LIFE INSURANCE

[yos9694]

"Are there any options for someone that finds out they have a serious condition and is looking to either sign up for a new plan or atleast increase the amount of coverage?"

This question is the reason why the time to buy insurance is when you don't need it.

[ExGingi]

"Are there any options for someone that finds out they have a serious condition and is looking to either sign up for a new plan or atleast increase the amount of coverage?"

This question is the reason why the time to buy insurance is when you don't need it.

It is also the reason why it is worthwhile to add riders that allow for future increases.

[Euclid]

It is also the reason why it is worthwhile to add riders that allow for future increases.

TIL about this. My broker never mentioned this option :/

[yos9694]

It is also the reason why it is worthwhile to add riders that allow for future increases.

Same adage applies to riders

[Philosophypsych]

It is also the reason why it is worthwhile to add riders that allow for future increases.

Interesting, wasn't aware of the whole "rider" thingy... So if someone added a rider, that would allow a rider to request an increase?
And if yes, would an increase be approved or rejected based solely on the "rider" or regardless all people on the policy would have to be analyzed before an increase being approved?

[Philosophypsych]

"Are there any options for someone that finds out they have a serious condition and is looking to either sign up for a new plan or atleast increase the amount of coverage?"

This question is the reason why the time to buy insurance is when you don't need it.

יישר כחכם...
This isn't for me, it's a family members, and they had a plan all along.. but due to current condition they deff would go for increase in the amount of coverage...and not everybody is able to afford Millions in coverage when they are 28 and they're a Rebbi and can barely make ends meet as it is, now it's 20 years later and want to increase their plan... So saying "that's why you get insurance before something comes up" isn't relavent and to say every person should go for max coverage at the age of 25 when they can't really afford that sort of monthly payment isn't realistic. IMHO

[yelped]

Someone involved told me that until about 6-9 months ago he was under the BMG plan. Once he went to work he lost that and was in the process of getting a new plan. He had some coverage from his employer but was short of the year of employment to get a bump in coverage.

Pretty sure that employer only gives $50,000 in coverage.

[aygart]

Pretty sure that employer only gives $50,000 in coverage.

About that, but it gets a bit higher after a year.

[ckmk47]

יישר כחכם...
This isn't for me, it's a family members, and they had a plan all along.. but due to current condition they deff would go for increase in the amount of coverage...and not everybody is able to afford Millions in coverage when they are 28 and they're a Rebbi and can barely make ends meet as it is, now it's 20 years later and want to increase their plan... So saying "that's why you get insurance before something comes up" isn't relavent and to say every person should go for max coverage at the age of 25 when they can't really afford that sort of monthly payment isn't realistic. IMHO

Totally agree with the initial premise.  A young person (for example at 28) can't afford and doesn't need the same coverage as an older person ( at say, 48).
So periodically, a person should reevaluate their needs and means.


At 28 they may have 2-4 young kids. 
At 48, they hopefully will have many more, with thoughts of weddings and education for all.
At 68, hopefully the kids are all independent and you have enough retirement income to not need much insurance, if at all.
At each stage we need to tailor our insurance.


(Not meant to put him down, but to illustrate a mistake not to copy.)

[Euclid]

Another week, another young father niftar lo aleinu. He had Areivim but it only covers $500k, so they need to raise another $500k minimum. For those that think Areivim is enough....

(I don't know if this person was able to get LI since he was sick. But it's clear that Areivim isn't an LI alternative.)

[ExGingi]

Another week, another young father niftar lo aleinu. He had Areivim but it only covers $500k, so they need to raise another $500k minimum. For those that think Areivim is enough....

(I don't know if this person was able to get LI since he was sick. But it's clear that Areivim isn't an LI alternative.)

And Areivim accepted him despite his sickness?

[Euclid]

And Areivim accepted him despite his sickness?

I guess he had the "policy" before he was diagnosed. (Yes, same would apply to LI...)

Unless Areivim is lenient?

[elimmm]

is there a reliable site that lets rate comparison btwn diff companies?

[ExGingi]

is there a reliable site that lets rate comparison btwn diff companies?

You can go to term4sale.com.

[zh cohen]

https://vinnews.com/2022/03/27/frum-company-wins-coinbase-finance-award/

What are the chances that this is legit?

[Euclid]

https://vinnews.com/2022/03/27/frum-company-wins-coinbase-finance-award/

What are the chances that this is legit?

Probably as legit as anything else in the crypto space

[yos9694]

https://vinnews.com/2022/03/27/frum-company-wins-coinbase-finance-award/

What are the chances that this is legit?

It could be legit. It won't be successful.

The problem with life insurance isn't insurers denying claims. It's getting people to sign up. And going direct without an insurance company won"t nake it cheaper.

All these life insurance schemes are reinventing the wheel without understanding that the wheel is fine, its just stuck in thick mud

[moko]

It could be legit. It won't be successful.

The problem with life insurance isn't only insurers denying claims. It's getting people to sign up. And going direct without an insurance company won"t nake it cheaper.

All these life insurance schemes are reinventing the wheel without understanding that the wheel is fine, its just stuck in thick mud

ftfy. It's a big part of the problem. It's the unwritten policy for many companies

[WonderingYid]

ftfy. It's a big part of the problem. It's the unwritten policy for many companies

How often do they not pay out?

[yos9694]

Yeah, help me out here. Do they say the person didn't die? It's normally quite easy to determine if someone is alive or dead. If you're talking about not paying when there's fraud there's an easy way not to worry about it (don't commit fraud) but if we're talking about normal people life insurance always pays out.