Do you have life insurance?

amother

Fri, Apr 03 2020, 2:11 pm

I'm seeing campaigns pop up for all the deceased r"l and I wonder about life insurance.

Do so many people not have life insurance?

Ellie7

Fri, Apr 03 2020, 2:31 pm

This is a HUGE pet peeve of mine. You have a responsibility to get life insurance before you have children. If you're not planning on being on birth control, you should get it when you get married.

And I think we have an amazing community in that we offer support for those who don't have life insurance when tragedy happens, but really that should not need to happen.

amother

Powderblue

Fri, Apr 03 2020, 2:31 pm

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.

amother

Crimson

Fri, Apr 03 2020, 2:35 pm

Ellie7 wrote:

That’s nice. You don’t know other people’s financial or marriage situations.

nelliesmellie

Fri, Apr 03 2020, 2:35 pm

Life insurance is more affordable than you think and MUST be purchased before you have children and definitely before you buy a home! What happens to those children and home if c’v something happens to you?

amother

Denim

Fri, Apr 03 2020, 2:40 pm

I do but not much. It was one of those wedding plans around when my kids were younger. I think it’s like 150 k for each of us

Better than nothing right?
And we asked our married kids to buy term policies as soon as they were expecting their first. Which I think and hope they did.

Cmon be nice

Fri, Apr 03 2020, 2:49 pm

A term policy is approx $40 a month for around 500k of coverage. That's less than most cell phone plans. The only excuse(in 99% of cases) is ignorance.

IvriAnochi

Fri, Apr 03 2020, 2:57 pm

Cmon be nice wrote:

A term policy is approx $40 a month for around 500k of coverage. That's less than most cell phone plans. The only excuse(in 99% of cases) is ignorance.

I agree. I’m paying $52 for the next 30 years in life insurance for 1 Mil

cnc

Fri, Apr 03 2020, 3:00 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.

Term life insurance can cost a couple of hundred dollars a year. If you’re able to “save for a house”- you should not need to “save for life insurance”.

cnc

Fri, Apr 03 2020, 3:02 pm

Cmon be nice wrote:

A term policy is approx $40 a month for around 500k of coverage. That's less than most cell phone plans. The only excuse(in 99% of cases) is ignorance.

This.
In fact I paid less than $30 a month for 500k worth of coverage when I had a term policy . It obviously depends on age and health - but term is usually very inexpensive.

amother

Crimson

Fri, Apr 03 2020, 3:02 pm

Where do you get a couple hundred? My husband was paying that much a month and couldn’t afford it anymore.

cnc

Fri, Apr 03 2020, 3:03 pm

amother [ Crimson ] wrote:

Where do you get a couple hundred? My husband was paying that much a month and couldn’t afford it anymore.

For term ? Or life?

Was he a generally healthy person? Or did have a lot of pre- existing conditions?

How much coverage did he have?

It’s worth shopping around and speaking to a broker to hear your options.

amother

Crimson

Fri, Apr 03 2020, 3:05 pm

cnc wrote:

He has some pre existing conditions.

amother

Lime

Fri, Apr 03 2020, 3:10 pm

My father passed away when I was a teen. I'm one of 10.
He had life insurance. 500k.
Truthfully it's a drop in the bucket for that many kids between our daily needs, physical and emotional, even though my mother worked and even though there were social security benefits also. Not to mention the tremendous amount of medical debt that was left.
All the Rabbanim at that time recommended to collect right after his petirah when the feelings were strong and people were inclined to give, rather than 10 years later when there would be no money for my little brother's tefillin.

amother

Tan

Fri, Apr 03 2020, 3:10 pm

I have. My husband wasn’t in a good position to get. He was overweight and had some conditions. He was losing weight and having surgery so the agent told us to wait a few months and then our rates will be better.
Now I’m a bit nervous cause he doesn’t have. He’s working on it now.
Hopefully it won’t be needed.

nelliesmellie

Fri, Apr 03 2020, 3:16 pm

Especially for those with pre-existing conditions. Unfortunately the insurance costs more because the person is at a higher risk. Which is doubly why he should keep paying his premiums and keep the insurance valid. The onus of supporting one’s family should never fall on the public due to the “I can’t afford it “ excuse. We don’t want to think about worst case c’v but it is incumbent upon us as responsible adults and parents to make sure that we set safeguards in place for our children.

And to the poster who said her dad died with $500k policy and 10 children. Bh he had something but that is nowhere near sufficient for 10 children which is why $ needed to be collected.

mha3484

Fri, Apr 03 2020, 3:19 pm

I dont but I have other assets that I could liquidate if I needed to. DH has investments/real estate from his single years that he will never touch unless a catastrophic event happens. One of us dying would fall in that category...

amother

Blonde

Fri, Apr 03 2020, 3:20 pm

Term for both of us. We renew every few years. Hopefully soon will be last time we renew at 40.