After 75 years of offering it to credit union membersnationwide, CUNA Mutual Group is bringing an end to one of itslandmark products: Life Savings Insurance.

First introduced in 1938, the life insurance coverage program isbeing phased out by the Madison, Wis.,-based insurer as itscustomer base rapidly shrinks.

Designed to promote thrift and offer death benefits to creditunion members, the term life policies had been offered as a benefitof credit union membership. Credit unions paid for the product,which renewed each month, originally to help members sufferingthrough the Great Depression.

In recent years, however, fewer credit unions elected to offerinsurance as a member benefit. An attrition rate of 11% per year –900 credit unions since 2010 –led CUNA Mutual to discontinue theinsurance to focus on products more beneficial to a larger numberof credit unions, according Phil Tschudy, media relations managerfor CUNA Mutual.

“This is not a decision we made lightly,” said Tschudy. “Wegathered feedback in advance of this decision and are fully awareof what this product means to some members. To best serve ourpolicyholders, though, it is imperative we focus our attention andresources on products that credit unions have told us are core totheir business.”

Members holding life insurance policies will have theopportunity to convert their coverage to Primary Protection, amember-paid guaranteed-issue policy, if done with 31 days of theoriginal life insurance policy cancellation. There is no age limitto the new policy, although there are rate adjustments based uponthe member's age.

The cancellation's effects on one policy holder, a 92-year-oldMinneapolis credit union member who intended to use its benefitsfor her funeral, was the subject of an ABC News report.