PenFed and CUNA Mutual Group Join Forces to Bring TruStage Experience to Members

CU’s 1.5 Million Members Can Help Protect Their Families with Life and AD&D Insurance

MADISON, Wis. – CUNA Mutual Group today announced Pentagon Federal Credit Union (PenFed) has begun making TruStage Accidental Death & Dismemberment (AD&D) and Life insurance available to the credit union’s 1.5 million members.

TruStage, CUNA Mutual Group's consumer brand, is partnering with PenFed to help members plan and protect for their future. Individuals now have the ability to research, purchase and service their life and AD&D policies through multiple channels of their choice.

CUNA Mutual Group and PenFed share a desire to serve hard-working families by helping them prepare for all of life’s key moments,” said TruStage Senior Vice President Susan Sachatello. “Our relationship will empower their members to protect what matters most.”

This arrangement will help PenFed, the nation’s third largest credit union, continue to grow, while enabling CUNA Mutual Group to further its strategy to create indispensable credit union relationships to serve consumers’ financial needs.

“TruStage is clearly committed to delivering a compelling experience for our members’ life and AD&D protection needs,” said PenFed Executive Vice President and President of Affiliated Businesses Shashi Vohra. “Their investment in innovation and digital capabilities was a major factor in our decision to make TruStage available to our members.”

TruStage continues to build capabilities for credit unions to generate non-interest income while helping them attract and better serve members across all life stages. “We do this by connecting with consumers where, when and how they want and by offering a diverse set of products that are simple to understand, buy and maintain,” Sachatello said.

In 2015, TruStage paid more than $80 million in non-interest income to credit unions, and those with more than $1 billion in assets experienced a median non-interest income growth rate of 11.4%. Since 2014, TruStage has won eight times more credit union business than it lost.