Frank
Szatkowski was a successful dentist, an avid outdoorsman and a
tournament handball player before Lou Gehrig's Disease robbed
him of the ability to speak, walk or even eat. Though he is fed
through a tube and must communicate with the aid of a laptop computer
and a laser pointer controlled by his head movements, friends
and family marvel at his indomitable spirit and ready smile.
The
disease forced Frank to stop working at age 56, a year and a half
after the first symptoms appeared. But a safety net of insurance
designed by Frank’s agent, Rich Lazarski, CLU, CPCU, shielded
his Chicago-area dental practice and his family from financial
catastrophe. A business overhead disability policy paid $25,000
a month to cover office expenses and employee salaries after Frank
became disabled. Frank and his business partner also had the foresight
to set up a buysell agreement and purchase disability buy-out
contracts to fund it. Those arrangements provided Frank’s partner
with the funds to buy out his share of the dental practice.
Because
of health insurance and an individually owned disability policy,
Frank has never had to touch his retirement plans to pay the enormous
cost of his 24-hour home care and medical bills. What’s more,
a provision of Frank’s permanent life insurance policy calls for
premiums to be waived in the event of disability. So his coverage
remains in force and its cash value continues to grow even though
he’ll never pay another penny in premiums.
Thanks
to the smart insurance plans that Frank and Rich designed, implemented
and adjusted over the years, the dental practice hasn’t missed
a beat and Frank’s family will always be financially secure. “I
don't know where we would be right now if they weren’t so diligent
in making sure everything was addressed,” says Frank’s wife, Judy.
“I'm just so thankful that they were.”
