I Just Started at Primerica. Looking for Advice.

[New]

Thanks for the replies everyone.
I've been looking at term4sale and it stated when finding the best policy the cheapest policy is not always the best. When it comes to term life why is it that a more expensive policy would be considered the better policy? Sorry if this is a dumb question I really don't know anything about insurance yet but I am learning more everyday.

 

[heynow5]

Cheaper is not always better if there are strong conversion options. Example, you later want to convert to permanent. I don't believe Primerica term is convertable, which means you overpay but dont get any value

 

[New]

Ah I see. Is that it? Just conversion options? So people that buy insurance pay a higher price at Primerica for their agent's "financial help"?

 

[DHK]

Wanting a permanent policy is based on an agent's knowledge of the advantages of permanent life insurance. If the perception is that all it has is a level premium guaranteed for life, level death benefit guaranteed for life, and guaranteed cash values... then it can be perceived as just "expensive life insurance".

I would start here:
10 Minute Lesson on Life Insurance

 

[rousemark]

Wanting a permanent policy is based on an agent's knowledge of the advantages of permanent life insurance. If the perception is that all it has is a level premium guaranteed for life, level death benefit guaranteed for life, and guaranteed cash values... then it can be perceived as just "expensive life insurance".

I would start here:
10 Minute Lesson on Life Insurance

Great video.. did you make it?... narrate it?

 

[DHK]

Oh no. It's not mine. It was created by those behind MoneyTrax's Circle of Wealth.

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However, I did create this one:

 

[Cornelius]

Both videos are great and informative. Thanks.

 

[AboutThatLife]

Well, here is something that I can actually relate to. As someone who recently just started at Primerica, I've been there for a few months and I immediately started on here as well(lurking). I wanted to do a kind of blog about my experiences there and initially I was very excited. I had passed up a previous opportunity at Primerica when I was younger(like most people) because I felt like they were just lead farming new agents.
Signing Up

When I finally joined I was mostly concerned with the free licenses, but I also had other concerns. Among these I was told:

1. I would receive leads if I couldn't generate my own. Leads were so plentiful at this office.
2. We were the number one office in our state in the past month. We were not even in the top 10, look at the production leaderboard to confirm such things.
3. You could own your business, my RVP office had between XXX in premiums and I was told their business was valued(by the company) at 10x earnings for over a million, and that the company would purchase from them if they wanted, but the opportunity was so great they knew they could make it even bigger.
4. They talk about the bonuses when you start. I wont get into specifics, but basically they expect you to start without a license and recruit a few people and sell some policies. While I got my license within a week and a half, I never participated in this process, before getting my license.

The Dream
If you are going to stay at Primerica, remember that owning your own business means:

1. If you create a business entity it can only deal with Primerica. It cannot sell any other product ever. Even if that product does not compete with Primerica's offerings.
2. If you have any other profession other than being a Primerica agent, you cannot "sell away". If you go to someone's house to sell term, they tell you they like you and are looking to sell and you are a real estate agent, you cannot take the sale. How will they know? Once you get your series 6 license you have to report ALL real estate transactions.
3. If you become RVP you must own a physical location. You can become an RVP with probably as little as $25,000 in commissionable premiums made if you hit the lottery lol. As long as you have one RL and three DL's and you submit your premium you can become RVP. RVP also means you are full time, expected to give 40 hours. I havent seen that part enforced. For being RVP, you can get equity in the company that is given out as a bonus based on performance.
4. When you decide to sell(only RVP and above) you sell your producer code with the company(not an actual business entity), and the company will meet with you and a potential buyer, who must also be in Primerica, and they will value your business and work out the terms. After which, you will get basically a 10-15 year variable annuity that fluctuates based on your codes production. Is it really a variable annuity? No, but that's the closest analogy I can make.
4. No cold calling, no door to door, no buying leads, no giving advice even if you have legal designations CPA/CFP/TA, the list goes on really. Basically word of mouth only.
5.NO FREE MARKETING![SIZE="4]. You're GA(RVP) will no typically provide you with any company clothes or brochures. You will be expected to pay for company leadership conferences, monthly service fee to the website, and also various other products the company officers to assist you in managing a team of agents.

The Reality

What I found was that I was never going to get my promised leads. All lead generation is done through recruits and their referrals, that's why recruits are so important. Because most recruits are not licensed, the maximum amount is made off of leads from new recruits by everyone because there is no override, you just get 100% of your commission at your level. If you do go on a ride along with an upline and you are licensed, your 25% commission gets split, so you get 12.5% and the rest gets added to your trainers regular commission. In general a term policy is gonna be between $150-600, why? Because term is cheap!

Greatest opportunity with Primerica comes from constantly recruiting people and converting their leads into sales. That gives you free leads and you are getting your full commission at your level. At the end of their list, most recruits will run out of people and will just be starting to make their commission(but they got bonuses), which if they did really good, could start at 50% by the time they get their license. Some people excel in this format, but this is the way you make your money. Most I met there do not actually know about insurance as a whole. So if you really want to KNOW insurance...join a large captive or go indie and take the college route. If you want to just be a salesperson and are willing to put in the work, STAY. The recruits themselves are great and really motivated, it's something I'm not sure you could see outside the MLM environment.

Just please always be honest. No matter what.

 

[BYSFG]

If youre going to join an MLM, ask the hard questions and go to a few meetings.

YOU have to do the interviewing. I say this because Ive been in your shoes and I didnt ask the questions. My first experience was with them and I had no idea what the product was and what I was doing. Your upline is going to be the make or break as well as the group atmosphere overall. MLM are very heavy on recruiting depending on offices to offices. Find one where they have strong individual incentives as well as group. Though no matter how you slice it, unless you have a massive group under you, being NON-MLM will probably generate a better income stream for you.

Since Im also in a MLM structured firm/agency/group, in these type of atmosphere you really need to find someone whose willing to take you under their wing and train you. Are they going to know everything, no. Will they be a good place to start, yes.

Using myself as an example, I work a day job too. I have 2 hours worth of training every week 1 on 1, sometimes with another person. Top of this theres also group training. We address issues we faced during the week with prospecting, with meeting, whatever you name it, we'll discuss it. The new guys will voice how they would go about it and mentors who've been in the situation will then present how they overcame it.

Your mentor (upline) has to be willing to not make you just another number.

My very first meetings my mentor came out with me and we spent 2-3 hours with the clients. After we delivered their policies our next meeting he followed up with me with what learned, what I felt like I needed to work on, and how comfortable was I moving forward with of course him being just as a shadow.

Im just going to stop here before it sounds anymore like Im trying to recruit. Basically, right now, whats going to matter more for you is your upline and whose going to train you and if theyre willing to slug it out with you through the hard beginning. Specially for MLM type settings. Im saying this just because I know a few people who are also in MLM but lack training, product knowledge, etc and just hammer away at recruiting and eventually disappear cause they couldnt recruit enough.

Also, look into more agencies! Best of luck.

 

[rousemark]

Oh no. It's not mine. It was created by those behind MoneyTrax's Circle of Wealth.

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However, I did create this one:

Risk Tolerance & Recapturing Investment Losses

Good job .