Over 7,000 Youth Members Secure Supplemental Life Insurance during Open Enrollment | Financial Buzz

Over 7,000 Youth Members Secure Supplemental Life Insurance during Open Enrollment

RALEIGH, N.C., June 22, 2018 (GLOBE NEWSWIRE) — Since 2014, State Employees’ Credit Union (SECU) has provided $1,000 of group term life insurance coverage for all active FAT CAT and Zard account holders at no cost to our members.  In addition, members have the option to increase coverage to $10,000 at account opening for the low cost of $18 per year, which amounts to a premium of only $1.50 per month.  During a special Open Enrollment earlier this year, SECU expanded the opportunity for families to utilize the option to increase coverage after account opening.  This important and inexpensive insurance coverage is provided through the Credit Union’s subsidiary – SECU Life Insurance Company.  SECU is pleased to report that its first Open Enrollment for youth surpassed all expectations – assisting over 7,000 children, teens, and families with obtaining life insurance to help secure their financial future.

Of the 10,493 members who opened FAT CAT and Zard accounts during the three-month Open Enrollment period, 46% purchased the additional coverage.  At the same time, more than 2,500 existing FAT CAT and Zard members also increased their coverage to $10,000.

The low $18 annual cost of the supplemental coverage is provided as a guaranteed issue policy with no exclusions.  In addition, the policy can be converted to a whole life policy when the child turns 20, regardless of future health status. 

“Our goal is to educate members and bring awareness to the importance of having adequate life insurance for everyone in the family – and having that conversation matters,” said John Whaley, Vice President of SECU’s Life Insurance and Annuities.  “We are thrilled with the success of the Open Enrollment and the growth of SECU Life and its youth insurance program.  During the past four years, over 36,500 SECU youth have been provided supplemental coverage, and we look forward to continuing to provide products which offer financial protection and assistance to our members and their children.”

Life insurance is not guaranteed by, or an obligation of any credit union and is not insured by NCUA.  Insurance Representatives are licensed to sell in North Carolina only.

About SECU
A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for 81 years.  The Credit Union also offers a diversified line of financial advisory services including retirement and education planning, tax preparation, insurance, trust and estate planning services, and investments through its partners and affiliated entities.  SECU serves over 2.3 million members through 263 branch offices, nearly 1,100 ATMs, 24/7 Member Services via phone and a website, www.ncsecu.org.

Contact:  Leigh Brady, EVP – Organizational Development
Office:  919-807-8347 | leigh.brady@ncsecu.org

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