MADISON, Wis.—CUNA Mutual Group has introduced TruStage Essential Whole Life, a product that offers lifetime coverage up to $250,000.
According to CUNA Mutual Group, the new offering provides substantially higher coverage amounts than the brand’s other whole life offerings.
TruStage Essential Whole Life is issued from CMFG Life Insurance Company and is designed to be easy to apply for and usually requires no medical exam, CUNA Mutual stated. 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, senior vice president, TruStage in a release. “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.”
Pointing to a 2014 LIMRA Insurance Barometer Report that indicates 80% of adults say life insurance is needed but 40% of these people have none at all, CUNA Mutual Group said it is investing $250 million over three years on initiatives designed around the consumer.
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