Fraternity-Testvériség, 1956 (34. évfolyam, 1-12. szám)
1956-10-01 / 10. szám
16 FRATERNITY INSURANCE COUNSELLING By László L. Eszenyi TWENTY PAYMENT LIFE We often receive letters from our older members asking us to release them from further premium payment obligation since they have already paid an amount far in excess of that which their beneficiaries ever might collect. I think it is needless to spend too much time to prove that such request refers to a complete misinterpretation of the insurance concept in general, and even though our Federation could exceptionally afford to grant such uncontracted additional benefits, the State Insurance Department, under the strict supervision of which we are operating insurance business, would never approve our action. To pay insurance premiums until death is unquestionably irritating, and in the late years of life, when income is tighter, might even become a financial problem. Therefore, it is recommendable to start initially with a plan which might be paid for, while earning ability is still high and to take care of the somewhat higher premium is less burdensome. The answer to this problem is our TWENTY PAYMENT LIFE plan which is basically the same as the Whole Life form, only the premium paying period is limited to twenty years, and naturally premiums are slightly higher than those of the Whole Life. The difference is really slight, and we mean it! For instance, in the case of a 45-year-old prospect, a $1,000 Whole Life certificate calls for $3.16 monthly payment, while the same amount of Twenty Payment Life is $3.97. The few pennies difference pays off in a paid-up certificate, and saves trouble and in the long run, money too. Change of Insurance Plans The fact that someone selected a Whole Life certificate in the beginning because of economical reasons does not necessarily mean that he or she must stick to it forever. Later, when a favorably changed income makes possible assertion of higher expenses in the family budget, any member may have his plan of insurance changed to any other of our listed plans. If the member desires to date his new certificate from the date of his old certificate, he shall pay the difference in the prescribed dues caused by the change or he will be credited for this difference if his old certificate carried higher nonforfeiture values. For example, if a member age 30 is holding a $1,000 Whole Life certificate issued on January 1, 1950, and on January 1, 1955, desires to change to a Twenty Year Endowment of the same amount, he shall pay the difference in the prescribed dues existing between the Whole Life and the Twenty Year Endowment premiums for the past five years, or expressed in figures: 20 Year Endowment premiums for the past 5 years (60 months).....$248.40 Whole Life premiums for the past 5 years (60 months)....................... 126.60 Difference. $121.80
