W
When Darrin anD Liz
approached AMA about pur-
chasing life insurance in 2013,
it just seemed like the right
time. The young Calgary
couple had married, bought
a home, and recently had a son, Jack. “You just think
really differently when you have a child. You know
how important this child is and you would never
want to leave them with nothing,” Liz recalls.
Having previously gone through cancer treat-
ment, she was ineligible for coverage, but Darrin
invested in a policy that named Liz as the benefi-
ciary. She never expected they’d need it so soon.
On July 23, 2016, Darrin passed away unexpect-
edly at age 34, leaving behind his wife of five years
and their three-year-old son.
Liz describes Darrin as passionate and energetic,
a devoted father who was a self-employed plumber
and part-time stay-at-home dad. As with any death,
Darrin’s passing not only took an emotional toll on
his family, it also left them with financial question
marks. Fortunately, these questions could be
answered in part by Darrin’s life insurance policy.
Kris Hird, manager of life and living benefits with
AMA, notes that people in their 20s, 30s and 40s
typically have greater short-term reasons for pur-
chasing life insurance. Among these reasons could
be larger debts—like a mortgage with lengthy amor-
tization or multiple car loans—and young children
whose futures may include significant financial out-
lays such as post-secondary tuition. Life insurance
can help alleviate the potential lost income that
would have been coming into a young household
over the course of that person’s working life.
Because each family’s needs and motivations
are different, life insurance policies come in many
sizes and configurations. They can be as small
as $25,000, to simply cover final expenses, or as
large as $2.5 million, to help replace lost income
and pay off major debts. In certain ways it’s also
easier to invest in insurance when you’re younger:
Premiums are typically lower, and when the policy
comes up for renewal, in most cases you don’t have
to undergo an additional medical exam. An AMA
Insurance advisor can help to determine a plan that
best suits your circumstances.
For Liz, the process for making a claim on
her husband’s life insurance was simple. She
remembers signing some papers, and not much
else. Within a few weeks, AMA hand-delivered a
lump-sum cheque. “It was not invasive, it was not »
AMA InsIder
Fall 2017
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