- 30,538
That would make you move faster.had to make run for it.. Hard to doge those needle arrows in a wheelchiar but I made it. Heard Nurse Cratchet has put out a hit on me.
Agent Licensing test is hard
- Thread starter Cornelius
- Start date
- 11,504
Because no one has ever been sued for selling term insurance. Ever.
They have upline that is fully licensed & assisting. So they may write life ins, but then schedule follow up for additional products & services. They know investment should be included so bring in investment licensed person. Also others on call for consult if need be.
Generally a newly life licensed agent is not going to be on an appt on their own since they are still learning. License just means legal. & is just the beginning. So their trainer would be with them.
- 11,504
No... the insurance licensing exam is a joke in all 50 states. And no, bundling the life and health into the same exam doesn't make it harder to pass. If one knows how to study, they should pass. The fact that you can attempt the exam 10 times in California before a mandatory 1 year break from the exam... is ludicrous.
Selling term insurance is a beautiful thing... because they are promoting the sale and purchase of insurance. (Replacements on the other hand... well, we won't go there in this thread.)
Now, for everyone else: Primerica is doing the best they know how and the best they can for their clients. I know this. I also happen to know someone VERY high up in the Primerica hierarchy who has been with them for over 25 years.
In the Facebook group, we had an agent who had one of their clients impersonated by phone... by an agent with that organization. Looked up this agent and they were newly licensed (this year) and with named company.
I reached out to this contact, sent them the details... and he put the fear of G-d in that agent to never do any kind of BS like this again.
I will suggest the Mr. Miyagi quote of "No such thing as bad student, only bad teacher" might come into play?
- 11,504
I did do some google searches some time ago to see if there was one... and couldn't find one.
I'm certainly open to learning about it, but I doubt we'll find many. Well, certainly compared to lawsuits and complaints on agents selling permanent life in inappropriate ways.
- 11,504
And let's say all of that was not disclosed. Who would the client sue? Probably the company themselves for not having proper disclosures on their transaction suitability and/or switch forms.
Pension may have more creditor protection than IRA (state dependent), but that doesn't mean the pension itself is safe from its own default for lack of funding its promises.
The only reason I see to move money from one qualified plan to another with an employer is the ability to borrow from it. As long as that was discussed and talked about, I see it as a very suitable thing to do.
Btw, let's not forget that the company where the funds were... is required by law to send out that IRS Tax Notice form 402(f) that discloses their options for their funds.
They've received plenty of disclosures. Whether they understood their options can be different, but there's been plenty of disclosures.
Lots of disclosure pages and paragraphs for clients to initial and sign for whatever they are buying. I bet it was at least acknowledged if they didn't understand. (Still doesn't negate the potential for a complaint though.)
- 11,504
Quite frankly, I want EVERY agent to succeed and I don't care what company they are with. I don't participate in "Primerica bashing" anymore. I have better things to do and think about.
The only thing I really detest is when agents (regardless of company) are really trolls. They have no intention of learning anything new and they see every policy labeled as whole life or universal life as evil. I cannot and will not tolerate an agent like that, particularly in the Facebook group.
So I created a rule about it. I defined a troll along those lines and we don't keep those agents in the group. We have a few Primerica agents who are very professional who see that there is a place for all kinds of insurance, but they also stick to their belief systems. I'm perfectly okay with that and greatly encourage it!
And I don't think we've had much of a BTID flame war at all this year? The drama has been pretty low in that group for quite a while now. Among a group of 13,000+ agents (our engagement is far less though), I think that's pretty good.
The only thing I really detest is when agents (regardless of company) are really trolls. They have no intention of learning anything new and they see every policy labeled as whole life or universal life as evil. I cannot and will not tolerate an agent like that, particularly in the Facebook group.
So I created a rule about it. I defined a troll along those lines and we don't keep those agents in the group. We have a few Primerica agents who are very professional who see that there is a place for all kinds of insurance, but they also stick to their belief systems. I'm perfectly okay with that and greatly encourage it!
And I don't think we've had much of a BTID flame war at all this year? The drama has been pretty low in that group for quite a while now. Among a group of 13,000+ agents (our engagement is far less though), I think that's pretty good.
- 11,504
If anyone is curious, here are the rules we have for the forum's Facebook discussion group:
Our co covers us. & they also very carefully scrutinize especially annuity transactions & rollovers.
This was a PENSION, not a 401k. Yes I disclosed. She is 60 so some of that does not apply. & yes it was an IRA.
& she is still unemployed. We have a special form that shows fees. But w a pension of course they don't show separate fees.
We are very carefully scrutinized when doing rollovers & investing in annuities. & of course annuity is long term investment. & we are required to make sure they have plenty of other liquid funds. I forget allowable ratio but there is also 401k & Roth. & savings. Would NEVER put someone in an annuity unless it was understood to be long term & there was a large % in more liquid assets. & of course we have to be aware of what are taxable events.
Now I wish former employees were required to tell departing employees w a 401k that they could roll it to an IRA. Some years ago I met w a young couple. He was AF reserves I think it was & had left a previous employer. Neither old employer would allow 401k to be left, nor would New employer accept old 401k. & no one informed him that he could roll it to an IRA. So he withdrew it & of course took big hit. He would have rolled it over if he had known. But by the time I met him it was too late.
W this though we have disclosure brochures they get. & special rollover form asking all those questions. & then the co takes a careful look. To make sure it is in clients best interest. & especially w the more highly compensated products.
This has attractive living benefits & oh yeah w daily step ups in income base until withdrawals are taken.
& Btw from the very beginning it was stressed to ALWAYS do what is best for client—not what pays us more like too many agents do. & we see some of those results dealing w clients w other products.
So when we had new fiduciary duties it seemed like what we had ALWAYS been taught to do. Just w more documentation required.
In this case she is very good friend so even more wanting to do what is best. & English is her 4th language. So rolled from pension into VA in IRA so has guarantees that pension did not. Apparently no cost of living increases. This has already stepped up & likely many more to come. But part of strategy to help her retire ASAP. But not there yet. Will be looking at 401k when she can get access to her account along w her SS statement to see how close she is to desired retirement goals.
& as I her I told her she needed to apply for unemployment ins & also get health ins. & referred her to an agent who referred her to a more COBRA familiar agent.
So it took a lot of time working with her & not done yet. Of course anyone who ever does a roll over of course needs to be aware to do it properly so the client does not get the money but if a check it is made out to fbo. 1 of the most basic things I learned years ago to protect clients from taxable events. But referring them to tax advisor of course for other than the basic consequences of taking possession of the funds. Don't want to go anywhere near a client complaint for either life or investments.
