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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




OP
 

Post Tue, Apr 06 2021, 4:13 pm
How wld you compare the need for health insurance vs life insurance. Me and dh are almost 40 always had health never had life. Is this common or do most people have life as well.
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amother




Khaki
 

Post Tue, Apr 06 2021, 4:19 pm
Health insurance helps you deal with medical bills.

Life insurance provides for your children if you pass. (Or any other beneficiaries you designate)

They are not comparable. If you can’t afford whole look into term life insurance.
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amother




Olive
 

Post Tue, Apr 06 2021, 4:23 pm
Husband has and I don’t.
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amother




OP
 

Post Tue, Apr 06 2021, 4:26 pm
amother [ Khaki ] wrote:
Health insurance helps you deal with medical bills.

Life insurance provides for your children if you pass. (Or any other beneficiaries you designate)

They are not comparable. If you can’t afford whole look into term life insurance.


Thank you. I understand the difference, I just think of health insurance as something that "everyone" has whereas life is something that some have. I am just wondering if this is just my perception and I am totally off or if indeed life insurance is considered a luxury and most don't have. I am kind of confused and need help understanding if this is something I should spend money on. Just for reference I'd be shocked to hear someone has no health insurance. Is life insurance the same thing?
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amother




Chocolate
 

Post Tue, Apr 06 2021, 4:29 pm
Heath insurance takes care of your medical bills.
Life insurance-you should never need it, but it provides for your family if you die.

We got (term) life insurance when we were pregnant with our first.
If you/DH C”VS die, you need that money to pay off your mortgage , so that you don’t find the living parent and children homeless/unable to afford life. We depend on both incomes (I was a SAHM for years, but if something happened too me-even though I technically did not have an income, DH would not be able to work the hours as he would need to be more hands on and we would have greater child care/home management costs. )

Once our kids are independent and the mortgage is paid off, you can reevaluate the need for coverage and the amount you spend on premiums. At that point, while it pays in the event of a loss, it may not be a critical to financial survival and therefore something we don’t want to invest in monthly, but possibly just put the money away for ourselves.

I guess some people live in community where they can expect their neighbors to support or set up gofundme pages or they have a chupa of some sort where they pay x amount for a neighbor. Obviously there is a need for them and they are a tremendous chessed and help, but I think they are a bidieved not lechatchilah.
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amother




OP
 

Post Tue, Apr 06 2021, 4:32 pm
amother [ Khaki ] wrote:
Health insurance helps you deal with medical bills.

Life insurance provides for your children if you pass. (Or any other beneficiaries you designate)

They are not comparable. If you can’t afford whole look into term life insurance.


Thank you - It seems like the cost for both of us is around $300 and it is a lot of money for us at this stage. I'm confused whether this is as commonplace as health insurance.
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amother




Turquoise
 

Post Tue, Apr 06 2021, 4:33 pm
amother [ OP ] wrote:
Thank you. I understand the difference, I just think of health insurance as something that "everyone" has whereas life is something that some have. I am just wondering if this is just my perception and I am totally off or if indeed life insurance is considered a luxury and most don't have. I am kind of confused and need help understanding if this is something I should spend money on. Just for reference I'd be shocked to hear someone has no health insurance. Is life insurance the same thing?


Yes, I am shocked when I hear about people who have children (especially young children) and don't have life insurance. Even a smaller policy can at least help cover funeral expenses and help for the first couple years after a passing (G-d forbid)

I understand some people don't qualify for life insurance because of preexisting health conditions. I also understand that some people can't afford it. But there are term polices that are just a few hundred a year

Iy"h everyone should have a long life and good health!
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amother




OP
 

Post Tue, Apr 06 2021, 4:51 pm
amother [ Turquoise ] wrote:
Yes, I am shocked when I hear about people who have children (especially young children) and don't have life insurance. Even a smaller policy can at least help cover funeral expenses and help for the first couple years after a passing (G-d forbid)

I understand some people don't qualify for life insurance because of preexisting health conditions. I also understand that some people can't afford it. But there are term polices that are just a few hundred a year

Iy"h everyone should have a long life and good health!


okay- thank you for this perspective.
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Amarante




 
 
 
 

Post Tue, Apr 06 2021, 4:54 pm
I think it depends on who your everybody is.

