Life Insurance Plans
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.
The person who owns a life insurance policy.
The person named in the policy to receive the insurance proceeds at the death of the insured.
The limit of insurance or the amount of benefit that will be paid in the event of the death of a covered person.
The amount stated on the face of the policy that will be paid in case of death or at the maturity of the policy.
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.
A return of part of the premium on participating insurance to reflect the difference between the premium charged and the combination of actual mortality, expense and investment experience.
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 permanent plans of life insurance that are available through the CFU are participating and earn dividends. The Croatian Fraternal Union of America offers the following permanent life insurance plans:
Single Premium Ordinary Life Plan:
With the Single Premium Ordinary Life Plan, only ONE premium is paid during the lifetime of the insured and the coverage is fully paid for life. The death benefit is level and payable at death. The Single Premium Ordinary Life Plan is a popular choice for young family members. Issue ages are 0 through 95.
Banded Ordinary Life Plan:
This is a traditional Ordinary Life Plan with projected dividends. Premiums are level and payable for life in return for a level benefit amount payable at death. Issue ages are 0 through 95.
20 Pay Life Plan:
With its short term 20-year payment period, this is one of the more preferred plans of insurance by our members. The death benefit is level and is payable immediately upon the death of the insured. Issue ages are 0 through 95.
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 age 65 or the death of the insured, if earlier. The death benefit is level. 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:
20 Year Level Term Life Plan:
This plan is participating; however dividends are not anticipated. 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 16 through 80.
Yearly Renewable Term Plan:
For individuals interested in purchasing term insurance coverage, we offer this plan for those between the ages of 15 and 75. This term plan is renewable through age 98 and may be converted to a permanent plan of insurance through age 75. The premium rates increase yearly.
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 of America offers the following Supplemental Benefits:
Accidental Death Benefit:
The Accidental Death Benefit, more commonly known as “Double Indemnity,” is offered by our Society to both adults and children.
Waiver of Premium:
The Waiver of Premium benefit provides that the premium for the insurance protection to which this supplement benefit rider is attached will be waived in the event of and during the total disability of the insured.
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, Wyoming, and the Canadian provinces of Alberta, British Columbia, Ontario and Quebec.