I am sad to report that December, 2017, marks the last planned appearance of a great friend, mentor and true industry giant, W. Harold Petersen, as a columnist in Broker World. His plan—I assure you not mine. Petersen International Underwriters stalwart Joe Russo has agreed to “pen” January’s column. Disability Insurance Insights… will continue, albeit with a different industry sage, but more on that next month.
W. Harold Petersen, or Harold, or Pete to many lucky enough to call him friend, was introduced to disability insurance at the age of 21, interrupting what had seemed a promising career in, not surprisingly, journalism following his education at UCLA. The Los Angeles Times had offered him a position. But you see, there was this girl…this truly wonderful girl… Harold had fallen deeply in love with Mary Jacqulyn Cecilia O’Meara, employed at that time by Mutual of Omaha, and she convinced him to interview for a job, which he did. And he married her—the fantastic bundle of energy and joy many in the industry fondly know as Jacquie Petersen.
But many may not be aware of the back story that fuels Pete’s passion for disability income insurance. His family, like many, suffered through the great depression, and worse, a four year drought that cost them the family farm, farm equipment and a prized dairy herd. His family was forced to move to a small rented house, “Little more than a chicken coop.” They got by for awhile, but their ultimate financial undoing came with Pete’s father suffering a severe bout of sciatica rheumatism that totally disabled him for many agonizing years. His mother kept them alive by growing fruits and vegetables in a small garden and by working as a domestic for a meager income. Pete somehow earned enough to get through school and off to Los Angeles to live with his grandmother while attending UCLA, thanks also to a modest track and field scholarship.
His father finally regained his health, got a job as a night watchman, and his parents, always driven by determination, managed to save enough out of their earnings to buy acreage of farmland. They eventually regained financial freedom.
All the suffering and denial of his family could have been prevented by disability insurance, but no insurance agent ever told Pete’s father about it. No social security or other social insurance then existed. Pete had experienced the painful economic demise of his family, and hence vowed to help prevent similar experiences happening to other American families.
After decades in the industry with an intense focus on disability insurance, Pete’s three sons joined him in business. They found success selling to and serving insurance brokers and financial planners and eventually partnered with Lloyd’s of London, granted the esteemed status of Coverholder. Today Petersen International Underwriters serves the DI needs of countless agents and their clients, finding adequate amounts of disability insurance for difficult cases by commingling traditional insurance with Lloyd’s plans and by working to make disability coverage available to nearly any occupation, It is their mission to find disability insurance coverage for all persons earning an income.
It has been W. Harold Petersen’s passionate duty for almost 70 years to open the eyes of agents and consumers to the fact that the fundamental building block in life is the ability to work and earn money, and when that is prematurely taken away all is lost. Without an income, there is no way to pay for healthcare and health insurance, autos and auto insurance, houses and homeowner’s insurance, retirement, or death and its consequences. Sometimes not even adequate food. What can thoroughly replace the loss of ability to earn a living? The answer is disability income insurance.
Pete remains Chairman of the Board of Petersen International Underwriters, but intends to spend some time away from the office pursuing other personal interests—no doubt involving Jacquie and their many children, grandchildren and great grandchildren. If you have enjoyed his columns, or are perhaps inspired by his story, please email a quick note of thanks to him for all he has done as a champion of our industry—whp@piu.org.
Pete, you and your family have been a blessing to me, and to Broker World, since our first meeting at an NAHU conference in the mid-80’s—and I can’t thank you enough. You’ll be sorely missed as a columnist, but, thankfully, still treasured as a dear friend. Heartfelt best wishes to you and the truly wonderful Jacquie! [SPH]
