Life Insurance - The Greatest Gift Of Love

Many years ago an iconic life insurance agent by the name of Tom Wolfe taught me a phrase which I use to this day – “how much money will it take to keep your family in their own world, the world which you created?”

Think about the power of that question. Isn't it true that our children will love us no matter what? We've all heard that our children love us no matter where they live and no matter what conditions they live in. Is not it equally true however that we have created worlds for them that are designed to give them security, happiness, and opportunities to be whatever they want in life? Don’t we have an obligation then to make sure that world is maintained even after we are gone?

You don't sell insurance, you sell love and leaving the ones we love better off, not worse off when the worst event in their life happens. I am convinced that until an advisor processes a death claim and sees how much difference the insurance makes in the life’s of the beneficiaries, you really have no idea how much good you truly do for the people you serve.

Many times I hear and read in various publications that life insurance is not a good deal. When the claim is filed, no one questions if life insurance was a good deal. Today there is a renaissance in the life insurance business largely because of the tax favored status of life insurance payments and the ability to accumulate cash inside of a contract and then pay it out tax-free for retirement purposes. This is a long awaited and amazing opportunity for people to retire using one of the greatest tax breaks inside of the Internal Revenue Code.

That said, forgetting the true miracle of life insurance would be a mistake. As I talk to advisors and even my own staff I hear them constantly talking about what's the commission rate; what's the target premium; what's the override. Sometimes I have to resist the urge to grab them and explain how they don't understand the true miracle of this great industry and the products that we have the privilege to represent.

Have pride in what you do. Our business is not about rates of return, commission rates, trips and contest, or all of the other nonsense that permeates our business. What you do is noble and honorable. You create money when the money is needed the most.

Never lose sight that what you do allows people to give the greatest gift of love- which is allowing the people we love to remain in their own world after we’re gone.