An official signing ceremony held in December marked the January 1 inauguration of SECU Life Insurance Company, a new service organization of North Carolina State Employees’ Credit Union (SECU). Credit Union representatives, including SECU Board of Directors Chairman, McKinley Wooten were on hand to witness Wayne Goodwin, North Carolina Insurance Commissioner, sign the official license of the new organization. SECU Life Insurance Company has been initially funded by SECU members with a $25 million capital investment. With this investment, the credit union will be able to expand its fiduciary responsibility to its members – providing sound, consumer financial products and services to help members create a successful financial path, including the protection of their assets.
SECU anticipates the first phase of new insurance products being offered statewide by summer 2013. In keeping with its current platform strategy, SECU will have non-commissioned agents who are also employees of the credit union and can assist members with choosing the appropriate products based on a member’s objectives. Likewise, the underwriting process should be efficient, with no medical exams or office involvement. Expected product offerings will include Simplified Issue Term and Whole Life Policies, Single Premium Deferred and Immediate Fixed Annuities. SECU will also be supporting the families of its youngest members by providing $1,000 in life insurance coverage to all FAT CAT and Zard accountholders at no charge. Additional supplemental insurance offered at competitive pricing will also be made available.
“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,” said Insurance Commissioner Wayne Goodwin. “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.”