2/22/2017

PenFed and CUNA Mutual Group Join Forces to Bring TruStage Experience to Members

CU’s 1.5 Million Members Can Help Protect Their Families with Life and AD&D Insurance

MADISON, Wis. – CUNA Mutual Group today announced Pentagon Federal Credit Union (PenFed) has begun making TruStage Accidental Death & Dismemberment (AD&D) and Life insurance available to the credit union’s 1.5 million members.

TruStage, CUNA Mutual Group's consumer brand, is partnering with PenFed to help members plan and protect for their future. Individuals now have the ability to research, purchase and service their life and AD&D policies through multiple channels of their choice.

“CUNA Mutual Group and PenFed share a desire to serve hard-working families by helping them prepare for all of life’s key moments,” said Susan Sachatello, senior vice president, TruStage. “Our relationship will empower their members to protect what matters most.”

This arrangement will help PenFed, the nation’s third largest credit union, continue to grow, while enabling CUNA Mutual Group to further its strategy to create indispensable credit union relationships to serve consumers’ financial needs.

“TruStage is clearly committed to delivering a compelling experience for our members’ life and AD&D protection needs,” said Shashi Vohra, PenFed executive vice president and president of affiliated businesses. “Their investment in innovation and digital capabilities was a major factor in our decision to make TruStage available to our members.”

TruStage continues to build capabilities for credit unions to generate non-interest income while helping them attract and better serve members across all life stages. “We do this by connecting with consumers where, when and how they want and by offering a diverse set of products that are simple to understand, buy and maintain,” Sachatello said.

In 2015, TruStage paid more than $80 million in non-interest income to credit unions, and those with more than $1 billion in assets experienced a median non-interest income growth rate of 11.4 percent. Since 2014, TruStage has won eight times more credit union business than it lost.

About TruStage:

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 to build financial security for their families. Credit union members seeking more information can contact TruStage at 888.888.0375.

About 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.

About PenFed Credit Union:

Established in 1935 as the War Department Credit Union, PenFed Credit Union is one of the largest credit unions in the country, serving over 1.5 million members worldwide with more than $21 billion in assets. Our long-standing mission has been to provide superior financial services in a cost effective manner, while being responsive to members’ needs. PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, checking, and a wide range of other financial services with its members’ interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join. PenFed Credit Union offers many paths to membership, including numerous employee groups and association affiliations. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Opportunity Employer: M/F/V/D.

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. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by credit unions. PenFed and CUNA Mutual Group have a financial relationship and PenFed is being compensated for marketing and endorsing CUNA Mutual Group.

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