Considering Primerica?
I have been to quite a few multi-level marketing recruiting meetings over the years.
I consider myself to be an open-minded person, so I don’t mind meeting with the recruiters and really learning what the company is all about.
It helps that I don’t have much desire to follow the crowd and don’t have a problem saying no or leaving when I realize it is not what I was interested in.
I met with someone from Primerica a few months back, and just got a call from a different recruiter a few days ago. Since they seem to be growing, I figured I would share my thoughts and see what everyone else thinks.
Primerica Pros
I was intrigued by Primerica because, having worked in banking and currently working in the brokerage industry, I understood that they were offering a valuable service to their clients. Primerica is a divison of CITI, one of the largest banks in the world. Citi offers just about every financial product under the sun and they use Primerica as a sales force of their many products.
What I think is brilliant with Primerica is that their goal is to help their customers use their existing income and shift things around freeing up extra cash to fund retirement and other savings goals. In the example they showed (I am not sure if it was the average American’s financial situation) they refinanced the customers mortgage and switched them from a cash value life insurance policy to a term policy freeing up $500 a month. They then take this $500 and show them how to make good use of it by investing in mutual funds for retirement, saving for college, etc…
The reason they can hire anyone is because they have a computer program that does the advising for them. The Primerica rep gives the computer specific information about the customer’s financial situation and it spits out what they call an FNA (Financial Analysis). This analysis shows the rep and the customer how they can save money and what they should put that extra money towards.
I was pleasantly surprised to find out that they encourage their customers to pay their mortgages twice monthly rather than the traditional monthly payment. This results in thousands of dollars of savings over the life of the loan. In addition they sell term life insurance rather than whole life, even though insurance companies make a lot more money off of whole life than they do term. I am not naive to think that they are doing this out of the goodness of their hearts (public companies that large typically have one thing on their minds: putting money in the shareholders pockets).
Coincidentally or not, this seems to be somewhat of a win-win. CITI is willing to make a sacrifice and make a little bit less money on a few products in order to free up the client’s money that will likely be spent on other CITI products.
Primerica Cons
- They are still a multi-level marketing firm. The problem I find with many MLM’s is that many of them coerce and pressure people to join – personally, nothing turns me off quicker than when I feel like I am being pressured into something.
- I did not sign up with them so I don’t have a full understanding of how they get paid. My rep said something about there being four ways, but seemed to intentionally keep it vague. From what other Primerica reps have said, most money is made from recruiting people rather than selling products – and it is difficult to make much money if you don’t recruit a bunch of people.
- The commission payouts are lower than other salespeople in the industry. My assumption is that since they aren’t looking for financial expertise when hiring, they can get away paying lower commissions. Many of the reps hired wouldn’t have the credentials to work many other places in the industry.
- If you do leave and stay in the industry, they have a non-compete clause for 2 years within a 50 mile radius of your address. If you leave, you must leave behind the clients that you worked so hard to get in the first place. Probably typical in the industry, but something to keep in mind nonetheless.
I am sure there are bunch more pros and cons, but honestly, since I never signed up I don’t know all of the details. I would love to hear your perspective if you heard of them, been recruited by them, worked for them, or currently work for them. I know a lot of people are very passionate about MLMs one way or another, so if you comment please keep it civil.
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I work in the financial services industry as an assistant to a broker. We have transferred quite a few clients in from Primerica. I don’t know much about them, but their mutual funds seem to perform *really* poorly. Just from what I’ve seen from accounts we moved over, I decided I would never open an account at Primerica. On the plus side, when we request accounts moved over, their processing time is faster than most 🙂
I had no idea that they made a lot of their money from recruiting – very interesting. Makes you wonder when they find time to take care of their clients.
Interesting article!
Where do you work I just left primerica
This is very not accurate btw. Hopefully you don’t go based of this review. Also we don’t get paid any money to recruit or when somebody joins. We make money from helping clients and from training people to know how to help families the correct way.
Think it is so funny when people will talk and bash a company based of one opinion. Just like every other job or business there is good and bad because you deal with people. But the company here doesn’t play if you do anything wrong for a person or anything wrong that’s illegal you get terminated. And all of our clients are so happy to be with us we transfer so many from other companies and they like the fact that we actually educate them not just sell them a product they know nothing about.
Angelica, think about it…for every person you “switch” to your company, Primerica and others switch easily the same amount to their company. Your point is incredibly weak considering you gave no time frame, no fund that you switched them to. Doing this, all you are doing is taking cheap shots and not being accountable for your own actions. Are you absolutely certain the funds you promote performed better in that time period? Primerica sells the SAME FUNDS….in fact, they usually have cheaper management fees for the EXACT same fund. This blog makes me want to cringe and is borderline click-bait. Read the headline and then read the summary. I’m sure the writer is a nice guy, but I would like my 5 minutes back pls.
