Are Primerica Agents Allowed to Sell for other companies?

[rousemark]

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

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Would say that also includes group life is hte reason Met remains on there.. The one that surprises me is Globe considering the type of life plans that United American and Globe sell. Do they have subsidiary that sells "regular" underwritten term and WL plans?

 

[Allen Trent]

Would say that also includes group life is hte reason Met remains on there.. The one that surprises me is Globe considering the type of life plans that United American and Globe sell. Do they have subsidiary that sells "regular" underwritten term and WL plans?

Agree.Globe owns quite a few carriers. Not sure how big each is.

• Liberty National Life
• Family Heritage Life
• American Income Life
• National Income Life
• United American

And who knows if they reinsure other smaller carriers, etc

 

[myinsurebiz]

I appreciate the comments but it's getting a little bit off track.

#ImagineThat

 

[Allen Trent]

#ImagineThat

Let's circle back to that a bit later

 

[Ghost]

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.

Somebody who's at Primerica, WFG or PHP won't waste their time with Scentsy, Herbalife or Tupperware, and not everybody that's with these companies works or worked at McDonalds. I've already noticed a tendency from you to say something like "the average rep sells 2 policies a year" in these type of companies.

 

[DHK]

I've already noticed a tendency from you to say something like "the average rep sells 2 policies a year" in these type of companies.

That's Primerica's own reported averages:

This is from August 2019.
https://insurance-forums.com/life-i...ngs-surpass-estimates-on-11-term-life-growth/

 

[Ghost]

That's Primerica's own reported averages:

This is from August 2019.
https://insurance-forums.com/life-i...ngs-surpass-estimates-on-11-term-life-growth/

I get it, but how long does it take to sell a term policy? Not everybody that gets a license even does anything, sometimes gets licensed and quits.

 

[toolbelt]

Somebody who's at Primerica, WFG or PHP won't waste their time with Scentsy, Herbalife or Tupperware, and not everybody that's with these companies works or worked at McDonalds. I've already noticed a tendency from you to say something like "the average rep sells 2 policies a year" in these type of companies.

Actually, I don't say it, I just repeat it. Their own SEC-filled annual reports say it.

 

[toolbelt]

I get it, but how long does it take to sell a term policy? Not everybody that gets a license even does anything, sometimes gets licensed and quits.

Well if we look at it from the perspective of an individual RVP office, the average in 2020 was 64 policies per team averaging 24 1/2 reps (including the RVP) as far as "issued" policies is concerned. But taking into account cancellations/non renewals, the net growth per office averages out to 26 1/2 policies for the year (or just over 1 per rep). And of course, some of those policies include ones purchased by pre-licensed recruits and newer reps themselves. Those averages also omit the effect of the 43,721 reps who left at some point during the year, so the mean average is actually considerably less.

 

[rousemark]

I get it, but how long does it take to sell a term policy? .

Must take a long time. They only manage to sell 2.4 policies per year per agent.