Applying on-the-job lessons to your own family

I had a young client who lived in a bad neighborhood on the South Side of Chicago, Illinois, USA. He was the one person who was successful in the family. He got a job as a teacher and seemed to do well. I remember preparing a life insurance policy for him. Unfortunately, he let it lapse. I met up with him at a later date and talked to him again about the importance of having life insurance. He didn’t want to do it at the time and wanted to talk about some investments. He didn’t do anything that day.

Tragically, a couple of months later, I learned that he was shot and killed in his car. There were no benefits to pay. His family, who were not well off at all, were struggling. And he was the one person in the family who could have helped out dramatically, but instead there was nothing and the family was just sad.

Lesson learned. It doesn’t matter how young you are; there is violence.

I remember that day. It was the day I had the courage to tell my wife that she needed a life insurance policy. It’s one thing to say you need it. As an advisor, you know it. At the same time, writing the policy where I was the primary beneficiary causes a little shaking inside to bring it up. because I am the one who will directly benefit should the unthinkable happen to my wife. That was the same day we wrote a couple of life plans because we have two kids. My wife is my whole support for my business. There would be a huge hit if something happened to us, and who’s going to take care of the family? So that was the day it was done.

Yakov Baylis, CLU, ChFC, is a four-year MDRT member from Downers Grove, Illinois, USA. Hear more in the MDRT Podcast: