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Life Insurance FAQs

  • Term life insurance

    - can provide affordable, high-coverage protection for a specific period of time (or term).

    - pays a benefit if you die during the term.

    - could have benefits and premiums that change over time, depending on the specific policy.

    Whole life insurance

    - offers coverage you can never outlive.

    - has premiums that remain the same throughout your lifetime.

    - can provide a future source of money prior to your death, building cash value over time.

    - allows for loans (which incur interest) against the value, with unpaid amounts decreasing the death benefit.

  • Accidental death and dismemberment insurance only pays a benefit as the direct result of an accident. Life insurance pays no matter how a death occurs.
  • Whole life insurance provides level death benefit coverage for the insured's lifetime from the date of issue until the date of death, provided premiums are paid. It provides both a living death benefit and a death benefit and is usually purchased to meet a long-term need for protection. Premium amounts remain level for the contract's lifetime. Whole life insurance also generates cash value that can accumulate. Maximum coverage period varies by product - typically age 100 or age 121. When the coverage period ends, the face amount would be paid to the insured if still living.
  • Term insurance is the simplest form of life insurance. It provides coverage for a specified period of time (term) and simply provides a benefit upon death. Usually there are no cash value benefits nor any dividends generated with term insurance. Premiums are renewable and usually increase at every renewal date. Term insurance includes a conversion privilege that allows the insured to convert to permanent insurance at key times during the policy coverage.
  • A term "conversion" is an exchange of a term life policy for a permanent plan without a medical examination requirement. Premiums for the permanent plan are based on your age at the time of the conversion and the specific product chosen.
  • Go to Account Overview and click on View Policy Details or View Contract Details. Please refer to your contract for additional features and benefits or call for friendly help and expert assistance.
  • Policy loans cannot be made online. Please call for friendly help and expert assistance.
  • The length of time it takes to receive your money will depend on the time at which the request is received and the delivery method that you choose. Requests received prior to 3:00 p.m. CT are processed within 3 calendar days. Requests received after 3:00 p.m. are considered received the next business day and will be processed within 4 calendar days.

     

    Delivery methods available include: 

    Method Time Charges
    Check sent via U.S. Postal Service Sent the day after the request is processed. Receipt depends on U.S. Postal Service. None
    Check sent via Overnight Delivery Service Sent the day after request is processed. For most areas, you will receive the check the next business day. Some remote areas take 2 business days. $25.00
    Wire to your account Funds will be credited to your account the day after we process your request. We need the name of your financial institution, routing and account numbers, type of account (savings, checking or share draft) and names on the account. $25.00
    Electronic Funds Transfer Funds will be credited to your account with 48 hours (business days) after your request is processed. We need the name of your financial institution, routing and account numbers, type of account (savings, checking or share draft) and names on the account. None


  • Money that may be paid annually to policy owners participating in cash value life insurance policies. Dividends are not guaranteed and not all policies are eligible for dividends.
  • Dividend withdrawals cannot be made online. Please call for friendly help and expert assistance.
  • This service request can be made by completing and mailing the Service Request form or calling for assistance.
    Sign-In or Create Your Account  
    • Select Help and Support  
    • Select Life Insurance Forms from the Forms section
    • Select the Service Request form 
    • Complete and mail 
  • This service request can be made by completing and mailing the Service Request form or calling for assistance.
    Sign-In or Create Your Account  
    • Select Help and Support  
    • Select Life Insurance Forms from the Forms section
    • Select the Service Request form that matches your request
    • Complete and mail
  • No, you’re not covered when your policy is inactive. Make a payment on your policy to reinstate your coverage.
  • You may be eligible to reinstate your policy by paying past premiums and providing evidence of insurability. Please call for assistance with your policy.
  • Forms 1099-INT and 1099-R will be mailed by January 31st for qualifying policies/contracts.
  • You can view and quickly update your beneficiary information online. Sign-In and click the Beneficiaries link on the Account Overview or Policy Details page. 
     
    If you have questions about your current beneficiaries, you can click on the chat icon to get help now, or give us a call. 
  • Life insurance proceeds are not taxable. Any interest paid on the benefits is taxable.
  • By Phone: Contact a Claim Professional at 1-800-779-5433, Monday - Friday, 7:00 a.m. - 7:00 p.m. CST 

    By Email: You may e-mail us at: WavClaimsMail@cunamutual.com

    By Mail: Send information to:

    CMFG Life Insurance Company or MEMBERS Life Insurance Company

    2000 Heritage Way

    Waverly, IA 50677-9202


    Please provide the insured's name, date of birth, date of death, and policy number(s).

    If you are not the policy beneficiary, you may be asked for the beneficiary's address.

    Please note: Policies in force for two years or less will require additional documentation for claim review.

  • Anyone can notify us of a death. However, only the named beneficiary(ies) can submit the necessary documentation or evidence to settle the claim.
  • By Phone: Contact a Claim Professional at 1-800-779-5433, Monday - Friday, 7:00 a.m. - 7:00 p.m. CST 

    By Email: You may e-mail us at: WavClaimsMail@cunamutual.com

    By Mail: Send a letter to:

    CMFG Life Insurance Company or MEMBERS Life Insurance Company

    2000 Heritage Way

    Waverly, IA 50677-9202

  • 1) Proof of death

    Additional Information is required:

    If Beneficiary is Estate:

    • Letters of Testamentary or Authority issued by the Probate Court showing the name and address of the executor or personal representative of the estate.

    • A valid Tax ID Number for the estate (provide on claim form). If you do not have an ID #, one can be obtained by calling the IRS at 1-800-829-4933.

    • If there are not enough assets to probate an estate, please obtain a Small Estate Affidavit from the county court house – Probate division, where insured resided.

    If Beneficiary is Trust:

    • A copy of the trust agreement. The pages of the Trust required are: the title page, the appointment of trustees or successor trustees after death of the insured and the final page showing the date and witness signatures.

    • A valid Tax ID number for the trust. If you do not have an ID #, one can be obtained by calling the IRS at 1-800-829-4933.

    If Beneficiary is a Minor:

    • Completed Claimant's Statement completed by an adult family member in behalf of the minor. The funds will be placed in an interest bearing account with our company until the minor reaches legal age.

    • To have the funds released prior to the time the minor reaches age of majority, copies of the court appointment papers for guardianship or conservatorship for the minor child must be received.

    If Beneficiary is Deceased:

    • Proof of death for the deceased beneficiary. 

  • CMFG Life Insurance Company or MEMBERS Life Insurance Company

    2000 Heritage Way

    Waverly, IA 50677-9202

    Fax Number: 1-608-236-8030

  • By Phone: Contact a Claim Professional at 1-800-779-5433, Monday - Friday, 7:00 a.m. - 7:00 p.m. CST 

    By Email: You may e-mail us at: WavClaimsMail@cunamutual.com

    By Mail: Send a letter to:

    CMFG Life Insurance Company or MEMBERS Life Insurance Company

    2000 Heritage Way

    Waverly, IA 50677-9202

  • By Phone: Contact a Claim Professional at 1-800-779-5433, Monday - Friday, 7:00 a.m. - 7:00 p.m. CST 

    By Email: You may e-mail us at: WavClaimsMail@cunamutual.com

    By Mail: You can request a status update in writing by sending a letter to:

    CMFG Life Insurance Company or MEMBERS Life Insurance Company

    2000 Heritage Way

    Waverly, IA 50677-9202    

  • It normally takes 1-3 business days to process a claim. A letter, a statement of values and the settlement check are sent out through regular mail.