Review Greek Catholic Union - Flex 10 Annuity
| Written past |
| Reviewed by Leslie Kasperowicz |
UPDATED: Feb 28, 2022
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A fraternal arrangement tracing its roots back more than 100 years, theGreek Catholic Union of the USA (GCU) offers an assortment of member benefits. Among these is admission to several insurance products, including life insurance and Medicare supplement.
What is Greek Catholic Union?
In 1892, xiv lodges connected with the Greek Catholic Church came together to create the Greek Catholic Union (GCU). Founded in Wilkes-Barre, PA, the GCU is a fraternal society whose original goal was to provide financial security to members whose circumstances prevented them from obtaining life insurance.
For much of the GCU'southward history, members had to be Catholic, but in 1979 the Union opened up membership; today no religious amalgamation is required to become a member. Membership requirements are an annuity with a residual of at least $300 or an in-forcefulness life insurance policy. Some policies qualify the member for only a limited number of benefits.
Members receive discounts, financial assist, and other perks. There are more a thousand member lodges across the country, and products are sold through a licensed insurance agent. In guild to purchase additional products, the required production purchase for initial membership must be completed.
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What types of insurance products are offered?
GCU offers life insurance, annuities, and Medicare Supplement policies. We accept provided a full review focused on GCU'south Medicare options here, so this review volition focus on their other products.
Life Insurance Products
GCU offers both whole life insurance and term life insurance, although as previously noted term life policies do non come with full membership benefits.
Whole life is offered in several different forms. A Single Premium Whole Life policy is bachelor with an issue historic period between 0 and 85 and a maximum premium corporeality of $150,000.
20-Yr Premium Life offers the choice to pay off the policy in 20 years, afterwards which a paid-upward document is issued. The policy continues to accumulate a cash balance fifty-fifty after it is paid up. This production is available starting at $v,000.
GCU too has a traditional Ordinary Whole Life production, every bit well as a Simplified Issue policy. The latter has fewer medical requirements just also has limits on the face value of the policy. Simplified upshot is offered with an consequence age of 50 through 80 years old and a confront value between $5,000 and $25,000. This programme is not offered in all states.
Finally, GCU offers a funeral pre-planning whole life policy chosen GCU Irrevocable Burial Trust. This product does not require that the insured select a specific funeral dwelling house, and is not considered an asset for Medicare purposes. It allows pre-payment and planning for funeral and other final expenses.
GCU also has several term life insurance options. Level term policies are offered with ten, 20, and 30-year terms. The 10-year tin can be issued at historic period xviii and up with a minimum face value of $25,000. This program tin can be renewed every ten years at an increased premium and has several payment options.
The 20 and 30-year term tin each exist issued at historic period 20; twenty-year policies can be issued upward to age 80, while xxx-year policies can be issued up to age 70. The minimum death benefit amount is based on outcome age. Nether age 50 the benefit starts at $100,000, ages 51 to 65 at $50,000, and 65 and over at $25,000.
An annual renewable term policy is offered with an issue age of xviii and up, and with decease benefits starting at $50,000. This policy also has many payment options and can be renewed at an increasing premium every year.
Finally, GCU offers a Term to Age xxx policy that is designed to provide younger members with affordable coverage upward to historic period 30. It is available with a face value of $50,000 for $50 a year or $25,000 for $25 a yr.
Annuities
GCU offers annuities in two categories: Fixed Deferred and Annuities for Income.
Fixed Deferred Annuities are offered in several forms:
- The One Plus Four, a v-year annuity with the selection to give up within 30 days of the first year anniversary
- Triple Advantage Plus, a 36-calendar month annuity with limited surrenders allowed at the second and tertiary anniversary
- Five Year Advantage, which allows express surcharge-gratuitous surrenders at each anniversary year
- Flex 8, an eight-yr contract with limited surrenders permitted annually
Annuities for Income options are:
- Fixed Menstruum Sure income, with a range betwixt 1 and 20 years
- Lifetime Income, which is guaranteed for the lifetime of the annuitant and can be issued individually or jointly
Are the company's rates competitive?
Aside from the flat rates for the Term to Age 30 life insurance policy, there are no rates or online quoting available for GCU. This is fairly standard for a fraternal benefit society, where most people want to discuss membership along with products and rates with a representative earlier signing up.
How are claims handled?
GCU life insurance claims can be filed by calling a toll-free number or by filling out an online form to start the process. Beyond the contact information, the claims section of the website offers no further information regarding the process and/or what to look.
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Are ratings and consumer reviews positive?
Greek Catholic Union has an A+ rating with the Amend Business organisation Bureau (BBB), with no customer complaints on file in the by three years.
We were unable to find much in the fashion of consumer reviews, positive or negative, of GCU. This is not unusual for a congenial society, every bit the membership nature of the organization leads people to treat it somewhat differently from the average insurance company.
What's the bottom line?
Without rates, information technology is difficult to rank GCU in terms of value. Certainly, the benefits of membership add together a certain aspect to the deal when choosing life insurance here, and that may appeal to some consumers. Overall, however, for product option and most likely toll, be sure to do your homework and compare your options to run across if GCU would be correct for you lot. GCU is likely to be the selection for people who select it based on its status as a fraternal benefit society and less for the price of the policy. Comparison shopping is e'er going to be the best affair you tin can practise when searching for a particular insurance coverage. Y'all will become more opportunities to save and take hold of the best bargain by comparing rates from multiple providers.
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Source: https://www.expertinsurancereviews.com/greek-catholic-union-usa/
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