CUNA Mutual Group Announces Valuable Product Changes in Response to COVID-19
“While many things are uncertain today, you can have confidence that we are here, ready and able, to serve your needs. We continue to stay informed and are prioritizing actions that protect the health and safety of our customers, employees, partners and community members.”
— Robert Trunzo, CUNA Mutual Group President and CEO
The Strategic Link partner recently announced several key product changes in a proactive response to credit unions’ urgent needs, such as free GAP skips, automatic bond on-premise limits, and more. Here’s a full break-down:
On-Premise Limit – Temporary increase of $500,000 at no charge for current bond policyholders.
CBSI advisors have added new automation capabilities (Unified Account Opening) to open brokerage accounts, mutual fund accounts (currently limited to American and Franklin Funds), and electronically sign using DocuSign.
- Credit Insurance and Debt Protection
- CUNA Mutual Group will not cancel or non-renew policies for failure to pay premium due for 90 days.
- Member access to My Claims Portal has been streamlined to improve claims servicing and speed processing.
- See the lending FAQs on the Stronger Together webpage for approved language credit unions can use to let members know about their CUNA Mutual Group products and benefits related to COVID-19.
- GAP Waivers
Two additional skip payments taken between March 1 and July 31, 2020 are allowed on all active waivers.
- GAP Plus
Eligibility for Plus benefits expiring between March 1 and June 1 is extended to Aug. 31, 2020.
- LOANLINER Customization Fees
Customization fees are waived if the intent is to assist members experiencing financial hardship due to COVID-19.
- Loanliner.com Emergency Aid Loan
A configured personal loan workflow is available to help consumers apply for financial help.
Credit unions with CMRS plans have been notified of the Help for Challenging Times portal to assist their employees in managing their retirement plans. Resources include a webinar recording, risk assessment, Challenging Times article collection, calculators, and videos.
- TruStage Insurance Program
- CUNA Mutual Group will not cancel or non-renew any policies for failure to pay premiums due for 90 days for AD&D Insurance, Health Insurance, and Life Insurance.
- In addition, Liberty Mutual is also prepared to work closely with any member that needs assistance on deferring auto or homeowner payments to avoid cancellation of the policy.
CUNA Mutual Group is also hosting a two-part webinar series, COVID-19 Recession and its Impact on Credit Unions, which dives into the rapidly shifting economy in the wake of the coronavirus pandemic. Part one has been recorded and is available for viewing online. Register here to attend part two, scheduled for Thursday, April 30, from 11 a.m. to 12 p.m., PDT (12 to 1 p.m. MDT).