Sounds to me like there isn’t a great business in saving money for people in this way, which kind of makes sense.
@Becky
Just to clarify (from the little that I know about it) they make a lot of their money by hiring on people below them – they get a cut of whatever they make and on and on… So, it is similar to the normal multi-level marketing programs (hence the name Multi-level)
So clearly, it is to each reps advantage to have people under him/her who are producing, so they can get that passive income.
Okay I don’t like conflict. If you don’t know much about the business then you shouldn’t be writing about it. Primerica is not a part of Citi bank anymore, they purchased their freedom from them and went public in 2011. It’s not a MLM but use some of the ideals from them. We recruite like any business if there was no one at McDonald’s you wouldn’t get your food. People come and go in any business. I don’t make money on the people that sign up on my team. Yes I said team. We make money on training our teammates to do what we do. When a client purchases one of the products we represent then we get paid. If you do nothing and just sit on your butt and not see clients then you don’t get paid. Just like if you were go to the gym and look at the equipment doesn’t mean you worked out. So if you want to know the facts ask the right people. Primerica is for mainstreet families, to help them have a better life and no other company cares about the client like they do. Now there may be a few bad eggs in the bunch but the true Primerican will do everything right for the client to the best of their abilities. God bless and don’t believe all you read. See it for yourself.
@joy
I couldn’t have said it better!
IO looked into Primeamerica a few years ago, and what Becky reported about them having mutual funds with comparitively low returns was true then too. It seemed to me at the time that after I sold mutual funds to all of my friends and aquaintences, I was pretty much out of leads.
Hello Terry, first of all learn the correct pronunciation and spelling of the company you are talking about. Second if you were doing the business the right way then you never run out of leads. Just had to set the record straight.
I currently work for Primerica and here is my opinion:
Yes it maybe true that at the starting position of Primerica Representative that one’s commission is not that high compared to other financial institutions, but you have to take all things into consideration. My day-job is software engineer thus I have no background or experience in financial services so if I want to go and work for one of these other high paying companies then I have to go back to college and study first. Which will cost over $10K. But the bigger problem is that it will take 2 years to complete doing it full time which means I must give up my day-job and loose another 160K from my salaries.
The main reason I’m excited about Primerica is that I have the potential to work up to RVP level where I can make 4 times the commissions on personal sales compared to starting position and at RVP level I’m pretty sure I’ll be making more or, at least similar money as these other independent brokers.
Then there is the overrides you make in Primerica from your down line and with this none of the independents can compete. My RVP income is probably 90% from all overrides and very little from personal sales.
Now of course someone is going to say few people make it to RVP so lets take worst case scenario where you stay at Rep. level
1) For a little registration fee of $99 my life license training, exam and insurance is covered for the two years. Obviously the company heavily subsidizes this as the books, trainer, exam and insurance does still cost lots of money, some estimates say around $2000 to $3000.
2) The amount of information you learn about finances (as ‘n non financial person such as myself) is simply unbelievable. I never had life insurance mainly because a HUGE dislike of insurance companies and all the negative notion about life insurance in general. It was only after my upline did “training” presentation with me that I learned that there is Term insurance which is actually good value for money so I got Primerica insurance. Yes their Term wasn’t the cheapest but it was comparible than most banks but who would I rather do business with. The bank who doesn’t care about me or the person who is willing to come to my home on weekend.
3) I’m also mutual fund license so I can write my own retirement and education plans on which I’ll earn 2% commission, and I plan to add these commissions to the savings plans. Sure the 10% to 12% is not the best for mutual funds but adding 2% on top of 10% to 12% is still way better than the banks GIC crap on which you get around 3% rate of return. I had GIC before and the bank never even told me about Mutual funds, they only “highly recommended” that I put my money in GIC which gives better rates than their “savings” accounts. Now that I know what Banks do with GIC I’m tolally mad at them for taking advantage of me.
4) Even if one does not even move up one level you still make good amount of money considering it’s a part time position. For doing a typical life insurance sale you can make around $200 and about $1000 over 10 years setting up retirement and education plans for one family. The paper work for all this takes around 5 hours so that equates to $240 per hour which is 5 times the amount I’m earning in my day-job. So even at starting position this is good paying opportunity from my point of view.
So even at worst case scenario it is still a pretty good deal for $99 yes ?
Now lets consider a better scenario where you reach RVP level.
1) About 4 times the commissions on all personal sales.
2) Overrides from all down lines
3) Trailer fees on total investments portfolio.
4) You can sell your RVP position for about 10x annual earnings. My RVP makes 200K a year so he can sell he’s position tomorrow for $2 Million.
