Life Insurance Planning in the Jewish Community

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"So what happens in the Jewish community [if people are not covered by life insurance] is that immediately the community mobilizes, they set up parlor meetings, and depending on the size of the family they're usually looking to raise $1 million to $2 million dollars. During the Shiva period, which is the seven day period of mourning after the person passes, the goal is to have the money pledged by then." - Yaakov Berman

On today's episode of The Insurance Experts, I interview Yaakov Berman, who is a life insurance agent in the New Jersey area. Yaakov and I discuss the unique life insurance needs in the Jewish community. New York and New Jersey have been particularly hard hit by COVID-19. So, this conversation is more relevant than ever. Make sure to discuss with an insurance expert as the insurance companies are adjusting their underwriting and pricing as the COVID-19 situation is playing out in real-time.

Often in these Jewish communities the family sizes can be larger, so potentially the life insurance needs are greater, if the primary breadwinner unexpectedly passes away. Watch the video as Yaakov discusses in this Jewish community, they have a custom to raise the funds from the community if the family is not protected. It's almost like community crowd-sourced funding.

This doesn't mean that individuals shouldn't purchase insurance. The family has more control over the funds if they purchase the insurance themselves and typically the family doesn't want to have to rely on the community in this way.

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