Individual Plans

In 2012, Thomas and Debra secured a $750,000 life insurance policy that included Living Benefits—riders for chronic, critical, and terminal illnesses—to protect their family’s financial future. When Thomas was diagnosed with toxic mold-induced lung disease in 2016 and later required a double lung transplant in 2017, mounting medical and living expenses put them in a difficult position. By activating the Critical Illness Rider, Thomas received $200,000, which helped cover costs such as relocation and daily expenses, ultimately preventing financial ruin for their family.

A 49-year-old individual, following a routine medical checkup that indicated excellent health, suddenly suffered a fatal heart attack later that day. The unexpected death left the surviving spouse to shoulder the full responsibility of raising their children, while also dealing with the immediate financial challenges of funeral expenses and other costs.

The deceased had maintained a minimal term life insurance policy that provided a nominal death benefit—far less than the actual expenses incurred during the crisis. As a result, the surviving spouse was forced to borrow money to cover the gap between the insurance payout and the true cost of the funeral and related expenses.

This example underscores the importance of securing adequate life insurance coverage. With sufficient protection, families can avoid the financial burden that may otherwise compound the emotional challenges of losing a loved one, ensuring a more secure future during difficult times.

Two partners co-founded a marketing business that grew to over $800,000 in revenue, with each owning a 50% share. Despite their success, they did not have a buy-sell agreement to manage unexpected events such as death or disability. An advisor recommended purchasing term life insurance policies—sufficient to cover each partner's share—and disability insurance to safeguard income.

However, action was delayed. Six months later, one partner suffered a massive heart attack that left him paralyzed and unable to work. Without the necessary insurance, the business struggled to address the financial fallout, leading to prolonged litigation and ultimately bankruptcy.

This case study illustrates the critical importance of timely and adequate insurance planning to protect business interests and ensure long-term financial stability.