The $25.3 billion State Employees' Credit Union in Raleigh, N.C. now offers personal life insurance services through its own company, SECU Life Insurance, the credit union announced.
North Carolina Insurance Commissioner Wayne Goodwin signed the new organization's official license at a ceremony in December, marking SECU Life Insurance's Jan. 1 launch, SECU said.
A $25 million capital investment from SECU members will provide the initial funding for the organization, SECU said.
SECU Life Insurance products, which the credit union plans to offer by summer 2013, will include simplified issue term and whole life policies, single premium deferred and immediate fixed annuities, and supplemental insurance.
The credit union said the organization will provide $1,000 in life insurance coverage for members of its FAT CAT and Zard programs, which are designed for children and teens, free of charge.
SECU said the organization will use SECU employees as non-commissioned agents to follow an efficient underwriting process with no required medical exams or office involvement.
“The North Carolina Department of Insurance is pleased to approve SECU Life Insurance Company as an authorized provider of personal life insurance services in North Carolina,” Goodwin said in a statement.
“SECU Life Insurance Company, a North Carolina-based service organization, will be able to pass on the benefits of its offerings to SECU members and their families across our great state,” he said.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