Some general comments about other message boards. When reading various other message boards like Ripoff-report etc then ask yourself the following. Who is the person posting? A lot of the bad posts I believe are done by upset whole life insurance agents whom has had lots of charge backs due to insurance replacements from one of the 100,000 Primerica agents. The only valid complaints I’ve really seen are ones where people complaining about posting a resume online and then being recruited by Primerica and this is highly discourage by the company. There are also some complaints about the poor presentation of some meetings done by some RVP’s. For that I would say if you really want to join the company then look for some other RVP office in yellowpages and see some of their meetings. If you find a office you like and the energy feels good and the poeple are sharp then join them. If you join a successful office you will make good money.
Lastly I would like to pose the following:
The middle class in North America is dying under debt, waist full whole life insurance and poor/no savings for retirement. If most of the middle class keep doing what they doing now then the whole North American continent will collapse in 20 to 30 years from now and it will make Russia look like a picnic. As far as I can see Primerica is the ONLY company that has the resources and sales force to try and combat this problem and help people in meaningful way. Right now Primerica only has about 2% market penetration so it’s going to take lots more effort.
Good luck
Good luck.
@Jack
I am reading this 12 years after you wrote your response. Wondering if your thoughts remain as posted or if anything has changed? I am looking at Primerica now. I am leery of MLM’s.
@Jack
Thanks for contributing so much info about it – it sounds like it is working well for you and you brought up a few things I didn’t know…
I don’t know much about it myself, my father-in-law worked for them for quite a while, and had quite a bit of mine and my husbands money invested with them. I know from us, my husband invested about $5000 with them, and 6 years later was only about to recoup about $2000. My father-in-law had a similar situation, but I don’t know the specifics. Granted, we invested about 2 years before 9/11 and the big market downturn that accompanied it, but when we pulled the money, most of the other funds we looked at had a much better return, ie: not negative and those that were negative were not nearly as negative. Because of that my father-in-law stopped working for Primerica and we know have all our investments with Edward Jones. That’s just my personal experience with Primerica.
I’m in the learning stages right now but I believe Primerica works with Edward Jones.
Bob,
I’m curious, can you list some of the reasons why you haven’t joined the company yet. I’ve analyzed this company from every angle and sure it’s not perfect but compared to ALL other part-time opportunities out there this can’t be beaten.
I’ve tried lots of stuff like filling up surveys for hours at a time to only get paid a couple of bucks for the effort. Tried amway/quixtar for a bit until I figured out that they really make their money from all the “must have” “training” CD’s and paid seminars.
Primerica business overview seminar is FREE. The FNA is FREE. On Monday’s and Friday’s I go to my RVP office and watch EPN (our internal training channel) for FREE. Sure my RVP pays something but he doesn’t charge me a cover fee to sit in his office and watch also. He really wants me to improve and succeed because it’s in everybody’s best interest. And I go because I’m really eager to learn more about finances (so that I can retire earlier and not work to 65 like everybody else)
Financial services is just that a service, there is no product handling so Primerica is one of the purest MLM opportunities. Other MLM fails and gets classified as scams either because of all the “add-ons”, “expensive education CD’s”, “product handling”, “paid seminars” etc.
So please, enlighten me as a non-Primerica yet open-minded person what is stopping you from joining?
@Bob
Sorry for getting to this post so late — as you know, I’ve been busy. 🙂
I believe the combination of what you and Jack wrote paints a fairly good picture of what Primerica is all about, and I feel that there’s not much substance I can add to it. However, I can share my short-lived Primerica experience with you.
I was recruited here in the St. Louis area a few months ago, and I must say, I really like what they do. They have a good business model, and the people (at the office I visited…not sure about the others) actually have a heart to help the struggling middle-class of America. The motto of my church is “Honor God. Help People.” So, it was inspiring to see that same spirit on the Primerica people.
There were a couple of turn-offs for me. First: the fact that many of the folks (especially the higher-ups) seemed extremely over zealous. They had a goofy air about them…like a super-hyped team spirit (You know…”Go team, go!”), and that’s not who I am. I dreaded doing the team cheers at the meetings. It came off as cheesy. Now, I have no clue if they do that at other Primerica offices. That was just my experience, but I hear a lot of MLM companies/meetings are like that anyway. No big deal, I was slowly able to overlook that. The second thing that turned me off was the referral/recruiting process. For every FNA (Financial Needs Analysis) that they do for you, they will ask you to refer 10 people (preferably struggling middle-class families) to their services. I’m a single, 26-year old guy, and I honestly don’t know that many families that fit that bill. I know of some families like that from church, but that’s not the place to refer/recruit. Plus, I was very uncomfortable asking my friends, who were skeptical of Primerica and other MLMs in the first place. Nevertheless, this is a small price to pay considering they do the FNA for free (I believe its estimated value is around $1000).
