Buy Term and Invest the Difference...NOT!!!
- Thread starter shonceman
- Start date
- 7,145
How many don't even keep the term?
Actually Dave's radio host partner was Roy Matlock from Primerica.
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- 7,012
See I thought I heard he had some connection to Primerica.
Wanna talk about some koolaid drinking folks. I'd rather talk to a Lincoln agent over a Primerica agent. Man at least with a Lincoln agent, you're talking the same language. Primerica is cultish to say the least.
- 5,995
An uncle of mine got involved with them as a college student in the 1970's. It was pitched the same way as Amway and any other MLM opportunity. When you think about it, the insurance business really is made for MLM, as it essentially is distributed in such a way that multiple levels of individuals/entities are compensated. I write a deal, and I get a piece, my upline manager gets a piece, his upline gets a piece, ...
Isn't that really what is happening at Lincoln Heritage, for example? That is why you can have someone at a 50 point contract under someone at a 60 point contract under someone at a70 point contract and so on. Any agency that puts the emphasis on recruiting is really just trying to exploit the MLM aspect inherent to the insurance business.
- 7,012
All businesses are set up that way to some extent. I agree insurance has the ability to become a MLM. Some have taken it much farther than others.
- Thread starter
- #17
- 4,307
PA agents love to try to bait you into the Term vs WL argument. it's hard to resist getting into it with them. Too many "mic-drop" opportunities! As I've gotten older, and hopefully more mature, I sidestep it whenever possible. It's like a five year old trying to pick a fight with a professional boxer. It's cute, but there's no glory in giving 'em a smackdown!
Amway makes the majority of their sales to their own sales force so yes, MLM is great for financial services. The only problem is, when people leave, cancelling their policy is step #1.
- 5,309
I finished up reading AL Williams autobiography. Despite what you may think of his "crusade" against "trash-value life insurance," the amount of agents he recruited in such a short period of time, in combination with a complete alteration in consumer opinion about whole life, his effect, negative or positive, on the insurance business cannot be misstated.
- 11,519
1) "BTID" never has and never will be a planning strategy. It is a replacement tactic. The complete phrase is "buy term and invest the difference... with me" and it's said by anyone who is competing for those dollars - particularly investment people.
2) It's also completely misleading. It assumes that a person can afford a fully underwritten whole life policy (assuming proper coverage - perhaps it was rarely quoted?) and THEN they are being swayed to buy something else and just buy term insurance. Most people cannot afford to buy their proper amount of life insurance in whole life only.
I like what John Savage said about "AL Williams". Just convert their term to permanent.
2) It's also completely misleading. It assumes that a person can afford a fully underwritten whole life policy (assuming proper coverage - perhaps it was rarely quoted?) and THEN they are being swayed to buy something else and just buy term insurance. Most people cannot afford to buy their proper amount of life insurance in whole life only.
I like what John Savage said about "AL Williams". Just convert their term to permanent.
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