Author Topic: LIFE INSURANCE  (Read 140234 times)

Offline Mordyk

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Re: LIFE INSURANCE
« Reply #40 on: April 26, 2021, 11:28:55 AM »
Awareness is that just like you need to pay the grocery, utilities, you need to have life insurance.

so many people can afford it they just dont have. its not about focusing on paying for peoples premiums...
#TYH

Offline Yehuda57

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Re: LIFE INSURANCE
« Reply #41 on: April 26, 2021, 11:31:44 AM »
I very much agree that you can't fix stupid, but I think the issue in our communities is more ignorance than stupidity.


This is not a Jewish community thing, it's a universal problem

Offline solls108

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Re: LIFE INSURANCE
« Reply #42 on: April 26, 2021, 12:20:18 PM »
Not having insurance is simply responsible. Also, while term is cheap, it runs out and if you have 20 yr term and pass away yr 21, your out of luck unfortunately. However, having that is better then nothing. Also, whole/perm insurance is like a savings account and while it is "more expensive", you get to see that money eventually and it grows as well.

Many important factors to consider, but most important is to get covered!

I dealt with a big firm out of S Florida and they covered me up north. They were also able to get exceptions.

If anyone interested in their info, DM me. Happy to intro and to help.

Offline farmbochur

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Re: LIFE INSURANCE
« Reply #43 on: April 26, 2021, 12:26:18 PM »
This is not a Jewish community thing, it's a universal problem
Perhaps, but there's less need for coverage for families with 1.5 children that go to public school.
Risk is opportunity

Offline Dan

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Re: LIFE INSURANCE
« Reply #44 on: April 26, 2021, 12:26:48 PM »
Not having insurance is simply responsible. Also, while term is cheap, it runs out and if you have 20 yr term and pass away yr 21, your out of luck unfortunately.
Yeah, Reuven had auto insurance for 60 years and never got to use it once. He was out of luck unfortunately!
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Offline solls108

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Re: LIFE INSURANCE
« Reply #45 on: April 26, 2021, 12:29:11 PM »
Yeah, Reuven had auto insurance for 60 years and never got to use it once. He was out of luck unfortunately!
Exactly, people can be out of luck. However, the alternative should scare you. Re: any insurance.

Offline Dan

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Re: LIFE INSURANCE
« Reply #46 on: April 26, 2021, 12:30:57 PM »
Exactly, people can be out of luck. However, the alternative should scare you. Re: any insurance.
By definition, you don't want to use insurance. That's why you are insuring against it for pennies on the dollar.
But the concoction of whole life is certainly a boon for salesmen.
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Offline Lurker

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Re: LIFE INSURANCE
« Reply #47 on: April 26, 2021, 12:34:51 PM »
But the concoction of whole life is certainly a boon for salesmen.

Whole life is more of an investment product than an insurance product. It has its place.
Failing at maintaining Lurker status.

Offline solls108

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Re: LIFE INSURANCE
« Reply #48 on: April 26, 2021, 12:38:11 PM »
But the concoction of whole life is certainly a boon for salesmen.
I actually love whole because I view it as a small pocket of what I earn and I use it as a savings + retirement account. Win win for me. I dont want to get a 30 year policy that will expire worthless for the chance that I pass away prior to that. Obv, very subjective. Also RE: Boon for salesman, just like any other biz, you have to deal with the right ones that dont do it for the money. Believe it or not, there are ones out there.

Offline Dan

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Re: LIFE INSURANCE
« Reply #49 on: April 26, 2021, 12:40:08 PM »
I dont want to get a 30 year policy that will expire worthless
Snake oil mumbo jumbo sales pitch.
Expiring worthless is exactly what you want from insurance. I'm just surprised they haven't applied that model to auto and home yet.
Better off buying term and investing in an index fund.
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Offline solls108

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Re: LIFE INSURANCE
« Reply #50 on: April 26, 2021, 12:40:50 PM »
Expiring worthless is exactly what you want from insurance.
Why is that?

