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Life insurance as compared to health insurance
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Poll

Do you have life insurance
Yes are you crazy???  
 77%  [ 113 ]
No can't afford  
 15%  [ 22 ]
No don't feel it is necessary  
 7%  [ 11 ]
Total Votes : 146


amother




Mistyrose
 

Post Tue, Apr 06 2021, 10:47 pm
amother [ Pink ] wrote:
Areivim is NOT life insurance. U can't rely on it like life insurance. Personally both dh and I have several policies which amount to a few million. I got when I had my first kid and added as needed. Its also important for everyone to have a will, healthcare proxy, and power of attorney, and guardianship.


It's not life insurance but for people who can't afford life insurance it's definitely better than nothing at all. If you are really having trouble making it through the month, it may just be the best option as any money paid is maaser. But maybe this is a good question for a Rav.
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amother




Apricot
 

Post Tue, Apr 06 2021, 10:52 pm
We have health insurance, term life insurance, additional life insurance through work, long term disability insurance, additional long term disability through work, short term disability insurance, additional short term disability insurance just for me (usually covers my maternity leave), homeowners insurance, jewelery insurance, car insurance, umbrella insurance (covers us if we get sued for more than our policies cover), a home warranty for our appliances and HVAC, and a second home maintenance policy which covers a bunch of stuff the warranty doesn't cover.

Gosh we spend a lot on insurance policies. The only thing we don't have at the moment that I will want in the future, is long term care but it's expensive and not a priority right now. Maybe when we are done with the mortgage or tuitions.
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amother




Vermilion
 

Post Tue, Apr 06 2021, 10:54 pm
bobeli wrote:
Sorry to derail but anyone can recommend an agent or plan? Tia


Try cordialife.com. The broker there got me better rates than quoted by other brokers.
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amother




Denim
 

Post Tue, Apr 06 2021, 11:08 pm
amother [ Blue ] wrote:
interesting that someone wrote she has life insurance but not health insurance bec anyone can be in a place where they suddenly need healthcare/get sick chvs just like anyone can die chvs

op I agree with you that its more common(at least amongst all my friends/relatives) not to have life insurance but they do have health insurance with medicaid or jobs.....and nobody ever told me about the importance of life insurance

someone posted how important it is to get life insurance and that its so cheap...not true...they quoted us a lot of money per month because I took medicine many years back (not anymore)and my dh had to go to a cardiologist but was deemed in good health...still they deemed us not healthy enough
...

saying its irresponsible not to have life insurance when you have young kids is like saying its irresponsible to have more children if you cant afford rent/food or need assistance....or saying its irresponsible to have children if you will need to beg to have money for their weddings....nobody expects to die young and obviously its up to hashem but its interesting that when all the ppl in my jpf circles got married, we are/were not told to get life insurance.......


im sorry but if you cannot afford to feed your children or put a roof over their head then yes it is irresponsible to keep having them. No money for weddings is ridiculous, to even compare having a party to taking care of children's basic needs?

I think life insurance should be just as necessary as health insurance when you have children who depend on you. You get health insurance not because you expect to get sick but because you need to be able to take care of yourself in case you do and most people cant afford the medical bills otherwise. Same with life insurance. Nobody thinks they'll to die unexpectedly, but a lot of people do. To leave your children to fend for themselves or to expect other people to just support them financially because you had no plan in place is absolutely irresponsible.

I am so grateful to know that if anything happened, everything is covered and my kids wouldnt have to worry about money or food or begging for anything

And if couples were doing it when they are young and starting their family, most will have very affordable premiums. My term policy is half of what I spend on my phone bill each month and really, which is more important?
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amother




Coral
 

Post Tue, Apr 06 2021, 11:10 pm
amother [ OP ] wrote:
Thank you- so now I am getting even more confused. Do I need long term care insurance? Is that another "thing" that people have. Help!


LTC insurance is usually very expensive. The majority of people will instead plan for Medicaid to cover long term care costs, but you don't need to do that until the possibility of ch"vsh needing long term care looks closer to the horizon. Usually not recommended at age 40 or 50 if you don't have known, chronic care health issues.
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amother




Denim
 

Post Tue, Apr 06 2021, 11:19 pm
amother [ Coral ] wrote:
LTC insurance is usually very expensive. The majority of people will instead plan for Medicaid to cover long term care costs, but you don't need to do that until the possibility of ch"vsh needing long term care looks closer to the horizon. Usually not recommended at age 40 or 50 if you don't have known, chronic care health issues.


I pay an extra $4 per month for my LTC rider. I'm in my mid-20s and ranked top health category

My mom who is 50 is trying to add LTC to her policy and cannot, because of her health conditions. Once you have the conditions you might actually need it for, they don't want to give it or do at exorbitant prices. Now she's stuck wishing she did this years ago, before she had any health issues. Don't wait if you can afford it now..
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PearlyGee




 
 
 
 

Post Tue, Apr 06 2021, 11:26 pm
As others have mentioned Areivim is a great alternative you only pay when someone that's also signed up passes I think it's $5 per family at a max of $40 a month and they guarantee 100k per child under 18. Someone in DH shul was a member with areivim he passed last year and they did pay. A lot of guys in the shul then signed up bc they were impressed including ppl with large insurance policies just to support thus org and give the tzedaka
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Teomima




 
 
 
 

Post Wed, Apr 07 2021, 4:48 am
Before we had children dh and I both signed up for life insurance. In case cv"s something happened to one of us, we wanted the other one to have enough to manage for a bit. At the time I was the only one working and we had been advised that life insurance is essentially income insurance (not prize money for death) and as mine was the only income, I was the only one who needed insurance. B"h b"h we didn't listen and both of us got insurance because a couple of years later dh had a heart attack at a very young age and after that there was no way he could get insurance. But since he already had it, and especially now that he's is the main breadwinner and the income we most need assured, at least he has the life insurance.
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amother




