By Shayna Charter
The strength and support derived from communal ties are cherished in the Orthodox Jewish community. However, it is crucial to recognize that certain vulnerabilities persist, particularly when it comes to the financial well-being of families left behind after the untimely death of a loved one.
Traditionally, when a man passes away, leaving behind a widow and dependent children, the community and crowdfunding platforms like GoFundMe have stepped in to assist.
However, the burden on the community can become overwhelming, making it imperative for families to consider term life insurance as a means of ensuring stability and security in times of adversity.
1. The Reality of Financial Dependence.
In Orthodox Jewish families, where the father often serves as the primary breadwinner, the sudden loss of life can lead to significant financial hardships. Without adequate preparations, the widow and children are left vulnerable, grappling with the overwhelming task of meeting ongoing expenses, including mortgage payments, tuition fees, and basic necessities. In such distressing circumstances, the reliance on the community’s benevolence and crowdfunding campaigns becomes necessary, placing immense strain on these support systems.
2. The benefits of term life insurance.
Term life insurance provides a powerful solution to mitigate the financial challenges faced by Orthodox Jewish families upon the demise of a loved one. By purchasing a term life insurance policy, individuals can protect their families against the uncertainties of life and ensure their dependents are provided for, even in their absence.
3. Immediate financial assistance:
A term life insurance policy pays out a lump sum to the beneficiaries upon the policyholder’s death. This quick influx of funds provides the surviving family members with immediate financial assistance, alleviating their immediate financial burden.
4. Continuation of lifestyle.
The loss of a breadwinner should not result in a dramatic decline in the quality of life for the surviving family. Term life insurance can help maintain the family’s lifestyle by covering ongoing expenses, including mortgage payments, utility bills, education costs, and other necessary expenditures.
5. Education and future planning.
Jewish values place great emphasis on education, ensuring a bright future for the next generation. Term life insurance enables parents to secure funds for their children’s education, offering them the opportunity to pursue their dreams and ambitions, even in the absence of their father.
6. Peace of mind.
By securing term life insurance, families gain a sense of security and peace of mind, knowing that their financial future is protected. This peace of mind allows them to focus on healing and rebuilding their lives without the added stress of financial instability.
7. Lightening the burden on the community:
Orthodox Jewish communities have a longstanding tradition of rallying around families in need. However, relying solely on communal support can place a tremendous strain on limited resources. Term life insurance empowers families to be self-reliant, reducing the burden on the community and ensuring that communal resources can be utilized effectively for other vital purposes.
Term life insurance plays a crucial role in safeguarding the financial well-being of Orthodox Jewish families when they face the unfortunate loss of a loved one. By taking proactive measures to secure their family’s future, individuals can alleviate the burden on the community and crowdfunding platforms, ensuring that communal resources are distributed more efficiently.
Embracing term life insurance is not only a practical choice but also a reflection of the community’s commitment to preserving the welfare and dignity of its members. By prioritizing financial protection through term life insurance, Orthodox Jewish families can face life’s uncertainties with greater confidence and resilience.
VIDEO: Life insurance agents Dudi Farkash and Mendy Goldberg emphasize the point
Thanks for posting this article, it’s extremely important for every family to have life insurance, there are so many fundraiser campaigns that can’t be supported by a limited resources of our community, also, life insurance is a respected way for a family who suffers a loss, to survive financially, so it’s a favor for the person who passes away and a favor for the family.
Your message and point is well taken. Would be even more beneficial if you gave examples how cheap they are, what is the recommended amount of coverage suggested with all the different variables. $1 a day does not sound like large coverage.
The question is if families will still start crowdfunding campaigns even when they do have life insurance
Thank you so much for bringing awareness!
I think at this point we need to highlight those that do have a life insurance policy and g-d forbid pass.
We make a campaign of awareness and say look this person left behind a family taken care of by a life insurance policy.
Life insurance benefits are usually tax free. (Based on the IRS information)
(Consult your accountant and insurance agent).
Also some life term policies can also serve as a savings account, with APY’s in the vicinity of 5%, with funds that can be used with or without a loss in the family.
Why shouldn’t I just assume the community will raise the money, they don’t for everyone else?
An important and worthwhile investment and Hishtadlus!
