CMFG Life Insurance Company, the underwriter behind TruStage policies, carries an A (Excellent) rating from A.M. Best and has been serving credit union members for nearly 90 years. Their no-exam policies work well for people with health issues or seniors needing smaller coverage amounts, but the higher premiums and term rate increases make them less competitive for healthy applicants who could qualify for better rates elsewhere.
If you’ve seen TruStage life insurance advertised through your credit union, you’re looking at policies underwritten by CMFG Life Insurance Company. It’s a name that doesn’t get the same recognition as MetLife or Prudential, but they’ve been around since 1935 and currently serve over 20 million policyholders.
We’ve reviewed their products, ratings, and what actual customers are saying. Here’s what you need to know before you buy.
What is CMFG Life Insurance?
CMFG Life Insurance Company is the insurance arm of CUNA Mutual Group, a financial services organization that has worked with credit unions since the Great Depression. The company is headquartered in Madison, Wisconsin and operates throughout all 50 states.
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You won’t typically buy a policy directly from “CMFG.” Instead, you’ll purchase through TruStage, their consumer-facing brand. Think of CMFG as the company backing your policy, while TruStage is the name you’ll see on your paperwork and website.
This distinction matters because when you’re researching financial strength ratings or filing a claim, you’ll want to look up CMFG Life Insurance Company, not TruStage.
CMFG Life Insurance Financial Ratings
Before we get into products, let’s talk about whether this company will actually be around to pay your claim. After 30+ years in this industry, we’ve learned that financial strength ratings matter more than most people realize.
| Rating Agency | Current Rating | What It Means |
|---|---|---|
| A.M. Best | A (Excellent) | Third-highest of 16 rating categories |
| NAIC Complaint Index | 1.02 | Slightly above national average |
The A.M. Best rating of A (Excellent) was reaffirmed in December 2024, which tells us CMFG has the financial stability to pay claims well into the future. That’s the most important rating to check when evaluating any life insurance company.
The NAIC complaint ratio of 1.02 means they receive slightly more complaints than the average insurer. It’s not a red flag, but it’s worth noting. Most complaints we’ve seen relate to billing issues and claim processing delays rather than claim denials.
TruStage Life Insurance Products
CMFG keeps their product lineup simple. You’ll find three main options through TruStage.
Term Life Insurance
TruStage term life provides coverage up to $300,000 for applicants ages 18 to 69. There’s no medical exam required, just a health questionnaire.
Here’s the catch that many people miss: TruStage term premiums follow age-banded pricing, meaning your rates increase every five years. This is unlike most level term policies which offer fixed premiums for the entire term.
For example, a 35-year-old might pay $25 per month initially. But at age 40, that jumps to $35. At 45, it’s $48. By the time you’re 55, you could be paying three times your original premium for the same coverage.
This pricing structure makes TruStage term insurance more expensive over time compared to level-term policies from other carriers.
Simplified Issue Whole Life Insurance
This permanent coverage is available for ages 18 to 85 with face amounts from $1,000 to $100,000. You’ll answer a few health questions, but there’s no medical exam.
The premiums are locked in at your current age and won’t increase. Your coverage also builds cash value over time that you can borrow against if needed.
If you’re approved, coverage begins immediately with no waiting period. This makes it a solid option for people who need guaranteed permanent protection and can answer “no” to the health questions.
Guaranteed Acceptance Whole Life Insurance
This is CMFG’s option for people who can’t qualify for traditional life insurance due to serious health conditions. If you’re between 45 and 80, you’re automatically approved with no health questions asked.
Coverage amounts for guaranteed acceptance range from $1,000 to $25,000, targeting final expenses like funeral costs.
There’s one important limitation: the two-year waiting period. If you pass away from natural causes during the first two years, your beneficiaries receive a refund of premiums paid plus 10% interest rather than the full death benefit. Accidental death is covered in full from day one.
Who Should Consider CMFG Life Insurance?
After reviewing their products and comparing them to other carriers we work with, here’s our honest assessment.
CMFG/TruStage works well for:
People with health conditions who’ve been declined elsewhere. The no-exam policies and guaranteed acceptance option provide coverage when other companies say no.
Credit union members who want the convenience of buying through their financial institution. The application process is straightforward and can be completed online in about 15 minutes.
Seniors needing smaller coverage amounts for final expenses. The $25,000 maximum on guaranteed acceptance and $100,000 on simplified issue whole life fits this need well.
Anyone who prioritizes simplicity over customization. If you want a basic policy without riders or complex options, TruStage delivers exactly that.
CMFG/TruStage may not be the best fit for:
Healthy applicants who could qualify for fully underwritten policies. You’ll likely find significantly lower rates with carriers that offer traditional underwriting.
People needing coverage over $300,000. The maximum limits are relatively low compared to industry standards.
Anyone wanting policy customization. TruStage doesn’t offer riders like accelerated death benefits, waiver of premium, or children’s term riders that other carriers include.
Buyers who want level term premiums. The five-year rate increases can make TruStage term policies expensive over time.
The Bottom Line
CMFG Life Insurance Company is a financially stable insurer with nearly 90 years of history serving credit union members. Their TruStage products fill an important niche for people who need simplified underwriting or guaranteed acceptance.
That said, the lack of customization options, coverage limits, and term premium structure mean TruStage isn’t the most competitive choice for everyone. If you’re in good health and qualify for traditional underwriting, you’ll almost certainly find better rates elsewhere.
We recommend getting quotes from multiple carriers before making a decision. What works for one person’s situation may not be the best fit for yours.
Frequently Asked Questions
Is CMFG Life Insurance the same as TruStage?
CMFG Life Insurance Company is the underwriting company that issues TruStage policies. When you buy TruStage life insurance, your policy is backed by CMFG. They’re part of the same organization, just different names for different functions.
Do you need to be a credit union member to buy TruStage life insurance?
No. While TruStage heavily markets through credit unions, their policies are available to the general public. You can apply directly through the TruStage website. Credit union membership is not required.
Does CMFG Life Insurance require a medical exam?
No. All TruStage life insurance products are no-exam policies. Depending on the product, you’ll either answer a health questionnaire (term and simplified issue whole life) or face no health questions at all (guaranteed acceptance whole life).
What is the maximum coverage available from CMFG?
Term life insurance goes up to $300,000. Simplified issue whole life maxes out at $100,000. Guaranteed acceptance whole life is limited to $25,000. These limits are lower than many competitors offer.
Why do TruStage term premiums increase?
Unlike level term policies from most carriers, TruStage term insurance uses age-banded pricing. Your premium increases every five years as you move into the next age bracket. This can make the policy significantly more expensive over a 20 or 30-year period compared to a level term policy.
Key Takeaways
- Strong financial backing – CMFG Life Insurance Company carries an A (Excellent) rating from A.M. Best, confirming strong financial stability to pay future claims.
- Three main products – TruStage offers term life, simplified issue whole life, and guaranteed acceptance whole life, all without medical exams.
- Term premiums aren’t level – Rates increase every five years rather than staying fixed, which can make coverage expensive over time.
- Lower coverage limits – Maximum amounts ($300K term, $100K whole life) are lower than competitors, and no policy riders are available.
- Best for specific situations – Ideal for people with health issues, seniors needing final expense coverage, or anyone prioritizing simplicity over price.
Want help comparing CMFG to other carriers for your specific situation? Use the life insurance quoter on this page and we will show you options from multiple companies so you can make an informed decision.
