THE UKRAINIAN NATIONAL ASSOCIATION FORUM (05/29/05)

THE UKRAINIAN NATIONAL ASSOCIATION FORUM

INSURANCE MATTERS
by Joseph Hawryluk

Take a look at UNA annuities

Dear Osyp:

I keep noticing great interest rates (up to 5.50 percent) in advertisements for annuities in the UNA's publications. How do those annuities work?

- Dennis

Dear Dennis:

Before we can explain how they work, one must know what is it. An annuity is a contract in which an insurance company (in this case, the UNA) makes a series of income payments at regular intervals in return for a premium or premiums you have paid. Annuities are most often bought for future retirement income. Only an annuity can pay an income that can be guaranteed to last as long as you live.

An annuity is neither a life insurance nor a health insurance policy. It is not a savings account or a savings certificate. Your value in an annuity contract is the premiums you have paid, less any applicable charges, plus interest credited. The UNA uses the present account value to calculate the various options open for distribution of the funds to you.

An annuity has two parts or periods. During the accumulation period, the money you put into the annuity earns interest. The earnings grow tax-deferred as long as you leave them in the annuity. (Tax-deferred means postponing your taxes on interest earnings until a future point in time.) During the second period, called the payout period, the company pays income to you or to someone you choose.

There are two forms of an annuity you can purchase, fixed or variable. With a fixed annuity you know what the interest rate will be that is credited to your account. The variable annuity is tied to the stock market. The UNA only offers the fixed annuity.

P.S. In my next letter I will discuss the workings of a fixed annuity.

- 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 osyp@unamember.com.

Young UNA'ers

Sofia Irena Pawluk, daughter of Borys L. and Olenka Pawluk of North Wales, Pa., is a new member of UNA Branch 83. She was enrolled by her grandparents Borys V. and Nila Pawluk.
Julia Reine Gerenser, daughter of Chris and Holly Gerenser of Napa, Calif., is a new member of UNA Branch 360. She was enrolled by her grandmother Gail Gerenser.

Does your entire family belong to the UNA family?

The Ukrainian National Association is planning to publish photographs of UNA families on the pages of its publications. We ask that readers send photos of their families encompassing at least three generations, providing the names of all persons pictured. The only stipulation is that all the family members on the photograph must be members of the UNA. Send your photos and caption information, along with your phone number and mailing address, to: Oksana Trytjak, National Organizer, Ukrainian National Association, 2200 Route 10, P.O. Box 280, Parsippany, NJ 07054.

Please do not send color photocopies of photographs. If you would like to have your photograph returned, please include a pre-addressed envelope. In order to send photographs and information via e-mail write to Ms. Trytjak at oksanauna@comcast.net. For further information readers may call Ms. Trytjak at 1-800-253-9862, ext. 3071.

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