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.