A father shares the value of life insurance

Tom DeVivo of Berlin, Conn., knows what it’s like to bury the woman he loved and suddenly find himself a single father. He knows the effect life insurance – or the lack of it – can have after a death. He knows the myth that only the man in the household needs life insurance is not true.

According to the Bureau of Labor Statistics, around 61 percent of American women over age 16 were employed at some point in 2005. Another recent study revealed that 70 percent of mothers with kids under age 18 are in the labor force. Many women provide a substantial part of their family’s income. And, while they may not bring in a formal income, stay-at-home mothers provide important services that could place a significant financial strain on their families if lost.

Here is the story of one family and the comfort life insurance brought in the face of tragedy.

Tom’s story

A few years ago, Tom’s wife Sandy fell ill. She went to the doctor, but they couldn’t find what was wrong with her. Her symptoms progressed, however, and Tom had to take her to the hospital during the summer. Within a couple weeks, she was diagnosed with Stage 4 colon cancer.

“The tumors were pretty huge – the size of a volleyball when they first were found,” Tom says.

The doctor prescribed an aggressive treatment, but after two months they had actually grown slightly.

“Sandy’s wish was to stay at home as long as she could, so I turned the family room into a hospital room,” Tom says. He set up oxygen, a hospital bed and nurses around the clock.

“I knew subconsciously that somewhere down the line I’d have some money coming in,” Tom says. “I didn’t have to worry if I could afford to do this for her.”

About the third week of August the doctor decided to stop the chemo and try to make Sandy comfortable.

Only months after her initial diagnosis, Sandy passed away.

“Truthfully, I really didn’t think much about the life insurance during her illness,” Tom says. “I was so consumed with helping my wife beat this cancer.”

However, after Sandy passed away, Tom realized his family was down to one income.

“Having life insurance gives you some peace of mind,” Tom says. “I had so many worries about the kids, trying to take care of them and do everything I had to do. I didn’t need to worry about how I was going to pay the bills.”

Tom says he has increased the life insurance on himself after his wife’s death. He believes it’s important, because he is his children’s sole parent now.

“You hope you never have to use life insurance – I hoped I never had to use it – but if you do, you’ll be glad you did the planning and took it seriously,” Tom says. “Because once it happens, it’s too late.”