Are Primerica Agents Allowed to Sell for other companies?

[Cornelius]

No ! I was selling same years term than Primerica's ( 10, 20, 30 years ) ..., the products I was selling were all terms policies too , but these ones had living benefits and the Primerica term didn't have it .. and I was allowed to sell those terms from another companies

...and by the way those term with living benefit products was cheaper than Primerica term ones ..PLUS gave me a lot more comission than Primerica ... so as I mentioned I just didn't sell the Primerica's anymore

What does the agent agreement say about delling other products not approved by PFS?

If not in associate agreement that might be a termination for cause which will need to be explained when contracting at other carriers.

If your still at PFS read your contract. My RVP said won't mean anything when contacted by legal..

 

[DayTimer]

If it's properly structured, the cash value does perform well... I still haven't seen an IUL implode though, on the contrary, I've seen them go up but only when done correctly. It's not like Wholelife policies are magical either.

Whole life policies are guaranteed. The death benefit, the cash values, the cost of insurance are set in stone and rock solid.

Whole life may not be magical, but my goodness if you do not look at a well designed over-funded or max-funded whole life and not think to your self, "My goodness that is amazing!" then you just do not know the product well enough.

True story: What started me on this road was watching a very convincing presentation by another agent about how to use an IUL to fund a tax-free retirement. It was a wonderfully pretty presentation. But, being a motor head, I went and lifted up the hood. Oomph ... rubber bangs and hamster wheels and the hamsters had been replaced with caterpillars ill-equipped to perform the job expected of them and who would soon abandon their post anyway.

I am telling you, it is just a trickle thus far, but the stories are starting to land in the insurance agent discussion groups on Facebook about IUL policies not doing what the agent told the client they would do. But this is how it has started with each generation of IUL's starting with Transamerica's first innovative product in 1997. It starts with a trickle, then the dam bursts. Then the lawsuits are filed.

Did you know you can carry more than one E&O policy?

For the last 12 years, the stock market has only gone up year over year. Give it time.

 

[DayTimer]

I may be, though not intentionally. I'll try to find the video where he explains it and if I do I'll post the link here.

I may be, though not intentionally. I'll try to find the video where he explains it and if I do I'll post the link here.

So far I was able to find this brief statement of Hegna's where he refers to "any universal life policy." The one I am looking for he specifically calls out IUL. I am starting to think I may have seen the video I am thinking of in his On-demand training and I no longer am a subscriber to that service. But I will keep looking. Again, I don't mean to mislead anyone and I do want to make sure I get this right.

 

[DayTimer]

Would you be open to learning about how you can earn a second income? Would a second stream help you out?


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[Allen Trent]

Would you be open to learning about how you can earn a second income? Would a second stream help you out?


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Might have just peed myself a little while on a zoom meeting

 

[CALTCAgent]

The original poster asked a relevant question, was it ever answered ? I never understood why this forum has to always go off on a tangent.

 

[Allen Trent]

So far I was able to find this brief statement of Hegna's where he refers to "any universal life policy." The one I am looking for he specifically calls out IUL. I am starting to think I may have seen the video I am thinking of in his On-demand training and I no longer am a subscriber to that service. But I will keep looking. Again, I don't mean to mislead anyone and I do want to make sure I get this right.

yup, he definitely says it & he is right. But it is a little out of context. Only policies that have gains (Total received minus Adjusted Cost Basis----IE Total taken out + loan interest minus premiums). So, if you look any UL chassis product or WL for that matter, you first have to get back out of it more than you paid in. To trigger that to happen, you need to either surrender, lapse or take withdrawals instead of loans & have it not have a reduced paid up or overloan protection option. So, it can happen, but it can happen with any life policy type that has "gains" over & above cost basis. The horrendous situations are extremely rare & almost always involve situations where people(clients or agents) have set up tons of loans for long durations where the loan interest compounded or more likely in WL cases is when clients or agents stopped paying premiums & had the policy automatic loan to pay the base policy premium instead of re-directing the annual dividend to cover the premium or surrender PUAR values to pay the premium

Here is a good article to walk through how it could happen, but in most cases it could have been avoided with a bit of effort by client or agent.

Life Insurance Policy Loans: Tax Rules And Risks (kitces.com)

 

[Allen Trent]

The original poster asked a relevant question, was it ever answered ? I never understood why this forum has to always go off on a tangent.

stick to the topic. you are going off topic by sharing your thoughts about your lack of understanding on why it always goes off on a tangent..............LOL

 

[rousemark]

Yes. But also they can sell ALL term policies ... and all products of all companies . There Are NO restrictions.. they don't cancel the appointed ,,.. I did it and too many others agent did it. no one got canceled

What if they decide they want to sell a cash value permanent product offered by another company?

 

[DayTimer]

The original poster asked a relevant question, was it ever answered ? I never understood why this forum has to always go off on a tangent.

If you want threads that don't go ogff on tangents, you're in the wrong forum.

You want to be in this forum: https://insurance-forums.com/community/forums/final-expense-forum.79/