Primerica Guarantees

[Denise in Florida]

Winoblues

A 45 year old couple with $250K each for standard, not preferred, could get coverage for 25 years until age 70 then the policy would renew without a medical. The renewal amounts are dramatically less than those of other term policies. The cost for a 25-year term policy for $500K would be $1975 annually or $187.63/month.

 

[Denise in Florida]

The child rider is for all the children and runs about $8/month for $10K in coverage

 

[WinoBlues]

Winoblues

A 45 year old couple with $250K each for standard, not preferred, could get coverage for 25 years until age 70 then the policy would renew without a medical. The renewal amounts are dramatically less than those of other term policies. The cost for a 25-year term policy for $500K would be $1975 annually or $187.63/month.

Thank you.

What would a 30r cost? At preferred?

 

[Denise in Florida]

I had a Northwest Mutual agent explain that the reason he sells whole life is because the stock market fluctuates and he tells his clients that, if the market crashes, they will lose everything - however he doesn't explain that mutual funds have never failed and with a rate of return of 9-15% compared to the 2-5% that the whole life policy provides, even if they lost half of their money, it would still be considerably MORE than the cash value and it would be able to recover - and they can withdraw from their account if they want without penalty. One of my clients had a ULI for $412K - she gave the agent $167,000 and he promised her she would never have to pay premiums again. Meanwhile when I reviewed the policy, I discovered that in two years, the agent had used $120,000 of the money and was charging her $1705/month for a management fee! Come on now! This is just NOT right! I got her $400K in coverage when she was two years older for $287/month (she is 65) and over a year has passed now and even though she sent a certified letter to the insurance company, they have yet to return the balance of her money and issue her a fully paid policy for the money she already spent. Her account is down to $34K - and in a year or two her premiums would go up to $8000/month. Where is the justification in this????

 

[DHK]

DHK

First wanted to let you know Primerica is a publicly traded company - not an MLM. Sorry but this is not accurate.

If you're willing to lie to me, what makes me think you won't lie to your clients?

Plenty of MLMs are also publicly traded companies too.

Note that MLM does NOT mean it's an illegal pyramid scheme.

Terminology is such a weakness with Primerica agents that they read into things that aren't there.

 

[DHK]

owever he doesn't explain that mutual funds have never failed and with a rate of return of 9-15% compared to the 2-5% that the whole life policy provides

You're not a registered rep are you? That is an ILLEGAL and MISLEADING statement.

Never say that again unless you want your career to be short-lived.

 

[Denise in Florida]

Winoblues -
Because of their age, they could only get a 25-year level term that would renew. I don't know what the preferred rate would be - sorry. I don't have a rate book handy.

 

[WinoBlues]

The insurance may seem a bit higher than other term products until you add all the riders that the other products need to add in order to offer the same coverage.

OK, That is interesting.

What are these value-added riders? I assume they are inherent riders at no added cost.
You are correct that when comparing it should be as close as possible to apples to apples.

 

[DHK]

Primerica belongs in the kiddie-pool of financial services.

Change my mind.

So far, you're failing... miserably.

 

[DHK]