The primary purpose of life insurance is to provide those you love with money after your death. Yet, the many different characteristics of modern life insurance can provide value during your lifetime as well.
One of the easiest choices to do this is known as the Single Premium Whole Life (SPWL) policy.
This type of policy is appealing because you pay only once – hence the name “single premium.”
This type of policy also “leverages” your one-time payment into more value. To a 55-year-old woman, for a single premium payment of $1,715 (men, $1,965), the UNA will issue a policy for a face value of $5,000.
With the UNA minimum premium of $300, the buy-in is low. Whenever you have some extra cash, you simply buy a SPWL policy. Over time, many small policies add up to the equivalent value of a larger policy.
Since SPWL is “whole life,” the insurance is permanent. This is different than term insurance, which definitely has benefits – it’s less expensive, for starters – but expires after a certain term, five, 10, or 20 years. There are no term limitations to a SPWL policy.
As a permanent life insurance policy, one of the characteristics of SPWL is that it accumulates cash value that can be borrowed against.
Here are some ways that SPWL policy can have value for you. 
Buy young, get more
When it comes to life insurance, the young get much more for much less money.
By beginning at age 25, paying an average of $773 each year for five years (see table below), a young man can buy a $5,000 SPWL policy annually. After five years, he will own a combined face value of $25,000. He would be well on his way to protecting his future.
Give a gift to your grandchild
When you purchase a policy for your grandchild, the grandchild not only has an insurance policy in his or her name, but also becomes a UNA member and is able to enjoy many member benefits, such as scholarships, discounts on the UNA’s newspapers, and summer camp discounts at the Soyuzivka Heritage Center, to name a few.
Pay for final expenses
People leave money in CDs or bank accounts hoping the cash will pay final expenses. Yet, those making funeral arrangements often will not have access to such accounts until after the will is settled. Settlement can take weeks. In the meantime, adult children, most often those who plan the funeral, may not be capable of putting thousands of dollars of new charges on their credit cards to pay these final expenses.
Leaving enough money to pay for final expenses remains the most common reason to purchase a SPWL policy. A 65-year-old woman will pay $11,925 for a SPWL policy with face value of $25,000. If current trends continue, $25,000 will be more than enough to pay for typical funeral expenses if she were to live until 85.
To ensure your peace of mind and to learn more about how this and other various cost-effective products offered by the UNA can help you directly, please contact your local UNA Branch Secretary, or call the UNA Home Office at the toll-free number 800-253-9862, or visit www.ukrainiannationalassociation.org.
Through December 20, the UNA will waive the one-time fee of $25 on new Single Premium Whole Life policies.
Irene Jarosewich received her Certificate in Financial Planning from Georgetown University.