Please tell me everything good/bad about primerica. I have a good friend who got his license much like I did last year. I havent used mine and still havent gotten into the business mainly because massachusetts isnt the greatest place for it. He was looking at primerica and I know nothing about it, but I remembered this forum, so I figured id ask
please tell me everything good/bad about primerica. I have a good friend who got his license much like I did last year. I havent used mine and still havent gotten into the business mainly because massachusetts isnt the greatest place for it. He was looking at primerica and I know nothing about it, but I remembered this forum, so I figured id ask
The kicker here is this: After you or your friend uncover their types of products offered, with term being the primary - just ask yourself this one question below.
Does every person need to eat ground sirloin hamburgers for his/her primary source of red meat, which is protein?
There's probably alot of stuff here elsewhere. Basically as close to mlm as you can get in insurance. So-so rates. Representatives usually lack basic insurance knowledge or understand how their own policies work.
They are a big "everybody else is bad.. but us." kind of salespeople and company. If there was only "one" good company out there, we'd be doomed as a country.
Primeamerica bought out the old Massachusetts Indemnity Life Insurance Company which issued the term life products sold by agents of A.L. Williams Agency. Art Williams got into some hot water with several state DOI's and retired. Primeamerica bought out his business. They hire part-time "agents" who are mainly interested in recruiting (typical MLM tactic). Aside from the emphasis on recruiting, they approach prospects with a "buy term and invest the rest" mantra that Art Williams promulgated. They tear down whole life, UL insurance. Their term life is overpriced.
They are the Amway of insurance. If you know anyone who has had a good experience in Amway, perhaps Primerica is worth a shot. If not, I'd politely decline joining their cult.
Seemed like a turn and burn MLM operation. If you really want to throw your money away, I will PM you my address. You can send me money and I will talk to you for 45 minutes about recruiting your friends.
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"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." Ronald Reagan
The best place to find out about Primerica (and World financial Group, for that matter) is www.ripoffreport.com - both good (the defenders) and bad (the hosed). Why does Citi keep them? Because it is just another method of selling. Why would you invest your life savings with someone referred to you by a bank teller? Because you know no better.
Ok, now I will tell you why I asked about Primerika... (I know).
About two months ago, I set an appointment with a prospect for life insurance using a mortgage lead... you know, the lead that is sent back by a new home buyer requesting a quote for Mortgage protection/Life Insurance. So, I go to the appointment and sit with this guy, I'll call him JO, attempt my closes, no good, I pack up and start out the door when JO says, "Hey, you know Al, I'm going for my insurance license later this week"!...WHAT??? I thought to myself... well after seriously contemplating an Assault and Battery on this JO, of course I calmly and as politely as I could asked... Oh yea, with what company? You guessed it... Primeika!
Well, takes all kinds, just walk it off...
A couple of weeks before I posted this thread, a recent sale of mine of 2 policies for a husband and wife, (I'll call them JOe and JOann) that was derived from a mortgage lead as well, called the company I wrote them with and canceled both policies within the 10 day free look.
I am finally able to reach JOann (all my calls to JOe and JOann went to answering machine until I blocked my number, and presto, JOann answered) and she tells me, "Al, we were spending too much money on insurance and I'm sorry but that is the reason we cancelled".
A day later, I get a notification of Replacement and the company was Primerika! Drat, foiled again by this Primerika!
.... So you think thats the end of the story huh? Guess who the agent who replaced the policy on me was... Good guess, by it wasn't JO from the first story, but it was JOann!
I have to wonder if this is an MO of one of the Primerika managers out there that may be instructing there followers to waste the time of a seasoned agent to see how a sale is made, instead of taking time to teach his/her recruits.
Thank you for all who responded and I hope this story, sad but true, put a smile on your face. Take care and much success until next time.
You have to chalk that one up to experience. Did Jo and Joann give any indication that they were agents?
I have had a few internet leads that knew more than the average consumer, and I got a feeling in my gut to to check the DOI of their respective state. Caught a few Mega agents thus far......
At least you know who your local competition is now.
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[COLOR=#000066]"Tell me and I will forget. Show me and I will remember. Involve me and I will understand." Confucius
It might not hurt to try and get refund/credit for the two "fake" leads! That is one slime ball way for them to conduct business. Not only did they waste your time, they cost you lead money. I am sure, down the road - you will replace many of the policies they write.
You can also rest assured that chances are they will not make it in this business - they have already shown a lack of ethics. The real losers will be the family members they hound to purchase JO products. Are they any relation to the "Meoffs'"?
Last edited by BKrocko : 07-24-2007 at 01:37 AM.
Reason: spelling
Man let me tell you...They are a cult culture...A guy that I went to highschool meets up with me a couple of weeks ago and we get to talking and I tell him what I do and he tells me point blank, "If you want to do the right thing for your clients then come and see me." This coming from a guy that holds down a 9-5 and does insurance in the evening twice a week. I just looked at him and said, did you even listen to what you said. Ok you sell them overpriced term and tell them to invest the difference yet only 2 people in your office have a series 6. How many of them are doing this...He couldn't answer. Then you bash permanent insurance and anything that isn't a trash expensive Citi mutual fund or mortgage refi. I told him if you want to do right for your clients, Quit your day job asshole and get serious about this. Come join me and I'll show you the real Insurance business, not a Primerica point of view. I once went into a Dollar store to get a bday card and soon realized that is where Primerica's agents work during the day.
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Wayne B., CLU, ChFC, CFP
MDRT 5yr qualifier
I told him if you want to do right for your clients, Quit your day job asshole and get serious about this. Come join me and I'll show you the real Insurance business, not a Primerica point of view. I once went into a Dollar store to get a bday card and soon realized that is where Primerica's agents work during the day.
thats why I sell health insurance then write MY CLIENTS life.....and not high priced ROP morg. nonmed plans
I usually sell the fully underwritten product, but I will give the prospective client a choice... no brainer, they usually, as I advise, opt for the cheaper premium and submit to an exam and I use a company like Genworth for this business.
There are times I do sell the simplified issue... usually to truckers if exams are an inconvenience and to the people ( I've had two) that are afraid of needles for the blood profile.
The common thread on my story is that they were both mortgage leads, and I did sell the fully underwritten product. The leads did not have the mortgage company on them unfortunately and there was no need for me to find out at the time. I wonder now if it happened to be CitiGroup.
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