RALEIGH, N.C. (1/22/13)--State Employees CU of North Carolina has opened its own life insurance company to provide members with simplified issue term and whole life policies, single premium deferred and immediate fixed annuities.
|SECU, Raleigh, N.C., held a signing ceremony to mark the opening of SECU Life Insurance Co., a new service organization. From left, McKinley Wooten, SECU board chair; Wayne Goodwin, North Carolina insurance commissioner; and Bill Umphlett, SECU senior vice president of financial advisory services. (Photo provided by SECU)|
SECU Life Insurance Co. was capitalized with an initial investment of $25 million.
Non-commissioned agents who are also employees of the Raleigh, N.C.-based credit union will assist members with choosing products.
The underwriting process will be simple, with no medical exams or office involvement, SECU said.
The credit union will support the families of its youngest members by providing $1,000 in life insurance coverage to all children and teenage accountholders at no charge. Additional supplemental insurance offered at competitive pricing also will be offered.
The credit union will begin offering insurance products this summer.