A family mourning the loss of a husband and father received additional bad news when it was revealed his life insurance policy had expired mere days before the plane crash that took his life.
Justin Yates died in Wendover, Utah, after his business flight to Salt Late City crashed, reported KTVX-TV. Tiffany Bloomquist, Yates' cousin, told the station that his family has been left in dire financial straits because his life insurance policy had expired just a week before the fatal crash. The Justin Michael Yates Memorial Fund has been set up to help his wife, Sally, and their three children cope with the financial impact of his loss.
"They just need help. It's my dear cousin. It's these beautiful three boys. I know he didn't want to leave his family like this," Bloomquist told the source.
Yates was in the process of building back his financial life after the recent economic recession robbed him of his family's savings, said the report.
The story underscores the importance of checking the status of one's term life insurance policy and updating it promptly in the event of a policy lapse.