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CUNA Mutual Transamerica Life offer four annuities
MADISON, Wis. (4/13/11)--CUNA Mutual Group and Transamerica Life Insurance Co. are partnering to offer four variable annuities to credit union members under CUNA Mutual’s Members product brand. The variable annuities will be launched under the names Members Landmark, Members Liberty, Members Extra and Members Freedom, and will provide a broad suite of retirement solutions for credit union members. “Each Members Variable Annuity will have its own unique features,” said Kevin Thompson, senior vice president of asset accumulation products at CUNA Mutual. The annuities will replace existing Members Variable Annuity products, Thompson said. There will be no impact to existing Members annuity contract holders. CUNA Mutual has offered annuities since the 1980s. The relationship with Transamerica will complement the company’s existing “all-weather” portfolio of fixed, index and single premium immediate annuities. “Annuities are increasingly being recognized as an important income-generation tool for those in retirement,” said Bob Buckingham, CUNA Mutual vice president and annuity product manager. “These annuities will enhance our product suite that will benefit members of credit unions nationwide as they save for and live in retirement.” Transamerica, an Aegon company, has existed since the early 1900s and is rated A+ (superior) for financial strength, the second highest rating out of 16, by A.M. Best as of July 2010. “We are impressed with CUNA Mutual’s commitment to credit unions and their members,” said Tom Swank, president/CEO of Transamerica Capital Management. “They bring a great deal of knowledge, expertise and professionalism to this new relationship.” The newly branded Members Variable Annuities are expected to be available in most states by May 2.
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