TruStage Financial Group, Inc., formerly known as CUNA Mutual Group, is a

mutual insurance A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or re ...

company A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Natural person, natural, Legal person, legal or a mixture of both, with a specific objective. Company members share a common p ...

that provides

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

cooperatives A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-control ...

credit unions A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...

, their members, and other customers worldwide. TruStage Financial Group sells commercial and consumer insurance and protection products. TruStage Financial Group provides retirement plan services to small businesses and credit union employees. The

Madison, Wisconsin Madison is the county seat of Dane County and the capital city of the U.S. state of Wisconsin. As of the 2020 census the population was 269,840, making it the second-largest city in Wisconsin by population, after Milwaukee, and the 80th-lar ...

-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.TruStage
(official site)

History

The "CUNA" in the company's name originally stood for "

Credit Union National Association The Credit Union National Association, commonly known as CUNA (pronounced "Cue-Nuh"), is a national trade association for both state- and federally chartered credit unions located in the United States. CUNA provides member credit unions with tr ...

". TruStage Financial Group is the marketing name for CMFG Life Insurance Company, its subsidiaries, and affiliates. TruStage Financial Group was formed in 1935 as the CUNA Mutual Insurance Society. Its purpose was to offer financial protection to Americans during the credit union movement. After

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...

, TruStage Financial Group grew rapidly and expanded many of its services. TruStage Financial Group began selling insurance products in 1983. It now serves over 30 million consumers across its lending, retirement, and wealth management products.

Locations

TruStage Financial Group employs nearly 3,700 people in offices in

Waverly, Iowa Waverly is a city in Bremer County, Iowa, United States. The population was 10,394 at the time of the 2020 census. It is the county seat of Bremer County and is part of the Waterloo– Cedar Falls Metropolitan Statistical Area. The sister cit ...

;

Great Bend, Kansas Great Bend is a city in and the county seat of Barton County, Kansas, United States. It is named for its location at the point where the course of the Arkansas River bends east then southeast. As of the 2020 census, the population of the ci ...

;

Fort Worth, Texas Fort Worth is the fifth-largest city in the U.S. state of Texas and the 13th-largest city in the United States. It is the county seat of Tarrant County, covering nearly into four other counties: Denton, Johnson, Parker, and Wise. According ...

; and

; as well as field employees located throughout the United States. There are 1,900 employees working in Madison, Wisconsin, the company's world headquarters. The company's international locations include the

Dominican Republic The Dominican Republic ( ; es, República Dominicana, ) is a country located on the island of Hispaniola in the Greater Antilles archipelago of the Caribbean region. It occupies the eastern five-eighths of the island, which it shares wit ...

Jamaica Jamaica (; ) is an island country situated in the Caribbean Sea. Spanning in area, it is the third-largest island of the Greater Antilles and the Caribbean (after Cuba and Hispaniola). Jamaica lies about south of Cuba, and west of His ...

Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and Unincorporated ...

, and

Trinidad and Tobago Trinidad and Tobago (, ), officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean. Consisting of the main islands Trinidad and Tobago, and numerous much smaller islands, it is situated south of ...

Services

TruStage Financial GroupAbout Us - CUNA Mutual Group
/ref> sells a variety of

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

and

investment Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...

products designed for credit unions and their members, including the following: *''Insurance and payment protection services'' offered by TruStage Financial Group include the following commercial and personal services. **''Commercial'': Bond, collateral protection, management and professional liability,

plastic card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term ''#Plastic card, plastic card'' includes the above and as an identity document. These are similar to a credi ...

, business automobile, IT/cyber solutions, mortgage insurance, property and business liability, workers compensation, and executive benefits **''Personal'':

Credit insurance Credit insurance refers to several kinds of insurance relating to financial credit: * Trade credit insurance, purchased by businesses to insure payment of credit ''extended by'' the business *Payment protection insurance, purchased by consumers to ...

