I had a personal friend who started his financial planning journey in 2010 just wanting to make a few investments. Our relationship gave him the confidence to know that he could come to me with questions and get some straight answers. That opened the door for me to educate him on the concept of protection with an investment component, something he did not realize was an option.

My friend was 33 at the time and, despite his youth, faced a major hurdle in acquiring insurance. More than a decade prior to our meeting, he was diagnosed with cancer in the lymph nodes. His treatment was successful, and he had been cancer-free for 14 years by the time he ended up in my office, but this preexisting health issue had precluded him from coverage by several companies.

I was not deterred, though. I was confident that his good health for so many years would qualify him, so he applied for a 2 million Philippine pesos policy (nearly $25,000) at that time. Much to my surprise, his application was declined, but I knew I could do more to prove that he was in good health — I wasn’t ready to give up. I contacted our medical director to advocate for my friend and requested that the case be elevated to our mother company in Canada. I fought for the case and convinced the medical director to conduct more tests to show his good health. He was ultimately given a substandard rating and increased his application to 4 million pesos. 

I was not totally aware of his family’s financial background until I delivered the policy to their office and met his parents. Fighting for his interests provided a new opportunity for him, and it inadvertently created one for me as well. The family later attended an estate planning session at a local bank, and the meeting educated them on the importance of estate preservation and business insurance. That’s when they remembered the work I did for their son, so they contacted me for a meeting. It not only opened the door to work with his parents but also his siblings, who were in their 30s.

I introduced them to the concept of using business insurance as a safety net, and I also was able to show them the importance of obtaining coverage for their estate tax exposure. But that was just the beginning. The parents, who were ages 60 and 61 at the time, had not considered life insurance. This was my opportunity to stress the importance of this vital service. Ultimately, they agreed to purchase a plan for the entire family.

The strategy for securing the estate tax issue entailed removing their names from ownership of their business. After their insurance policies were in place, they put the company back in their names as a 51% shareholder — the remainder of the ownership stake remained with their children. It was a move that helped better secure their financial future and that of their children.

They were so pleased with the final result, the father later said, “Why only now did we get this?” As financial advisors, these are the kinds of success stories that leave us fulfilled and ready to grow our business as advocates. They are still my clients today, from protection to investments. My friend’s insurance has grown to more than 20 million pesos, and his parents, who have become close friends, recently purchased policies for all of their grandchildren as a way of legacy giving.

Janette Lee is a 13-year MDRT member from Manila, Philippines. Contact her at janette.t.lee@sunlife.com.ph.