Sorry to say, both the article and the clip (felt sick watching it) do not belong here. Making it sounds like the biggest issue here is having to donate $18-100 (or more if you can) when someone R”L looses a their spouse.
For you it’s $18, for them it’s a lifetime
It’s not $18. It is 1M-2M charity campaigns, when it can be prevented?
“Prevent the next charidy campaign with your picture on it”
Call Mendy his the best 845-825-0531
I’m surprised this was omitted: Life insurance for the bread winner is not enough. If G-d forbid the stay at home parent dies, who is going to fill all the needs in the home? Childcare, grocery shopping, preparing meals, and housecleaning etc. These needs will be have to be fulfilled by hired help which is very costly. Sure, family and friends will rally around shortly after a tragedy but it’s not sustainable long term. Just because a stay at home mother doesn’t earn a paycheck, does not mean that the domestic labor needed after an untimely loss will be free.
You are absolutely correct and I should have added this.
Thank you for bringing this up.
Can you provide the phone numbers to reach the above life insurance agents , Dudi Farkash and Mendy Goldberg?
Call Reuven Giter. His phone number is 651.261.1666.
He pays attention to detail and is an open, honest, and trustworthy person to do business with. I highly recommend you reach out to him and at the very least have a conversation with him.
Maybe put a label this is an ad?
Take their well intentioned advice and buy insurance from any broker you want. Just buy it!!!!
Beautiful idea but…..
Unfortunately so many families in our community can barely pay their bills, or are actually going backwards each month. How many can afford another expensive without literally taking food out of their kid’s mouths?
It’s a must have but so costly instead of educating us how good is it, give us real rates and companies that have insurance and savings. We inquared for us it was few thousand dollars per year and it’s unaffordable for us. If you older and overweight by CDC the rate is expensive per month as you are high potential for young death, also till what age you can open it? Does it cover elderly as well and what will be the rate? We don’t want to be burden for community but please promote a good reliable company with good… Read more »
That is why it is important to buy young. The younger and healthier you buy the policy the better. It is part of being a responsible parent and spouse and community member. This should be part of shidduch education, along with budgeting and basic financial literacy.
Young couples should be told.
Term is renting insurance and it runs out eventually depending if you bought a 10, 20 or 30 year one.
The best kind of term is one that can be converted to a whole life before the end of the policy.
If you have a little more money go get while life insurance. Cool thing about it is that it have a cash value to it too that you can constantly borrow from throughout your life and the death benefit and cash value can keep growing
Agree. Start with term and convert to whole life when you can. We did that and then cashed the policy in when we retired and no longer needed life insurance and received a nice lump sum.
Term life insurance, when bought at the proper time (early in marriage before having many children and prior to the onset of pre-existing conditions) is usually very inexpensive. As they said in the video, as low as $1/day. Whole life can be cost restrictive for many. For example, when I was looking at a 30 year 1M term policy, I got quoted under $100 per month. For whole life it was about over 10x that. From my and my friend’s limited experience, it seems that there are many agents actively reaching out, but in many cases, these are agents who… Read more »
Whole life is a scam. If you can afford it, then you don’t need insurance. So it’s essentially not insurance, rather it’s a financial instrument that pays pennies and costs fortunes. Term is the ONLY way to go. Trust me.
Whoever does not have enough life Insurnace (term or whole life) is a potential community liability.
Got my policy from him. Very honest and straightforward! FYI here is his number. (845) 825-0531
is it better to get 10x income or more? Also should both souse buy life ins or only the main earner should, lastly, should if one spouse doesnt work at all (stay at home mom) is it a good idea for that person to also have life insurance?
CV should something happen to her, you need to hire help.
Most of the people who die young have pre-existing medical conditions. Those people are normally excluded from insurance, or the price is prohibitive. A friend of mine with diabetes and a few other issues was recently quoted $1,000 per month on a $500k 20 year term policy. He couldn’t afford it. $3m was raised over the past few weeks for recent tragedies. The same $3m could have paid for 1 year for 250 people with pre existing conditions to get $500k insurance. or 125 people to get $1m etc.. Perhaps the fundraising focus should be on getting insurance for people… Read more »
A good chunk of premiums goes towards agent commission and administrating the funds.
