THE UKRAINIAN NATIONAL ASSOCIATION FORUM
UNA term insurance plans
by Martha Lysko
UNA National Secretary
Term insurance has grown in popularity due to its relatively low cost. It also is popular with those who do not want to accumulate cash value but prefer to separate investment from insurance. Thus, term insurance is pure insurance protection without any savings element.
Those who need extensive coverage but do not wish to spend a lot of money often use term insurance. It is also a good way to provide temporary coverage to protect oneself for a brief period of time. It is an excellent means to provide for such needs as: cancellation of a home mortgage, paying off personal or business debts left after the death of the insured, or providing temporary insurance in the event of a premature death of a parent while the children are in school. Whenever a need for extra protection arises, term insurance is a great tool for providing security in an insecure world.
The UNA currently offers two term policies: a Five-Year Term and a 10-Year Term. Both provide temporary coverage for a specified period of time and can be used to offer protection for as long as needed or can be replaced when needed. The UNA sells its term insurance to persons age 16 to 70.
UNA term insurance has two other important aspects: it is both renewable and convertible. During the period stated in the policy the member is covered for the full amount purchased. At the end of the period the member may choose to renew the same term coverage. The policy is renewable without any evidence of insurability - that means no questions asked regarding the insured's medical history while the policy is in force. It also guarantees insurability for the future, provided the member continues to renew for the same amount of coverage regardless of any medical problems arising at a later date. The UNA's term insurance also is convertible, which allows the member to convert to any permanent insurance plan while the policy is in force, provided it is for the same amount of insurance.
Perhaps the best news about the UNA's term insurance plans is their low cost when compared to that of our biggest competitors. The chart below provides a good illustration, comparing costs of five-year term life policies offered to female and male non-smokers by the UNA and a competitor.
Not only can you do better financially by insuring with the UNA, but you get benefits not offered by any competitor. The Ukrainian National Association offers scholarships to members, publishes two weekly newspapers and runs a resort for its members in the Catskill Mountains, as well as supports schools of Ukrainian studies and many national and charitable causes.
| FEMALE NON-SMOKER | ||||||
$100,000 |
$175,000 |
$250,000 | ||||
| Age | UNA | Competitor | UNA | Competitor | UNA | Competitor |
| 25 | $11.19 | $12.00 | $17.94 | $20.25 | $24.69 | $28.50 |
| 35 | $11.19 | $17.00 | $17.94 | $29.00 | $24.69 | $41.00 |
| 40 | $13.19 | $20.00 | $21.44 | $34.25 | $29.69 | $48.50 |
| 45 | $17.19 | $27.00 | $28.44 | $46.50 | $39.69 | $66.00 |
| 55 | $34.19 | $57.00 | $58.19 | $99.00 | $82.19 | $141.00 |
| MALE NON-SMOKER | ||||||
$100,000 |
$175,000 |
$250,000 | ||||
| Age | UNA | Competitor | UNA | Competitor | UNA | Competitor |
| 25 | $12.19 | $14.00 | $19.16 | $23.75 | $27.19 | $33.50 |
| 35 | $12.19 | $19.00 | $19.16 | $32.50 | $27.19 | $46.00 |
| 40 | $15.19 | $23.00 | $24.94 | $39.50 | $34.69 | $56.00 |
| 45 | $21.19 | $33.00 | $35.44 | $57.00 | $49.69 | $81.00 |
| 55 | $45.19 | $100.00 | $77.44 | $174.25 | $109.69 | $248.50 |
Copyright © The Ukrainian Weekly, March 19, 2000, No. 12, Vol. LXVIII
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