Keeping a Dream in Place

Keeping a Dream in Place

Kelli and Ron Franco met while working at a local grocery store, and over time a romance blossomed. Soon after they were married, they sat down with insurance professional Steve Edmondson. He helped them put their long-term dreams into motion by setting up a plan that included permanent life insurance, which offered both protection and a means to accumulate cash value.

Their family grew to include two sons, and Ron started his own concrete construction business. When the Francos were ready to buy their dream home, they tapped into the accumulated cash value of their life insurance policy to help with a down payment.*

Then, when a dry spell hit his business and money was tight, Ron decided they should cancel their life insurance. Steve asked the couple to sit down and do a financial and budget analysis first. What they found was an even bigger need for coverage. Steve helped them find ways to cut unnecessary spending so they could afford to keep their permanent policies and supplement them with new term life insurance policies.

After the economy took another toll on Ron’s business, Ron told Kelli to cancel the life insurance. Kelli, who oversaw their finances, tapped into the accumulated cash value of their permanent policies to pay bills, including their life insurance premiums, to get them through this rough patch.

Her decision proved momentous. Just four months later, Kelli, who was only 46 at the time, died suddenly of heart failure. Ron’s grief was compounded by the thought that they would lose their home and the life they had built with their boys. Steve assured Ron that Kelli had not cancelled the insurance. “We worked hard for what we have and paid diligently. Life insurance made it possible for the boys and me to stay in our home,” says Ron.

*Withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid, and may result in a tax liability if the policy terminates before the death of the insured.

A Welcomed Benefit

A Welcomed Benefit

Jim and Judy were high school sweethearts, and while a tour of duty during the in Vietnam War separated them and sent them on different paths, it couldn’t keep them apart. Thirty years later, they reconnected and married. They were thrilled to be together again, and loved to spend time prospecting for gold on their mining claim.

Life, however, intervened again. Judy learned that the breast cancer she thought she had beaten had returned and spread to her bones, which doctors said was terminal.

Insurance professional Melissa Mlasko met with the couple to help them with an immediate task at hand. They needed to transition to Medicare from the health insurance coverage they had through Judy’s work, which was due to end in several months when she retired. That’s when Melissa learned about Judy’s condition. As she explored the couple’s entire financial picture, it occurred to her that she might be able offer additional help. She researched the group life insurance policy that Judy had through work and found that her coverage included an accelerated death benefit rider.

Given that her diagnosis was terminal, the rider allowed Judy to access 90 percent of her policy’s death benefit while she and Jim still had time together. That gave the couple incredible peace of mind, knowing that their last days together would be free of financial worries. Judy was also grateful that her husband would be well cared for financially, as the life insurance proceeds could supplement his retirement income.

“Without the life insurance, I would have had to sell our home,” says Jim. “There would have been no way to do it on my own financially. Life insurance is so important, because you never know when something is going to happen.”

Disability Insurance Saves a Family—Twice

Disability Insurance Saves a Family—Twice

Valerie King was not a believer. When she transitioned from her medical residency to practicing as an emergency room physician, she didn’t think she needed disability insurance. “I could never envision a life without working,” she says. Her insurance professional convinced the young doctor otherwise.

It was wise advice. Although Valerie never thought she would need it, a condition called ulcerative colitis made the decision for her. The disease and a series of surgeries made it impossible for her to carry out her duties, and she found herself unable to practice the profession she loved. It was her disability insurance coverage that allowed her to survive financially and care for her three young daughters who she was raising as a single mother.

Life also had a second chapter for Valerie. She met and married Tim, also a divorced parent. They looked forward to raising their blended family together and sought the advice of insurance professional Larry Ricke, CLU, ChFC. In addition to the life insurance he had recommended, Larry made sure Tim understood the importance of disability insurance. Tim didn’t believe he’d ever need it, but with Valerie’s urging he finally agreed to get coverage.

“No one thinks lightening will strike twice,” says Larry, “but in this case it did.” Tim, who had a high-profile position in the printing business, came close to dying from an undiagnosed aneurism and valve issue with his heart. A risky operation saved his life but ultimately left him unable to return to work. Again, disability insurance made it possible for the family to go on financially.

“Most people think, ‘It will never happen to me,’” says Valerie. “But the truth is it can—and does. Everything else goes away if you don’t have disability insurance coverage and you can’t work.”

A Dream Lives On

A Dream Lives On

Scott Young liked to dream big. Although he came from humble beginnings, through hard work he turned a one-man enterprise into the largest heating and air conditioning business in their area. That allowed Scott and his wife, Cathy, to fulfill another dream—to build a home in the country and work it as a hobby ranch. They wanted to give their two daughters a life that revolved around the outdoors and good living.

Insurance professional Steve Sabo made sure Scott was properly insured at work and at home. Scott ran the business with his brother, David, and a buy-sell agreement funded with life insurance ensured the business could continue if one of them were to die. Plus, Scott had a personal life insurance policy that would allow Cathy and the girls to be OK financially if something were to happen to him.

As the business and Scott’s financial responsibilities grew, Steve knew it was time to reassess Scott’s life insurance needs. They did, indeed, find a need and immediately set to work to increase Scott’s personal and business coverage.

Tragically, just weeks after the life insurance applications were submitted, Scott suffered a fatal accident. On July 4, this avid outdoorsman drowned while paddle boarding in a nearby river.

While Cathy and her daughters must now make a new life for themselves without Scott, the life insurance has been invaluable. The insurance through the business ensured that Cathy was compensated for Scott’s portion of the company instead of becoming an owner of a business she had no interest in running. Scott’s personal policy cemented their dream. “I have an incredible amount of gratitude, and it’s all because of the life insurance,” says Cathy. “Without it, we’d be gone from this property. Now my daughters can grow in the home we built, as we create a new life together.”

Living a Whole Life

Living a Whole Life

There were no children on the horizon yet for Norm and Sandy Page, but this young couple, in their early 20s, decided to buy whole life insurance policies. They had met with Thomas Waring, Jr., CLU, ChFC, their financial professional, who explained that because whole life insurance also builds cash value, it would help them with their goal of saving for retirement, while also protecting them in case either were to die prematurely.

The Pages’ plans changed in an instant when their son, Adam, was born with spina bifida, a malformation of the spinal cord. The couple had good health insurance coverage through their jobs, but there were certain things it didn’t cover like special braces that Adam needed to walk. To pay for these items, the Pages tapped into the cash value that had accumulated in their whole life policies.*

The money from the policies even allowed Adam to pursue a special dream. He developed a passion for sled hockey, and Norm and Sandy borrowed from the life insurance policies to pay for some of his equipment and training needs. At 15, he became the youngest person to make the U.S. National Sled Hockey Team and at 18, he won gold at the Paralympic Games in Vancouver.

Over the years, the Pages have purchased more life insurance to make sure that Adam will be adequately provided for should he outlive his parents, which doctors say is likely. For his part, Adam is now attending college to pursue a career in sports management. He even bought his own whole life policy, as he prepares for his life ahead. “I’ve seen what it’s done for me,” says Adam. “Whole life insurance has provided me the opportunity to live a whole life.”

*Withdrawing or borrowing funds from your policy will reduce its cash value and death benefit if not repaid, and may result in a tax liability if the policy terminates before the death of the insured.

Pin It on Pinterest