Primerica Replacement

[Rearden]

Door-knocked a lead who has a term to 95 Primerica she's paying ~$35 per month for $25,000 in coverage.

She called the local office and said her rates are slated to increase as of November this year. She'll be 72 at that point.

She asked her what she could expect her rates to be. The person on the other end told her she has no clue; she'll just have to wait until she gets her rate increase letter in the mail.

Client didn't have her policy with her; it's at her daughter's place.

Any idea on how to calculate expected premium, or if it's a number that can be found in the Primerica policy?


-Dave

 

[Newby]

Door-knocked a lead who has a term to 95 Primerica she's paying ~$35 per month for $25,000 in coverage.

She called the local office and said her rates are slated to increase as of November this year. She'll be 72 at that point.

She asked her what she could expect her rates to be. The person on the other end told her she has no clue; she'll just have to wait until she gets her rate increase letter in the mail.

Client didn't have her policy with her; it's at her daughter's place.

Any idea on how to calculate expected premium, or if it's a number that can be found in the Primerica policy?

-Dave

Just pull up a 10 year term quote for her age on Term4sale.com.

Primerica will be one of the mid to higher priced ones.

 

[Rearden]

Newby, I'm not seeing Primerica listed on the quotes.

 

[jdeasy]

Door-knocked a lead who has a term to 95 Primerica she's paying ~$35 per month for $25,000 in coverage.

She called the local office and said her rates are slated to increase as of November this year. She'll be 72 at that point.

She asked her what she could expect her rates to be. The person on the other end told her she has no clue; she'll just have to wait until she gets her rate increase letter in the mail.

Client didn't have her policy with her; it's at her daughter's place.

Any idea on how to calculate expected premium, or if it's a number that can be found in the Primerica policy?


-Dave

I don't know where to get their rates either, but once it goes up this year it will go up every year from now on.

 

[Norwayguy]

I don't know where to get their rates either, but once it goes up this year it will go up every year from now on.

Are you certain about that...MY father has an old Primerica Policy I couldn't replace he is now uninsurable. At the end of his guaranteed term it essentially renewed for another 20 ear term at a new higher premium.

 

[jdeasy]

Are you certain about that...MY father has an old Primerica Policy I couldn't replace he is now uninsurable. At the end of his guaranteed term it essentially renewed for another 20 ear term at a new higher premium.

I'm sure about the ones I've seen. One thety were out of their initial guarantee period they went up every year.

They may be ones out there like you describe, but that hasn't been my experience. The Primerica ones I've seen even tell the person what the rate is this year and what it will be on the next increase. I'm talking about the letter from Primerica to the client. Not the policy.

 

[GoCubsGo]

I've heard that after the initial term it depends on the age. Up to age 75 the rate increases every 5 years until age 75. From age 75 it increases annually. Big point is they only sell term and not permanent.

I would have to see to believe a policy with them that renews for another 20 year term unless they are under age 40 when it renews. Not saying it's not true, just hard to believe.

 

[WinoBlues]

I believe they also have a Decreasing term option when they term out.

Yes there are a couple tables in the policy that show what happens to the policy at the end of the term period.

 

[Norwayguy]

I've heard that after the initial term it depends on the age. Up to age 75 the rate increases every 5 years until age 75. From age 75 it increases annually. Big point is they only sell term and not permanent.

I would have to see to believe a policy with them that renews for another 20 year term unless they are under age 40 when it renews. Not saying it's not true, just hard to believe.

That was my understanding when I looked over my fathers policy. It was a moot point as he is now uninsurable, while I moved my mothers policy.

 

[Cornelius]

She probably has to contact the home office to get the information.