THE UKRAINIAN NATIONAL ASSOCIATION FORUM (01/23/05)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

INSURANCE MATTERS
by Joseph Hawryluk

Who should be the beneficiary?

Dear Osyp:

I'm getting ready to buy some life insurance. Who should be the beneficiary?

Jurij

Dear Jurij:

Congratulations on a very important step! With funeral costs approaching $10,000 (funeral home, clergy fee, cemetery plot, final medical expenses, funeral breakfast, attorney fee, etc.), I recommend that you designate as beneficiary the person who would be paying all these bills (sibling, spouse, parent, etc.).

Another popular practice is to make your favorite charity a beneficiary. Unlike a will - which can be contested, beneficiary proceeds are not part of the insured-donor's probate estate and are paid directly to the named beneficiary. Additionally, if you assign your policy to the charitable institution, you can deduct your insurance premiums from your taxes.

A business owner can designate his business as beneficiary (for business continuation purposes). The insured's estate can be designated as beneficiary (to help heirs pay off loans, taxes, etc.). The insured's children can be designated as beneficiaries (specifying an adult guardian is recommended).

You can change your beneficiary (unless assigned) as many times as necessary.

Until next time,
Osyp

Joseph (Osyp in Ukrainian) Hawryluk is an advisor on the UNA General Assembly, chairman of the Buffalo UNA District Committee and secretary of UNA Branch 360. He is also a New York State licensed agent. Readers may reach him at [email protected].

Young UNA'ers

Otto and Damian Fisher, children of Ania and Otto Fisher of East Brunswick, N.J., are new members of UNA Branch 234. They were enrolled by Maria and Eugene Oscislawski.
Andrey Mark and Roman Andriy Jakubowycz, children of Marko and Daria Jakubowycz of West Lafayette, Ind., are new members of UNA Branch 358. They were enrolled by their grandparents Dr. Alexander and Daria Jakubowycz.
Anna Alexandra Vera Salewycz, daughter of Alexander and Ksenia Salewycz of Clifton, N.J., is a new member of UNA Branch 134. She was enrolled by her parents.
Natalie Catherine Conway, daughter of Chrystyna T. Fedorijczuk and Daniel Conway of Philadelphia, is a new member of UNA Branch 162. Natalie is particularly lucky as she was enrolled twice: by her great-grandmother Katerina Jankowski, and by her grandparents Jurij B. and Jolanta T. Fedorijczuk. Her grandfather is the branch secretary.
Kalyna Woloszyn, daughter of Marianka and Gregory Woloszyn of Forest Hills, N.Y., is a new member of UNA Branch 88. She was enrolled by her grandparents Wasyl Sosiak and Anna Woloszyn.
Nicholas Jarosewich, son of Tania and Andrew Jarosewich of North Royalton, Ohio, is a new member of UNA Branch 15 in Washington. He was enrolled by his grandparents Lydia and Eugene Jarosewich.

| Home Page |