Credit Union Insurance Services: What You Need To Know

Credit unions are not just financial institutions that offer loans and savings accounts. Many credit unions also provide insurance services to their members. These services can range from auto insurance to life insurance, and they offer several benefits that can help members protect their assets and provide financial security for themselves and their families.

In this article, we will explore the world of credit union insurance services and discuss the advantages of using these services over other insurance providers. We will also look at the different types of insurance available at credit unions and provide tips on how to choose the best insurance options for your individual needs.

So if you’re interested in learning more about credit union insurance services and how they can benefit you, keep reading!

Credit Union Insurance Services

Credit union insurance services are a variety of insurance products and services that credit unions provide to their members. These services are intended to give credit union members and their families with financial safety and security.

Credit union insurance offerings may include life insurance, home insurance, auto insurance, health insurance, and other products. One of the primary advantages of choosing credit union insurance services is that they are frequently supplied at lower rates than other insurance providers. Credit unions are member-owned, non-profit financial institutions that prioritize delivering competitive and affordable financial goods and services to their members.

As a result, credit union insurance services are frequently available at lower prices with fewer fees and commissions than standard insurance carriers. Credit union insurance services, in addition to being affordable, provide individual service and assistance to their members.

Credit unions are well-known for their excellent customer service, which extends to their insurance offerings as well. Credit union insurance brokers are frequently local and have a greater awareness of the community they serve, resulting in more customized suggestions and specialized insurance policies.

Overall, credit union insurance services can give members a variety of benefits, including affordability, personalized service, and dependable protection. If you are a credit union member in need of insurance, you should look into the possibilities available via your credit union.

Alliant Credit Union Insurance Services

Auto Insurance

They have collaborated with a committed team of insurance specialists to bring you the TruStageTM Auto & Home Insurance Program.

Credit union members receive discounted rates.
Services available online
24-hour claim service
Get your free quote right now.

Term Life Insurance

This policy is exclusively available to credit union members and is underwritten by CMFG Life Insurance Company. Assist in providing a financial safety net for your loved ones when they are most in need. Provide a range of coverage options to match your budget and provide the appropriate degree of protection.

Homeowners Insurance

Alliant members may be eligible for exceptional discounted rates through the TruStageTM Home Insurance Program. Take advantage of the ease of online servicing and 24-hour claims service. Get your free quote right now. Your credit union membership may result in some significant discounts.

Whole Life Insurance

TruStageTM Life Insurance Plans and Policies are priced to meet your budget. There are numerous alternatives in whole and term life insurance contracts. CMFG Life Insurance Company provides excellent coverage.

Accidental Death Insurance

After a covered injury or death as a result of an accident, AD&D coverage gives you or your loved ones a cash benefit. Alliant will cover you for $2,000 at no cost or obligation. You can also supplement your free coverage with up to $300,000 in additional coverage underwritten by Minnesota Life Insurance Company.

Service Federal Credit Union Insurance Services

Auto & Home Insurance Program

The TruStage Auto & Home Insurance Program is designed for credit union members like you and offers low-cost, high-quality insurance. You could benefit from cheaper rates, online convenience, and 24-hour claims support.

Get your free quote right now or call 855.483.2149.

Schedule an insurance review with a local agent.

Life Insurance

We provide TruStage® Life Insurance Policies to credit union members like you to help you safeguard the people who are most important in your life. These plans, which are underwritten by CMFG Life Insurance Company, are designed to match your budget because any level of coverage can make a difference.

Call 855.612.7909 for more information. Or Learn about this important coverage here.

No-cost AD&D insurance

You are eligible to $1,000 in free TruStage® Accidental Death and Dismemberment Insurance, courtesy of Service Credit Union. You only need to claim it. Increase your coverage starting at $1 to $1.50 per month.****

AD&D insurance, which is a complement to life insurance, can give a cash reward for accidental loss of life, hand, foot, eye, thumb, speech, or hearing.

Simply enroll in your free AD&D insurance or increase coverage for yourself or your entire family. There are no health inquiries or medical exams required, therefore acceptance is guaranteed.

What are the 5 Different Types of Life Insurance?

Term life insurance
Whole life insurance
Variable life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Term life insurance

Term life insurance is often sold in terms of one, five, ten, fifteen, twenty-five, and thirty years. The amount of coverage varies by policy but can reach millions of dollars. Most people purchase term life insurance for a period of time sufficient to cover their prime working years.

If they die young, they can assist a surviving spouse or other beneficiaries in meeting short-term financial demands such as paying off a mortgage or supporting their children through college. The majority of individuals. Term life insurance is a straightforward, low-cost policy that is designed to replace your income if you die.

Pros: It is frequently the cheapest life insurance, and it is adequate for the majority of people.
Cons: If you outlive your coverage, your beneficiaries will not be paid.

Whole life insurance

As long as you pay your payments on time, whole life insurance will normally last your entire life. It’s the closest thing you’ll find to “set it and forget it” life insurance. In general, your premiums remain constant, you receive a guaranteed rate of return on the cash value of the insurance, and the death benefit amount remains constant.

