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and to be withdrawn by you at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