Last updated June 16, 2009
In 1935, pioneers of the credit union movement established CUNA Mutual Insurance Society (CUNA stands for Credit Union National Society). This is the parent organization of the companies that together form the CUNA Mutual Group. Offering lending, protection and financial solutions, the CUNA Mutual group is a leading provider of financial services to credit unions and their members worldwide. “Common Purpose. Uncommon Commitment,” is the motto for the company that has been serving the public for the past 70 years.
CUNA Mutual Group offers two types of life insurance: term-life and whole life insurance. Term-life insurance is designed to provide cheap coverage for a set number of years — usually 1, 5, 10 or 20 years, depending on the policy. If the insured dies within that time, CUNA Mutual’s term life policy can ensure that the policyholder’s family will be able to pay off the mortgage, pay ongoing living expenses or fund college educations. Because this only provides coverage in terms, it is usually the most inexpensive type of life insurance.
Unlike term-life, whole life insurance offers protection for the entire life of the insured. The premiums, having set amounts and set due dates, accumulates a cash value. This cash value is then accessible in forms of loans and withdrawals. As long as the premium continuous to be paid, the coverage remains in force.
Contact CUNA Mutual at:
CUNA Mutual Group
5910 Mineral Point Road
Madison, WI 53705
Telephone: (800) 356-2644
Sources: “ Insurance Products”, CUNA Mutual web site, 2009. “Crop Insurance,” CUNA Mutual web site, 2009