Here are several families who did not anticipate major problems in their lives, and whose forethought of purchasing a Universal Life policy saved them from major disasters. Living Benefits from their policies helped protect these people when a chronic or critical illness or injury occurred. Even without such a life threatening event, Living Benefits can help you earn and enjoy a retirement income that you will not outlive. The best way to understand the impact Living Benefits can listen to and learn from policy owners who have actually used them.
A mutual friend with a new dog brought Stephen and Katie together. Stephen had headed to his friend’s house to meet the new furry member of the family, and when he got there, he saw Katie playing with dog in the backyard. “Katie was so outgoing,” says Stephen. “She was the nicest person you’ll ever meet.” That first meeting led to beach outings and concerts, and over time to getting married and thinking about starting a family.
It was Katie who suggested they get life insurance. Stephen admits he wasn’t too happy about the idea. They were young and healthy, so he didn’t see the point. Katie, however, convinced him to sit down with insurance professional Rose Goheen, who walked them through the process and presented them with affordable options. They both decided to get life insurance coverage.
When the couple welcomed Chase, they decided to reevaluate their life insurance. Given their expanding family and responsibilities, they both bought additional life insurance. It was during her recovery from giving birth to Reid that Katie realized something was wrong. Her doctor confirmed her suspicion that the abdominal lump she felt was something much more serious. In fact, it was an aggressive form of cancer.
Katie, with the love and support of her family, valiantly fought the disease, but just over a year later it claimed this young mom’s life. She was just 30.
No words can capture the devastation that Stephen and his boys felt at Katie’s loss. “It’s horrible to lose your soul mate and best friend,” he says. “But I have two boys to support, and I want them to know their dad can carry on.”
Life insurance has helped with that process. “Nothing can bring Katie back, but having life insurance meant we didn’t lose everything,” he says. “I don’t earn enough alone to afford living in our house. Life insurance has eased my financial worries on so many levels.”
Thinking back to that first meeting with Rose, Stephen says: “Katie was the smarter one. She knew to plan for the future “our future“ with life insurance.”
“Getting the Living Benefits was one of the best decisions I ever made.”
-Cornelia Steinberg, Cancer Survivor & Living Benefits Advocate
What does peace of mind look like? See how life insurance with living benefits provided Eric and his family with peace of mind during a health crisis.
Jessica, only 30 years old, was a new mom when she learned that she had breast cancer. Her saving grace was her life insurance policy with living benefits. Watch her story here.
There are additional benefits associated with our life Insurance and annuity solutions provided by optional riders. We call them Living Benefits, and we have been providing them since 1937. Based on the product, living benefits can provide benefits should a qualifying terminal, chronic or critical illness or critical injury occur1, or if your desire is to have an income that you cannot outlive.
The best way to understand the impact living benefits can have is to hear from policy owners who have actually used them.
Most people think of life insurance as just insurance that can pay for funeral expenses and leave some money for those who are left behind. But life insurance is misunderstood and has uses far beyond what you might imagine. While paying for final expenses and having income replacement is really important for those you love, life insurance can be so much more.
Check out these seven ways you may be able to use your permanent life insurance before you—well, check out.