FAQ
Project 120 is a community project to assist people in securing an affordable and reasonable life insurance policy. It is a movement to better understand that life insurance is a priority not just a policy. Each year, numerous tragedies impact families that necessitate the need for communities to raise significant funds for the surviving widow and children and often those funds are not even enough. This can be both humiliating for the mourning family and is a financial burden to the community. Life insurance monthly premiums secure inexpensive financial security for families.
What is Project 120?
Life insurance that provides coverage for a specified period, or "term," typically ranging from 10 to 30 years. If the insured person passes away during the term, the policy pays out the death benefit to the beneficiaries. Life Insurance provides financial protection for loved ones in the event of their death.
What is Term Life Insurance?
Any family member that would require income in the unfortunate event of a death. Purchased for individuals with specific financial obligations, such as mortgages, household expenses, tuitions, and child-care expenses. Generally, all adults need income replacement and for non-working adults, additional home help and childcare needs require funds.
Who Needs Life Insurance?
Get an immediate quote for a policy here. Project 120 recommends a minimum of $1M to $1.5M for a 20-year term as a basic policy for a family. Generally the cost depends on various factors including age, health, and location.
How Much is a Policy?
Project 120 is aware that some people do not purchase life insurance because they are already struggling financially and cannot afford any additional expenses, or the policy is expensive due to a health issue. Please reach out to us at info@theproject120.com for premium assistance. Project 120 discreetly assists with policy procurement in special situations. Policy premium assistance is affordable and doable, whereas raising millions of dollars to help bereft families is not sustainable. If you need help with your policy premium, please reach out to us at info@theproject120.com.
I Know I Need Insurance, but the Premium is too Expensive...
Project 120 is a 501c (3), tax ID 93-4098689. Please help us help others. Donate to assist community members with their policy premiums to prevent urgent fund-raising campaigns. These campaigns are significant and impossible to sustain. Project 120 uses policy commissions to assist families that qualify for premium assistance and to pay for operating expenses.
Is Project 120 a 501c(3) ? Is Project 120 a Business?
Premium assistance is evaluated by a board of Rabbanim. Project 120 can assist if premiums are cost prohibitive. Reach out to us for more information.
How Do I Qualify for Premium Assistance?
Unlike permanent life insurance, such as whole life or universal life, term life insurance does not build cash value over time nor is it designed to last until you turn 120. It is designed to provide a set amount of money if the policy holder dies. Term Life Insurance is more affordable than permanent insurance as it has a term (the policy term) and is not an asset, it is a financial tool to protect your family in the unfortunate event of a death.
How Does Term Insurance Differ from Other Types of Life Insurance?
The amount paid to the beneficiaries if the insured person passes away during the policy's term. It is typically chosen by the policyholder and can vary based on their needs and budget. Project 120 recommends $1M - $1.5M for a 20-year term as a basic policy.
What is the Death Benefit in Term Life Insurance?
The amount of life insurance to purchase depends on the individual needs of that household. It is important to consider income replacement and household expenses for an extended period in the event of a tragic loss. For assistance, please email info@theproject120.com
How Much Life Insurance Should Someone Purchase?
Life insurance is purchased to protect your family in the event of an unexpected tragic emergency. Policies are inexpensive when policy holders are young and healthy and can be secured for extended periods of time.
Why Buy Insurance When I am Young and Healthy?
The term length should align with your financial goals and obligations. Consider factors like your mortgage duration, the age of your dependents, and your long-term financial plans when selecting the term length. For assistance with your specific needs, please email info@theproject120.com
How Do I Determine The Right Term Length for My Policy?
The person responsible for the policy, including making premium payments and making changes to the policy, such as updating beneficiaries or coverage amounts.
What Does It Mean to be the "Owner" of a Life Insurance Policy?
A beneficiary is the person or entity designated to receive the death benefit from the policy if the insured person passes away. You can name one or multiple beneficiaries, and they can be individuals, trusts, or organizations. It is most common for a married couple to choose a spouse as the primary (100%) beneficiary.
What is a "Beneficiary" in a Life Insurance Policy?
Expenses are different in every family. However, you should consider the added expenditures required even if the spouse of the primary bread winner passes away. For example, additional household help would may be required at a great expense if the primary caretaker passes.