Signed Up with Primerica

[spali1981]

Wow. Anyone in this forum an agent of Primerica that can at least defend it or say one good thing about it. I see what you guys are saying and dont get me wrong NYL is great company with great training for their agents.I never said I hated NYL, my degree was in accounting and the lady who recruted me told me it was financial service position. If she had said from the phone conversation life sales agent I would of prob said no right away. Anyway got hired and really got a chance to understand insurance business a little and the success some of these agents were having. It seemed real good.

I understand and appreciate the comments you guys are making about Primerica and at first I did not understand what they wanted out of me until I went to a couple of meetings and they told me they wanted to recruit and sell but their main thing seems to be recruiting. Now I you guys probably never worked for Primerica but I did get a chance ot meet a couple of successful agents just like any other insurance company. The guy I am under is based out of East Orange NJ and has his own office. The guy hes a under a guy by the name of Keith Otto (his name can be googled) a very successful person makes over $3,000,000 a year livs in one of the richest areas of US, Alpine NJ.
I mean I understand the bashing because any company can be a failure if you do not put the time in it. I can sit here bash NYL but I am not because I did not put the work in it like they told me. NYL did not fail, I did. Many agents in NYL that I met were extrememly successful just like Primerica. You dont drop out of college because your friend does and say college does not work and everyone should drop out.
Anyways, thanks for your commenets. Lol, seems like there is no Primerica agents in here to defend it.

 

[Norwayguy]

If you want to work the Primerica thing go for it...The only thing you should realize is what you give up to cover the cost of the MLM...First Street Level commissions for Term policies run from 75-100% I believe when I looked at Primerica and agent started at 25%-30% commission, Second you can only move up based on sales +recruiting what I mean is if you never recruit someone but do 1 Million in business you will not become a RVP, I've known former Primerica people and I met with a RVP for Primerica once the issues I had was their lack of knowledge about the rest of the industry and the info they spewed was incorrect...This RVP told me using primericas brokerage account I could sell AIM/American Funds/ Putnam etc and all fund company values would be combined for Breakpoints now this is something he had been telling other recruits and clients I asked him to get this in writing he called the companies trade desk and then his smile dropped because he had to clarify that the seperate companies would be counted seperatly for ROA...Next he told me they were the only company with an annuity with a declining surrender charge I got up at that point and started walking out the door, he asked me where I was going and I told him I was leaving he asked why I told him he was a walking E&O claim and either very unknowledgable or was specifically decieving people and I told him many if not most companies at this point in time offered declinging surrender charge annuities.


One other thing you should be aware of certain WL policies are out there and you are precluded from replacing them I forget the company but I'm sure someone here will remember because these policies where sold by a sister company.

 

[BNTRS]

If she had said from the phone conversation life sales agent I would of prob said no right away

And that's exactly why she didn't say it, raskally insurance industry!

The recruitment push isn't only going to be Primerica, the entire industry works this way from a career standpoint. Some highly successfull agencies don't care, but they are the exception not the rule.

Career in this industry is all about the pyramid.

Primerica is about selling term insurance to people who are at the lower rung of society. It's all about being an outsider. It's not sound advice, but do whatever you want. People get to make bad decisions, that's part of living in a free country. The good news is, only people who are experienced in the industry really know what Primerica is all about, so the people you'll call on will be completely unaware.

 

[Cornelius]

There's no need for anyone to defend Primerica on the board. It's a personal decision. Primerica has their way of doing business and they are legal. Something I would suggest is you read the agent agreement and understand your options going in and coming out.

Understand the replacement system. If there's a non-compete. Ask about products that pays renewals and when they are paid.

Here's something else to consider. At one time from my understanding the RVP had some lee way on commissiom levels when hiring new people. If you are an experienced agent and you started at the beginning commission level well let me just say if I were you I would have a sit down.

Just understand your rights going in and coming out. The goal at Primerica is to be a builder so you have to consider if you ever decide to leave what can you take with you from your efforts.

 

[spali1981]

I agree the startup is only 25% for new agents and have to work there way up to higher commissions. Would then this be a good business say for someone who has a business already say a lawyer or CPA who just wants to earn a few extra bucks doing life insurance without quitting their current job? I had a lawyer friend who asked me if I can get him in NYL at the time to sell insurance on the side and I said sure but you will have to stop practicing law and do it full time. I had him to talk to my NYL manager and he confirmed what I told him. I dont think going independent for him would be a good idea if he really does not understand the products he is selling or what companies are offering. You can't graduate law school or get your CPA and go into business for yourself right away without some experience first. Opinions? Because I am currently taking my CPA exams and would not mind selling insurance on the side since lawyers and CPAs build relationships with their clients. I had a guy whose mortgage office was not doing to well and switched over to NYL and called his old clients and sold them life insurance.

