14:15
Reported

News Brief

  5/21/2012, Iyar 29, 5772

Finance Com: You're Free to Cancel Survivor's Insurance


The Knesset Finance Committee called, Monday, on the Treasury's branch for supervising securities and pension funds to increase pension-fund holders of their right not to set aside funds for survivor's insurance (bituach se'irim). The call followed cases of single people who discovered that they pay hundreds of shekels a year for survivors insurance that they don't need.

Committee Chairman Moshe Gafni demanded the pension funds be instructed to raise the awareness of those who have no survivors and don't want the insurance that they have the right to cancel it. The call amounted to a compromise with Knesset members who wanted to leave the payment as a default to provide survivors of the pension fund holders with insurance in case of death or disability, etc.