Gold
 

Post Wed, Apr 07 2021, 4:56 am
I have had term life insurance since we had our first child. It was increased over time while we were having children until about 1.5 million.
DH had whole but let it lapse. We argued for years as he was letting it slip through his fingers by letting the plan pay for itself but diminish in value for several years. It's gone. I am beyond upset.
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amother




Tan
 

Post Wed, Apr 07 2021, 5:36 am
Both spouses need life insurance , regardless of who is the breadwinner.
First of all, even a SAHM or non working husband (presumably) does a lot. Childcare, housework, managing finances, etc.
Second of all, you should never know from this, but when a spouse dies young, the devastation is enormous. My BIL could not work at all when his 39 year old wife died.
He had 3 little kids to take care of and help them through their loss, and just get through life and the bureaucracy of a deceased spouse. it was enormous.
It's not like sitting shiva for a 90 year old parent and getting up and going to work the next day.
He literally did not work for over a year after her death.

Life insurance is essential.
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amother




Pewter
 

Post Wed, Apr 07 2021, 8:08 am
We have life insurance but we didn't have to choose. We live in Israel so healthcare is covered anyways, other than long-term nursing care.
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amother




Coral
 

Post Wed, Apr 07 2021, 8:47 am
amother [ Denim ] wrote:
I pay an extra $4 per month for my LTC rider. I'm in my mid-20s and ranked top health category

My mom who is 50 is trying to add LTC to her policy and cannot, because of her health conditions. Once you have the conditions you might actually need it for, they don't want to give it or do at exorbitant prices. Now she's stuck wishing she did this years ago, before she had any health issues. Don't wait if you can afford it now..


Do you know what your policy includes? Usually ltc policies limit the amount of time, for example to two years coverage, and often don't provide full nursing home coverage (you still have to pay something out of pocket every month).
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causemommysaid




 
 
 
 

Post Wed, Apr 07 2021, 8:48 am
amother [ Denim ] wrote:
I pay an extra $4 per month for my LTC rider. I'm in my mid-20s and ranked top health category

My mom who is 50 is trying to add LTC to her policy and cannot, because of her health conditions. Once you have the conditions you might actually need it for, they don't want to give it or do at exorbitant prices. Now she's stuck wishing she did this years ago, before she had any health issues. Don't wait if you can afford it now..


I looked into it and even with good health and being young it was expensive. Where did you find a policy for $4 a month?
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Amarante




 
 
 
 

Post Wed, Apr 07 2021, 10:14 am
amother [ Coral ] wrote:
LTC insurance is usually very expensive. The majority of people will instead plan for Medicaid to cover long term care costs, but you don't need to do that until the possibility of ch"vsh needing long term care looks closer to the horizon. Usually not recommended at age 40 or 50 if you don't have known, chronic care health issues.


At this time, it really is not recommended that people purchase long term health insurance. Those who purchased it years ago are finding that their premiums are being raised to the point where it becomes completely unaffordable just at the time they might actually need to use it so at that point they can no longer afford it and have lost the premiums they paid for many years.

There are a decreasing number of companies that offer it because the actuarial estimates were so off and companies don't want to be in the business. You also have to worry about whether a company will be financially viable in 20 years.
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amother




Natural
 

Post Wed, Apr 07 2021, 10:30 am
my husband is 22 years old and healthy tyh!! we recently got a plan for him that we pay $10,000 a year (and yes for our income its a lot). its a full term plan and it includes a secure savings plan. meaning that for 10 years we put in $10,000 and and then we let it grow for 10 more years. after 20 (or more) years we have will have close to $200,000 (if I recall the number correctly) since it works on compound interest. the savings is not by a large percent its more of a secure and steady savings.
In addition, he has close to a million in life insurance coverage.
If we need the cash value (that's the saving plan) earlier we can take out from the money we have put in but the value will lesson...
I don't know how all the details work but were about to pay our 3 year and bh Hashem sent us money for it every year.
Good luck on all you decisions!!
also keep in mind if your young and healthy now is the best time to take care of it. we should all stay healthy till 120 but unfortunately...
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amother




Blonde
 

Post Wed, Apr 07 2021, 11:15 am
amother [ Chocolate ] wrote:
Heath insurance takes care of your medical bills.
Life insurance-you should never need it, but it provides for your family if you die.


There's no IF you die, only when. Insurance is more of a necessity when you have dependent children.
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amother




Sienna
 

Post Wed, Apr 07 2021, 7:30 pm
We have term life insurance until the kids are adult age. We haven't been able to afford whole life insurance past that.
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amother




Emerald
 

Post Wed, Apr 07 2021, 8:15 pm
So I got a 1M life insurance policy when I was 32. It was a 10 year term policy through agroup plan in my profession. 4 months after clearing underwriting and having the policy in place, I was diagnosed with stage IV cancer. Fast forward 5 years, I bh am well but am uninsurable unless its guarantee issue policies (which I have another 1M in) and the biggest comfort I have is that my family will be financially cared for when I pass. My term policy will continue annually after the term expires but the rate will increase from $200 a year to $1200 a year. Worth it!
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amother




Peach
 

Post Thu, Apr 08 2021, 1:21 am
Not sure if this was mentioned yet, but disability insurance is super important too and for some reason very overlooked
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amother




Coffee
 

Post Thu, Apr 08 2021, 8:34 am
DH has
We got it when we were expecting our first child and got more after we had our fourth.
I do not because the costs of life insurance for me would be astronomical due to a medical issue I was born with.
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