The CUNA Mutual Insurance Society is the parent organization of all the companies that make up the more widely known CUNA Mutual Group. The CUNA Mutual Group was founded in 1935, and ever since then, the CUNA Mutual Group has been providing insurance for members of credit unions and thriving as a company. CUNA Mutual is based in Madison, Wisconsin, and more than 4,000 people work for CUNA Mutual worldwide. The President and CEO of CUNA Mutual is Jeff Post, and the companies that are a part of CUNA Mutual include the CUMIS Insurance Society, Inc.; CUNA Brokerage Services, Inc.; the CUNA Mortgage Insurance Company; and the CUNA Mutual Insurance Agency. Other companies affiliated with CUNA Mutual include MEMBERS Capital Advisors, Inc., CPI Qualified Plan Consultants, and the Producers Ag Insurance Group. As of December 2010, CUNA Mutual had a total of $15.4 billion in assets, $1.9 billion in total surplus, $2.8 billion in revenues, $1.6 billion in benefits, and $87 million in net income.
If you’re interested in buying life insurance through CUNA Mutual, you have several options. CUNA Mutual sells term life insurance, whole life insurance and variable universal life insurance. Term life insurance provides the policyholder with coverage for a specific period of time. It can provide either a level death benefit that remains consistent throughout the life of the policy or a benefit that decreases over the life of the policy.
Whole life insurance is for people who want coverage for their entire lives, as opposed to term life insurance’s limited coverage period. With term life insurance policies, the only time the policy ever pays out is upon the death of the policyholder; however, with whole life insurance, the policy accumulates something called cash value. This means that while the policyholder is still alive, you can get money from your policy either in the form of a withdrawal or loan. There are several things you can do with the cash value of your policy: you can use it to buy additional life insurance, you can use it to pay your premiums ahead of time, or you can surrender the policy for the cash value. Premiums for whole life insurance policies are guaranteed to remain the same throughout the life of the policy.
The third kind of insurance sold by CUNA Mutual, variable universal life insurance, is both a life insurance policy and an investment tool. With variable universal life insurance, you have some flexibility in deciding when you want to pay your premiums and how much you want to pay in premiums. The investment component of the policy allows you to invest in a range of funds. Your investments will allow you to build up cash value in your policy, but keep in mind that this means that cash value is utterly dependent upon the behaviour of your investment, and if your investment is not doing well, you may lose your cash value.