life insurance | Imamother

e1234

Wed, Apr 22 2009, 6:15 am

do you and your husband have a life insurance plan?
we don't and I'm wondering if it's something I should look into?
I'yh we should never need it.

Marion

Wed, Apr 22 2009, 7:55 am

Yes. Both through our employers and through the bank (related to the mortgage). I wouldn't dream of possibly leaving DH to raise the kids with no income...

e1234

Wed, Apr 22 2009, 8:03 am

Marion the bank one I think is only for the mortgage -- meaning if something happens to both of you chas vashalom then the bank is paid.
I don't have any insurance as I'm self employed and dh doesn't work. Someone mentioned that it is a good idea to have.
I recently had a very bad experience with a dental insurance that I paid for 3 years but they barely covered what they said they would (tons of fine print)

NotInNJMommy

Wed, Apr 22 2009, 8:08 am

For seeking out private life insurance, I've heard that term life policies are highly reccommended. (esp for the affordability)

In fact, I think that is what I have through work.

NativeMom

Wed, Apr 22 2009, 10:44 am

I have life insurance, DH doesn't. Actually my parents got mine when I was a baby and I've been meaning to start a plan for my DS because the payments are so cheap and it may help him later on if he needs money. We were told that many people get plans for their kids and then cash it in later to help pay for college, weddings etc. but I'm not sure how it works.

Tamiri

Wed, Apr 22 2009, 10:46 am

We pay and have been paying for the past 12 or more years. The cost to the U.S. company which provides it to us, age 46 is around $1000/year plus membership to the society. We have $1 mil on DH and $230k on me (housewife). G-d forbid anything happens to one or both of us, the last thing the survivors need to worry about (including kevura costs) is money.

Fabulous

Wed, Apr 22 2009, 10:48 am

We don't but we have so many expenses for every month (not just one time things) that I'm nervous to add another. We have renter's insurance, car payment, car insurance, rent, phone, groceries etc... Although, I think after the baby is born iy'H I will think more seriously about it.

Tamiri

Wed, Apr 22 2009, 10:51 am

Fabulous wrote:

If you don't have a mortgage and the baby is still young (can be taken in by someone if G-d forbid) and no tuitions to cover for a few kids, then you probably need it less. The thing is that the younger you are, the less it costs so it's not so bad if you start when you are young.

Fabulous

Wed, Apr 22 2009, 10:53 am

Tamiri wrote:

Fabulous wrote:

I know, that's why I want to start thinking seriously about it soon.

Marion

Wed, Apr 22 2009, 2:04 pm

The mortgage one covers the mortgage. If something happens, the bank gets paid. HOWEVER, it only pays the bank whatever is left on the mortgage. So if we have 1/2 the mortgage paid off already, the bank would get paid the other half, and the rest of the value of the policy (the other original half of the mortgage) would go to the kids.

zigi

Wed, Apr 22 2009, 3:06 pm

dh has term. I have some whole life. I have to get rechecked again they don't want to insure me b/c I have high cholesterol

e1234

Wed, Apr 22 2009, 3:10 pm

so if I'm in israel do I need to find an Israeli company or US one or does it not matter?
How does it work? it's cheaper if I'm younger?

Fabulous

Wed, Apr 22 2009, 3:12 pm

e1234 wrote:

so if I'm in israel do I need to find an Israeli company or US one or does it not matter?
How does it work? it's cheaper if I'm younger?

I don't know about Israeli vs. U.S. insurance. But it is definitely cheaper the younger and healthier you start.

amother

Thu, Apr 23 2009, 7:30 am

Theres a life insurance company that jewish families and Rabbi's from around the world use. It's called Key Benefits Insurance Agency, the phone number is 248-440-6640.

613

Thu, Apr 23 2009, 10:13 am

If you have enough extra $ after your other monthly expenses, then go for a whole life policy. Otherwise, do a term (20 or 30 yrs). There are also convertible policies - ie. start off as term (so cheaper than whole life) but you can convert them to a whole life policy (when you make some more $$$ Smile

)
My dh has had his policy for a few years, I just got one last year. If you have any other questions, pm me. My dh knows all the ins and outs of whole vs. term.