CUNA Mutual Group announced Aug. 2 that it has entered into a definitive agreement to acquire Assurant’s prearranged funeral insurance and final expense business in the U.S. and Canada, serving more than 2 million consumers—for approximately $1.3 billion.
This investment will enhance the Madison, Wis.-based broad financial services provider’s ability to help ensure middle market consumers have access to solutions that help build financial stability, CUNA Mutual Group said in a statement.
“This acquisition allows us to expand the ways we reach middle-market consumers, helping more people make financial decisions that work for them and their situation,” said Robert N. Trunzo, president and CEO, CUNA Mutual Group. “We will continue to build, buy and create partnerships to bring additional insurance, investment, and technology solutions into our portfolio to support our strategic priorities, protect even more consumers and augment our resources and financial strength.”
Like CUNA Mutual Group, Assurant’s preneed business is focused on protecting consumers and their families with simple, easy to understand products. The preneed business will operate with autonomy at its Rapid City, South Dakota location with limited integration into CUNA Mutual Group’s other business lines or operations. Since preneed solutions are provided to consumers primarily through funeral homes, the company has no plans at this time to offer these services through financial institutions, such as credit unions and banks.
The acquisition provides the opportunity to add a business already at scale as CUNA Mutual Group enters new markets to protect even more consumers. The business brings $6.5 billion of face value in-force and $7 billion in assets. Earnings were nearly as high in 2020 as in 2019 in spite of the impact of the COVID-19 pandemic on insureds’ mortality.
Assurant’s distribution model for preneed and final expense solutions includes a longstanding partnership with the largest funeral home provider in North America and many other funeral home partners and distributors across the U.S. and Canada.
The agreement includes a multiyear extension of the 23-year automobile mechanical repair coverage partnership between the companies.
“Today’s announcement represents a positive outcome for all of our stakeholders and importantly, for our Preneed employees, customers and policyholders, said Assurant President and CEO Alan Colberg. “I am also excited to continue to further strengthen our longtime partnership with CUNA Mutual Group, built upon shared values and aligned culture and commitment to customer excellence.”
Trunzo added, “CUNA Mutual Group remains committed to helping credit unions and other strategic partners excel at reaching and addressing consumers’ needs. Ultimately, we are working to ensure a brighter financial future is accessible to everyone.”
The acquisition is expected to close by the end of the third quarter, subject to applicable regulatory approvals and other customary closing conditions.
Interesting!
Cuna’s got a great whole life . I’m suprised how many people buy from their credit unions .
That’s American Memorial Life. That company was owned by Service Corporation International and got sold to Assurant dirt cheap back in the early 2000’s when SCI’s stock took a dump. SCI has still remained the biggest seller of American Memorial policies. I’m shocked that SCI didn’t buy it back if it was for sale.
I hear ya on this. Trustage is everywhere now.
I wonder how much they sell each year. I'll bet it's a ton.
I don’t find any of CUNA’s products to be all that great.
It’s basically a FU product. Only priced well for smokers. But you can blow that away too with FU.
If they quaffed for Trustage they qualify for FU. Unless of course it was clean sheeted. Which appears to be most of them.
Well look who’s back.
Yeah, a week or so ago.
Back on subject, AmMem adds nothing to CUNA.
Completely non competitive product. I probably replace more AmMem than any other company out there.
They are almost as easy to replace as AmAm. But I see far more AmMem out there.
Mainly because of ORCA.
And you sure haven’t changed. I’ll see you in Key Largo though.
No reason to change. ☠️
ORCA?
Another name for a whale. :yes:
I wondered the same thing.:laugh:
ORCA Life | Whole Life Insurance | Strength in Family
Your not doing your job JD!!! Lol .On the video he says 4 guys will make $1 mil between them . That dude sounds like a cheese cake . All those guys wether Lincoln or senior life the same . My friend in Indiana replaces them like crazy . Those guys travel 4-10 hrs and stay in hotels for 3-4 nights every week .
yes. That’s their model. Churn and burn. I don’t know if travel is required but it seems they all do.
they used to be Securus.
pimp AmMem as their primary company.
John Duggar. I heard you was dead.
it’s er, not ar. And the rest is greatly exaggerated!!
Good to see you, buddy. People missed you around here.:yes:
Not just any whale but a killer whale…top of the oceanic food chain .. Even the great white sharks give them a wide berth.
Does Am Memorial take DE ?
I was told by a lady who took out a policy with an Orca agent out of Louisville KY she used DE to pay for it.
Maybe they have an exclusive deal with them ?
Are they owned by Amerilife ?
Actually, Orcas are not whales. They fall in the dolphin family, but with large teeth!
