Help with life insurance and 401k help

amother

OP ↓

Sun, Oct 06 2024, 4:11 pm

I am a therapist for one of the jewish agencies and dont receive any benefits like 401k, pension, health benefits. No idea what I am going to do when I retire since as of now we are struggling. Husband also recently left kollel and is stuck at a low paying job for now so we rely on what I make and dont have much leftover at the end of the month, Most months are tough until the next paycheck. I also want to get life insurance as I dont have any now. I am in my 20s and have a few kids bh. Dont have parents or in laws who I can ask for guidance. Any idea of where I can start? Do I do life insurance through an online website?

amother

↑ OP ↓

Mon, Oct 07 2024, 2:05 pm

amother Peony wrote:

You should reach out to frum.finance. They can help with all the questions you mentioned

thank you, I will check it out.
Any other advice? Reccs for insurance brokers? Easier to use a website?

amother

↑ OP

Tue, Oct 08 2024, 1:36 pm

amother Amber wrote:

I just got life insurance. Do you want the name of the company I used?

yes please. I dont understand the first thing about it. I understand you can get full/half term? is that what its called? what did you get and how much are you paying a month?

amother

Gardenia

Tue, Oct 08 2024, 2:11 pm

This thread has helpful info - https://www.imamother.com/foru.....10426

I was the person who posted about haven insurance on it.

You can look up insurance quotes on https://www.term4sale.com/.

OddoneOut1

Tue, Oct 08 2024, 2:18 pm

Another good resource is GeltGuide that has articles on life insurance, 401ks and IRA.
Life insurance- option are whole or term. Term is usually very affordable for young people (you mentioned your in your 20’s) and end at a certain point (I think it can be extended) while whole is a much higher premium and works competent differently.
A broker is often motivated to sell whole but it is well known that whole life insurance is not good for the majority of people- the website I mentioned discussed this in detail.
All that is just goodto have in mind when sitting with a broker.
Retirement savings include 401ks which are through your company OR if you don’t have that option, you can choose to open an IRA which is a private retirement account and is similarly tax sheltered. Saving a little every month while in your 20’s goes a long way o compound savings once you’re ready to retire.
There are a few different options that are also discussed in Gelt Guide.