Columbian Mutual Financial Group (CMFG) which is a subsidiary of Columbian Mutual Life has roots that go back more than 130 years now. This financial conglomerate has always targeted and serviced hard-working families to help them manage their everyday financial needs.
The company originally started out as the American Protective Association and operated from their home office in Brooklyn, New York. Then, in 1907 the company name was changed to the Columbian Protective Association. Like many other U.S. insurers, the company decided to begin operating as a mutual company and answer to its policyholders rather than shareholders. The company soon began operating in all 50 states until finally merging with Unity Mutual Life Insurance to pick up assets totaling $1.4 billion and operating capital of more than $100 million.
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CMFG Life Insurance Financial Ratings
Life insurance shoppers should consider the financial stability of life insurers along with other important factors before reaching a buying decision. Although most life insurance shoppers target monthly premiums as a deciding factor, we encourage shoppers to take into consideration that they are purchasing a product that their beneficiary and surviving loved ones are likely to depend on many years in the future. CMFG ratings are as follows:
|Rating Service||Current Rating|
|A.M. Best Rating Services||A – Excellent|
|Standard & Poor’s||A|
These ratings are solid evidence that CMFG Life Insurance will have the ability to pay the claim on your life when your surviving loved ones need it.
CMFG Life Insurance Products
CMFG Life offers a complete portfolio of permanent and term insurance products to meet the needs of their clients and prospective clients.
CMFG Life’s Caring Solutions plan is a whole life insurance policy with a unique design when compared to other U.S. insurers. Agents consider this plan that will accommodate four adults and all eligible children in the household to be a solid family life insurance plan. Caring Solutions offers face amounts of $20,000 to $99,999 and applicants can add several optional riders to broaden their coverage.
- Waiver of Premium – This rider provides for the insurance company to waive the periodic premiums if an insured becomes totally disabled for a period of 6 months or longer.
- Other Insured Rider – Applicants can use this rider to add three additional insureds with term insurance as long as insurable interest is presented. Coverage is provided up to age 65.
- Children’s Term Rider – The children’s term rider provides level term insurance on eligible children up to age 25. This includes natural born, adopted, and stepchildren.
- Accidental Death Benefit – The Accidental Death Benefit provides for the insurance company to double the death benefit up to a maximum of $250,000 if the insured’s death is the result of an accident.
- Accelerated Death Benefit – This popular optional rider provides for the insurer to advance up to 50% of the base death benefit if the insured is diagnosed with a terminal illness that is likely to result in the insured’s death within 12 months.
Dignified Choice Final Expense
The Dignified Choice product provides whole life final expense insurance to cover the expenses for the insured’s funeral, unpaid medical expenses, or nursing home expenses that were not covered by health insurance.
The Dignified Choice Final Expense policy contains all of the benefits and guarantees that are provided by traditional whole life insurance:
- Level Premiums that will not change for the life of the policy
- The death benefit is guaranteed to never decrease for the life of the policy
- Cash Values are guaranteed over time and can be borrowed against if needed
- The policy is non-cancellable as long as the premiums are paid and your answers on the application are truthful
Flagship Whole Life
The Flagship Whole Life policy provides coverage to age 121 and level premiums until age 90. The available face amounts are $100,000 plus and is a great solution for insureds who are looking to setup the infinite banking concept because of dividends paid by the insurance company. There are eight optional riders available to allow for broader coverage and living benefits.
Guaranteed Issue Whole Life
This life insurance product was designed to accommodate less than healthy applicants who experience difficulties qualifying for traditional life insurance. The issue amounts are $5,000 to $10,000 for applicants age 25 to 44 and $2,500 to $25,000 for applicants age 45 to 80. There is no medical exam required and no health questions on the application.
Stellar Solutions Universal Life
Universal Life Insurance is always a great solution for applicants who are looking for permanent life insurance with a savings component. Universal life insurance has gained its popularity because of the flexibility of the policy that allows the insured to change premiums and coverage due to life events.
Available face amounts are $25,000 to $10 million with the option of a level or increasing death benefit. Applicants can choose from five popular insurance riders to broaden their coverage and add living benefits to their policy.
TermLine 10, 15, 20
The TermLine product is term insurance available in 10, 15, or 20-year terms. The premiums are guaranteed to remain level for the first 10 years and typically remain level for the balance of the term.
The company will offer a renewal policy at expiration at the attained age premiums or will allow insureds to re-enter with a new policy for another period of 10, 15, or 20-years.
Available face amounts are $200,001 ($250,001 in New York) up to $10 million.
TermLife Simplified Issue Term
CMFG’s TermLife is a term insurance product that can be purchased with 15, 20 or 30 year term periods. CMFG’s TermLife Plus product can be purchased with a 20 or 30 year initial term period and returns 50% of all base policy premiums paid at the end of the initial term. When the initial term period expires both policy types can be renewed by the policyholder at yearly guaranteed renewal premiums to age 95. TermLife and TermLife Plus are can be purchased with face amounts from $25,000 to $250,000.
TermLife Simplified Issue Term provides a selection of five optional riders that allows the applicant to broaden their coverage to meet their individual needs.
We feel CMFG Life is a well-established life insurance company and delivers affordable insurance products while delivering outstanding customer service and claims service.