The $25.3 billion State Employees' Credit Union in Raleigh, N.C. now offerspersonal life insurance services through its own company, SECU LifeInsurance, the credit union announced.
|North Carolina Insurance Commissioner Wayne Goodwin signed thenew 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 providethe initial funding for the organization, SECU said.
|SECU Life Insurance products, which the credit union plans tooffer by summer 2013, will include simplified issue term and wholelife policies, single premium deferred and immediate fixedannuities, and supplemental insurance.
|The credit union said the organization will provide $1,000 inlife insurance coverage for members of its FAT CAT and Zardprograms, which are designed for children and teens, free ofcharge.
|SECU said the organization will use SECU employees asnon-commissioned agents to follow an efficient underwriting processwith no required medical exams or office involvement.
|“The North Carolina Department of Insurance is pleased toapprove SECU Life Insurance Company as an authorized provider ofpersonal life insurance services in North Carolina,” Goodwin saidin a statement.
|“SECU Life Insurance Company, a North Carolina-based serviceorganization, will be able to pass on the benefits of its offeringsto SECU members and their families across our great state,” hesaid.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
