THE UKRAINIAN NATIONAL ASSOCIATION FORUM (09/04/05)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

UNA to sponsor workshop on planning for college

PARSIPPANY, N.J. - The Ukrainian National Association announced that it is sponsoring a comprehensive workshop on planning for college success to be held on Thursday, October 13, at 7-9 p.m. at the association's headquarters at 2200 Route 10 in Parsippany, N.J.

The free presentation, called "Everything You Need to Better Prepare for College," reveals some little-known information about the biggest mistakes to avoid when making college choices, the myths about financial aid, how to "package" a student to improve the chance of admissions, and how to pick the best-fit college. The program is designed for parents of high school students from grades 9 to 12.

Instructors from the American Education Foundation's Northern New Jersey Chapter, a non-profit, tax-exempt organization, will conduct the workshop.

Seating is limited. For reservations and information, call the Ukrainian National Association at 800-253-9862.

INSURANCE MATTERS
by Joseph Hawryluk

Assignment of life insurance policy

Dear Osyp:

I want to buy a UNA life insurance policy for my 88-year-old mother (funerals are so expensive these days), but I'm afraid that, if she goes into a nursing home, Medicaid will make me cash surrender that life insurance policy.

- Olenka

Dear Olenka:

Just because a person buys a life insurance policy does not mean that they have to be the owner of the policy. You can be the owner of your mother's life insurance policy. Your mother applies for the UNA life insurance and "assigns' the policy to you by signing an "assignment" form available through the Home Office, thus making that life insurance policy yours. Once the policy is assigned, all rights to the policy are then in the hands of the new owner. The new owner has full contractual rights and title to the policy. You have the right to change the beneficiary, cash surrender the policy, revoke the assignment, including the original assignment, and obtain loans against the life insurance policy. Obviously, the person to whom the policy is being assigned must be 100 percent trustworthy!

At 88 years of age, your mom will pay $8,505 (one-time payment) for a $10,000 life insurance policy "standard" rating. If she is not a tobacco user, if her weight is within ideal limits for her height, and if she is not taking any prescription drugs, she would then only pay $8,285 (one-time payment) because of preferred rating.

An 11-year-old girl would pay only $870 (one-time payment, standard rating), or $820 (one-time payment, preferred rating) for that same $10,000 life insurance policy. In most cases, 11-year-olds will qualify for that lower, preferred rate, and may apply for college scholarships, as well as other UNA benefits!

The moral of the story is: get some life insurance early!

- Osyp

Joseph (Osyp in Ukrainian) Hawryluk is an advisor on the UNA General Assembly, chairman of the Buffalo UNA District and secretary of UNA Branch 360 as well as a New York State Licensed Agent.

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