So why not sell much less expensive life insurance and educate your clients the same way? Maybe they could retire earlier.....
So why not sell much less expensive life insurance and educate your clients the same way? Maybe they could retire earlier.....
- 11,273
Interesting. I do the same thing, except that over time, my clients WANT the life insurance to last them their entire lives for advanced retirement income distribution planning strategies. Something that Primerica won't ever teach you.
That is exactly what we do. Offer the least expensive "Term" and teach them to invest the rest.
----------
Not here to debate which way is better than the other. I was answering a question to a post about what is my favorite Term carrier and why. We ultimately do what's in the best interest of the client. Even though we only offer Term we're trained to explain/educate the pros and cons of all coverages not just what WE feel is best. If they feel YOUR way is in their best interest we respect their wishes.
My point was that Primerica is some of the more expensive term on the market.
- 24,940
40 year old male NT, Prd health
38 year old female NT, Prd health
Three children. Male age 17, M-15, F-13 good health.
Need/Want quotes at 20 and 30 years. $1,000,000 each.
55 year old single woman in "good health", med control Cholesterol and BP, 5' 6" 170#s,
Wants to leave $50,000 - $100,000 to each of her two low income adult children at her death.
Couple wants to buy $25,000 insurance to cover final expenses for their 65 year old parents. Cholesterol, HBP, oral med control DM.
What do you have?
Thanks, Lee
Not a dig at you personally....but if you work for Primerica, you don't have a choice in what you offer the clients. Since you only have term, its hard to do whats in their "best interest" all the time.
Of course you can educate them on "life insurance" and if a skilled sales person, convince them why BTID is the only way to go.
IMO, based on what I've seen... most don't invest the difference. They spend it. If they actually invested it, they might do ok.
Fwiw, I have no problem with Primerica doing business the way they do. Its their business. Me personally, I'm going to actually offer all the options to my client, and figure out whats actually IN THEIR BEST INTEREST, not mine. I sell plenty of term, more perm.
- 4,689
I have a problem with Mari claiming that Primerica has the "least expensive" Term. She's lying to her clients if she says that.
I just had a Primerica agent ask me how many times I have to meet with someone to sell term. WTH? I just mail a quote to my P&C customers, they take it or they don't. Most of my term is under $15 a month, how can you afford to go to someones house several times for a $15 policy. You can't so Primerica must be way high. Does anyone know how high they really are?
- 11,273
1. Choosing not to debate is intellectually lazy on your part. A different alternative would be to search threads in the past regarding BTID (Buy term and invest the difference). It has been discussed at length on these boards.
2. You posted in a thread that was originally started nearly 2 years ago, and last posted on a year ago, to tell us that you only represent ONE company. And by reputation, we understand the training, culture, and philosophy of said company.
3. No. You ultimately do what you are trained to do by your company and are limited by the extremely limited training and philosophy of said company to do what is in the best interest... of the company, and FEEL that you are doing what is in the best interest of the client. If you understood the advantages of permanent life insurance (and the drawbacks) you would be able to talk about both in their proper light and let the client choose, OR at least show why they should want the more expensive version and work with the term that's best for them for now.
4. Your understanding of the pros/cons of all coverages... must be limited at best and woefully ignorant, is my understanding. If you understood it, you would know how permanent life would be best... if you could only teach people how to afford it and why they should want it.
5. How clients FEEL is their job. Showing clients the truth... is OUR job as agents. You're simply unprepared and frankly ignorant of the truth. Therefore, you show a biased version of what you "feel" is "the truth", therefore you manipulate clients into feeling the way you WANT them "to feel".
----------
Oh, and just to add that "buy term and invest the difference" is NOT a planning strategy. It is a REPLACEMENT tactic used by INVESTMENT salespeople. And it's missing two words: "buy term and invest the difference... with me."
It also assumes that the client WAS QUOTED a permanent life policy, could AFFORD said policy, and WANTED said policy.
----------
I do bet that Mari offers the least expensive DEATH BENEFIT that her client could afford from the company.
That's different than offering the least expensive term.
----------
Why would someone want to be self-insured $ for $, when you could transfer the risk to an insurance company for pennies on the dollar each year and perhaps for a limited number of years?
Oh, that's right - that's because I understand insurance and studied the strategies of the great producers of the past.
