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Daily Insurance Industry News
Tuesday 20th of February 2018
May 20, 2010

CUNA extends offering to building societies

by Gill Montia

Story link: CUNA extends offering to building societies

CUNA Mutual Group is launching a new life insurance product for the building society market, with the promise of paying out valid claims within 48 hours.

FamilyLife+ is designed to provide peace of mind for the policyholder and their family by removing the worries that can be caused by unexpected funeral costs.

During product testing, initial uptake has been by women in their 40s looking to secure cover for themselves and two additional family members, which in most cases were their parents or spouse.

Applicants don’t face any medical questions and are guaranteed acceptance if aged less than 70 years at the time of purchase.

The qualification period for cover is just six months.

According to CUNA, the average cost of a funeral in the UK stands at £2,500 and with premiums starting a £2 a month, policyholders can choose from one of four benefit levels, from £2,000 through to £6,000.

The group already provides mortgage payment protection insurance to the UK’s building society sector and earlier this month announced that it had formed links with a further seven societies: Furness, Melton Mowbray, Progressive, Saffron, Scottish and Vernon Building Society.

 

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