Elliott Robinson of Robinson Financial Group: Here Are Five Things You Should Ask Before You Purchase a Life Insurance Policy
With the spread of the COVID-19 virus and the need for “social distancing”, the internet has become the “social touching” we all miss. Life insurance companies are rising to the occasion and encouraging people to buy with a phone interview and online questions with DocuSign. Our clients are successful business people: charitable and family-centric. Smart and warm individuals that we love to spend time with. We now offer them the ability to buy coverage very easily.
I had a distinct pleasure of interviewing Elliott Robinson, CLU, ChFC.
Elliott is a very active 47-year veteran expert implementing personal and business life insurance, protecting family legacies and charities, employee benefits, compensation programs and solving personal and corporate needs. He is President of Robinson Financial Group, a three-generation insurance firm member of M Financial Group, the premier insurance marketing consortium in the United States.
Thank you so much for doing this with us! Before we dig in, our readers would love to get to know you a bit. Can you tell us a story about what brought you to this specific career path?
My late dad, my mentor, a very hardworking insurance professional, always offered me the opportunity of joining him. After getting married and working at a mid-size CPA firm for a year including a torturous tax season of 14-hour days, our family drove to a wedding in Cleveland. On the way there, my dad said he needed to stop at a client’s manufacturing plant to offer an insurance benefit plan to the employees. He asked me to help but what the heck did I know; so he taught me the basics in the front seat of the car. I met with 4–5 people and each of them liked the plan that I described and signed up. In those few hours, I made more money than I did in 3 months at the CPA firm, and I helped families with their financial security. I quit accounting the following week, and haven’t looked back in 47 years!
Can you share a story about the funniest mistake you made when you were first starting in the industry? Can you tell us what lesson or takeaway you learned from that?
When I began in the business, I was assigned “orphan policyholders” of a major insurance company. Orphans are people who lose their insurance agents… and I wanted to do something to have them call me. So I made copies of the 5x7 info cards I was given and circled something about the policy that caught my eye. Since this was 47 years ago and the internet wasn’t even a dream yet, I sent them to the insured.
I received a call a week later from someone identifying themselves as the Attorney General of the United States; so brashly, I answered… “and I’m the Pope!” It turns out it REALLY was Edward Levi, the US Attorney General. Good thing he had a sense of humor. We had a nice talk and while I never met him in person, I can honestly say I helped THE US Attorney General! I learned never to take anything for granted and humor answers all!
Are you working on any exciting new projects now? How do you think that will help people?
With the spread of the COVID-19 virus and the need for “social distancing”, the internet has become the “social touching” we all miss. Life insurance companies are rising to the occasion and encouraging people to buy with a phone interview and online questions with DocuSign. Our clients are successful business people: charitable and family-centric. Smart and warm individuals that we love to spend time with. We now offer them the ability to buy coverage very easily.
Are you able to identify a “tipping point” in your career when you started to see success? Did you start doing anything different? Is there a takeaway or lessons that others can learn from that?
As an athlete, I was trained to never be afraid to “push the envelope.” In all the sports I’ve played, and like the bruises and broken bones I’ve suffered, I’ve developed a level of confidence to speak with anyone anywhere. So I chose the path that leads me into zones that very few advisors venture into because those zones define who I am as well. My parents ingrained in us the value of charity with a burning desire to help others, and so I serve on charitable boards and committees with other like-minded, warm and fuzzy, caring nice people! Invariably, I’m asked an insurance question from my friends, and I’m thrilled to help.
What advice would you give to other people in the insurance field to thrive and avoid burnout?
Our profession is like the medical world. We save caring, loving people’s financial lives. What greater opportunity can you have if you are professional, ethical, honest, and easy-going?
Ok, thank you for that. Let’s now shift to the main focus of our discussion. As an “insurance insider”, you know much more about insurance than most consumers. If your loved one wanted to buy a policy from another person, which 5 things would you advise them to find out about before committing to a policy? Can you give an example or story for each?
I would say “there are many qualified insurance advisors in this world, but why wouldn’t you want the best?”
The following questions are key to analyze your situation:
- Can my personal assets pay off my debts, support my loved ones and replace me at my business?
Have you accumulated enough wealth on your own not subject to risk? Are you willing to risk your family and/or business surviving a financial disaster? With the stock market’s recent drop, how much did you lose? Was your business shut down? Did you have to lay off employees and stop production?
2. Do I need life insurance?
We have wealthy clients that have planned their estates quite professionally and may not need life insurance coverage for that issue or their family support, however, they are quite charitable and buy insurance to continue their beautiful legacies beyond their lives.
3. How much life insurance do I need?
Once I asked a client, “How long do you plan on being dead?” Of course, he has a great sense of humor and didn’t punch my lights out. In a 5-minute financial exercise we arrived at the magic number… analogous to a seasoned physician who is able to diagnose what the patient is dealing with.
4. What happens to the insurance if I live a long time?
Insurance can be rented or owned, if you own your coverage you possess an asset that allows many opportunities including funding longer to older ages, settling the policy if you can’t afford the premiums, “repurposing” the contract for charitable or business purposes.
5. Are all policies equal?
Absolutely not… are all cars, houses, stocks, bonds equal? That’s why there are so many insurance companies. If its “too cheap” there’s a reason! Is the insurance company reputable with great ratings? How solvent is the insurance company? Can they withstand a pandemic? Have they been sued by policyholders for mistreating their customers? The key is your advisor who should be independent, i.e.: not a captive agent who only represents one or two companies. Our model is the client is first, the company second.
Insurance agencies or companies are often known to be very creative and innovative marketers. Do you use any clever and innovative marketing strategies that you think large legacy companies should consider adopting?
Those companies that stress their longevity, their financial strength, their professionalism with smart and well-trained brokers who are client-oriented is key…especially during a pandemic when everyone is scared for their lives and their financial well-being.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
My Dad….my mentor…I watched him cry when a very young client/friend died unexpectedly and he made the comment to me “When people pay condolence calls and say how sorry they are for the loss… that’s good … we do the same thing EXCEPT we walk in with a check that will feed the family, pay bills, send the kids to college”
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
Treat others as you want to be treated… we are all created in God's image … how can we help each other?
How can our readers follow you on social media?
Our website www.rfginsure.com is the best way to reach us.
