Signed Up with Primerica

[Norwayguy]

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.

I think you could say the vast majority of the problem with Primarica is it is the first stop or first and only stop meaning there is no inflow of industry knowledge except from the upline who got everything from his upline and the same thing is repeated over and over again ad nausem...The case in Point about the declining surrender charges, They were by no means the first to offer declining surrender charges of Deferred Annuities but putting that aside the comment about declining surrender charges would be more appropriate to the 1980s and 90s when Tiered products were more common, yes I'm aware of tiered products still existing but when you see a client has an annuity without being told the company name or product name is your first thought tiered product or declining surrender charge...The other thing is they go around talking about not charging fees...No Sh*t sherlock your not an RIA and will talk about fees in competitors VAs and Mutual Funds but seem clueless about the same fees in their own Mutual Funds...Have you ever had a conversation with a Primerica Rep and yes I mean one that is actually a Registered Rep and say your talking about American Funds Balanced Fund and he will say and this is a quote from a Primerica Rep

"Yes we offer American Balanced Fund A share as well but if you really want to do right by your client you would work with Primerica as we don't charge Fees"

No we are talking about the same fund same share class and I would be disclosing the Front End Sales Charge and on going cost and this guy comes in and says we don't charge fees he is either and *** or liar.

 

[Cornelius]

As for being a good business sure it could be but in my opinion there are better. As I mentioned above you have to consider the contract and the products. From my understanding some product(s) don't pay renewals unless the selling agent is at a certain commission level. You can verify this with your recruiter.

Now as you say you are in study for your CPA how will that effect your future clients especially if you sign them up with PFS products. Did I say read your agent agreement? Ask the questions now so later on you don't do a Gomer Pyle..Surprise, Surprise, Surprise.

 

[WinoBlues]

......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.

That used to be the case. I find that there are a lot of people that have at least one failed Primerica relative.

 

[Larry Tew]

... 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? ...

Sure. Selling life insurance is so easy that it literally takes no effort or work. My mother is 78 and she qualified for the MDRT last year just selling every other Tuesday afternoon.
I can hear the conversation on Hole 6 at the club...
"Hey Joe, you should meet my insurance guy Cletus."

"Sure, Bill. Where's his office?"

"Bay 3 at the Jiffy Lube on Main at Elm."

 

[WinoBlues]

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.

The 25% is negotiable. I once had these trying to recruit me very hard. In the end they said they would turn a blind eye to my other contracts and start my comp at something like 70%- 90%

I could see a Lawyer working at NYL. I could see a CPA working at NYL. At PFS

Question: Are they still doing the circle with three down line circles presentation at the "Business Opportunity meetings?

 

[arnguy]

Beside this thread, if you use the search function on this forum I am sure you will find a lot of information on Primemerica----almost all of it is negative.

 

[LGilmore]

Why would you work anywhere that expects you to do 100% of the work for 25% commission? Are you thick?

I understand what you're shooting for, an all in one place office where clients get tax and insurance. The problem for you may be your CPA malpractice insurance. I mean you have this idea a CPA that sells insurance... do you think you're the first? Why aren't all CPA's doing this? Why do I get refferrals from my CPA friend who has 6 junior cpas working in his office? Heck, why not get a law degree? And a securities license to boot?

Dabbling is something we do as children when we try things on. If you are going to the time and trouble to take and hopefully pass your state CPA exams, why are you worried about other professions to also do at the same time?

Pick a career and give it a go. How many part time or side jobs can you carry and give full support to your clients? AS I said, not a new idea, but very few CPA's go this route. Ask why.

 

[ryeates1]

there are so many red flags with this company that i would be reluctant to join. first they have had a terrible reputation. second, their product is expensive and they only offer term (sounds like the termites to me) Term is never for everybody, there are great benefits to permanent. The recruiting process, i have a problem with that. and you definitely cant do this busines part time.
Good luck to you
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most agents that have any skins on the wall have heard or battled Primerica and Al Williams. They were hot and heavy years ago and they were replacing a lot of good policies with the buy term and invest the difference philosophy. My position is that selling insurance is a career with professionalism and integrity with people committed to the business. When I saw some of the people who were being recruited , I was embarassed to have some of those people represent the insurance industry.

 

[Cornelius]

Something people are forgetting or may not see is it's not so much the product with Primerica it's the system. If someone went in with blinders on and worked the system they could do well. Their products may not be the best and they may not be the worst but they have a distribution system that works. They have many people doing a little business. Hey I'm not promoting PFS but for them their system works.

Here's one more tid bit. When you confront PFS people with facts and they don't verify or just come back with more questions at some point it's best to let them just find out for them self. We all know the meat is in the contracts.

 

[WinoBlues]

One bit of advice. Keep your own files. If you find that this is not for you. Refer those clients to an independent insurance.agent that can review their policies.