It amazes me how those that defend Primerica make statements like, "You only bash them because they're successful". When in reality, that's exactly what they do about every company other than theirs.
How successful are they really? I mean top to bottom. Sure the company is profitable. Why wouldn't they be? They sell overpriced products. But how far down the line are reps really successful? At one time in the past, Primerica had a website showing their "24-Year Track Record of Success". Amazingly, that site is no longer available. But here is what it looked like (I copied and pasted it in a word document). It was from around 2002.
A 24-Year Track Record of Success
Personal Income
Today
Goal 2004
$2,000,000 - $4,999,999
11
20
$1,000,000 - $1,999,999
24
85
$100,000 - $999,999
1,522
6,000
$50,000 - $99,999
3,653
15,000
Now let’s look at the 6 figure income myth. Primerica claims they have over 100,000 reps and to have paid out 450 million dollars in commissions. Let’s take a closer look at the numbers. Above is a chart of what reps made. You will see that just over 5200 reps made $50,000 or more. Keep in mind, there are expenses that one must cover on an annual basis that comes out of that $50,000. Now this leaves 95,000+ that make less than $50,000.
11 reps "earn" $2 million – $5 million per year. $2 million times 11 reps is $22 million. That leaves $428 million in compensation and 99,989 reps. ($450 million - $22 million and 100,000 - 11)
24 reps "earn" $1 million – $2 million per year. $1 million times 24 reps is $24 million. That leaves $404 million in compensation and 99,965 reps. ($428 million - $24 million and 99,989 - 24)
1,522 "earn" $100,000 - $999,999 per year. 1,522 reps times $100,000 is $152.2 million. That leaves $251.8 million in compensation and 98,443 reps. ($404 million - $152.2 million and 99,965 – 1,522)
3,653 "earn" $50,000 - $99,999 per year. 3,653 reps times $50,000 is $182.65 million. That leaves $69.15 million in compensation and 94,790 reps. ($251.8 million – 182.65 million and 98,443 – 3,653)
That leaves $69.15 million in compensation to split between 94,790 reps. That averages out to approximately $730 per rep, per year BEFORE EXPENSES. And that is figuring at the low end. (Some of the first group make more than $2 million, some of the second group make more than $1 million, etc., which will bring the average compensation per rep, per year LOWER!! What does this mean? It means that 95% of the agents at Primerica DO NOT make a livable income.
The concept of Primerica is a good one. Buy term and invest the difference. The problem is rarely do people invest the difference. Secondly, if you were going to follow this concept, shouldn't you find the cheapest term available, thus giving you more money to invest? And don't even get me started on their overpriced mortgages.
Primerica/ALW made several people very rich and tons of people with over priced term insurance. I would love to have a list of every primerica policy holder. I have yet to come across one that I couldn't replace (assuming they were insurable).
Good post! If one looks at the plain hard truth there is little reason to go with Primerica.
Good post! If one looks at the plain hard truth there is little reason to go with Primerica.
One thing I don't miss about Primerica was the 7 am Saturday morning Rah Rah meeting. It was tough to do back then when I was single and had been out partying all Friday night.
One thing I don't miss about Primerica was the 7 am Saturday morning Rah Rah meeting. It was tough to do back then when I was single and had been out partying all Friday night.
I have a lady who called me today who took a policy out with PA 3 weeks ago she wants to change says she does not trust the company. Since I know how they operate I asked how did you get hooked up with them? She said her husband got sucked in by someone at the church and roped her in. She says they are paying $108.00 for both her and husband with child rider of $25,000 and $150,000 on each of them for a 20 year term. She said she got the super plus rate and he got standard. I was comparing and they seem to be in the ball park. It does not seem to be over priced or am I wrong? Thanks for any feed back.
I have a lady who called me today who took a policy out with PA 3 weeks ago she wants to change says she does not trust the company. Since I know how they operate I asked how did you get hooked up with them? She said her husband got sucked in by someone at the church and roped her in. She says they are paying $108.00 for both her and husband with child rider of $25,000 and $150,000 on each of them for a 20 year term. She said she got the super plus rate and he got standard. I was comparing and they seem to be in the ball park. It does not seem to be over priced or am I wrong? Thanks for any feed back.
How would we know, unless we had their ages and smoker status?
Sorry how could I forget that. Both nonsmokers, she is 48 and he is 50. She is 5'3 123lb and he is 6'2 271lb. He takes one HBP med. Thanks.
Based on this info her rate would be around $21-$24 a month and his rate about $53-$57 a month for a total of $74-81 a month. Add a child rider on top of that let's say $10-$12 a month and you're at $84-$93 a month. So a savings of about $15-$24 a month. Which is $180-$288 a year or $3600-$5760 over the 20 years. Or if you invested the difference and assumed 10% return in a mutual fund that would be $11,486-$18,377 that they would have at the end of the 20 years by going through a different company than Primerica.
I am a male, nonsmoker, with asthma, and average weight.
When I was 21, I purchased a $100,000 30-year term policy from Primerica for $25 per month.
5 years later, I replaced it with an AIG $350,000 30-year term for $21 per month.
6 months after that, I got my insurance license and in the past few years have since replaced quite a few Primerica policies for a variety of reasons.
This is a good example but to be fair to Primerica or any insurance carrier (and I am not affiliated with Primerica) until very recently the cost for term insurance has been dropping for years...I was speaking with a prospect that had been replacing a 20 year term every 5 years with a decrease in cost while increasing the term length...
Having said that we all know Primerica sells overpriced term.
