Building society customers to receive new life insurance policies

Wednesday, June 2, 2010

The CUNA Mutual Group have announced that they are launching a new life insurance product for customers of building societies. The new product, known as FamilyLife+ will only be sold through building societies, and promises to pay out valid claims in rather rapid 48 hours.

There are many benefits for policyholders including not having to answer medical questions, guaranteed acceptance if you are under the age of 70 and the qualification period for cover being only six months. It is designed primarily to offer peace of mind from the worries that often follow a death, especially unexpected funeral costs.

On testing the new policy, CUNA found that it was most popular with women in their 40s 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 a wallet un-friendly £2,500, and with premiums beginning at just £2 a month, policyholders will be able to pick from one of four benefit levels between £2,000 and £6,000.

The group, which also provides mortgage payment protection insurance to the sector, just recently announced that it had added seven new building societies through which its products will be distributed.

It is strongly developing its presence in the building society sector in the UK, and has reported 7 per cent revenue growth for 2009/2010, and says it resolves 98 per cent of insurance claims within 48 hours.