After a customer purchased his life insurance policy, he sent this letter that I want to share. “Our actions have consequences that last long after us, intertwining the present with the future in ways we cannot begin to understand. I have resolved a simple thing: I will do those things which make me happy today and which I can also live with ten (10) years from now.”
This was written over 20 years ago when people didn’t expect to live as long, expected to always be healthy, didn’t expect to have debt after age 65 and didn’t expect to be financially responsible for their children or grandchildren. When this gentleman was 55 years old he designed his life insurance policy to last ten (10) years – until “normal” retirement age 65. At 65 he did not retire; he loved his job, was in good health and had new debt. He needed to continue his policy. Rates started increasing every year in small amounts then those increases grew. (Since he had been convinced he didn’t need any insurance after he turned 65, he would not agree to review his policy and make any updates.) In 2017 things changed. His wife called to tell me he had a stroke and was in a nursing home. The combination of the stroke and complications from diabetes made him immobile and unable to have therapy. We needed to look at options because she really needed the life insurance but his premiums were increasing every year and had gotten to be more than they could afford. I contacted the insurance company regarding options that were available. Based on how old his policy was and his age, there were three (3) options – continue paying the increasing premiums, cancel the policy, or pay the minimum, lowest premium to keep the policy in effect one (1) year at a time. I shared these options with his wife and, after discussing her budget and needs, the only option she had was to pay the minimum, lowest premium one (1) year at a time. In May I was notified that my customer had passed away. I immediately called his wife. As soon as I identified myself she said she was thinking about me and getting ready to call. She was so thankful we had been able to have a plan so she could to keep his policy in effect. Now she will get a much needed check for $50,000. I found the letter I’ve shared with you in his file. How true it was when he said “Our actions have consequences that last long after us, intertwining the present with the future in ways we cannot begin to understand.” How thrilled I am that we were able to make a plan that his wife could live with after 10 years so the proceeds could be payable. Things change. Will your insurance be there when it’s needed? Help others and share your story. Call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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