"My father-in-law trusted me to take over the business he had built from the ground up. But he wouldn’t listen when I suggested he needed life insurance."
Greg Basso recalls the long conversations he and his wife, Noreen, had with her dad, the owner of a small recycling company. "He really wanted us to keep the firm running after he was gone. He was terribly afraid we would be forced to sell it just to pay the estate taxes."
When Greg’s New York Life agent, Rick Paulsen, suggested that a whole life insurance policy could help with the tax liability, the Bassos felt they had a solution. As Noreen remembers, "Dad just wasn’t willing to believe it. He said, 'They’ll charge an arm and a leg to insure an 80-year-old guy like me. We’ll go broke trying to pay for it.'"
Rick Paulsen was not deterred. He came back to the family with a life insurance solution that they could afford, and that would, one day, preserve their business. Rick’s work, however, had only just begun.
Greg explains, "As Noreen’s parents got older, they began to see their nest egg dwindle, mostly because of increased spending on medical care. They worked all their lives to accumulate financial security for their retirement – andthe thought of losing it all was more than they could bear."
Rick proposed the couple convert a portion of their retirement savings into a New York Life Guaranteed Lifetime Income annuity that would provide a secure monthly income for life. Once again, he met resistance. "Dad insisted, 'There must be a catch,'" says Noreen. "He could not believe New York Life would send him a check every month for the rest of his life – and guarantee that, if the amount he collected over the years was less than the amount he paid for the annuity, Greg and I would be paid the balance as beneficiaries."
"But," Greg added, "Noreen’s dad had learned to trust Rick, who by then was like a member of our family. So he grudgingly bought the annuity – and later told me it was the best decision he ever made."
"For the first year or two," Noreen remembers, "Dad did not even spend a penny of what he got from New York Life. He just put the money aside in a safe place, as his security for a rainy day."
"Finally," says Greg, "they had peace of mind. You could see it in their faces. And as they got older, the annuity helped them afford continued nursing care in their home. They never had to be separated from each other."
Today, Greg and Noreen Basso are themselves enjoying retirement – with their own Guaranteed Lifetime Income annuities from New York Life.
"I love it," says Noreen. "On the 15th of every month, here comes the check. And off I go to the bank – but not before saying, 'Thank you.' Thank you to our dear friend, Rick Paulsen. And thank you, New York Life."
New York Life Guaranteed Lifetime Income Annuity is issued by New York Life and Annuity Corporation (A Delaware Corporation), a wholly owned subsidiary of New York Life Insurance Company. All guarantees are based upon the claims-paying ability of the issuer.
For most jurisdictions, the policy form number for the New York Life Guaranteed Lifetime Income Annuity is 211-P100. State variations may apply.
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|Rick Paulsen: They Finally Had Peace of Mind|