Working in this business can be tragic at times, the nature of the industry is that we have seen many businesses and individuals financially ruined, but at least they are alive and well, ‘your health is your wealth’ as the saying goes.
Sometimes however, our customers don’t have that either, and people die. We can’t stop that, and we can’t help make it better in any way for the people affected with the exception of the financial implications.
A client of ours passed away earlier in the month, they had two houses and two mortgages. When we were first dealing with them we stressed the importance of protecting your family from the financial impact death brings, it is the greatest wealth destroyer of all (indeed, the greatest destroyer in general).
Our clients took our advice, covering their mortgages in full and in addition to that a further lump sum on the life of the breadwinner. Taking out this cover was a selfless act, the person who has ultimately created the payout has passed away in the process, but they have left the survivors financially secure.
I can’t tell you how many times we’ve had the situation of finding out a client died or became permanently disabled and they didn’t take our advice and because of it they will suffer financially, they are always the ones where we find ourselves saying ‘I should have made sure they took the cover’, although we are obviously not allowed to trade in a strong-arm manner, and rightly so.
Then there are examples like today, where we find out that the person has died, and that tragedy is offset (for our part) by knowing that we did our part in making sure that the family will not also face financial ruin. In our clients case they will be financially secure for the rest of their life and their children will be too. I think that once you have kids you start to appreciate the need for making sure they will be o.k. if something bad happens to you.
It is a dismal business to be in where satisfaction of a job well done sometimes involves the death of another, however, it is the ensured financial survival of those that remain which we are truly proud of, that of seeing advice with ensuing action work as it is supposed to in the case of the worst outcome.