Is $1,000,000.00 the new $100,000?

[WinoBlues]

So, I got a voice mail from a farmer client wanting me to come by for a bottle of wine and to talk about $Million permanent policy. I did a $ Million Term on him 5 years ago in his 65th birthday. Which is coming up.

In the last year it seems many of my Life requests are $500,000 plus. Many are $1,000,000 plus.

It really feels like 1$Million - 5 $Million have replaced the $100k - $250k base coverages.

 

[walthamny]

Its called inflation. Its also quite possible as you build years in this business you get more comfortable asking and presenting larger policies. WHen I was new and presented 1 million coverage and if they said yes to 500k, I accepted it right away. Now my tonality is much stronger. 500k 3 young kids in NYC, I dont think so. Also the jump in housing prices has made many thinking more on how their grandchildren are going to ever buy a house. There is a realization Social Security may be around for them, but not for the future generations. All these things should lead to higher permanent insurance sales.

 

[Chris]

Increasing minimums is great, as it allows for better financial planning.

Also great when a client wants to come share a bottle of wine

 

[scagnt83]

It absolutely is imo.

Im taking out an extra $1m in term today myself to account for inflation.

Reviewed my own situation and realized I dont have enough.

I started with $250k back in 2006. It seemed like a huge amount then as a 26 year old.

 

[WinoBlues]

It absolutely is imo.

Im taking out an extra $1m in term today myself to account for inflation.

Reviewed my own situation and realized I dont have enough.

I started with $250k back in 2006. It seemed like a huge amount then as a 26 year old.

That is exactly what much of my business is. People realizing they should update.

Did you call your agent?

 

[WinoBlues]

Increasing minimums is great, as it allows for better financial planning.

Also great when a client wants to come share a bottle of wine

Portuguese homemade wine = yum

 

[FEX Quotes]

...When I was new and presented 1 million coverage and if they said yes to 500k, I accepted it right away. Now my tonality is much stronger...

I'll also add quoting only annual premiums has made me a much stronger agent.

 

[titeye]

So, I got a voice mail from a farmer client wanting me to come by for a bottle of wine and to talk about $Million permanent policy. I did a $ Million Term on him 5 years ago in his 65th birthday. Which is coming up.

In the last year it seems many of my Life requests are $500,000 plus. Many are $1,000,000 plus.

It really feels like 1$Million - 5 $Million have replaced the $100k - $250k base coverages.

Its called inflation. Its also quite possible as you build years in this business you get more comfortable asking and presenting larger policies. WHen I was new and presented 1 million coverage and if they said yes to 500k, I accepted it right away. Now my tonality is much stronger. 500k 3 young kids in NYC, I dont think so. Also the jump in housing prices has made many thinking more on how their grandchildren are going to ever buy a house. There is a realization Social Security may be around for them, but not for the future generations. All these things should lead to higher permanent insurance sales.

Providing for inflation has always been the key to achieving a financial goal in the future. That is exactly why $1mil-$5mil is the new normal.

 

[WinoBlues]

Providing for inflation has always been the key to achieving a financial goal in the future. That is exactly why $1mil-$5mil is the new normal.

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True, I find that I'm being asked for the higher face amount more than me proposing them.