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Forum
-> Coronavirus Health Questions
Do you have life insurance?
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| Yes |
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72% |
[ 91 ] |
| No |
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26% |
[ 33 ] |
| Didn't but getting now |
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1% |
[ 2 ] |
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| Total Votes : 126 |
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amother
Maroon
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 Fri, Apr 03 2020, 4:22 pm
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my husband says he has it for a a million dollars but does not show me the papers he controls all the money in the house
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amother
Ruby
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Fri, Apr 03 2020, 4:56 pm
Yes
Whole life for 250k each.
This is the first year we can’t afford to make the payments.
We’ll either pay it at some future time, or it will be deducted from the cash value.
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HonesttoGod
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Sat, Apr 04 2020, 9:32 pm
| amother [ Powderblue ] wrote: | | No, and I can't afford it. Not that I can afford a house, but I think you should save toward buying a house before saving for life insurance. |
What does having a house help if your spouse is dead and you have no income?
This thought is so backwards.
Life insurance is the income that you won’t otherwise have with a dead spouse!
It’s shocking to me that people have kids without having life insurance. It’s so easy to get it especially now when they’ve dropped all medical testing.
I have a “medical” issue so I pay a few dollars more than my husband but we pay $50 for both together for $0.5mil. It’s not a lot at all and iyh well up it when we can but it’s something!
There are many reasons why term is better than whole one of them being the affordability. Read Dave Ramsey’s blog about the benefits of both but term is super cheap and easy to get. There are rabbanim who won’t marry a couple unless they have life insurance.
There’s absolutely no reason a community should have to pay out for every person that is niftar r”l because they couldn’t be bothered to get life insurance.
It’s as important as bread and water and rent.
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amother
Mint
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Sat, Apr 04 2020, 9:36 pm
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Bh. Both dh and I have policies equaling a couple million for each. It extremely important. We got our first policy when my first was born. It's also important to have a halachic will, guardianship, power of attorney, and health care proxy.
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amother
Gray
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Sat, Apr 04 2020, 9:59 pm
We both just got.
Dh has pre existing condition.
It’s $50/month for the both of us, 1 million for each.
Even if you can’t afford it, it’s worth to get it short term during this pandemic
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gande
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Sat, Apr 04 2020, 10:02 pm
Husband has term, I dont. Life insurance is especially important if wife doesnt have income.
We were kollel and dh insisted we cant afford it. Then he wanted to do an overseas trip. I told him insurance is part of the cost. 😏
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amother
Blue
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Sat, Apr 04 2020, 10:06 pm
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We have 2 life insurance plans. One for myself and one for dh.
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bobeli
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Sun, Apr 05 2020, 1:56 am
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Anyone can recommend an honest agent?
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asmileaday
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Sun, Apr 05 2020, 2:06 am
What I don't understand is why weren't these families at least part of Areivim? It's super cheap and they only collect when one of the members pass away.
It may not be a ton of money but it eases the burden of the community collecting.
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asmileaday
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Sun, Apr 05 2020, 2:09 am
| bobeli wrote: | | Anyone can recommend an honest agent? |
Where are you located? Our life insurance agent is extremely honest. He doesn't push anything you can't afford and really explained everything clearly.
He didn't come looking for us, we found him, through an interesting turn of events.
You can pm me for his name and number.
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amother
Pink
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Sun, Apr 05 2020, 2:24 am
DH has a pre-existing condition. We could not afford to get it when we were younger, and it's only more expensive now. I do not want to be having to decide between electricity, food, or life insurance. When you're always behind on money, that's what it comes down to.
I had renter's insurance (about a month) for a few years, and the one month I could not find a dollar for it, that's when we had a robbery. I did not reinstate the insurance since then.
I guess you could peg me part of the "couldn't be bothered" crowd, but I REALLY don't have the hundreds or thousands a year it would cost. (Even just $50 a month is $600 a year, and at our age I'm fairly sure it would be at least double that.)
ETA: We are part of Areivim.
