06 Feb Life Insurance Keeping a Dream in Place
Life Insurance Keeping a Dream in Place For the Franco Family
Kelli and Ron Franco met while working at a local grocery store, and over time a romance blossomed. Soon after they were married, they sat down with insurance professional Steve Edmondson. He helped them put their long-term dreams into motion by setting up a plan that included permanent life insurance, which offered both protection and a means to accumulate cash value.
Their family grew to include two sons, and Ron started his own concrete construction business. When the Francos were ready to buy their dream home, they tapped into the accumulated cash value of their life insurance policy to help with a down payment.
Then, when a dry spell hit his business and money was tight, Ron decided they should cancel their life insurance. Steve asked the couple to sit down and do a financial and budget analysis first. What they found was an even bigger need for coverage. Steve helped them find ways to cut unnecessary spending so they could afford to keep their permanent policies and supplement them with new term life insurance policies.
After the economy took another toll on Ron’s business, Ron told Kelli to cancel the life insurance. Kelli, who oversaw their finances, tapped into the accumulated cash value of their permanent policies to pay bills, including their life insurance premiums, to get them through this rough patch.
Her decision proved momentous. Just four months later, Kelli, who was only 46 at the time, died suddenly of heart failure. Ron’s grief was compounded by the thought that they would lose their home and the life they had built with their boys. Steve assured Ron that Kelli had not cancelled the insurance. “We worked hard for what we have and paid diligently. Life insurance made it possible for the boys and me to stay in our home,” says Ron.
As your life changes, so do your life insurance needs. Life events such as getting married, having children, buying a home and a job change may mean you’ll need more coverage. Learn more about life insurance and contact QQIS today to get a quote.
Life Insurance Keeping a Dream in Place – Video Transcription
Ron Franco: The first time I met Kelli, we met at a grocery store. I worked next to her for almost a year. Then one day she came in and I was standing on a milk crate stocking the top shelf. She asked me to borrow $100 to pay her rent. I said, “Yeah.” Pretty sure that was the first time I fell in love with her.
Kelli was fun and bubbly. She was excitement. We dated a little over six months and then I proposed to her.
Steve Edmondson (Insurance Agent): When they first got married is when they called me in. One of the things they said was they would love to one day buy their own home. And they wanted to know how they could map a plan to get them to that point.
Ron: We purchased universal life policies.
Steve: And they were able to use the cash value out of their life insurance as a big portion of the down payment for their home. Not too much longer after that, they had their first and second son.
Ron: We had two sons, James and Emmet.
Victoria (Ron’s Sister): Ron and Kelli’s dream was to own their own business together and raise their family.
Ron: So I went into a construction. Kelli helped me with the business. She ran the office. We were doing very well. In ’08, the economy took a dive. Things got very tight and we decided maybe we can cut out some of the life insurance. We invited Steve down for some advice.
Steve: We did a financial analysis and we found that there were places they could actually cut back that were a lot less important than cancelling their life insurance.
Ron: We decided to keep the insurance. Not only keep it, we increased it.
Suddenly in the middle of the night Kelli jumped up and grabbed her chest and she passed away in my arms.
Steve: What Kelli passed away it was actually heart failure.
Ron: She was only 46.
After Kelli passed away I was so distraught I thought we had actually cancelled the insurance, I didn’t remember that we had kept it.
Steve: Ron had thought that he and the boys had to move and the dream home that Kelli and him talked about when they very first got together would be lost.
Ron: Such a relief to know we did not cancel it.
Victoria: Life insurance feels like Kelli is still here and she is caring for her kids and shes’ still caring for her household and her husband. I believe that gives my brother a sense of relief.