Primerica reports 13% growth in term life net premiums in 3Q, 5% increase in agents

[Golfnut2112]

I fail to see how AL Williams has improved the industry. By all accounts, Americans are more under-insured now than before his arrival.

He improved it by making term more well known and forcing the life companies to develop competitive term products but I don’t condone his sales tactics. I can’t believe people are more underinsured today then in the 70’s and 80’s but if they are it’s not because they can’t afford enough coverage as was the case in the 70’s and 80’s.

 

[VolAgent]

He improved it by making term more well known and forcing the life companies to develop competitive term products but I don’t condone his sales tactics. I can’t believe people are more underinsured today then in the 70’s and 80’s but if they are it’s not because they can’t afford enough coverage as was the case in the 70’s and 80’s.

The numbers would say other wise.

The shocking statistics behind the life insurance coverage gap | ThinkAdvisor

As Bob mentioned earlier too, it was quite common to put a term rider on top of the base WL policy and convert each year as budget allowed.

 

[Golfnut2112]

The numbers would say other wise.

The shocking statistics behind the life insurance coverage gap | ThinkAdvisor

As Bob mentioned earlier too, it was quite common to put a term rider on top of the base WL policy and convert each year as budget allowed.

If people are underinsured today it’s because they are stubborn or stupid. With the cheap term policies available almost everyone who is insurable can afford to get enough coverage.

 

[VolAgent]

If people are underinsured today it’s because they are stubborn or stupid. With the cheap term policies available almost everyone who is insurable can afford to get enough coverage.

So perhaps affordability never was the real issue?

 

[Golfnut2112]

So perhaps affordability never was the real issue?

It actually was. Back in the 70's and early 80's the term policies sold were very bad and expensive. Very Very rarely did you ever come across someone who had term insurance, most of it was small whole life policies sold by debit companies. Then UL burst on the scene and agents were replacing whole life policies with a UL stating you can double your coverage for the same premium, which is exactly what AL Williams was doing but they were using 20 year term and a side fund.
Today there is no reason people should be under insured with the internet the non stop radio term ads, and the competitively priced term policies in the market place.

 

[toolbelt]

MLM is ok if you are selling soap or vitamins, but life insurance is a different animal.

And yet industry statistics indicate that 99.7% of those involved in MLM actually lose money when factoring in expenses. Its a great way to create clients out of your own force tho.

 

[toolbelt]

Today there is no reason people should be under insured

When the cost of living rises in comparison to earnings, and everybody wants a big house, its often a choice of paying a mortgage or paying premiums.

 

[somarco]

exposed them to an entirely new revenue stream. . .their force.

 

[VolAgent]

It actually was. Back in the 70's and early 80's the term policies sold were very bad and expensive. Very Very rarely did you ever come across someone who had term insurance, most of it was small whole life policies sold by debit companies. Then UL burst on the scene and agents were replacing whole life policies with a UL stating you can double your coverage for the same premium, which is exactly what AL Williams was doing but they were using 20 year term and a side fund.
Today there is no reason people should be under insured with the internet the non stop radio term ads, and the competitively priced term policies in the market place.

So I'm confused then. Affordability was the issue. Now term has never been cheaper than it was, yet life insurance ownership is at an all time low...

 

[DHK]

So I'm confused then. Affordability was the issue. Now term has never been cheaper than it was, yet life insurance ownership is at an all time low...

And now the issues are:
- less agents overall
- most agents are afraid to prospect ("No cold-calling" standards promoted when recruiting).
- more experienced agents are prospecting at upper levels
- lack of quality training for agents to get started and stay in the business