Business Details
Your Trusted Life Insurance Partner in Philadelphia
Providence Association has been dedicated to serving the Ukrainian Catholic community for over a century, offering tailored life insurance and retirement savings solutions. Our mission centers on fostering trust and support through personalized financial planning, ensuring families and individuals can secure their futures with confidence. We specialize in whole life insurance, annuities, college tuition funds, and retirement plans, all designed to meet diverse needs while honoring cultural traditions. Our commitment extends beyond financial productswe actively participate in community events, provide low-interest loans, and sponsor scholarships to strengthen the Ukrainian diaspora.With bilingual support and a deep understanding of our members' unique needs, we prioritize transparency, accessibility, and long-term relationships. Our team combines decades of experience with a client-first approach, ensuring every policyholder receives expert guidance and peace of mind. As a fraternal benefit society, we remain rooted in the values of mutual aid and community stewardship that have defined us since our founding.
Services
Whole Life Insurance
Annuities
College Tuition Fund
IRA/Roth IRA
Final Expense Planning
Highlights and features
- We specialize in culturally tailored financial solutions for the Ukrainian community.
- Our bilingual team provides personalized support in English and Ukrainian.
- We offer low-interest loans and annual scholarships up to $5,000 for members.
- Over 100 years of experience in life insurance and retirement planning.
- Active participation in Ukrainian church events and community development.
Services
Whole Life Insurance
Whole Life Insurance provides lifelong coverage with cash value accumulation. This policy guarantees a death benefit while building tax-deferred savings that policyholders can access through loans or withdrawals. Ideal for long-term financial security, it ensures beneficiaries receive tax-free proceeds to cover final expenses, debts, or inheritance planning. Our bilingual team helps customize policies to align with individual and family needs.
Annuities
Annuities offer tax-deferred growth for retirement planning, with a guaranteed 3.50% annual interest rate. These plans supplement IRAs and 401(k)s, providing steady income streams during retirement. No administrative fees ensure maximum returns, while flexible terms accommodate both young savers and retirees. We assist with rollovers and personalized strategies to meet long-term financial goals.
College Tuition Fund
The College Tuition Fund is a dedicated savings plan with a 4% annual interest rate designed to cover educational expenses. This tax-advantaged account grows predictably to meet rising tuition costs. Funds can be used for tuition, books, and related expenses without penalties. We provide guidance to structure contributions that align with academic timelines and family budgets.
IRA/Roth IRA
IRA and Roth IRA plans offer tax-efficient retirement savings with flexible contribution options. Traditional IRAs provide tax deductions on contributions, while Roth IRAs allow tax-free withdrawals. Both feature competitive interest rates and no hidden fees. Our experts help determine eligibility, optimize contributions, and navigate rollover options for maximum retirement readiness.
Final Expense Planning
Final Expense Planning ensures loved ones are protected from burial costs and medical debts through single-premium policies or trust annuities. These plans cover funeral expenses, estate taxes, and outstanding bills, preventing financial strain on families. We collaborate with funeral directors to align coverage with preplanned arrangements, offering peace of mind for policyholders.
Questions
What life insurance options are available for Ukrainian families?
We offer whole life and universal life policies tailored to Ukrainian community needs, with bilingual support and flexible terms.
Can I use an annuity for retirement if I'm self-employed?
Yes, our annuities provide tax-deferred retirement savings for self-employed individuals, with no income restrictions or employer involvement.
How do I calculate final expense coverage needs?
Consider funeral costs, medical debts, and estate taxes. We recommend $10,000+ coverage, with personalized guidance available.
Are IRA contributions tax-deductible?
Traditional IRA contributions may be tax-deductible based on income and employer plan participation. Consult your tax advisor for specifics.
Do you offer financing for community organizations?
Yes, we provide low-interest loans and donations to Ukrainian youth groups, seminaries, and charities.
Can I rollover my 401(k) to Providence?
Yes, we facilitate tax-free 401(k) rollovers to IRAs or annuities, avoiding penalties and preserving savings.
