FIRST REPORT: BMG Life Insurance Initiative Set To Move Forward

JUST IN: Anyone that has been around any of the Botei Medroshim in BMG over the past few weeks is aware that the Yeshiva has been working on a life insurance plan for Yungerleit. In order to make this plan possible, it required for a majority of older Yungerleit to enroll. The Lakewood Scoop has learned that BMG has received approval from the Life Insurance Company for this program to move forward. The plan was proposed by members of the Board of Directors of BMG , with the encouragement of the Roshei Yeshiva and Mashgiach Shlita, who were involved at all aspects of implementing the plan. The Yeshiva has agreed to cover one third of the cost of the plan, making it affordable to many Yungerleit. (TLS)

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  1. This is a great thing. I hope we never have to collect. We all knock bmg when they don't do the right thing we should all say yssher koach to them for pulling this off.

  2. they will get more money from baal habatim because it shows they are responsable allthough they are deducting it from the kolel check.

  3. No its not deducted from your Kollel check. This is a big help for people like myself who is under 30 but can't get life insur. at a normal price due to past medical history. Thank you BMG for all the hard work that you have put into this.

  4. it is being deducted from the kolel check.instead of increasing the monthly stipend for the youngerman they now pressured the oilam to get life insurance which will cost more for a youngerman all because of pressure from "baalhabatim" . yet the average youngeman can not live of the stipend he gets why don't these baab habatim sponsor the life insurance.

  5. Why can't you believe that bmg for once did something for the ohlem. If you do the math its going to cost bmg something like 100,000 a year I can't see what bmg has to gain in that!

    We should all call bmg and say thank you!!

  6. Its good PR for the yeshiva when they show gevirim how responable they are by getting all the avreichim to get life insurance allthough it is being deducted from the kollel check.

  7. Some of you guys are overly cynical.

    A lot of people are concerned about the tragic situations when people die without life insurance, and others end up making appeals on behalf of their widows and orphans. That's behind the push to have life insurance for rebbeim and the various Areivim LI schemes. There's no reason to suspect that the yeshiva is motivated by anything other than a desire to help in this situation.

    (I recently spoke to a relative of RMK who told me that he asked RMK why the yeshiva didn't push harder for the Areivim LI scheme. RM told him that the ba'alei battim were convinced that it wouldn't work and intended to put forth another LI plan, and they were concerned that if too many people signed up for Areivim this would doom subsequent efforts to establish a more sound plan.)

    Rest assured that failing to find fault with BMG in this matter will not detract from your ability to subsequently criticize them about all sorts of other things that you might find some actual basis for. So you can ease up here.

    What I do have issues with is R' Forcheimer's psak that someone who is only buying the insurance to help out the group can pay the premiums with ma'aser money. IMHO this contradicts RMF's psak about tzedaka raffles.

  8. i have been involved with several yesomim campaigns that raised over a million dollars. Those days are gone. i am not a insurance agent.

    i still don't understand the yeshiva plan. A person needs a million dollars term with a min. 30 year policy and people should lock in to a rate when they are young – when they are healthy (you need to take blood tests and they check your medical records) and newly married. A wife should also have such a plan (and its usualy about 2-3 chepaer than a husbands plan). If one should wait when they are older they may have developed health risk factors that will make even term to expensive at a later date.

    The yeshiva plan is ONLY for 250K and it is only while you are in yeshiva. After one leaves yeshiva it needs to be converted to a policy that is much more expensive than TERM. And at that date one is older and may have risk factors to make any insurance not affordable. YOU MAY NEED TO ALSO TAKE ANOTHER HEALTH RISK FACTOR TEST AND HAVE YOUR MEDICAL RECORDS REVIEWED)

    I got involved because a friend of mine was nifter with 250K insurance and it was not enough.

    I had some people upset when I spoke at a public gathering sdtating that the 250K plan that was in eeffect for Rebbeim were not sufficent and misleading. I KNOW – I HAD TO WORK SEVERAL MONTHS RAISING FUNDS TO HELP THE ALMANA/ALMAN and their Yesomim.

    AND DONT THINK YOU CAN EASILY RAISE A MILLION DOLLARS TODAY. DONT RELY ON THIS. THOSE DAYS MAY BE GONE. Most campaigns can "maybe" raise 100-250K today if its pushed for several months.


    I did purchase a half a million/ 15 year policy – 10 years ago when i had my first child. NOW that I need more coverage and I NOW have health risk factors, I was forced to purchase a Universal insurance plan and pay $250 every month for just a 1/2 million dollars coverage. TERM WAS TO EXPENSIVE TO CONSIDER. If I had purchased a million dollar term policy for 30 years when i got married I would have been paying much less.

  9. I think the Yeahiva should notify yungeleit who are healthy that they should get regular 3o year term insurance and this BMG plan does not replace the need for that . If this plan makes people think that they are properly covered ,then we have a serious problem on our hands

  10. I find it ironic. Or should I say moronic that a yeshiva guy be expected to support his family when he dies ,but not when he is alive. The shver and the wife are the ones that needs life insurance

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