LIFE INSURANCE: Is it time to review your policy?

Posted by SIU Credit Union on Apr 8th, 2010 | no comments

Life insurance is hard.

It’s hard to know if you have the right kind.

It’s hard to know if you have enough.

And it’s hard to know if you need any at all.

The insurance companies have made it even harder by coming up with bewildering names: whole life, term life, universal life. Some life insurance policies have a cash value while others don’t. Some invest that cash value in the stock market while others pay a fixed rate of interest.  Some insurance policies combine all of these ideas.

This may be one reason why a recent study by the National Association of Insurance Commissioners found that about 40% of people don’t review their life insurance annually.¹  In my experience, that number seems to be even higher. But no matter what the exact number, a large portion of Americans may simply be paying for insurance that’s not right for them.

That is why it’s important for you to sit down annually with an insurance professional to review how your policy works and how it will help you to protect your family.

When you’re young, a certain type of policy is needed. As you raise a family and take on more responsibilities, your needs may change again. At some point – when the nest is empty or other life changes occur – there may come a time where you don’t need life insurance at all or you may desperately need it to protect your estate. Reviewing your life insurance policies is one way to make sure you have the coverage that is right for you and your family now, today – not when you bought it.

When is the last time you thought about your life insurance?

Is it time to take another look?

If so, contact Jeff Rose CFP with SIU CU Investment Services at 618-549-8632 or jeff.rose@siucu.org.

 1 http://www.pregnancytoday.com/articles/life-insurance/the-facts-of-life-insurance-4315/ [02/18/10]

SIU Credit Union Partners with Bank On Carbondale

Posted by SIU Credit Union on Apr 7th, 2010 | no comments

SIU Credit Union has partnered with the City of Carbondale in supporting the Bank On Carbondale program. Specifically designed to assist low- to moderate-income families and minorities, Bank On Carbondale focuses on reducing the barriers that many families encounter with banking.

There is an estimated 368,600 households in the state of Illinois with no checking or savings account – including 50% of all African-Americans. Hundreds of Carbondale households currently rely on check-cashers, payday lenders and pawn shops to cash checks to pay bills and borrow money. Unbanked families, who are already struggling to make ends meet, are paying up to $75 a month to cash payroll checks, relying on pawnshops that charge high interest rates for loans, and unsafely storing cash in their homes.
Too many Illinoisans conduct their financial lives outside the financial mainstream:
• Almost 369,000 Illinois residents lack both a checking and savings account
• Less than 13 percent of low-income neighborhoods have access to a bank or credit union
• The average unbanked worker in Illinois will throw away $574 a year to cash payroll checks
________________________________________
 

WHY DO I NEED AN ACCOUNT?

By opening a bank account, you can take an important step toward financial security. With a free or low-cost account, you can start to save for the future and establish a credit history that will help you enter the financial mainstream and achieve your dreams.
Bank on Carbondale can help you:
• Gain access to a free or low-cost checking account so you can keep more of your money.
• Stop currency exchanges and check cashing stores from taking your money with high-interest gimmicks and fees.
• Overcome past financial or credit problems so you can open a checking account without any hassle.
• Open an account even if you are not a U.S. Citizen or don’t have a Social Security number.
 

IT SAVES YOU MONEY

Using check cashers may seem more convenient than having a checking account at a bank. But these services cost a lot more than a checking account. Check-cashing stores charge you a certain percentage of each check you cash. Cash a $500 check and pay 2.25%, or $11.25. To cash two paychecks a month, you’re spending over $20 just to get access to your own money! And since money orders can cost as much as $3 per order, your costs could really add up. Our partner banks and credit unions offer low- or no-cost accounts, and most have free bill pay or even free money orders!

IT’S SAFE

Without a bank account, you and your family could lose your money during an emergency, like an earthquake or a fire. You also have no safe place to keep your money, and may become a victim of robbery or theft. Money deposited in a bank or credit union is protected by the full faith and credit of the U.S. government.

IT’S CONVENIENT

With a checking account, you can deposit your checks and access your money for little or no cost. You can save money by paying bills with checks, on the Internet, or by direct debit, and avoid paying for money orders. You can use your debit card to make purchases at stores or to withdraw money from ATMs across the city, reducing the need to carry cash. You can also keep track of your spending on the Internet, by phone, or at the ATM.

IT HELPS YOU SAVE FOR THE FUTURE

Without a bank account, it is much more difficult to save your money to reach long-term goals, such as buying a home, starting a business, or investing in your or your child’s education. Studies show that people with bank accounts are more likely to save and move up the economic ladder to financial security.
________________________________________
 

HOW DO I OPEN AN ACCOUNT

1. Stop by any Carbondale location of SIU Credit Union. Our staff is trained to answer questions and walk you through each step of the process. To set up a free or low-cost account, you need a valid ID. Many forms of ID are accepted, including passports, Illinois IDs,  Military IDs, and more.

2. Ask them about opening an account through Bank On Carbondale.
SIU Credit Union has designed special banking programs just for you. We’ll answer your questions and help you open an account that best serves your needs.

3. Remember to bring some identification.
You don’t need a Social Security number, but you will need a passport, Illinois ID.

4. Open your new bank account.
The person at the credit union will walk you through the entire process.

MANAGING YOUR FINANCES

Discover free classes and services that will help you achieve financial freedom. Find information about establishing financial goals, managing a budget, getting out of debt, locating free day care, and many other topics.

“Free financial literacy classes provided by Alpha Kappa Psi :
Budgeting and Saving for the Future: April 21, 5pm, Civic Center in Room 116/118

TBA: May 5, 6pm, SIU Student Center in the Kaskaskia Room

Call 618-457-3226 for more information or to register for a class.

New Season of Biz Kid$ Starts Friday

Posted by SIU Credit Union on Apr 6th, 2010 | no comments

The SIU Credit Union and WSIU are proud to present the 3rd season of “Biz Kid$,” beginning Friday, April 9 as part of Financial Literacy Month. The program airs Fridays at 4:30pm on WSIU-TV 8/WUSI-TV 16. This fun financial program teaches kids in grades 6-12 how to manage money, create their own businesses, excel at a job, and give back to their communities.  Watch it with your kids or grandkids…you’ll enjoy it, too! To learn more about Biz Kid$ visit their website at http://www.bizkids.com/.

Super Shredder Thursday

Posted by Joshua English on Apr 1st, 2010 | no comments

New and Used Auto Rates Lowered

Posted by SIU Credit Union on Apr 1st, 2010 | no comments

We’ve lowered our auto loan rates, again. If you are in the market for a new of used car, check with SIU Credit Union to get pre-approved for the best interest rate. We also may be able to refinance your vehicle loan from another financial institution and reduce your monthly payment. You can apply online at https://www.siucu.us/directwebprod/.