North Carolina Insurance Commissioner Wayne Goodwin signed the new organization’s official license at a ceremony in December, marking SECU Life Insurance’s Jan. 1 launch, SECU said.
A $25 million capital investment from SECU members will provide the initial funding for the organization, SECU said.
SECU Life Insurance products, which the credit union plans to offer by summer 2013, will include simplified issue term and whole life policies, single premium deferred and immediate fixed annuities, and supplemental insurance.
The credit union said the organization will provide $1,000 in life insurance coverage for members of its FAT CAT and Zard programs, which are designed for children and teens, free of charge.
SECU said the organization will use SECU employees as non-commissioned agents to follow an efficient underwriting process with no required medical exams or office involvement.
“The North Carolina Department of Insurance is pleased to approve SECU Life Insurance Company as an authorized provider of personal life insurance services in North Carolina,” Goodwin said in a statement.
“SECU Life Insurance Company, a North Carolina-based service organization, will be able to pass on the benefits of its offerings to SECU members and their families across our great state,” he said.