What if tragedy strikes twice in a family?Article added by ProducersWEB Team on March 20, 2017
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ProducersWEB Team

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Joined: July 31, 2008

The loss of a parent or caregiver is tragic for the surviving children. However, the loss of both of the parents or caregivers can be catastrophic.


We even hear about scenarios in the news where both parents die tragically at the same time or within days of each other.



Georgia Trooper Cares for Orphans After Their Parents Are Killed in Halloween Crash: 'It Just Tore Me Apart (1)
BY ERIN HILL•@ERINHILLNY
PEOPLE.COM POSTED ON NOVEMBER 4, 2015 AT 6:00PM EDT

When Georgia State Trooper Nathan Bradley rang the doorbell of the Howard family home in Newborn on Oct. 31, he had some heartbreaking news to deliver.

Donald and Crystal Howard, who had left to buy face paint and Halloween candy and were on their way home to take their four children trick-or-treating, had been killed in a car crash when their SUV skidded off the wet road and hit a tree.


Parents of 6 die within 48 hours of each other (2)

ROB QUINN, NEWSER STAFF
USA TODAY, PUBLISHED 10:38 A.M. ET MAY 2, 2016 | UPDATED 11:03 A.M. ET MAY 2, 2016

Six children in Alabama lost their parents when tragedy struck twice in the same weekend, leaving both their mom and dad dead of unrelated causes. Family members say last weekend, 40-year-old Jennifer Norsworthy developed a blood clot in her sleep and died after being rushed to a hospital in Huntsville, AL.com reports. Less than 48 hours later, her husband, 38-year-old Toby Norsworthy, died from a heart attack in his sleep and was pronounced dead at the same hospital by the same doctor and nurse who had treated his wife.


STORIES, SUCH AS THESE, ARE REPORTED ALL TOO OFTEN

What happens to those children, if tragedy does strike twice?. Now there’s MultiLife tm, a Group Term Life Insurance, that can provide up to hundreds of thousands of dollars for only pennies per day. This death benefit can be used to help provide for the loved ones who depend on both parents.

How is this product different from other life insurance products?

Value Security Company, LLC, an innovative creator of consumer focused financial services products, designed MultiLife™ to be a “game changer” in the group life insurance marketplace. This unique, patented life insurance offers your client groups an affordable product for their membership, and a great new revenue stream for you, the producer. For the first time anywhere, Guarantee Trust Life Insurance Company is pleased to offer MultiLife™ Group Term Life Insurance.

MultiLife™ Group Term Life Insurance is life insurance for the catastrophic situation when both of the parents or caregivers die within a set interval period (30 to 365 days) of each other, regardless of the cause. MultiLife™ can help, not only to provide for their children, but to help financially enable the appointed guardians of their children to carry out the wishes of the deceased parents or caregivers.

The features that make this product so unique include the following:

• Patented, group term life insurance

• Coverage for causes either by accidents or illnesses (unless listed under the exclusions)

• Online enrollment with guaranteed issue underwriting and electronic delivery of certificate

• Covers 2 people

• Face amounts as high as $500,000

• Interval periods available from 30 days to 365 days (one year)

• Optional Single Life benefit covering the first co-insured to die up to $50,000

• Low group rates



It happens more often than you think…

Having both of the parents or caregivers die simultaneously, or within months of each other, is something none of us want to think about. Yet, people in the US die every day, within months of their spouse, partner or co-caregiver of their children.(3) Very few families may be able to financially survive such a calamity.

According to the 2017 AARP Grandfacts Sheets, more than 7.8 million children live in homes where grandparents are the householders and are responsible for them. Of these, almost 1 million children have no parents present in the home.(4) If both parents die, funding the children’s educations, weddings, or simply the everyday care for the surviving children may become financially unfeasible for the appointed guardians. This financial burden may not have been fully recognized by the appointed guardians when taking on the role of caregivers for the orphaned children.

While most spouses or partners frequently travel together, or sometimes just run a quick errand close to home, the unthinkable can happen. According to research conducted in 2016 by the U.S Department of Transportation, on average, 5 times every day in the US, 2 people die from the same automobile or travel-related accident. (5)


Why should you offer MultiLife™ Group Term Life Insurance to your clients?

Coverage is not limited to simultaneous deaths from the same cause or just accidental death. It covers any death from related or unrelated accidents, and death from sickness or other natural causes (occurring within the interval period of each other).

The insurance need for MultiLife™ is based on the premise that, normally, in a marriage or any partnership arrangement, the death of one partner, though tragic, can be partially compensated for over the short term by extra effort and income from the surviving partner. However, if both partners die within a short period of time, recovery is usually not possible without help from outside resources.


How do you find out more about this product?

MultiLife™ was designed for use with all types of groups. The flexibility of this unique patented product allows it to be offered in almost any type of group situation. For more information contact Jeff Burman at jburm@GTLIC.com and put "ProducersWeb inquiry" in the subject line. Or call him at 847-460-4757

MultiLife™, group term life insurance is issued on Form Series GC_CFPL0200/GC_CFPL0200, by Guarantee Trust Life Insurance Company, Glenview IL. This product and its features are subject to state availability and may vary by state. Certain exclusions and limitations may apply, for cost and complete details of coverage, please refer to policy/certificate.

FOR AGENT USE ONLY - Cannot be distributed to the public or used in any consumer solicitation.

(1) People Georgia Trooper Cares for Orphans After Their Parents Are Killed in Halloween Crash, November 4, 2015

(2) USA Today, Parents of 6 die within 48 hours of each other, May 2, 2016

(3) WebMD, "Can You Die of a Broken Heart?", Jan. 06, 2012

(4) US Department of Transportation, 2015 Motor Vehicle Crashes: Overview, August 2016

(5) AARP-Friends & Family Relationships, Grandfacts Sheets, 2017



About the author

Jeffrey Burman
Vice President, Business Development

Jeff Burman joined GTL in 1990 as a major medical project manager and moved into his current role as Vice President of Business Development in 2014.

Mr. Burman is responsible for identifying and securing business opportunities for GTL’s Direct Marketing and Group Association areas. He also serves as President of VantageAmerica Solutions, a subsidiary of GTL.

With almost 40 years of insurance industry experience, Mr. Burman has participated in various industry associations, including serving as past President and Board Member of the Council for Affordable Health Insurance and served on the Policy Coordinating Committee of America’s Health Insurance Plan.

He holds an MBA from Loyola University with a concentration in Marketing.

Again, for more information contact Jeff Burman at jburm@GTLIC.com and put "ProducersWeb inquiry" in the subject line. Or call him at 847-460-4757
The views expressed here are those of the author and not necessarily those of ProducersWEB.
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