Primerica Guarantees

[Denise in Florida]

DHK

Primerica is set up just like every other agency except promotions and raises are automatic with production. An MLM allows the member to make money from the recruiting of new people. Primerica does not do that. There are no kits, no out of pocket expense up front (they even pay for licensing and education - I was with American Express and they said I should get licensed and they would hire me). The $99 licensing fee they charge is refunded when the agent gets the license along with a $50 bonus - and they pay field training bonuses from day one. I have heard of agents who started with a bang and made $18,000 their first month because of the bonuses. I'm not lying. The reason people call Primerica an MLM is because all the promotional guidelines are laid out up front - full transparancey - but the structure of the company does not follow any other structure except a life insurance agency structure.

 

[DHK]

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.

I can prove how having $500,000 in the right place is better for the client than $1 million in the wrong place.

Not saying that other agent can... just saying that *I* can.

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!

It's IUL.

The agent didn't use anything. It's an insurance contract. There are internal costs for an IUL policy.

Learn more about these policies so you can talk intelligently about them.

I swear, it's like a PhD arguing with a toddler.

 

[DHK]

DHK

Primerica is set up just like every other agency except promotions and raises are automatic with production. An MLM allows the member to make money from the recruiting of new people. Primerica does not do that. There are no kits, no out of pocket expense up front (they even pay for licensing and education - I was with American Express and they said I should get licensed and they would hire me). The $99 licensing fee they charge is refunded when the agent gets the license along with a $50 bonus - and they pay field training bonuses from day one. I have heard of agents who started with a bang and made $18,000 their first month because of the bonuses. I'm not lying. The reason people call Primerica an MLM is because all the promotional guidelines are laid out up front - full transparancey - but the structure of the company does not follow any other structure except a life insurance agency structure.

A PYRAMID SCHEME allows that. MLM allows you to earn an override on their sales.


Oh, you think MLM is limited to cosmetics?

How naive do you think we are???

I know Stephen Newton. (Look him up with the company sometime. He's one of my group experts in the facebook group.) I know all about Primerica. It appears that you don't.

The structure STARTS a new agent out at 25% (but can be higher depending on the RVP). See? I know more about this than you do.

Just stop embarrassing yourself.

 

[Cornelius]

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????

Denise it looks like you believe you helped the client. So you feel you did what's the best you could for the client, the company and what about you?

Your an independent contractor which means your in business for yourself just hanging your license with Primerica.

As an independent contractor and not an employee is your bottom line loyalty to the company or you and yours?

You did all of the work finding the client, proposing, and closing. Now here is one question going forward. If you left the company tomorrow what are your rights to that client?

No I'm not saying PFS is a bad company or ripping anyone off but per the individual agent there is a business side regarding the agent and company which is a forward and long term consideration.

If quoting rates check out www.term4sale.com to get ball park rates and consider policy features such as living benefits.

I'm sure you did the best you can with what you have.

 

[rousemark]

however he doesn't explain that mutual funds have never failed

I really hope you are not telling potential clients this.. If you are, you could get in a heap of hot water with the regulatory agencies. There have been Mutual Funds that have failed although their value did not drop to zero. But it is not failure that is the problem. Mutual funds have been known to loose 20%+ of their value overnight. Sure over a period of time they have come back, but what if your client is planning on using the money at the time the bottom falls out, say for college funding, retirement, etc. They can't wait 4 or 5 years for the value to return. With a whole life plan, the value never backs up. If it is a par plan, the dividends are guaranteed just as mutual fund growth is not guaranteed. However, once a dividend is credited it is never taken away. That is not true with a mutual fund. It two years for the market to regain the losses incurred on Black Monday 1987.

 

[WinoBlues]

Primerica's term product is for up to 35 years level term with automatic renewal without a medical.

Evidently not. If a 45 year old can only get 25 yrs. I can write them a 30, 35 40 yr term or a to age 90, 95 100, 110 GUL. And the majority of 45 yr olds will be preferred or better with most companies. I just wrote a 68 yr old $100,000 to age 121 for $230mo. I wrote her husband Male 77 $50,000 @ 408mo Lifetime. Two separate companies and types of policies. Because i can shop out the best options for the client. Not the best option for the company. How would Primerica be better?

There are good built-in features including being able to add a child rider for all the kids for almost nothing until the child is 25 and then they can write an independent policy at 25 for up to 10 times the original benefit without a medical.

Most companies have Child riders. Also inherent riders like Accelerated Benefit Rider or Critical illness riders. Another reason to write individual policies rather than spouse riders.

Denise it looks like you believe you helped the client. So you feel you did what's the best you could for the client, the company and what about you?