Aside from those turn-offs, I like Primerica. Unfortunately, it didn’t work out for me. My schedule was just too busy. Between church activities, loved ones, and my current job, I just felt that I wasn’t able to put enough time/effort into Primerica. Plus, with all the extra driving to the team meetings alone, my gasoline bill was really adding up.
All in all, I think Primerica is good. If you have a heart to help others, the drive and determination to be successful, and can give it your time, then you may want to look into it. It definitely is something that can eventually become quite lucrative by building passive income.
I am fairly new at posting so I hope this is readable by all and is directed to Bob (who wrote a balanced article in my opinion , Jack (if I have the right person ) who said it did nit work out for him because he was 25 and single, and the other POSITIVE responses. All your responses were accurate. Reps are NOT paid in any shape or form by the number of recruits . For you nay sayers, have you EVERY been in a FRANCHISE business or restaurant? All OWNERS who have franchises get a percentage of what that franchise brings in as part of their agreement to represent the company. In Primerica, the OWNER is the POTENTIAL or out right RVP and the franchise is the RECRUIT. The corporate world does not pay anyone to train their replacement – but Primerica does. It is to the benefit of both the RVP and the downlines that he gives them the BEST training so they can branch off and Build Their Own Business in Primerica. Primerica CAN work for the single person under 30, but it works BEST for the target market (some of the BEST reps are those who began as clients) -this market is married, over 25, with children, and a mortgage. Primerica can benefit these people through all they offer vs helping a single person who may not even have a mortgage or life insurance or know many people personally who would fit the target market. This was also my situation (although I was older) I was single with single friends who had n mortgages and clung to the insurance provided by their jobs IF they had a job with benefits. My priority was church, so I did not take the 3-4 hours 3 nights a week my upline encouraged to commit for me to build a solid part-time job with Primerica. Today I find joy in referring people I meet to my upline as clients and as possible recruits, because I KNOW how honest and SOLID THAT particular office is. I too, am not a rah-rah person. The office I committed to went to the CONVENTIONS every year (it was ENCOURAGED not REQUIRED) but they went to find out the latest updates on products and how these would benefit present and future clients. The Securites arm of Primerica was ALWAYS looking into more sound investments and kept us informed when changes to our family of funds was in the works. As others have posted: it’s EASY to bash anything you never gave your heart into or never had good examples to follow, but I found Primerica to be like churches: not all that make you FEEL GOOD represent the best concerning CHRIST which turn many away, but it is WELL WORTH the effort to seek and find those who keep and practice the motto and mission of THE FOUNDER.
@Jack
I appreciate your comments, but as I mentioned at the end of the post I want to keep this civil – from reading michelle’s comments – It in no way sounds like an ad for Ed Jones, and it appeared to be a simple explanation of what she saw happen.
As far as me joining Primerica, the reason I haven’t is because I don’t want to. It really is as simple as that. As I mentioned earlier, I do respect them as a company for a few different reasons…
For all stock lovers. There is a rumor that Primerica is going under its own ticker name. If this is the case then this will be a strong stock to purchase.
yep, I have heard of them, but just didn’t seem right for me at the time.
@ Bamboo –
Prime America with it’s own ticker symbol? sounds great. however, I remember Russ Whitney going public a few years back. they quickly dropped to penny stocks and eventually was delisted.
As a Christian who tries to be his brother’s keeper and a financial/insurance trained professional with NOTHING to sell (I have a corporate home office job), I would recommend you steer a wide path around Primerica reps amd the funky cool-aid they’re selling.
Lets examine the ‘help’ someone got from re-doing their finances:
A Primerica bi-weekly mortgage with $6,000 in points (plus closing costs)
An overpriced Primarica term life policy (save 30-50% by shopping around)
Extra money invested in loaded brokerage account funds OR company provided variable annuity accounts.
Thanks for all the ‘help’
How do I know? I’ve had a FNA done. I’m also experienced enough to ask for all industry required disclosure forms.
You spoke of recruiting new people? That’s their only marketing method. The first thing they want from you is a list of 20 of your friends and family. Since you’re new and un-licensed in the financial services world, you ‘upline’ will ‘help’ you call on your friends and family; but if sales are made, who gets the money? If you don’t have a insurance or NASD license, they do. But don’t worry recruit some new people, call on their family and friends and keep that money.
Why the continous recruitment of people? Because 99% burn out making little or no money.
You speak of Primerica spinning off of Citibank? I’m sure Citi would love the opportunity to improve their image. Primerica will have a more difficult time recruiting without the misleading “come work for a Citibank company” cold calls.
Want a job in this industry? Find an entry-level job at a reputible company and learn the ropes.
