Which is better. Factoring in inflation or cash in hand?

[Cornelius]

Many times people will consider a death benefit today of something like $150,000 and will say with inflation $150K won't be worth much in 15, 20, or 30 years.

I remember having a conversation with a person who made that assumption and my rebuttal was today or tomorrow it's still $150,000. If passing it would still help. Of course the person said no thank you.

 

[Tahoe Ray]

Many times people will consider a death benefit today of something like $150,000 and will say with inflation $150K won't be worth much in 15, 20, or 30 years.

I remember having a conversation with a person who made that assumption and my rebuttal was today or tomorrow it's still $150,000. If passing it would still help. Of course the person said no thank you.

Sell them participating WL.

 

[Newby]

Many times people will consider a death benefit today of something like $150,000 and will say with inflation $150K won't be worth much in 15, 20, or 30 years.

I remember having a conversation with a person who made that assumption and my rebuttal was today or tomorrow it's still $150,000. If passing it would still help. Of course the person said no thank you.

If you don’t understand inflation is going to happen then you just don’t get it. But you need around twice as much 20-years from now to buy what you can buy today for X amount. That has always happened so don’t assume that it won’t.
Now of course Joe Biden has stepped on the inflation gas pedal so it has gotten much worse recently. But it will swing back lower in a few years.

 

[adjusterjack]

my rebuttal was today or tomorrow it's still $150,000. If passing it would still help.

My old life insurance sales manager would cringe at that response.

 

[Cornelius]

My old life insurance sales manager would cringe at that response.

What is a response to someone who thinks long term 10 cents will only be worth a penny?

 

[Tahoe Ray]

What is a response to someone who thinks long term 10 cents will only be worth a penny?

Pay off your mortgage, buy guns and food.

 

[adjusterjack]

What is a response to someone who thinks long term 10 cents will only be worth a penny?

You sidestep the objection by getting him to imagine dying in a car crash on the way to work tomorrow.

And I'm sure that successful life insurance agents have learned methods to avoid getting trapped in a prospect's objections.

 

[Lloyds of Lubbock]

But if you buy a 150K policy and die next week you don't have to worry about inflation.
If that becomes an objection, it is 150k times better than doing nothing.
Sometimes the objections a prospect has will shine a light on the fact...you don't have a prospect

 

[Tahoe Ray]

Sometimes the objections a prospect has will shine a light on the fact...you don't have a prospect

This is the real answer. Not an actual prospect. Move on.

 

[DHK]

I remember having a conversation with a person who made that assumption and my rebuttal was today or tomorrow it's still $150,000. If passing it would still help.

"If"?

What are your chances of dying?

100%.

Even Christ died... He just wasn't dead for very long!

Now, do you have $150,000 right now? (no)

So, we can do one of two plans:
1) You can rent the chance that if you died during the level term period, it would pay out. You can continue that plan even afterwards, but the costs go up dramatically.
2) You can save money in a plan that, WHEN you pass, the cash you've saved and the difference will be passed on to your named beneficiaries.
- If you should happen to live a long time, you'll have all that money saved in a policy that will be paid to you income tax free.
- As you build equity in the policy, you can borrow against it for emergency or opportunities.

Which plan would you feel most comfortable in choosing to best meet your needs both today and tomorrow for you?