A partnership between CUNA Mutual Group and Transamerica Life Insurance Co. will bring four new variable annuity choices to members.
The variable annuities will be launched under the names MEMBERS Landmark, MEMBERS Liberty, MEMBERS Extra and MEMBERS Freedom. They will provide a broad suite of retirement solutions for credit union members, according to CUNA Mutual.
These annuities will replace the existing offering of MEMBERS variable annuity products, according to Kevin Thompson, senior vice president of asset accumulation products at CUNA Mutual. There will be no impact to existing MEMBERS annuity contract holders. The newly branded MEMBERS variable annuities are expected to be available in a majority of states beginning May 2, the company said.
CUNA Mutual said it has been manufacturing annuities since the 1980s and the relationship with Transamerica will complement the company's existing "all-weather" portfolio of fixed, index and single premium immediate annuities. The company said it has $2.2 billion in variable annuity assets under management.