Can some one aware me on Primerica
- Thread starter InsurancePimp_
- Start date
Mine are set at one per page so it doesn't look cluttered with my posts
tikibarrister
Guru
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- 1,064
I have a little pea brain, I can only digest so many posts at once
- 4,992
- 4,992
Really not much like it in the industry the way Primerica designs these term policies to not have to compete with price & the 99.9% of the industry that has level term coverage & guaranteed level term for 10/20/30 years.
Cover base & spouse on same policy, rate only good for 1 year at a time (ART), face amount then drops after 10 years, then drops every year after while the premium is projected to stay the same but could be much, much higher.
My gut tells me they think every purchaser will be able to self insure after 10 years or so, but as we all know in the industry, most consumers upgrade lifestyle with cars, houses, etc & still need the level coverage in their 30s & 40s, sometimes even in 50s & 60s, especially when you factor in kids ages & the fact that most citizens wealth (if any) is tied up in their house & employer 401k..............2 items a surviving spouse doesnt have much ability to access during their 40s & 50s. even debt free people in their 50s are smart to have 10 year term to allow the spouse the liquid tax free insurance death benefit to cover them so that the retirement fund they planned on continuing to make contributions to can actually not be depleted in their 50s to pay bills .
If the design of this Primerica base & spouse being 1 year ART rates & decreasing term wasnt bad enough, this guy can get level term for 20 & 30 years for cheaper & spouse can get $250k level term for 20 or 30 years for about the same premium as this. (only negative is the level term wont have the small remaining decreasing term to age 100 like the Primerica, but they also wont have a premium to pay).
It is really, really difficult to give someone an apples to apples comparison to a Primerica policy the way they have designed it to not be like most of the marketplace. non-competitive in years 0-30, but better residual post 30 years...................
Cover base & spouse on same policy, rate only good for 1 year at a time (ART), face amount then drops after 10 years, then drops every year after while the premium is projected to stay the same but could be much, much higher.
My gut tells me they think every purchaser will be able to self insure after 10 years or so, but as we all know in the industry, most consumers upgrade lifestyle with cars, houses, etc & still need the level coverage in their 30s & 40s, sometimes even in 50s & 60s, especially when you factor in kids ages & the fact that most citizens wealth (if any) is tied up in their house & employer 401k..............2 items a surviving spouse doesnt have much ability to access during their 40s & 50s. even debt free people in their 50s are smart to have 10 year term to allow the spouse the liquid tax free insurance death benefit to cover them so that the retirement fund they planned on continuing to make contributions to can actually not be depleted in their 50s to pay bills .
If the design of this Primerica base & spouse being 1 year ART rates & decreasing term wasnt bad enough, this guy can get level term for 20 & 30 years for cheaper & spouse can get $250k level term for 20 or 30 years for about the same premium as this. (only negative is the level term wont have the small remaining decreasing term to age 100 like the Primerica, but they also wont have a premium to pay).
It is really, really difficult to give someone an apples to apples comparison to a Primerica policy the way they have designed it to not be like most of the marketplace. non-competitive in years 0-30, but better residual post 30 years...................
- 1,064
Just die in the first 10 years then, duh
- 4,992
Or, at age 80 life expectancy it will have around $10k face still. Sure, you will have paid a minimum of $30k by then protected or as much as $200k if they raise ART rates to maximum
- 1,064
I already said I wanted it, you don't have to convince me. Where do I sign up?
Don't buy from this guy. I have way more confusing and expensive policies that I can sell you.
