Client Success Stories – Tony and Tanya
Client(s) Information: Tony (age 36) & Tanya (age 34)
Health Status: healthy, non-smokers
Client Needs/Wants: Pay off all debts in the event of one of their deaths
Tony and Tanya were referred to me from an existing client. They were concerned about the amount of money they owe on existing assets, such as their house, rental property, and motorhome. In the event one of them passed away, the remaining spouse would not be able to make the payments. Furthermore, neither of them wanted to be in a situation where they were forced to liquidate assets in order to stay solvent. In addition to paying off debts, they wanted to have $50,000 for final expenses, such as estate fees and taxes, funeral costs, etc.
The solution to Tony and Tanya’s above problem was to apply for a term-20 life insurance policy. Based on their health status, they were approved in a matter of weeks. They are co-owners of the life insurance policy and are also both insured under one policy (called a joint-first-to-die). For $750,000 of life insurance coverage, which was an amount determined based on their debts and final expenses, they pay roughly $80.00/month. This premium amount is guaranteed to not increase over the next 20 years.
Tony and Tanya took action and now have the piece of mind knowing if one of them was to prematurely pass away, the grieving widow would not be bombarded with debt payments and liquidity issues. Money should be the last thing on the surviving spouse’s mind, but unfortunately without life insurance in force, it becomes the cause of further crippling stress during a time of anguish.
DISCLAIMER: client names have been changed to protect their identity.