Insuring Love – Case Study

by Terri Getman, JD, CLU, ChFC, RICP, AEP (Distinguished)

Situation: Periodically, an event occurs in our life that reminds us of the important role life insurance
plays as a base to a sound financial plan in the lives of our customers. Recently I received a call about a young couple, who were just starting their life together.

The financial representative prepared me for the call by sending me the background on a recently established LLC which the husband was involved in with another young individual (whom we will call Don). The focus of our call was on the insurance needs created by the growing one-year business relationship.

Solution: I pointed out that risk control is the critical need in any start-up business. I noted that when a business is in its very early formation stages, protection of the business may ultimately mean protection for the family. Plan implementation needs to focus on covering catastrophic losses for both our financial representative’s prospect, and those of his young partner.

Unfortunately, the financial representative would not be able to present the plan to the business partner – Don. That night on his way home from work, Don’s car inexplicably veered off the road and hit a tree, killing him. He left a wife and small children.

Problem: No one knows what the future holds. One moment life is unfolding exactly as planned, and the next . . . the direction can turn on a dime as so many families experienced over the past couple of years with COVID.

Result: We all want our loved ones to have lives filled with opportunities and happiness. We often look
for ways to make an impression on loved ones with our gifts, but most of the gifts are shortlived in nature: candy, flowers, dinner.

Why not propose that your prospects consider a gift of life insurance? Life insurance may not be the first thing that comes to mind when it comes to giving a gift, but it is a gift that continues to give.