By Shimon Cohen of Egert Cohen Insurance
We always bless each other "L’chaim" and "Labriut".
The question is, “How can we become partners with the Almighty to protect ourselves and our families?”
Today, there are a few relatively inexpensive yet vital steps that everyone should take to achieve this.
Step 1: Basic Life Insurance
How many appeals have we received for a young person dying suddenly and leaving a spouse and children with very limited income to carry on?
Life insurance is extremely affordable today, especially for young couples.
Suggestion: One of the most useful gifts that you could give to a young married couple would be a life insurance policy paid up for the first five years or so – after that, it's up to them!
The real story # 1: P.J., a 35-year-old young man, came into our office to discuss his pension plan. While going over his policies, we realized that he didn't have any life or disability insurance. We discussed the situation and he filled out the application on the spot. About six months later, he told us that unfortunately he had been diagnosed with cancer—something that was completely unknown when he signed up. Today he is receiving a monthly disability payment and he and his family know that they have a substantial life insurance policy in place.
Step 2: Basic Supplementary Health Insurance
Israel has a wonderful public health system—among the best and most advanced in the world. However, there are still a number of areas where the coverage is not sufficient; these are the cases that usually cost tens or hundreds of thousands of shekels and are a huge drain on a family's resources. What are these areas?
Transplants
Israel has only a small amount of organs available for transplants. Having world-wide coverage that the supplementary policy offers is critical.
Coverage:
* Full coverage in Israel and worldwide with contracted service providers.
* With non-contracted service providers – up to NIS 5,000,000.
* Artificial organs – up to NIS 2,500,000.
* Includes: Disability payment of NIS 7,500 per month for up to 12 months before the transplant and up to 24 months after the transplant. Flight to transplant center.
Medications not covered by Kupot Cholim:
* Up to NIS 3,000,000 renewable every two years. Deductible – NIS 300 per month
* Includes chemical and biological medications.
* Includes medications which are approved by Western countries – trial medications are not covered.
* Includes "off-label" medicines (medicines labeled for a specific condition but not covered for another condition).
The real story #2: We currently have a client who is receiving 6,000 shekels a month for medication which is not in the health basket. He will most likely need this medication for the rest of his life—consider the cost.
Surgery abroad:
* Full coverage with contracted surgeons (in most cases, this means that the company contracts directly with the surgeon you choose regarding the fee).
* Coverage for flight – if the hospitalization is over eight days. In a case of a minor, the company will also cover two tickets for first-degree relatives.
The real story # 3: The C.K. family purchased supplementary health insurance a few years ago. About two years ago, their daughter was diagnosed with a rare brain disorder which required a complicated procedure. After much research, they located the top medical center for this procedure, in the U.S. Their supplementary plan covered an initial trip for preliminary testing and full coverage for the complicated brain surgery. The coverage also included airfare and accommodation for her parents. The final cost will be over $300,000.
Suggestion: Look at a picture of your spouse and your family – don't you owe it to them to take the necessary basic steps to protect them?
L’chaim and Labriut!!
Egert Cohen is a family business that specializes in serving the Anglo population. They provide a friendly and professional one-stop-shop for all your insurance needs. For more information see here.
