Living a Legacy

Cole Frazier is ready to take on his father’s legacy. Protecting his family. Making smart financial decisions. Carrying on the business his dad started in 1997.

It’s a legacy he wants to continue for his wife, Stephanie, and their two kids, Presley and Abbott. Here the member from Sanger, Texas, shares what it’s like carrying on the family tradition and how he protects it all with life insurance.

A family legacy

Cole began working at Frazier Commercial Real Estate in 2010. Located in Denton, Texas, the business serves the North Texas area, focusing on industrial real estate and land sales.

“I get to work with different clients in my community and enjoy the personal relationship aspect of it all,” Cole shares. “When you help people move their properties, it creates a level of relationship with folks that lasts beyond the transaction.”

For Cole, following in his father’s footsteps was a no-brainer. The phrase “family-owned” was something he always valued.

“Being able to represent the company and be my father’s successor is something I’ve always strived to do,” he says. “It’s my legacy, and I want to continue what he’s built.”

Throughout his long career, his father built relationships with clients in the community through honesty and integrity. It’s an example he set for Cole in his own career.

“I’ve always appreciated his ability to help navigate and guide our clients. That’s not always an easy thing to do,” Cole shares. “‘Advise in good faith’ is something he instilled in me, and I’ve experienced shadowing him.”

Protecting that legacy

Cole sought out Modern Woodmen after making property acquisitions at work. With these added properties came liability that has the potential to negatively affect his family.

“My main motivation for life insurance was to protect myself, my wife and my kids from any potential burden that may come with those liabilities,” says Cole. “It’s all about protecting my family and the business in case something happens to me in the future.”

Cole’s father taught him the importance of diversifying his assets – both in the real estate market and personal finances. He learned it was a smart way to keep his portfolio safe, should things go wrong.

It was that lesson and a chat with his Modern Woodmen representative, Tim Smith, that sparked the idea of converting his term life insurance to a whole life insurance plan. This decision adds another layer of protection for his business.

“I knew whole life could support the business down the road. Being able to borrow money against that whole life plan, tax-free, was a big selling point,” he recalls. “Short-term loans can be beneficial in the real estate industry. Overall, it’s another form of legacy planning that was important to me.”

Looking toward the future

When asked about his financial goals and the future, Cole doesn’t hesitate.

“I want stability and comfort for my family. This is something I strive for through my business and financial decisions. Another goal is to be debt-free by the time I retire.”

Cole says Tim has been instrumental in finding the best opportunities to help him reach these goals.

“We’ve built a level of trust over the years, and he understands my position as a business owner.”

Should I convert my life insurance?

Cole converted his term life insurance to a permanent plan when he learned how it could support his business. But what are the advantages?

With a permanent life insurance plan, you can:

• Lock in your premium. You could pay more at first for whole life insurance, but your rate will never increase. The total cost over time may even be less than comparable term coverage.
• Lock in insurability for life. Permanent insurance can provide lifelong protection. As long as you pay the required premiums, your certificate can never be canceled, regardless of age or changes in health.
• Enjoy living benefits. Permanent life insurance plans build cash value. You can borrow from it to help pay a child’s college costs, supplement your retirement or for multiple other reasons.

Your Modern Woodmen representative can help you decide if converting from a term to a permanent plan makes sense, based on your unique needs and budget.