There are people who don't have health insurance just as there are people who don't have life insurance. Obviously neither of thus are wise decisions but not everybody is prudent.

Life insurance is relatively cheap when you are young(ish) and probably are most in need of replacing income. Keep in mind that not insuring even a SAHM is not a wise decision because of the costs most people would have they had to pay for the services of a SAHM. At a certain point you can make a decision as to whether the death of a spouse would be catastrophic.

What most people don't realize is that disability is much more likely to occur than death and the disability of a spouse-earner or even a SAHM can be equally catastrophic in terms of the finances of the household.
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amother




Mistyrose
 

Post Tue, Apr 06 2021, 5:05 pm
amother [ OP ] wrote:
Thank you - It seems like the cost for both of us is around $300 and it is a lot of money for us at this stage. I'm confused whether this is as commonplace as health insurance.


Just as a FYI I know lots of people who don't have health insurance. Some qualify for Medicaid or subsidized Obamacare but some just don't have or can't afford.
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amother




Ruby
 

Post Tue, Apr 06 2021, 5:38 pm
Dh has life insurance, I don't, because he is the breadwinner. Term is really inexpensive.
Dh doesn't have health insurance because it's ridiculously expensive and bh he doesn't have any medical needs.
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amother




Denim
 

Post Tue, Apr 06 2021, 6:22 pm
Dh and I both have life insurance with long term care riders. We signed policies while we were pregnant with out first dc

I think once you have kids, its really irresponsible to not have a policy. Unless your kids are much older and wont need the financial support, but even then maybe have a small policy to cover funeral costs and any other expenses they will need

The long term care we added so that in any event if we need a nursing home or in home care, our kids arent stuck supporting us and we can cover it ourselves
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amother




Cyan
 

Post Tue, Apr 06 2021, 6:28 pm
For a long time we didn't have life insurance. We bh have now. We took an amount that we could afford. With less than ideal health histories, we pay $41 a month combined for $300k for my husband and $250k for me. Term insurance. Cheaper through a broker than the quotes I found online.

As others put it, life insurance is to cover dependent kids.
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amother




Indigo
 

Post Tue, Apr 06 2021, 7:02 pm
amother [ Denim ] wrote:
Dh and I both have life insurance with long term care riders. We signed policies while we were pregnant with out first dc

I think once you have kids, its really irresponsible to not have a policy. Unless your kids are much older and wont need the financial support, but even then maybe have a small policy to cover funeral costs and any other expenses they will need

The long term care we added so that in any event if we need a nursing home or in home care, our kids arent stuck supporting us and we can cover it ourselves


I agree with the bolded sentence 100%
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bobeli




 
 
 
 

Post Tue, Apr 06 2021, 9:48 pm
Sorry to derail but anyone can recommend an agent or plan? Tia
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amother




Blue
 

Post Tue, Apr 06 2021, 10:04 pm
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.......
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amother




OP
 

Post Tue, Apr 06 2021, 10:16 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.......


This is exactly why I am posting. I am deliberating whether it is completely reckless to not have or it is a cherry on the top to have. I honestly barely afford the expenses I have now - how can I in good faith add on to the budget unless it is imperative.
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amother




Brown
 

Post Tue, Apr 06 2021, 10:24 pm
My parents are part of an organization where you pay for the other members children if they pass away. I don't know what it's called-anyone know what I'm talking about? It might be called Areivim.
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amother




OP
 

Post Tue, Apr 06 2021, 10:36 pm
amother [ Denim ] wrote:
Dh and I both have life insurance with long term care riders. We signed policies while we were pregnant with out first dc

I think once you have kids, its really irresponsible to not have a policy. Unless your kids are much older and wont need the financial support, but even then maybe have a small policy to cover funeral costs and any other expenses they will need

The long term care we added so that in any event if we need a nursing home or in home care, our kids arent stuck supporting us and we can cover it ourselves


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!
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amother




Pink
 

Post Tue, Apr 06 2021, 10:42 pm
amother [ Brown ] wrote:
My parents are part of an organization where you pay for the other members children if they pass away. I don't know what it's called-anyone know what I'm talking about? It might be called Areivim.


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.
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