Offline yuneeq

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Re: LIFE INSURANCE
« Reply #51 on: April 26, 2021, 12:47:47 PM »
Snake oil mumbo jumbo sales pitch.
Expiring worthless is exactly what you want from insurance. I'm just surprised they haven't applied that model to auto and home yet.
Better off buying term and investing in an index fund.

If you pay for it pre-tax money it's a different story
Visibly Jewish

Offline AsherO

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Re: LIFE INSURANCE
« Reply #52 on: April 26, 2021, 01:24:03 PM »
Snake oil mumbo jumbo sales pitch.
Expiring worthless is exactly what you want from insurance. I'm just surprised they haven't applied that model to auto and home yet.
Better off buying term and investing in an index fund.

But what does someone who is 50+ do when their term expires and their health isn't best. WL keeps them from getting to that place. Or are you suggesting they'd still be ahead with term paying the higher premiums?
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Offline AsherO

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Re: LIFE INSURANCE
« Reply #53 on: April 26, 2021, 01:25:11 PM »
Why is that?

Because you buy insurance to protect you from financial risks you can't afford. So when you buy insurance you're protected from those losses, but you still hope they never come to be, particularly with life insurance...
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Offline Dan

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Re: LIFE INSURANCE
« Reply #54 on: April 26, 2021, 01:30:30 PM »
Perhaps, but there's less need for coverage for families with 1.5 children that go to public school.
Curious to hear your opinion on term vs whole life.
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Offline Dan

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Re: LIFE INSURANCE
« Reply #55 on: April 26, 2021, 01:32:32 PM »
But what does someone who is 50+ do when their term expires and their health isn't best. WL keeps them from getting to that place. Or are you suggesting they'd still be ahead with term paying the higher premiums?
If you're still having kids at 40, buy another term then.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline skyguy918

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Re: LIFE INSURANCE
« Reply #56 on: April 26, 2021, 01:55:30 PM »
But what does someone who is 50+ do when their term expires and their health isn't best. WL keeps them from getting to that place. Or are you suggesting they'd still be ahead with term paying the higher premiums?
There are other permanent LI products aside from WL. Also, buying convertible term from a company that has good permanent LI options protects against uninsurability as well.

Offline ExGingi

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Re: LIFE INSURANCE
« Reply #57 on: April 26, 2021, 02:07:16 PM »
This is not a Jewish community thing, it's a universal problem

Indeed.

And these ideas of raising awareness, sponsoring for other people, etc. etc. have come up periodically for a very long time. Nothing really changes. People are people, some are more responsible, some are less. Some are more proactive, some are less. Some will pay all their bills on time and some won't (need I tell you about a few life insurance policies that I'm aware of that lapsed for non-payment just before a person died?).

Yeah, Reuven had auto insurance for 60 years and never got to use it once. He was out of luck unfortunately!
Not having to use insurance is obviously a good result, but the comparison of car insurance with life insurance is dumb.

If you're still having kids at 40, buy another term then.

Have you hit 40 yet?

Last time I checked, getting any substantial amount of Life Insurance requires underwriting. Being able to buy insurance today, doesn't mean you will be able to buy it in the future, or what rating you will get in the future.

Curious to hear your opinion on term vs whole life.

I've never heard of Term and Whole Life being in court against each other. There's a place for both (as well as other types).
I've been waiting over 5 years with bated breath for someone to say that!
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Offline drosenberg88429

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Re: LIFE INSURANCE
« Reply #58 on: April 26, 2021, 02:11:40 PM »
But what does someone who is 50+ do when their term expires and their health isn't best. WL keeps them from getting to that place. Or are you suggesting they'd still be ahead with term paying the higher premiums?
Buy 30 year term at 29.


Offline ExGingi

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Re: LIFE INSURANCE
« Reply #59 on: April 26, 2021, 02:16:09 PM »
Better off buying term and investing in an index fund.

Money that is allocated to go to an investment, such as an index fund, should probably not be going into Whole Life. For safe, guaranteed money allocation (such as savings accounts) Whole Life could present an attractive alternative.
I've been waiting over 5 years with bated breath for someone to say that!
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