Closing the Gap On Life Insurance Purchases

About the Podcast

Life insurance can play a vital role in your members' financial well-being but often there is a growing gap between the life insurance a member needs and the life insurance they own. What can you do to close those gaps and help your members access the coverage they need?

We’ll discuss common member worries, the goals life insurance can help them address, barriers to an insurance purchase, and the steps your credit union can take to better understand your members and their needs.

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Key Takeaways:

  • [01:59] In the latest round of CUNA Mutual Group’s What Matter Now Research, millennials stood out in their financial worries in almost every category. Gen Xers weren’t far behind.
  • [02:22] Multiracial members had the highest levels of worry and white members saw the biggest increase in worries over the past five years. One of the things that people are really concerned about is what would happen to their household if their primary wage earner passed away.
  • [05:55] First credit unions should help take away some of the complexity and confusion around life insurance. The LIMRA data shows that only a quarter of Americans are comfortable talking about end-of-life topics.
  • [09:00] The key point is the importance of working intentionally to understand and serve all elements that make up members’ identities. When credit unions can do that they are better able to meet members where they are and better able to understand how to improve their financial wellbeing.  

Presented By

Kevin Cummer
Kevin Cummer

Director | TruStage Life Products

Kevin Cummer is Director, Life Products with CUNA Mutual Group. In this role he is responsible for leading product development efforts and assisting in the oversight and management of TruStage Life and Accidental Death & Dismemberment (AD&D) products. Cummer joined CUNA Mutual Group in 2005 as an Accounting Manager.  Prior to 2018, he served in various Senior Manager and Director roles in the Finance organization, providing financial support to various consumer insurance product lines as well as leading the company’s Financial Planning and Analysis team.  In 2018, Cummer joined the Product team as the Senior Product Manager for AD&D.  In early 2020, he was named the Area Product Owner for the Product Execution Area, providing leadership and prioritization guidance for the team responsible for delivering new products and capabilities for the TruStage product portfolio.

Throughout his CUNA Mutual Group career, Cummer has been a Values in Practice award finalist and a Finance Excellence Award winner. 

Sarah Randle
Sarah Randle

Program Specialist | TruStage

Sarah Randle started her CUNA Mutual Group career in 2017 as part of the AdvantEdge Analytics team, helping credit unions discover the power of their data and aid them on their data journey. Before CUNA Mutual Group, She worked with startups and has a diverse past career in marketing, sales, customer relations, and customer education. In her current role, she helps credit unions understand and maximize their TruStage Program. Day to day, you can find her delivering program results, reports, and data to her credit union partners, as well as discussing member benefits, ways to maximize non-interest income, marketing strategies, or having conversations with her CUNA Mutual Group account teams on how to best serve credit unions and their members.