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Life Insurance and Swiss Army Knives

Sam Payne RICP®, CLTC – VP, Business Consultant
(Asset Marketing Systems)

When I was a kid, I remember getting my first pocket knife, it was a Buck Pocket Knife, and it was a beauty!  It had a 2½ inch blade that was sharp and could easily cut anything. I always carried it in my pocket and spent hours whittling anything I could think of with it.  I still carry a replica of that first knife today, but as I got older and ventured into the wild I realized that having a knife that could do more than just cut could be a real lifesaver. So I got a Swiss Army Knife.

On a recent trip while sitting around a campfire with my grandson, I was showing him one of my new Swiss Army Knives and explaining to him that it was so much more than a knife.  It has several types of straight blades, a screwdriver blade, a bottle opener and can opener, a corkscrew, a file, a Phillips head screwdriver, a pair of tweezers, and a toothpick to name a few.  Thirty-three separate tools in this one little knife.  It is an amazing knife, but it does so much more than just cut and whittle.

In my opinion, Life Insurance is the Swiss Army Knife of the financial world.  I remember when I first started selling life insurance, we sold it for one reason — “death benefit”, and it does a great job at providing a death benefit to protect the ones you love.  But like the Swiss Army Knife, this product does so much more.  Today we sell Life Insurance for the death benefit for sure, but we can also use Life Insurance for so many other purposes with Whole Life, Universal Life, Indexed Universal Life, Term Life, Accelerated Benefit Riders, LTC Riders to name a few.  Life Insurance products and riders are amazing tools.  Much like the Swiss Army Knife, it can be a solution to many other planning issues in addition to providing a death benefit, such as:

  • Business Planning for buy-sell agreements, employee benefits, and business succession
  • Wealth transfer
  • Extended care
  • Retirement income planning
  • Estate equalization

If your Life Insurance sales have declined or are non-existent, reach out to your Business Consultant, Jeff Stemler, or any of the Product Consultants in the Life Department and allow us to show you more of the tools this Financial Swiss Army Knife has to offer.
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