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Do you own a policy? If you do, is it term or whole life? If you don’t why don’t you have one?
I sold my whole life policy to pay for tutoring for my son. And no, I’m not joking.
Buy term and invest the difference.
Term insurance is pretty cheap
Everyone should have it, In case of an issue, you can get alot more money than Tzdekah can ever raise.
Nobody is raising $500,000 for a widow and Orphan, but an insurance policy will easily cover it
buying life insurance should not be looked at as an investment. What it actually is, is a lack of faith & it looks like the person is preparing for death C”V. Sure you need to care for your family, sure a person needs to do his hishtadlus in everything in life but buying life insurance is not a hishtadlus to taking care of your family or thinking of the future but is actually a ayin hara. i beg you not to put a klala on yourself by being looked at by Hashem as a person worried about your after death (this far going into after niftar C”V) & preparing for Death C”V
A life insurance salesman actually just called me about a week ago & had a long talk with him of what it comes with included & prices etc… & actually when i calculated everything it was a very cheap monthly for my entire family & even the total of 20 year deal total was very little compared to the coverage you get if i sign up. but this is a contradiction to yiddishkeit i.e. a lack of faith which IS THE TOP PRIORITY IN YIDDISHKEIT to have faith in your loving father Hashem the king of kings of the world
if a person wants he can invest in something that he will not lose in or open up a good savings account etc…
consult with your LOR what he hold of life insurance. Rabbi Yair Hoffman actually spoke about it on YWN recently within the past few months
Term insurance is only cheap if the insurance company is sure you won’t die during the term. When the odds of your demise go up, so do the rates. They don’t do it as charity.
Other types have an investment aspect which may or may not still be a good idea given the extremely low interest rates now prevalent.
In the US, remember that Social Security survivor’s benefits function as de facto life insurance if you are employed and are leaving dependents.
If you have to ask your Rav about Life Insurance, you are a fool and if the Rav says anything except BUY it, then get another rav
Both Rav Moshe Feinstein (Igros Moshe O.C. 2:111 http://hebrewbooks.org/pdfpager.aspx?req=918&st=&pgnum=299&hilite=) and Chacham Ovadiah Yosef (Yechaveh Daas 3:85) hold its not a chisaron in bitachon.
Moshiach Agent- Do you also believe it’s a chisaron in bitachon to leave a tzavaah?
Why is buying life insurance any more a lack in bitachon than working?
Do you also believe it’s a chisaron in bitachon to leave a tzavaah?
That isn’t comparable. Everyone dies, hence a tzavaah. But most people die at an old enough age where they don’t need hundreds of thousands of dollars upon death.
Why is buying life insurance any more a lack in bitachon than working?
You need to work in order to live; you don’t necessarily need life insurance in order to live.
“You need to work in order to live; you don’t necessarily need life insurance in order to live.”
My dependents need for me to have life insurance in order for them to live. Or is that not my concern?
My dependents need for me to have life insurance in order for them to live.
Is that “need” you identified predicated on the dependents still being your dependents at the time the insurance claim would become payable? Is that need a certainty, as is the need for an income to live in the here and now, that you compared the two?
Better to have insurance than C’V something happens and your spouse and children need help. There is no reason to raise Tzdekah if there is an easy way to solve the problem
Joseph, do you have a source arguing with R’ Moshe, or are you not arguing the halachah/hashkafah, just the comparison?
In this case I was arguing the comparison. Though, there is a legitimate shitta against purchasing life insurance, even if it is a minority opinion. I’d defend the right to that shitta even if I didn’t hold by it.
Whose shittah is that?
Mashiach Agent and Joseph,
Your opposition to life insurance is an indication of just how far you have sunk during the past few months… a shame now that we are in Elul!
Just a mere four months ago, you were extolling the virtues of dying al kiddush Hashem (see: http://www.theyeshivaworld.com/coffeeroom/topic/being-niftar-al-kiddush-hashem), even to the point of implying that it is meritorious to daven for such a death.
And now here you are, denying the ability of Hashem to answer your tefillos for an early death at the hands of our enemies by refusing to purchase life insurance!
http://www.theyeshivaworld.com/coffeeroom/topic/time-to-go-troll
DY: Perhaps the Chazon Ish. I don’t recall off hand specifically, but do recall hearing the shitta.
Avram: I was the first poster in this thread to advocate buying life insurance.
“Is that “need” you identified predicated on the dependents still being your dependents at the time the insurance claim would become payable?”
Yes. I’m not buying life insurance just so my kids can be rich, if that’s what you’re asking. If at any point I knew that my dependents would no longer be dependents when I die, I would cancel my policy. Insurance is generally a bad bet. You don’t buy it just to get rich.
“Is that need a certainty, as is the need for an income to live in the here and now, that you compared the two?”
I don’t need an income to live right now. I have enough savings to live for a bit. Does that mean I shouldn’t work? Though I could die tomorrow, in which case my dependents would require my life insurance benefits to survive very soon.
Joseph,
I missed that. Sorry. You remain firmly on the straight and narrow 🙂
Don’t buy Gerber.
Rav Moshe in his Sefer discourages life I
insurance but said if it becomes the norm for people to get life insurance a person can get it.
MA: It is the norm to have life insurance.
if it is the true norm of todays day to have life insurance then why don’t i here too many people talking that they have life insurance? its not like its a personal secret.
I have life insurance, but we never discussed it before, so how would you know?
Rav Moshe says explicitly that it’s not a lack of bitachon.
“if it is the true norm of todays day to have life insurance then why don’t i here too many people talking that they have life insurance? its not like its a personal secret.”
Do you hear people talking that they have car insurance? Homeowner’s/renters insurance? Maybe there’s just not much to talk about.
There are people without Health Insurance. Is it a lack of Bitachon not to have that either?
But even that doesn’t say it’s assur or a chisaron in bitachon.
MA, why would I discuss it ( I have it ). Every company I worked for offered life insurance as part of the benefit package.
Do you have health insurance? According to you having it says that you don’t have bitachon.
Insurance is for your dependents, not your afterlife.
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