CUNA Mutual Group announced today that it has begun broadlyrolling out its mortgage protection product to credit unions and credit unionmembers.

The insurance firm announced this past February that it hadpartnered with financialtechnology provider D+H to integrate offering the product withD+H’s MortgagebotPOS during its pilot testing phase andsaid it will continue that partnership as it rolled the product outto more credit unions.

The insurer said it timed the rollout to coincide with the startof the summer home-buying season, when many consumers purchased newhomes, refinanced existing mortgages and often changed residencesand it cited a statistic from the U.S. Postal Service that 45million American move from one residence to another each year.

“When we talk to families about their financial concerns, it’sclear that the ability to keep up on vital payments—like their homemortgage—is top of mind,” CUNA Mutual’s Director of MortgagePayment Protection, Chris Arenz said. “When the unexpected happens,they want to know that they can stay in their home without drainingtheir savings, putting their credit score at risk, or compromisingtheir long-term financial health. Mortgage payment protectionprovides yet another compelling reason for people to rely on theircredit union for home financing needs.”

The protection kicks in in cases of a borrower’s death,disability or involuntary unemployment, the insurer said.

Arenz said the firm viewed the product as complimentary to otherinsurance and not as a replacement product. For example, in thecase of a borrower’s death, the product provided 12 months ofmortgage payments that can give a family breathing room to makefinancial adjustments and keep the mortgage payments current untilother life insurance companies paid their claims.

“Most term life insurance is sold on the idea of replacing anincome, not drawing down existing debt,” Arenz said. “Our producthelps families keep making payments until that replacement incomeis in place.”

He also reported that the firm had paid one claim while in thepilot phase, helping a credit union member family through a periodof financial hardship due to disability.

CUNA Mutual also cited statistics from the Pew Charitable Trustand NeighborWorks America that have reported almost 60% ofAmericans have said they are not prepared for financial emergenciesand that more than 30% have said they have no emergencysavings.

“Our mortgage protection product is one example of how we’reinvesting in new and innovative ways to support credit unions forthe future,” Arenz added. “We are able to provide additionalprotection for members while also helping to mitigate risk forcredit unions’ lending programs.”