RALEIGH, N.C. State Employees CU this morning opened its own life insurance company which will provide members of the country’s second largest credit union with simplified issue term and whole life policies, single premium deferred and immediate fixed annuities.
The credit union giant capitalized SECU Life Insurance Co. with an initial investment of $25 million and plans to begin offering products this summer. SECU will have non-commissioned agents who are also employees of the credit union and can assist members with choosing the appropriate products based on a member’s objectives.
SECU said the underwriting process should be efficient, with no medical exams or office involvement.
SECU will also be supporting the families of its youngest members by providing $1,000 in life insurance coverage to all FAT CAT and Zard accountholders at no charge. Additional supplemental insurance offered at competitive pricing will also be made available.