Cmfg Life Insurance: Is Cuna A Good Option?

CUNA Mutual Group is a mutual insurance company that was originally organised in Wisconsin in 1935. CUNA Mutual Life Insurance Company merged with CUNA Mutual Insurance Society on December 31, 2007. CUNA Mutual Insurance Society was then reorganised into a stock insurance company incorporated in Iowa within a mutual insurance holding company structure and was renamed CMFG Life Insurance Company on January 31, 2012. CMFG Life Insurance Company is the marketing name for TruStage Financial Group's subsidiaries and affiliates. TruStage Financial Group, formerly known as CUNA Mutual Group, is a mutual insurance company that provides financial services to cooperatives, credit unions, their members and other customers worldwide.

TruStage Financial Group, Inc

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The company offers various life insurance options, including term life insurance, which provides coverage for a specified period, whole life insurance, which offers lifelong protection, and universal life insurance, which combines protection with a savings component. TruStage's life insurance products are designed to provide financial stability and ensure loved ones are taken care of in the event of an unexpected loss.

In addition to life insurance, TruStage Financial Group, Inc. also offers other financial products and services to help their customers plan for the future. This includes retirement planning services, investment advice, and various insurance options like home, auto, and health insurance, providing a one-stop solution for their customers' financial needs.

With a commitment to customer satisfaction and a dedication to helping people secure their financial future, TruStage Financial Group, Inc. strives to make a positive impact on the lives of its customers. They understand that financial planning can be complex and overwhelming, so they offer guidance and support to make the process more accessible and manageable.

CUNA Mutual Global Holdings, Inc

In addition to its financial services, CUNA Mutual Global Holdings, Inc. is committed to community engagement and creating a more equitable financial system. In 2021, the company donated $7.9 million to support community partners and organizations, including credit union foundations. The company also sponsors and supports various initiatives and conferences that align with its values, such as financial inclusion and social justice.

TruStage Insurance

TruStage has been in operation since 1935 and currently serves over 30 million consumers across its lending, retirement, and wealth management products. The company has nearly 3,700 employees across the United States, with international locations in the Dominican Republic, Jamaica, Puerto Rico, and Trinidad and Tobago.

In addition to insurance and investment products, TruStage offers community service awards, such as the Community Spark Award, to students. The company was also named by Forbes as one of the best insurance companies, being one of only 84 companies recognised out of 3,200 considered.

CUNA Mutual Investment Corporation

In 1978, CUNA Mutual's CEO, Herbert G. Wegner, resigned after serving as the youngest top executive in the association's history for seven years. In 1983, the company launched the Member Direct Program, a direct-response marketing effort that offered individual life and health insurance. By 1987, credit union membership had reached 57.1 million in the United States, corresponding with the company's overall growth.

CUNA Mutual Group, now known as TruStage Financial Group, is based in Madison, Wisconsin, and employs nearly 3,700 people across various offices in the United States and internationally. The company's world headquarters are in Madison, Wisconsin, with additional offices in Waverly, Iowa; Great Bend, Kansas; Fort Worth, Texas; the Dominican Republic; Jamaica; Puerto Rico; and Trinidad and Tobago.

TruStage Financial Group offers a diverse range of insurance and investment products, including commercial and consumer insurance, retirement and wealth management services, and auto, home, life, and loan protection products. The company's insurance products are marketed through the TruStage brand, which was first introduced in 2013. TruStage is underwritten by CMFG Life Insurance Company and is rated "A" (Excellent) by A.M. Best, with the most recent rating from December 2023.

CUNA Brokerage Services, Inc

In May 2022, CBSI joined LPL's Institution Services platform, with around $11 billion in client assets onboarded to LPL, including $10 billion in brokerage assets and $1 billion in advisory assets. The remaining $25 billion in assets were expected to be onboarded over the following months.

The agreement between CBSI and LPL Financial aimed to serve more members with personalized guidance to help achieve their financial goals. Rob Comfort, president of CBSI, stated that the alliance would "accelerate growth for the advisors and credit union investment programs."

CBSI offers a range of services, including strategic planning, advisor recruitment and development, regulatory and compliance guidance, and marketing support. By partnering with LPL Financial, CBSI can provide enhanced digital capabilities, improved client portal experiences, secure communication, and momentum-building resources.

With a rich history in the credit union industry, CBSI and LPL Financial aim to create an environment where members prioritize their investment needs, elevating the credit union to a go-to financial resource.

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