Dear Friends and Readers,
I’m writing this article in great sadness over the death of a dear friend, which was much too soon!!
It sharpened our resolve to make sure that all of our clients, friends and readers are aware of the vital importance of two policies:
a) Life Insurance
b) Disability Insurance
These policies are among the things that can make all the difference between leaving your family protected and taken care of, or leaving them scrambling for help and being dependent on others.
We recently had a staff seminar where we brought up two real-life examples.
R.L. was a 55 year old who took out a mortgage policy with us. (A bank mortgage requires one to have both life insurance and structure insurance.) Less than a year later, this young man had a stroke and died.
The life insurance policy kicked in and his widow gladly received a check for $200,000 which covered the remaining mortgage.
BUT, in retrospect, we were unhappy. What we should have done is insisted on giving R.L. a comprehensive summary of all his life insurance and pension needs, not just for the mortgage.
B.J. came into our office to take out a pension plan. This time we did the right thing—we went through what the pension would give him and worked out that he was not covered sufficiently for disability or for life insurance. The paperwork was done and the policy issued. Five months later, B.J. was diagnosed with cancer. He is now undergoing treatment but, thank G-d, his disability policy is giving 12,000 NIS a month to his family.
As a result of these two cases, we decided on a campaign amongst our clients, friends and readers to make sure that you all have these two policies or, if not, your family enjoys financial security from other sources.
Now the questions:
How can I find out what I have? How much life insurance is there in my pension plan? Maybe I have some insurance from a previous employer?
Today, this is relatively simple. We take out a summary (called mislaka in Hebrew) based on your teudat zehut from a government site called Swiftness (www.swiftness.co.il). This lists all the various pensions and Bituach Menhalim policies that you have ever had. From this, we can see exactly how much life insurance you have and then advise you on what you need to add.
*As an aside, life insurance premiums are relatively low. A few examples:
Age(male, non-smoker) 1,000,000 ש”ח
35 67 ש”ח
45 141 ש”ח
So please, do any of the following:
1) call us
2) call your own agent
3) CALL SOMEONE!
For the love of your spouse and family, please get this done!