Fraternity-Testvériség, 2003 (81. évfolyam, 1-4. szám)
2003-10-01 / 4. szám
Page 10 TESTVÉRISÉG HRFA Quality Products When purchasing life insurance, one can choose between two distinct types-term and permanent (whole life). Term insurance does just what it says: it insures your life for a specific time (usually 5 to 30 years). If you die during that period, the insurance society pays a death benefit to the beneficiary. Once the term insurance expires, so does coverage, unless you renew your policy. Permanent (whole life) insurance provides lifelong coverage and a guaranteed death benefit, as long as the premium payments are up-to-date. When you die, your beneficiaries receive the policy’s face amount, income-tax- free. If you reach the age of 96 the policy matures and the insurance company writes you a check for the face value. Consider purchasing a permanent life insurance product - one with guaranteed cash values - that offers a limited period of premium payments. The HRFA offers five permanent life insurance products for which premiums do not have to be paid for lifetime: Twenty Payment Life is exactly what the name suggests - a permanent plan with premiums payable for only 20 years. After the premiums are paid for the 20 years, the plan becomes "paid up” and no more premiums are due. Unlike term insurance, the plan stays in force, the death benefit does not change, and the cash value continues to grow. Life Paid Up at 65. Premiums are paid to age 65. Premiums stop (just in time for retirement), but the policy remains in force. Life Paid Up at 80. Premiums are paid until age 80 and the policy remains in force until you live. Single Premium Whole Life. Imagine the advantage of buying a permanent life insurance with a one-time payment only. Graded Death Benefit (Benevolent Life). This plan offers insurance protection for life with premiums payable to age 95. A limited death benefit is payable during the first three years if death is other than by accident. Just like the other permanent life insurance products, its cash value increases each year, and the face value of the certificate is paid to the beneficiary upon the insured’s death. CONVENTION 2004 The 37th Quadrennial Convention of the Hungarian Reformed Federation of America will be held on September 20-23, 2004, in Greensburg, Pennsylvania. All branches are requested to hold the Regular Annual Meeting of their branch in December 2003 to designate the date, time, and place of their Delegate Election meeting. According to the By-Laws, the Delegate Election Meeting must be held during the months of April and May 2004. These meetings are very important for the following reasons: 1. The branches will be electing their delegate(s) to the 37th Quadrennial Convention of the HRFA. These delegates will elect the new leadership for the next four years. 2. At the Delegate Election Meeting, members of the branch can make recommendations to the Convention as long as these are not in conflict with any State or Federal law pertaining to fraternal life insurance. Look for the first issue of Fraternity- Testvériség in 2004 for important information concerning the Delegate Election Meeting. ATTENTION MEMBERS! Have you updated your policy lately? • Do you wish to change the beneficiary on your policy? • Have you moved recently? • Have you married recently and changed your name? If the answer to any of the above questions is “yes”, please contact Erika Mason at the Home Office at 202-328-2630 or 1-888-567-7884. Visit our Website at: www.hrfa.org
