MADISON, Wis. – CUNA Mutual Group’s new TruStage simplified-issue term life insurance product is quickly catching the attention of credit union members due to its entirely online consumer purchase experience. After answering just two health questions, a completely automated underwriting platform delivers a decision in minutes.
Designed using direct consumer feedback, retail best practices and particularly appealing to the needs of younger consumers, coverage face amounts range from $5,000 to $100,000 to provide protection for home mortgages, children’s education, income replacement and final expenses.
TruStage, CUNA Mutual Group's consumer brand, is one of the first to market with a term life insurance product that consumers can purchase entirely online. With this capability, members can purchase and service the entire suite of TruStage products, including: accidental death and dismemberment, whole life, term life, auto, home and health insurance, entirely online.
“We are changing how life insurance is purchased by starting with the overall experience first,” said Susan Sachatello, senior vice president, TruStage. “Life insurance is an emotional purchase, and we understand it must be simple and easy for the consumer to secure a coverage amount they know they can afford and feel comfortable with.”
With protection of a loved one often being the buyer’s motivating factor, the online application asks for the name of the beneficiary at the beginning of the process. The application displays the beneficiary's name at every step of the process to remind the buyer who they are protecting.
The product targets a younger demographic, with a starting issue age of 25 and rates starting at $3.65 a month* through an online channel that’s been traditionally unavailable for life insurance purchases. The product provides coverage options based on the buyer’s budget rather than forcing them to select a specific coverage amount. Since the launch in late June, an estimated $20 million has been issued to policyholders online.
The product, currently available in 30 states, was developed using the iterative “Agile” process and took only six months from concept to market launch. This new term life product is an example of CUNA Mutual Group’s emphasis on investing in technology, mobile and new digital channels to support credit unions and consumers for the future.
“It is important that we continue to identify and invest in new ideas and solutions that address consumers’ evolving needs to protect their financial future. That protection starts with easily accessible and affordable life insurance coverage,” said Sachatello.
Protecting more than 17 million members, TruStage insurance products and programs include, auto, home, life, accidental death and dismemberment and health insurance. They’re available to credit union members across the U.S. helping build financial security for their families. Credit union members seeking more information can contact TruStage at 888.888.0375.
CUNA Mutual Group:
CUNA Mutual Group helps people plan, protect and invest for their future – regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking people build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.
TruStage Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company, a member company of CUNA Mutual Group and other leading insurance companies. *$3.65/month is standard rate for a 29-year-old female for $5,000 of coverage. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by credit unions.