Unfortunately most people don't know what MLM means until after the fact. It doesn't help that MLMs go out of their way to not mention MLM, or even the company name, until they're listening to the pitch by trained recruiting assassins, who, like the movie Ground Hog Day, have had 1000's of chances to fine tune their lines.
At some point will Primerica add FE?
- Thread starter Cornelius
- Start date
Primerica is my go to position for leads if I am having a slow week or I am on internet flying overseas. You just find someone who is an ex-Primerica agent. Try to figure out from their linkedin or facebook profile who they may have sold expensive term including themselves before they quit. You should get about 3 to 5 good leads from an ex-primerica agent.
Being in the "Senior Market" and selling Whole Life Final Expense life insurance are two different animals. The latter is what the OP was asking about.
- 1,183
Plus, former Primerica (or A.L. Williams) agent Dave Ramsey is on the radio everyday preaching the same BTID gospel. Ramsey has made it clear that he does not endorse Primerica specifically (he says the rates are too high) but the mantra is the same. Where would they be without him singing out of the same BTID hymn book?
- 357
You all have me convinced. I am buying term and putting the rest in GameStop.
Yes. Primerica does have an automatic terminal illness benefit rider. That has been a part of Primerica Life Policies for over 20 years. It is available & the client can activate when diagnosed as terminally ill I think w 6 mo less expected life expectancy. We also have an increasing benefit rider 10% per year which clients are offered each year until they decline. W certain limits such as age.
& it applies even those terminally ill such as w cancer or other conditions. Some have had it go up several times while uninsurable.
Well those of us who have been licensed longer got life & health licensed when that was the way it was offered.
But several reasons we don't jump ship. We are proud of what we do for families. We change lives. & we reach out to people most of you probably ignore. & we don't just get paid for life ins. W 1 family we are able to offer them multiple products & services including ones not requiring a license so people can start making money immediately.
We can offer life insurance, mutual funds, annuities, We can set up 401k's & other biz retirement plans. Auto & HO via referral service, legal Shield, excellent ID theft protection plans, Vivint smart home/home security systems. In some states home loans. & soon we will have this new referral service for those on Medicare. & we also have Primerica Advisors that agents can get licensed for.
& we pay our death claims promptly. & if we have not already initiated a claim, the co will contact issuing office when they get the report of a death to see if the office wants to contact beneficiary or have the co do it.
& we pay over 90% w in 10 days. Sometimes even w out a death certificate if there is other evidence of death even if the body has not yet been recovered.
& we will work w people who don't have much. But helping them grow their investments & eliminate their debt. & then they come to us if they come into money.
We were recognized on the Forbes 2015 list of Most Trusted Financial Services CO's. & we are a part of Fortune 1000! & have been awarded the Dalbar award for customer service for mutual funds for I think it has been 18 years running now! Among other awards. Also best place for women to work recognition.
& every week we have new people going over $100k income. & I think it's about every mo we also have new people going over $1 million in income. So those who work can make unlimited income. But we also have the freedom to set our own schedules or not to work. & we have the peace of mind & confidence that we are doing good for our clients. We only make money when we help them. So we can help ourselves 1st & then help those we care about because what we do is good for them. We aren't pressured to make a sale that doesn't make sense for them. & since we have so many different things we can help them with, we aren't a 1 trick pony.
I was just able to greatly help myself by doing a 1035 exchange from my old VA to a newer one w better benefits. Not something we usually do but in my case it did make sense for me as client. About doubling income my guaranteed income which I have now started receiving & offering daily step ups. & a higher pay out rate. The timing was right as the current value on the old one way way above the guarantee rate so was able to lock that in. But because of all the abuses w annuities w the much higher commissions Primerica is very vigilant in checking suitability. Both before it can even be offered to a client. & then before approving the trade. But since it made good sense it was approved & I made a very nice commission on it.
- 4,995
Assuming you are securities licensed, I dont believe they processed a "trade" as insurance products including Variable Annuities are not a traded security. Also, that is actually a bummer that you made a commission on this sale. Most people that sell mutual funds, variable annuities & securities dont get paid on their own family cases............because they get to make the purchase/investment without the normal sales charges & loads. In reality, if you made a commission, it merely means you are paying for that in the product load fees or M & E, sales charges. Most fund companies have a form you complete to invest in the product without the normal charges that are charged to the consumer to pay the representative. Better to not pay the charges at all than to get back only a portion of the charges & have to pay income/payroll taxes on the commission
And, with all you have had to say throughout all your posts, you still have not answered the original question..
Not what he asked. Almost every carrier has that rider. He's asking about payouts on diagnosis w/o it necessarily being terminal.
Every carrier now does this. Especially with Pru and Met getting hit with huge fines for not doing so.
So is every other major insurance carrier.
I get that you love Primerica and all but they don't really do anything special. A licensed independent financial advisor w/ an insurance license can do everything you describe, get the client much better (less expensive, better performing) options AND still make more money for themselves.
We also have an increasing premium rider 10% per year which clients are offered each year until they decline. There.....fixed it for you.
Assuming an average of about 140,000 reps a year over 44 years equates to 6,160,000 chances at reaching $1M in cashflow, including commission advances (ie; Pre-chargebacks) and pre-expenses. It also includes revenue sources few have an opportunity to tap into. Last I saw, there have been 108 "million dollar" earners (based on a cumulative count of single best 12 months earnings) after 40+ years. At best count, that represents 2/1000 of a percent (.00002) of achieving it. Many on the list never repeated, or have been gone for decades or have since passed awayy.
Your annual reports suggest those other products are in a beta or test phase at best and represent a miniscule amount of business compare to term insurance, investments, and POL subscription fee revenues.
You think???? I think after stating you been there 23 years, and stating "those of us who have been licensed longer", you might want to learn what amounts to a pretty basic feature of your own products. Even a first day employee wouldn't say "I think our Big Macs come with a pickle"???
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