Is CMFG Life a good annuity company?
Yes, with one caveat about where you shop for it. CMFG Life holds an A (Excellent) rating from AM Best and an even stronger A+ from S&P Global, and it operates as a mutual company with no outside shareholders to satisfy. It has been paying claims since 1935 without an insolvency. The catch is distribution: most buyers meet CMFG Life through a credit union relationship rather than the open independent market, so the rate you are offered is not automatically the best rate available. Ask for a side-by-side comparison before you sign, and CMFG Life belongs on your list.
CMFG Life at a glance
| Legal name | CMFG Life Insurance Company, sold under the TruStage brand |
|---|---|
| Parent company | CUNA Mutual Group |
| Structure | Mutual company, no outside shareholders |
| Founded | 1935 |
| Headquarters | Madison, Wisconsin |
| AM Best rating | A (Excellent) |
| S&P rating | A+ (Strong) |
| What it sells | Fixed annuities and MYGAs, mainly through credit unions |
| Typical minimum premium | $5,000 on most annuity products |
| States available | All 50 states |
Where CMFG Life sits on the AM Best scale
A is grade 3 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+
- ACMFG Life
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for CMFG Life
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Who owns CMFG Life?
CMFG Life Insurance Company is the main insurance subsidiary inside CUNA Mutual Group, which now markets itself to consumers as TruStage. If your credit union has ever offered you an annuity, a life policy or even auto coverage through a branch kiosk, there is a fair chance CMFG Life or an affiliate was standing behind it. The company built its business by partnering with credit unions rather than competing with banks directly, and that partnership now reaches a large share of the credit union movement in the United States.
For someone shopping for a fixed annuity, that history means CMFG Life pairs a solid balance sheet with a distribution model most other carriers do not use: your own financial institution, rather than an independent agent, is often the one presenting the contract.
CMFG Life financial strength ratings
| Rating agency | Rating | What it means | Outlook |
|---|---|---|---|
| AM Best | A | Excellent | Stable |
| S&P Global | A+ | Strong | |
| Moody's | Not rated | ||
| Fitch | Not rated |
CMFG Life carries an A from AM Best and, notably, a full letter grade higher from S&P at A+, a gap worth noting since the two agencies do not always agree. As a mutual insurer, CMFG Life answers to its policyholders rather than to public shareholders looking for quarterly returns, which tends to favor a conservative, long-horizon investment style.
The company has been writing policies since 1935 and has never failed to pay a claim through a full recession, a world war and multiple market crashes. Its parent group also sells life, health and property coverage alongside annuities, so annuity policyholders are not the only source of revenue keeping the balance sheet stable.
A rating measures the company, not the product. It tells you how likely the insurer is to pay its obligations, not whether a particular annuity fits your goals.
What annuities does CMFG Life sell?
CMFG Life keeps its annuity lineup simple and aimed at credit union members who want a guarantee they can explain to a neighbor:
- Multi-year guaranteed annuities (MYGAs): a single deposit earns a fixed rate for a set number of years, positioned as a safer, tax-deferred alternative to a bank CD.
- Fixed annuities: annually declared rates rather than a locked multi-year term, offered through the credit union's in-house financial services desk.
- IRA annuities: fixed and MYGA contracts built to hold qualified money, often used when a member rolls funds out of a former employer's retirement plan.
The credit union channel: an advantage and a blind spot
Buying through your credit union carries real trust. You already know the institution, you likely bank there, and the people presenting the annuity work for an organization built around member benefit rather than profit, at least in theory. That relationship can make a big financial decision feel less intimidating.
The blind spot is that a credit union desk usually offers one carrier's products, not a shopped comparison across the market. A member who accepts the first CMFG Life MYGA rate offered may never learn whether a similarly rated carrier such as Clear Spring or Oceanview would pay more for the same term. That is not a knock on CMFG Life specifically; it is simply how single-carrier distribution works everywhere it appears.
If you are a credit union member looking at a CMFG Life quote, it costs nothing to have a licensed strategist check that rate against the broader market before you fund the contract.
Who is CMFG Life best for?
- Credit union members who already trust the institution and like the convenience of handling the purchase where they already bank.
- IRA rollover savers moving money out of an old employer plan who want a familiar, mutual-owned carrier to receive it.
- Conservative buyers who value nine decades of uninterrupted operation and a policyholder-first structure over squeezing out the last basis point of rate.
CMFG Life is a weaker fit for someone actively rate-shopping the full independent market. A dedicated MYGA specialist or a large, full-lineup carrier such as Athene may pay more for the same guarantee once you compare every option side by side.
How to reach CMFG Life
| Contact method | Details |
|---|---|
| Website | www.trustage.com |
| Customer service | 1-800-877-7101 |
| Mailing address | CMFG Life Insurance Company, 5910 Mineral Point Road, Madison, WI 53705 |
| Hours | Monday to Friday, 7 a.m. to 6 p.m. Central |
We are an independent agency, not affiliated with CMFG Life or CUNA Mutual Group. We can compare a CMFG Life quote with other top-rated carriers so you know where it stands before you commit.
Other annuity companies to consider
- Clear Spring: another A-range MYGA carrier worth comparing on rate
- Oceanview: a rate-focused MYGA specialist
- Athene: the largest fixed annuity seller in the country, A+ rated
Pros and cons
Pros
- A (Excellent) rating from AM Best and A+ from S&P Global
- Mutual ownership structure, run for policyholders rather than shareholders
- More than 90 years of continuous operation with no insolvency on record
- Reaches members through thousands of credit unions nationwide
- Backed by a parent group with a diversified mix of insurance lines
- Low $5,000 minimum premium on most annuity products
Cons
- Sold mainly through a single channel, your credit union, not the open agent market
- Credit union offers are not automatically benchmarked against competing carriers
- Rate shoppers should still compare CMFG Life against the wider MYGA market
- Far less name recognition outside the credit union world
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
