Ask any questions related to business / entrepreneurship / money-making / life
NO BLATANT ADS PLEASE
a 45% bump on your deposit
Since I feel I must blow off some steam or yell at the dog I think I'll blow off some steam on the forum. The dog btw is a 70 lb pit bull who doesn't really care if I blow off steam or not. That's the real reason I'm writing this post instead.
The scenario in the title is a real scenario. It is an annuity offered by one of the largest life insurance companies in the world. I'm appointed with them which is probably obvious.
I was talking w/a fellow gym goer who was looking for a place to park his 100K so he could get the most interest and start drawing down. It seems the 50 basis points his bank is paying on his CD doesn't satisfy him. Hmmm, wonder why...
Anyway, I explained the annuity to him and he says, naw, nobody is paying 45%. Gotta be a catch. Mind you I never once said the company was paying 45%. They are giving a 45% bump to the base amount.
This means his 100K would be worth 145K in three years if he decides to annuitize ( take a monthly check). This makes his monthly check 45% higher than it would be if he merely annuitized the 100K.
Because I've known this guy for about 4 years I simply walked away. Didn't want to create a difficulty in the gym relationship. Hence, I'm venting here.
Yes, I know, not a very good sales presentation and I fell short but to tell you the truth I simply felt awkward. I made the mistake of thinking everyone would easily understand the difference between a payment and a bump to the payment.
Aaargghh, I hate it when I assume and especially in a situation like this where I honestly and truly wanted to help this guy. He's a nice guy who deserves to get a 45% bump on his monthly check.
The outcome always seems to be the same when a sales person, marketer forgets the basics and/or lets emotion interject its ugly head.
I'm done. Just thought I'd pass along lessons learned from a real life scenario. And, I'm out of steam to boot.
If anything like this happened to you and you want to join the thread, I'd love the company.
If caregiving was a sport it would be an Extreme sport. A site for caregivers.
Other recent posts on the forum...
Rare "insider" peek at development of a direct mail piece...
Joe Cossman. Worth a watch.
How to evaluate a Biz-Op like a Shark, for fun and P R O F I T !!!
How about a review of ideas? Business, life and everything else.
NEW and different COPYWRITING course. Limited.