Death Benefit

Originally Posted By: tbramlett
This post was automatically imported from our archived forum.

I had an ideal the other day that I thought I would post to see what kind of reaction I would get from our organization, concerning a possible way to have a death benefit. Here is the way it works in another organization of which I am a member (not a HI group). They have a death benefit that any of the members can be a part of (completely optional). But you have to sign up, and you have to participate in monthly. It works like this. Each member that decides to become a part of the program, pays X amount of money each month when there is a death to another member. If there are no deaths he pays nothing. If 5 members die, he pays 5 times the amount. It not usually very much each month. If the member is married he pays twice as much for each death (family coverage) and then, his family is then covered. A set amount is then given to the family as a death benefit. Left over monies are probably put into some kind of fund. I haven’t participated for several years, so the nuts and bolts may be a little different now. Just thought it might be an attraction for being a member of NACHI and thought I would see what you thought.

Tom Bramlett

Originally Posted By: Blaine Wiley
This post was automatically imported from our archived forum.

The first reaction I have off the top of my head is tell people instead to get more life insurance. Term insurance is very cheap if you are under 40, I have 500k term and 500k whole life. If I check out early, the family is taken care of for about 8 years, or enough time to get going on something again. icon_biggrin.gif

Originally Posted By: John Bowman
This post was automatically imported from our archived forum.

I agree with Blaine. I have enough insurance payments now that they could choke a horse. I’m all for helping someone in need, but with today’s rates on some very inexpensive insurance, no one working person should be without it. This may be a matter for the NACHI foundation.

John Bowman
Bowman Contracting - Home Inspection