A much better solution is for people to donate money into a non-profit designated to take care of emergencies, if you participate then you benefit. A pottion of funds invested in index funds with the rest in short-term securities.
agents make commissions based on premiums paid so for term policy there isn’t much to be made
agents generally tend to focus on client need vs commission
I think you should also remodel your own kitchen, why help a contractor pay his own bills. Let’s just do everything ourselves.
Also important to remember that a young person that gets their policy in their mid 20’s should not wait until the policy expires before they renew, (because we can never know the future and they may not be insurable 30 years down the road) they should be renewing every 5 years, to ensure that they are covered well passed all their children are adults IYH.
Renew at 30 to be covered until 60
Renew again at 35 to be covered till 65, etc as long as you think it necessary.
But don’t wait till you’re 55 to think about renewing!
I like this strategy And from your examples, I see you are recommending 30 year policies. I have a friend who told me that he got a 20 year policy and intends to renew it in 20 years. However, people don’t realize that buying a longer term, is not just insuring death but also insuring coming down with an illness that can make someone uninsurable. And this is actually many times more likely than death. So let’s take the most unwanted outcome לא עלינו (which is what we are buying the policy for in the first place). A 25 year… Read more »
Yes; this should be priority for every family. Best to do when young even when first married as the payments should be lower.
Please also mention Renters Insurance. This covers in case a fire or other damage. Very important as well.
It’s pretty obvious that people with life insurance are still having millions of dollars raised for them in charity campaigns. Amd the ppl who are not well connected and/or can’t even afford life insurance can barely collect anything when they make a campaign
Sad reality in our community to see nebach family without proper care even after money were contributed toward their wellbeing.
It would be very beneficial if Rabonim and askonim all over would join in this awareness.
And it will be a segula for arichus yomim…
ונזכה לגאולה שלימה now
Unfortunately No. 7 doesnt seem to be valid anymore. As it seems like most of the recent campaigns were for people with life insurance….
Yes i know one million doesn’t cover it for life for a widow with orphans (RL), but maybe there should be a requirement for more honesty and clarity….
people should review their coverage once a year to see if they are properly covered, even if they cant afford more coverage 1 mil will definitely be better than 0
It is part of Menchlikleit. If in Florida, I have been providing personal service for the last 30 years for life insurance. Akiva Shapero
I cannot believe that anyone would be critical of this article, especially in light of recent events with Anash. It’s a good idea to make life insurance a priority. Get it so that your family can have some Menuchas Hanefesh that in case Chas V’sholom the worst comes to pass they won’t be left destitute and reliant on others Chas V’sholom. There is something affordable for everyone, Halevai that the premiums go to waste and that Moshiach comes speedily and that is no use for such a thing.
Why isn’t there a charity that contributes or pays for life insurance for people who can’t afford it? When the term is up they can roll the cash value into more policies.
So with life insurance and areivim USA people should be covered.
Obviously life costs a lot and ppl can make campaigns but what if the campaign doesn’t get a large amount of money or less friends and relatives etc?
Protect yourself so you don’t have to put yourself in the position to CV have campaigns.
Yes insurance can cost so if you have no extra money at least join areivim USA and you can use maaser money etc for it.
It can be good thousands per month. When you have money you spend it on this but when you dorn have what to do?
Can someone make an affordable rates for the own community by charging less commission or promote good rates?
yes you can find a plan that can possibly suit your needs really depends on several things but generally speaking working with an adviser they can find a plan that can fit your budget
Can get for around $200/ year. Ach. Don’t have to think about.
really depends on health age and amount of insurance it is not nesseccerly cheap
You can reach out to Moshe he’s super helpful! 8042998126. Very Honest!
This should be a wedding pre-requisite like a gartel and tallis.
Only getting once I have kids.
Yes, even if it means having a smaller/less expensive wedding.
Very honest. You’ll be in good hands with him. +1 (845) 825-0531
You can call a great New York Life agent Reuven Giter, who’s is with a great company!
Call Reuven Giter I had a great experience with him and extremely knowledgeable and explained everything to us so clearly.
You can call him at 651.261.1666.
I’m pretty sure where there is a sicha where the Rebbe speaks about the contradiction in life insurance, and then the Rebbe smiles at the end and says, well Jews have to make money so…