Amanda
Moses was straightening up her home when the news came across
the television. A small plane had crashed at the nearby Talladega,
Alabama airport. There were no survivors. Amanda's husband, Jeff,
and four co-workers were aboard, on their way home from a trip
to see clients in Ohio. In an instant, Amanda had lost the love
of her life, and her sons, Josh, 22, and Eric, 17, had lost their
father.
The
accident also dealt a serious blow to Auto Custom Carpets, the
world’s leading manufacturer of automotive floor coverings. Jeff
was president and one of three partners. The accident wiped out
most of the company’s sales force, and now the jobs of more than
150 employees hung in the balance.
Ken
Howell, one of Jeff’s partners and a longtime friend, didn’t panic.
He knew the company would be all right because of business insurance
plans put in place with the help of his friend and independent
insurance agent Larry Young, CIC, LUTCF. Life insurance policies
for the partners, purchased from Protective Life Insurance Company
and Transamerica Occidental Life Insurance Company, funded a "buy-sell"
agreement. With the proceeds from Jeff’s policy, the two remaining
partners bought out Amanda’s stock, leaving them in control of
the company. The business had also purchased “key person” insurance
on the lives of all three partners. Within 30 days of the tragedy,
money from this policy was used to hire a salesman from one of
the company’s competitors.
As
for Amanda and the boys, they’re financially secure because of
life insurance Jeff owned individually, plus the money Amanda
received through the buyout. “I feel blessed that he loved us
enough to have the foresight to take care of us,” says Amanda.
