Credit Union Members Are More Likely to Have Ancillary Insurance Protections for Their Prized Purchases, Study Finds

Business Wire

Securian Financial study analyzed the role ancillary protection products play in financial wellness in uncertain economic times.

ST. PAUL, Minn.--(BUSINESS WIRE)--
Credit union members are more likely than non-credit union members to have ancillary insurance protections—roadside assistance, vehicle and property protection, extended warranties, etc.—for their high-value purchases, according to a new study.

Securian Financial, a provider of insurance and other protection products to credit unions, surveyed just over 1,000 consumers, of which 59% (616) were credit union members and 41% (420) were not. On all 15 ancillary insurance protections asked about in the survey, more credit union members than non-credit union members said they owned the coverage—with vehicle-related protections the most commonly owned by both consumer segments, followed by protections for personal property.

“Our study found that consumers prioritize protections for expensive items like their vehicles, cell phones and big-ticket household goods because they fear the potential financial loss of costly repairs,” said Matt Bauler, Securian Financial vice president of Affinity Solutions. “Perhaps not surprisingly, due to the strong relationships credit unions have with their members, our study found credit union members are more likely than non-credit union members—often much more likely—to own insurance and related products that financially protect their purchases.”

Top 5 most-owned ancillary insurance protections

#1 Roadside assistance

All respondents: 53%
Credit union members: 60%
Non-credit union members: 41%

#2 Vehicle protection¹

All respondents: 43%
Credit union members: 51%
Non-credit union members: 30%

#3 Accident insurance²

All respondents: 41%
Credit union members: 48%
Non-credit union members: 31%

#4 Cell phone insurance

All respondents: 40%
Credit union members: 43%
Non-credit union members: 34%

#5 Property protection³

All respondents: 38%
Credit union members: 47%
Non-credit union members: 25%

Role these protections play with financial wellness and in a tough economy

Consumers associate financial wellness with stability and lack of worry when it comes to money—and many view insurance protections as key to achieving it. Nearly two-thirds (63%) of survey respondents said they typically protect large purchases with insurance or warranties. Again, more credit union members (69%) said this than non-credit union members (56%).

But, while consumers may see how ancillary protections support their financial wellness, the current economic climate limits their ability to protect everything in their lives that they would like to cover. More than half (51%) of non-credit unions members and 43% of credit union members said in the survey that insurance protections are not a priority for them right now due to the economic climate squeezing their finances.

Younger generations most interested

Still, according to the survey, there is interest in learning more about ancillary insurance protections, especially among younger credit union members. More than half of Generation Z and Millennial credit union members surveyed said they were very or extremely interested in several ancillary insurance protection products mentioned in the study. Vehicle protection scored particularly high, with 71% of Generation Z and 64% of Millennial credit unions members saying they were very or extremely interested in learning more about the product.

The most desired insurance protections Millennial survey respondents said they don’t have but wish they did are identity theft protection, term life insurance and accident insurance. For Generation Z, cell phone insurance, vehicle protection and identity theft protection are the top three most desired protections they currently are without.

“Even in this tough economic environment, our study shows credit unions can grow their ancillary insurance revenue by meeting the needs of their younger members who want to better protect their financial security,” said Bauler. “Credit unions should emphasize the peace of mind these products may offer and use real-life member stories when communicating about the protections with their younger members.”

A go-to provider for credit unions

Securian Financial’s Affinity Solutions business is a go-to provider of insurance and other protection products to thousands of credit unions in the United States and Canada. Securian Financial offers a diverse portfolio of specialty property & casualty, life, accident and supplemental health product options—all backed by customized solutions and exceptional service.

ABOUT SECURIAN FINANCIAL

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.

Securian Financial’s Ancillary Protections for Financial Well-Being Survey 2025. Survey conducted Jan. 30 to Feb. 6, 2025. Survey participants were compensated for their participation.

1. Protects consumers for the costs related to the repairs of covered vehicle product components not otherwise covered by an underlying warranty.

2. Provides a lump-sum benefit to the insured or a family member if they seek treatment to recover after an unexpected accident covered under the policy. Commonly covered events include broken bones, burns, trips to the emergency room and organized sports injuries. The insured can use the money to cover immediate medical expenses, lost income or however they wish.

3. Reduces or pays off the insured’s balance on a loan if the property is damaged or destroyed by a covered peril. Personal property protection is available on a single or dual interest basis and protects collateralized property such as furniture, appliances and other household goods. Single interest vehicle coverage provides physical damage coverage on private passenger vehicles for personal use for loss or damage caused by fire, theft or collision.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer.

DOFU 6-2025

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