MADISON, Wis. – CUNA Mutual Group said yesterday it is adding a new whole life product to its life insurance product suite.
MEMBERS Wealth Protector is a single premium whole life policy that provides an immediate increase to the policy owner’s legacy with a death benefit guaranteed by CUNA Mutual Insurance Society. It also provides a guaranteed amount of cash value available for policy loans.
The cash value in the policy is exempt from required minimum distributions, which begin at age 70-and-a-half for IRAs and other qualified plans. Additionally, policy owners have access to their policy’s cash value through loans at any time for any reason.
A portion of the death benefit may be paid to the policy owner before death in qualifying situations such as being diagnosed with a terminal illness or being confined to a nursing care facility.