2 1/2 times the bite strength of a T-Rex.
With my contract no de allowed . Few people know it but some older am am contracts allow the agents to take de cards . My friend can . It was grandfathered in and no new agents can . I just had 2 de policys 16 and 20 months old nsf with bad cards . They pay out like $4 a month . I tried calling and left message . No call back .
Orca leads with American Memorial,then Am Am and RNA.
Are they on a 160%-170% with American Memorial? Do they have an exclusive contract that lets them take DE ?
I’m at a contract well above 120 street . I have no idea what there contract is . But I’m sure it’s super high . I have no idea if they have de ability . I know the orca agents drive 200-500 miles most weeks to work arrives were there’s leads . It might be 2 states over . They stay in hotel rooms . Sucky life to do that every week. They only added rna and am am the last 12 months . The reason I know is my friend stole one of their top agents and he got am am and rna with him . They then inticed him to come back and orca picked those CO’s up . Orca’s like Lincoln heritage , senior life , senior select and family first . They all drink the rah rah koolaid
I think JD runs into them. He probably replaces their business.
Why do they work such a great distance from Louisville?
Seems like you could get plenty of cards between Kentucky and Indiana?
Do they furnish the leads ?
That’s a sure fire way to crash and burn with those work habits.
Their agents call me fairly often looking for leads. They do have a strange model where no agent has a “lead territory” they just tend to recruit agents that want to work out on the road and just hit the road every Monday. There are guys out there that prefer to do that rather than be at home every night.
If you're away from home, you'll work more hours…..or party more. I did that for a few years when I 1st started in the early 70's. It gets old.
Yes. To me it makes for less stable agents. Probably fun for young single guys. Not great as you get older and more mature.
Yeah, wasn't bad when I was single, but it's not good to be gone all week when you have a family.
Any guy trying to stay married knows being home with their spouse every night is essential.
They are laying next to the person every night who could destroy them financially.
On the other hand if you’re a young single guy with a little game,traveling out a few nights a week and being in hotel rooms can be very exciting when you use Tinder and Bumble.
I bet their agents have some really good stories 😉
When I got divorced I was the bumble and tinder king . It’s like being in a candy store . Met 3 some days . But when your meeting 3 so are they . Woman coming off a long marriage want to get wild . But I told every woman up before we met we go dutch . You got a job just like me and you want sex just like me .But my business suffered big .
Tinder king !
Sounds like you’re having a lot of fun. You only go thru life once might as well knock down as many as you can.
Could you imagine being married to one of those ladies selling on the road for Orca ?
These young guys today have to deal with that.
I’m sure they wouldn’t want you in the same hotel,in a room down the hall 300 miles away from home playa!
Went on a lead card today and learned from the insured that an Orca agent out of Kentucky got her to replace a 5 year old Forester’s level 12K she was paying $44 a month on because she was frightened when the agent told her if Forester’s went out of business she would not be protected by the state guarantee fund since it’s a fraternal.
He sold her the same 12K with Am Am immediate for $60 a month and had her surrender the Forester’s for her $600+ CV.
She did not need the money. She surrendered the Forester’s because she believed the agent and was scared to death.
Nice,sweet,god fearing trust country lady.
Dude’s a snake.
Were you working Virginia or w Virgina ? Those orca agents will travel 6-8 hrs from Louisville to work an area my friend tells me . He replaces them left and right in Indiana .
W.Va.
It's illegal to talk about the Guarantee fund.
This outfit pulls a kind of bull crap.
Thier website says integrity is their #1 priority.
I'm sure they are all over Indiana Kentucky Ohio
It’s not too hard to beat AmAm is it? He should have replaced that just so she is not stuck with a scammer for an agent.
Yeah Moo is usually my price buster but they they don’t allow replacements in W.V. with Living Promise.
Only using Trans when I have no other choice so LBL was the way to go here.
She ended up with about $1500 more coverage for the same premium.
The Am Am was issued 08/05/2022,7 days after the free look was up so she only made 1 premium l
I always offer to help these kinda folks who been had by these crooks but they never want to move forward and file a complaint when I ask.
I guess they must train the agents at Orca to screw seniors ?
What can be done to stop this crap ?
AmAm doesn't allow replacements in WV either.
The agent probably had a local number. They all use the card with the Louisville address. Their thing is to travel though. An agent we filed a DOI complaint against in western Ky was in Va a couple weeks later and got a DOI compliant filed there too.
Another one that I had a complaint on a couple years ago was down in the Memphis area and got a complaint filed against him there.
