![]() ![]() In Primerica you're a captive agent, meaning you can ONLY sell THEIR products. If you have a client that's over 70, you can't sell them a policy. Next, what about the fact that 70 years of age, is the cut off for issue age. BUT any other term insurance out there by other companies would qualify, because they all have an option to convert to permanent. Well guess what, Primerica policies don't convert to permanent insurance, therefore they could NEVER qualify for a Life Settlement. Well, here's the catch, in order to qualify for a Life Settlement, the policy has to be permanent, meaning any type except for term. (This is not a viatical, go check out Life Settlements, even Warren Buffet invests in them.) ![]() Well, it's true, except that most Primerica reps, like 99.99% don't know that there's something called Life Settlements, that a person at the age of 70 for example, who may not need insurance, instead of dropping the policy, can sell their policy to an investment company for about 20% of the insurance amount. That yes, this policy maybe more than others, but later on if you want to renew, you will never have to re-qualify to get the best rate we have available. I sold tons of life insurance for Primerica personally, probably close to 1,000 policies, and I always sold this benefit. Guaranteed insurability for life, with guaranteed renewals at the lowest cost. Recently Fitch ratings reduced Primerica Life to A- (not a big deal, but nevertheless, a reduction is not a good sign) Primerica's ratings? They're ok, but there are better ones. IBR, increasing benefit rider, where the policy amount goes up automatically without the client having to qualify medically, is good, BUT if they can get a cheaper term somewhere else, they can get double the coverage right away for the same money, so there goes the IBR concept. Ok, so what makes their term coverage better? Nothing! (we'll talk more about that in the business section, probably in a different post) Because Primerica term is so expensive that's why a lot of agents end up with significant chargebacks, which is when the client drops the policy in the first 12 months, the company takes back the unearned commissions, since you get an advance upfront. BUT, why should you pay sometimes up to 70% more for the same coverage. I know it's not the price but the value, etc. ![]() For those of you in the business, I know all of Hector's overcoming objections. But Primerica term is one of the most expensive ones. The concept of Buy Term Invest Difference is right on, for the majority of the people in this country, and Canada for that matter. Now I want to remind you that I sold very successfully every product that PFS offers. Unfortunately the products at Primerica are less than great. And second the opportunity to build a business. First the product side for consumers and people who want to produce and get paid for their efforts. The concept of getting people out of debt, saving money, and protecting their families is right and there's nothing wrong with that either. So let's forget the stupid pyramid/mlm stigma and let's talk about the real flaws of Primerica. Unlike some of these stupid remarks you see on the internet in forums, about Primerica being some multi-level pyramid scam, it's not.Īs a matter of fact the structure of having multi tiered commissions is best structure in the world, and every sales organization has that in form or another. It was way more than my business, it was my life. I've made money, had a team of people, won many company contests. I was an RVP (Regional Vice President) in PFS, for 10 years. If you're in the business right now, don't be upset with me, I know your blood boils when someone speaks poorly of Primerica, I know because that's exactly how I felt, until I found out the more importantly ACCEPTED the truth. However I want to expose some myths for people that are looking at this opportunity, so you will know the truth. Welcome to The Truth About Primerica Blog.Īs I already mentioned this isn't a hate blog. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |