People are buying Life Insurance for different reasons; however, the main reason is the love and care for their families.
A typical example is the story of a woman who recently visited our office with tears in her eyes. She came to say thank you to Legacy Partners for the assistance we gave her 10 years ago.
She was diagnosed with breast cancer in 2004 when her children were only 1 and 5 years old. Doctors told her that there was no cure, and she had only another 3 months to live. She was in an inextricable situation but fortunately she was positive and strong enough to make right decisions for her family’s future. She not only decided to fight for her life, but she also decided to get protection for her children. She bought life insurance for her husband to protect her kids from unseen, since she could not get any protection for herself at the time. She also bought life insurance as education planning for her children.
After consulting with Paul Arakelyan, the CEO of Legacy Partners Insurance & Financial Services Inc., she purchased a 30 Year Term Life Insurance policy for her husband and Whole Life Legacy 10 Pay for her children. The latter is a permanent life insurance policy providing guaranteed face amount. Premiums are payable only for 10 years. Thus, annually, the family paid only $1,500 for the boy and $1,300 for the little girl. 2014 was the last year they paid their last 10th payment. Their payments stopped in 2014, but the children will still have whole life insurance for the rest of their lives, and their policies will continue to accumulate cash value. For instance, they will have $15,000 cash value when they are 18 years old.
The moral of this story is that this woman loved and cared about her family so much, that even at the verge of her life, she did not forget to seek protection for her family. It’s partially due to her positive attitude toward life that she survived and recovered from cancer. Now, after 10 years she looked healthy happy and proud of her achievements: her health, her son who is the star player in his hockey team and her daughter, who won swim championships in all of LA.