 

[Pangaea]

Primerica seems a lot more attractive now that they're not tied to Citi...

Stay with them and learn the business. If you feel like leaving do so after you learn something and get the training/licensing from them.

 

[wfs]

Primerica is not the way to go. The "crusade" is dead. A.L. Williams had its place in time and in my opinion, was a wake-up call to the way that insurance is sold. But we are no longer in 1977. Or 1987.

Let me repeat, the crusade is dead. The Buy Term and Invest the Difference crusade is dead. It's irrelevent. It had its day. It no longer applies. It now is just one of several strategies that can be used. Gone are the days of insurance agents only selling whole life to people that cannot afford it. Most professional agents know that adequate coverage is paramount and many times, term insurance is used to make sure that adequate coverage is attained.

Most professional agents also know that assets need to be protected as they build, and that changes in life occur. They understand wealth accululation, taxes, and liability.

While the "theory of decreasing responsibilty" may be somewhat true, the application of overpriced term insurance and an IRA does not adequately fill that void. As assets increase (and liabilities decrease), tax burdens increase, so does the liklelyhood of bad health and tax issues. Life insurance is an effective tool to overcome these issues, and when planned and applied properly, will address the needs of a changing financial and health scenario.

Not to turn this into a BTID debate or anything, but it's worth mentioning...

The fact that Primerica only sells one product, in their opinion, the "right" product is crazy. But it's their marketing plan and it's legal, so whatever. I question the ethics though. Remember, these people have very little insurance and tax training and they are replacing policies, permanent policies, that may have been in place for years. Some with surrender charges. Then the primerica agent takes the cash value less surrender charge and places it into a qualified plan that they don't intend on using until retirement? Huh?? So much for the Rule of 72. I hope they factor that surrender charge, which was not even needed, into the overall rate of return. Grrr.....

I'm not saying that replacement of permanent insurance is never warranted. I'm just sayin'...

Did I mention the crusade is dead? The "build your own MLM insurance business" is dead. No longer unique. Also, no longer viable. No training, just an unlimited supply of kool-aid. And just like any MLM, they push you to sell a single-overpriced product (because it's the "best" of course) to everyone you know. It's overpriced so that it can pay all of the levels of the pyramid. They cannot sell competitive term insurance and be successful mlm "entrepreneurs".

Please sell Amway instead. Or Avon. Or Pampered Chef. Or host a candle party. All of these are fine for MLM - if you like overpriced soap developed by the Amway Scientists.

 

[Chazm]

I agree the startup is only 25% for new agents and have to work there way up to higher commissions. Would then this be a good business say for someone who has a business already say a lawyer or CPA who just wants to earn a few extra bucks doing life insurance without quitting their current job? I had a lawyer friend who asked me if I can get him in NYL at the time to sell insurance on the side and I said sure but you will have to stop practicing law and do it full time. I had him to talk to my NYL manager and he confirmed what I told him. I dont think going independent for him would be a good idea if he really does not understand the products he is selling or what companies are offering. You can't graduate law school or get your CPA and go into business for yourself right away without some experience first. Opinions? Because I am currently taking my CPA exams and would not mind selling insurance on the side since lawyers and CPAs build relationships with their clients. I had a guy whose mortgage office was not doing to well and switched over to NYL and called his old clients and sold them life insurance.

Why not do it on your own. Get paid 90% commission and do your own MLM. You will be at the top! lol, jk

Training? For what? It's life insurance, read up on this forum and get out there and meet some people. You will do them a better service by offering Term and WL and offering multiple companies.

I personally love when I run across Primerica. Easy to replace

 

[Norwayguy]

I agree the startup is only 25% for new agents and have to work there way up to higher commissions. Would then this be a good business say for someone who has a business already say a lawyer or CPA who just wants to earn a few extra bucks doing life insurance without quitting their current job? I had a lawyer friend who asked me if I can get him in NYL at the time to sell insurance on the side and I said sure but you will have to stop practicing law and do it full time. I had him to talk to my NYL manager and he confirmed what I told him. I dont think going independent for him would be a good idea if he really does not understand the products he is selling or what companies are offering. You can't graduate law school or get your CPA and go into business for yourself right away without some experience first. Opinions? Because I am currently taking my CPA exams and would not mind selling insurance on the side since lawyers and CPAs build relationships with their clients. I had a guy whose mortgage office was not doing to well and switched over to NYL and called his old clients and sold them life insurance.

There are many companies that would offer your Lawyer friend an agreement and commission splits or let him just sell what he wants.

 

[WinoBlues]

.................. and I told him I was leaving he asked why I told him he was a walking E&O claim and either very unknowledgable or was specifically decieving people ...

They also sell "30 year term" That is not guaranteed 30 years. Most of their agents will argue that it is. Till you show them a policy.