Creating CUNA Mutual

When CUNA recognized a need for credit-union-oriented insurance services and standardized office supplies, it formed the CUNA Mutual Insurance Society. Declaring, "The Debt Shall Die With The Debtor," CUNA Mutual developed a Loan Protection Insurance policy followed shortly by Share Life Insurance. These programs provide for specified compensation to the beneficiaries of deceased or disabled credit union members.

CUNA Mutual began with a $25,000 loan from Edward Filene, and had receipts of only $145 during its first month of operation. Three months later, it was faced with its first claim, for $40, and had to borrow money to pay it.

Today, the CUNA Mutual Group is one of the largest insurance companies in North America and writes more credit life insurance than any other company in the world.