Author Topic: LIFE INSURANCE  (Read 141046 times)

Offline Mordyk

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Re: LIFE INSURANCE
« Reply #200 on: April 29, 2021, 02:36:18 PM »
You're right, I shouldn't have liked it. But to his point, when the coupons aren't stretching enough, or the choice is between a phone line for income or LI,, LI is not the priority for most, as cheap as $40 may sound.
i honestly try not to judge people. but if they bought even once throughout the month some take out food, then they should have paid LI before that

Offline etech0

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Re: LIFE INSURANCE
« Reply #201 on: April 29, 2021, 02:37:03 PM »
i honestly try not to judge people. but if they bought even once throughout the month some take out food, then they should have paid LI before that
and maybe they didn't?
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Offline ExGingi

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Re: LIFE INSURANCE
« Reply #202 on: April 29, 2021, 02:37:42 PM »
I don't know why you decided that.. Check Dave ramsey thread where I acknowledge being in big debt in the past. If it's that important then it came right after rent and food.  I lived for years with only red Bank account. Yet I was always with life insurance


And why are people liking your comment that is making assumptions about someone?  :D

+1

Actually in my case it was the Disability Insurance which took top priority. Though thanks to having some seasoned WL policies, I was also able to keep the Life Insurance in force during the lean years.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ExGingi

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Re: LIFE INSURANCE
« Reply #203 on: April 29, 2021, 02:39:14 PM »
The context was abundantly clear. It's an example that counters your assertion.

Let's agree to disagree about that at this point. As I stand by my claim that אין הנידון מעין הראיה.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Mordyk

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Re: LIFE INSURANCE
« Reply #204 on: April 29, 2021, 02:42:48 PM »
and maybe they didn't?
again I'm not here to do everyone's budget. But if people would understand the importance then I think many that don't have the extra $40, would find it somewhere.

so not everyone, but many would. and that's where awareness comes in
#TYH

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #205 on: April 29, 2021, 02:45:45 PM »
again I'm not here to do everyone's budget. But if people would understand the importance then I think many that don't have the extra $40, would find it somewhere.

so not everyone, but many would. and that's where awareness comes in

That is where the problem lies. People shouldn't think about it as something optional where an "extra" $40 needs to be allocated to it. It's simply an essential item.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ExGingi

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Re: LIFE INSURANCE
« Reply #206 on: April 29, 2021, 03:15:13 PM »
Let's agree to disagree about that at this point. As I stand by my claim that אין הנידון מעין הראיה.

To clarify. It seems almost obvious to me that under the Lifebridge program one DOES NOT GET A LIFE INSURANCE POLICY THAT THEY OWN. They do get a death benefit, playable to a trust for the benefit of the education of the person's children.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline CountValentine

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Re: LIFE INSURANCE
« Reply #207 on: April 29, 2021, 03:57:55 PM »
Look if someone feels LI is as important as food they would have it. The question is how do you present it so they understand it that way.

How about we try this. You present your case and I will be the devil's advocate for a 20 year old that just got married.

I hate playing devils advocate but am willing to take one for the team.  :)
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Offline yos9694

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Re: LIFE INSURANCE
« Reply #208 on: April 29, 2021, 04:12:28 PM »
Look if someone feels LI is as important as food they would have it. The question is how do you present it so they understand it that way.

How about we try this. You present your case and I will be the devil's advocate for a 20 year old that just got married.

I hate playing devils advocate but am willing to take one for the team.  :)

People used to drive with no seatbelts, strap their kids into forward facing carseats in the front row, sit on the beach without sunscreen, etc. Its all about awareness and social pressure- if you saw a baby in the front seat now you'd yell at the driver, wouldn't you? We need to get to the point where life insurance is seen as a safety issue for your family, where it is so socially unacceptable to be uninsured that people will feel embarassed if anyone were to find out.

Offline CountValentine

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Re: LIFE INSURANCE
« Reply #209 on: April 29, 2021, 04:19:43 PM »
People used to drive with no seatbelts, strap their kids into forward facing carseats in the front row, sit on the beach without sunscreen, etc. Its all about awareness and social pressure- if you saw a baby in the front seat now you'd yell at the driver, wouldn't you? We need to get to the point where life insurance is seen as a safety issue for your family, where it is so socially unacceptable to be uninsured that people will feel embarassed if anyone were to find out.
You are talking about things required by law or where they will feel the effects right away if not done. LI is not mandated and very seldom are the results seen when you don't have it. Also there is a cost for LI unlike wearing your seatbelt.

The embarrassment route might work better but do you really want to go down that road?
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Offline Yehuda57

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Re: LIFE INSURANCE
« Reply #210 on: April 29, 2021, 04:20:51 PM »

I hate playing devils advocate but am willing to take one for the team.  :)

Best Ofed

Offline shwarmabob

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Re: LIFE INSURANCE
« Reply #211 on: April 29, 2021, 04:25:53 PM »
Look if someone feels LI is as important as food they would have it. The question is how do you present it so they understand it that way.
Simple:
Food is essential for you while you are in this world.
LI is essential for your family when you are in the next world.
Since you don't know when that is going to happen, pay $40 a month so your family will have food (and other necessities) in case of an early departure.

