How a Life Insurance Payout Changed a Family’s Life

Aaron Crowe | Life Insurance, Term Life Insurance | 27 Oct, 2014 | No Comments

When Marcia Noyes’ husband died suddenly of congestive heart failure about a year ago, Noyes wasn’t quite sure how much term life insurance he had, but it has been “a life saver,” she says.

“With one child at Georgia Tech and two other children who graduated in 2012 and 2013 and still not on their own, this life insurance has been a Godsend to keep us afloat,” says Noyes, 54, who lives in San Antonio, Texas.

The first life insurance policy her husband bought was a $100,000 whole life policy he got while an undergrad at Georgia Tech, she says. The couple cashed that in while her oldest son was in college. Her husband then bought another policy, a term life policy that was much more affordable and gave family triple the amount of the first policy.

“At that point, he still needed life insurance, so for the first time, he bought term life insurance,” she says. “That’s what he died with.”

The term life insurance policy was for $300,000 in coverage, which he bought around 2008.

“I put that money in the bank, tried to make as much money as I could to keep from using it,” Noyes says. “But just having it there has given us all the confidence that we can more forward without financial fears.”

“Without it, I’m not sure where we would be,” she says. “Most assuredly, my daughter would have had to drop out of Georgia Tech and my two older kids would have to squelch their dreams” of going to graduate school for a master’s degree, and her son would have had to find any job quickly and put his dreams of being an actuary on hold.

The payout from the term life insurance policy helped her children afford to continue to attend college, and taught Noyes the importance of living life daily and having a life insurance.

“My husband never expected to die that early,” Noyes says. “You just never know.”

“I turned around and kept my life insurance policy he bought at the same time and took out policies on all my kids,” she says. “I know how long it took for me to get back on my feet with work and doing all the details of his estate. I can’t imagine what kind of impact the death of one of my children might have on my income, so I thought it was a wise decision.”




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