I agree. I was going to show all of the flaws, however, I realize she is probably new and only knows what her managers want her to know. Many people have started with Primerica and if they do not starve out of the business they move on to truly independent Life Insurance.

You did all of the work finding the client, proposing, and closing. Now here is one question going forward. If you left the company tomorrow what are your rights to that client?

That. They then become orphans, the RVP or their favorite newbe then goes out and rewrites them.

@Denise in Florida , I hope you stick around and learn so that when you leave Primerica you can take your license, learning experiences, and make a career out of this. I have been sitting across A L Williams and PFS agents for a Very long time. Many of your comments about PFS' term leads me to believe you simply do not know what you do not know. Not really your fault unless you choose to stop looking for answers. The fact that you are here shows you are curious about the real world.
By the way, you should be making at a minimum 80% on your term sales.

Good luck to you.

 

[rousemark]

Evidently not. If a 45 year old can only get 25 yrs. I can write them a 30, 35 40 yr term or a to age 90, 95 100, 110 GUL. And the majority of 45 yr olds will be preferred or better with most companies. I just wrote a 68 yr old $100,000 to age 121 for $230mo. I wrote her husband Male 77 $50,000 @ 408mo Lifetime. Two separate companies and types of policies. Because i can shop out the best options for the client. Not the best option for the company. How would Primerica be better?



Most companies have Child riders. Also inherent riders like Accelerated Benefit Rider or Critical illness riders. Another reason to write individual policies rather than spouse riders.



I agree. I was going to show all of the flaws, however, I realize she is probably new and only knows what her managers want her to know. Many people have started with Primerica and if they do not starve out of the business they move on to truly independent Life Insurance.



That. They then become orphans, the RVP or their favorite newbe then goes out and rewrites them.

@Denise in Florida , I hope you stick around and learn so that when you leave Primerica you can take your license, learning experiences, and make a career out of this. I have been sitting across A L Williams and PFS agents for a Very long time. Many of your comments about PFS' term leads me to believe you simply do not know what you do not know. Not really your fault unless you choose to stop looking for answers. The fact that you are here shows you are curious about the real world.
By the way, you should be making at a minimum 80% on your term sales.

Good luck to you.

She certainly does not know that there is nothing special about the Primerica product. It is a run of the mill term product that has nothing unique about it. Most other term companies will do everything Primerica does at a better price.

 

[WinoBlues]

She certainly does no know that there is nothing special about the Primerica product. It is a run of the mill term product that has nothing unique about it. Most other term companies will do everything Primerica does at a better price.

Yeah, like their renewal rates are so much better than other companies, Really per who? And they are high for a reason.

 

[Denise in Florida]

DHK,

I’m actually not surprised that you attacked me. Happens all the time because people who think they know everything will argue all day long. Meanwhile Primerica clients don’t need insurance when they are debt free and have investments. That’s why those that actually have insurance have it! It is meant as a safety net when you don’t have enough in investments.

As for my comment about rates and investments compared to cash value, I am actually a series 6 and 63 representative AND from 1924-2019 mutual funds averaged 9.8% so I was being conservative. LOL. As for whole life I don’t care how many policies say they will pay up to 5-6% the past year when the market was booming and earns were in the double digits, policies still paid 2% so where am I lying? I’m not projecting, I am merely stating facts based on past history.

I don’t owe you anything. If you’re don’t want to be civil then I suggest you be quiet. You have more than 10k posts…do you ever work or do you troll this site to display the letters after your initials? Honestly I’m not impressed. I have a lot of friends who have letters after their names. I have a MENSA designation and two honors degrees - I am also a licensed real estate broker with a real estate company and own a restaurant. Your letters don’t impress me. Women get to push a big boulder up a hill to have any kind of career so my accomplishments are fairly extraordinary. I am also a well respected award-winning financial consultant. LOL

 

[Allen Trent]

DHK

First wanted to let you know Primerica is a publicly traded company - not an MLM. Sorry but this is not accurate. As for joining associations, I'm sure you realize that Primerica is LOATHED by other agents! Why would they join an association? The products are nothing but amazing and their philosophy puts the client ahead of everything else - that's why they have the highest customer satisfaction rating in the industry. 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.

The biggest problem with the insurance industry is that the whole life agents don't need an investment license because they are allowing overpriced, underinsured policies to be written that will NEVER be enough for their clients in order for them to make a recurring income. This is SO very wrong! THAT's why Primerica doesn't join associations - because their purpose is to FIX all the misinformation and destruction that the whole life agents create.

Anyone who is willing to listen and allow a Primerica agent to review their whole life or ULI policywill be enraged and easily convert to a more sound strategy - buy term and invest the difference. Insurance and investments should NEVER be combined!

Jim Jones would have loved you on his leadership team. You are punch drunk on the Kool aid