Latest News from CUNA Mutual
LifeInsurance.co.uk, 28 May 2010
The CUNA Mutual Group is launching a new life insurance product for customers of building societies, and promises to pay out valid claims within 48 hours.
The benefits for policyholders include not having to answer medical questions, guaranteed acceptance if you are under 70 and the qualification period for cover being only six months. It is designed to offer peace of mind from the worries caused by unexpected funeral costs.
On testing the new policy, CUNA found that it was most popular with women in their 40’s who were looking to secure cover for themselves and two additional family members. With the average cost of a funeral in the UK now standing at about GBP 2,500, and with premiums beginning at GBP 2 a month, policyholders can pick from one of four benefit levels between GBP 2,000 and GBP 6,000.
The group, which also provides mortgage payment protection insurance to the sector, recently announced that it had added seven new building societies through which its products can be distributed. It is strongly developing its presence in the building society sector in the UK, and has reported 7 per cent revenue growth 2009/2010, and says it resolves 98 per cent of insurance claims within 48 hours.