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Do YOU Have a LIFE INSURANCE POLICY for DH and YOURSELF?

Life Insurance only for husband

33%

[ 28 ]

Life Insurance only for me

[ 2 ]

Life Insurance only for my children

[ 0 ]

Life Insurance for everyone in our family

35%

[ 30 ]

Not Interested in buying life insurance

15%

[ 13 ]

Will be exploring options about Life Insurance today!

13%

[ 11 ]

Total Votes : 84

smss

Wed, Mar 11 2015, 4:21 pm

so how much does it cost per month, about?

bnm

Wed, Mar 11 2015, 4:26 pm

smss wrote:

so how much does it cost per month, about?

depending if your doing a term plan or life. its also cheaper if you pay a yearly 1 time thing than if doing it monthly. Term is under 100 a month for a healthy young adult and a million dollar policy. Live is much more expensive but is an investment.

chatz

Wed, Mar 11 2015, 4:27 pm

The thing about Areivim - it is not a life insurance policy. You are not paying a premium and if CV something happens, you are not receiving benefits.

It is a system to easily collect and distribute tzedaka. So the money you are paying is tzedaka. And if CV something happens, money received is tzedaka collected from others.

Just something to consider.

(I looked into it some time back and got confused.. it seems there are more than one organization with that name?)

smss

Wed, Mar 11 2015, 4:30 pm

bnm wrote:

ok, definitely not happening. I'll keep it in mind though, maybe in the future it will be possible.

(I wonder how many under-30 people this is simply unrealistic for. many people just starting out in the workforce, especially with daycare/babysitting costs, are not even saving. when there is money to save, there's a lot to save it for...)

Mrs Bissli

Wed, Mar 11 2015, 4:35 pm

I must confess I'm not familiar with how Areivim works. How does it set premium (or monthly amounts to be collected)? Do they have proper actuarial backing? How do they know they're not under/over spending the amount collected over a very long period of time?

Also what's the point of insuring children (I'm talking life insurance, not health insurance) assuming they're minors? I can't think modern day families getting into financial difficulties from (lo aleinu) death of children, considering they're most likely be dependants not breadwinners or service contributors to the family.

morah

Wed, Mar 11 2015, 5:38 pm

smss wrote:

We are not even close to that much, we are paying under 30 per month each so it comes out to 50 something per month. The price does depend on health and lifestyle factors (like a smoker or someone with a chronic condition will pay more), but it is totally doable. And the sooner you get on it, the sooner you lock in the lower price. Just reaching your next birthday raises the price.

asp40

Wed, Mar 11 2015, 5:55 pm

To the person who asked why you would have life insurance on a child. Gd forbid something happens to a child. Funerals and burial are not free. Life insurance on a child is pennies a month.

I think mine is about $600/year for myself. And I am overweight. Would have been less had I been thin.

LittleDucky

Wed, Mar 11 2015, 7:08 pm

Mrs Bissli wrote:

I looked into areivim because it sounded interesting. Basically, people sign up now. No dues/cost now. But, if someone who signs up CV dies, everyone else who signed up is charged $7 per unmarried orphan, up to $28 a month. The money is put into accounts. The aim was $100,000 per unmarried orphan.
They have changed their website over the years so exact terms have changed. (If terms change after you agree, then I guess you must abide by current rules- not whatever it was when you agreed). It used to say that the $ was paid out upon a wedding. (No wedding, no $$$ then). Now it just says that a member of areivim (again, no names on the website), a membe of the family and the family's Rav will all oversee the disbursement of funds. They are arbitrators in case of disagreement (ie- no contesting their rule).
Cash is not given if they decide the family has resources or they can be self supporting. If you have an inheritance or life insurance, even if you paid for every month- no payout if you need it. Encourages you not to try to provide for your family...eek!

I read an actuarial analyzation of the program a few years ago online.... Let me see if I can find the article on why the math doesn't work out either....

http://www.areivim.info/terms.php

srbmom

Wed, Mar 11 2015, 8:14 pm

My husband has a million dollar policy and I have $500,000 - we pay about $65 a month total for both of us. We are going through an extremely difficult financial situation right now, but this is not something I am willing to forego.

mandr

Wed, Mar 11 2015, 10:06 pm

You don't have an option answering your actual poll question! Please revise or something.

Yes, both my husband and I have insurance. We got it when I was pregnant (about a year after we got married).

Personally I think it's irresponsible if parents don't have life insurance. If you don't have kids it's one thing. But if you have a family, life insurance is a must.

4eyes

Thu, Mar 12 2015, 12:47 am

Out of curiosity, since this may be important info for some members, does anyone know if you can get a policy while pregnant? Or is it better to do it before/after?

kitov

Thu, Mar 12 2015, 1:25 am

Ruchel wrote:

Not all countries or cultures make it this huge necessity.
No reason to kinda attack the "oldies" who are over 30 and don't have it, either.
No, I won't be looking into it "today", and certainly not more after this post.
Is this some ad? some scare tactic?

Is death cultural?does the malach hamaves skip certain age groups or nationalities? I agree insurance is about resposibility, not culture.

ora_43

Thu, Mar 12 2015, 3:11 am

Iymnok wrote:

We had to to get a mortgage. It's really not much per month. Though it's for both spouses, you don't have that option. (I'm a week over 30, does that count?)

You mean regular life insurance, or mortgage insurance? Mortgage insurance means that if one spouse dies the mortgage will be paid off, but nothing more. Regular life insurance means the surviving spouse/the kids would get whatever amount of money. Usually it's important to have both.

(I'm mostly just clarifying that these are usually two difference concepts, in case any Israeli amothers were unclear.)

Iymnok

Thu, Mar 12 2015, 4:14 am

ora_43 wrote:

You're right, we have the option of raising it, but we just signed up for the mortgage value, planning for a later decision of what value to take out.

SacN

Thu, Mar 12 2015, 3:44 pm

[/quote]ok, definitely not happening. I'll keep it in mind though, maybe in the future it will be possible. [/quote]

It's possible! I got my policy when I was 20 and DH was 26. We are both healthy, nonsmokers, etc. We are locked into the price for 30 years (meaning, we can increase the policy and pay more or cancel at anytime, but they cant randomly raise it), and we pay total, 42$ a month.

We don't have a million dollar policy for either of us. We cant afford it. But BH, we have SOMETHING. If something happens now, the other spouse could begin to get their feet on the ground.

Sparkle

Fri, Mar 13 2015, 10:01 am

I used to work as a financial planner, and I sold a lot of life insurance. I have coverage for everyone in my family - even the kids - since it is super cheap for them and they will have it for life no matter what illnesses or bad habits they chas v'shalom pick up. Life insurance gets a bit pricier each year you get older.
I agree that 500,000 is the minimum for a parent. 1 million is even better. And yes, someone who smokes can obtain coverage, it will just be more expensive.

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