Cmfg Life Insurance: What You Need To Know

CMFG Life Insurance Company, formerly known as CUNA Mutual, is a stock life insurance company that has been serving credit unions and their members since 1935. The company offers a range of financial products, including life, accident, and health insurance, as well as annuities. CMFG Life Insurance Company is duly authorized and licensed to operate in 49 states, the District of Columbia, and foreign countries. The company's subsidiaries and affiliates use the marketing name TruStage Financial Group, which provides a variety of insurance and investment products. TruStage offers whole and term life insurance, accidental death and dismemberment insurance, auto insurance, and property insurance.

TruStage Financial Group

In addition to insurance, TruStage Financial Group provides wealth management and retirement services such as broker/dealer services, pension and 401(k) plans, mutual funds, managed accounts, and various annuity options. The company also offers lending services, including loan generation marketing, document management, compliance services, and lender development programs.

CMFG Life Insurance Company's subsidiaries

CMFG Life Insurance Company, formerly known as CUNA Mutual, is a subsidiary of TruStage Financial Group, Inc. (formerly CUNA Mutual Group). TruStage Financial Group is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide.

TruStage Financial Group offers a range of insurance products, including whole and term life insurance, accidental death and dismemberment insurance, auto insurance, and property insurance. The company's subsidiaries and affiliates fall under the marketing name of TruStage Financial Group.

TruStage Financial Group was founded in 1935 as the CUNA Mutual Insurance Society, with the purpose of offering financial protection to Americans during the credit union movement. The company has since expanded its services and now serves over 30 million consumers across its lending, retirement, and wealth management products.

The company has nearly 3,700 employees across its offices in Waverly, Iowa; Great Bend, Kansas; Fort Worth, Texas; and Madison, Wisconsin, as well as field employees located throughout the United States. The world headquarters are in Madison, Wisconsin, with 1,900 employees working at this location.

In addition to its US presence, TruStage Financial Group also has international locations in the Dominican Republic, Jamaica, Puerto Rico, and Trinidad and Tobago.

CMFG Life Insurance Company's history

CMFG Life Insurance Company, formerly known as CUNA Mutual, is a stock life insurance company that has been in operation since 1935. The company is based in Madison, Wisconsin, and has additional offices in Iowa, Kansas, Texas, and Wisconsin. With a focus on serving credit unions and their members, CMFG Life Insurance Company offers a diverse range of financial products, including life, accident, and health insurance, as well as annuities.

The company's history began with the establishment of the CUNA Mutual Insurance Society in 1935. The primary goal of this society was to provide financial protection to Americans during the credit union movement. After World War II, the company experienced rapid growth and expansion of its services. It was not until 1983, however, that they began selling insurance products. Over the years, they have built a strong presence in the United States and its territories.

In terms of financial stability, CMFG Life Insurance Company demonstrates a strong position. As of December 2023, the company's assets totalled $17,939,129,349, with liabilities of $14,986,357,965. This results in a favourable assets-to-liability ratio of 119.70%. The company is duly authorised and licensed to conduct life and health insurance business in 49 states, the District of Columbia, and foreign countries.

CMFG Life Insurance Company is also the underwriter for TruStage's accidental death and dismemberment insurance product. TruStage, the marketing name for CMFG Life Insurance Company and its subsidiaries, offers a comprehensive range of insurance and investment solutions tailored to meet diverse needs. This includes whole life insurance, homeowners insurance, and various other commercial and personal insurance products. TruStage has been recognised by Forbes as one of the best insurance companies, demonstrating its commitment to delivering excellent financial solutions.

CMFG Life Insurance Company's products

CMFG Life Insurance Company is the insurance arm of TruStage Financial Group, formerly known as CUNA Mutual Group. CMFG offers a range of insurance products through TruStage, including:

Whole and Term Life Insurance

TruStage offers two types of whole life insurance: simplified whole life insurance and guaranteed acceptance whole life insurance. Simplified whole life insurance requires medical exams or questioning and pays a cash benefit if the insured person dies. Guaranteed acceptance whole life insurance does not require medical exams or questioning but still pays a cash benefit upon the death of the insured. Term life insurance guarantees payment of a death benefit during a specified time period.

Accidental Death and Dismemberment Insurance

This insurance product pays a cash benefit if the insured person dies or is seriously injured in an accident.

Auto Insurance

Auto insurance is underwritten by Liberty Mutual and Esurance and offers coverage for cars, motorcycles, boats or watercraft, ATVs or off-road vehicles, and recreation vehicles (RVs).

Home Insurance

Home insurance is also underwritten by Liberty Mutual and Esurance and offers coverage for homeowners, renters, or condo residents and their property.

In addition to these insurance products, CMFG Life Insurance Company, through TruStage, provides retirement plan services, wealth management services, and lending services. TruStage also offers a range of annuities, including multi-year guarantee annuities, traditional fixed annuities, and fixed indexed annuities.

CMFG Life Insurance Company's ratings

CMFG Life Insurance Company, formerly known as CUNA Mutual, is the marketing name for TruStage Financial Group, Inc., its subsidiaries, and affiliates. The company has served credit unions and their members since 1935 and offers a variety of financial products, including life, accident, and health insurance, as well as annuities.

CMFG Life Insurance Company has received positive ratings and recognition from several sources. Here is an overview of its ratings:

A.M. Best Rating:

As of December 2023, A.M. Best, a credit rating agency, rated CMFG Life Insurance Company as "A" (Excellent), which is the third-highest out of 16 possible ratings. This rating indicates the company's strong financial performance and stability.

TrustPilot Rating:

TruStage, the brand under which CMFG Life Insurance Company operates, has received high ratings from consumers on TrustPilot, with a score of 4.75 out of 5 stars. This rating reflects customer satisfaction and their experience with the company's products and services.

Better Business Bureau (BBB) Rating:

CMFG Life Insurance is not accredited by the Better Business Bureau (BBB). However, it has received an A+ rating from the BBB serving Greater Iowa, Quad Cities, and Siouxland Region. The BBB ratings are based on a variety of factors, including business practices, complaint handling, and customer feedback.

Assets and Liabilities:

As of December 31, 2023, CMFG Life Insurance Company reported the following financial figures:

• Assets: $17,939,129,349
• Liabilities: $14,986,357,965
• Capital and Surplus: $2,952,771,383
• Assets to Liability Ratio: 119.70%

These financial figures indicate the company's financial stability and ability to meet its obligations. The assets to liability ratio shows that the company has a healthy financial position, with assets exceeding liabilities.

In summary, CMFG Life Insurance Company has received positive ratings and recognition for its financial strength, stability, and customer satisfaction. These ratings reflect the company's long-standing presence in the industry and its ability to deliver on its commitments.

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