At first glance, LifeShare and Areivim sound like they are similar programs. However, they are quite distinct, providing different benefits, with different payout criteria.
How LifeShare is different:
PAYMENT ELIGIBILITY.
- Areivim is an orphan fund, providing future financial assistance to unmarried orphans, living at home. They have specific eligibility criteria and payouts are determined by a rabbinical vaad (board), based on the financial needs and status of the family. If the vaad determines the family has sufficient financial means, they may issue a reduced payment, or no payout at all. Since Areivim only supports single orphans living at home, once members have married off their children, they would no longer be eligible to receive a payout, even if they have paid in for many years.
- LifeShare does not scrutinize its members’ financial or personal situation; families of participating members at their time of death are eligible to a payout (until age 65), no questions asked.
DISTRIBUTION OF FUNDS.
- With Areivim, after the rabbinic advisory board approves a payout after the death of a member, these funds are not immediately transferred to the family. They are managed by the vaad which controls and determines the usage of these funds. The family must submit requests to the vaad to access the funds. The money is managed at the discretion of the vaad, and may be held for years until the orphans come of age.
- LifeShare immediately (within one week) transfers the funds directly to the deceased’s family, thereby providing immediate financial relief at the time of death.