Do you and/or your husband have life insurance policies?

amother

Red

Mon, Feb 13 2017, 7:59 am

LittleDucky wrote:

Didn't know Areivim is still around. At least you realize it isn't life insurance. Read a good analysis a while back on why not to do it....

http://orthonomics.blogspot.co.....eivim

I read that way back when she first posted it Smile

It's not a good reason NOT to join, but a good reason not to RELY on it. Like I said, if life insurance was an option we'd do it. But when you can't pay your rent on time, it's kind of foolish to invest in life insurance which you will probably get cancelled for non-payment.

Areivim reduces the burden of tzedakah collections by basically getting a group of people to pre-authorize a specific donation if needed.

iriska_meller

Mon, Feb 13 2017, 8:58 am

IIRC Suze Orman says you should have enough life insurance so that your survivors can put it in the bank or mutual funds and just live on interest.
When you are young and healthy, policies are really cheap and you can lock them in for 20-30 years.
I'ma single mom and I have insurance from my work for about $800K and another for $500K I bought on my own.

amother

Seashell

Mon, Feb 13 2017, 9:03 am

iriska_meller wrote:

I've heard the same. However, that would require taking out huge policies. I don't think any frum family can live off just the interest of a "standard" million dollar policy.

My kids' tuition alone is about $60k

Laiya

Mon, Feb 13 2017, 11:51 am

amother wrote:

This is not a reason not to take out even a small policy. Also, I'd hope that if chalila a parent dies suddenly, the schools should be a little understanding! Confused

Eta. We both have term policies.

amother

Fuchsia

Mon, Feb 13 2017, 11:57 am

My father bought term life insurance policies for both of us when we first got married. He paid for the first yr or two but we've been paying ever since. It's million dollar policies for both of us but really inexpensive since we started at a young age. I would like to do something similar for my kids when they get married. We would never have gotten around to setting it up otherwise. As a young newly married it wasn't a priority.

Culturedpearls

Mon, Feb 13 2017, 12:11 pm

joyful mom wrote:

What kind of policies do you buy for your children when they get married? Term policies or whole life?

Term . Half a million at this point but will up that as their families grow.
DH has $2M & I have $1.2M. We also have disability insurance.

ange

Mon, Feb 13 2017, 1:02 pm

We both have term, 1mil each.

Fyi if you get through your workplace you should strongly consider getting an additional term policy that you own. If you leave your job/get fired/too sick to work you don't want to be left with nothing.

amother

Vermilion

Mon, Feb 13 2017, 3:00 pm

I have 2.5 million. Husband has 2.7 both whole. We also have 500 term for husb and 250 for myself. We both have 2 year pay from our jobs and areivim, because we believe in the icause. In addition we have short and long term disability policies which are as important . Check out combined life and aflac policies.

amother

Seashell

Mon, Feb 13 2017, 3:55 pm

Laiya wrote:

This is not a reason not to take out even a small policy. Also, I'd hope that if chalila a parent dies suddenly, the schools should be a little understanding! Confused

Eta. We both have term policies.

I'm the poster you quoted/responded to and I agree (and have a million for both me and DH) was just pointing out that the rest of the advice was not so practical (re how much to take out)

amother

Brown

Mon, Feb 13 2017, 5:32 pm

amother wrote:

Curious if people get insurance until age 65, or for life?

You only need it as long as someone is telling on your income. If your kids are adults and your spouse can manage on your investments that you've accrued, then technically you are self insured.

Also, term policies are a much better deal financially. You could invest the difference between that and what you'd pay for a whole life and you'd do well. If the whole life pays out, you lose the savings portion that you've been paying into...you only get the face value. So how did that work as an investment :0

amother

Aquamarine

Mon, Feb 13 2017, 7:06 pm

Sorry if this is off-topic (if so, let me know and I can start a spin-off), but I've read that there can be so much mark-up in insurance policies, and it's hard to know if you're getting a good deal or getting ripped off. Can anyone recommend a website, or an honest and well-priced broker in Brooklyn, who can help guide me through the maze of insurance without taking advantage of me?

real israeli

Tue, Feb 14 2017, 2:52 am

amother wrote:

What's the difference between term and life insurance? which is better? Who did you get it through, which insurance company, if you live in Brooklyn?

Term insurance is for a limited amount of time but a very low premium. You can get 500,000 coverage for less than 200 a year. But it only lasts for a limited time - so if it's a 10 year policy - if you didn't die in those 10 years you lost the money you paid and are not covered. Term is very cheap in your 20s but goes up drastically as you get older.

Whole life is a lot more expensive but after a while the policy will pay itself through dividends so you pay a few thousand a year for 15-17 years and then you are covered for life (assuming you don't close the policy)

anotherima

Tue, Feb 14 2017, 4:17 am

FranticFrummie wrote:

DH refuses to get one. He says it will put an ayin hara on him. He's sort of paranoid that way. I've begged and begged, but he won't listen. It's a big SB problem for me.

He's 67 years old, very overweight, and has a horrible diet. His father died fairly young, of a major heart attack. DH seems to believe that as long as he doesn't have insurance, he will stay healthy and live a long time. Delusion and denial. Rolling Eyes

I can't take a policy out on him, because he controls all of the money. I get enough money for taxis and lunch, and that's it - and I have to ask for it, and show receipts. Even if I walked everywhere, and packed my own lunches, I still wouldn't have enough to pay for a policy.

Of course, DH says there's not enough money for a policy on me, either, so if something happens to me, there's no support for DD. DH says to quit worrying about it, because I'm young. I keep telling him that anyone can get hit by a bus, but once his mind is made up, that's the end of discussion.

I felt bad for you when I read this. Is this normal in your circles?

amother

Magenta

Tue, Feb 14 2017, 5:23 am

amother wrote:

I would recommend Lipa Lefkowitz, he works with the Brooklyn agency. His email is Louis_lefkowitz@bfgny.com