Cuna Life Insurance: What You Need To Know

CUNA Mutual Group, formerly known as CUNA Mutual Insurance Society, is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. TruStage is the marketing name for the insurance products offered by CUNA Mutual Group. TruStage life insurance products include simplified whole life insurance, guaranteed acceptance whole life insurance, and term life insurance. These products can help protect your family financially in the event of your death, providing them with money to pay for expenses such as mortgage, rent, bills, and medical and funeral costs.

TruStage Financial Group

Overview

Products and Services

• Commercial insurance: bond, collateral protection, management and professional liability, plastic card, business automobile, IT/cyber solutions, mortgage insurance, property and business liability, workers' compensation, and executive benefits.
• Consumer insurance: credit insurance, debt protection, guaranteed asset protection, mortgage payment protection, mechanical repair coverage, life insurance, accidental death and dismemberment, health insurance, auto insurance, and home insurance.
• Lending services: loan generation marketing, lending document management, compliance services, and lender development programs.
• Retirement and wealth management services: broker/dealer services, pension and 401(k) plans, mutual funds, managed accounts, annuities, and investment funds.

Customer Focus

Recognition and Ratings

CUNA Mutual Trustage program

CUNA Mutual Group, formerly known as CUNA Mutual Insurance Society, is a mutual insurance company that provides financial services and protection products to cooperatives, credit unions, their members and other customers worldwide. The company was founded in 1935 to offer financial protection to Americans during the credit union movement.

In 2023, CUNA Mutual Group unified its businesses under a single brand: TruStage. TruStage Financial Group sells a variety of insurance and investment products, including life insurance, auto insurance, home insurance, and loan protection products. The company also provides retirement plan services to small businesses and credit union employees.

TruStage life insurance products include:

• Simplified whole life insurance: Requires medical exams or questioning and pays a cash benefit if the insured person dies.
• Guaranteed acceptance whole life insurance: Does not require medical exams or questioning and pays a cash benefit if the insured person dies.
• Term life insurance: Guarantees payment of a death benefit during a specified time period.

The CUNA Mutual Trustage program offers an easy and affordable way to help protect your family in the event of your death. Life insurance can provide your loved ones with financial support to pay for expenses such as mortgage or rent, daily bills, and medical or funeral costs. TruStage® helps individuals find coverage that fits their needs and budget, with instant quotes based on their financial plan.

TruStage® is underwritten by CMFG Life Insurance Company, a well-known and trusted credit union member insurance provider. CMFG Life has earned the trust of members nationwide and is rated “A” (Excellent) by A.M. Best, an independent national organization that rates insurers’ financial strength and performance.

Simplified whole life insurance

CUNA Mutual Group, formerly known as TruStage Financial Group, offers a range of insurance products, including simplified whole life insurance. This type of insurance is a permanent coverage option with fewer health requirements than traditional life insurance policies. It is ideal for those who want to cover end-of-life expenses or who may not qualify for other types of life insurance due to age or pre-existing conditions.

The application process for simplified whole life insurance is generally quick and convenient, often taking just three to five business days or even less. This type of insurance is commonly used to cover end-of-life expenses, such as funeral costs. While it offers faster coverage and an easier application process, simplified whole life insurance usually comes with higher premiums than traditional life insurance policies.

Overall, simplified whole life insurance is a good option for those who need immediate coverage, want a simpler application process, or have pre-existing health conditions that may disqualify them from traditional life insurance. However, it is important to consider the higher premiums and limited coverage amounts associated with this type of insurance.

Guaranteed acceptance whole life insurance

CUNA Mutual Group, formerly known as TruStage Financial Group, offers guaranteed acceptance whole life insurance through its TruStage brand. This type of insurance is designed to provide coverage for individuals who may have difficulty obtaining life insurance due to health reasons. With guaranteed acceptance whole life insurance, there are no medical exams, health questions, or rate increases required for approval.

• No Medical Exams or Health Questions: This insurance plan does not require applicants to undergo medical exams or answer detailed health questions. It offers a simplified application process, making it accessible to those with health issues.
• Guaranteed Acceptance: As the name suggests, this insurance plan guarantees acceptance regardless of the applicant's health status or pre-existing conditions. No one can be turned down due to their health, ensuring protection for those who may be considered high-risk by other insurance providers.
• Locked-in Premium Rates: Once insured, the premium rates remain locked in and will never increase for the duration of the coverage. This helps with budgeting and ensures that the policy remains affordable.
• Permanent Coverage: Guaranteed acceptance whole life insurance provides permanent coverage that lasts the entire lifetime of the insured individual. It does not expire after a certain period, offering peace of mind for the policyholder and their loved ones.
• Coverage Starts Immediately: Unlike some other insurance plans, coverage under guaranteed acceptance whole life insurance begins immediately upon the first payment being cleared. There is no waiting period for the benefits to take effect.
• Flexible Payment Options: Policyholders have the flexibility to pay premiums on a monthly, quarterly, semi-annual, or annual basis. This allows individuals to choose a payment schedule that aligns with their financial situation and preferences.
• Cannot Be Cancelled: As long as the premiums are paid when due, the coverage cannot be cancelled by the insurance provider. This provides stability and assurance that the policy will remain in force as per the terms of the contract.

Term life insurance

CUNA Mutual Group, now known as TruStage Financial Group, is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. The company was founded in 1935 as the CUNA Mutual Insurance Society, with the purpose of offering financial protection to Americans during the credit union movement.

TruStage Financial Group offers a range of insurance products, including term life insurance. Term life insurance is a type of life insurance that guarantees payment of a death benefit during a specified time period. This type of insurance is designed to provide financial protection for a specific period of time, such as the duration of a mortgage, loan, or other financial obligation.

In addition to term life insurance, TruStage offers other types of life insurance products, including simplified whole life insurance and guaranteed acceptance whole life insurance. Simplified whole life insurance requires medical exams or questioning and pays a cash benefit upon the death of the insured. Guaranteed acceptance whole life insurance does not require medical exams or questioning and also pays a cash benefit upon the death of the insured.

With a long history of providing financial protection and a strong rating from credit rating agencies, TruStage is a trusted choice for individuals seeking term life insurance to help protect their loved ones and ensure their financial security.

Frequently asked questions