Greater Beneficial Union of Pittsburgh Insurance Company

Greater Beneficial Union of Pittsburgh Insurance Company
254 Clairton Boulevard
Pittsburgh, PA
(800) 765-4GBU
(412) 884-5100

Fraternal Benefit System is an organization that consists of people coming from different religions, nations, and vocations that share a common bond. Greater Beneficial Union of Pittsburgh (GBU) is one of 85 non-profit societies in North America which currently have more than 10 million members.

GBU was founded by German immigrants who settled in Pittsburgh, Pennsylvania on April 13, 1892. Its purpose was to provide its members brotherhood or fraternalism, financial security, and social activities.

GBU offers a wide variety of products that include life insurance, retirement savings programs, and fraternal benefits. It also promotes German cultural activities and events. It encourages its members to be involved in the community.

GBU is also different from other commercial insurance companies as the owners of the company are its members. Its goal is for its members to become prosperous. Also, the company’s excess profits belong to its members. Another thing that differentiates it from the others is that it provides financial service with a fraternal touch.

GBU’s main office is located in Pennsylvania. The company is licensed to operate in 13 states in America: California, Colorado Florida, Illinois, Indiana, Michigan, Minnesota, Montana, New Jersey, New York, Ohio, Pennsylvania, and Wisconsin.

GBU is led by James Stoker, its chief operations officer, national secretary and treasurer. As of June 30, 2010, GBU has a total asset of $ 687,928,561.00. The company has received a B+( Good ) rating from A.M Best.

For those thinking about their future, the company offers GBU Select Term. This is a low-cost, high-coverage life insurance plan. Under this plan, families are given an affordable financial security blanket. This plan also gives the insured guaranteed insurance that will last for a specific length of time. They can choose from four term lengths of 10, 15, 20, and 30 years. The premiums are also guaranteed not to change during the selected period. The insurance is also renewable up to the age 94. The life insurance can be converted to permanent life insurance until age 70.

Other insurance plans include Ordinary Life intended for those who like affordable, permanent coverage with level premiums, 20 Pay Life which has a level premium for 20 years, Life Paid Up at 65 with premiums that is payable for 20 years, Single Premium Life, Kinder-Plan Life that is specifically designed for children and young adults up to age 18, Select Term Life, and Annual Renewable Term Life.

For its annuity products, GBU offers eight different products. It has Preferred 8 Annuity and Preferred Annuity for those who would like to start a savings or retirement program that has certain withdrawal restrictions during the first eight years and five years, respectively. There is also the Immediate Annuity which has a single premium annuity contract, and Preferred Interest Only Contract (IOC) which is perfect for consumers who want to have an alternative to CDs or savings account. GBU also offers the Traditional IRA, Roth IRA, Coverdell IRA and the Simplified Employee Pension (SEP).

Indeed, Greater Beneficial Union of Pittsburgh has come along way since it was founded more than a century ago. It has not only given so much benefits for its members but it has also provided millions of Americans with quality insurance products.