Primerica

[edderbubbles]

Any captive insurer is going to get you licensed (NY Life, NorthWestern, etc.).

There are smaller broker/dealers that will also license independent agents for securities. They are focused on the insurance space.

You can do all of this without signing up with a Primerica/WFG-type outfit.

But, you really shouldn't offer securities unless you know what you're doing so getting some training (that's not from the aforementioned companies) is really helpful.

Thanks!

 

[GoPokes]

Something else to consider... when someone talks about Primerica opportunity... or similar, when they are telling how great it is, and how it's a side job. Ask them why they dont do it full time? If it's really a great opportunity, and they are doing so well at it, why aren't they doing it full time??

This will tell you why they are not fully bought into this thing they are trying to sell you on. And then you just give them the same objection.

 

[walthamny]

No one is writing any pros so let me jump in. They will help you get life licensed. Being life licensed opens the opportunity to get interviewed at many other agencies much faster. Your phone wont stop ringing if you get Primerica life licensed. Once you are licensed take a look at career shops like NY Life, some local independent agencies and may be final expense. There are pros and cons to each of one them. The second pro of Primerica is you will learn the word hussle in action. Every Primerica policy that I replaced was sold in a hussle fashion. You will learn what not do in your life insurance carrier quickly if you start at Primerica. Thats actually priceless.

 

[jcorr]

No one is writing any pros...

I'm disappointed, I mentioned some pros. Maybe you were blinded by all the cons I wrote after that though?

 

[toolbelt]

I'm disappointed, I mentioned some pros. Maybe you were blinded by all the cons I wrote after that though?

As bad as the picture you painted looks, there were some errors in your calculations which make it sound even better than it is.

 

[jcorr]

As bad as the picture you painted looks, there were some errors in your calculations which make it sound even better than it is.

Can you point them out? I'll correct them.

 

[toolbelt]

Can you point them out? I'll correct them.

• They'll talk about how they have more "million dollar" earners than any other company. Well in an absolute sense that's true but would you rather be with a company were 1 out of 2500 are million dollar earners or 1 out of 80 are "million dollar" earners?

Well firstly, their earnings figures are "cash flow" before all expenses and chargebacks. And their count of $M earners is merely a cumulative count of those achieving a single best 12 months earnings over the last 40+ years and is not indicative of how many are currently earning that amount. Over that 40+ year period, over 10M have tried that opportunity and their current $M count is somewhere around 134 individuals which is nowhere close to 1 in 2500. Many included in that count never repeated, while many others have been gone for decades, and quite a few are deceased.

 

[toolbelt]

Can you point them out? I'll correct them.

They LOST over 5000 agents last year (that's high even for PFS)

They typically burn through 40+ agents a year, or about 1/3 of their licensed force.

They began 2021 with a licensed force of 134,907 agents, and during the year, added 39,622 new agents, but ended the year with only 129,515 agents. Doing the math on that, 45,014 agents left during the year.

 

[tikibarrister]

I was at a social gathering once and person #1 mentioned they were looking for a new job and were checking out Primerica.

Person #2 said "bro, google that sh*t - it's a scam."

Person #2 is a car mechanic who's never been in the industry a day in his life.

Even he has heard.

 

[PrivClientSG]

Great question. The biggest problem I have with Primerica -- based upon my experience -- and their philosophy, sales process, how they operate, etc., is:

One, "buy term and invest the difference is a great theory, however, it does not work in the real, practical application, day-to-day world. Thus is is a catalyst for poor decisions. Two, their "needs analysis" approach can leave people drastically under-insured. Three, they are so price sensitive and price driven that most of the time I don't see waiver of premium riders on their policies. I also think if conversion is ever needed, you are very limited and restricted to product selection and design.


I just don't think their entire approach is sound. I won't address their business model, agent turnover, sales system/structure, etc.