19 Feb Living a Whole Life With Life Insurance
Living a Whole Life With Life Insurance
There were no children on the horizon yet for Norm and Sandy Page, but this young couple, in their early 20s, decided to buy whole life insurance policies. They had met with Thomas Waring, Jr., CLU, ChFC, their financial professional, who explained that because whole life insurance also builds cash value, it would help them with their goal of saving for retirement, while also protecting them in case either were to die prematurely.
The Pages’ plans changed in an instant when their son, Adam, was born with spina bifida, a malformation of the spinal cord. The couple had good health insurance coverage through their jobs, but there were certain things it didn’t cover like special braces that Adam needed to walk.
To pay for these items, the Pages tapped into the cash value that had accumulated in their whole life policies.
The money from the policies even allowed Adam to pursue a special dream. He developed a passion for sled hockey, and Norm and Sandy borrowed from the life insurance policies to pay for some of his equipment and training needs. At 15, he became the youngest person to make the U.S. National Sled Hockey Team and at 18, he won gold at the Paralympic Games in Vancouver.
Over the years, the Pages have purchased more life insurance to make sure that Adam will be adequately provided for should he outlive his parents, which doctors say is likely. For his part, Adam is now attending college to pursue a career in sports management. He even bought his own whole life policy, as he prepares for his life ahead. “I’ve seen what it’s done for me,” says Adam. “Whole life insurance has provided me the opportunity to live a whole life.”
Permanent life insurance provides a death benefit and the ability to accumulate cash on a tax-deferred basis. You can access the cash values through withdrawals or policy loans, and it can be used in a number ways including college savings, supplementing your retirement income or cash for unanticipated expenses. Consult with an expert to see if this type of insurance might be right for you.
Living a Whole Life – Video Transcription
Norm (husband/father): Our son, Adam, was born with a birth defect called spina bifida that affects the spinal cord. It was very serious, you know, the threat of him not surviving that first week. But after that first week, we just, Sandy and I, both said “You know, he’s here for a reason.”
Sandy (wife/mother): We had good health insurance, but we knew that it wouldn’t cover everything. And some things are expensive like special braces that Adam needed to walk.
Norm: We were able to borrow money from the cash that accumulated in our policy to pay for extra things that Adam needed.
Sandy: It took us a little bit, a few years, to find an adaptive sport of hockey for him to play, but when once he did, you know, it was like never looking back.
Norm: Adam was 15 when he made the U.S.A. Paralympic team.
Sandy: He was 17, he turned 18, and he won a gold medal in Vancouver.
Norm: You know, see that gold medal put around his neck? You know, it was truly the culmination of 18 years. After that first week of Adam we had a clear vision of what we wanted Adam to be, and that was to be the best that he could be. Find something that he truly loved, had a passion for, and help him obtain it.