When Life Insurance Advice Is Declined: A Financial Advisor's Toughest Moment

Hello, my name is James Heidema. Here's a tough question for my son, Paul, when people make bad decisions. Hey dad, a real tough question. Some months ago, I met with a couple who, from my point of view, needed insurance. They decided not to be insured. This week, I heard from one person in the couple that their partner had died. Although tragic, should I feel emotionally, ethically, or morally responsible? My dear God, that is a tough one. Having been in the business almost for decades, I've certainly been in that situation more often than I wish. I've had people that I've met with face exactly what this couple's faced, where one of the individuals passes away, and what effect that has on the family unit, what effect it has on their future, what effect it has on just their happiness. When I'm sitting down with a customer, I have to help them make good decisions. I help them plan, and protect, and invest. I find it so interesting, they'll insure their house, and they'll insure their car, but they won't insure themselves. Of those three things, the house, the car, and themselves, themselves is the greatest asset. They are the one that contributes to the family unit. They're the ones that create a legacy. They're the ones that keep the family together, and make a difference in the future of that family. You take them under the picture, and of course, everything changes. I don't think I can do my job and not feel morally, ethically, emotionally responsible when things unravel. At the end of the day, I can't force anybody to do anything. I can encourage them to make good decisions. I can encourage them to plan, but at the end of the day, they're going to make the decisions, and live with the consequences of that. As a financial advisor, if you're going out there doing your job, do your job. Ask the tough questions. Help them understand the risk. People don't plan to fail. They just fail to plan. Thanks, son.