Life Line


Life insurance for individuals



Overcoming the Unthinkable
Amanda Moses was straightening up her home when the news came across the television. A small plane had crashed at the nearby Talladega, Alabama airport. There were no survivors. Amanda's husband, Jeff, and four co-workers were aboard, on their way home from a trip to see clients in Ohio. In an instant, Amanda had lost the love of her life, and her sons, Josh, 22, and Eric, 17, had lost their father.

The accident also dealt a serious blow to Auto Custom Carpets, the world‘s leading manufacturer of automotive floor coverings. Jeff was president and one of three partners. The accident wiped out most of the company‘s sales force, and now the jobs of more than 150 employees hung in the balance.

Ken Howell, one of Jeff‘s partners and a longtime friend, didn‘t panic. He knew the company would be all right because of business insurance plans put in place with the help of his friend and independent insurance agent Larry Young, CIC, LUTCF. Life insurance policies for the partners, purchased from Protective Life Insurance Company and Transamerica Occidental Life Insurance Company, funded a "buy-sell" agreement. With the proceeds from Jeff‘s policy, the two remaining partners bought out Amanda‘s stock, leaving them in control of the company. The business had also purchased ‘key person‘ insurance on the lives of all three partners. Within 30 days of the tragedy, money from this policy was used to hire a salesman from one of the company‘s competitors.

As for Amanda and the boys, they‘re financially secure because of life insurance Jeff owned individually, plus the money Amanda received through the buyout. ‘I feel blessed that he loved us enough to have the foresight to take care of us,‘ says Amanda.

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