Life Insurance

“Man plans and God laughs.”

Many years ago a man started a new business which was immediately successful.  He came to us to help with retirement planning and then, as an after-thought he purchased a life insurance policy.  This policy was structured so a part of it provided a life-time death benefit and a part of it provided enhanced coverage for 10 years.  Several years passed and his business suffered.  In an effort to save money he asked us to cancel his life insurance.  We proposed he restructure the policy and let the cash which had been accumulating make the premium payments.  He agreed with our proposal and the changes were put into place.

Several years later I learned he was grievously ill and I called him.  I told him the cash that had been funding the life insurance policy was almost depleted and he should be sure to continue making the payments.  He said, “I don’t have any life insurance”.  I assured him that a policy for $200,000 was still in place and he said, “I don’t know what to say” to which I said, “Tell your wife you found $200.000”.  He passed away a few months later and I delivered the check to his wife.