Author Topic: LIFE INSURANCE (Read 116760 times)

Mordyk · « **on:** April 25, 2021, 04:16:45 PM »

Please make sure you have enough coverage! Term life insurance is so cheap these days.

Think about your responsibility towards your family.

I get sick every time I see another family become rachmonos cases when a parent dies. They raise a few hundred thousand dollars. Not nearly enough to sustain and marry the kids off. A life insurance policy would give $1mm-$2mm easily.

This is a PSA. I don't work for any life insurance companies.

I would like to start running ads in local newspapers really screaming this from the rooftops. I'm looking for anyone to sponsor (can be an ad as well for your company etc). PM if interested. Tizku lemitzvos

Der Deutsche Jude · « **Reply #1 on:** April 25, 2021, 04:52:29 PM »

Also, if a spouse is not working for pay but takes care of the house and/or kids etc..., make sure to take a policy out on them as well! The cost of replacing their work can approach $100,000 per year.

chff · « **Reply #2 on:** April 25, 2021, 05:37:57 PM »

Quote from: Mordyk on April 25, 2021, 04:16:45 PM

Please make sure you have enough coverage! Term life insurance is so cheap these days.

Think about your responsibility towards your family.

I get sick every time I see another family become rachmonos cases when a parent dies. They raise a few hundred thousand dollars. Not nearly enough to sustain and marry the kids off. A life insurance policy would give $1mm-$2mm easily.

This is a PSA. I don't work for any life insurance companies.

I would like to start running ads in local newspapers really screaming this from the rooftops. I'm looking for anyone to sponsor (can be an ad as well for your company etc). PM if interested. Tizku lemitzvos

I will assume even with life insurance there is still campaigns going on, cuz why not cash in on the tragedy

Yehudaa · « **Reply #3 on:** April 25, 2021, 05:43:10 PM »

Quote from: chff on April 25, 2021, 05:37:57 PM

I will assume even with life insurance there is still campaigns going on, cuz why not cash in on the tragedy

I'd assume that most people would prefer not to be publicly campaigned for as nebachs if they don't absolutely need it. In my mind public campaigns are a last resort when a fanily has no choice but to sacrifice their dignity to put food on the table. I could be wrong though.

Mordyk · « **Reply #4 on:** April 25, 2021, 05:57:03 PM »

Quote from: chff on April 25, 2021, 05:37:57 PM

I will assume even with life insurance there is still campaigns going on, cuz why not cash in on the tragedy

-1. From my personal knowledge by the big covid surge a year ago, families with life insurance did not campaign

AsherO · « **Reply #5 on:** April 25, 2021, 06:15:28 PM »

Quote from: chff on April 25, 2021, 05:37:57 PM

cuz why not cash in on the tragedy

The way you phrase that makes them sound opportunistic. They suffered a loss than no money can replace, if they feel like they need a campaign who are you to judge their feelings or needs?

Lurker · « **Reply #6 on:** April 25, 2021, 06:24:11 PM »

Quote from: AsherO on April 25, 2021, 06:15:28 PM

The way you phrase that makes them sound opportunistic. They suffered a loss than no money can replace, if they feel like they need a campaign who are you to judge their feelings or needs?

I don't disagree, but it's often not the family running these campaigns.

TimT · « **Reply #7 on:** April 25, 2021, 06:28:13 PM »

Quote from: Lurker on April 25, 2021, 06:24:11 PM

I don't disagree, but it's often not the family running these campaigns.

Many times it’s their Rabbi/Shul or a close friend, who know their financial stand.

yeshivabucher · « **Reply #8 on:** April 25, 2021, 06:36:39 PM »

Albert Kahan is a great guy to talk to he also has a program for those need help getting started on their plan his number is 3472034712

Kobe Bryant · « **Reply #9 on:** April 25, 2021, 06:40:36 PM »

@mods can you merge with proper thread?

Mordyk · « **Reply #10 on:** April 25, 2021, 07:05:38 PM »

Quote from: Kobe Bryant on April 25, 2021, 06:40:36 PM

@mods can you merge with proper thread?

No. This is not a discussion. This is a PSA to bring new awareness

dovy2 · « **Reply #11 on:** April 25, 2021, 07:53:33 PM »

I actually was thinking about this a while back.
Avg. Price for term is 40-60 / month. That's about 500-700 a year.
Tzedaka campaigns avg. btw 100k-1M each. sadly, at least a hundred (Yesomim) online campaigns a year.. besides the thousands collected daily by meshulochim...
Being generous, in think it's fair enough to say that we're looking at 50+ million a year in Tzedaka campaigns for Yesomim...
Do the math: 50M / $600 = enough to pay over 83,000 people's life insurance...
I think some askanim need to get involved.. and make the switch to sponsoring or at least subsidizing LI for every married yungerman

yeshivabucher · « **Reply #12 on:** April 25, 2021, 07:56:31 PM »

