Love Conquers All!

During the development years of my career, I realized the importance of building relationships with like-minded professionals, particularly those in Accounting and Law. I soon discovered that one of the firms with which I was dealing, advised several members of one of Australia’s most prominent dynastic families.

My suggestion to the relevant Senior Partner that I could provide constructive advice to some of the younger entrepreneurs within that family drew a lecture predicated on the fact that “Billionaires can self-insure and certainly don’t need life insurance advice!”

Not long after I had received this well-meant rebuff, one of my general insurance partners asked me to arrange keyman insurance on two high profile restauranters who were opening a new venue in a highly sought after location. Their partner, and principal financier, was one of the emerging entrepreneurs from the same dynastic family! He attended the early meetings which I had initiated with his partners to explain and implement requisite cover.

One of several topics which we as a group had discussed was the giving of personal guarantees and their consequences. At the end of that meeting, the young entrepreneur said to me:

“At any one time, I’m involved in multiple transactions. Some of these require my personal guarantee. Currently, I’m on the hook for about $10,000,000. I really wouldn’t want my wife to be bothered sorting these out. Can you arrange $10,000,000 Life cover to discharge them if I suddenly die?” Of course I could!

People often buy life insurance because they love someone. Love is NOT a balance sheet item!