The Eighth Hungarian Tribe, 1984 (11. évfolyam, 1-12. szám)
1984-06-01 / 6. szám
“YOU AND YOUR FAMILY” - “YOU AND YOUR FUTURE” Alexander Hody Agency Manager for the State of New Jersey William Penn Association Buying Life Insurance. All life insurance policies will pay an amount of money if we die! But all life insurance policies are not the same! There are three basic kinds of life insurance: 1. Term Life Insurance 2. Whole Life Insurance 3. Endowment Life Insurance Remember, no matter how fancy the policy title or the sales presentation might appear, all life insurance contain one or the more of the three basic types. You might be confused at times concerning policies and coverages and when this happens, ask your agent or the company and they will be happy to assist you. Now let’s describe the three basic kinds of insurance... Term Life Insurance It is an insurance protection during a limited number of years but expiring without value if the insured survives the period of coverage. This type of insurance provides the largest immediate death protection for your premium dollar. Some of the term insurance policies are “renewable” for an additional term even if one’s health has changed. The renewal may be done without a medical examination but with rates prevailing on the renewal date. Also, some term insurance policies are also “convertable”. This means that before the end of the conversion period, we may convert our term policy for a whole life or endowment, full cash value policy even if we are not in good health! Term policies may have a very important place in our personal portfolio; 1. Protecting our children while they are in school at a very low rate, 2. Insure young folks while they are starting out and their incomes are limited. 3. Insure a business adventure and/or person the later when being on special assignment either home or abroad... 4. Insuring liabilities of numerous types including possible malpractice insurance etc. 5. Insuring home or business mortgages, individually and/or jointly. Of course, there are many more reasons to buy term insurance which we will discuss in case histories as we go along with our journey of getting to know insurance. Whole Life Insurance It is the kind of insurance which gives a level protection for as long as we live! Commonly we call this type of protection “straight life” or “ordinary life” insurance, for which we pay the same premium for as long as we live. It should be said that the whole life policy may cost several times more in the beginning than that of the term insurance but on the other hand, it becomes much less expensive than terms - as we go along with renewals. Also, the whole life insurance develops “cash value” while the term insurance does not. There is a lot more to say about the whole life insurance as we will do so at our next get together. Until then, walk in the sunshine every day! HUNGARIAN RADIO WCTC - 1450 AM - New Brunswick, N.J. Sunday afternoon 12:15 to 1:30. Kara’s Hungarian Melody Time. WJDM - 1530 AM - Elizabeth, N.J. Sunday mornings 8:45 to 9:15 Nándor Erdei’s “Hungarian Rhapsody. ” Club Gets Face-Lift continued from page 13 Ruszkay, the club’s president, “we are ready to welcome new members and to make everyone, who attends our affairs, feel at home.” If you would like to find out more about this 62-year-old club and how to become After Face-lift. an active member of it, either write to the American-Hungarian Citizens Club of Rahway, 807 Old Raitan Road, Clark, New Jersey 07066, or call 201-388-8866 any Wednesday, Saturday, or Sunday evening after 7:30 p.m. Your inquiry will be warmly welcomed and greatly appreciated. "We have an incentive plan where I work too— anyone who meets his quota gets to keep his jobl" Advertising Rates Available On Request. Subscribe to the “Eighth Hungarian Tribe.’ $15.00 a year. JUNE, 1984 Page 19