I am working for Primerica and have been with my husband for 4 yrs now. It is work. You just do not sit back and collect a paycheck because you joined the company. Depending on the integrity of the rep you concur with depends on what you get. Some reps I know have poor mutual funds that they set clients up with, while others stay on top the game per say, and want to do the best for their clients. As far as pay – it firsts depends on the sales level you are at, as with any job. All companies are a pyramid. All companies have a CEO, then VP’s, the upper mgmt, middle mgmt, and workers. So the idea of Primerica being a pyramid scam is ridiculous. As far as the other part of pay – yes you do recruit people. However, you do NOT need to recruit to make a decent living, if you follow the ethical system you were taught. You do need to recruit if you want to eventually have a decent residual income and have a business, that one day you can pass on to your children. If that is a scam, then lets call up Sam Walton and tell him that Sam’s and Walmart are a scam. He started something and built it from the ground up. Yet now, he does what he wants, when he wants. Why? Because he “recruited” people and collects a residual income. The difference. Primerica recruits to build recruits. Walmart recruits (hires) for employees that they control their income. Not picking on Walmart – I admire Sam Walton – just using his success as an example.
@Misty
Thanks for sharing – you make a good point about pyramid schemes – if you draw the org chart, it would appear that most of them are a pyramid 😉 and I find it encouraging that you say that you can make a living with Primerica WITHOUT recruiting… I think many people abandon the idea because of the recruiting… It is good to hear that you can do it without…
I work for primerica and do not get paid to hire people. However I do get paid if I train someone but thats only through overides.
@will
I was under the impression that you get a percentage of your “hire’s” sales – is that not correct?
For all you Wall St. wizards out there, let me lay it on you this way. 22 years with Primerica, plenty of money, plenty of freedom. Instead of listening to the doomsdayers, just go out and work hard, live right and find something to believe in. Somebody has to drive the bus, as long as its not me. Just go make money for you and your family. Dont be a crybaby just because it does not work for you. This opportunity is not for everybody, let me leave you with this…some will, some wont, so what.
As a Primerica Rep, the following are the facts:
1. A pyramid scheme is based on recruiting with the intention of making money off of the entry fees. These fees are normally pretty high. Then they mask it with products that they know aren’t really going to sell.
Primerica- $99 = life insurance class, teacher, books/materials, AND reimbursement of fees for a passed test. Seems like they wouldn’t stand to get rich off of this???
2. Primerica’s financial services are competitive. No one ever said that Primerica was the CHEAPEST, but for the families we serve, it makes their situation much better than it was or would have been. In most cases they haven’t and never would SHOP for a better bargain. So we educate them on how money works and allow them to make the decision. For families who have NEVER had ANY of these products, this could only help them get to a better place financially.
3. Recruiting – Primerica allows you to make money from marketing CITI’s services whether you recruit or not. An employee would be happy with that. Primerica promotes business ownership which involves recruiting in order to build an organization. It’s methods my not be typical, but you have to admit at some level it is very effective. EVERY business recruits and trains people in order to grow.
Now here is a point to ponder. If I had a business in your neighborhood that only sold CITI products and services and I was successful at it. Then I came to you and said, “hey come work for me and market these products”. Most people that were in the market would say “you’re giving me a job, sure when do I start”. THE MINUTE I SAY, “oh yeah and you have the opportunity to be ME and own your own shop, let me show you how to get it done.”…then it’s a scam…lol
it seems that the old timers are the one that are very happy with Primerica. The last newsletter I saw from Citigroup regarding Primerica was like 8-10 years ago. If Primerica is just a starting company, then I would 95% join, but now it seems it is top off. They say the fees are minimal, the other monthly fees are also minimal, the commission is low, but if you have thousands of people, then you do get the money. Like I mention earlier, it is at its peak. Also after speaking to a few rep, none can give me a straight answer on how they make the money. Some say through recruiting, some say through commission, and others said through the commission of the people you recruit.
It also feels like the different between a real medical doctor and a “quack” doctor. You can’t get the full license, so you improvise. Get people with less knowledge, charge them alot less, and hopefully you will get the QUANTITY, but not the quality.
The only thing that made me think about it twice, is maybe “I Know” I can get tax except on many things that I would do with Primerica, like travel expense, entertaiment, food, lodging, etc….
Last thing,
It just doesn’t make sense when a company ask you to pay them for you to work for them. Again, like I said earlier, no one can answer me how Primerica get their income and the last info that I can find that link Primerica strongly with Citigroup was from a 8-10 years old news letter.
John,
I will try to answer your questions as best I can as a Primerica Rep.
Primerica is a subsidiary of Citigroup. You can go to citigroup.com and see that. Citigroup chose Primerica to market it’s services to middle income familes. With 6 million clients, Primerica has a pretty strong LINK with Citigroup.
Primerica doesn’t charge you to work WITH them. The $99 fee covers your Life insurance class, books, etc. As well as paperwork that needs to be filed with the state. We are regulated just like any other company and have to pass the same exams. They don’t make a dime off of you just joining.
