,HERALD Official Organ Of The Slavonic Benevolent Order Of The State Of Texas. Founded 1897. BENEVOLENCE
VOLUME 53 — NO. 27
HUMANITY
BROTHER 110011
Postmaster: Please Send Form 3579 with Undeliverable Copies to: SUPREME LODGE, SPJST, P. 0. Box 100, TEMPLE, TEXAS
JULY 7, 1965
FROM THE EDITOR'S DESK SO YOU CAN'T PAY YOUR INSURANCE PREMIUM .. . All of us, with very few exceptions, get into what is commonly known as a "financial tight" once in a while, and when that happens, we start "trimming," and a lot of people start trimming with their insurance policies. This is a serious mistake. In the first place, you should never stop making premium payments without consulting a representative q'f your insurance company, in the case of the SPJST, the organizer who sold you the protection, if at all possible. He (or she) will be most familiar with your family's situation. You will probably be advised to continue making the payments, if at all possible, because you may lose valuable rights. For example, your present policy may guarantee a larger retirement income than any policy you could purchase at the same cost today. Another important point: you may now be uninsurable and unable to replace the protection at any price. • • If you are only temporarily short of funds, your grace period will help. All policies give you a 31-day grace period beyond the due date (as shown on your premium notice from your lodge financial secretary) in which to pay. If you mail in your premium within that 31-day period, your coverage will remain in force and will not be interrupted. And even if you do miss this grace period, you may be able to re-
QUOTES . . . My crown is in my heart, not on my head; Not deck'd with diamonds and Indian stones, Not to be seen; my crown is called content. —Shakespeare
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No man is good enough to govern another without that other's consent. —Abraham Lincoln
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There are two kinds of gratitude: the sudden kind we feel for what we take; the larger kind we feel for what We give. —E. A. Robinson instate your policy if you pay all pastdue premiums, and in some cases, furnish proof of good health. Then the decision is up to the insuring company.
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If your policy has a cash value, you could borrow against that to pay the premium(s) due. Simple annual interest, usually about 5 per cent, is charged on the loan, and if you die before repayment is made, the death benefit is reduced by the balance of the loan. However, the policy could be cancelled if the unpaid interest plus the loan, reaches the point where they exceed the cash value. • • If the premium is still too much for you to pay, try to reduce the amount
by adjusting the policy. Your SPJST representative can make specific suggestions. If you hold a high cash value type of policy, such as a 10-year endowment, have it rewritten as a lowerpremium form of permanent policy like ordinary life. Any permanent policy with a "term rider" attached may be reduced in premium by dropping the term rider. As a last resort, most policies can be rewritten for a reduced amount of insurance, but this should be used only as a last resort. • • If you simply cannot pay any further premiums, do you lose all protection? Not if your policies have a cash value. Some protection can be continued in one of two ways. You can use the present cash value to purchase term insurance in the face amount of the policy f,or as long as it will take care of the premiums. Under this "extended term insurance" option, your beneficiaries receive the same death benefit as if you had continued making the premium payments—but only if you die before the term insurance expires. You may also elect to take "reduced paid-up insurance." The policy cash value is then used to purchase a paidup insurance policy in a smaller amount, payable to your beneficiaries, regardless of when you die. This policy itself has a cash value which can be used in emergencies. Of course, you can surrender any