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Frequently Asked Questions

  1. What is an term life policy?
  2. What is a term conversion?
  3. How do I change my beneficiary?
  4. I did not receive a bill or notice of premium due.
  5. Where can I send in my payment?
  6. How do I change my billing to have deductions occur automatically from my checking account?
  7. What is the grace period for paying a bill?
  8. I would like to change the method of payment for my policy.
  9. What is an irrevocable beneficiary?
  10. May I have more than one beneficiary?
  11. Why did I receive a Late Pay Notice if I have already paid my bill?
  12. Are death benefit proceeds taxable?
  13. How do I terminate my policy?
  14. If I sign up for automatic account deductions, when will the deduction occur from my account?
  15. I am currently having premiums charged to my credit card, and my card has expired. What do I need to do?

What is a term life policy?

Term insurance is the simplest form of life insurance – it provides coverage for a specified period of time (term) and simply provides a benefit upon death. Usually there are no cash value benefits nor any dividends generated with term insurance. Premiums are renewable and usually increase at every renewal date. Term insurance includes a conversion privilege that allows the insured to convert to permanent insurance at key times during the policy coverage. [Return to Top]

What is a term conversion?

A term "conversion" is an exchange of a term life policy for a permanent plan without a medical examination requirement. Premiums for the permanent plan are based on your age at the time of the conversion and the specific product chosen. [Return to Top]

How do I change my beneficiary?

A Change of Beneficiary form can be downloaded from the Term Life Insurance Forms page. Send the original form, signed by the owner, to our office to be reviewed and recorded. You may want to keep a copy for your records. [Return to Top]

I did not receive a bill or notice of premium due.

You will only receive a bill notice if you are on the direct bill method, (versus automatic account deductions), which sends a bill to your home. Our system bills approximately 20 days prior to when the premium is due. Please allow up to seven days for your notice to reach you. If after seven days you have still not received your bill, send a payment to the following address, making sure you have noted your policy number on your check stub.

CUNA Mutual Insurance Society
PO Box 61
Waverly, IA 50677-0061

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Where can I send in my payment?

If you have your billing notice, please send your payment(s) with your billing notice in the envelope provided. If you cannot find your billing notice, please wait for it. If your payment due date is here and you have still not received your notice, you need to write your policy number on your check and send your payment to our office at:

CUNA Mutual Insurance Society
PO Box 61
Waverly, IA 50677-0061

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How do I change my billing to have deductions occur automatically from my checking account?

Complete the "Preauthorized Payment Plan Form" listed under printable forms, sign and send it in to our office:

CUNA Mutual Insurance Society
PO Box 61
Waverly, IA 50677-0061

Or you may fax this form to us at 1-608-236-8030.

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What is the grace period for paying a bill?

Your policy has a 31 day grace period. This means that if a premium is not paid on or before the due date, it may be paid during the 31 days following the due date. During the grace period, the insurance will stay in force. This grace period applies to neither the first premium payment nor if the policy is terminated by the policyholder, a participating association or by us. [Return to Top]

I would like to change the method of payment for my policy.

If you would like to begin having automatic account deductions from your checking account, or change the financial institution/account deductions were occurring from, you may complete the Preauthorized Payment Plan form, sign and send it to our office at:

CUNA Mutual Insurance Society
PO Box 61
Waverly, IA 50677-0061

Or you may fax this form to us at 1-608-236-8030.

For all other billing plans, please call our office at 1-800-779-5433.

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What is an irrevocable beneficiary?

If a beneficiary is designated as irrevocable, then the beneficiary must give consent for any transactions or changes in the policy, including a change in the beneficiary. [Return to Top]

May I have more than one beneficiary?

Yes, if more than one beneficiary is named, proceeds will be split equally among the named beneficiaries unless otherwise indicated. Benefits can be designated in varying amounts. Please call us at 1-800-779-5433 (if your policy was purchased by mail or phone) or 1-800-798-6600. (if your policy was purchased through a local representative) Monday through Friday - 7 a.m. to 7 p.m., CT. [Return to Top]

Why did I receive a Late Pay Notice if I have already paid my bill?

A late pay notice is mailed if we have not received your premium payment within 25 days after the due date. If you have recently mailed your payment, it is possible that the notice and your payment "crossed in the mail." If this is the case, you may disregard the late pay notice. [Return to Top]

Are death benefit proceeds taxable?

Life insurance proceeds are not taxable.

The gain portion of annuity proceeds is taxable to the beneficiary when it is distributed. There are several ways to defer the gain. Contact us for more information on specific settlement options available. Our telephone number is 1-800-779-5433, ext. 3351 (if your policy was purchased by mail or phone), or 1-800-798-6600, ext. 3351 (if your policy was purchased through a local representative). [Return to Top]

How do I terminate my policy?

Call our contact center at 1-800-779-5433 (if your policy was purchased by mail or phone) or 1-800-798-6600 (if your policy was purchased through a local representative) from Monday through Friday - 7 a.m. to 7 p.m., CT for a surrender form. Because of the importance of this decision, including possible taxation, an original surrender form signed by the policy owner is required to terminate the policy. [Return to Top]

If I sign up for automatic account deductions, when will the deduction occur from my account?

The first deduction may not occur on the day you selected. We will send you a confirmation letter notifying you before the first deduction occurs. Thereafter, a draft will be sent on the specific day of the month you requested account deductions. If no draft day is designated, we will determine the date deductions will be sent based on the policy due date. Actual deduction from your account will occur 2 business days after the draft is sent, or longer if a holiday. Ex: you selected the 1st of the month for account deductions; if the 1st falls on a weekend, we will send the draft on the next business day, and the deduction will occur 2 business days later. [Return to Top]

I am currently having premiums charged to my credit card, and my card has expired. What do I need to do?

We will send you a notification letter 60 days prior to the expiration month, to obtain new card information. If you have misplaced this letter, you may send or fax us the information. Just provide the insured's name, policy number, 16 digit card #, and new expiration date. Please have the account holder sign under the information. You may fax this information to us to 1-608-236-8030. Or you may send this information to:

CUNA Mutual Insurance Society
PO Box 61
Waverly, IA 50677-0061
ATTN: Billing Services

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Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (800) 369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.

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