Chartered 1889, Serving the Bronx and Manhattan

Alisha Brumfield

Mutual Benefit Association (M.B.A.)

Alisha was elected to the position of Mutual Benefit Association (M.B.A.) Representative in 2022. Alisha has been a proud Union member since the beginning of her career. Her fight for the carriers landed her the trust of her fellow coworkers and in 2019 she was elected Shop Steward. Thanks to all the carriers who voted in the 2022 election, Alisha will represent Branch 36 members as the M.B.A.

Rainy day Fund

There is more to keeping a rainy-day fund than simply throwing funds into a jar. As we discussed in the previous article regarding maintaining a rainy-day fund, these funds are necessary for various purposes, such as ensuring that your daily expenses are covered and you are capable of providing financial security during emergencies. While the goal of a rainy-day fund is to save money for unexpected events, it’s not necessary to deposit all of your money into the jar at one time, especially when you are uncertain about the likelihood of a future catastrophe. Instead, it’s important to find a balance between saving and not depleting your finances. So, how can you address this issue? The solution is simple: develop a plan that suits your financial situation and allows you to save money effectively.
In our daily lives, we apply a similar approach to managing our bills. We don’t receive all of our bills at once, nor are we required to pay them all at the same time. The same principle should be applied to your rainy-day fund. The most effective strategy is to establish a payment schedule that aligns with your financial capabilities and preferences. This approach also applies to the MBA Insurance Plans available for NALC members, which I briefly discussed in the previous article. Each insurance plan is designed to accommodate specific living situations. Today, we will focus on two plans: Whole Life Insurance and MBA 20-pay Whole Life Insurance.
For the MBA Whole Life Insurance, you have the flexibility to choose a plan and determine the coverage amount that you are comfortable with paying. Once you’ve established this, premium amounts are calculated based on your chosen policy and your current age. These premiums remain consistent throughout your lifetime. Unlike many other insurance policies, you have options for premium payments. You can choose to pay once a year, 12 times a year, or opt for bi- weekly payments through the payroll deduction plan. It is important to note that premiums must be paid for the duration of the policyholder’s life. However, the policy allows you to borrow money from it while keeping your insurance plan and premium payments intact. Additionally, you have the option to trade in your plan for a cash value, which can be received as a lump sum or an income check.
Now let’s discuss the MBA 20-pay Whole Life Plan, which offers coverage for both the letter carrier and their children. With this plan, the premiums you pay are used to cover expenses for both yourself and your children’s future. Payments are made for a maximum of 20 years. After 20 years, you can choose to retain the coverage at no cost or surrender your policy in exchange for a cash value, similar to the first plan. If you decide to keep the plan, your cash value will continue to grow, and you can choose to surrender it at any time to access the accumulated amount. In the unfortunate event of an untimely death, the policy will provide the chosen coverage amount to the survivors.
Both plans offer you control over your financial strategy as an NALC member. They ensure that you receive the necessary coverage while allowing you to determine the most suitable payment method and utilization of the funds based on your specific circumstances. Whether you have a family and want to secure their financial future in case of any unfortunate circumstances, or you are an individual working for yourself, there are plans tailored to accommodate your needs. Although these plans have similarities and differences, it’s important to remember that MBA prioritizes the best interests of NALC members when selecting a plan.

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