CUNA Mutual – CUNA Life Insurance Company Review
CUNA Life Insurance Company is a division of the CUNA Mutual Group, which offers a variety of financial and insurance services to credit unions and to individuals. The CUNA Mutual Group currently holds about 15.26 billion in assets and employs around 5,500 members. The life insurance division of the company offers two types of insurance- Whole Life and Term. All policies are underwritten by CUNA Mutual Insurance Society which is a Fortune 100 company and has received an AA- rating for claims paying ability.
CUNA Whole Life Insurance
If you are a member of the CUNA Mutual Group, you and your spouse can qualify for life insurance without the hassle getting a physical exam during the application process. Other advantages are that your benefit amounts are guaranteed to remain the same as are your premium payments; the death benefits are tax free; and a member spouse can purchase a policy even if the member doesn’t have one.
A life insurance policy with CUNA provides your family with long term financial security. As with all permanent life insurance policies cash value accumulates as you remit premium payments. As a policy holder, you have the ability to borrow against the buildup in your cash value should the need ever arise. CUNA life insurance does not require the insured or the beneficiary to pay back the loan. If the insured member dies the benefit payment would be reduced by the loan value, or in the event that you cashed in your policy, the loan amount would just be subtracted from your payout.
CUNA Supplemental Benefits
CUNA Life Insurance Company also offers a wide selection of supplemental benefits that you can purchase along with your main life insurance policy. Their waver of premium benefit must be purchased before the insured reaches sixty. It will provide a waiver of any premiums due (until age 100) if the insured is totally disabled before the age of sixty. If the insured is totally disabled after the age of sixty, it will provide a waiver of benefits until the insured reaches the age of sixty-five.
CUNA’s accidental death benefit rider allows an additional payout if the insured dies from an accidental bodily injury. The amounts vary in accordance with the age of the insured and will max out at 150,000. This rider is not available for any insured over the age of seventy.
The guaranteed insurability rider offered by CUNA provides that the insured will be eligible to purchase additional insurance benefits on specified anniversary dates, without providing proof of insurability up to the age of thirty-seven. To exercise the benefits provided by this option the insured must have also purchased a waiver of premium rider.
CUNA life insurance’s children’s rider insures the lives of the policy holder’s children up to the age of twenty-three. To obtain this rider the parent cannot be over the age of fifty, and the covered child cannot have reached the age of seventeen. The maximum benefit payable under this rider would be ten thousand dollars. When the insured child reaches the age of 23 the rider will convert to a permanent life insurance policy and no proof of insurability will be required by the child. In the event that the parent dies before the child reaches the age of 23, then the rider will convert to a paid in full term policy that will remain in effect until the child reaches the age of 23.
Unlike their term insurance offerings, CUNA’s whole life insurance will cover you until you reach the age of 100. At this point the entire face amount of the policy would be paid to the insured. Death benefits are paid to the named beneficiary in the event of the insured’s death. Your premium amounts will remain level for the policy’s lifetime. If at any time you want to review the terms and conditions of the life insurance policy you can call their toll free number and a one page summary will be mailed to you. CUNA also makes changing your beneficiary a simple task, all you have to do is call their customer service number and request a form.
CUNA Term Life Insurance
CUNA also provides term insurance to cover your family for a specified period of time only. There is no accumulation of cash value, however all death benefits are tax free. CUNA’s term insurance is designed to offer protection of your family’s assets at the various stages of your life. These policies are usually purchased during the times that children are in college, when new mortgages are assumed, or during any time when your family faces a large amount of debt in the event of your death.
CUNA offers term policies in for level premium terms of 10, 15, 20 or 30 years. Level premium means that your premiums will remain the same for the life of the policy. The minimum amount of coverage available is 25,000 and the maximum amount is one million. CUNA will allow these policies to convert over to permanent life insurance policies as long as the conversion is done before the end of the term or before the insured reaches the age of seventy.
There are two riders that can be purchased with your level term insurance. The first is their other insured rider, which allows you to insured up to 9 other people under your policy with no additional policy fee being charged. The next is the waiver of premium rider which will waive premium payments for the remainder of the term if the insured is total disabled and has not reached the age of sixty. If the insured has reached the age of sixty, then the premium amounts will be waived until the insured reaches the age of sixty-five.
CUNA Life Insurance offers its members strong financial backing for its wide variety of life insurance policy options. You can rest assured that in the event of your death your family is well provided for.