MADISON, Wis. (11/13/14)--CUNA Mutual Group has introduced more robust whole life insurance to complement its other TruStage products for credit union members.
The new product, TruStage Essential Whole Life, provides higher coverage amounts than the brand's other whole life offerings.
TruStage Essential Whole Life is issued by CMFG Life Insurance Co. and offers lifetime coverage up to $250,000. It is designed to be easy to apply for and usually requires no medical exam. It is intended to be affordable and contains riders to obtain other types of coverage, such as term-life and accidental-death insurance.
"We're focused on how we can help credit union members build a better financial future for themselves and their families," said Susan Sachatello, TruStage senior vice president. "Our experience and discussions conducted with more than 2,400 members showed that lifetime protection--including higher coverage amounts--was a need for many members, especially those with key life events ahead of them. This new product is a perfect fit for these members."
The 2014 LIMRA Insurance Barometer Report indicates 80% of adults say they need life insurance, yet nearly 40% don't have coverage.
CUNA Mutual Group is investing $250 million over three years on initiatives--designed around the consumer--to expand media to reach and educate members; channels to deliver products and services suited to the preferences of individual consumers; and new products designed for those moments in time when families are in greatest need of protection and planning.