easing a family tragedy

A family overcomes the death of a parent and is able to maintain its standard of living without acquiring debt.

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 Mutual of New York agent Todd Taskey at their new 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 Tylers decided on a $500,000 term insurance policy for him. "It was double the size of the mortgage," Joe said, "so if something happened to me, she'd have enough money to pay the mortgage off and create an annuity."

After discussing the hardships that would result in the event of Carolyn's death, they also decided to buy a $250,000 term policy for her, given the low cost for a woman her age. 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 and started weighing his "hard-charging 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. "I spend all morning outside with her, even during the week," he said.

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.

And today, even though Joe Tyler has moved hundreds of miles away, Todd Taskey is still his insurance agent.