Primerica - What's the Catch?

[WMG]

I don't like bashing insurance companies, but the one aspect of Primerica that I think is not positive is the culture of the MLM component. As a life insurance company, they had their "day in the sun" so to speak. They are not nearly as much of a factor in the industry as they once were, and even then, they existed in a narrow segment of the market.

Yes, they are a very boilerplate type of company, believing that one idea fits all. Buy term and invest the difference is a very simple concept, and perhaps attractive to some...in theory. In reality, it does not work. In addition, there really is no "planning" methodology behind their business, business model, etc. -- it's term life insurance, and usually not based upon any real economic analysis. I used to run into them, many years ago. Almost every client was underinsured, and not told how much coverage they actually needed -- which is something that I find deplorable. In addition, many clients didn't have proper coverage -- no waiver of premium for example, and were not told about it, how important it is, what the cost was, etc.

You sound like you have major concerns -- that should be enough. It's prudent that you ask experts, but in my opinion, you initially had enough concerns, and now you've had them reinforced. Thus, pass and move on. Good luck.

 

[Damnaged]

Final note on their expertise:

The guy giving the presentation started bashing "whole life with return of premium."

 

[WMG]

Final note on their expertise:

The guy giving the presentation started bashing "whole life with return of premium."

Part of Primerica's business model was to always bash whole life insurance, which I found offensive and damaging to the industry and to clients as well.

I don't bash term insurance. I support it, completely, and it is a very valuable and needed product. However, what I was doing here was giving my thoughts on Primerica's business model and way of doing business -- not their product.

 

[Damnaged]

Part of Primerica's business model was to always bash whole life insurance, which I found offensive and damaging to the industry and to clients as well.

I don't bash term insurance. I support it, completely, and it is a very valuable and needed product. However, what I was doing here was giving my thoughts on Primerica's business model and way of doing business -- not their product.

And it was appreciated and in line with my sentiments about the company already. It's always nice to have your opinions and instincts justified.

 

[DHK]

I don't like bashing insurance companies, but the one aspect of Primerica that I think is not positive is the culture of the MLM component.

Agreed. I never bash companies in regards to claims paying ability (which is illegal anyway). And Primerica will pay its claims - I have no doubts about that.

But the Primerica culture? Yeah... that kool-aid is very well spiked.

"Whole life with return of premium"? *smh*

 

[62doddst]

RUN and run real fast...

 

[KidsGotHeart]

If you're not having sex with this girl, it's because she's probably having sex with someone else... You need to give it to that girl before her mom "gives it to you" and then run like hell. lol

The good news is that since her mom is EASILY brainwashed, then she probably is too, and that my friend, is good news for you!!!

I get the feeling her daughter is the real "recruiter".

 

[WMG]

Agreed. I never bash companies in regards to claims paying ability (which is illegal anyway). And Primerica will pay its claims - I have no doubts about that.

But the Primerica culture? Yeah... that kool-aid is very well spiked.

"Whole life with return of premium"? *smh*

Yes, this is exclusively about culture and not product. It is also about an agent, and not a profession. I think everyone needs to remember that.

I had a new agent tell me that he ran up against Primerica -- and ironically the new agent was recommending term, approx. $2mm of term, convertible to whole life, UL, or any applicable product, issued by a triple A rated mutual company. The new agent asked me to help him. The Primerica people -- an agent, and his manager -- the agent was a friend of the client. The Primerica people were recommending approx. 25% of the amount, approx. $510,000, arrived at on a "spend amount" basis, and then, optionally, if the client could afford it, he could invest an additional amount of money into a mutual fund. The spend amount/premium on the $510,000, plus the optional investment amount was about 10% lower than the term premium the new agent was recommending. Based upon the recommendations -- the new agent was making the right recommendation.

The Primerica proposal did NOT have waiver of premium. The reason given was that it was "so unlikely you'll become disabled for life."

I decided to go on the next appointment with the new agent. I felt this was unprofessional and negligent. When it was over -- two meetings later -- the new agent placed the $2mm of coverage. Prior to this, I asked the client to request that the Primerica people put their recommendation in writing, on letterhead, explaining why and how the death benefit amount was arrived at, why no waiver of premium, etc. I also said the new agent would do the same -- and he did. His general agent, and his compliance department approved the letter immediately.

I felt this was such a disservice to the client and felt obligated to do something about it. I bash the agent and manager. I bash the recommendation. I bash the culture that influenced the agent and the manager. But I didn't bash the Primerica term product. I certainly did bash the recommendation of no waiver of premium and the reasoning they gave.

Thanks again.

 

[Cash]

SEE?!? That's why I did that. Now I'm known around here.

Yeah sure ya did

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If you're not having sex with this girl, it's because she's probably having sex with someone else... You need to give it to that girl before her mom "gives it to you" and then run like hell. lol

The good news is that since her mom is EASILY brainwashed, then she probably is too, and that my friend, is good news for you!!!

Good thinking..... what we need to ask the OP now is how hot is this girl in relation to his own looks.

 

[Damnaged]

Yeah sure ya did

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Good thinking..... what we need to ask the OP now is how hot is this girl in relation to his own looks.

imgur.com/MXFcJyt

Prettier than me.