Is CMFG Life Insurance Legit? A Review of Its Products, Prices, Customer Service

Is CMFG Life Insurance Legit? A Comprehensive Review

Life insurance is a vital financial product that can protect your loved ones in case of your death.

An image to illustrate: CMFG Life Insurance
CMFG Life Insurance is a reputable company that offers term and whole life insurance products. But is it the best option for you? Read this review to find out if CMFG Life Insurance is legit and how it compares to other insurers/PHOTO COURTESY: Trustage

However, choosing the right life insurance company can be challenging, especially with so many options available in the market.

One of the companies that you may have come across is CMFG Life Insurance, which sells its products under the TruStage brand.

But is CMFG Life Insurance legit? How does it compare to other insurers in terms of products, prices, and customer service?

In this article, we will answer these questions and more, based on the latest information and reviews from reliable sources.

CMFG Life Insurance Products

CMFG Life Insurance offers two main types of life insurance products: term life and whole life.

Term life insurance provides coverage for a specific period, usually 10, 20, or 30 years.

If you die within the term, your beneficiaries will receive the death benefit.

Term life insurance is typically cheaper and more flexible than whole life insurance, but it does not accumulate any cash value.

Whole life insurance provides coverage for your entire life, as long as you pay the premiums.

It also builds cash value over time, which you can borrow or withdraw for various purposes.

Whole life insurance is usually more expensive and less flexible than term life insurance, but it offers more stability and guarantees.

CMFG Life Insurance does not require a medical exam for any of its products, which makes it easier and faster to apply and get approved.

However, this also means that the premiums may be higher than other insurers that do require a medical exam.

CMFG Life Insurance also has a limited range of coverage amounts, from $2,000 to $300,000, depending on the product and your age.

This may not be enough for some people who need more protection or want to leave a larger legacy.

CMFG Life Insurance Prices

The prices of CMFG Life Insurance products vary depending on several factors, such as your age, gender, location, health status, and coverage amount.

However, based on some average rates from different sources, CMFG Life Insurance appears to be reasonably priced and competitive with the national averages.

For example, the average monthly premium for a 20-year term life policy with $100,000 of coverage from CMFG Life Insurance is $15.88 for a 30-year-old male and $13.13 for a 30-year-old female.

The national average for the same policy is $16.14 for a male and $13.58 for a female.

Similarly, the average monthly premium for a whole life policy with $10,000 of coverage from CMFG Life Insurance is $29.50 for a 50-year-old male and $24.92 for a 50-year-old female.

The national average for the same policy is $31.81 for a male and $26.58 for a female.

CMFG Life Insurance Customer Service

Another factor that can influence your decision to choose a life insurance company is its customer service.

How well does CMFG Life Insurance handle claims, complaints, and inquiries from its policyholders?

According to the Better Business Bureau (BBB), CMFG Life Insurance is accredited with an A+ rating and has received mostly positive feedback from customers.

The company also has a low number of complaints filed with the National Association of Insurance Commissioners (NAIC), indicating a high level of customer satisfaction.

Moreover, CMFG Life Insurance has a strong financial rating of A or Excellent from AM Best, which means that it has a superior ability to meet its ongoing obligations to its policyholders.

Conclusion

CMFG Life Insurance is a legit and reputable life insurance company that has been in business since 1935.

The company offers two types of life insurance products: term life and whole life, which are available without a medical exam and with a quick online application process.

The company also has reasonable and competitive prices, compared to the national averages.

Furthermore, the company has a high level of customer service, as evidenced by its BBB rating, low complaint ratio, and excellent financial rating.

Therefore, CMFG Life Insurance could be a good option for many people who are looking for reliable and simple life insurance coverage.

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