Featured client Paul Maloney: A second chance at life
Paul Maloney had always been the picture of good health. He was an avid skier and worked hard to stay in shape. That’s why he and his family were shocked two years ago, when he was diagnosed with stage IV throat cancer.
The medical treatments quickly devastated the family’s savings. As his wife, Mary, explains, “The financial stress alone was absolutely crippling.”
A pleasant surprise came when their life insurance agent contacted them.
“All of a sudden the most important person in my life is my insurance agent and the company he chose to be associated with.” – Paul Maloney
Paul’s New York Life agent advised him that there was a provision in his life insurance policy called a Living Benefits Rider that he could use. The rider allows policyholders to access a policy’s death benefit if they have been diagnosed to have a life expectancy of one year or less.
Using funds from his whole life insurance policy, Paul was able to begin a new round of innovative cancer treatments.
“I used to be the most cynical person about insurance, and then, all of a sudden, the most important person in my life is my insurance agent and the company that he chose to be associated with,” says Paul. “And the company turned out to be exactly what he said it was. You wouldn’t have imagined that there were any companies left in America with this kind of integrity.”
Shortly after beginning his new treatment regimen, Paul celebrated the wedding of his daughter, Danielle. The wedding present for the newlyweds? A New York Life insurance policy.
Paul Maloney has been compensated by New York Life to provide this testimonial.
This video was originally produced in 2010. Unfortunately, Mr. Maloney's cancer returned last year and he passed away in late-2014. His family has given permission for us to continue to tell his story.
Mr. Mahoney's experience with his New York Life policy was not necessarily representative of the experiences of all policyholders. It is an example of how an agent can work effectively with a client and structure a policy to address needs which may not have been easy to foresee.