I had one today where the agent forgot to do a replacement form. I got a feeling his answer will be that he didn't know she had prior coverage. Except he witnessed the surrender form. :1smile:
You sure about that ?
Positive. AmAm doesn't allow replacements in Ky, Kansas or WV.
Page 11 of the agent guide Ky,Kansas clearly states no replacement.
W.V. Is wide open.
I recently used them to replace a NY Life term policy.
Both boxes checked yes on the app….yes they have a policy and yes on the replacement.
Had to go back and look at it myself on the E App just now before you jump all over me.
It's possible they changed it? Been a long time since I was contracted with AmAm. Companies do change from time to time. SNL didn't use to allow replacements in Ky. Now they do.
Maybe they did ? I remember Settlers didn’t allow it. Back then I would use Trans to replace. I’ve only been with Am Am maybe 2 years so it’s quite possible they didn’t when you had them ?
I can’t keep up with all this stuff.
Hell I have found myself quoting Moo and then having to walk it back,having to explain my way out of it.
That’s because w Virginia like Kentucky about no contestability after 2 years on replaced policy ? I know Trinity pulled out of ky allowing replacements . This is extra liability on the co. In reality an agent can lie and clean sheet a 2 yr or older policy . The CO’s on the hook for the db will say 1
I know the agents are always wrong in many eyes. I am not of that notion. Agents don't approve or decline applications.
What you did is the best you can do. Make sure the crooked agent got a nice juicy chargeback and hope it’s the one that takes them right out of the biz.
When I run into them I look up the agent. Seems like everyone in board with this outfit is either a brand new agent or they’ve only been licensed less than 2 years.
Most are gen z or millennials.
What do agents get? 75% 80 %?
They only write Am Mem or Am Am.
The brochure they leave says Clear Choice by Amerilife?
How do they get them to drive out 300-400 miles to work leads ?
Does any of the clean sheeting,fraudulent activities ever come back to the ringleaders?
They recruit young people that are green to the biz and that like to spend 3 or 4 nights a week out of town in hotels. They travel in groups. None of them stick around more than a year or two from what I’ve seen. They usually fail out or if they have an occasional good one they have to wake up and move on at some point.
I’ve spoke with a lot of them and they all say they were trained to never fill out a replacement form or to even carry any with them.
This is the way I started out with Globe Life in 1972, but we didn't have leads…we canvassed door to door. I also did it in the 80's with Globe / United American as a captive agent.
In the 70's, when I was single, it was fun and I partied every night.
In the 80's when I was married and had kids, it wasn't fun being away from my family at night, so I only did it for about a year, and just started driving more and working closer to home.
You're right, very few survive being a road warrior.
Have never figured out the rational for the road warrior bit. Agents from my county would drive 100+ miles away to work another county. On the way, they would meet agents from that county driving here to work.
You guys that hang around the house say that usually because you either can’t (can’t be away from the wife,insecure or trust issues ) or won’t accept the personal challenge to get outside of your comfort zone.
They make excuses to prevent themselves from exceeding expectations and it’s usually very obvious.
Or in your case your health.
I’ve been traveling,working out or town 30+ years.
It was the same thing when I was in the home improvement business.
Some guys absolutely love it. Lots of great memories.
In this business unless you’re in an area with great mail returns and a lot of people you’re gonna starve for leads or do a ton of driving.
“Living on the road my friend “ Willie Nelson
As long as I am here the pedal will be to the medal.
No, it is not because I can't. It is because I have never seen the need. For the past couple of years I have worked the surrounding counties…less than 30 miles from my home. Don't work my home county too much for a personal reason. I am getting to where I cannot remember people.. have never been good with names. Hate running into someone at the local stores and cannot remember if they are a client or not when they speak to me.
No worries i have CRS too.
I can't remember their name when im in the house !
I tell them to hand me the card back !
:laugh::laugh:
There is a few people in your town/local area buying life insurance from someone every single day. May as well be from you.
Lots of agents do better away from home. There's nothing to do except work. Around home there are so many distractions, honey do lists, etc.
If your selling at a high level and you drop massive mail and you keep mailing 4 times a yr the same area you’ll get 15-20% duplicates . 2 weeks ago I dropped 25 k over 16 county’s for aep and I’ll be dropping 15-25k in about a week . I’ve already noticed quit a bit of duplicates . I’ll take the duplicates during aep as the 2nd round I’m mailing same are with 2023 benefits . I want appts as close together as I can to see the most people
That’s why I like working several different states. I got lazy a few years ago and kept dropping the same counties. Kept getting duplicates. Now I drop my home state’s honey holes 1-2 X per year then hit some brand new areas,states on the road. Keeps the responses pretty fresh.