They don't sell cash value because they get trained in believing that cash value policies are bad. All they do is "buy term and invest the difference", but there aren't too many agents who have their 6 and 63, so all they do is give people an expensive term policy and invest nothing, unless they have that client meet with an agent to give the client a mutual fund.
Are Primerica Agents Allowed to Sell for other companies?
They don't sell cash value because they get trained in believing that cash value policies are bad. All they do is "buy term and invest the difference", but there aren't too many agents who have their 6 and 63, so all they do is give people an expensive term policy and invest nothing, unless they have that client meet with an agent to give the client a mutual fund.
latinlife
Expert
yes ..it was what I did AFTER RVP answered me ...just to be sure ....and I started to sell another companies and they just terminate my contract just 2 years later for lack of production with them...
latinlife
Expert
they can do it ..it is NO RESTRICTION in the contract , like any other independent contract ....
Anybody can do anything......conditionally. A Primerica rep can also sell other MLM products like Scentsy, Herbalife and Tupperware while working at McDonalds. But if they sell a competitors term products, doubtful they'd be supported in their hierarchy.
Per their compliance program;
"“Selling Away” is soliciting or selling an investment not authorized by or through PFS Investments Inc. and which is not recorded on the firm’s books and records. That seems simple enough, right? All representatives have to do is make sure they only sell mutual funds, variable annuities and 529 plans on the approved funds list and not any other mutual fund, variable annuity, 529 plan, stock, or bond, right? Unfortunately, it’s not that easy. Selling only products on PFSI’s “approved” lists is a sure-fire way to avoid selling away."
Almost every "independent" broker/dealer has this same setup.
Independent brokers aren't limited by limited product lines.
There are selling agreements, approved lists, approved vendors, etc. Yes, those lists are typically broad but they're still there.
Watch an advisor ask to do a life settlement or work in the secondary annuity market and many compliance departments will lose their minds.
- 5,916
I sort of thought that was a prerequisite to get a job in compliance.
And just in case Penn Mutual's compliance comes across this post: I'm kidding
- 4,910
Timely hot off the presses release from NAIC today Life market-share of top 25 carriers nationally.
Primerica is #19 with $2.5B of New & renewal Life premium (Annuity & other non-life products would be on other reports)
interesting that Met Life that doesnt sell new life (non-group) & hasnt for a handful of years is still #3
Primerica is #19 with $2.5B of New & renewal Life premium (Annuity & other non-life products would be on other reports)
interesting that Met Life that doesnt sell new life (non-group) & hasnt for a handful of years is still #3
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