The CUMIS Group Limited is a group that strives to work with credit unions in order to provide its clients with the best of a variety of insurance products and wealth management services. Some of the products and services available through CUMIS and its partner credit unions include life insurance, disability insurance, home insurance, travel insurance, auto insurance, business insurance, liability insurance and critical illness insurance. To learn more about disability insurance click here. Owned jointly by the Co-operators Life Insurance Company and Central 1 Credit Union, the CUMIS Group itself consists of several companies including the CUMIS Life Insurance Company and CUMIS General Insurance Company. With over 380 credit union partners and more than 5 million members, CUMIS is proud to be the leading insurance product provider to Canadian credit unions.
If you’re looking for life insurance through the CUMIS Life Insurance Company, then you’re in the right place. There are several types of life insurance products sold by CUMIS Life including Term 10, Term 20 and Term 100. The CUMIS Term 10 life insurance plan is, like the name implies, a term life insurance plan, which means that you will only be insured for a specified period of time. If you die within that period of time, your beneficiaries will receive a lump-sum payment; however, if you do not die within that covered period of time, there will be no payments. In the case of Term 10 insurance, that period of time is 10 years. The Term 10 plan provides anywhere between $50,000 and $10 million in coverage. It is available to people between the ages of 16 and 75. You have the option of renewing the plan after it expires without having to undergo a new medical exam.
The CUMIS Term 20 life insurance plan also offers coverage in amounts from $50,000 to $10 million, and it can be purchased by people between the ages of 16 and 75. The plan is quite similar to the Term 10 insurance plan; the only major difference is that Term 20 will provide coverage for a period of 20 years. Both plans come with a free legal fee benefit; upon death, the plan will provide up to an additional $1,000 to deal with legal fees associated with the payout to the beneficiaries.
The CUMIS Term 100 life insurance plan provides coverage from $25,000 to $10 million. This coverage is permanent, and it may be bought by anyone between the ages of 25 and 80. If you live past the age of 100, you will not be required to pay any additional premiums. The rate you will pay is locked in at the start of the policy and will never go up. Some additional features that are included in the Term 100 plan include a nursing home benefit, terminal illness benefit, 20 Pay option and a legal fee benefit.