The Croatian Fraternal Union of America (CFU) – the “Society that Cares” – offers members and prospective members life insurance products from a modern and competitive insurance portfolio, complete with an impressive listing of benefits.
What is life insurance, and why is it so important? At its essence, life insurance provides real peace of mind knowing that your loved ones will be cared for after you are gone. Here is some commonly used insurance terminology below:
Permanent life insurance:
Any form of life insurance except term; generally insurance that accrues cash value.
Term life insurance:
As its name denotes, term life insurance remains in effect for the specified time period (or “term”) of the policy. When the term ends, your coverage stops.
Policyholder:
The person who owns a life insurance policy.
Beneficiary:
The person named in the policy to receive the insurance proceeds at the death of the insured.
Death benefit:
The limit of insurance or the amount of benefit that will be paid in the event of the death of a covered person.
Face amount:
The amount stated on the face of the policy that will be paid in case of death or at the maturity of the policy.
Cash value:
The amount of cash available to the policy holder before it becomes payable by death or maturity. Once a policy builds cash value you can use it to obtain a policy loan.
By choosing a permanent life insurance plan you are ensuring that your family is protected for the amount of life insurance purchased without worrying about the rising cost of premiums and all the while accumulating cash value while the coverage is in force. The Croatian Fraternal Union of America offers the following permanent life insurance plans:
Single Premium Ordinary Life Plan:
This is a permanent life insurance plan with projected dividends. Only ONE premium is payable during the lifetime of the insured. The coverage is fully paid up for life. Issue ages are 0 (zero) through 85.
Single Premium Ordinary Life Installment Option: The installment Security plan allows only one-third of the single premium to be paid to start the plan. The remaining two-thirds may be paid in not more than two installments over a period of one year from the effective date for the certificate. During the one-year period, no interest or fees are charged.
Ordinary Life Plan:
This is a traditional Ordinary Life Plan. Premiums are level and payable for life in return for a level benefit amount payable at death. Issue ages are 25 through 85.
10 Pay Life Plan:
This is a permanent life insurance plan with projected dividends. Premiums are payable for 10 (ten) years or until the death of the insured, if earlier. The death benefit is level and is payable immediately upon the death of the insured. Issue ages are 0 (zero) through 70. Once the premiums have been paid for the 10 year period the policy coverage provides protection for life.
20 Pay Life Plan:
This is a permanent life insurance plan with projected dividends. Premiums are payable for 20 (twenty) years or until the death of the insured, if earlier. The death benefit is level and is payable immediately upon the death of the insured. Issue ages are 0 (zero) through 70. Once the premiums have been paid for the 20 year period the policy coverage provides protection for life.
Life Paid-up at Age 65 Plan:
This excellent insurance plan provides for premium payments that are geared to terminate at a retirement age when most people prefer to trim expenses. Level premiums are payable to the age of 65 or the death of the insured, if earlier. Issue ages are 0 through 60.
In some cases, larger amounts of life insurance are desired for a temporary period of time to cover situations that may arise when protection is most needed. Since term insurance policies span only a fixed period of time then expire, term plans of insurance are often lower-priced than permanent plans. Term life insurance plans offer individuals the opportunity to purchase large amounts of insurance coverage at a reasonable cost. To meet your financial needs the following are the term life insurance plans offered by the Croatian Fraternal Union of America:
10 Year Level Term Plan:
With the 10 Year Level Term plan the death benefit is level and is payable immediately upon the death of the insured. Premiums are level and payable for 10 years or until the death of the insured, if earlier. Issue ages are 24 through 50. Benefits may be converted to any permanent plan of life insurance for equal or lesser face value, without evidence of insurability before the end of ten years. Benefits may not be renewed after ten years. At the end of ten years, if no other coverage option is selected, benefits expire without value.
20 Year Level Term Plan:
With the 20 Year Level Term plan the death benefit is level and is payable immediately upon the death of the insured. Premiums are level and payable for 20 years or until the death of the insured, if earlier. Issue ages are 24 through 50. Benefits may be converted to any permanent plan of life insurance for equal or lesser face value, without evidence of insurability before the end of twenty years. Benefits may not be renewed after twenty years. At the end of twenty years, if no other coverage option is selected, benefits expire without value.
Juvenile Term to Age 25 Plan:
The Juvenile Term to Age 25 Plan provides children and young adults with maximum protection at a minimum cost. The premium is payable to age 25. The death benefit is level to age 25 and this plan does provide for conversion privileges prior to age 25. Three insurance amounts are available ($25,000, $50,000, and $100,000). The maximum issue age cannot exceed age 23.
The Croatian Fraternal Union is licensed to do business in the following locations:
Arizona, California, Colorado, Connecticut, Florida, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, Ohio, Oregon, Pennsylvania, Utah, Washington, West Virginia, Wisconsin and Wyoming.