A Pan-American Life Insurance Group Stock Company

Insurance for Life: Benefits of Working Closely with an Advisor

The following is a true story of how a family has benefited for decades from both MTL life insurance products and the advice they receive from their MTL life insurance advisor.

In 1993, Randy was a 37-year-old married man with a wife and young children. At the time, his life was similar to many people's. With a growing family dependent on his income, he knew he needed as much life insurance as he could buy, but he also needed to be mindful of costs because of the expense of raising his family. Continue reading to see the advice he received from his insurance advisor.

Changing with the Times

Bob, an independent life insurance advisor contracted with MTL Insurance Company, understood Randy's needs because most of his clients were just like Randy— responsible people who want to take care of their families no matter what happens. "People with young families usually need a large amount of insurance for a short period of time while their children are growing up," explains Bob. "Term insurance's low-cost premiums work well in these instances. But later in life, the cost of term insurance becomes prohibitive as the insured ages and has to renew the policy at his or her current age."

"That's when whole life insurance's permanent, guaranteed premiums are really a benefit," concludes Bob. "The premiums on a whole life policy will never increase during the insured's life. In addition, whole life insurance offers guaranteed cash values that accumulate on a tax-deferred basis. Policyowners can access this money during their lifetimes through loans, at attractive interest rates. These funds can be especially helpful in later years, to supplement retirement income. I advise all my clients who believe they can't afford to buy whole life insurance when their children are young to buy a term policy that they can eventually convert to a whole life policy. It's just the right thing to do."

Because Bob understood Randy's current and future needs, he suggested that Randy purchase a term policy and convert it to a whole life policy later, when Randy's children were grown. Heeding Bob's advice, Randy purchased the policy.

Over the next decade, Randy's family grew up, and Bob continued to develop a good working relationship with Randy and his wife, Robin. During this time they bought several additional life insurance policies from Bob, and following Bob's advice, they converted them to whole life policies as the family's needs changed.

All went well until 2008, when Randy—at the age of 52—was diagnosed with cancer. Two years later, he died. 'The proceeds from the life insurance policies gave me peace of mind during a very difficult time,' explains Randy's wife, Robin. 'It was a great comfort to know that with all the transitions I was going through, at least I didn't have to worry about money. The process of purchasing the policies and receiving the benefits was seamless, too, thanks to Bob and MTL Insurance Company. My husband was a true believer in life insurance, and now I know I am too,' Robin concludes.

Today, Robin continues to adjust to her new life. While many areas of her life have changed, some remain the same. She still works as a dietitian in a nursing home, she still owns several whole life insurance policies, and Bob is still her insurance advisor. 'Bob has been my advisor for nearly 20 years,' Robin concludes. 'He makes life insurance easy—I'm going to stick with Bob.'


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