Fraternity-Testvériség, 2008 (86. évfolyam, 1-3. szám)
2008-04-01 / 2. szám
Report of the Secretary—Treasurer Your Home Office at the HRFA Kossuth House, Washington, DC, receives numerous calls about membership in our Society, and people ask whether or not there is an existing life insurance policy for them. As long as the dues (premiums) are paid on the policy, your membership certificate is in force and does not lapse. The traditional whole life policies have cash values as opposed to term insurance, and you can borrow up to the cash value of the policy, but you have to pay interest on the loan. As long as the interest is paid, the policy does not lapse. But if the interest is not paid, then the interest is added to the loan amount. Eventually, the loan and the accumulated interest equal the cash value of the membership certificate. Consequently, the policy may lapse. If you have a whole life policy that you have been paying the dues (premiums) on, but suddenly stop for whatever reason, the policy does not lapse or expire immediately. Since it has a cash value, the policy will continue on an extended status for some time and it may be years before it lapses. Should something happen to the insured during this extended period, the full death benefits still are payable to the beneficiary. Therefore, if you find that you have had a policy with us, call to check on the status of the policy because it may still be valid and have a cash value. Another concern is that the beneficiaries of the policy are no longer alive. Then, the problem becomes who should receive the face value of the policy upon death of the insured. In this case, HRFA may make payments to the funeral home, estate of the deceased, or the trust of the deceased. One of the advantages of a life insurance policy is that the money payable to the beneficiaries does not have to go through probate. In other words, the check from HRFA is paid to the beneficiary directly. However, if there is no living beneficiary, complications arise. As you know, the Fraternity Testvériség is published quarterly and mailed to all members of HRFA. If you receive the Fraternity Testvériség, you are a member. On the other hand, if you stop receiving our publication, please call us as soon as possible to find out the status of your membership. We try to update our records as much as possible, but we need your help. Some of our members move and we lose track of them. Moreover, many members do not update their beneficiaries when changes occur. So please call the Home Office in order to keep your membership data current. Fraternally yours, Leslie L. Megyeri Please come and join us for Bethlen Home, Ligonier, Pennsylvania Golf Tournament and Hungarian Picnic Saturday, July 26, 2008 Champion Lakes Golf Club, Ligonier, Pennsylvania Sunday, July 27, 2008 125 Kalassay Drive, Ligonier, Pennsylvania Fraternity - Testvériség - Summer 2008