Quote from: dovy2 on April 25, 2021, 07:53:33 PM

I actually was thinking about this a while back.
Avg. Price for term is 40-60 / month. That's about 500-700 a year.
Tzedaka campaigns avg. btw 100k-1M each. sadly, at least a hundred (Yesomim) online campaigns a year.. besides the thousands collected daily by meshulochim...
Being generous, in think it's fair enough to say that we're looking at 50+ million a year in Tzedaka campaigns for Yesomim...
Do the math: 50M / $600 = enough to pay over 83,000 people's life insurance...
I think some askanim need to get involved.. and make the switch to sponsoring or at least subsidizing LI for every married yungerman

Quote from: yeshivabucher on April 25, 2021, 06:36:39 PM

Albert Kahan is a great guy to talk to he also has a program for those need help getting started on their plan his number is 3472034712

this is this guys mission

Kobe Bryant · « **Reply #13 on:** April 25, 2021, 08:11:54 PM »

Quote from: dovy2 on April 25, 2021, 07:53:33 PM

I actually was thinking about this a while back.
Avg. Price for term is 40-60 / month. That's about 500-700 a year.
Tzedaka campaigns avg. btw 100k-1M each. sadly, at least a hundred (Yesomim) online campaigns a year.. besides the thousands collected daily by meshulochim...
Being generous, in think it's fair enough to say that we're looking at 50+ million a year in Tzedaka campaigns for Yesomim...
Do the math: 50M / $600 = enough to pay over 83,000 people's life insurance...
I think some askanim need to get involved.. and make the switch to sponsoring or at least subsidizing LI for every married yungerman

This has been a dream of mine for quite some time.

whacked1 · « **Reply #14 on:** April 25, 2021, 08:32:56 PM »

Quote from: dovy2 on April 25, 2021, 07:53:33 PM

I actually was thinking about this a while back.
Avg. Price for term is 40-60 / month. That's about 500-700 a year.
Tzedaka campaigns avg. btw 100k-1M each. sadly, at least a hundred (Yesomim) online campaigns a year.. besides the thousands collected daily by meshulochim...
Being generous, in think it's fair enough to say that we're looking at 50+ million a year in Tzedaka campaigns for Yesomim...
Do the math: 50M / $600 = enough to pay over 83,000 people's life insurance...
I think some askanim need to get involved.. and make the switch to sponsoring or at least subsidizing LI for every married yungerman

I dont have any info on how many campaigns there are annually and how many couples get married annually. But what your numbers are missing is the extent of the term. As with each year the entering "class" of couples is getting a 15/30 term. So the premiums would be compounding with every new "class"

farmbochur · « **Reply #15 on:** April 25, 2021, 08:47:39 PM »

Quote from: dovy2 on April 25, 2021, 07:53:33 PM

I actually was thinking about this a while back.
Avg. Price for term is 40-60 / month. That's about 500-700 a year.
Tzedaka campaigns avg. btw 100k-1M each. sadly, at least a hundred (Yesomim) online campaigns a year.. besides the thousands collected daily by meshulochim...
Being generous, in think it's fair enough to say that we're looking at 50+ million a year in Tzedaka campaigns for Yesomim...
Do the math: 50M / $600 = enough to pay over 83,000 people's life insurance...
I think some askanim need to get involved.. and make the switch to sponsoring or at least subsidizing LI for every married yungerman

The campaigns you've seen may very well consist of a disproportionate share of people with underlying health conditions that make them uninsurable. Certainly not at a rate of $40-60 / month.

AsherO · « **Reply #16 on:** April 25, 2021, 08:53:04 PM »

Quote from: farmbochur on April 25, 2021, 08:47:39 PM

The campaigns you've seen may very well consist of a disproportionate share of people with underlying health conditions that make them uninsurable. Certainly not at a rate of $40-60 / month.

Any chance to get group coverage a la Chabad corporate codes for car rentals? Or not for a group not employed by the same company and for coverage amount of $1mil each?

Lurker · « **Reply #17 on:** April 25, 2021, 09:01:44 PM »

Quote from: AsherO on April 25, 2021, 08:53:04 PM

Any chance to get group coverage a la Chabad corporate codes for car rentals? Or not for a group not employed by the same company and for coverage amount of $1mil each?

IINM, they tried doing this for shluchim a little while back.

dovy2 · « **Reply #18 on:** April 25, 2021, 10:37:38 PM »

Quote from: whacked1 on April 25, 2021, 08:32:56 PM

I dont have any info on how many campaigns there are annually and how many couples get married annually. But what your numbers are missing is the extent of the term. As with each year the entering "class" of couples is getting a 15/30 term. So the premiums would be compounding with every new "class"

Obviously, I don't intend that we sponsor everyone's life insurance for life. I think most people just need to have a few years to either subsidized or free, and once they have it, they'll probably keep it

Lurker · « **Reply #19 on:** April 25, 2021, 10:59:39 PM »

Quote from: dovy2 on April 25, 2021, 10:37:38 PM

Obviously, I don't intend that we sponsor everyone's life insurance for life. I think most people just need to have a few years to either subsidized or free, and once they have it, they'll probably keep it

I agree with the idea, but I don't think getting something for free will make or help people realize that they need it on their own. You need to lead the horse to water and teach it to drink. Bringing the water to the horse only solves the issue in the short term.