FAQs

FAQs

ARE YOU ADEQUATELY INSURED TO PROTECT YOUR FAMILY AGAINST THE HARSH FINANCIAL IMPACT OF AN UNTIMELY DEATH?

Q. How can I protect my family against the harsh economic impact of an untimely death – loss of my income, family medical insurance, and other benefits; unpaid debts such as mortgages, loans, and credit cards; loss of my services to the family; the inability to save for an education and an inheritance for my children; funeral and burial expenses; estate and inheritance taxes, etc.?

A. By having adequate life insurance that will pay your dependents a tax free death benefit without having to deal with the hassles of the time consuming probate process.

Q. What types of life insurance are available to me?

A. There are essentially two types of life insurance that are available in the market:

Term Insurance and Permanent (Whole) Life.

Term Life Insurance

  • Provides the largest amount of death benefit for the lowest premium payments and is quite “affordable”.
  • Is an excellent method for temporary needs; for example, unpaid mortgages, education loans and other debts and obligations, or education fund coverage
  • Can be renewed for additional terms or converted when you have the financial ability to do so into a very valuable Permanent (Whole) Life Insurance policy.
  • Permanent (Whole) Life Insurance
  • The broadest range of lifetime financial protection, guaranteeing payment of tax-free benefits.
  • Coverage never needs to be renewed (even if health declines) and premiums will never increase.
  • Dependent Protection: Permanently covers the harsh economic impact of death.
  • Savings: Accumulates cash value wealth for times of need on a tax deferred basis.
  • Estate Creation: Provides a guaranteed mechanism for the systematic accumulation of tax free wealth for your family and other dependents, while guaranteeing a tax free inheritance benefit
  • Liquidity: Provides immediate tax free funds to cover funeral and burial costs, final expenses, death (estate and inheritance) taxes and inevitable emergencies.
  • DIVIDENDS: Providence’s profits are distributed to members as money or paid up additions

Q. How much life insurance do I need?

A. If you are interested in covering your final expenses, mortgages, loans and other debt, then simply add up those debts, estimate your final expenses and purchase insurance from The Providence Association in that amount. This is the minimum that you need for your family. If, on the other hand, you want to provide a broader range of coverage to offset the harsh economic impact of an untimely death,. CALL or WRITE us for a no cost or obligation consultation with an insurance specialist and an estimate of your insurance needs:

Q. How much does life insurance cost?

We have prepared some sample quotes for you below: Take a look and you will see that we provide a very affordable method of securing your family’s future.

TRUST IN PROVIDENCE

FOR AFFORDABLE TERM LIFE INSURANCE,
HERE ARE SOME SAMPLE QUOTES: *

(Note: You can annually reduce your face amount to match your needs, thereby reducing premiums further.)

Lifeinsurance rates

FOR VALUABLE PERMANENT (WHOLE) LIFE INSURANCE
WITH DURABLE BENEFITS AND CASH VALUE SAVINGS*

Permanent

*All quoted rates are nonsmoker rates. Semi-annual and annual payment modes are also available
+ The term policies are renewable without proof of insurability and are convertible to permanent insurance at any time.

Insurance is contingent upon proof of insurability. Quoted rates are standard and are subject to adjustment based upon underwriting analysis.

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