04 Nov Life Insurance for… Life
Most people think life insurance is there to protect families financially when someone dies. And while that’s true, the “living benefits” of life insurance can also help families beforehand. This has been true for Kelley and Doak Snead.
They are a match made in country music heaven—Nashville, where they met working in the industry and then bonded over their love of making music. Their love has grown over the past 23 years, and life insurance has been an important part of their life together. As Kelley grew her new career in real estate and Doak focused on raising their daughter, Emma, they knew they needed the financial safety net that life insurance offered.
Tragedy struck, however, when Kelley—the family’s main breadwinner—found out she had a drug-resistant type of Parkinson’s disease. It has slowly robbed her of her ability to work, and now even to care for herself. Fortunately, their insurance professional Wallene Leek had made sure that Kelley not only increased her life insurance over time, but that it had living benefits as well.
Kelley’s term life insurance policies have a disability waiver of premium, which means she never has to pay another premium. And because her diagnosis is terminal, the family is able to access a percentage of the death benefit now. That has meant the world to the Sneads.
The family has been able to stay in their home, instead of selling it, and Emma has been able to complete school. What’s more, Kelley and Doak are able to spend what time they have left without the crushing burden of financial worry. “Kelley’s disease may have taken away her livelihood, but life insurance has saved our lives at this point,” says Doak.
There are a lot of factors that come into play when choosing the right life insurance policy beyond price. Contact QQIS today to learn more about these options.
Life Insurance for… Life – Video Transcription
Doak Snead (Husband): Kelley and I met at the Country Music Hall of Fame. Before Kelley got into real estate she’d worked in the music business and she’s also a great writer. Kelley’s voice is beautiful, it’s like an angel.
It was in 2009, she started having some pain in her shoulder and, all of a sudden, her handwriting diminished.
Wallace Leek (Insurance Professional): She was diagnosed with a very aggressive form of Parkinson’s Disease that was drug-resistant.
Doak: It progressed pretty quickly. In the last 3 years she’s lost her mobility. It’s terminal and she and I don’t think about it. We try and be positive.
Wallace: Kelley Snead was the bread-winner for her family. Doak, her husband, was more of a stay-at-home dad. Kelley made the decisions for life insurance.
Doak: She really wanted to protect Emma and I and she actually took out two policies.
Wallace: Both of the policies not only had the waiver of premium rider, but they also had an accelerated benefits rider. The waiver of premium kept Kelley from losing that life insurance when she was no longer working.
Doak: Because of the living benefits rider we were able to take an advance from Kelly’s policy, up to half of it. We used that money to pay off some debt and we put Emma through a trade school and we also cut Kelley’s CD with it. Cutting the record was probably the most important thing to her because one morning she realized, she said, ‘I’m not gonna be able to ever sing again.’
Wallace: Kelley’s story is a shining example of what life insurance should be able.
Doak: No one knows how much time Kelley has left. We’re just gonna pray that the good Lord has got a long time for this girl to live. Purchasing this life insurance policy was, I think, one of the most important things Kelley ever did in her entire life. And it was all for the love of her family.