I Just Started at Primerica. Looking for Advice.

I've been looking at term4sale and it stated when finding the best policy the cheapest policy is not always the best.

Let me answer that, because I wrote it. I am Bob Barney, and I own Compulife which owns www.term4sale.com.

Anyone will say that about virtually ANY consumer product, where there are alternatives. Do you think there is ANY consumer who would not agree with that?

Have you noticed that not everyone drives the same car?

There is an important question on the top of every quote that a consumer sees at www.term4sale.com. It says:

Can you qualify for the premiums in this comparison?

And as soon as the consumer starts filling in the blanks, what was the cheapest may not even be available.

When it comes to term life why is it that a more expensive policy would be considered the better policy?

At the bottom of the quote it gives examples of things that a consumer should consider. Please read through those items, and feel to ask about anything you don't agree with or understand. Again, I wrote it, and I am happy to tell you why I said what I said.

Sorry if this is a dumb question I really don't know anything about insurance yet but I am learning more everyday.

And a lot will come from actual experience doing business with a variety of companies. NO one company is good on everything, which is why neither agents or consumers should restrict themselves to any one company. But then I have heard rumors that Primerica may be opening the door to its agents placing business with other companies for term, and that may solve the biggest weakness they have had for many years.
 
Give them time to approve it. It's not that they didn't approve it. There are certain forum controls to somewhat help prevent spam.
 
If this helps, take it: I sat down with a Branch Office Manager at a Primerica office in San Jose (I'm with World Financial Group) and he bashed cash value life insurance policies as soon as I sat down. He claimed they were expensive and when I kept asking how expensive are they, he beat around the bush, until he said "you work for World Financial something and you sell Equity Index Universal Crap" so I asked him for the third time how expensive are they and said "you guys charge 7-15% to pull out a loan" which is completely not true.

Also another friend of mine compared term against term with a Primerica agent who's been there for 20 years and the Premium with Primerica was $20 more expensive per month.

All you can offer is expensive term insurance and you must become Series 6 and 63 in order to sell mutual funds (buy term and invest the difference).

One last thing about this BOM: when he saw he had nothing left to argue he pulled out a Policy from another Company and showed me some weird chart and said "see!!?? Look how expensive this is!!" And I read the fine print and said "you're right, it is expensive" and he smiled until I said "but you didn't mention this is for a 40 year old smoker" and he had the nerve to say "that has nothing to do with it.". I stood up, shook his hand and said " train your agents better" and left.
 
If this helps, take it: I sat down with a Branch Office Manager at a Primerica office in San Jose (I'm with World Financial Group) and he bashed cash value life insurance policies as soon as I sat down. He claimed they were expensive and when I kept asking how expensive are they, he beat around the bush, until he said "you work for World Financial something and you sell Equity Index Universal Crap" so I asked him for the third time how expensive are they and said "you guys charge 7-15% to pull out a loan" which is completely not true.

Also another friend of mine compared term against term with a Primerica agent who's been there for 20 years and the Premium with Primerica was $20 more expensive per month.

All you can offer is expensive term insurance and you must become Series 6 and 63 in order to sell mutual funds (buy term and invest the difference).

One last thing about this BOM: when he saw he had nothing left to argue he pulled out a Policy from another Company and showed me some weird chart and said "see!!?? Look how expensive this is!!" And I read the fine print and said "you're right, it is expensive" and he smiled until I said "but you didn't mention this is for a 40 year old smoker" and he had the nerve to say "that has nothing to do with it.". I stood up, shook his hand and said " train your agents better" and left.

I agree with a lot of what you say here. I have sat across many kitchen tables from PSF agents and their managers. Yes, they travel in pairs when competing. However, I have reviewed a number of WFG IULs this last year. Many sold to lower income ESL people. Sold as a path to wealth. 90% of the ones I reviewed were maximum face amount and minimum premium. Not one person has remembered seeing the guaranteed column. Many did not have an illustration in the policy packet. Many were also pitched a recruiting pitch.

Just saying.
 
"A person convinced against his will... is of the same opinion still."

I'll debate with posters on this forum... but I won't do it in real life. If a client of mine ever asks me to speak with their PFS agent, it means one thing: I didn't build enough trust. I won't waste my time, nor get aggravated (or try to educate) someone who simply doesn't know what they don't know... and aren't going to be truly open to learning about it either.

As far as the WFG IUL policies with minimum premium and max death benefit... I've adopted my own standard for evaluating these policies: By year 5, about 75% of premiums paid should be available for use (cash surrender value). If it's less... the policy isn't structured properly for maximum cash value accumulation and may be a good candidate for replacing.
 
"A person convinced against his will... is of the same opinion still."

I'll debate with posters on this forum... but I won't do it in real life. If a client of mine ever asks me to speak with their PFS agent, it means one thing: I didn't build enough trust. I won't waste my time, nor get aggravated (or try to educate) someone who simply doesn't know what they don't know... and aren't going to be truly open to learning about it either.

As far as the WFG IUL policies with minimum premium and max death benefit... I've adopted my own standard for evaluating these policies: By year 5, about 75% of premiums paid should be available for use (cash surrender value). If it's less... the policy isn't structured properly for maximum cash value accumulation and may be a good candidate for replacing.

Dave,

At what percentage?
 
I don't understand.

Let's suppose the policy has an annual premium of $10,000.

By year 5, $50,000 would be paid in. 75% of $50,000 is $37,500.

That's about the amount that should be available for use under the cash surrender value column in year 5 if the policy is structured properly (Minimum DB, Maximum CV).

Other illustrations I've done and seen would show year 5 being at 50% or less cash value being available for use ($25,000 in this example).
 
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