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Frank Ames – Amid Grief, Many Silver Linings

While helping to build the Los Angeles subway system, Frank Ames was hit by a truck and injured so severely that he was no longer able to work at his construction job. Complications from the injury impacted his life in many ways. Even something seemingly as simple as buying life insurance became very difficult. With two small children, Frank and his wife, Laura, knew life insurance was a must.

Due to his poor health, Frank was only able to buy a small policy. Fortunately, Laura, a teacher, was in great health and qualified for preferred rates on her policy, which she bought with the help of insurance agent Bob Arensberg, CLU, ChFC, LUTCF. During a doctor’s visit just weeks later, Laura received devastating news. She had a cancerous tumor in her abdomen. She battled the disease for several years, but in early 2005 doctors gave her just a year to live. She and Frank invoked a provision in her insurance policy that allowed for an early payout to a terminally ill policyholder, and used one third of the death benefit to buy land in rural Missouri and build a home. Laura spent her final months there. She passed away at age 42.

Frank remains unable to work, but a provision in Laura’s policy allowed him to apply some of the death benefit toward life insurance coverage for himself, regardless of his physical condition. Today, he supplements his small Social Security disability payments with income generated by invested insurance proceeds, plus rental income on a second home he and Laura had built on their property. He also set up college funds for his children, Bethany and Joshua. Frank was even able to set aside money to honor Laura” memory with a foundation in her name that is building a church playground and children” center. “Without this policy they would have been in an awful financial situation” says Arensberg. “Amid all this grief at least there are some silver linings.”