The Life and Health Insurance Foundation for Education’s (LIFE) series of personal life insurance videos are clear and positive reminders of the importance of these policies. Families shattered by the death of a loved one need all the support they can get, and a life insurance policy is an ideal method of ensuring economic safety.
One of the stories by LIFE focused on Bill and Connie Hobson, who were your average American couple. Bill had a job at AT&T as a product specialist that paid well, but complications began to occur when he noticed the strength in his hand had begun to weaken. Eventually, he was diagnosed with Lou Gehrig’s disease.
This degenerative neurological disorder can take years to develop, and over time Bill became less and less able to work. Yet it was before and during this time that Bill began putting his affairs in order, which included purchasing a term life insurance policy to supplement other policies he had obtained from AT&T. When Bill passed away in 2009, the Hobsons were devastated but able to recover financially thanks to his forward planning.
Combined, Bill’s death benefits enabled Connie and the couple’s daughters to set enough money aside to both prepare for the future and settle some of their existing debt. Connie’s financial planner set up a retirement account while utilizing Bill’s 401(k) and pension payouts to ensure economic stability while her kids were still in school.
If you would like to learn more about the advantages of life insurance policies and how they can change your life, contact us today.