Let’s Find a Plan That’s
Right For You
Ukrainian Fraternal Society of Canada

Permanent Plans

All permanent insurance plans have savings built into them, that is, the Policy builds cash values over the years.

Dividends on participating policies begin after the Policy has been in-force for three (3) years.

The Society cannot guarantee if any dividends, interest, or bonuses will be declared in any or all of the years in which the Policy is active.

Term Plans

Premiums are payable and coverage is effective only during the term period.

At the end of the term period of the Plan neither the Insured nor the Beneficiary is entitled to any benefits.

Term Plans are convertible to a Permanent Life Plan within specific time frames.

Endowment Plans

Endowment plans are considered active Life Insurance plans until maturity when the active Life Insurance ceases and the maturity value is payable.

During the time that the Plan is active Life Insurance dividends on participating policies begin after the Policy has been in-force for three (3) years.

The Society cannot guarantee if any dividends, interest, or bonuses will be declared in any or all of the years in which the Policy is active.

Funeral Plans

These plans are small life insurance policies that are designed specifically to handle the last expenses a person’s family must handle for them.

Funeral insurance policies are permanent life insurance and provided that the premiums are paid the policy will not expire.

In addition, these policies include a cash value component.

Permanent Plans

All permanent insurance plans have savings built into them, that is, the Policy builds cash values over the years.

Dividends on participating policies begin after the Policy has been in-force for three (3) years.

The Society cannot guarantee if any dividends, interest, or bonuses will be declared in any or all of the years in which the Policy is active.

Term Plans

Premiums are payable and coverage is effective only during the term period.

At the end of the term period of the Plan neither the Insured nor the Beneficiary is entitled to any benefits.

Term Plans are convertible to a Permanent Life Plan within specific time frames.

Endowment Plans

Endowment plans are considered active Life Insurance plans until maturity when the active Life Insurance ceases and the maturity value is payable.

During the time that the Plan is active Life Insurance dividends on participating policies begin after the Policy has been in-force for three (3) years.

The Society cannot guarantee if any dividends, interest, or bonuses will be declared in any or all of the years in which the Policy is active.

Funeral Plans

These plans are small life insurance policies that are designed specifically to handle the last expenses a person’s family must handle for them.

Funeral insurance policies are permanent life insurance and provided that the premiums are paid the policy will not expire.

In addition, these policies include a cash value component.

Which Plan Is Right For You?

There are three general forms of Life Insurance offered by the Society: Permanent Life, Endowment, and Term.

The maximum amount of Insurance that one person can be covered for is $100,000. Persons over the age of 60 are permitted to apply only for a maximum of $ 15,000 of either the Whole Life, 10 Pay Life, or 20 Pay Life Insurance Plans. Applicants over the age of 45 wishing to purchase more than $ 15,000 of insurance must pass a Medical Exam.

Adult Life Insurance Plans
The Society offers several Life Insurance Plans for Adults:
  1. Single Premium Life
  2. Whole Life
  3. 20 Pay Life
  4. 10 Pay Life
  5. Life at Age 65
  6. 15 Year Endowment
  7. 20 Year Endowment
  8. Endowment at Age 65
  9. 10 Year Term
  10. 20 Year Term
  11. Term to Age 65
  12. Funeral Plan
Children Life Insurance Plans
The Society offers several Life Insurance Plans for Youths:
  1. Single Premium Life
  2. 20 Pay Life
  3. 15 Year Endowment
  4. 20 Year Endowment
  5. Endowment at Age 18
  6. Endowment at Age 21
  7. Convertable Child Term
Additional benefits (riders) that may be added to Children’s Life Insurance Plans at the time of application for Insurance are: Double Indemnity, Waiver of Dues in the Event of Applicant’s Death, and Waiver of Dues in the Event of Applicant’s Death or Disability.
Criteria For Eligibility
Membership applies to any Canadian of Ukrainian origin deemed to be eligible for membership – or the spouse of a person already a member – between the ages of one month and eighty years, in good health, sound of mind, of good moral character, not addicted to the abuse of alcohol or drugs, and not convicted of any serious criminal offence, shall be eligible for membership in the Society.

Child Member is a person under the age of 18, who is of Ukrainian origin, or deemed to be eligible for membership, or if the person applying on their behalf is or is eligible to become a member of the Society, shall be eligible for insurance with the Society, provided all necessary requirements are met.

Non-Forfeiture Values
Plans offered by the Society have Non-Forfeiture Values.

A policy owner, who discontinues premium payments, may claim these values after the Policy has been in-force for a minimum period of three (3) years.

There are three types on Non-Forfeiture Values:

  1. Cash Surrender Value
  2. Paid Up Value
  3. Extended Term Insurance