Scott Young had a dream…to build a business and take care of his family. His life was cut tragically short by a freak accident. His widow, Cathy Young shares how Scott’s life insurance was able to keep his dream alive by providing his family with the financial security they needed.
Scott Young and his brother David built the largest heating and air conditioning business in their area. The business was so successful that Scott and his family were able to build a home in the Colorado countryside, with a hobby ranch for his children.
Scott’s decided to make sure his company and family had enough life insurance. His policy had a “buy-sell” agreement, so his brother could purchase Scott’s shares of the business, should he die before his time. He also bought an additional policy on himself, so that his wife, Cindy, and his children would be financially protected, in case of his premature death.
As fate would have it…just weeks after he purchased these policies…Scott died in a freak accident. On July 4th, he was paddle boarding in a nearby river and accidently drowned. He was only 52 years of age.
Because of Scott’s life insurance, David was able to buy out his brother’s shares in the business, and Cathy and her daughters were able to keep the ranch and move on. Since Cathy had no interest in running her husband’s company, she was able use the buy-sell funds to be a full-time mother to her kids. “My daughters and I have to make a new life for ourselves, without Scott,” says Cathy. “But he can still be a part of us, because we were able to stay here on this ranch.”
That’s what life insurance can do. It can turn pennies into dollars when your family needs it the most.
“I have an incredible amount of gratitude, and it’s all because of the life insurance,” says Cathy. “Without it, we’d be gone from this property. Now my daughters can grow in the home we built, as we create a new life together.”
To hear more of Cathy’s story, watch this video.
Video courtesy of Life Happens (www.lifehappens.org)