Fine wines and life insurance
What would you like to know
- Reputation matters.
- Timing matters.
- Expert advice can help.
Wine and insurance? Similar? You must be kidding me!
Although one is a liquid and the other is a product, there are several areas where they intersect. Knowing them can provide an “Aha” moment for your prospect or customer.
Let’s make some assumptions about good wine.
We are talking about the great wines of the world.
This means red Bordeaux wines like Château Lafite Rothschild. Ports and fine champagnes. Let’s not forget the red Burgundy wines from France.
These are the wines that are produced in small quantities and then meet a worldwide demand. When properly stored, some can live almost forever.
1. Reputation matters.
Much wine is made to be consumed on the day it is purchased. You will find them on the shelves of supermarkets or wine merchants. They are not kept under lock and key. These brands advertise a lot.
Fine wines: Their reputation precedes them. They do not advertise because the small supply is unable to meet the aggregate demand.
Life insurance. The reputation and quality of the company are important. You are buying something that will not pay off in your lifetime. You want the company’s security clearance and reputation to be perfect.
2. It improves over time.
The food comes with an expiration date. You have discovered foods that you left behind in the back of your refrigerator. You hesitate to touch them.
Fine wine: It is made to improve over time. It is a living liquid trapped in a bottle. He is evolving. The tannins soften and the fruit becomes prominent.
Life insurance. Whole life insurance creates cash value over time. This point is obvious.
3. The longer you wait, the more expensive it is.
You probably discovered it yourself when you delayed repairing your home or buying a diamond piece of jewelry.
Fine wine: 1982 was a great year for Bordeaux red wines. The bottle that cost $ 60 when it was released will probably cost you around $ 1,000 now.
Life insurance. This one is obvious too. The $ 500,000 policy purchased at age 25 will have lower premiums than the $ 500,000 policy purchased at age 55.
4. You may not be able to get it later.
You know all about scarcity. When something is gone, it’s all gone.