"Cake Boss" Success Not a Piece of Cake


Posted September 14, 2012 by financialforyou

No one expects to die prematurely, but Buddy "The Cake Boss" Valestro learned at 17 that it's critical to have a backup plan for your family. "If people depend on you, you have to protect them with life insurance," he says.

 
As a boy, Buddy “The Cake Boss” Valastro’s dream was to work alongside his father in the family bakery to help make it a household name. But that dream was blown off course on his 17th birthday. That’s the day his father, age 54, was diagnosed with lung cancer. He died just three weeks later.
Buddy lost his best friend and mentor. And his family lost its breadwinner. Buddy had to drop out of high school to run the family business. That meant 12 to 18-hour workdays, six days a week and overseeing 30 employees. “It was a huge amount of pressure,” says Buddy. “And there were many days I didn’t think I could pull it off.”
Buddy’s situation was made more challenging by the fact that his father didn’t have life insurance. “If there had been life insurance, I know things would have been a lot easier. I could have hired more people, worried less and had time to grieve,” says Buddy.
What does Buddy tell people now? Always have a backup plan. Today, Carlo’s Bake Shop is a household name. Much of that success is due to meticulous planning. Buddy leaves nothing to chance. A finished cake goes crashing to the floor? It may make for entertaining TV, but Buddy always has a backup plan. He has extra sponge cake and sugar flowers on hand to create something new, just in case.
He feels the same way when it comes to taking care of his wife, Lisa, and their four children. No one expects to die prematurely, but Buddy learned at 17 that it’s critical to have a backup plan for your family. Buddy bought life insurance when his first child was born and has increased his coverage as his family and business have grown. “If people depend on you, you have to protect them with life insurance,” he says.
You can see Buddy share his story at nyl.com Buddy is the 2012 spokesperson for September is Life Insurance Awareness Month, an industry-wide effort coordinated by the nonprofit LIFE Foundation.
The fact is, the vast majority of people either have no insurance or not enough. September is Life Insurance Awareness Month is the perfect time to take stock of your life insurance needs. Here are three compelling reasons why now is the best time to look into getting life insurance.
You’ll never be younger than you are now. Youth is on your side when it comes to life insurance. Get coverage when you’re young and healthy, as premiums are based on your age and health. It’s also possible to lock in a rate over the life of the policy so it can’t be raised due to a change in your health status.
It’s affordable, with rates near historic lows. People often overestimate the cost of life insurance, yet life insurance rates remain near historic lows; the cost of basic term life insurance has fallen by nearly 50 percent over the past decade.
Life happens. One day life is going along smoothly, and the next, you’re thrown a curve ball. No one knows what the future holds. None of us expect to die prematurely, but thousands of people die each year in the prime of their lives. That’s why today is always the best day to take care of your life insurance needs.
“Life Insurance Awareness Month is the ideal time for a life insurance check-up,” says Anita Collins, New York Life agent in Wantage. “I urge everyone to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection.”
According to Collins, consumers can get a general sense of their life insurance needs by going to the “Planning Tool” on nyl.com. The next step, suggests Collins, should be to contact a local insurance professional who help you find the right products to fit your specific needs and budget. Agent Collins can be reached at [email protected] or by calling the New York Life Insurance Company office at 973-702-1486 located at 121 Route 23 in Wantage, NJ.
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Contact Email [email protected]
Issued By New York Life
Phone (201) 845-6900
Business Address 250 Pehle Ave
Saddle Brook, NJ 07663
Country United States
Categories Family , Finance , Insurance
Tags cakeboss , cancer , family , finances , insurance
Last Updated September 14, 2012