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

mutual insurance A mutual insurance company is an insurance company owned entirely by its policyholders. It is a form of consumers' co-operative. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders ...

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

that provides

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

cooperatives A cooperative (also known as co-operative, coöperative, 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 democr ...

credit unions A credit union is a member-owned nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts ( cheque accounts), credit ...

, their members, and other customers worldwide. TruStage Financial Group sells commercial and consumer insurance and protection products, and provides retirement plan services to small businesses and credit union employees. It also provides auto, home, life and loan protection products to credit union members through its TruStage brand. It is based in Madison, Wisconsin .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"), was a national trade association for both state- and federally chartered credit unions located in the United States. CUNA provided 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 founded 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 (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

, 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 area. The sister city of Waverly is ...

;

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 c ...

;

Fort Worth, Texas Fort Worth is a city in the U.S. state of Texas and the county seat of Tarrant County, Texas, Tarrant County, covering nearly into Denton County, Texas, Denton, Johnson County, Texas, Johnson, Parker County, Texas, Parker, and Wise County, Te ...

; and

Madison, Wisconsin Madison is the List of capitals in the United States, capital city of the U.S. state of Wisconsin. It is the List of municipalities in Wisconsin by population, second-most populous city in the state, with a population of 269,840 at the 2020 Uni ...

; 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 is a country located on the island of Hispaniola in the Greater Antilles of the Caribbean Sea in the Atlantic Ocean, North Atlantic Ocean. It shares a Maritime boundary, maritime border with Puerto Rico to the east and ...

Jamaica Jamaica is an island country in the Caribbean Sea and the West Indies. At , it is the third-largest island—after Cuba and Hispaniola—of the Greater Antilles and the Caribbean. Jamaica lies about south of Cuba, west of Hispaniola (the is ...

Puerto Rico ; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territo ...

, and

Trinidad and Tobago Trinidad and Tobago, officially the Republic of Trinidad and Tobago, is the southernmost island country in the Caribbean, comprising the main islands of Trinidad and Tobago, along with several List of islands of Trinidad and Tobago, smaller i ...

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 protect ...

and

investment Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...

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 Plastic cards usually serve as identity documents, thus providing authentication. In combination with other assets that complement the data stored on the card, like Personal identification number, PIN numbers, they also serve authorization purpose ...

, business automobile, IT/cyber solutions, mortgage insurance, property and business liability, workers compensation, and executive benefits **''Personal'': Credit insurance, 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 A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...

, 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 (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a " defined benefit plan", wh ...

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. Periodic employee contributions come directly out of their ...

plans,

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

s, managed accounts, variable

annuities In investment, an annuity is a series of payments made at equal intervals based on a contract with a lump sum of money. Insurance companies are common annuity providers and are used by clients for things like retirement or death benefits. Examples ...

, 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 contributing to a noble cause. In many cases, people doing community service are compensated in other ways, such as gettin ...

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 guarante ...

accidental death and dismemberment insurance In insurance, an accidental death and dismemberment (AD&D) policy provides financial benefits to the insured or their beneficiaries in the event of accidental death, serious injury, or dismemberment resulting from an accident. Unlike traditional ...

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

, 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 r ...

: 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 guarante ...

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

Accidental death and dismemberment insurance In insurance, an accidental death and dismemberment (AD&D) policy provides financial benefits to the insured or their beneficiaries in the event of accidental death, serious injury, or dismemberment resulting from an accident. Unlike traditional ...

(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 cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury ...

(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 insur ...

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

Labor negotiations

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 Job security is the probability that an individual will keep their job; a job with a high level of security is such that a person with the job would have a small chance of losing it. Many factors threaten job security: globalization, outsourcing ...

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. All of the ULPs filed during that time were later determined to be without merit and either dismissed or withdrawn, according to NLRB case data. 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. Workers ratified a new contract in December 2023 that runs through March 2028 and includes pay raises of 15.5% retroactive to 2022 and a 13.25% pay raise over the four-year contract period.

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 1935 establishments in Wisconsin Mutual insurance companies of the United States