How to Close a Tight Wad?

[dgoldenz]

Sometimes you have to tell them to **** or get off the pot because if they don't buy now, they're never going to get around to it. They'll have another excuse later, and another one after that. Then he'll have that flare-up and be a decline, and that will be that.

 

[LostDollar]

For lack of a better term, he is just cheap.

That may just be the outward manifestation of a whole lot more complicated mental process, and also he may not understand his own reasons for behaving like that. In some way he has to come to see a value in the insurance which is so compelling to him he is willing to give up some of his money to obtain it. If the reasons for accumulating the money are not entirely rational, then the reasons for giving it up will probably have to go beyond rational too. My experience anyway.

 

[LGilmore]

Here's what I would have done, I would have sold him a term policy, a convertible policy. You mentioned his health and being an episode away from a decline. Well then, insure him as cheaply as you can for now, make him a customer. Do your job.

Then later make him a client. You're hashing over stuff he is not prepared to deal with, get him insured if you can and then let him know his conversion options every year there after.

Make it simple, make him a customer, then a client. Write term on him, best price right now. If he wants it longer, time to show him his options. Most people don't improve their health over time. Get him insured. worry about how deluxe the plan will be later.

 

[SuperWoman]

All very good suggestions, thanks for sharing gentleman. I was definitely taught to sell term, convert later. That was my initial approach until he inquired about WL. Just when I'd presented it, he'd re-fi'd his mortgage and learned he was saving $300 a month. I felt he "found" the money to justify this expense and so did he. A few days later he was experiencing some financial fear and wanted to put it off till next quarter. That's why I titled this "tightwad", in a jestful way. But in a serious manner, he does had a real issue with money and I am not sure protecting his daughter - or at the least - planning something for her, is a priority.

 

[goillini52]

All very good suggestions, thanks for sharing gentleman. I was definitely taught to sell term, convert later. That was my initial approach until he inquired about WL. Just when I'd presented it, he'd re-fi'd his mortgage and learned he was saving $300 a month. I felt he "found" the money to justify this expense and so did he. A few days later he was experiencing some financial fear and wanted to put it off till next quarter. That's why I titled this "tightwad", in a jestful way. But in a serious manner, he does had a real issue with money and I am not sure protecting his daughter - or at the least - planning something for her, is a priority.

If he's a tight wad, then he needs to buy now, because he doesn't want to payany more than necessary. Putting it off will only make it more expensive in one way or another. When is his birthday?

 

[LostDollar]

I don't know enough to answer this question before I ask the idea.

Is 48 young enough to still qualify for riders to purchase additional insurance so you could discuss an even lower WL face amount with options to purchase more on certain birthdays?

And two ideas to think about.

1) Remember that words have connotations. Pretend you are one of your best friends telling you the things that you are saying. Think of words and concepts like fear, intransigence and tightwad as little daggers. Try to think of more emotionally neutral or positive words you would advise her to substitute. Bring those words into your business situation thought pattern and see if just using them helps you find a new approach to your problem.

2) Don, I'm really concerned about your personal financial situation. I really admire the ability you have to save (gather/accumulate/create wealth) money. But I think you have reached the stage in your personal financial journey where sticking solely to gathering money in the bank is serving you poorly. If you consider saving in the senses of conserving your money and retaining the ability to transfer it as you choose, and view saving from the perspective of a family, not just personal, viewpoint, Life Insurance becomes a vehicle worthy of your consideration.

This plan(whatever it is)
will help your money be available to you in (such and such a way)
will help your money be available to your daughter after you are gone (in such and such a way)
will protect your money from stock market fluctuations, attorneys, irs etc (in such and such a way)
Over the long term (which is how we are also advised to view stock investing) it will help your money multiply in such and such a way.
From the family perspective your money invested here multiplies (in such and such a way upon your death.

(LostDollar the hoarder)

 

[SuperWoman]

If he's a tight wad, then he needs to buy now, because he doesn't want to payany more than necessary. Putting it off will only make it more expensive in one way or another. When is his birthday?

Nov 23 - DOB.

I honestly don't think his concern for his family is, well, let's just say not what mine is.

 

[goillini52]

Nov 23 - DOB.

I honestly don't think his concern for his family is, well, let's just say not what mine is.

Well, you can't use his birthday to create a sense of urgency.

 

[SuperWoman]

Lost dollar: Funny you mention best friend. I met his bf, a woman, and we spoke at length during a party. She told me I should know two things about him:

1. He doesn't spend money on women in dating. (And it caused a problem in his last relationship).

2. He cannot take criticism well at all.

Both things I had already discovered.

 

[Jerard]

While all the responses have been good, I think we're overlooking what is most likely the real reason he's not buying. She said it herself:

I met this man socially and he has expressed a romantic interest in me. I do not share the same interest. I think he expressed interest in insurance as a manner of connecting with me. He may want it, but I now feel he doesn't feel the need of it all that much.

He's only using the insurance conversation to have another shot at getting her to warm up to him. He was never a serious prospect, move on.