We met Luke and Diana six years ago. Both lawyers with a thriving law practice, they had life by the horns. They had engaging work in a business they owned and the kind of flexibility to raise their two children most working lawyers only dream of.
Luke and Diana came to talk to us about better life insurance. They’d recently purchased a new home, just in time to welcome home baby number two. Although Diana still practiced law, her main focus was raising their young children. This meant the family relied primarily on Luke’s income to function. If Luke wasn’t around, the financial struggle for Diana and the children would be very real.
Since Luke and Diana were self-employed, we also spoke about disability and critical illness insurance, in addition to life insurance. Because they were only in their early 40’s, in peak health, had never been sick and weren’t planning on it in the future, they believed this kind of insurance wasn’t for them. We, on the other hand, were so convinced it was a good idea that we had them sign an indemnity, just in case.
Three years later, Luke had an accident and suffered a terrible concussion. Without disability insurance to replace his income, he forced himself back to work earlier than he should have for optimum healing. In the months that followed his concussion, his business revenue dropped in half.
Something had to change. It was time to consider disability and critical illness insurance. Luke and Diana didn’t want to experience another setback. They wanted to protect their lifestyle.
Now, 3 years older, Luke’s disability and critical insurance premiums are higher. He also has an exclusion on his disability insurance due to the concussion injury.
Now, 3 years later, Luke and Diana see the value of disability and critical illness insurance. Being unwell and unable to work was not only stressful but also both a physical and financial challenge that was unnecessary.
Insurance Can Reduce Financial Stress
Luke and Diana had invested a lot in their education and their business. They believed they’d both always be healthy and that illness or injury couldn’t or wouldn’t happen to them. Luke’s only regret today is that it took a personal injury experience to recognize the wise investment of living benefits.
If you see the value in Luke’s newfound wisdom and would like to explore disability and critical illness insurance, contact us today for a no obligation chat.
I wish it hadn’t taken an actual event for me to see the value in having disability and critical illness insurance,” Luke told us. “The 3 percent reduced income today to cover premiums is well worth the 100 percent guarantee that income will flow if something happens in the future. Thank you for not saying ‘I told you so’ and for helping us fully protect our lifestyle.