Featured New York Life Insurance Agent: Emily Montgomery

Featured New York Life Insurance Agent:
Emily Montgomery

In December 2007, life for Mississippi-Office-based Agent Emily Montgomery’s 21-year-old client could not have been much sweeter. On a daily basis, he was able to do the three things he enjoyed most: play basketball, work as a front desk clerk at a local hotel and plan the next steps in his promising life.

An accomplished basketball player, he often spent at least two hours playing pickup games and practicing his moves. As a front desk clerk, he enjoyed greeting guests and was never too busy to pitch in to make sure things were running smoothly in other areas of the hotel. As a planner, he set himself apart from others his age. At a time when most young men’s thoughts about their financial future rarely extend beyond the next payday, Montgomery’s young client was thinking about how he could retire at age 55.

The client had recently taken a first step: moving out of his parents’ house and into his own apartment. Although he was on his own, the words of his father, “Keep your finances straight,” were never far from his thoughts. The client took those words to heart and put a plan in motion.

Thinking Forward
In mid-December of 2007 he purchased a $100,000 Term Life insurance policy through the hotel’s Voluntary Payroll Deduction program, set up by Montgomery. The policy cost him just under $10 dollars per month, but it was not a decision he made lightly.

“We talked for hours about that policy and whether he should buy Whole Life or Term,” remembers Montgomery. “He kept asking me questions about insurance and investments. He wasn’t your typical 21-year-old, very forward thinking. His co-workers, waiting in line behind him to sign up, teased him saying, ‘Hurry up. You’re young. What do you need life insurance for anyway?’”

“I tell this young man’s story to many of my prospective clients. My conviction comes from a place of real strength. I’ve seen first-hand what can happen.”

She continues, “Because he hadn’t any dependents or incurred any debt to date, my client certainly didn’t need a large policy. I did explain to him the benefits of investing in Whole Life at his age: how it accumulates cash value, and the fact that his youth and good health would make it a great time to purchase it. at a cheaper cost. He had just started working, however, and was concerned about managing the cost of his health insurance along with setting aside enough for his Life premiums. After much discussion, my client decided to purchase Term with the plan to convert to whole life insurance after the first year,” recalls Montgomery. “He was still interested in finding out more about whole life insurance, though, and I told him we’d revisit it after the holidays.”

Just after the New Year, Montgomery received a call from the hotel’s manager. The news was tragic. The young man had died earlier that day doing one of the things he loved best, playing basketball. The cause, according to an autopsy, was hypertrophic cardiomyopathy, a disease caused by an increased thickness in the heart wall and a major cause of death among young athletes. As was the case for this young man, it typically goes undetected until it is too late.

When Montgomery called on the client’s parents the next day, they were shocked to learn that he had taken out a life insurance policy. “He said he wanted to make sure his mom had some money,” she remembers. “They were surprised, but his father had taught him well. This particular client always wanted to do the right thing.”

Act Today
His co-workers at the hotel were also devastated, prompting the manager to ask Montgomery to meet with some employees to discuss the young man’s death. “It really was a sobering experience for many of them,” she recalls. “Here they had been good naturally teasing him just a few weeks earlier about not needing life insurance and suddenly they had a real life example of why you actually do need it. It emphasized to them you don’t always have the time you think you have, so act today.” With the $100,000 death benefit, the client’s parents were able to buy a few acres of land they had wanted to purchase for some time — a small legacy of his love for his family.

“On the one hand you feel just terrible bringing a check, for whatever amount, to parents for a child. It’s never supposed to be that way,” says Montgomery. “In this case, using the money to purchase the land, something they always wanted to do, is a real tribute to my client and to the way his parents raised him.” For Montgomery, the tragedy strengthened her resolve when talking to prospects. “I tell this young man’s story to many of my prospective clients. My conviction comes from a place of real strength. I’ve seen first-hand what can happen.”

Rate This
Rating: 4.9/5 (23 votes cast)

  Be the first to Comment