We get paid just like any other financial services company. We get commissions on each piece of business that we close. I can make money this way without EVER recruiting ANYONE. The recruiting aspect comes from the nature of ANY business. You recruit to build your organization. You recruit and train each individual to work independently just like you and the perk is that you are rewarded for training that person. You get a percentage of each piece of business that THEY close. No one wants to work hard forever, so you build a team.
Also, the only way our business would TOP OFF is if the debt epidemic in the U.S. was completely solved or if people became completely happy with their current income. Until then, the market is wide open.
Thousands of people may be necessary to make millions, but to be a six figure earner the head count is minimal as long as your team is productive.
Good evening everyone. Im a consultant for an automotive center and was confronted by a client with information regarding Primerica. So I went to his office this evening to hear more, because I really had no clue what services they provided. I am so torn in what to think due to the Pro/Con listings I have found on my search on the web. I also was not given much info tonight from the gentleman I spoke with, it was a very informal interview, he was very interested in getting to know me I would guess. He did mention more than once that the money that could be made is Amazing!! I did mention to him money does not bring my passion out but helping people does… So my question is this to anyone that may be able to Truely answer, Is Primerica sincer and really willing to help others?? If so, It may be something I would consider after I see how it is really ran. Any comment would be grately appreciated. Thank you.
Scott,
First and foremost, Pro/Con listings on the web are like looking at reviews for any product that you wish to purchase. If you look at every review, no matter how good the product is, you will find negative reviews. The same applies with most large corporations. So what you MUST rely on is our ratings with the entities that regulate us: ambest, NASD, SEC, etc. Then on a representative level you need to speak with those who actually are doing well and see what their experience has been. We often take the advice of those who the opportunity was wrong for in the first place. Truth be told it is definitely not for everyone, but if it is a fit for YOU and your situation…no one can assess that but YOU.
Our focus is to help families get into a better financial situation than they are currently. So we give a simple education on financial concepts….things that you could normally do on your own, but currently are not. We understand that most of middle America is in debt because they are not aware of these concepts. We provide the vehicle for you to get to a better financial place by mapping out where you are and how to get to where you want to be based on YOUR specific case. Next, of course we have an array of services that can help you accomplish that and that is where the commission comes in.
The key is that Primerica along with Citigroup knows that a lot of middle America cannot afford a financial planner or advisor. We will never claim to be financial planners, but we can teach you about how money works and how to make it work for you.
The rep that you had the informal interview with more than like ly looking to peak interest and then invite you to a business opportunity meeting where most of those questions can be answered in full.
@Scott
You bring up a very valid point about reviews… There will always be bad ones and always will be good ones. There are a lot of people who always say good things, even when they are bad and vice versa. The key to looking at reviews, is spotting trends and facts that can’t be disputed. That is why I wrote this post – I was and am happy to see all of the comments from both sides of the Primerica spectrum, so hopefully people can get a better understanding of what Primerica does and doesn’t do…
I have a couple of friends who are in the company, and I too have mixed feelings. I feel that Primerica do offer “okay” products and in alot of cases, can save a family hundres of dollars on their mortage…which they should invest the difference, hence Primerica does nothing financial wise for my friends who are agents. They work hard at it EVERYDAY. Soliciting recruits (which I do not like), they approach people in a restroom, mall, parking lot, grocery store, gas stations, and even when they are out on dates. They have been conditioned into these little obsesses Primericans, And everytime I am doing my research on PFS and other financial and come back to them with hard core facts, they always use the same lines many of the agents uses on this blog and other blolgs across the net. To some degree I would even call them brainwashed. They would neglect their families precious time (even kids) to attend late night meetings ( up to midnight), and weekends. I believe it could be a great opporrtunity, but only for a small few. But I think it can be a big strain on families because people change when they join PFS, because they are fed so much BS, and they make you feel as though the job you are working is crap, and the degree you hard for in school. I am sure many of you could relate who have families and friends who joined. And my friends have no regard on the negative effect they have on their failies.
…and did i mention they make no money. I over a 10mth period one has only made about 4-500 dollars. not thousands. 400-500…and the other has made way less than that, and he has been in it for anout 11 months. And again these are little trained soldiers…you can’t find a more dedicated rep than these two.
last note, in addition to the 199 fee (which is eventually refunded)…you also pay 25 dollars a month to have acces to their online data base (POL).
Thank you for all your thoughts…I have decided that the company is an asset to some but I am not one to fill that spot. Take care, and thanks again.
