RALEIGH, N.C. – Since introducing the SECU Life Insurance Co. in 2013, State Employees’ Credit Union (SECU) is reporting that more than 34,000 members have taken advantage of its offerings, equating to over $1 billion in coverage.
“Most financial experts consider life insurance to be a critical part of a sound financial plan; very few people have the assets to offset their risk exposure,” SECU said. “With the average cost of a funeral today at close to $10,000, no insurance coverage to help compensate can be emotionally and financially devastating. SECU Life Insurance is helping members create a more comprehensive financial plan for the protection and well-being of their families.”
SECU has a team of licensed non-commissioned SECU Life Insurance agents on staff in all 258 SECU branches statewide to assist members with their insurance needs. Members can choose from term and whole life policies, as well as deferred and immediate fixed annuities. SECU Life also provides an automatic no-cost $1,000 group term life policy for each of the CU’s FAT CAT youth and Zard teen members as an account benefit. With the youth program coverage, there is also the option to purchase a supplemental policy of $9,000 at a cost of just $18 annually.
In the past year, the number of individual life and supplemental youth policies purchased through SECU Life has grown by over 40%.