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amother
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 Mon, May 09 2022, 2:32 pm
we're constantly seeing these tragic stories where a parent with many young kids dies suddenly and unexpectedly. and then there's the fundraising campaign, and the local community and even worldwide community raises some seven figure sum to help the family.
why aren't these families buying life insurance? why is it acceptable in frum society to not plan for the possibility that the sole income provider in your family may die suddenly? why is it acceptable to leave your widow to be a beggar / nebach and rely on the community's charity?
all this money could be going to building mikvehs, funding kollels, etc.
if families can't afford life insurance, frum society should have structure to help families buy it, just like there are ways to help pay for weddings. obviously, it's a frum societal value to help a poor couple pay for a nice wedding. but why isn't it a frum societal value to help them pay for life insurance? is anyone telling young couples that they should buy life insurance?
we "waste" tons of money on being responsible citizens and doing the right thing -- paying for life insurance, disability insurance, homeowner's insurance, and a bunch of other insurance products that we need to have to we don't end up like nebachs.
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Fox
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Mon, May 09 2022, 2:52 pm
I know that there are a small number of poskim (mostly in EY) who do not approve of life insurance, but most poskim in the U.S. not only approve of doing so but "require" it. In Chicago, for example, Rabbi Shmuel Fuerst, sh'lita, has long insisted that everyone purchase life insurance and has pressured the schools to either provide life insurance as a benefit and/or make low-cost plans available to employees.
However, I'm not sure that the problems you're citing are necessarily due to a lack of life insurance.
* It is very expensive to be truly adequately insured, especially if you have a large family. Let's say a working parent has $250K of life insurance. Depending on the number of children, that may be inadequate for anything but short-term stability. It is unlikely to pay off a mortgage, pay for post-secondary schooling, weddings, or the long-term support of the surviving spouse.
* So why not buy adequate insurance? Most people cannot afford the level of insurance truly required. Once you exceed payoffs of $250K-$350K, the cost of insurance becomes significantly more. Now factor in any health issues -- even ones that we might consider "controlled" or "chronic" -- and more than minimal life insurance becomes even less affordable.
Obviously every community and posek has slightly different opinions, but in my own community, Rabbi Fuerst has financial planners who work with him in such cases. In a few such cases that I'm personally aware of, they have recommended that the widowed spouse put the bulk of life insurance payouts in long-term investments that will provide income after retirement while the community helps with short-term expenses.
Nevertheless, I think your point is a good one. We all should have life insurance -- mothers, too! You should check as to whether there is a payout of any kind for a minor child, as well. When my daughter, a"h, was niftar, we were presented with a $5000 bill for expenses connected to the levaya and burial. Our agent arrived almost immediately with a check that covered almost everything. He said that the most gratifying part of his job was being able to help people avoid financial stress on top of everything else.
Losing a spouse/parent/child is brutal enough. Even if the insurance payout is not adequate for long-term financial stability, it helps offset the immediate expenses and allows people to grieve without being harassed for money.
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Not_in_my_town
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Mon, May 09 2022, 2:55 pm
My family has life insurance.
There is also a Jewish program that provides each almanah with 1 million dollars in case of her husband's death. I don't recall exactly how it works or what it is called, but basically, if you are a member, you chip in a few dollars (a specific amount) each time there is a new widow. If it ever becomes your turn (chas v'shalom), the members will all chip in to give you the same sum. Many people have been helped.
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Oldest
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Mon, May 09 2022, 3:05 pm
| Not_in_my_town wrote: | My family has life insurance.
There is also a Jewish program that provides each almanah with 1 million dollars in case of her husband's death. I don't recall exactly how it works or what it is called, but basically, if you are a member, you chip in a few dollars (a specific amount) each time there is a new widow. If it ever becomes your turn (chas v'shalom), the members will all chip in to give you the same sum. Many people have been helped. |
I believe the program you are referring to is called Areivim
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watergirl
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Mon, May 09 2022, 3:08 pm
| amother [ Electricblue ] wrote: | | If only it were so simple. It's not possible for everyone to get. |
One of my step children can not ever get their own policy due to a health issue which was known about at birth. So, my husband took on a specific policy which will allow this step child to get their own policy when they are ready. This is something people need to know about.
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mushkamothers
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Mon, May 09 2022, 3:08 pm
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It's also an incredible opportunity to do chessed for widows or orphans. A mitzvah doraisa. Not sure where it says in the Torah to support a Kollel lifestyle.
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