PM AGENTS HELP ME UNDERSTAND

[Botoman]

I'm not bashing I want to understand Primerica's selling point for their term policy. I'm always open to listen and understand other people's perspectives. I had a PM representative reach out to me under the impression that he would help me with reducing my debts and investment opportunities. We discussed my current life coverage and he completed a financial needs analysis. He then ran the analysis and made a recommendation on the spot.

I currently have a 20-year level term policy in year one for $500K, and I'm paying $55/mo. His analysis determined that I only needed $350K, and he could get me in to a 35-year level term with them for $62. He disclosed that although it was less coverage for more premium, I would get a few benefits. I would get a child rider $10K benefit per each of my 4 children for free, and if I keep the policy active for 10 years my coverage would double to $700K and I would still pay the same level premium amount of $62.

This to me did not make any sense. Why would a company give me less coverage for more premium, and then double my coverage after year 10, for the same premium amount? He only showed me the illustration on an iPad and did not leave it with me to review. Please help me understand. Thank you.

 

[Steve Charlton]

They are lying to you, the could rider does cost something. They have an increasing benefit that increases the policy amount by 10% each year, but that increases the premium automatically. Yes, your face amount would be higher, but so would your premium. I used to be an RVP for them, which is their highest contact level, let me know if you have any questions, 248.835.3675, Steve

 

[Botoman]

They are lying to you, the could rider does cost something. They have an increasing benefit that increases the policy amount by 10% each year, but that increases the premium automatically. Yes, your face amount would be higher, but so would your premium. I used to be an RVP for them, which is their highest contact level, let me know if you have any questions, 248.835.3675, Steve

I have a bunch of questions; however, It'll be difficult to call you due to my work schedule and time zone difference. Can we go to PM?

 

[LGilmore]

they don't have a 35 year level term that I know of. might be scheduled, but unlikely. run Run RUN away from this guy.

 

[Steve Charlton]

I have a bunch of questions; however, It'll be difficult to call you due to my work schedule and time zone difference. Can we go to PM?

PM? That is my cell, you can text me.

 

[Life Hawk]

they don't have a 35 year level term that I know of. might be scheduled, but unlikely. run Run RUN away from this guy.

Yes, swim little doggy swim.

 

[WinoBlues]

I have a bunch of questions; however, It'll be difficult to call you due to my work schedule and time zone difference. Can we go to PM?

What Steve said.

I have sat across from many PFS agents and their managers. They will tell you they are not allowed to give you an illustration. BS! I have copies of some. The illustration will show the cost of the child rider also will show, as Steve said, the increasing cost of the increasing benefit. Text the agent and ask him to email you an illustration.

Say you were born 01/01/1975

Preferred health ( not the best rate)

$500,000 - 20 yr term = $50mo and the rate does not increase at the end of the 20 years.
Them - about $70 If you can get preferred rates.

$750,000 (day one) - 20 yr level? There are a dozen companies that range between $71 and $76mo.

Ask him for a copy of the illustration.

There are agents on this forum that are licensed in every corner of the country. This is a great place to ask your questions. If posted on the forum we can all vet each other.

Good luck,

Lee

 

[WinoBlues]

they don't have a 35 year level term that I know of. might be scheduled, but unlikely. run Run RUN away from this guy.

They might. I write some referrals from one of the local RVPs and seems like he said they were getting one. Is it guaranteed? Don't know. I would guess a good GUL would spank it.

 

[toolbelt]

They might. I write some referrals from one of the local RVPs and seems like he said they were getting one. Is it guaranteed? Don't know. I would guess a good GUL would spank it.

According to their annual reports, term rate is only guaranteed for the first 20 years (U.S.) regardless of policy length.

 

[WinoBlues]

According to their annual reports, term rate is only guaranteed for the first 20 years (U.S.) regardless of policy length.

Ha, going back to their roots? Projected for XX but guaranteed for x.