insurance | employee benefits | financial services

Losing a Loved One: A Life Insurance Claim Story

Sep 14, 2020 | Customer Stories, Life Insurance

Tim Goodroad never planned to sit in front of a camera and share his life insurance claim story. He never thought he would receive a life insurance death benefit claim when he and his wife, Liz Goodroad, were preparing for their future doing retirement income planning.

Tim and Liz were high school sweethearts. They started dating at the end of junior year and spent the rest of their lives together. Tim and Liz were family-oriented and wanted to have children young to ensure they could play and have fun as their kids grew into adults. 

“What I loved about Liz the most was in our 35 years of marriage we never fought,” Tim said about his wife. “Liz was a very outgoing and loving person. She always made people feel like she was their best friend.”

Tim worked in the drywall industry and over the years it took a toll on his body. They began to talk about retirement for Tim while Liz continued working as a manager at a credit union. The more seriously they talked, the more Liz suggested they meet with financial professional, Dan Scholz at Ameritas Financial Center. Liz met Dan years ago when he was doing some pension work at the credit union where she worked.

They began working with Dan and his son, Mark. What started as a financial fact-finding session turned into a financial wellness strategy that would allow Tim to retire from his physically demanding job. Part of their retirement income planning included risk management planning like life insurance. Dan and Mark encouraged Tim and Liz to have a comprehensive life insurance plan for Liz as the sole earner for their family.

“You never really think anything is going to happen, but [we wanted] to make sure one of us would be taken care of should something happen to either one of us,” said Tim.

About a year later, Liz had an elective surgery complication. She passed away suddenly after her body was unable to metabolize the drugs in her system from the surgery. Liz’s unexpected loss of life was felt deeply by Tim and their three adult children, as well as all who knew Liz and the joy she shared with so many. Over 1,200 people attended her visitation.

Mark describes the first time he got the call about Liz as a “gut punch.” He’d been in the business for 10 years and never received the call that one of his clients passed away.

“You can’t replace life experience in dealing with human emotions,” Mark explained. “It’s not something that we learn about in classes. It’s not something that any designation or amount of study can prepare you for. That’s why it was really, really important to have my dad’s experience through that.”

After Liz’s passing, Tim met again with Mark and Dan to review his retirement income plan. Paired with the overall plan, the life insurance death benefit claim eased the financial burden. It also allowed Tim to assist his kids in paying down their student loan debt and purchase a new truck to drive across the country to visit family and friends.

After many years in the business, Dan is still passionate about helping clients like Tim live a fulfilling life, even during life’s toughest moments.

“It’s really rewarding in this career to watch stuff come together,” Dan said. “I love getting up every morning and going to work with my clients. This is just an outstanding profession.”

Ameritas is proud to be a part of Tim’s story and fulfill our promises when we’re needed most.

Find a financial professional who can help you prepare for your future.

Dan and Mark Scholz offer products and services using the following business names: Ameritas Financial Center – insurance and financial services | Ameritas Investment Company, LLC (AIC), Member FINRA/SIPC – securities and investments | Ameritas Advisory Services (AAS) – investment advisory services.  Ameritas Financial Center is independent of AIC and AAS.

This piece is designed to provide accurate and authoritative information. Ameritas® and its representatives do not engage in rendering legal, accounting or tax advice. If tax or other legal advice or other expert assistance is required, the services of a competent professional should be sought.