For the next two months, Harry fought for his life. He staved off numerous infections and pneumonia, and even spent time in a coma. Then he spent three months in a burn center undergoing rehabilitative therapy. Finally, he returned home to his wife and three children, ages 11 to 14. Though Harry faces months of rehabilitation, one thing he doesn’t worry about is his financial situation. That’s because he and his wife Karen had planned carefully with their longtime financial representative Michael Kipniss, CLU, ChFC. When disaster struck, Harry was financially prepared.
Within 30 days, he was collecting benefits from several longterm disability policies that helped, along with some money from his employer, to replace his entire working income. Harry also owned several whole life insurance policies as well as a term life policy that was converted to a whole life policy once the disability occurred. Each of his policies carried a disability waiver of premium provision, which means that his insurance company now pays all of Harry’s premiums and will continue to do so until he’s able to return to work. These premiums amount to more than $25,000 a year being contributed to his policies, which will help with future college costs for his children and supplement his retirement income. “Having this insurance gave me an ease and comfort I would not have otherwise had,” Harry says.