How do I contact CUMIS life insurance customer service?

If you are keen to know more about CUMIS life insurance, you will need to reach out to a customer service executive over a CUMIS life insurance contact number. Here is everything you need to get in touch with the insurance provider.

CUMIS life insurance contact detailsContact details:
Contact number:
Fax Number:
[email protected]
CUMIS P.O. Box 5065, 151 North Service Road Burlington, ON L7R 4C2
CUMIS life insurance Contact
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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.

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