Post Eagle Newspaper


Apr 18, 2024

45°F, few clouds
New Jersey

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Financial Wellness For Your Child

Today our lives are filled with many insecurities: natural disasters, loss of a job or benefits; and changes in work contracts to meet changing times. We make every effort to keep our children healthy and to educate them for their future. But do we consider helping them build a secure financial future, considering all the possibilities of these changing times? What is one of the best investments for a child that any parent or grandparent can make? An ENDOWMENT policy is a way of saving money. After twenty years, the full face amount stated in the certificate is then paid to the person named in the certificate. Yes, this certificate provides life insurance coverage for that face amount valid from the date of issuance throughout the certificate’s existence. But consider that at maturity the policyholder is given options either to receive the full proceeds or to increase paid up life coverage at no further cost. Then the certificate owner will always have cash value available, and allow the holder to take a loan in case of financial difficulties and still be insured.

When a child is born, new parents may be overwhelmed with the cost of providing the essentials for keeping the child healthy and secure. Twenty years from now is not necessarily something on the minds of these parents. But soon the child is in school and, as you blink, the child is in college and on the way to an adult life. Can you imagine the joy of being twenty and receiving a gift of several thousands of dollars from parents or grandparents? This can provide the child with the means to complete his or her education, buy a car or begin a new professional life with a windfall that pays for the deposit on a place of his or her own.

Why not just open a savings account in a bank? Yes, that is an option and should be considered. But take $376.10 and put it in a savings account once a year for the next twenty years. You will, after twenty years, have saved $7,522. But if you used that amount to purchase an ENDOWMENT policy, you would have $10,000. That is what it would cost for such a policy for a newborn. For a 10-year old it would cost $13 a more each year; and at the age of thirty, imagine just how delighted this young adult would be to receive $10,000? The annual payment towards an ENDOWMENT is an obligation from which is important not to be misled. As other needs arise, it is too easy not to make the deposit into the savings account while making the premium payment gives you the sense of urgency. But you need to be aware that as it reaches cash value, a taxable interest statement will be sent and should be included in a tax return, usually for the parent.

When you purchase this ENDOWMENT from the Association of the Sons of Poland, the child has the benefit of a scholarship/ achievement award. Today we support orphaned, physically and mentally challenged children both in Poland and in the United States. We have a special event that raises extra funds for scholarships and our new fund helps American children that have medical needs and teens in trouble. Your child will take pride in the part they played to help those less fortunate get some security in his and her future. Call the Association of the Sons of Poland today at 201-935-2807 and ask for a quote and an application. Or visit us online at