Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
CUNA Mutual offers wealth protector product
MADISON, Wis. (7/29/09)--CUNA Mutual Group is adding a new whole life product to its life insurance product suite--MEMBERS Wealth Protector. Wealth Protector is a single premium whole life policy that provides an increase to the policy owner’s legacy with a death benefit guaranteed by CUNA Mutual Insurance Society. It also provides a guaranteed amount of cash value for policy loans. CUNA Mutual said the policy is ideal for:
* Transferring assets from one generation to the next; * Leaving more to children, grandchildren and charities; * Reducing taxes for policy owners and their beneficiaries; and * Providing funds to cover funeral and related expenses.
“We’re excited about offering this product, because it’s an easy and secure way for people to transfer assets to the next generation,” said Greg Bailey, director, CUNA Mutual individual life insurance. “It also simplifies inheritances for beneficiaries as they receive the tax-free death benefit with the ability to bypass probate.” The cash value in the policy is exempt from required minimum distributions, which begin at age 70.5 for individual retirement accounts and other qualified plans. Policy owners can access their policy’s cash value through loans at any time. Part of the death benefit may be paid to the policy owner before death in qualifying situations, such as being diagnosed with a terminal illness or being confined to a nursing care facility.
Other Resources

RSS print
News Now LiveWire
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
1 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
1 hours ago
See @CUNA's @SchenkMike on TheStreet discussing a new surge consumer confidence http://t.co/SqjarTBLCQ
2 hours ago
.@CFPB pushes back cmmt deadline on proposal to allow consumer narratives in complaints database--now 9/22, was 8/22. http://t.co/mHLlRVjEij
2 hours ago
@FHFA will hold 8/14 outreach in Atlanta for homeowners who still could benefit from the HARP refinance program. More in #NewsNow Thurs.
2 hours ago