Zichron Dov
Assuring Adequate Life Insurance for Members of our Community
Zichron Dov was created to raise public awareness regarding the need for adequate life insurance. The purpose of this organization is two-fold:
| 1. | To encourage everyone in our community to acquire adequate life insurance. |
| 2. | To encourage each shul to set up a fund to pay the premium for any member who cannot afford to buy term life insurance. |
Q. Why is this project important?
A. We are all aware of recent tragedies that have affected members of our community. When G-d forbid, someone passes away the widow and yesomim are left with emotional pain and a crushing financial burden. By assuring that each family has adequate insurance we can help avoid the financial crisis that accompanies a family tragedy.
Q. Which shuls in our neighborhood have already set up a fund for their members?
A. The following shuls have already set up such a fund:
| Aguda - Ave L. | Tenker Rov | Aguda of Madison - Rabbi Reisman |
| Khal Bais Eluzar - Rabbi Katz | Monestritch | Bais Medrash Boston |
| Rabbi Fischer | Rabbi Frankel | Rabbi Steinwurzel |
| Rabbi Rabinowitz | Rabbi Alster | Rabbi Weinfeld |
| Rabbi Scheinerman | Rabbi Sherer | Rabbi Lichtenstein, Congregation Nachlas Dovid |
Q. What is the cost of term life insurance?
A. Annual premiums for $250,000 of 20 year premium guaranteed term life insurance for a non-smoker in perfect health is:
| Age | Premium |
| 25 | $212.00 |
| 30 | $212.00 |
| 35 | $238.00 |
| 40 | $320.00 |
| 45 | $470.00 |
| 50 | $712.00 |
Q. How many people in a shul will need to make use of this fund?
A. Statistically only about two to three people per shul.
Q. Why are we recommending term life insurance and how is this different from whole life insurance?
A. Whole life insurance insures the family and also builds cash value which can be accessed by the policy owner. Term life insurance accumulates no cash value and the entire premium is used to purchase life insurance. Term life insurance is therefore much less expensive.
Q. Who is Zichron Dov?
A. Zichron Dov was formed with the encouragement of Rav Pam zt"l and yblc"t Rav Shmuel Kamenetzky shlit"a.
Yanki Arem and Motty Sobel have been involved in Zichron Dov in (i) getting shuls to make their members aware of the need to carry adequate life insurance, and (ii) in getting shuls to set up funds to pay for those who can not afford to purchase such insurance.
Q. Will people who can not afford to pay for this insurance be embarrassed to use this fund?
A. Complete anonymity is assured. This application is mailed to a post office box manned by a person far removed from our community. Their job is to receive the application, then rip off the top part containing the name, address and telephone number. They then assign it a file number, and forward it to a committee for evaluation on how much insurance should be ordered. The committee will then inform "Mr. Dropbox" that file number "X" should receive a certain amount of insurance. He will then in turn contact the insurance company and order said amount for the family. He will also ask the gabbai in your shul for a check to underwrite the insurance, of course, never revealing the recipient.
Q. Whose brother-in-law’s life insurance company are we buying from?
A. No one involved in this project has any connection with any life insurance company.
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