THE UKRAINIAN NATIONAL ASSOCIATION FORUM

Insurance matters
Ten reasons to own insurance

by Martha Lysko
UNA National Secretary

Life insurance is an integral part of any investment portfolio. Two principal reasons for purchasing life insurance are: to create an estate; and to liquidate the estate with minimal tax consequences.

Money invested in life insurance policies builds assets that are not subject to taxes - and this is significant. Insurance has an advantage over other types of investments because income from most investments is taxed, while benefits paid from insurance policies is not taxed in most cases.

There are many types of insurance policies, each created to satisfy a specific need. Insurance is no longer used just to buy a death benefit; many insurance products are developed to serve the insured during his or her lifetime. A well-chosen insurance product can protect you for a lifetime, for a short term, during your disability, or provide additional retirement income.

During the policyholder's lifetime insurance can be used to:

• provide funds to pay off a mortgage;
• provide funds for college education;
• provide funds to repay loans;
• supplement retirement income;
• provide funds for living expenses during a period of disability; and
• cover long-term care expenses.

During an era when large corporations are scaling back on employee benefits and the government is cutting funds for medical and social insurance, as well as aid to dependent children, seniors, the unemployed and disabled, each of us must ensure that such unforeseen difficulties can be handled. Insurance is best suited to handle these needs because of its unique tax advantages and low premiums in comparison to total benefits.

After the death of a policyholder, insurance can be used to:

• provide the survivors immediate cash for living expenses;
• provide cash to pay estate obligations, including funeral expenses;
• provide funds for the orderly transfer of business interests; and
• provide funds for charitable giving.

All death benefits paid to a named beneficiary of an insurance policy avoid probate and are transferred directly to the beneficiary without delay. An insurance policy ensures a speedy, tax-free and uncomplicated transfer of wealth from one generation to another.

The Ukrainian National Association has been serving the insurance needs of Ukrainians on the American continent for more than 100 years. Turn to us for advice on how to best allocate your resources and fulfill your needs.

The Ukrainian National Association also offers its members home mortgages, student scholarships and aid to seniors.

And that's not all. For more than 100 years the UNA has been disseminating truth and unity in our community, along with news from around the world by publishing the newspapers Svoboda and The Ukrainian Weekly. Our vacation resort, Soyuzivka, has become the biggest and best place for Ukrainians to meet and to relax.

Thus, it truly is worthwhile to become a member of the UNA.

Organizing Department reports on September's membership drive

The UNA Home Office's Organizing Department reported that 46 new members were enrolled into the fraternal organization for insurance coverage totaling $239,000 (and dues amounting to $11,475.45) during the month of September.

The top organizers were:

• UNA Advisor Eugene Oscislawski, secretary of UNA Branch 234, who enrolled four members insured for $73,639;
  
  
• Joyce Kotch, secretary of Branch 39, who enrolled three members insured for $30,000; and
  
  
• Vira Banit, an organizer from Branch 473, who enrolled three members insured for $18,000.

Three secretaries enrolled two members each for a total of $31,000 of insurance coverage; and 18 secretaries and organizers enrolled one member each for $202,000 of insurance.

Two professional salespersons signed up 10 members for a total of $262,000 of life insurance coverage.

The UNA introduced its Heritage Program in August, and the first results of that program are seen in the month of September. The program comprises three parts: a P-20 life insurance policy, a $10,000 accidental death and dismemberment policy, and a special discount card that provides holders with special prices on hotel accommodations, car rentals and various other services, including vision care.

From January through September, the UNA has gained 574 new members insured for a total of $8,649,533 (dues totaling $147,922).

The UNA Executive Committee has appealed to UNA members and branch officers to become active in the organizing campaign so that this convention year is a successful one.

Each branch should enroll at least 10 new members to make up for losses in membership due to deaths, paid-up certificates and cash surrenders.

Copyright © The Ukrainian Weekly, November 8, 1998, No. 45, Vol. LXVI

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