Based on this info her rate would be around $21-$24 a month and his rate about $53-$57 a month for a total of $74-81 a month. Add a child rider on top of that let's say $10-$12 a month and you're at $84-$93 a month. So a savings of about $15-$24 a month. Which is $180-$288 a year or $3600-$5760 over the 20 years. Or if you invested the difference and assumed 10% return in a mutual fund that would be $11,486-$18,377 that they would have at the end of the 20 years by going through a different company than Primerica.
Do you mind telling me where you got the rate? I can find that rate for her but not him based on his weight I can only find SNT for him 6'2 271lb around $66 per mo.
Do you mind telling me where you got the rate? I can find that rate for her but not him based on his weight I can only find SNT for him 6'2 271lb around $66 per mo.
I quoted it on my ALISS system. Transmerica will do it for $53.94 a month and go up to 276 pounds for standard. You can check out Compulife's site term4sale.com and it will give you comparisons including Transmerica and Primerca on there. You were looking at Genworth weren't you?
Last edited by SalemInsuranceGuy : 06-27-2009 at 12:14 AM.
Im glad i found this forum lol
My suspicions are definitely confirmed by 6 pages of posts on primerica.
Usually the only calls i get off careerbuilder.com are from sales companies.... and the majority of those are MLM .... gross!
So i got a call from primerica.
I think one thing that really gave it away was the fact that their 'successful' people (being groomed to become a regional vp) was wearing dirty old dress shoes with the laces dragging on the ground, a suit coat that couldnt fit in a more ridiculous manner, and just had an air of stupidity about himself (the perfect fodder for MLM). where was the professionalism? where was the wealth of knowledge that i would expect to come from an insurance/finance professional?
It simply wasnt there because these people cared only about recruiting non-professional grade cattle that would help them rinse, wash, repeat their way to becoming wealthy. LOL
Im sure i could be a 'success' with primerica, but i dont want to be a sheister for a career and build a house of cards.
It seems that this crappy economy (im in the vastly unemployed state of michigan) has forced me to expand my horizons when seeking employment.
I had never seriously considered a career in sales, but i like the idea of insurance and financial products versus trying to sell garbage.
I'm sure that I could be a 'success' with Primerica, but I dont want to be a sheister for a career and build my career on a house of cards.
It seems that this crappy economy (I' m in the vastly unemployed state of Michigan) has forced me to expand my horizons when seeking employment.
I had never seriously considered a career in sales, but I like the idea of insurance and financial products versus trying to sell garbage.
im glad i found this forum lol
My suspicions are definitely confirmed by 6 pages of posts on primerica.
Usually the only calls i get off careerbuilder.com are from sales companies.... and the majority of those are MLM .... gross!
So i got a call from primerica.
I think one thing that really gave it away was the fact that their 'successful' people (being groomed to become a regional vp) was wearing dirty old dress shoes with the laces dragging on the ground, a suit coat that couldnt fit in a more ridiculous manner, and just had an air of stupidity about himself (the perfect fodder for MLM). where was the professionalism? where was the wealth of knowledge that i would expect to come from an insurance/finance professional?
It simply wasnt there because these people cared only about recruiting non-professional grade cattle that would help them rinse, wash, repeat their way to becoming wealthy. LOL
Im sure i could be a 'success' with primerica, but i dont want to be a sheister for a career and build a house of cards.
It seems that this crappy economy (im in the vastly unemployed state of michigan) has forced me to expand my horizons when seeking employment.
I had never seriously considered a career in sales, but i like the idea of insurance and financial products versus trying to sell garbage.
So now im looking to enter this industry.
I also live in the "vastly umeployed state of Michigan", so I can empathize with you. I have found that there are several opportunities out that are better than Primerica. I was with them several years ago & they seem to have products that are overpriced. Many of my clients dropped after a short time when they found out there are better products & better prices. Keep at it, you'll make it. I'm working on a captive company only because I need the experience. Good luck!!
First, why would anyone have a Saturday meeting? So you forget it all by Monday?
And also, isn't any sales job with an hierarchy an MLM? Like Monavie, Melalueca, insurance (MGA's), Fuller Brush, etc.
They hold their meetings on Saturdays, Rob, because almost all of their agents/recruits work at other jobs Monday to Friday (even on different shifts).
If you do the math that THEY (Primerica) give you its easy to see who makes money with them. One of thier ad pieces bragged that they sold 184,000 life insurance policies last year (2006) .... Turn the page, then went on to list just over 200,000 liscensed agents. oops somebody didn't make ANY money last year!!!
Run,! Dont walk away from this oportunity, Get with a legit company and make some real money.
Its 100,000 reps. You were given wrong information.
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Originally Posted by xrac
Good post! If one looks at the plain hard truth there is little reason to go with Primerica.
Apparently you were never good at math were you??
You need actual numbers, and remember over half of the reps are part time and some do not work at all.
Trust me on this We have recruited many reps and most leave before they even get started, people give up to easy.
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With help from their team, a handful of Primerica offices are offering more than just financial solutions across kitchen tables in their community. They’re putting food on the table for hungry kids!
Ten Primerica offices in Ohio and Kentucky committed to a five-year, $500,000 commitment to the Kids Café program, a non-profit group started in 1996 that provides meals and tutoring to low-income children. Each week, hundreds of children get healthy meals and homework assistance at six locations around Cincinnati and Northern Kentucky.
Before the donation, the Kids Café budget was around $70,000, enabling the program to feed 2,000 children annually. Thanks to the ultimate “Primerica Makeover,” Kids Café will be able to expand its operations and ultimately feed 10,000 hungry children by the end of the year! Additionally, each Primerica office in the area will be sponsoring a Kids Café location where reps can volunteer their time.
Last edited by racjac : 07-17-2009 at 06:19 PM.
Reason: Posts merged
Re: Primerica
Re: Primerica
where was the professionalism? where was the wealth of knowledge that i would expect to come from an insurance/finance professional?
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