GCU Insurance Review & Complaints: Life, Annuities & Medicare Supplement Insurance (2024)

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A fraternal organization tracing its roots back more than 100 years, the Greek Catholic Union of the USA (GCU) offers an array of member benefits. Among these is access to several insurance products, including life insurance and Medicare supplement.

What is Greek Catholic Union?

In 1892, 14 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’s history, members had to be Catholic, but in 1979 the Union opened up membership; today no religious affiliation is required to become a member. Membership requirements are an annuity with a balance of at least $300 or an in-force life insurance policy. Some policies qualify the member for only a limited number of benefits.

Members receive discounts, financial assistance, and other perks. There are more than a thousand member lodges across the country, and products are sold through a licensed insurance agent. In order to purchase additional products, the required product 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 have provided a full review focused on GCU’s Medicare options here, so this review will 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 not come with full membership benefits.

Whole life is offered in several different forms. A Single Premium Whole Life policy is available with an issue age between 0 and 85 and a maximum premium amount of $150,000.

20-Year Premium Life offers the option to pay off the policy in 20 years, after which a paid-up certificate is issued. The policy continues to accumulate a cash balance even after it is paid up. This product is available starting at $5,000.

GCU also has a traditional Ordinary Whole Life product, as well as a Simplified Issue policy. The latter has fewer medical requirements but also has limits on the face value of the policy. Simplified issue is offered with an issue age of 50 through 80 years old and a face value between $5,000 and $25,000. This plan is not offered in all states.

Finally, GCU offers a funeral pre-planning whole life policy called GCU Irrevocable Burial Trust. This product does not require that the insured select a specific funeral home, 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 10, 20, and 30-year terms. The 10-year can be issued at age 18 and up with a minimum face value of $25,000. This plan can be renewed every ten years at an increased premium and has several payment options.

The 20 and 30-year term can each be issued at age 20; 20-year policies can be issued up to age 80, while 30-year policies can be issued up to age 70. The minimum death benefit amount is based on issue age. Under 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 18 and up, and with death benefits starting at $50,000. This policy also has many payment options and can be renewed at an increasing premium every year.

Read more: Annual Renewable Term Life Insurance: What It Is and How It Works

Finally, GCU offers a Term to Age 30 policy that is designed to provide younger members with affordable coverage up to age 30. It is available with a face value of $50,000 for $50 a year or $25,000 for $25 a year.

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 five-year annuity with the option to surrender within 30 days of the first year anniversary
• Triple Advantage Plus, a 36-month annuity with limited surrenders allowed at the second and third anniversary
• Five Year Advantage, which allows limited surcharge-free surrenders at each anniversary year
• Flex 8, an eight-year contract with limited surrenders permitted annually

Annuities for Income options are:

• Fixed Period Certain income, with a range between 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 before signing up.

How Greek Catholic Union Insurance Manages Claims

Ease of Filing a Claim

Greek Catholic Union Insurance (GCU) offers several insurance products, including life insurance, annuities, and Medicare Supplement policies. To file a claim with GCU, policyholders can typically contact the company through a designated toll-free phone number or, in some cases, may be able to initiate the process through an online form.

The specific details of the claims process, including any mobile app functionality, are not covered in the available information.

Average Claim Processing Time

Claim processing time can significantly impact a policyholder’s experience, as quicker resolutions are often preferred. Policyholders interested in GCU Insurance may want to inquire about the typical claim processing times when discussing policy options with the company or their licensed insurance agents.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is valuable when evaluating an insurance provider’s reliability and the quality of their claims handling. Prospective policyholders are encouraged to seek out online reviews and gather feedback from current or former GCU Insurance policyholders to gain a better understanding of the company’s reputation in handling claims.

Real-world experiences and opinions can offer valuable insights for those considering GCU for their insurance needs.

Digital and Technological Capabilities of Greek Catholic Union Insurance

Mobile App Features and Functionality

Mobile apps in the insurance industry typically serve as a convenient tool for policyholders, offering features such as policy management, claims reporting, digital ID cards, and billing management.

Individuals interested in utilizing the GCU Insurance mobile app should consider visiting the company’s official website or contacting GCU directly for comprehensive information on the app’s features and functionality.

Online Account Management Capabilities

Online account management typically includes features like policy viewing, bill payment, document access, and claims tracking. Prospective policyholders interested in understanding the capabilities of GCU’s online account management system are advised to explore the company’s official website or contact their customer support for comprehensive information.

Digital Tools and Resources

Insurance providers often offer a range of digital resources to assist policyholders in their insurance journey. Digital tools may include insurance calculators, educational materials, coverage guides, and frequently asked questions (FAQs). These resources can help policyholders make informed decisions about their insurance coverage and better understand their policies.

Prospective policyholders interested in accessing digital tools and resources should visit GCU Insurance’s official website or reach out to the company directly to explore the available digital assets.

Are ratings and consumer reviews positive?

Greek Catholic Union has an A+ rating with the Better Business Bureau (BBB), with no customer complaints on file in the past three years.

We were unable to find much in the way of consumer reviews, positive or negative, of GCU. This is not unusual for a fraternal society, as 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, it is difficult to rank GCU in terms of value. Certainly, the benefits of membership add a certain aspect to the deal when choosing life insurance here, and that may appeal to some consumers. Overall, however, for product selection and most likely price, be sure to do your homework and compare your options to see if GCU would be right for you. GCU is likely to be the choice for people who select it based on its status as a fraternal benefit society and less for the cost of the policy. Comparison shopping is always going to be the best thing you can do when searching for a particular insurance coverage. You will get more opportunities to save and catch the best deal by comparing rates from multiple providers.

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