DOES Anyone Know how Primerica Insurance Works??

[th61327]

Thank you. We do not contact the home office, I have advised my rvp I am trying to find a new company he advised I need to send a letter to the state insurance but I never considered worrying about the iba I will have to look at that thank you. Being so new I am lost in the process of all this, I'm great with doing the policies but the behind the scenes is just rigorous even more so than when I was a LDA and notary public. Hope in the end I can say it was worth it

 

[WinoBlues]

Gawd I hate the way Primerica has always plundered their agents warm market.

I have some knowledge of them and how they work. I hired/rescued several of their agents back in the day. If you like shoot me an email and I will be glad to talk to you. I am not recruiting.

[email protected]

Yes I am licensed and I have now been told its due to age, the first response from my rvp was he didn't know, then I was told that my upline gets a part of my commission, and today I was told its due to the clients age.... Again I just say hmmmm. We are also told its all about the fna yet I still today have not been trained on the fna just told to set the appointments and my trainer goes and does thw presentation and therefore gets half of whatever my commission is cause he did the work. So I personally have not been doing the rule of 72 presentation and just doing my life appointments so I don't need my trainer with me on my appointments allowing me to get all of my commission which still has not totalled 50%. I had one commission pay that just brought a smile to my face as I seen the 13 dollar deposit in my bank LOL I just had to laugh at that one. Don't get me wrong, I am willing to accept the lower commision I am not happy with the lack of knowledge when I point things out, the lack of actual training on the product, I can recruit all day I have been well versed on that portion of the business and had7 recruits in my first 2 months but I now refuse to recruit as I refuse to give people information that is not accurate and to have people working their butts off for no pay for who knows how long is just wrong to me. I was told my life sales made before I get licensed would be banked and released once I got my license and that too is not true, my trainer got paid on those and I was donating my training time. I was told fingerprints are repaid to you yet 8 weeks after being licensed I still have not got those funds, I was told we have the lowest prices when indeed our quotes are much higher than other companies and I personally will continue to work for them till I find work but I will be using an alternate company for my insurance as its 20 bucks a month cheaper for 100k more coverage.

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The best part of working here is the knowledge of the rule of 72 but I already knew it when I joined the company, and the people I work with are very friendly I can't lie and say different its a great group of different personalities a lot of reps truely believe they are helping people and do so with the right intentions but its not always the true ending. Not everyone can afford 10% of their income being invested 20 bucks can be a lot of money depending on the persons situation, and to say we help people get out of debt yet only try to help 5 pointers what about the low income family that truely does need help. To be considered middle class you actually have to have an income that's pretty good so the ones that don't earn that middle class status don't deserve help. They are the ones that need life insurance the most. And why are we considered not fully helping a client if we don't get the insurance and investment, what if they don't want to invest but don't want a car wash done to bury them. Some of the concepts are just contradicting and wrong while others are great. Guess it all depends on each individual, I personally don't see anything wrong with whole life insurance but again that's my individual opinion some can benefit from term and have the ability to invest the difference but others need to have whole life for that garunteed price for life not for a given amount of time. You may be the next million dollar earner but for me I think I'm gonna be the 5500 or less per year average we see in our contract

 

[TwiLight]

I didn't know it was assigned. When I get paid on that case I wrote, if its not straight from North American I won't put anymore with them.

I doubt your commissions are assigned. What Newby was talking about is you are contracted direct with the company at Street. However competitive Term carriers do not have many levels above street and the IMO.

What IMO's do is pay you a bonus out of their override based on an agreed % amount from the beginning or Production amount hit. We call it a Pass Thru. It is done all the time with IMO's for Traditional Term/UL-IUL/WL/Annuity production.

 

[Cornelius]

th6317. Let me say this. You are an independent contractor which means you are basically in business for yourself. You just signed an agreement to market the product(s) they authorize you to sell. (Not legal advice)

That being said if you have a question it's within your best interest to get an answer from whichever source you seem fit. Is it written somewhere not to call the home office? The reason I ask is because back many moons ago when I was there I would call the HO when someone couldn't give me an answer on something. Like I said that was many moons ago yet things may have changed.

The reason I say read your IBA is you need to know your rights and the rights of the company if you decide to leave. Don't get me wrong I'm not saying leave I'm just saying make it a educated decision rather than an emotional decision especially if you will be under a non-compete or other restrictions and for how long.

 

[pcbinsurance]

"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?

 

[Norwayguy]

"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?

Since we all know it is illegal to pay a commission to an unlicensed person that can not legally happen. But I have seen Primerica people told this, whatever the upline can get away with to get to that new agents warm market. I have also heard or training calls. Where you are required before being licensed to set so many appointments to ride along with your upline and watch how they present and sell to your prospect.

 

[th61327]

Well its training appointments where you go to your family and friends and your licensed trainer writes the policy putting you as the trainee

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So no we don't write policy before licensed, we do training and watch our possible sales go to our trainers who are licensed

 

[pcbinsurance]

Ok, I was confused when you said "my life sales made before I was licensed..."

 

[VolAgent]

Since we all know it is illegal to pay a commission to an unlicensed person that can not legally happen. But I have seen Primerica people told this, whatever the upline can get away with to get to that new agents warm market. I have also heard or training calls. Where you are required before being licensed to set so many appointments to ride along with your upline and watch how they present and sell to your prospect.

This is the rule and not the exception. If you have to do a Project 200, odds are you will be doing appointments before you are licensed. Even the big captives do it. They just flip the app over to the agent once licensed while it is in underwriting. I doubt many of the Primerica people flip it though.

 

[th61327]

They are our sales counted towards our bonus but we do not write the policy the licensed trainer does it is said we can't be paid for a life sale till we are licensed, however we are told our portion will be banked and paid after we get our license then we never paid for that after we getour license as it is then said that's what our bonus is. Another words its how they get to be willing to set appointments before your licensed. It would only make sense that if I was going to set an appointment with my family and friends, I would want that income to be mine, therefore the only reason the appointments got set was cause I believed I would receive that money at a later date. Being new I don't know how this all works and had I known there was 0 income for me from those appointments I would have asked why am I not just being taken on appointments set by the trainer so I could watch his appointments for free instead of losing my potencial income I could have had if I seen my family after getting the license. Its very shaddy for this to work that way.