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amother
Royalblue
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Sun, Apr 05 2020, 10:55 am
DH and I both got when I was pregnant. Each 250 whole life, plus 1.5m 30 year term for me and 3m term for him, and we included long term care clause in there for good measure.
My 1.5m term is under 60 a month
Women also get cheaper rates, because they are expected to live longer *usually
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LittleDucky
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Mon, Apr 13 2020, 12:10 am
Areivim is NOT an alternative to life insurance. I see it promoted too often without people really explaining the concept. You could theoretically pay into it but they can decide to not pay out after it is needed for many reasons- if they decide you don't qualify as "observing Torah and Mitzvos", if they decide later you were "Ill" at the time time of application (and they don't specify what preexisting conditions count) and will reserve the right to get your medical records to decide this AFTER the fact that they have been billing you all those years, or how the money will even be given out! There is a vague "rabbinical board" to decide things and if too many people want to claim at the same time, I.e. Coronavirus, they may not give anything out. They also set up a fund for the family and don't give the family the money to invest/use as needed. They also only give if there are unmarried children under 35. They also don't give if they decide you have enough resources without it including life insurance policies!
There are way to many exceptions or ways for them to not pay out. There is no governmental or really ANY oversight. It should be seen as a way to give charity and NOT as a way to prepare your own family for worst case scenario.
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asmileaday
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Mon, Apr 13 2020, 12:20 am
| LittleDucky wrote: | Areivim is NOT an alternative to life insurance. I see it promoted too often without people really explaining the concept. You could theoretically pay into it but they can decide to not pay out after it is needed for many reasons- if they decide you don't qualify as "observing Torah and Mitzvos", if they decide later you were "Ill" at the time time of application (and they don't specify what preexisting conditions count) and will reserve the right to get your medical records to decide this AFTER the fact that they have been billing you all those years, or how the money will even be given out! There is a vague "rabbinical board" to decide things and if too many people want to claim at the same time, I.e. Coronavirus, they may not give anything out. They also set up a fund for the family and don't give the family the money to invest/use as needed. They also only give if there are unmarried children under 35. They also don't give if they decide you have enough resources without it including life insurance policies!
There are way to many exceptions or ways for them to not pay out. There is no governmental or really ANY oversight. It should be seen as a way to give charity and NOT as a way to prepare your own family for worst case scenario. |
Ok that's important to know.
I'm wondering if the bolded explains why we haven't received any collection phone calls from them in the past few weeks.
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amother
Periwinkle
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Mon, Apr 13 2020, 12:20 am
Single mother here. I have a $1M term policy for less than $40/month.
I have zero savings. I doubt I will ever own a house. As another poster mentioned, the cost of my life insurance is nowhere near the realm of how much I would need to save to afford a house. If I was in a position to afford a house I doubt the 400-500 dollars a year for life insurance would be what broke my bank. B"H I am fortunate not to have preexisting conditions.
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amother
Ecru
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Mon, Apr 13 2020, 12:28 am
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Yes and my children are all young adults. If I go today each of them will have $250,000. I hope this will help them with buying a house and keeping out of debt. I do hope they don’t get it for a couple of years But then it will be to help them with my grandchildren starting off life in a good situation.
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groisamomma
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Mon, Apr 13 2020, 1:02 am
I didn't know it was so cheap. Can someone PM me an honest agent in Lakewood?
ETA how do I know if I get it through work? Is that possible?
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amother
Slategray
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Mon, Apr 13 2020, 1:06 am
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Many of these people do have insurance however it doesn’t cover enough for all future expenses with the kids they left behind
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amother
Amber
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Mon, Apr 13 2020, 1:13 am
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I am a single mom. I have term for approx $23 a month. It's for a $100,000 policy. I decided better a small amount than nothing. I have the opportunity to switch to life which can help pay towards a pension at a later age. I cannot yet afford that.
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doodlesmom
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Mon, Apr 13 2020, 1:40 am
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My husband and I have whole life and term insurance adding up to a 4-7 million per person, and my kids get whole life insurance - for a smaller amount when they’re born, as a forced saving/ investment/ life insurance.
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