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September 15, 2004 at 08:00 PM
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To many people, life insurance is much like any other form of insurance: the bill is paid, and in exchange the client can know that their loved ones will be cared for in the event the unspeakable should occur. Few people realize all the benefits that are considered life insurance, but for those who do, those benefits are more than a worst-case scenario trump card, they are quite literally a lifeline. The people behind the policies may have a declaration stating the cash value of their insurance or investments, but there is no measure of how much the unwritten benefits are worth.
“Clo,” an 83-year-old woman with a husband suffering from Alzheimers disease and no way to pay for the rising costs of his care, found peace in an annuity, turning assets that were otherwise too large to qualify for Medicare into a stream of income. Medicare assumed the bills and the added income allowed “Clo” to maintain her standard of living comfortably even after her husbands Social Security benefits were withdrawn.
“Michael” felt secure, protecting his growing family in case their income was lost by his untimely death with a plan that fit into his limited budget.
“Shauna,” mother of a toddler and infant twins, found hope knowing that at a time when saving was difficult, she had set up a permanent plan of protection with tax-deferred savings for herself and each of her young children.
