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Real Life Stories
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Life Insurance Isn’t for the People Who Die -
It’s for the People Who Live

Dorsey Hoskins’ father Bryan felt a tingling in his arm. The diagnosis - an inoperable brain tumor. Six months later, he died at the age of 33, leaving his wife to raise Dorsey and her sister Hattie.

Fortunately, Bryan bought life insurance when he married, and again when his daughters were born. Thanks to Bryan’s foresight, Dorsey, Hattie and their mom are taken care of.

Are you prepared should the very worst happen? Without adequate life insurance, your financial plans may be just a savings and investment program that dies when you do. Consult a qualified insurance professional to help you create a plan that will continue to provide for the ones you love.

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Overcoming the Unthinkable

Amanda Moses was straightening up her home when the news came on the television. A small plane had crashed at the nearby Talladega, Alabama airport. There were no survivors. Amanda’s husband, Jeff, and four co-workers were aboard, on their way home from a trip to see clients in Ohio. In an instant, Amanda had lost the love of her life, and her sons, Josh, 22, and Eric, 17 had lost their father.

The accident also dealt a serious blow to Auto Custom Carpets, the world’s leading manufacturer of automotive floor coverings. Jeff was the company’s president and one of three partners. The accident wiped out most of the company’s sales force, and now the jobs of more than 150 employees hung in the balance.

Ken Howell, one of Jeff’s partners and a longtime friend, didn’t panic. He knew the company would be all right because of business insurance plans put in place with the help of his friend and independent insurance agent Larry Young, CIC, LUTCF. Life insurance policies for the partners funded a “buy-sell” agreement. With thte proceeds from Jeff’s policy, the two remaining partners bought out Amanda’s stock, leaving them in control of the company. The business had also purchased “key person” insurance on the lives of all three partners. Within 30 days of the tragedy, money from this policy was used to hire a salesman from one of the company’s competitors.

As for Amanda and the boys, they’re financially secure because of life insurance Jeff owned individually, plus the money Amanda received from the buyout. “I feel blessed that he loved us enough to have the foresight to take care of us,” says Amanda.

 

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A Fresh Look Proves Timely

Kathy and Mark Custead bought life insurance when their daughter, Heather, was born. It had been all but forgotten 17 years later when they were shopping for new homeowners insurance and called insurance agent Patrick Dickey for assistance.

During a visit to the couple’s Blandon, Pennsylvania home, Patrick identified an even more pressing insurance need. With a daughter ready to start college, a second child, Eric, entering high school, a mortgage that had grown over the years, and other debts, Patrick asked the Custeads how long it had been since their life insurance needs had been reviewed. Mark wanted to sidestep the topic because he didn’t think they could afford more, but Kathy knew it couldn’t be dismissed.

Mark, a respiratory therapist, and Kathy, a nurse, made a good living and enjoyed a comfortable, middle-class lifestyle, but their financial obligations were considerable. So with their agent’s help, they completed a life insurance needs analysis, which showed that both needed to substantially increase their coverage. At Kathy’s insistence, they went ahead with the purchase.

That spring, Mark suffered from stomach pains, and the diagnosis was devastating: pancreatic cancer. He passed away five weeks later at age 45. Proceeds from Mark’s life insurance were used to pay funeral expenses, medical bills and credit card debt, and allowed Kathy to take time off to grieve.

An investment account funded with insurance money provides Kathy with a monthly income to help with mortgage payments and everyday living expenses. Money has also been set aside to help fund the kids’ college costs.

Kathy has made many difficult adjustments since Mark died, but financial sacrifices haven’t been necessary, thanks to the decision to buy more life insurance. “It’s been a big worry off my mind,” Kathy says.

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A Promise Kept

Betty Ann Veal, known to everyone as Sissy, had a personality no one could dislike, says her husband James. So when Sissy made him promise he would never pout her in a nursing home, he was determined to abide by her wishes. “I said, ‘I’ll sell everything I’ve got to keep you out.’” He recalls.

But after Sissy, a retired bank loan officer, was diagnosed with Alzheimer’s disease, James suffered some medical setbacks of his own and struggled to provide the care she needed. Twice, he had to call a neighbor to help pick her up after she had fallen.

Fortunately, James did not have to resort to drastic measures to keep his promise to his wife of 48 years. With guidance from insurance agent Richard Green, James and Sissy had bought long-term care insurance policies. Taking advantage of a $100 daily benefit for in-home services, Sissy received extensive home-based care off and on for seven years until her death in 2004.

James, 75, is a retired community college administrator. Because of debilitating back pain, he must use a walker to get around. He also suffers from diabetes and has had open-heart surgery. His two children help take care of him, but they do so because they want to, not because they have to. For the past three years, his own long-term care policy has provided him with a health-care worker who stays with him during the day and cooks his meals. “Buying long-term care insurance can save your spouse and your family from financial and emotional disaster,” he says. “It was one of the smartest things I ever did.”

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These stories are brought to you by The Life and Health Insurance Foundation.
Life and Health Insurance Foundation
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