Primerica

[KathiMR]

Neither are any of the Primerica agents I know or have met. The RVPs and SVPs were experts in selling the dream and how to close / push their products with little knowledge of the other life products. IMohsoHO

However, there have been some sharp agents that started at Primerica and left for greener pastures.

It may vary. I know offices I have been a part of we learn about other products. We have to as some of the people we meet w have existing policies. & we have seen some ugly ones.
So we study actual policy copies that we have obtained from clients. W names & the like blanked out.

So yeah it can take awhile to become fully familiar w them. But we do learn what to look for. Both w other term policies or different cash value policies.

& we run into people who have been sold a cash value policy as a college savings fund for their kid. I ran into that years ago w a family that then had an 18 year old. As well as 2 much younger children. As I recall, the cash value of the policy for the 18 year old was something like 2k.

or people who were sold cash value polices as a retirement plan. Some didn’t even realize they had been sold a life ins policy w surrender charges. Some of them really ugly like 10 years or more.

& we learn how to look at the tables of cash values that often diminish over time to about zero by around 65.

& how to look for the death benefit options. Mostly they don’t get the cash value. Which surprises them.

so brand new agents don’t know as much. But we have to learn as we encounter people who have other types of policies.

But w our structure an agent should never be on their own. They can work w their upline to gain help in understanding polices.

& we learn things about them that it seems that sometimes the agents who sold the polices didn’t understand. Which is not surprising since so many have such convoluted language.

we learn how to compare different kinds of cash value policies w Buy Term Invest the Difference. #s don’t lie. Sometimes they would come out ahead just putting the difference under a mattress or something. Which of course is NOT what we recommend.

left for greener pastures? Hah. Betraying the ideals we teach. Including always do what is right for the client!

 

[DHK]

& how to look for the death benefit options. Mostly they don’t get the cash value. Which surprises them.

Please memorize this and teach this to every Primerica agent:

Net death benefit = cash values + net amount at risk - any outstanding loans

Cash values are INCLUDED in the death benefit, but not on top of it.

 

[DHK]

& we learn how to look at the tables of cash values that often diminish over time to about zero by around 65.

All IUL guaranteed columns will show that, but one need to understand that the index will never be flat for 50+ years in a row.

 

[DHK]

we learn how to compare different kinds of cash value policies w Buy Term Invest the Difference. #s don’t lie. Sometimes they would come out ahead just putting the difference under a mattress or something. Which of course is NOT what we recommend.

Too bad Primerica doesn't teach about taxes either. Numbers don't lie, but most often, a lot of numbers and factors are not included, especially the tax code.

I'll take Ed Slott, CPA's advice over the substandard training at Primerica any day. (See my signature for a link.)

 

[DHK]

or people who were sold cash value polices as a retirement plan. Some didn’t even realize they had been sold a life ins policy w surrender charges. Some of them really ugly like 10 years or more.

10 years is about standard, but they do stretch to 15 years. For UL/IUL/VUL policies, it's shown between the account values and the surrender values. The only difference is WHEN they can access more of their accumulated values in the policy.

 

[DHK]

& we run into people who have been sold a cash value policy as a college savings fund for their kid. I ran into that years ago w a family that then had an 18 year old. As well as 2 much younger children. As I recall, the cash value of the policy for the 18 year old was something like 2k.

Yeah... that scenario I can't stand either.

College planning is incorporated into my planning, but it's a side benefit to the tax advantages and hiding of assets from the FAFSA of having larger life and annuity policies. Setting up policies on children to be used "for college"... isn't that great of a plan and too short of a time period. I prefer them to be long-term plans, not just "until college".

 

[DHK]

left for greener pastures? Hah. Betraying the ideals we teach. Including always do what is right for the client!

When one doesn't know that much about planning, using "rules of thumb" makes "planning" easy... and a joke.

However, I don't doubt that there are ignorant agents out there. I just see Primerica is a slightly better alternative than not knowing anything.

I'll just say that I've never seen anyone sued for selling term insurance.

Primerica does Tic-Tac-Toe financial planning.

I'll stick to chess.

At least, I can back it up and deliver. Not a lot of agents can.

 

[DHK]

It may vary. I know offices I have been a part of we learn about other products.

I want to know of the offices that:
- have an RVP that has earned CFP, ChFC, or CLU designations.
- Promote joining industry associations like NAIFA, IARFC, FPA (Financial Planning Association) or even NAPFA (the fee-only National Association of Personal Financial Advisors).

You won't find a single one.

Why?

Because additional learning interferes with the company's "duplication" mission.

But that's okay. You keep doing what you're doing.

 

[myinsurebiz]

Can I use primerica to get them to pay for my licenses and then go work somewhere else?

Wow. You skip the Ethics Class in school I see . . .

 

[WinoBlues]

Can I use primerica to get them to pay for my licenses and then go work somewhere else?

Like everyone else, my first reaction is that is stealing.
However, I have seen firsthand so many unethical, in my opinion, practices with their newbies.

What goes around comes around. Just watch your debt load with them, they will bury you and tell you you need to invest in yourself as they sell you their crap.

Do Not give them your warm market