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.
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