Is Cuna Mutual a good company?

A mutual insurance firm, TruStage Financial Group, Inc., formerly known as CUNA Mutual Group (/kjun/), offers financial services to cooperatives, credit unions, their members, and other clients globally. Commercial and consumer insurance and protection products are offered for sale by TruStage Financial Group. Employees of credit unions and small companies can access retirement plan services from TruStage Financial Group. The Madison, Wisconsin-based business also offers credit union members products under the TruStage brand for car, home, life, and debt protection.

History

Originally, “Credit Union National Association” was the meaning of the initials “CUNA” in the company’s name. The marketing name for CMFG Life Insurance Company, its affiliates, and subsidiaries is TruStage Financial Group.
The CUNA Mutual Insurance Society, forerunner of TruStage Financial Group, was established in 1935. Its goal was to provide Americans with financial security amid the credit union movement. TruStage Financial Group saw fast growth and service expansion following World War II. In 1983, TruStage Financial Group started offering insurance-related goods. With regard to its loan, retirement, and wealth management programs, it presently provides services to over 30 million customers.

Locations

With offices in Waverly, Iowa; Great Bend, Kansas; Fort Worth, Texas; and Madison, Wisconsin; as well as field personnel dispersed around the country, TruStage Financial Group employs close to 3,700 individuals. The company’s global headquarters, in Madison, Wisconsin, has 1,900 workers.
Jamaica, Puerto Rico, Trinidad and Tobago, and the Dominican Republic are among the company’s overseas sites.

Services

For credit unions and its members, TruStage Financial Group[9] offers a range of insurance and investment solutions, such as the following:
The following business and individual services are covered by insurance and payment protection services provided by TruStage Financial Group.
Commercial: Business cars, IT/cyber solutions, mortgage insurance, collateral protection, management and professional liability, workers’ compensation, and executive benefits.
Personal: Life insurance, health insurance, accidental death and dismemberment insurance, credit insurance, debt protection, assured asset protection, mortgage payment protection, mechanical repair coverage.
Loan generating marketing, document management, compliance services, and lender development programs are all examples of lending services.
Broker/dealer services, pension and 401(k) plans, mutual funds, managed accounts, variable annuities, fixed annuities, and instant annuities are all examples of wealth management and retirement services.

TruStage

A range of insurance products offered by TruStage Financial range are marketed under the moniker TruStage. The insurance division of TruStage Financial Group, which as of February 2017 is rated “A” (Excellent; third highest rating out of 16 available ratings), is known as TruStage.
The TruStage brand trademark was initially registered by TruStage Financial Group in 2010, and it was first used for commercial purposes in 2013.In 2013, the TruStage brand began offering insurance products for sale.[Reference required] Consumer coverage surpassed $1 billion in 2017 and $6 billion in 2018.
Additionally, TruStage grants students community service honors like the Community Spark Award.

Products

Whole and term life insurance, accidental death and dismemberment insurance, vehicle insurance, and property insurance are among the insurance options provided by TruStage. The quantity of coverage and minimum age requirements vary across all plans.
Products from TruStage Life Insurance include:
Simple whole life insurance: entails medical examinations or inquiries and provides a cash payout in the event of a death.
Whole life insurance with guaranteed acceptance: gives a cash reward in the event of death and doesn’t include any medical tests or interrogations.
Term life insurance: ensures the payment of a death benefit for a certain amount of time.
These additional TruStage insurance options are available:
If a person is killed or sustains major injuries in an accident, accidental death and dismemberment insurance (underwritten by CMFG Life Insurance Company): offers a cash payout.
Providing coverage for automobiles, motorbikes, boats, watercraft, ATVs or off-road vehicles, and recreational vehicles (RVs), auto insurance is offered by Liberty Mutual and Esurance.
Home insurance (underwritten by Liberty Mutual and Esurance): provides protection for residents who own, rent, or dwell in condominiums as well as their possessions.

Labor Disputation

TruStage Financial Group and the 450 employees that make up OPEIU #39 have been discussing a new labor contract since February 2022 to replace the one that ended on March 31, 2022.The union claimed that the company was no longer engaging in good faith negotiation when talks broke down in January 2023 over issues that were important to union members, such as equitable pay, job security guarantees against outsourcing, protections for remote workers, retirement security, and access to affordable health care. The union filed unfair labor practice (ULP) charges against the company with the National Labor Relations Board (NLRB) in February and March 2023, alleging refusal to bargain, bad faith bargaining, withholding of information, subcontracting of unit work, and retaliation against employees for engaging in union activity, all of which are against the law in the United States.

Rating

CMFG Life Insurance Co., which has an A rating from credit rating company AM Best, underwrites TruStage life insurance. This indicates that the business has “excellent” ability to pay claims.
Super preferred, preferred, and standard are the three risk classes most frequently used by insurance firms. By insurance company, these might change. A poor risk class may also exist inside insurance firms.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *