Does anyone know if Primerica policies are convertible?
And yes, I know their position on whole life.
I know for a fact that they used to be. It depends on when they were issued. I believe all MILICO (the original name of Primerica Life) was convertible, and so were the early Primerica Life policies. I think that may have changed though.
You're missing the point HealthGuy. Primerica is the ultimate BTITD company, any permanent insurance is like the anti-Christ to them. Kind of like someone from Amway buying a Proctor & Gamble product.
So, wouldn't having a conversion option to permanent insurance be the exact opposite of everything they stand for?
Hey, I got two MLMs in one post LOL
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Hey, it's a new paradox!
The old paradox:
"If 7-11s are open 24 hours a day, 7 days a week 365 days a year, why do they have locks on the doors?"
New paradox"
"If BTITD is the best strategy, and the invested "difference" will make up for any future insurance need, why does your policy have a conversion provision?"
Confusing post to me: if its not convertible to whole life, what would it be convertible to ?
From what I have found on the net, they are convertible to a "new term policy". I don't know how that is considered a conversion. Sounds renewable to me... I would love to see the 1st page of a primerica policy for myself to see the actual verbiage.
Surely there has to be someone on this board that has replaced a primerica policy???
I know for a fact that they used to be. It depends on when they were issued. I believe all MILICO (the original name of Primerica Life) was convertible, and so were the early Primerica Life policies. I think that may have changed though.
This is correct. Several years ago there was a guy who had a website that did nothing but bash and expose Primerica. This guy had a copy of an old Whole Life policy that I believe was from MILICO. He also had a copy of an old term policy that showed the conversion info. For the life of me I can't remember the name of that website. It may not even be up anymore. I believe it was something like Primericabuster.com. The guys name was Ken Young. He seemed a little over the top. But had some decent information. I think he my have been ordered to take down the website.
In the early years, they did have a conversion privilege. But they definitely don't now.
Does anyone know for an absolute fact that a current Primerica term policy does not contain a conversion provision?
It's been a while since I've seen a Primerica term policy, but seeing that they offer no other type of life insurance, I would feel confident in saying that there is no conversion provision.
I wonder if all the Primerica reps are still bragging about being part of Citi?
I made a killing replacing Primerica policies when I was at Pru. It was my bread and butter LOL.
I've easily been able to replace every one that I have run across. Seems like in our area, 95% of the Primerica customers I have seen were sold annual renewable term.
Buy term and invest the difference in Citi (C). They need the money...
Investing in Citi is the buy low, and sell lower strategy. It is a great tax hedge for that other stock investment that you lucked out on, and made some $$$. After the Citi loss, NO TAXES due... it is a great acquisition; see how that works...?
As someone pointed out or asked the question earlier in the thread... I wonder if they are now touting their parent company Citi...? No, in fact at a meeting back in Jan they anounced to their agents that they were abandoning the reference to Citi on business cards and marketing materials.
How proud is that of you parent company...? Article here.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him." David Brinkley
Primerica may be a subsidiary of Citi, but if you are a customer and call Citi, they cannot tell you squat.
Our Rep for 10 years left. We got dumped into a generic pool of customers who apparently do not represent further income. One day, a letter from PFS asking for info to complete our profile sent me searching for why they did not have it in the first place. Called Duluth, ie. Citi..... They did not know who I was...they told me to call PFS....They scrambled a bit but finally found me in their system but could tell me very little and told me to call American (The fund I was now under) Well, they had my info, including phone but could not tell me who my Rep was, why the new Rep had never contacted us or why we were sent a letter asking for info they did not need. SO, I called the other Duluth number in the letter for the Rep which was only mentioned as "Authorized Rep". The lady answered the phone all bubbly and found em in the system but could not tell me anything regarding the letter or who my Rep was. She gave me the number for a Rep hours away, telling me that there were none closer. Later, I get a call from that agent, explaining he was in Duluth but that another agent closer to me would call me. Sure enough, just before 7 pm, he calls. He tells me his brother just opened an office in my city, within the last week. He cannot explain why nobody ever called after my Rep quit and was quick to redirect the conversation while avoiding the questions of why nobody at Citi knew of my account or why PFS could not locate me by account number or why I got the letter... A whole lotta blah. Well, I am moving that IRA to the agent who handles my office 401k account. I will say goodbye to the term life and pickup something else. Primerica apparenlty makes their money on the insurance game and by bilking everyone a Rep knows for getting started.
Ok. Enough of the Rant. Anyone got a sane explanation for how Primerica, a "Wholly owned subsidiary of Citi" is apparently the red-headed step-child whom they are embarrassed to claim?
Primerica may be a subsidiary of Citi, but if you are a customer and call Citi, they cannot tell you squat.
Our Rep for 10 years left. We got dumped into a generic pool of customers who apparently do not represent further income. One day, a letter from PFS asking for info to complete our profile sent me searching for why they did not have it in the first place. Called Duluth, ie. Citi..... They did not know who I was...they told me to call PFS....They scrambled a bit but finally found me in their system but could tell me very little and told me to call American (The fund I was now under) Well, they had my info, including phone but could not tell me who my Rep was, why the new Rep had never contacted us or why we were sent a letter asking for info they did not need. SO, I called the other Duluth number in the letter for the Rep which was only mentioned as "Authorized Rep". The lady answered the phone all bubbly and found em in the system but could not tell me anything regarding the letter or who my Rep was. She gave me the number for a Rep hours away, telling me that there were none closer. Later, I get a call from that agent, explaining he was in Duluth but that another agent closer to me would call me. Sure enough, just before 7 pm, he calls. He tells me his brother just opened an office in my city, within the last week. He cannot explain why nobody ever called after my Rep quit and was quick to redirect the conversation while avoiding the questions of why nobody at Citi knew of my account or why PFS could not locate me by account number or why I got the letter... A whole lotta blah. Well, I am moving that IRA to the agent who handles my office 401k account. I will say goodbye to the term life and pickup something else. Primerica apparenlty makes their money on the insurance game and by bilking everyone a Rep knows for getting started.
Ok. Enough of the Rant. Anyone got a sane explanation for how Primerica, a "Wholly owned subsidiary of Citi" is apparently the red-headed step-child whom they are embarrassed to claim?
Sounds like you've been treated well. Gotta love customer service.
Ok. Enough of the Rant. Anyone got a sane explanation for how Primerica, a "Wholly owned subsidiary of Citi" is apparently the red-headed step-child whom they are embarrassed to claim?
Because they have inferior life products. If you own one you should do a little comparison shopping and you will see what I am referring to.
If you wish, just reply with the following info: your age, state you reside, appx Ht and Wt., face amount of ins overage, the same info on any other insured on the policy... and you will see some quotes to compare.
How long have you had the PFS policy...? How many yrs remaining at the same premium...?
I made a killing replacing Primerica policies when I was at Pru. It was my bread and butter LOL.
Yeah but look at Primerica now they kicked Pru's butt
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Originally Posted by Dave020
You're missing the point HealthGuy. Primerica is the ultimate BTITD company, any permanent insurance is like the anti-Christ to them. Kind of like someone from Amway buying a Proctor & Gamble product.
So, wouldn't having a conversion option to permanent insurance be the exact opposite of everything they stand for?
Hey, I got two MLMs in one post LOL
- - - - - - - - - - - - - - - - - -
Hey, it's a new paradox!
The old paradox:
"If 7-11s are open 24 hours a day, 7 days a week 365 days a year, why do they have locks on the doors?"
New paradox"
"If BTITD is the best strategy, and the invested "difference" will make up for any future insurance need, why does your policy have a conversion provision?"
Primerica does not have any conversion dummy
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Originally Posted by SportsNut
Because they have inferior life products. If you own one you should do a little comparison shopping and you will see what I am referring to.
If you wish, just reply with the following info: your age, state you reside, appx Ht and Wt., face amount of ins overage, the same info on any other insured on the policy... and you will see some quotes to compare.
How long have you had the PFS policy...? How many yrs remaining at the same premium...?
Quotes are one thing quality is another
Compare apples to apples Primerica has top notch products paying out approx $2 mil on claims per day
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Originally Posted by wfs
Buy term and invest the difference in Citi (C). They need the money...
Your term site is down, broke already??
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Originally Posted by racjac
Yeah but look at Primerica now they kicked Pru's butt
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Primerica does not have any conversion dummy
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Quotes are one thing quality is another
Compare apples to apples Primerica has top notch products paying out approx $2 mil on claims per day
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Your term site is down, broke already??
Originally Posted by imnfni
I've easily been able to replace every one that I have run across. Seems like in our area, 95% of the Primerica customers I have seen were sold annual renewable term.
Primerica does not sell annual renewable term get it straight.
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Originally Posted by wfs
From what I have found on the net, they are convertible to a "new term policy". I don't know how that is considered a conversion. Sounds renewable to me... I would love to see the 1st page of a primerica policy for myself to see the actual verbiage.
Surely there has to be someone on this board that has replaced a primerica policy???
Keep looking I doubt you will find many Primerica policys replaced buy any whole lifers
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All you whole lifers have not got used to Primerica yet?
They still rule you know
Just give up and start doing what is right.
Gods watching you.
Last edited by racjac : 03-06-2009 at 10:53 PM.
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Primerica Term Conversion?
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