Primerica Plans??......................

[jdeasy]

Anyone know what plans are available thru Primerica?

I've only seen 20 year term that annually renews at a higher rate after the initial period.

I've heard of agents finding some that are 5 year and 10 year initial term. And one guy said he saw one that was 20 year but renewed in 5 and 10 year renewal periods after the initial period.

And another said he saw one that was convertible. To what? If they only have term what could it possibly convert to?

I went to their website for these answers but none available.

Anyone have the skinny on the available plans?

 

[DHK]

This older thread says that it can convert to a level term - versus a 5-year level 20-year term which is most often sold.

http://www.insurance-forums.net/forum/life-insurance-forum/primerica-term-conversion-t9245.html

I haven't found anything else other than on Primerica's business opportunity site - their term insurance says "Industry Leading Renewal Options" and "affordable renewal rates" - whatever that means.

Primerica - Term Insurance

I bet they have some kind of level premium term and/or permanent plan that they don't talk about or advertise.

 

[Tahoe Ray]

My info might be a little old since I haven't run into them in a while...

Their max guarantee is 20 years. They have a 10, 15, 20, 30, and 35. The 30 and 35 are only guaranteed 20 years. The rest can be guaranteed level (although I don't know if they have the option to change this to lower the premiums...maybe that's what the people that you're talking to are seeing?).

They are not convertible (to my knowledge) but are "guaranteed renewable" (like pretty much all term) to age 95 (at outrageous rates, like most term).

Someone might be able to correct me if this has changed but in the last year or so, this was the setup.

 

[Willie B]

My info might be a little old since I haven't run into them in a while...

Their max guarantee is 20 years. They have a 10, 15, 20, 30, and 35. The 30 and 35 are only guaranteed 20 years. The rest can be guaranteed level (although I don't know if they have the option to change this to lower the premiums...maybe that's what the people that you're talking to are seeing?).

They are not convertible (to my knowledge) but are "guaranteed renewable" (like pretty much all term) to age 95 (at outrageous rates, like most term).

Someone might be able to correct me if this has changed but in the last year or so, this was the setup.

I think you are correct. I've also heard primerica has added a permanent plan, but I never looked into it.

Forgive my ignorance here but I thought it was required that all term plans have to offer a whole life conversion? Please correct my thinking if I am wrong.

 

[walthamny]

Not all companies even offer whole life and yes not all term insurance is convertible. Some are really just term insurance and expire at a certain age.

 

[pfg1]

For all the Primerca posters that show up here, never seen one post up an illustration on a policy, or really answer any actual in depth questions about them or their products. I'm not sure why. I'd love to see what they offer and how they actually stack up, by a seasoned agent... not a newbie that has no clue. If they are as good as the reps say, I'd like to see that.

 

[goillini52]

For all the Primerca posters that show up here, never seen one post up an illustration on a policy, or really answer any actual in depth questions about them or their products. I'm not sure why. I'd love to see what they offer and how they actually stack up, by a seasoned agent... not a newbie that has no clue. If they are as good as the reps say, I'd like to see that.

Most of them probably don't stay in the business long enough to learn how.

 

[DHK]

I just thought of this (sometimes I feel rather slow in this business), but if they only sell term, and not even convert to a cash value policy of any kind (which I thought they'd have something - even a non-par WL)... I wonder what their general investment account and policy reserves look like?

They may have a lot of reps, but their financials aren't that big:
A.M. Best's Consumer Insurance Information Center

Yes, they are an A+ rated company and yes, they'll pay claims... but only a size of $500 to $750 million in size... and if they only sell term, it must be "expensive" term in order to have a pool of money large enough to pay claims.

Of course, term insurance is actuarily designed to lapse and/or terminate before the insured dies, and the company gets to keep all the premiums previously paid into the policy. If you over-charge your term premiums compared to other companies OR sell an increasing premium term policy so it'll lapse faster... and do that long enough, and you'll have a sizeable general investment account to pay claims on the rare occasion that you need to do so.

While that's how all term works, at least the companies with cash value policies can built up their policy reserves for lifelong coverage and partnering with their insureds for competitive returns via index credits or dividend participation, along with non-forfeiture rights to access policy cash values in the event of emergency or opportunity.

Companies that ONLY offer term... well, I must question their ethical business practices. Just because something is legal, doesn't mean they aren't scamming people.

 

[WinoBlues]

My info might be a little old since I haven't run into them in a while...

Their max guarantee is 20 years. They have a 10, 15, 20, 30, and 35. The 30 and 35 are only guaranteed 20 years. The rest can be guaranteed level (although I don't know if they have the option to change this to lower the premiums...maybe that's what the people that you're talking to are seeing?).

They are not convertible (to my knowledge) but are "guaranteed renewable" (like pretty much all term) to age 95 (at outrageous rates, like most term).

Someone might be able to correct me if this has changed but in the last year or so, this was the setup.

Check your email Ray.

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Anyone know what plans are available thru Primerica?

I've only seen 20 year term that annually renews at a higher rate after the initial period.

I've heard of agents finding some that are 5 year and 10 year initial term. And one guy said he saw one that was 20 year but renewed in 5 and 10 year renewal periods after the initial period.

And another said he saw one that was convertible. To what? If they only have term what could it possibly convert to?

I went to their website for these answers but none available.

Anyone have the skinny on the available plans?

As Ray said, Their 30 and 35 year plans are only guaranteed 20 years. At least the last one I looked at. If you find any of the old AL Williams plans around they were only guaranteed 1 year.

They used to have a special "competitive" 10 year plan that they could pull out for defense of replacement situations. But it still sucked.

One of their favorite techniques is to add an increasing benefit to their term plans. The face and of course price goes up every year. To account for inflation of course. I can never get them to explain how they can say that the client needs much more coverage in year 30 than year one but suddenly zero coverage in year 31. Besides, You can usually get them close to the ultimate Primerica face amount in year one with a true guaranteed term policy for about the same premium.

I have not seen a primerica Whole Life conversion option. I have seen the DT option and I believe a 5 year/ART non guaranteed reentry option. You could easily use a Protective TUL to show a better side by side. It has a decreasing option at the end of the level period.

 

[10keythings]

which plan is better life insurance, as per my knowledge then is also term plans