Author Topic: LIFE INSURANCE  (Read 62972 times)

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #760 on: December 02, 2022, 12:39:12 PM »
the main point shoudn't be if you have anything by arevim rather if areivim delivers money or not. no?

Sure. How do you translate that into practical terms?
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Yosel

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Re: LIFE INSURANCE
« Reply #761 on: December 02, 2022, 12:57:22 PM »
I was just pointing out a fundamental difference.

With life insurance you actually HAVE a legally binding contract.

Members of Areivim (a wonderful organization for giving צדקה in a dignified and supervised way to families that have been struck by tragedy) don't have any legal rights AFAIK.
+1

Offline dm123

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Re: LIFE INSURANCE
« Reply #762 on: December 27, 2022, 02:18:27 PM »
Just a regular reminder to make sure everyone has appropriate Life Insurance coverage.

https://thelakewoodscoop.com/news/life-insurance-in-halacha-rabbi-binyomin-radner/

Offline knowitall

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Re: LIFE INSURANCE
« Reply #763 on: December 27, 2022, 02:30:18 PM »
Just a regular reminder to make sure everyone has appropriate Life Insurance coverage.

https://thelakewoodscoop.com/news/life-insurance-in-halacha-rabbi-binyomin-radner/
Iím glad he differentiated between term and whole life.

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #764 on: December 27, 2022, 06:07:22 PM »
Iím glad he differentiated between term and whole life.

I really wonder why Disability Insurance is missing from the discussion. After all, statistically, there is a much greater likelihood of disability during one's working years than premature death (and quite often premature death is preceded by disability).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online Euclid

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Re: LIFE INSURANCE
« Reply #765 on: December 27, 2022, 07:37:50 PM »
I really wonder why Disability Insurance is missing from the discussion. After all, statistically, there is a much greater likelihood of disability during one's working years than premature death (and quite often premature death is preceded by disability).
Should start a new thread for this...

Offline Alexsei

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Re: LIFE INSURANCE
« Reply #766 on: December 27, 2022, 08:17:38 PM »
I really wonder why Disability Insurance is missing from the discussion. After all, statistically, there is a much greater likelihood of disability during one's working years than premature death (and quite often premature death is preceded by disability).
IINM it's very costly, and once you pass the threshold you could do a reverse mortgage on WL
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Offline ExGingi

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Re: LIFE INSURANCE
« Reply #767 on: December 28, 2022, 01:43:58 AM »
IINM it's very costly, and once you pass the threshold you could do a reverse mortgage on WL

What do you mean by costly?

Individual disability insurance usually costs between 3%-6% of gross income being protected (obviously depends on age, gender, occupation and policy options).

If presented with two otherwise identical jobs, one paying $100,000 while healthy and working and $0 if sick or injured, and the other paying $95,500 while healthy and working, and $60,000 tax-free if sick or injured. Which would you pick?

I'm not really sure what you mean when you say "once you pass the threshold you could do a reverse mortgage on WL".
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Alexsei

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Offline ExGingi

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Re: LIFE INSURANCE
« Reply #769 on: December 28, 2022, 08:31:44 AM »
https://baldersoninsurance.com/life-insurance-reverse-mortgage-strategy/

I hope you do realize that this isn't, by any stretch of the imagination, an alternative to disability insurance. At 62 the only people that might buy a new disability policy are probably highly paid specialized professionals getting coverage through Lloyd's of London.

It is one possible strategy that is a pro for Whole Life insurance.
« Last Edit: December 28, 2022, 09:28:22 AM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline dovy2

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Re: LIFE INSURANCE
« Reply #770 on: December 28, 2022, 09:26:59 AM »
(hope I'm not opening a can of worms here)

Is it EVER worth it to do a WL buyout?

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #771 on: December 28, 2022, 06:04:19 PM »
(hope I'm not opening a can of worms here)

Is it EVER worth it to do a WL buyout?

Let me answer like a good Jew:

Is it EVER good to get SPECIFIC advice when asking a GENERAL question on an anonymous online forum?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline AsherO

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Re: LIFE INSURANCE
« Reply #772 on: December 28, 2022, 11:38:52 PM »
Let me answer like a good Jew:

Is it EVER good to get SPECIFIC advice when asking a GENERAL question on an anonymous online forum?

How is ďeverĒ specific advice? One can answer dovy2ís question with a yes and thatís a general answer. The person answering can provide specifics which might or might not be helpful to the person asking the question.

Offline dm123

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Re: LIFE INSURANCE
« Reply #773 on: January 20, 2023, 12:41:32 PM »
I know it may be controversial to ask that but feelings aside for a moment , unfortunately it happened already, are we finally going to hear that in a tragedy like this there was a life insurance policy Or we will need to do another go fund me campaign? I would hope there is a policy since ben was a business man with a head on his shoulders.

I don't think this is the time for such a discussion... Perhaps in a week or 2 someone can bring it up

Offline yos9694

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Re: LIFE INSURANCE
« Reply #774 on: January 20, 2023, 01:10:10 PM »
I don't think this is the time for such a discussion... Perhaps in a week or 2 someone can bring it up

It's very unpleasant to be the one to bring it up but there's no question that it is the best time in terms of motivating people apathetic about life insurance. I happen to know someone who goes to shiva houses of young parents r"l to lecture the deceased's friends about the need for life insurance. Macabre, but effective and important
« Last Edit: January 20, 2023, 01:14:48 PM by yos9694 »

Offline JMHO

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Re: LIFE INSURANCE
« Reply #775 on: January 20, 2023, 03:08:48 PM »
I happen to know someone who goes to shiva houses of young parents r"l to lecture the deceased's friends about the need for life insurance.
Is he in the business?