THE UKRAINIAN NATIONAL ASSOCIATION FORUM (12/18/05)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

INSURANCE MATTERS
by Joseph Hawryluk

The benefits of UNA annuities

Dear Osyp:

I'm 65 years old. What would be the benefits of moving my $100,000 from my savings bank account, into the 4.5 percent UNA annuity?

- Slawko

Dear Slawko:

First of all, you would most likely get a better rate of return on your money (i.e., $4,500 per year in interest). And, unlike interest earned in a bank - you wouldn't have to pay taxes on this interest at the end of every year! So, your income taxes would be lower. And if you are receiving Social Security, this could also help keep your Social Security pension from being taxed.

Money deposited in a UNA annuity is just as safe as money kept on deposit in your bank. Very strict state insurance department regulations specify that annuity monies be kept in an account separate from life insurance monies. And the state insurance department audits insurance companies regularly.

Unlike money held in a savings account in a bank, with the UNA, in month 13 of your annuity, you could take out 10 percent of your money ($10,000) with no surrender charges. And every year thereafter, you could take out another 10 percent with no surrender charges.

But, best of all, a UNA annuity could guarantee you a lifetime income, or income for 20 years guaranteed (to you and a beneficiary), etc. - which no bank can do. So, for example, in month 13 of your annuity, you could start receiving a monthly income of $600.60 for life, or a monthly income of $570 guaranteed for 20 years to you and a beneficiary, etc. At this time, you would have to start paying income taxes on a portion of the interest you had earned.

And, as a fraternal benefit, members receive a 10 percent discount at Soyuzivka, reduced rates on Svoboda and The Ukrainian Weekly newspapers, a ScriptSave prescription drug discount card and Hertz Car Rental discounts.

- 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. This is the first of an occasional column on insurance that will appear in The Ukrainian National Association Forum.

Young UNA'ers

Deanna Natalia Barankewicz, daughter of Christine and Stephen Barankewicz of Granite Springs, N.Y., is a new member of UNA Branch 130. She was enrolled by her grandparents Ann and Myron Barankewicz.
Nadiya Maryana Vorobets, daughter of Ruslan and Sofiya Vorobets of Wayne, N.J., is a new member of UNA Branch 777. She was enrolled by her grandparents Roman and Yaroslava Vorobets.

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