A Guide to Insurance Offerings from Founders Federal Credit Union

Founders Federal Credit Union provides a wide array of insurance options to complement its financial services. This article will explore Founders’ insurance offerings, provide an overview of their coverage, discuss bundling discounts, and explain why credit union insurance could be a good choice.

Introduction to Founders Federal Credit Union

Founders Federal Credit Union was established in 1953 and is headquartered in Lancaster, South Carolina. It is a full-service credit union providing loans, credit cards, mortgages, checking and savings accounts, IRAs, and more.

Founders has over $2 billion in assets and serves about 165,000 members across South Carolina and North Carolina. Membership is open to anyone who lives, works, worships, or attends school in 16 qualifying South Carolina counties or 3 North Carolina counties.

In addition to traditional banking services, Founders offers a suite of insurance options to protect its members, including:

• Auto insurance
• Home insurance
• Life insurance
• Accidental death insurance
• Disability insurance

Bundling multiple policies with Founders can lead to discounts on insurance premiums. Most policies are provided by well-known national insurance carriers.

Auto and Home Insurance at Founders

Founders Federal Credit Union provides auto and home insurance through TruStage insurance products. TruStage is the brand name used by CUNA Mutual Insurance for insurance policies marketed to credit union members.

The TruStage auto insurance program from Founders offers the following policy features:

• Liability coverage – Bodily injury and property damage liability.
• Comprehensive and collision – Optional coverage against theft, vandalism, weather, fire, and accidents.
• Uninsured motorist – Covers injuries caused by uninsured or underinsured drivers.
• Towing, rental reimbursement – Pays for towing and car rentals due to covered claims.
• Multiple discounts – Savings for safe driving, good students, completing defensive driver courses, insuring multiple vehicles, and more.

TruStage home insurance provides dwelling and personal property coverage. Policy options include:

• Replacement cost and actual cash value options
• Liability protection
• Coverages for roof, sewer/drain back up, water damage, and more
• Discounts for home security systems, retirees, new homes, and bundling policies

By bundling TruStage home and auto policies, Founders members can save up to 15% on premiums.

Life Insurance at Founders

Founders offers both term and permanent life insurance from leading carriers like Minnesota Life, 5Star Life, and more.

Term life insurance provides affordable death benefit protection for a set timeframe, such as 10, 15, 20, or 30 years. It covers the insured in case of death, but does not build cash value.

Permanent life insurance offers lifetime coverage and has an investment component that allows cash value to accumulate tax-deferred within the policy. This cash can later be borrowed against or withdrawn.

Permanent life policies available through Founders include:

• Whole life – Offers guaranteed death benefit, premiums, and cash value growth.
• Universal life – Flexible premiums and adjustable death benefit.
• Variable life – Death benefit and cash value fluctuate based on performance of investments.

Founders has licensed representatives who can help members determine the right amount of coverage and policy type to meet their life insurance needs. Bundling discounts may apply when purchasing multiple insurance products.

Accidental Death and Disability Insurance

Founders Federal Credit Union also offers accidental death insurance and disability insurance:

• Accidental death coverage – Pays a lump sum if the insured dies due to a covered accident. Can help pay funeral costs, debts, and supplement regular life insurance.

• Disability insurance – Replaces income if an injury or illness prevents the insured from working. Protects finances by paying bills, mortgage, and other expenses while recovering.

Disability policies come in both short-term and long-term coverage varieties. Available benefit periods include 2 years, 5 years, up to full retirement age, and lifetime protection. The credit union partners with leading disability carriers to make these products available.

Why Choose Insurance from Founders?

There are many good reasons for Founders members to consider purchasing insurance through the credit union, including:

• Bundling discounts – Members save by having multiple insurance policies with Founders.

• Credit union dividend – Portion of premiums are returned as a dividend at year-end for qualifying products.

• Personalized service – Founders insurance reps provide one-on-one guidance for your needs.

• Payment options – Premiums can be deducted from Founders accounts for convenience.

• Competitive pricing – Group purchasing power leads to competitive rates for credit union members.

• Strong providers – Reputable national insurance carriers back Founders’ offerings.

• Easy claims – File and manage claims through the credit union insurance partners.

For Founders Federal Credit Union members looking to protect their assets, credit union insurance provides an appealing option with potential bundling discounts, dividend payments, strong reputable providers, and personalized service.

Founders Insurance Services Team

Founders has a dedicated team of licensed professionals who specialize in insurance products and services for credit union members:

• Mike Thomas, VP Insurance Services & Annuities – Oversees entire insurance line. Licensed in life, health, annuities, and long-term care.

• Susan Gardner, Insurance Specialist – Focuses on life, disability, and long-term care insurance. Licensed in these areas.

• Taunya Robinson, Insurance Specialist – Specializes in auto/home insurance and annuities. Licensed in property/casualty and annuities.

• Madison White, Insurance Specialist – Handles auto/home insurance and processes policy changes. Licensed in property/casualty insurance.

This experienced team can provide guidance tailored to each member’s unique situation. They stay up-to-date on the latest insurance products and work directly with carriers to serve members.

Conclusion