Sharon is a 63-year-old married woman living in an affluent suburb of Philadelphia. She is a non-smoker, keeps active, and is generally in great physical shape. She is currently the president of a small, liberal-arts college in northern New Jersey and is planning to retire from her position within 2-3 years. Sharon has a son and daughter and four young grandchildren.
She came to us five years ago mostly interested in insurance as security for her grandchildren’s futures. Sharon had a few options that we recommended. She applied for $1,000,000 in guaranteed Universal Life coverage with three carriers: MetLife, American General, and Prudential. She completed formal applications with the plan being to accept the best final offer. Sharon was approved at Preferred Best and went with Prudential with an annual premium of $9,530.00. Sharon can now be assured that her grandchildren’s futures are secure. If Sharon lives to the average life expectancy of 87 years old, she would have paid $267,370 in total premium for a guaranteed $1,000,000 pay out for her grandchildren. Even if she lives to be 100, she will have paid $400,260 for a guaranteed $1,000,000! Sharon now has the peace of mind knowing that her grandchildren will be taken care of.
Sharon is well-versed in the importance of life insurance and Long-Term Care. Two decades prior to working with us, she and her husband purchased Long-Term Care insurance when she was in her forties and he was in his sixties. Sharon’s husband is now in his eighties and due to a traumatic brain injury, is now living in a high-end nursing facility, complete with standard apartment living, great food, daily social activities, and of course assistance with activities of daily living. His long-term care insurance completely covers the $82,000 annual cost of the assisted living facility. During a recent policy review with us, Sharon was quoted as saying that her and her husband’s Long-Term Care policy is “the best investment choice I ever made”. While industry regulations prohibit us from calling insurance an investment, given that the Long-Term Care Insurance annual premium is only a very small fraction of the benefit it is hard to disagree with the sentiment.
Sharon is a busy woman both in her professional and personal life. We appreciated the opportunity to guide and support her in her family’s insurance needs.
Retired Executive Life 