From Super Insured to Uninsurable: Life Insurance Awareness Month

Colleague Andy Olson challenged me to share my story in honor of Life Insurance Awareness Month and post this picture. Here goes.

Nearly 30 years ago...

Upon the news that our first son was born my wife Liz Flanigan Garofoli’s immediate response was, “I need to buy a crib and you need to get some life insurance!”  And while that sequence may be odd for some it’s not unusual for those of us that built their family by adoption.  

John G. was born, the birth mother selected us, and we had about 30 days to expect a placement.

I was a group insurance distributor at that time and while an advocate I did recognize the need for some non-employer related life insurance. In a strange but true turn of events I present in my platform talk “Letter from Heaven,” insurance agent Howard Witz called me out of the blue and spoke of the merits of getting individual life insurance.  It had to be his easiest sale ever.

Elizabeth Garofoli, my wife, is an amazing accountant by training and her ability to get work is immediate and transferable. She’d temporarily be a stay at home Mom and then re-enter the workforce when the time was right. I’d continue to support the family with salary and benefits.  She would do so emotionally, spiritually and domestically. So the math was pretty simple; $300,000 for me, $150,000 for her.  Mine would pay off the mortgage, establish a college fund and provide for monthly expenses for a time...but not permanently (no Rich Housewives episodes for her!). It was about 5 times my pay at the time.

I was classified as Super Preferred (for my non Insurance friends that’s the best rate class and lowest premium).

Many of you know my story;

Super Preferred at 31.

First heart attack at 41.

And now recovering from quintuple bypass in my 60th year.

That means I am not insurable....at any price!

Yet I still have a policy that says I’m super preferred.  It’s like I crash my car every year but I still get the safe driver discount! My wife takes pride in paying our life insurance bill first every month.

Normally it would be a good investment but if things progress like I expect, the payoff won’t be for many years to come!  The surgery was successful and I should be going home today.

Now some practical advice; 

For my younger friends and even my peers; the most important thing about life Insurance is the ability to qualify.  If you have your health and need some, get some!  Protection has never been easier, cheaper and more varied to get.  

Next, know that it is just an economic consideration...what is the financial impact on my family if God calls me home? Ever practical, my wife has always figured that many of our (her) expenses will be lower.  

Finally, get some insurance that is not contingent on your employer.  (I’ve worked for 5 different companies since I bought mine). The Covid downturn and resulting unemployment is ample evidence of that wisdom.

Knowing that things (financially) would be OK was one less stress item when getting my care. Believe me every little bit helps!

On the health side I have been lucky (?!). My maternal grandfather died when my Mom was a teenager. There’s Coronary Artery Disease history on both sides of the family.  And despite all my challenges my heart function is....normal (note my heart is Olympic quality, it’s the arteries that fall way short of the finish line).  Surviving my first heart attack was a gift beyond measure...it taught me the warning signs for future “events” and kept me one step ahead.  Men or women, if you think it’s the flu....but feels different; if you think it’s fatigue...but feels different; if you think it’s heartburn....but feels different, trust your body and get it checked out...that day.

And regardless make sure your life Insurance is paid up!

(My range of knowledge is narrow but deep.  If I can ever help you or yours with questions on this topic just let me know.)