The number of credit union members served by the TruStage insurance program recently surpassed the 14 million mark.
The program, offered by CUNA Mutual Group, reached that milestone on Sept. 10, according to the Madison, Wis.-based company.
TruStage insurance products and programs include, life, auto, homeowners and accidental death and dismemberment insurance, which are made available to credit union members through CUNA Mutual Group’s MemberCONNECT program.
While protecting 14 million individuals is notable, the opportunity to protect more credit union members is significant, said Susan Sachatello, senior vice president of CUNA Mutual Group’s Direct to Consumer division.
The 2011 LIMRA study, “Trillion Dollar Baby Growing Up,” reported 58 million households are underinsured, CUNA Mutual cited. In addition, three in 10 households have no life insurance, and 40% of households with children could not meet everyday living expenses if they lost one parent.
“We consider protecting members and their families as more than our business; we consider it our obligation to the credit union movement,” Sachatello said. “Protecting 14 million members is a milestone – a moment to celebrate – but it’s also a reminder to us that we must continue our efforts to protect even more members.”
The TruStage protection milestone coincides with Life Insurance Awareness Month, a celebration led each September by the Life Insurance Foundation for Education to inform consumers about the importance of life insurance.
CUNA Mutual said it is helping credit unions engage and educate members this month by providing credit unions participating in the MemberCONNECT program an array of educational tools and materials, including a Facebook promotion.
In August, the MemberCONNECT program also celebrated its 30th anniversary, CUNA Mutual said. In addition to 14 million insured members, more than 4,000 credit unions participate in the program, which paid more than $727 million in member benefits in 2012, and produced $66 million in noninterest income for credit unions, according to the company.
To protect more members, CUNA Mutual will invest more than $200 million in marketing efforts and new initiatives over the next three years to enhance and expand the program, Sachatello said.