How to convince customer to move from Primerica?

[Survivor]

I contacted some one that I knew from some previous business. I let her know that I was working with AIG American General now, and that she might want to take a look @ our life insurance. She told me she had life insurance. Naturally, I asked the details. She has a Primerica term policy. From the info she has given me, it appears that the Primerica agent outright lied to them about the details of the policy. According to her, the Primerica agent said they had a term policy that they would have forever and it would never go up in premium. I explained a bit about how term life worked. She regurgitated some Primerica propoganda that the agent said they should "buy term and invest the rest." I asked her if he had ever taught her how to "invest the rest." She assured me she would talk to her husband and have him call me.

Now, I really don't need their business. This is a hard working family with small kids, and I'd hate to see them get screwed. I'd like their business, but more than anything I just want them to realize they've got their life insurance in the wrong place. I gave her a quote based on the same level of coverage, which is about 6 bucks cheaper /mo. I don't know if that alone is worth their "hassle."

What facts should I present to them to make them realize that Primerica sucks.

 

[LGilmore]

Realize that you've drank a bit of cool aid too. Calm down a bit and simply put as comparing rates from one policy to another, because that's all it is. IF they don't want to move for $6 a month savings ( and honestly, I don't know if I would go through the hassle for same same) no big deal.

Primerica is just another insurance company selling term. They can be beat premium wise by many other companies with as good or better finanical ratings. IF you get caught up in the buy term and invest the difference stuff, you really aren't talking about insurance anymore are you? Just simply keep it about the insurance. To go the route you are, favors them, because your arguing primamerica's points, not insurance premium savings.

 

[MIBizInsurance]

Agree with LGilmore.

No sense in bashing Primerica to customer as I heave learned never to make a potential customer feel stupid. Also odds are the agent was a friend or family member. Thus, bashing someones brother may not go over well.

Ask questions and set a time to review the policy. Figure out what they think they have and what they actually have. Go from there.

 

[HomeService]

Once I got ambushed by a client of the company I worked for- who had a primerica agent waiting with a tape recorder, when I showed up at the house of the client. They had called me and told me to come out and review the whole life policy, which I had not sold, but I had the territory in question. The primerica agent was flipping out, turning on the tape recorder, and demanding to know why somebody had sold these folks whole life. It was surreal. My manager and I kind of left that house never to return.

 

[Mr. Bill]

Wow. That would be a time when the client (prospect) would be smart to pay an independent RIA to do a review. Even their CPA!

 

[David C]

Several years ago I was reviewing a Primerica policy. This one had the spouse as a rider. If the primary insured died, the spouse, in order to keep the policy on her, would have to notify the company of her desire to do so within thirty days. Is this common wording for spousal riders?

Sell them a cheaper term policy so they have more of a "difference" to invest. Six dollars per month more invested over time will make a decent difference.

 

[MIBizInsurance]

Gosh, I really hate the whole "buy term and invest the rest" thing.

What a great marketing slogan thoe. No matter the person/situation or the risk just - "buy term and invest the rest"
/rolls eyes

 

[HomeService]

Primerica Financial Services - Wikipedia, the free encyclopedia

Read the history on wikipedia. Some of us are old enough to remember A.L. Williams, pre-primerica.

 

[1manshow]

Or..............http://http://www.ripoffreport.com/...=0&submit2=Search!&q5=primerica&Search=Search

 

[LGilmore]

Rule #1 It is a person's right to do something stupid.

Rule #2 If you feel it is your duty to POINT out a person did something stupid, rather then let them see that for themselves, then apply rule #1 to yourself.