How to Join the Serb National Federation
Membership in the Serb National Federation requires purchase of one of the insurance policies or financial products from the following list:
|INSURANCE PLANS||RETIREMENT PLANS||EDUCATIONAL PLANS|
Whole or Ordinary Life Insurance
20-Payment Life Insurance
Single Premium Life Insurance
Life Insurance with Education Fund Plan
10-Year Renewable and Convertible Term Insurance
Individual Retirement Account (IRA)
How to Apply
1. Review the life insurance plan descriptions and details below and choose the one(s) right for you.
2. Click Here to calculate a premium quote.
3. Click on the links below for each type of plan to view the tables in order to determine the amount of premium you need to submit with your application for membership.
4. Complete an SNF Life Insurance or Annuity application. Click to download.
5. Sign and date the application and forward it to the SNF Home Office with your check or credit card information.
Whole/Ordinary Life Insurance Payment Plan
Whole life is a life insurance policy that remains in force for the insured’s entire life and requires premiums to be paid every year. This is a traditional Ordinary Life plan. Affordable premiums are payable throughout your lifetime and the benefit is payable at death of the insured.
20-Payment Life Insurance Plan
This plan is a variation of the Whole Life Policy and provides the insured with a lifetime of permanent protection. Premiums are payable for 20 years or until the death of the insured, if earlier than 20 years. After 20 payments, the policy is paid up and no additional premiums are due.
Single Premium Whole Life Plan
One premium, paid only once, will purchase protection for the whole of life. A lifetime of protection without yearly premium payments required. Additionally, the certificate offers equity, nearly equal to the premium paid. Payment for Single Premium Whole Life policies may be made in installments by choosing a loan payment plan to enable you to purchase the amount you need. If the loan advanced against the policy cash value is paid within the specified one or two-year period, no interest is due. Call the Home Office for installment plan forms.
Life Insurance with Education Fund
This policy is designed for children, birth to age 15 years, and features very low single or annual premiums and all-in-one-certificate. Each unit of insurance provides $1,000 cash and $1,000 of paid up life insurance at certificate anniversary date nearest age 18. Purchase several units of this insurance for a truly unique and loving gift for your children, relatives, and kumovi.
10-Year Renewable and Convertible Term
Term insurance provides coverage at a fixed rate of premium payments for a limited period of time (10 years). At the end of the time period, coverage at the previous rate of premium is no longer guaranteed and the insured must obtain coverage at a new premium rate for an additional time period. At any time during the period, the insured may convert to a permanent plan, subject to a new premium.
Term insurance is the least expensive way to purchase a substantial death benefit over a specific time period. The premiums for term insurance are very affordable but do not build cash value. Premiums are payable for 10 continuous years. Policies may be renewed for successive 10-year periods but not beyond age 75. SNF Term Insurance is convertible without evidence of insurability to age 70.
We offer both qualified plans (before-tax funds in which accumulated tax and interest are deferred until funds are withdrawn, e.g. IRA) and non-qualified plans (after-tax funds in which tax on interest is deferred until the funds are withdrawn, e.g. Annuities).
Annuities are often purchased for future retirement income or other savings objectives. Funds deposited in annuities grow tax-deferred as long as they are left in the annuity.
The SNF offers two types of non-qualified annuities: Flexible Premium Deferred (6-year early withdrawal penalty) and Saver 2 (2-year early withdrawal penalty). Within set limits, your premium is flexible; you pay as much premium as you want, whenever you want. Other than penalties for early withdrawals greater than 10% of the balance, there are no fees charged on your SNF annuity. To purchase an annuity, the initial deposit minimum is $250.
Current interest rates and minimum interest rates are set by the Board of Directors of the SNF and will vary based on current economic conditions.
Individual Retirement Account (IRA)
An Individual Retirement Account is basically a savings account with tax benefits. You get a tax deduction for the savings you contribute to the account, which reduces your taxable income. The advantage of an IRA is that you defer paying taxes on the interest and growth of your savings until you withdraw the money. You may be subject to penalties if you withdraw before the age of 59½.
Unlike a Traditional IRA, you don’t get a deduction for your contributions. Distributions from a Roth IRA are completely tax-free as long as you meet certain conditions. Your savings grow in the Roth IRA without needing to pay taxes on the earnings or growth.
A Coverdell is an Education Savings Account which allows up to $2000 annual contribution per child (beneficiary). Contributions are not tax deductible. Investments are made and controlled by a custodian until the beneficiary turns age 18 and no more contributions can be made. All gains are tax free. All funds must be withdrawn by the time the beneficiary turns 30.
Suitability for these products should be decided by the potential contract holder as the SNF is not permitted to offer financial, tax, and/or legal advice.