Primerica Whole Life Policy

[wfs]

This is not new news, but...

I was going through some of my stuff that has been packed in a box for at least 15 years, and I came across a copy of a Primerica Whole Life policy that I came across from back in the day. It specifically states that it's a "conversion policy".

Guess whole life isn't bad enough not to be offered by Primerica.

 

[Newby]

Wow. That is new to me. I never knew they ever had a WL option.

 

[Cornelius]

I think at the time they were required to have a WL policy for conversion. The specifics were brought out during the Ken Young message board battle days. Starting from the AL Williams days it's always been about BTID.

 

[TwiLight]

This is not new news, but...

I was going through some of my stuff that has been packed in a box for at least 15 years, and I came across a copy of a Primerica Whole Life policy that I came across from back in the day. It specifically states that it's a "conversion policy".

Guess whole life isn't bad enough not to be offered by Primerica.

They have always had that one.... it is their convertible policy for the TERM product.

You think the TERM is crap, you should see that one.... In their words, you better be dying to convert to whole life.... Guess what, they have that covered too.

What an awesome company to work for......

 

[wfs]

I think at the time they were required to have a WL policy for conversion. The specifics were brought out during the Ken Young message board battle days. Starting from the AL Williams days it's always been about BTID.

Not sure how it could be required. Aren't renewability and conversions "options"? In fact, there are still some older term policies out there that actually "end" at the end of the term, they are not renewable.

With that said, I never heard of a term policy that was not convertible. It's the de facto standard.

Is a Primerica policy still convertible? It would say it on the first page if it was.

 

[TwiLight]

Not sure how it could be required. Aren't renewability and conversions "options"? In fact, there are still some older term policies out there that actually "end" at the end of the term, they are not renewable.

With that said, I never heard of a term policy that was not convertible. It's the de facto standard.

Is a Primerica policy still convertible? It would say it on the first page if it was.

Many term policies sold 20 years ago were modified whole life policies that had level term like premiums the first 20-30 years and would have a automatic step up rate for the policies without needing to convert. Though they would have conversion options in them during the term rate periods.

Now you see the Term UL hybrids that offer coverage to 121 that have guaranteed level premiums the first 10-20-30 year terms.

Genworth, Protective for example.

 

[wfs]

I am 99% sure that the Primerica policy is not and was not on a UL chassis.

I am familiar with both of those companies products, especially Genworth. I used to sell it when they were First Colony (Colony Series) and then later as Genworth. Great product by the way.

I am curious if the current Primerica policies offer a conversion option. I would hope so for the client's sake.

The company appears to have soften it's position in recent days - stating that their product is geared towards "middle america". Who knows, maybe we are all still the "enemy" selling "trash value". OR maybe they had to save a little face after being part of Travelers/Citigroup who also sold "trash value".

By the way, I remember where I got this policy from (I think). Back in the day, late 90s I guess, I was part of a bulletin board on AOL. I think this was posted by someone with the screen name "Win The War". I think he wrote some books too. But I cannot find any reference to him searching Google.

 

[WinoBlues]

I am 99% sure that the Primerica policy is not and was not on a UL chassis.

I am familiar with both of those companies products, especially Genworth. I used to sell it when they were First Colony (Colony Series) and then later as Genworth. Great product by the way.

I am curious if the current Primerica policies offer a conversion option. I would hope so for the client's sake.

The company appears to have soften it's position in recent days - stating that their product is geared towards "middle america". Who knows, maybe we are all still the "enemy" selling "trash value". OR maybe they had to save a little face after being part of Travelers/Citigroup who also sold "trash value".

By the way, I remember where I got this policy from (I think). Back in the day, late 90s I guess, I was part of a bulletin board on AOL. I think this was posted by someone with the screen name "Win The War". I think he wrote some books too. But I cannot find any reference to him searching Google.

On Genworth - if you are going to convert any of it you have about 20 days to use the Gen Guard.

Primerica used to have a decreasing term option at the end of it's level periods. They also had a 10yr (1yr guaranteed) plan they would pull out for conservation. But the agent got paid next to nothing on it. I always brought that up in f2f conservation meetings. I used to love sitting across from ALW then PFS agents and their managers.

 

[jdeasy]

Was this Primerica whole life sold to the public or did you only get it by conversion?

 

[wfs]

Was this Primerica whole life sold to the public or did you only get it by conversion?

I think it is (or was) a conversion-only product.