At some point will Primerica add FE?

[KathiMR]

We also have an increasing premium rider 10% per year which clients are offered each year until they decline. There.....fixed it for you.

Wow. Yes, the premiums do go up if the person does it decline, But it is an increasing BENEFIT rider. The face amount goes up 10% each year. Including those who are terminally ill w cancer or other condition. & there have been people w terminal illnesses whose face amounts have increased each year for several years before they died.

& some clients have been surprised because they didn't understand this so then they were surprised by a much bigger death benefit than they were expecting.
Maybe you are confused w ART. We don't offer that. Our shortest term is 10 years.


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.
I've lost track what # we are up to. But I think it is more than that.
& yeah they don't all continue to make that every year. But I know 1 of them in our area is 1 of those. He has Parkinson's which is getting worse. So he has really cut back his personal time running an office. But he has an organization he has built so they have the freedom to get the best treatments available & take off for an extended trip to Europe or whatever. Being semi-retired as far as the amount of work they are doing. & still making a lot. & of those who have died, they had biz ownership so several of them have their kids taken over their biz. Or some have sold it to other reps. When they have gotten to that level they are totally financially independent so they can choose to keep pushing. Or step back & still be making a very good annual income even if not a million plus. But others push ahead to $2 million plus. They have that choice.

That is true that most do not achieve those levels. But we do not have any quotas. So it depends on whether the person is working the biz or not. Many are not doing much so of course they are not making a lot.
So people are able to work at their own pace.
But for go-getters that work at it the sky is the limit.



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.

Wow you seem confused. Some other products are being rolled out. Sometime in the next few months we will be able to start offering this new product referral line which as I understand is Medicare Advantage & Med Sup on referral basis.
Our version of Legal Shield we have offered for years. ID Theft protection has been offered for several years. Auto & HO ins referral has been for quite a few years & now biz ins also. & Vivint smart home/home security has been offered for several years. Those programs are not at all beta. Yeah they don't pay a lot. But A&HO referral call takes maybe about 10-20 min. If that. They are all very simple.

& a new person can offer that even while being trained & get paid immediately for those things. Yeah some offices don't do much of them. My office is not one of the biggest but we do a lot of those unlicensed products. Anyone can take advantage of them. It makes sense to offer all of our products if they are relevant to our clients. & if they can save $$ on A rated auto & HO ins, then that can be applied to other needs. & it makes sense that brand new people can start earning money even before they get licensed. They also have bonus programs while in the licensing process. That they get after getting licensed.

Yeah some earnings are available to RVPs.
But anyone can get there if they work at it.
We also have special incentive programs w additional benefits for different of those products.

When they roll out a new Life product or program or application process, yeah they usually carefully roll it out to certain states or offices to make sure everything is totally working right before they do it correctly wide. Some states have loan program w Quicken loans. So yeah there is a new simplified life app that is in beta. But the non-licensed products have been available for some time. POL fees? Very nominal. For most reps $25/mo. & the co takes care of us so don't need E&O ins. Co includes that. Also our own websites included. & so many other things. Included. That is really low overhead.



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"???

wow. I don't know everything. But I know where to get anything I don't know. & we have resources in our uplines, office Mgr or co.
& we can feel good about what we are offering people. #s don't lie. We aren't selling those overpriced products like I recently read about. BTID makes sense!

& we are reaching out to a lot of people that don't have have life ins. Or only through work. Many who haven't even thought about life ins. & who don't think they can save or invest for retirement. Or maybe they ARE saving in a bank account paying .05% or so interest. So we change people's lives for the better. So they DO have life ins if needed. & also are preparing for the future by investing.

 

[Allen Trent]

We aren't selling those overpriced products

yes you are. Primerica term is no remotely considered competitive in the overall term marketplace. While I commend you or any Primerica rep for helping uninsured people get protected, you cant say you arent selling overpriced products

 

[KathiMR]

And, with all you have had to say throughout all your posts, you still have not answered the original question..

Are you talking about FE? We offer life ins. Our philosophy is to cover people while they have obligations & not much money. But the invest the difference part is so they build wealth so eventually as I am, I have enough to more than take care of any final expenses or obligations. So don't need life ins.
But for those who still need life ins like friends of mine who had been doing extensive home remodeling they still wanted some coverage past 70. So we renewed coverage but adjusted the amount down to what they needed.

But it seemed the original question came from a misunderstanding about the co aquíring this New biz. Which is Medicare advantage & Sup plans by referral. Likely similar to what we do w A&HO currently.

& we have already been in mature market for years. As early clients moved into that bracket & more all the time.

 

[WinoBlues]

We aren't selling those overpriced products like I recently read about.

OK Kathi - not even taking into account their lackluster underwriting. Let compare

Female age 45 (46 in Dec)
5'2 153 #s
Meds = Xpironolactone 50 mg per day

Wants $1,000,000.00 20 year term.

I have three options for her to concider.

$79mo straight term
$83mo straight term Non Med no exam or phone call
$86mo straight term for 20 years then premium stays the same the death benefit decrease then decreases every year to age 90

Because I have the client's best interest in mind These are three different companies. I do not handicap my people with just one size fits all.

All of this is Guaranteed. No "promise to try"

Kathi What do you got?

PS... She will likely qualify for P+ so even lower rates.

 

[toolbelt]

OK Kathi - not even taking into account their lackluster underwriting. Let compare

Female age 45 (46 in Dec)

That's not fair because you know that Primerica only uses unisex pricing models, whereby women pay the higher rates of men. How dare you put her on the spot like that?

 

[toolbelt]

Are you talking about FE? We offer life ins. Our philosophy is to cover people while they have obligations & not much money. But the invest the difference part is so they build wealth so eventually as I am, I have enough to more than take care of any final expenses or obligations. So don't need life ins.
But for those who still need life ins like friends of mine who had been doing extensive home remodeling they still wanted some coverage past 70. So we renewed coverage but adjusted the amount down to what they needed.

But it seemed the original question came from a misunderstanding about the co aquíring this New biz. Which is Medicare advantage & Sup plans by referral. Likely similar to what we do w A&HO currently.

& we have already been in mature market for years. As early clients moved into that bracket & more all the time.

Your early clients would now be turning 25.

 

[toolbelt]

But for those who still need life ins like friends of mine

Last quarter, Primerica reported issuing 90,000 new policies. Coincidentally, they also reported recruiting 90,000 recruits.

 

[Cornelius]

My thought is if agents are going to be able to refer MA and Med Supps at some point they will run into some people with FE needs.

What do they do? At some point agents will look at the difference in commissions from a referral and being certified for MA along with being able to offer Med Supps with a health license. Not to also mention the potential commissions and renewals from a FE policy.

 

[WinoBlues]

Not to also mention the potential commissions and renewals from a FE policy.

Are the newbies still starting at 25%? If so they will not know anything about the real world.

 

[Cornelius]

Are the newbies still starting at 25%? If so they will not know anything about the real world.

I don't know the current commission levels but agents will learn about the outside world per social media.