Having spent 25 years in the life of insurance business, Mike primarily works with farmers and ranchers over the age of 50, helping to provide wealth transfer strategies. Mike says, “It’s not about us. It’s about the loved ones we leave behind.” On September 13, 1993, Mike learned in a very personal way what a difference life insurance can make in the lives of survivors. Less than one year after selling his youngest brother Mitch a $100,000 permanent life insurance policy, Mitch was tragically killed in a grain bin accident while trying to help another brother deliver family corn to market. Only 29 at the time, he left behind his yound wife Sheila, 5-year-old daughter Cassie and very few assets. “When I sold him the policy, he could hardly afford it. My purpose in selling him the whole life policy was two-fold: I wanted to afford him protection for his wife and child, and I wanted him to start putting away something for the future. Little did I know that he would need it soon.” Mike comments.
Sheila was unaware of the policy’s existence, and as she and Mike’s father worried over how to cover funeral expenses, Mike was able to offer both comfort and relief. “In highly emotional time, it took all the financial worries away, “ Mike says. Part of the money was placed in a unified gift to minors for daughter Cassie, and she is currently attending college through the use of those funds. An excellent steward, Sheila purchased a newer look to the furniture, his family members are better equipped to enjoy the present.
Story submitted by M. DeBoer, Ohio Nation General Agent – Form T-3388 Rev 8-06 (Go to Ohio National by using the link provided at the bottom of this page)
Dealing with he Tough Issues, Succession Issues, Compensation and Ownership Issues, Competing Interests, Active and Interactive Children, Estate Equalization Through Life Insurance, Buy-Sell Agreements, Redemption, Family Partnerships, (retention of control is one of the most attractive, if not the most attractive, characteristic of a family limited partnership), Valuation Discounts, Pay Roll, Benefits, Supplemental Executive Retirement Plans (SERPs), Split-Dollar Plans, and Executive Bonus Plan. Get Started Now.