DOES Anyone Know how Primerica Insurance Works??

[WinoBlues]

The golden rule - do unto others as they have done to you. Preferably before said doing.

 

[wfs]

Im considering working for Primerica im currently licensed in California and I wanted to know who's heard of them and if anyone knows exactly how they work?

You will only learn to make enemies with your friends and family and become the black sheep. While it is a legitimate outfit, it's not a great place to start if you want credibility. Don't buy into the rhetoric that insurance companies and their agents are ripping people off by selling them overpriced "trash value" insurance. All not true. Most insurance agents are full time professionals that have their clients best interest in mind. They don't run around trying to discredit every other insurance agent that does not represent his company.

The organization is really no more than amway selling insurance. Plain and simple. And that's without getting into product and sales philosophy. I do believe that Primerica, as its predecessor A.L. Williams, changed the way that the insurance industry and consumers thought about term insurance. I do think that there was not enough term insurance being sold when there was a need. I think they forced the industry to rethink term insurance. But that's where it ends. The world has changed. Products have changed. Companies have changed. Well except for Primerica. It's the same old thing. They have refused to adapt. They cannot adapt, because if they do, it invalidates their entire existence.

I don't believe that the MLM thing works in the customer's best interest in most cases. Most of these companies sell overpriced, high-margin products so that they can pay many levels of the hierarchy. This is the reason that Primerica's term insurance is pretty costly. And the same reason that amway's (insert product here) is more costly than what you can get at the supermarket. You don't have to always have the least expensive product to be successful and to service your customer properly, but you do have to have access to products to fit every situation, and only having access to term insurance is not the answer.

The "crusade" is dead...

 

[timamr]

"I was told my life sales made before I get licensed would be banked and released once I got my license"
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I'm only skimming this thread but this part caught my eye. How can you make sales before you get licensed? Is this really how PriMer works?

I think he meant he thought he would get reimbursed for the sales he made AFTER he got licensed. Either way, that is scarey stuff since my last understanding was without a license you cant legally sell. Am I missing something also?

 

[th61327]

No that's not what I meant. Yes it is illegal to be paid for life sales before you get licensed. As a new agent with no clue anything about life sales or laws we believe our up line when they tell us to go ahead and get our life sale appoinents, our licensed up line completes the sale, we get credit as a training sale towards our bonus. The way the up line convences us to do these appointments is by telling us that the money is banked and paid to us after we are licensed, what they fail to say is we just get our bonus after we are licensed, not commision from the sale. Once we do get licensed they then tell us we only get our very tiny bonus and also at that time we get told we don't even get that until we complete another two life sales under our license. Problem is, our up line has already done all of our warm market and we are then on our own in finding ways to get the sales.

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That's when they tell us to recruit recruit recruit and get our sales from our down lines warm market

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Welcome to Primerica its a wonderful way to train people. The one thing I learned is I love the industry and I'm on a mission to learn the correct way to build a business helping clients in this ever so needed industry.

 

[timamr]

Sounds like a crappy deal if u ask me. However, u have come to the right place to find ur true calling. This forum is full of knowledge and great advise (with the ever present smarta$$ comments u will see and get). I wish u much success my friend!

 

[th61327]

Thank you very much. The individuals in this forum have been a huge help

 

[Cornelius]

I won't get into a PFS pro or con debate but their product is designed for the market they serve. Also from my understanding they do offer other carriers products. Not term though.

As for their pricing just consider the low ball term carriers in the past who shut down their offerings..Something to think about or consider. People get on PFS for bashing CV but will turn around and bash the MLM concept when used within the insurance industry. Yet the system works for some. Yes the big recruiters can earn the big bucks because that is How the system is designed.

For you guys who market LegalShield take a look at the bonus plan announced at the convention..

 

[WinoBlues]

I won't get into a PFS pro or con debate but their product is designed for the market they serve.

Which product? The insurance or the "dream"? Which market, the insurance clients or the dreamers?

If the in. Term Insurance is Term Insurance. How is it built for lower middle America?

Let's take a 35 year old couple, 2 kid, in good health.

Let's use term4sale for the quotes. $500,000 20 yr level term. Assuming preferred not P+.

Male is $30-31mo. Sagicor is nonmed and don't neet to meet with agent. Protective goes to DT in yr 21 no huge rate increases.
Female $26-27mo. (same as above. $20,000 of child rider is about $8. Waiver will be a few more dollars.

Several companies lower rate. Same agent can write their permanent coverage and their parents and grandparents. And remain their agent fot the full 20 years.


How much is Primerica? How are they better for the client?

 

[Cornelius]

Primerica talked to them first. As for other products I haven't looked in a minute but annuities and LTC with different carriers.

I just listened to a old Art Williams recording of The Enemy Can't Win..All the back and forth was going on I would say since the 80's..The same pros and cons debated.

Sure carries have become way more competitive since back the but it still comes down to if the Primerica agent is the only agent talking to the prospective client then yes there's a good chance they will get the business and if the client has a desire to make some extra income or a potential career change yes a potential recruit..

Today the crusade isn't so much about term verse whole life. The issue is income. Be it more income or extra income the masses are strapped..

Get there first or if not first then just compete for the business. Many people here look at it as selling life insurance where with many part-timers in the "MLM" insurance world it's more about helping families be protected and save money.

The Enemy Can't Win"...I don't agree on some things with the company but I understand company..

 

[Rob Lion]

Primerica talked to them first. As for other products I haven't looked in a minute but annuities and LTC with different carriers.

I just listened to a old Art Williams recording of The Enemy Can't Win..All the back and forth was going on I would say since the 80's..The same pros and cons debated.

Sure carries have become way more competitive since back the but it still comes down to if the Primerica agent is the only agent talking to the prospective client then yes there's a good chance they will get the business and if the client has a desire to make some extra income or a potential career change yes a potential recruit..

Today the crusade isn't so much about term verse whole life. The issue is income. Be it more income or extra income the masses are strapped..

Get there first or if not first then just compete for the business. Many people here look at it as selling life insurance where with many part-timers in the "MLM" insurance world it's more about helping families be protected and save money.

The Enemy Can't Win"...I don't agree on some things with the company but I understand company..

How are you protecting a family and saving them money by selling them over priced MLM BS, at some point you need to explain to your client that a GUL, or FE policy is better than constant betting against your mortality with term lol.