LIFE INSURANCE

[ExGingi]

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?

[Yosel]

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

[dm123]

Just a regular reminder to make sure everyone has appropriate Life Insurance coverage.

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

[knowitall]

Just a regular reminder to make sure everyone has appropriate Life Insurance coverage.

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

I’m glad he differentiated between term and whole life.

[ExGingi]

I’m 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).

[Euclid]

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...

[Alexsei]

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

[ExGingi]

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".

[Alexsei]

https://baldersoninsurance.com/life-insurance-reverse-mortgage-strategy/

[ExGingi]

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.

[dovy2]

(hope I'm not opening a can of worms here)

Is it EVER worth it to do a WL buyout?

[ExGingi]

(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?

[AsherO]

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 “ever” specific advice? One can answer dovy2’s question with a yes and that’s a general answer. The person answering can provide specifics which might or might not be helpful to the person asking the question.

[dm123]

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

[yos9694]

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

[JMHO]

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?

[Josef.koney]

Anyone have opinions on a term plan that gives you the ability to continue till your 80?
It seems that the price goes up every number of years (as the risk gets more,) but you don't need to get another health exam.
I can't say I fully understand it though. Anyone have experience or thoughts?

[koplonko]

32 year old male in good health BH. Frum broker got me william Penn (I think that's banner life) at $700 a year for 30 year term with conversion, for a $1M policy.
Does this make sense?

[ExGingi]

32 year old male in good health BH. Frum broker got me william Penn (I think that's banner life) at $700 a year for 30 year term with conversion, for a $1M policy.
Does this make sense?

William Penn is often amongst the cheapest. Conversion option is quite meaningless with them as there isn't going to be anything attractive to convert to.

[koplonko]

William Penn is often amongst the cheapest. Conversion option is quite meaningless with them as there isn't going to be anything attractive to convert to.

Can you explain? What happens after 30 years? He will pay a lot more?