Those who prefer a simple permanent policy can afford the higher rates.

Pros: It often insures you for the rest of your life, accumulates cash value, and is less complicated than other permanent life insurance alternatives.
Cons: It’s usually more expensive than term life, so if you’re searching for cheap life insurance, check at other possibilities.

Variable life insurance

Cash value life insurance is linked to investment accounts like bonds and mutual funds. Variable life insurance premiums are normally fixed, and the death benefit is assured regardless of market performance.

If you’re thinking about getting insurance like this, a fee-only financial advisor — a planner who doesn’t get paid based on product sales — can help you pick the best one. Those who prefer greater control over their cash value investments and have a larger risk tolerance.

Pros: If your investing options perform well, you might make a lot of money.
Cons: Because the cash value of your policy can change daily depending on the market, you must be hands-on in handling it.

Universal life insurance

A few policies fall under the scope of universal life insurance. However, in general, this sort of coverage allows you to change your premiums (within limits) and contains a cash value component that rises in accordance with market interest rates.

Premiums usually rise over time, prompting you to increase your payments or offset rising costs by deducting from your cash value account or death benefit. Universal life insurance differs from indexed universal life insurance in that the cash value increase is linked to a stock or bond index, such as the S&P 500.

Pros: It is often less expensive than whole life insurance and can be tailored to your changing needs.
Cons: Neither the death benefit nor the cash value increase are guaranteed.

Burial insurance

Burial insurance, also known as final expense insurance, is a small whole-life insurance policy designed to assist your family in paying for your funeral, burial, and other expenses following your death, such as outstanding medical bills. The death benefit is guaranteed and usually ranges between $5,000 and $25,000.

. Your insurer may not pay the full death benefit if you die within two or three years of purchasing your insurance.

Pros: Because no medical exam is normally necessary, it is more accessible to seniors with pre-existing health concerns.
Cons: Coverage is limited to small amounts.

5 Reasons A Credit Union Should Offer Insurance Services

To fill in a need you saw

Your credit union’s members all require insurance. Whether they’re looking to get a mortgage, a small business loan, or a new car, they’ll need insurance to protect their assets.

Even members who do not need to borrow money will require insurance. And who better to offer insurance services than a company they already know and trust?

You’ve already established the relationship. You can now strengthen that relationship by providing a simple answer – a value-added advantage. The services you offer in addition to your principal products and services are considered value-added benefits. They can assist you in increasing member retention, developing loyalty, and increasing income and bottom line.

Incorporate a business unit based on Turnkey

Some insurance companies are preparing to provide services to financial institutions, including credit unions. You can incorporate a complete business unit instead of offering insurance services by acquiring an agency or starting one from scratch.

In other words, your credit union can collaborate with an experienced insurance business that is ready to start selling insurance to your consumers right away. Starting an agency from scratch may be a more sustainable business strategy.

A turnkey business unit will include the services, goods, and sales reps needed to get your company up and running rapidly. An insurance partner can also handle the marketing required to publicize your new offers.

use a fully licensed and trained sales and service team

Some say that you should only sell insurance if you are a knowledgeable and experienced insurance professional (rather than a loan expert). However, collaborating with an experienced insurance agent will provide you with all of the resources you need to enlighten and delight your customers.

You can collaborate with an elite group of highly skilled and certified insurance agents who will represent your credit union as a branded business unit. Year after year, the team should give excellent customer service while also driving lucrative results for your company.

Build Your Credit Union’s Non-Interest Income

Are you seeking new ways to supplement your income? Offering insurance services to your members is an excellent method to increase your non-interest income. Non-interest income climbed 29% ($5.9 billion) between 2020 and 2021, according to the National Credit Union Administration.

Insurance can provide credit unions with a consistent source of non-interest revenue. When interest rates are low, it might help you preserve profit margins and offset losses. Earn extra money by selling insurance commissions and premiums.

Make sure you have all the necessary tools to market and drive results

A full-service firm may manage your insurance marketing demands in addition to technology and customer service. They should assist you spread the word that you provide insurance in-house, as well as remarket to current customers so they stay with you in the long run.

Coverage Direct operates efficiently and tracks metrics in real-time thanks to advanced Salesforce interfaces. We can handle everything beginning with your client’s request for an insurance quote. Our automatic remarketing procedure will even tell your clients when it is time to renew or if their rates are about to rise.

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Conclusion

Credit union insurance services provide various advantages to credit union members in search of reasonable and dependable insurance coverage. Credit unions focus on supplying competitive and cheap financial products and services, including insurance, to their members as member-owned, not-for-profit financial institutions.

When compared to standard insurance carriers, credit union insurance services can give personalized care as well as lower rates and costs. Furthermore, credit union insurance salespeople frequently have a greater awareness of their local communities, resulting in more personalized suggestions and specialized insurance products.

If you’re a credit union member in need of insurance, you should look into the possibilities available via your credit union. Credit union insurance, which offers a variety of insurance products and services, can provide you with the protection and financial security you require at an affordable price.

Simply compare rates and terms from many providers to obtain the best insurance solutions for your specific needs.

Credit Union Insurance Services: What You Need to Know