GCS Credit Union
618.797.7993
GCS is a full-service financial institution serving the following counties in Illinois: Sangamon, Logan, Macon, Marion, Jefferson, Perry, Jackson, Williamson, Jersey, Macoupin, Montgomery, Madison, Bond, Clinton, St. Clair, Monroe, Washington and Randolph.

Understanding the Types of Life Insurance Policies

It’s a common misconception that only older adults need life insurance policies. However, if you’re married, have a domestic partner, or have children, it makes good financial sense to purchase life insurance regardless of your age. Life insurance doesn’t have to be prohibitively expensive. Consider talking to a member representative at your credit union. Some credit unions connect members to great deals on insurance.

Whole Life

Whole life insurance is permanent. The coverage remains in effect for the life of the person, provided the premiums are paid. A whole life policy locks in a premium rate, which is particularly advantageous for younger people because they can usually secure a very low rate that will stay the same throughout their lifetime. Additionally, whole life insurance grows in cash value over time.

Term Life

A term life policy only extends coverage for a specified period of time. A term life policy may last for 10, 15, 20, or more years before it expires. However, some carriers offer the option to convert term life policies into permanent plans. It’s a smart move to choose this option if it’s available, since an individual can expect to pay higher premiums after the term life policy expires due to their older age.

Universal Life

Universal life insurance is similar to whole life. It’s a permanent form of coverage that builds cash value over time and pays death benefits to the beneficiaries. However, policyholders can predetermine the percentage of the benefits that will go toward the cash value and the percentage for the death benefits.

Variable Life

A variable life plan is a whole life plan with cash value and death benefits. The difference is that a variable life policyholder can roll the funds into investment opportunities such as equities. These are sub-accounts held by the insurance carrier. This means that there is greater opportunity for growth, but also greater risk.

GCS Credit Union in O’Fallon offers much more than just savings and checking accounts. Our members get competitive rates on auto, home, and life insurance to protect what’s important to them. Call a credit union branch at (618) 797-7993 to ask about our member benefits.

Hours

  • Monday 8:30am — 5:00pm
  • Tuesday 8:30am — 5:00pm
  • Wednesday 10:00am — 5:00pm
  • Thursday 8:30am — 5:00pm
  • Friday 8:30am — 6:00pm
  • Saturday 8:30am — 12:00pm