Offline CountValentine

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Re: LIFE INSURANCE
« Reply #212 on: April 29, 2021, 04:28:57 PM »
Simple:
Food is essential for you while you are in this world.
LI is essential for your family when you are in the next world.
Since you don't know when that is going to happen, pay $40 a month so your family will have food (and other necessities) in case of an early departure.
Yes it will happen but right now at my age that is a very very remote possibility. Also we have a great community network in the remote chance something did happen.
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Offline Lurker

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Re: LIFE INSURANCE
« Reply #213 on: April 29, 2021, 04:29:47 PM »
Simple:
Food is essential for you while you are in this world.
LI is essential for your family when you are in the next world.
Since you don't know when that is going to happen, pay $40 a month so your family will have food (and other necessities) in case of an early departure.

But the chances of me dying within the next 10 years is 1/x00,000, so I'd rather use the money for something else. Maybe invest it, let it grow, then use it to pay for LI in 10 years when my risk increases a bit.
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Offline ExGingi

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Re: LIFE INSURANCE
« Reply #214 on: April 29, 2021, 04:30:27 PM »
Simple:
Food is essential for you while you are in this world.
LI is essential for your family when you are in the next world.
Since you don't know when that is going to happen, pay $40 a month so your family will have food (and other necessities) in case of an early departure.

Let me rephrase that:

Are you more comfortable living on monthly income of $XXXX knowing that if something happens to you that income turns into $0, or would you choose to live off monthly income of ($XXXX-$50), knowing that if something happens to you the monthly income of $XXXX continues (by virtue of a capital sum producing that income, rather than your work producing it)?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline CountValentine

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Re: LIFE INSURANCE
« Reply #215 on: April 29, 2021, 04:33:36 PM »
Let me rephrase that:

Are you more comfortable living on monthly income of $XXXX knowing that if something happens to you that income turns into $0, or would you choose to live off monthly income of ($XXXX-$50), knowing that if something happens to you the monthly income of $XXXX continues (by virtue of a capital sum producing that income, rather than your work producing it)?
What if you get a really smart kid and he asks what the ROI is?  :)
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Offline Mordyk

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Re: LIFE INSURANCE
« Reply #216 on: April 29, 2021, 04:36:33 PM »
But the chances of me dying within the next 10 years is 1/x00,000, so I'd rather use the money for something else. Maybe invest it, let it grow, then use it to pay for LI in 10 years when my risk increases a bit.
If death was only planned so nicely...

Offline yos9694

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Re: LIFE INSURANCE
« Reply #217 on: April 29, 2021, 05:23:54 PM »
You are talking about things required by law or where they will feel the effects right away if not done. LI is not mandated and very seldom are the results seen when you don't have it. Also there is a cost for LI unlike wearing your seatbelt.

Perfect response! Life insurance is not mandated but Auto insurance is. Home insurance is almost always needed because the mortgage company won't let you borrow without it. And of course we see that the one that isn't mandated is the one that some people don't bother with, but that's only because they don't feel any pressure from society:

It's true that seatbelts are required by law but what's your reaction when someone doesn't wear one? Is it just a casual, "hehe that's against the law y'know" or do you have a more visceral reaction because the person is endangering themself and other people near them? Surely even without coming onto seatbelt laws - at this point it's ingrained in us that driving without a seatbelt is irresponsible and dangerous. Having no life insurance is too for a family.

Offline Lurker

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Re: LIFE INSURANCE
« Reply #218 on: April 29, 2021, 05:28:10 PM »
Sorry, I'm not buying the seatbelt thing. If I see someone driving without a seatbelt, I'm making no more than a passing comment. At this point, everyone knows the deal, and if they choose not to wear one, my yelling isn't changing anything.
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Offline Der Deutsche Jude

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Re: LIFE INSURANCE
« Reply #219 on: April 30, 2021, 12:29:12 AM »
Perfect response! Life insurance is not mandated but Auto insurance is. Home insurance is almost always needed because the mortgage company won't let you borrow without it. And of course we see that the one that isn't mandated is the one that some people don't bother with, but that's only because they don't feel any pressure from society:

It's true that seatbelts are required by law but what's your reaction when someone doesn't wear one? Is it just a casual, "hehe that's against the law y'know" or do you have a more visceral reaction because the person is endangering themself and other people near them? Surely even without coming onto seatbelt laws - at this point it's ingrained in us that driving without a seatbelt is irresponsible and dangerous. Having no life insurance is too for a family.
Only auto liability is required, and only a very small amount depending on the state. Collision and comprehensive is not required and that is more comparable to life insurance.