Let me tell you……run from Primerica, I invest 1200.00 a year with them and I lose 200.00 of that money every year for the past 3 years. Haven’t been able to get a hold of my “REP” (what a lazy POS) for 6 months. Try moving your money out of their crap investments and you get slammed with outrageous “Redemption Fees”. I’m finally biting the bullet taking my 20% loss over 6 years and paying my outrageous redemption fees and going to find a reputable broker who is going to sell me overpriced insurance…… $80.00 a month for a $400,000.00 life insurance policy that I got 6 years ago (when I was 24) and in great health.
Sheesh…shame on me, and shame on you if you give them one dime….you’ve been warned 🙂
P.S. anyone can reccomend a reputable broker for me…details appreciated…
Thanks,
Aaron
Aaron…I highly recommend going to http://www.daveramsey.com and utilizing his ENDORSED LOCAL PROVIDERS search. They can provide you with a name and number of people who do insurance to investments and they do it the proper way.
They teach before selling!
I have read alot about Primerica the last few days or so. I’m really sitting on the fence at this point. My good friend and neighbor called me about it a couple of nights ago and I sat down with him and I guess a RVP. I’m a bid Dave Ramsey fan. One thing that Dave has said is not to buy (or buy into)something you don’t understand.
I understood what they were trying to do as far as selling insurance and refi’s and other things like that. I do believe American middle-class families are in need of a financial make-over as a whole, so on that note, I believe in the system.
What I really did not understand is the business end of the deal. They gave me no clear cut answer as to how they actually make their money.
When my neighbor called me about this, he wouldn’t tell me about it, just that he wanted to talk with me about something new he was doing. That part also left a bad taste in my mouth. He is normally not that way, so I kind of wonder if maybe he was coached to say that.
The next morning, a member of my wife’s family called and said she was also working with Primerica. My wife told her I had spoken with a different rep the night before and within 1 hour they were over at my house. When they got there, they asked me who the rep was and where he was from. I told them and they seemed very angered about another rep trying to recruit me, statint that their system was much better than the other RVP. This seemed very fishy to me for some reason.
Primerica doesn’t seem like a scam, just a mediocre operation at best from a employee standpoint. I mean, if they think you’re good enough to work for them, why wouldn’t they just hire you as an employee and pay you a salary and benefits (for say 6 months to a year) to help you get off the ground?
It also seems like they want you to give them your referrals before you can actually make a profit for doing it(while you are training).
It also seems like you donate alot of your precious free time away from your family while you get licensed to try to sell the products and recruit new people before you see much money at all. I mean, wouldn’t someone just be better off to go out and get a part-time job instead to help pay for the tests to get the licenses, then go independent so they could give their customers more options.
This is just my take on it. My friend is very knowledgable about finances so this is why I’m on the fence about this. Sorry for the length, just wanted to state how I felt.
Kinda funny how it’s the number 1 global equity in canada for 2008… averaged 15% return int eh past 5 years, peopel’s money double over the last 5 years… that’s a bunch of bull what you said becky, maybe their seg funds aren’t that good but the mutual founds in canada are killing
@God
Thanks for stopping by – it is always good to listen when God has something to say 😉 I was just surprised to see that it was on the Primerica post.
ps. tell Jesus and my grandma I said hi!!
I found a blog of a Primerica rep if anyone is interested…
Hello everyone!
I’m glad I finally found a blog about this that doesn’t have it’s last post in November 2006. lol
Some posters on here (and other bloggs) are making the whole situation a little more focused for me, in making a decision. Thank You!
I’m supposed to attend the first training meeting with Primerica this Friday. I have been to two meetings with my trainer though.
Quick info: I have NO financial experience. I’m not all about the money. I’m going to school for an Environmental Science (Extended) Degree in Denver CO.
I’m not all about the money, and I could never live with myself if I messed someone’s retirement fund by involving them with Primerica. Even though that person accepted the service themselves, I as part of it. Anyway…
I am a strong believer in “Do what you love, and the money will follow”; especially for my career. Maybe it’s a little bit too optimistic, but I choose to be that way.
So to answer some questions let me tell you what I’ve learned so far.
I asked my trainer some of the exact questions you guys are asking. REMEMBER, the answers are pretty much what the trainer has told me, and I did very little research on them. I hope they help, especially as an insider’s info.
1. How does Primerica actually make their money if they offer such good rates?
Well first if they beat your current set up (say the way you pay your debt, and through what bank etc) they can actually buy out that loan from whoever you’re with, and transfer it to CitiBank or w/e. Though Citi won’t make as much money as the people you were with before, THEY did just buy out that loan. So if they do this with many loans, then the money does come in. And if people are happy with what happened to them, they are bound to recommend these services to their friends.
2. The mutual funds are NOT owned by Citi or Primerica; they just use other companies that have good ratings. At least that’s what the trainer said. I have not done any research on this.
3. The guy told me, I have to work for my money. But in terms of pay per hour, it can be a good earning. Recruiting people onto my team (3 people) will make me more money, but I SHOULD be able to be OK just by myself. Also, I can recruit just one person, and get a slight increase in my commission percentage.
