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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (June 3, 1976)
Life insurance needs periodical examination Life Iisurance is one of the modi im |«rt*nt assets an indi vidual buys. It is often the only way of |>roviding for a family, meeting payments on the home, and takii g care of funeral costs. Yet an usurance policy is often put asid, and never again con sulted until it is too late. to date? W h en ever you m ove you should r o tify th e com pany promptly so you will receive commuiucstions without delay. The company, should also be notified of any change of name in the policy holder or the benefi ciary. Should the beneficiary he Beneficiary can be changed at any time ind should be kept up to date. The birth or adoption of a child n igh t change the way you want benefits distributed. If the policy is lost. Notify the company of loss or destruction of the policy so a duplicate » n be obtained. You should ha-e the policy numbers written in a safe place. Loan ba-aefits. Unless t is a term policy, the policy will build up cost values against which you can borrow. The pollen contains a Uble of cost valu es sh ow in g the am ounts available. It is wise to repay as soon as possible, otherwise, in case of death the beneficiary will receive the face amount less the unpaid bills. U you cannot continue pay- Rather than let the policy lapse because you cannot make payments, get in touch with your agent. He may have helpful suggestior s on how you can keep your insurance in force. Safe keeping of policy. Put your policy in a safe place, such as a bank safe deposit box. Your beneficiaries should be in formed about your insurance and the location of the policy. You have divided options, too. Under most policies, the owner may elect to have dividends: 1. Paid in cash. 2. Applied against any pre mium due lif the balance is also paid). 3. Applied to buy additional paid-up insurance. 4. Left on deposit with the company to accumulate at a rate of interest stated in your policy and to be withdrawn by you at any time. 5. Applied, in part, to pur chase one year term insurance in the amount of cash value. Any balance left may be used under one of the other options. 6. Applied to buy additional Whole Life Insurance. If you wish to change the dividend option you have elected, notify the company. Final settlement features. The policy benefits may be paid as a single sum. as a regular income over a certain number of years, as a life annuity, or in other ways specified in your policy. You may select an op tional m ethod and you may change it, or you may leave the choice to y o u r b e n e f i c ia r y . Where no choice is made, the settlem ent is made by payment of a single sum. Proceeds passed directly to beneficiaries should be free from probate costs, legal fees, credi tors' claims and income tax. If the policy is owned by someone other than the insured and the proceeds are payable to a benefi ciary other than the insured's Peggy & Joe Joseph New York Life insurance 3933 N. E. Union Martin Luther King Scholarship Fund of Oregon Macceo Pettis, Exec. Dir. 22 9-4 475 e American State Bank V. F. Booker, President 2737 N. E. Union York Life Insurance 2017 Lloyd Center Boyd's Cafe Rev. Eugene Boyd 3909 N. E. Union S- Q. Broadus estate, the proceeds should not be subject to Federal estate tax. How to augment your retire- men: income. If you are both the policy owner and the insured, upon reaching retirement age you may surrender your policy and use its cash value under an installment arrangement to increase your own monthly retirement income. Have yon a conversion privi lege? If your policy contains term coverage, it may contain a privi lege that will permit you or members of your family at a certain time to convert the term coverage to a permanent plan of insurance. W hat the beneficiary know. should Group offers kelp The loss of a spouse through death is a great emotional strain. Coupled with the task of re adjusting to society in the new role of widow or widower, the difficulty becomes even greater. Now there is a new program... people helping each other. Peo ple who have fared and dealt with this experience helping and befriending others who are deal ing with it now. In addition, speakers are invited to give presentations on a variety of subjects such as record-keeping for tax purposes, social security, “handyman" tips for around the house, household finances and many others. The Widow and Widower pro gram is directed by Larry Whi taker of Caldwell's Colonial Mor tuary and his wife. Paula. As a fu n e r a l d ir e c t o r . W h ita k e r knows many of the problems facing widows and widowers. The group meets monthly and features time for inter-relation over coffee, apple cider, and cookies. The people in atten dance range in age from thirty and upwards, but persons of all ages are invited to attend. Mem bership in the group is free. The com pany w ill require proof of death, usually in the form of an official death certifi cate or a physician's statement. In the (ven t of death of the insured, the company should be notified at once and furnished with the policy number so that it can arrange to meet its obliga tion promptly. It will furnish a claimant's state ment to be completed by the be- neficary. This statem ent pro vides the beneficiary with an opportunity to c hoose an optional method of settlem ent, if one is not already in effect. Finally, the company will require the policy i.self. Our Guidance Is Comforting To Families can handle the nec essary arrangements to comply with your wishes. It will take the strain off your family at this sensitive time. Trust Our Nome Cox’s Funeral Home 2736 N.E. Rodney 2814891 V X Questions and Answers v e t ê r a n s a d m in is tr a tio n Q . T h is i n f l a t i o n w e ’ r e having has me a bit w orried. M y wife's diam ond increases in v a l u e , h e r f u r c o a t increases in value but w hat about my life insurance? Life in s u ra n c e m ay do a lo t o f things but one thing it doesn't d o is to k e e p p a c e w i t h inflatio n. Does it? A Actually, it does When your dollars lose value, not only the face value and cash value of your policy are affected, but also the premiums you have to pay In sh o rt, th e m oney is s im p ly cheaper at both ends As inflation progress^- you may indeed get less out of a policy’s proceeds in terms of purchasing power, but you also put proportionately less into the policy In te r e s tin g ly , since most fa m ilie s recognize th a t the shrinkag e of the d o lla r and in c r e a s e d in c o m e s go hand-in-hand w ith in fla tio n , most families buy additional life in s u r a n c e d u r in g th e s e inflationary periods Statistics bear witness to this expan sio n T o d ay , fa m ilie s owning life insurance policies average a total of $19,700 in protection as compared with $8,700 in 1955 •«'*>> >- m i l « A- '2 5 0 b arili allawaaea. 8. B ariti ia a VA cemetery or a ‘150 plot ar iatermeat allowance. C. Aa America« fla j to drape tfce casket. 1 A 0 8 V 3H1 3 0 11V :B3MSNV For information, contact the nearest V A office (check your phone book) or write: Veterans Administration, 271 A, 810 Vermont Ave., NW, Washington, D C. 20420 1
