Would you answer an important phone call when you are in a meeting with your client or prospect?

Yes - only after asking the client if that's ok and to tell the other person that I will call them back.

When I go into a meeting expecting a call I always make it a point to inform those I am meeting with about the possibility of an upcoming phone call.
This way it shows respect to them.
If there is a time zone difference then it's also important to inform the calling client of appropriate time to call when you are fully available to give them undivided attention.

To be honest if the call is so important I would answer the call after apologizing to my client in answering the call and then will try to understand the caller subject shortly and tell the caller that I'm in meeting now and will call back when I finish the meeting

If you are expecting an important phone call upon going in the meeting with the client let him or her know that you are expecting an important phone call and that you will need to take it when and if it comes in.
Transparency is always better.
If you are unaware that you would receive such a phone call let your client know that the nature of the call is important excuse yourself briefly.
By all means do not keep the client in the dark or waiting for long periods of time this is strictly unprofessional.
If the call will be longer than expected then you should excuse yourself from the caller briefly to express your regrets to the client and set up another meeting wherein you can ensure that you will offer him or her your full attention.
If the call is really important then you need to take it.
If you are honest, courteous, and respectful of the clients time then there will be no problem.
The problem lies when you past the point of courtesy and impend on your clients time without due warning.

It depends on the degree of importance of this call , may be from my own manager , so i can handle my client & at the same time answering to the call

when you are with a client that gave you his time ,be professional give him100% of your attention.no phone calls,no messages,nothing but listening to his needs and worries.

he gave you a chance don't blow it.

show him how prepared you are,how much you care,and listen to him.

 

If i know of an important call might come in while with the client, i always make sure that i have communicated this to the client who is with me.
Hence the client is not surprised while the meeting is on.
Other than that calls should be avoided at all times while in meetings as it would disrupt the flow of the meeting and it would disrespect the client also.

i will excuse my self and i will answer the call...if its an important call and if its from a client...
so that the client/prospect with me will know how important a client is to me....and that will show that i am not there only to take his business and give him time of day only till i get the deal but also show that i'll be there for him at any given time..

If i know that an important call might come in while I am in meeting or with the Client, I always make sure that i have already communicated this to the concerns so that they are surprised while the meeting is on

As long as my client is not God ... i will , after taking permission from my client or prospect but i will make it a point to make it really short as long as its  not an emergency.

It the phone call is so important (relevant to work and business) that it is unavoidable, i would ask client if i can be excused to attend this call due to the nature of the urgency and in most of the cases client do understand it.