, debt protection, guaranteed asset protection, mortgage payment protection, mechanical repair coverage,

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

, accidental death and dismemberment, health insurance, and auto and home insurance *''Lending services'' include loan generation marketing, lending document management, compliance services, and lender development programs. *''Wealth management and retirement services'' include broker/dealer services,

pension A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...

and

401(k) In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodical employee contributions come directly out of their ...

plans,

mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV i ...

s, managed accounts, variable

annuities In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, mo ...

, fixed annuities, and immediate annuities.

TruStage

TruStage is the brand name of a group of insurance products provided by TruStage Financial Group. TruStage is the insurance arm of TruStage Financial Group, which is rated "A" (Excellent; 3rd highest out of 16 possible ratings) by

credit rating agency A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of default. An agency may ra ...

A.M. Best as of February 2017. TruStage Financial Group first registered the TruStage brand trademark in 2010, and it was first used commercially in 2013. The TruStage brand first sold insurance products commercially in 2013. It exceeded $1 billion in consumer coverage in 2017, and exceeded $6 billion in 2018. TruStage also offers

community service Community service is unpaid work performed by a person or group of people for the benefit and betterment of their community without any form of compensation. Community service can be distinct from volunteering, since it is not always performed ...

awards to students, such as the Community Spark Award.

Products

TruStage offers a range of insurance products, including whole and

term life insurance Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guarant ...

accidental death and dismemberment insurance In insurance, accidental death and dismemberment (AD&D) is a policy that pays benefits to the beneficiary if the cause of death is an accident. This is a limited form of life insurance which is generally less expensive, or in some cases is an add ...

auto insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for automobile, cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bod ...

, and

property insurance Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or bo ...

. All products have various coverage amounts and age requirements. TruStage

products include: *Simplified

whole life insurance Whole life insurance, or whole of life assurance (in the Commonwealth of Nations), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided ...

: requires medical exams or questioning and pays a cash benefit if a person dies. *Guaranteed acceptance

: does not require medical exams or questioning and pays a cash benefit if a person dies. *

Term life insurance Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guarant ...

: guarantees payment of a death benefit during a specified time period. Additional TruStage insurance products include: *

Accidental death and dismemberment insurance In insurance, accidental death and dismemberment (AD&D) is a policy that pays benefits to the beneficiary if the cause of death is an accident. This is a limited form of life insurance which is generally less expensive, or in some cases is an add ...

(underwritten by CMFG Life Insurance Company): pays a cash benefit if a person dies or is seriously injured in an accident. *

Auto insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for automobile, cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bod ...

(underwritten by Liberty Mutual and Esurance): offers coverage for cars, motorcycles, boats or watercraft, ATVs or off-road vehicles, and recreation vehicles (RV). *

Home insurance Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insura ...

(underwritten by Liberty Mutual and Esurance): offers coverage for homeowners, renters, or condo residents and their property.

Labor Controversy

Since February 2022, TruStage Financial Group and 450 employee members of OPEIU #39 have been negotiating a successor labor agreement to replace the previous agreement that expired March 31, 2022. Talks broke down in January 2023, with the union alleging the company was no longer engaging in good faith bargaining over union member priorities including fair compensation, pay equity, job security assurances against outsourcing, remote work protections, retirement security, and affordable health care. In February and March 2023, the union filed unfair labor practice (ULP) charges with the National Labor Relations Board (NLRB) against the company asserting refusal to bargain, bad faith bargaining, refusal to furnish information, subcontracting unit work, retaliation against workers for union activity, all of which are prohibited by federal law. On April 19, 2023, 87% of union members voted on whether to allow the union’s bargaining committee to authorize a strike within 30 days if no labor agreement is reached. The measure was approved with 92% member support.

References

External links

CUNA Mutual Group
(official website)
TruStage
(official site) {{DEFAULTSORT:Cuna Mutual Group Companies based in Madison, Wisconsin Financial services companies established in 1935 Credit unions of the United States Insurance companies of the United States Mutual insurance companies 1935 establishments in Wisconsin Mutual insurance companies of the United States