Term Conversions of Primerica Through Other Companies?

Aug 29, 2016

  1. chindel
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    chindel New Member

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    I've checked with Crump, OneAmerica, and a couple of brokers I know, and haven't found a company willing to convert a Primerica policy. Does such a company exist?

    Guy's only other option is GI. I know this question was posted before but it's been 8 years.
     
    chindel, Aug 29, 2016
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  2. Lewis_FL
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    Lewis_FL Super Genius

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    Some carriers allow external term conversions if the policy was issued in the last 3-5 years. Transamerica does term to term. Primerica ok. Nationwide and MetLife used to allow term to GUL.
     
    Lewis_FL, Aug 29, 2016
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  3. MichaelBurton
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    MichaelBurton Super Genius

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    Interesting. Does it have to be the same duration term for Transamerica?
     
  4. Lewis_FL
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    Lewis_FL Super Genius

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    should be any term length.
     

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    Lewis_FL, Aug 29, 2016
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  5. pfg1
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    pfg1 Guru

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    Even most companies that convert another carriers policies don't do it without underwriting and will still hit the MIB. So if there are issues there, and/or your client can't truthfully answer the medical questions on the app... you will run into trouble. You say GI is his only option.... that makes me think there are some major health issues, which may cause it to be a no go even if you find someone that is willing to do the conversion.
     
    pfg1, Aug 29, 2016
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  6. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Im not sure if Met still does their External Term Conversions still. But there were no UW requirements with them if I remember correctly.

    The main requirements is that it had to be within the first 5 years, they only accepted certain carriers, Standard rating or better, & no SI or GI policies.

    http://usa-bga.com/wp-content/uploads/Metlife-External-Term-Conversion-Producer-Brochure.pdf
     
    scagnt83, Aug 30, 2016
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  7. Lewis_FL
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    Lewis_FL Super Genius

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    MetLife ended their external term conversion program on July 1st. They have a new similar program though.
     

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    Lewis_FL, Aug 30, 2016
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  8. InsuranceBrah
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    InsuranceBrah Expert

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    Why does he need a conversion? he has PRIMERICA term. If he invests the difference there's no possible reason he should ever need insurance after it expires!! XD
     
  9. wln417
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    wln417 Guru

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    wln417, Sep 6, 2016
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  10. toolbelt
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    toolbelt Guru

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    And better yet, as a good chunk of sales are made internally to new recruits, so he's obviously working for them, he won't need insurance as he'll be clearing $60k after his first month once licensed! :D
     
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