UNA lowers rates on insurance policies, introduces new plans

by Martha Lysko
UNA National Secretary

PARSIPPANY, N.J. - Beginning the new millennium, the Ukrainian National Association has published a new rate book and lowered premiums between 20 and 40 percent on most insurance plans, depending on the age of the insured and the class of insurance.

In the current revision of its rate book, the UNA has responded to the changing needs of its members. Recognizing the fact that members live longer, the UNA extended most insurance plans to age 85 and to age 90 on Whole Life Single Premium. Preferred rates for non-smokers are now offered on all insurance plans. While giving policyholders credit for a healthy lifestyle, the UNA passes the savings on to its members in the form of lower premiums.

The UNA has also reduced its rates on term insurance, since this type of insurance coverage is often preferred by younger members. As well, the UNA has introduced new annuity plans for those members contemplating retirement and looking for ways to best meet their retirement needs.

The Ukrainian National Association currently offers the following plans of insurance:

• Life plans: Whole Life (W), Premier Whole Life, 20-Payment Life (20PL), Life Paid-Up at 65 (LP-65), Whole Life Single Premium (WSP), Millennium 2 and Universal Life. Life products are still considered the backbone of every insurance program. The insured is guaranteed a death benefit, and the policy accumulates a cash value for emergency needs.
  
  
• Term insurance: Five-Year Term (T-5) and 10-Year Term (T-10) are both renewable and convertible. Juvenile Term (T-23) is sold up to age 15. Term insurance is popular with those who need large amounts of protection for the lowest price possible. It is favored by young families and many who would rather put their savings in other investment vehicles.
  
  
• Endowment policies: Endowment at Age 18 (E-18) and 20-Year Endowment (E-20) continue to be popular, particularly with grandparents. Although most insurance companies no longer offer endowments, the UNA retained these two plans because of their popularity among its membership.
  
  
• Riders: The Payor Rider, DI Rider (Double Indemnity) and Pour In Rider add value to the original policy at little or no cost to the insured.
  
  
• Annuities: The Single Premium Tax-Deferred Annuity, Flexible Premium Tax-Deferred Annuity, Roth IRA and Traditional IRA are offered. The newest issues of UNA annuities pay up to 7 percent in the first year of the annuity. Each annuity can be structured to suit individual needs.

The UNA's new products are designed to offer lower rates and provide coverage to a wider age group. There is something for everyone, whether it is to cover final expenses, save for a child's education or protect families from unforeseen loss. The savings are significant.

The chart on the left provides a comparison of rates.

In addition, the UNA offers a unique new plan for children's education that combines life insurance and an annuity. Part of this combination product will give children lifelong protection, while another part will set aside over $10,000 in guaranteed savings for their higher education.

In the next few months the UNA will be advertising its new insurance plans. Professional sales agents, organizers and secretaries will be mailing members and readers information about the UNA's new insurance products.

The UNA Executive Committee has expressed hope that public response will be positive, as it is the UNA's insurance business that supports the organization's multi-faceted fraternal activities. Profits from sales of life insurance are used to support the UNA's resort, Soyuzivka, as well as its two official publications, the Ukrainian-language weekly newspaper Svoboda and The Ukrainian Weekly, which is published in English.

UNA executives pledge that this fraternal organization's historically strong commitment to the Ukrainian community will continue as long as that commitment is supported by the community with increased membership and insurance sales.

As underlined in its Mission Statement: "The Ukrainian National Association exists: to promote the principles of fraternalism; to preserve the Ukrainian, Ukrainian American and Ukrainian Canadian heritage and culture; and to provide quality financial services and products to its members. As a fraternal insurance society the Ukrainian National Association reinvests its earnings for the benefit of its members and the Ukrainian community."

A COMPARISON OF INSURANCE RATES
 

$10,000 Whole Life for male non-smoker, age 35
New Annual Rate $110.30	Old Annual Rate $130.30
$100,000 10-Year Term for female non-smoker, age 35
New Annual Rate $129.00	Old Annual Rate $276.00
$5,000 Whole Life for female non-smoker, age 75
New Annual Rate $474.65	Old Annual Rate not sold previously
$3,000 Whole Life Single Premium for male, age 80
New Rate $2,281.00	Old Rate $2,505.00

Copyright © The Ukrainian Weekly, February 6, 2000, No. 6, Vol. LXVIII

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