Joe Tyler - Easing a Family Tragedy
Right after his daughter Jordan was born, Joseph Tyler decided that it was time to get some life insurance. His wife, Carolyn, agreed. So on November 14, 1991, they met with an insurance agent at their home in Bethesda, Maryland.
A successful business analyst with a comfortable income, Joe considered term insurance "a cost-effective way of providing personal security for my family." The Tyler’s decided on a $500,000 term insurance policy for him, and after discussing the hardships that would result in the event of Carolyn's death and the low cost of a policy for a women her age, they also decided to buy a $250,000 term policy for her. The policy was issued on November 26, 1991.
On November 2, 1992, Carolyn Tyler died of respiratory failure due to cancer. In less than 12 full months, this 34-year-old mother and wife had been devastated by a cruel disease, leaving Joe alone to raise their child.
With the money provided by the life insurance, Joe was able to reduce his mortgage significantly. He got a nanny for Jordan but soon started weighing his professional responsibilities against his desire to devote more time to his daughter. "It takes a while to make a significant life change. You mull it over, and all of a sudden something seems clear," Joe said.
The shift was major. Thanks to the equity in his house, he was able to purchase a farmhouse in Connecticut and launch a new career as an antiques dealer. Remarried now, he's also enjoying more time with Jordan.
Joe said the life insurance made a big difference, even before the tragedy of Carolyn's death. "It allowed us to go about our lives and not feel as vulnerable to accidents and other unforeseen occurrences. After Carolyn died, the insurance gave me the flexibility to make a lifestyle decision I couldn't have made without it," said Joe.”
This video is provided by the Life and Health Insurance Foundation for Education, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families’ financial futures. © LIFE 2009. All rights reserved.
