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Article Archive >> Business

Your Insurance Matters: Protecting dreams

Your Insurance Matters
Protecting dreams
By Shirley R. Lamdan, CLU

Protecting dreams is what life insurance is all about. Helping families plan for their financial security is the daily challenge of the independent insurance professional.
When a 38-year old husband and father dies unexpectedly and very suddenly, how will the family get along on just the wife's paycheck? When a 59-year old husband and father of three dies in an accident, how will his family get by when his wife and the mother of their children has never worked outside the home? How will these children attend college? How will their spouses live in retirement?
In families where there is a child with special needs, how will the child be supported when one or both parents are no longer alive? More than 12 percent of the American population lives with some type of disability. Their families struggle with the responsibility of caring for their disabled dependents after they, themselves, have passed away.
Life insurance can provide one of the most effective ways to guarantee the financial security of people with special needs. To protect eligibility for government benefits, it's vital that the family find an attorney specializing in this field. A special needs trust will be established. Life insurance will often be used to fund the trust. The family should be careful to interview several attorneys before deciding upon a suitable choice. Listings can be found through State bar associations and groups like the Academy of Special Needs Planners and the Special Needs Alliance. Your insurance professional can also point out several attorneys in this field.
Here are several more stories of how life insurance has helped families after loss. These are from "real-life-stories" with video at: www.lifehappens.org.
When American Air's Flight #11 was hijacked on September 11, 2001, John Ogonowski was the pilot. His life insurance allowed his wife, Peg, to pay off their mortgage, clear debts, and send their three girls to college.
Jill McCarthy's husband was killed in a trucking accident just a few days after they applied for life insurance. The insurance contract wasn't even issued as yet, but the claim was paid.
Frank and Laura Ames applied for new life insurance but because Frank had some health challenges, he could only obtain a small amount. Laura was able to get a larger amount at a very reasonable rate. A few months later, Laura was diagnosed with cancer and passed away a few years later. That insurance helped Frank raise their children.
John Butcher was able to adjust to his new role as a single father to his six year old son after his wife, Kara, died at age 37 of an undiagnosed heart problem. She had purchased life insurance at work just a year before her untimely death.
Jackie Blanchard's husband passed away with barely enough life insurance to cover funeral costs. She was determined the same thing wouldn't happen when she died. She purchased life insurance, which has provided financial security to her two daughters. Jackie's death from lung cancer occurred two years after her insurance purchase.
A significant and increasing segment of the United States population suffers a financial crisis when a loved one dies unexpectedly. Almost one third of American households have no life insurance and millions more feel they need more coverage.
Call an independent insurance professional to discuss your concerns and questions. Together, you'll find the coverage that will fit your budget and protect your dreams.

Since 1982, Shirley Lamdan, CLU, of Hagerstown, MD has been providing independent retirement and insurance services to individuals, corporations and non-profits. Call her at (301) 791 9427 or (800) 628 3449. E-mail her at slamdan@lamdanselect.com. The website is www.lamdanselect.com.

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