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I woud say you took the bait there CFP, hook line and sinker... about the clients fish tale.
lol

I also appreciate your feedback and thoughts.
A final note, the client has a very nice seven figure investment portfolio with me....but it wasn't because "he invested the difference", it was because he invested every single penny he could afford to throughout his lifetime. He hasn't done bad for a humble old Ohio farmer.
As for the NYL participating whole life policy the agent recommend he get rid of, it was 350k at the time and would have grown to around 600k by now and would continue to grow until his death. The policy would also have been paying for itself (using the dividends) sometime ago. My thoughts are and always will be that anyone who replaces a quality product like this with term policy doesn't have the clients best interest in mind or simply is uneducated and doing what he/she has been trained. The client made the ultimate decision to pull the trigger, but don't most people generally tend to take their professionals advice too? Their doctors, attorney, accountants ect?