Shakespeare, roses and life insuranceBlog added by Clif Albino CHFC LUTCF on June 5, 2014
Clif Albino

Clif Albino CHFC LUTCF

New Berlin, WI

Joined: May 13, 2014

My Company

Some cat by the name of Shakespeare wrote that a rose by another name would smell as sweet. That is debatable. Here is a story of Thomas and Ben. Each was presented with a plan. One was told the name of the plan upfront; the other was given the name after the presentation.

An advisor was having a breakfast meeting with Thomas and said, “I have this great strategy for tax-free income using a life insurance policy.” Thomas raises his hands like he was going to catch a basketball, cocks his head 45 degrees to the right, closes his eyes and objects, “No, no, all set. I do not need life insurance.” The advisor tries to get out, “This is about income,” but he is met with, “Don’t even waste your time.” The conversation continued in a more pleasant but less meaningful direction.

At a different breakfast meeting, Ben was asked if he’d be interested in a tax-free income plan. Ben said, “I don’t know for sure, but I’d like to learn more.” After the concept was explained, Ben thought this was pretty cool and wondered why he had not seen this before. He was shown the illustration, and the advisor said, “Also, If you get hit by a bus, Mary will get $200,000.” Ben was surprised. “Wow! This is too good to be true!” He still was not making the connection that this is life insurance.

The question-and-answer period continued for awhile. Then the question came: “Is this life insurance?” The advisor replied that it was, but not the kind your grandfather or father had. Ben had no idea all this could be done with all the other benefits to boot. It was still almost too good to be true.

Having time to walk a client through a concept, while they are engaged and listening objectively, works wonders. Was the advisor deceptive? Perhaps. Was it more beneficial to talk to the client openly and honestly without preconceived notions interfering with reality? Definitely. It is easy to say no to life insurance, but not as easy if the plan is rich and robust with benefits and solutions. I think a rose by any other name does smell different.

See also: ​Shakespeare, Franklin and Stanley Johnson
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