4. It is like a pyramid scheme, except that it is different.
Everyone’s work benefits everyone. So you gotta treat employees well, because it all comes back to you.
You don’t sell products, but services, and as I said, some can really help people (like the debt deals).
You CAN move up to the top, and get this, WITHOUT becoming competition for the person that was your trainer. Because if my RVP make me an RVP, he gets rewarded for doing that. And not just once, but every year. The amounts depend from 50K-100K.
That’s it for now, I’ll try and post more later.
Also, remember that since people are ‘contracted’ by Primerica, every office will have different people running it. So experiences of people joining the company, or using their services or encountering representatives, will all depend on the people that they deal with.
I’m trying to do as much research as possible, as I am still on the fence with joining or not.
I work at a restaurant right now, and the money is good, while going to school. Once summer begins, I’ll need more than just the restaurant (and for a college student, it’s not easy top get a job job, as in not sales at the local clothing store or working for target etc.).
I am considering joining, but I will uphold myself to the standards I have now – my ethics, actually HELPING people and making sure I don’t screw anyone over so I can make a few more dollars.
My plan is to pay attention to what really works, and recommended it. For example, they seem to excel at helping families get rid of their debt faster and cheaper. I will recommend this to my friends.
But when it comes to investing in mutual funds and what not, so far I would NOT recommend it. Though history shows MFs are a good route, in today’s economy MFs aren’t going to be too stable.
So that is my plan. I’m supposed to get my trainer guy in front of 6 families and let him do the talking blah blah. I will do that, but I will warn all 6 parties not to sign up for the mutual funds (at least for now) or do anything else besides the debt consolidation and etc, if the FNA shows that Primerica can indeed beat the current set up they have.
Any more advice will be great. Also, PLEASE post any questions you would like me to ask my trainer!
Thank You!
Hello again. I see no one responded…which is great actually.
I wanted to thank the people that posted on here again, for allowing me to make a more educated decision. I know this is just some blog on the internet, but on the other side there are people, honest and not so honest, that posted. So I did take it with a grain of salt.
After giving it some thought, and after trying to talk to people about what I was doing and if they could help me out, it became apparent this isn’t for me.
Though I was trying to ‘work the system’ as to avoid any bad stuff for my customers, as well as make me the most profits. Doing just debt consolidation and such wouldn’t make me a whole lot of money, unless I sold immense amounts.
Having to recruit customers felt weird and wrong really. Not for me.
Also having to recruit friends to be part of my team, so I could get a promo wold feel weird and a bit exploitative, even though they did make money, and could be in a position as I was eventually.
Even if I did have my license, I think I would still have very little expertise in advising people about investments and what not. I wouldn’t want to do that, as I explained in my previous post.
The trainer guy was telling me that the most common professions people came from, were law enforcement, construction and teaching. So people with just a license and a computer program are out there messing with people’s money. Though there are successes, when you get into investments and mutual funds, the situation gets more serious.
I forgot to mention the guy also mentioned Primerica is into educating the public (lower class and middle class) about how finances work, and when giving them an FNA or whatever kind of report or contract, they would tell the customers about the small print and so on. Basically exposing everything about a contract of FNA report.
I did learn some good things from the short adventure.
Being ignorant of how finances work, or not having at least a basic understanding of what you’re doing with your money, is just asking for loss of money or even trouble in the future. So try and contact government non-profit agencies to educate you a little bit. Also, as others have said, you can educate yourself at a very low price or for free if you find the right sources.
Good Luck!
Yes you say find a entry level position in a reputable company but then I have to charge people $1500-$2500 and up in order for me to help them. And if they don’t have at least $25,000.00 to invest you will not help them. How many (average) americans have $25k to invest or can afford to pay you/reputable companies 1500.00-2,500.00 or more for your services. I joined two months ago and yes we have to go through the training/licensing process but if I did it your way I (average) american would have to pay thousands for training/education. But the main reason I joined is because my husbands grandfather got robbed by two of the “whole life” insurance agency. We got nothing back to bury him. He had to pay an extra $700-900 to be cremated. My mother is 81 yrs. old, too old to do something better. Thank God her plot is paid for at least. I say I’m getting a good deal for $99.00. I want to expose all those other criminals selling whole life and keeping peoples money instead of to them like it should be.
Yes you say find a entry level position in a reputable company but then I have to charge people $1500-$2500 and up in order for me to help them. And if they don’t have at least $25,000.00 to invest you will not help them. How many (average) americans have $25k to invest or can afford to pay you/reputable companies 1500.00-2,500.00 or more for your services. I joined two months ago and yes we have to go through the training/licensing process but if I did it your way I (average) american would have to pay thousands for training/education. But the main reason I joined is because my husbands grandfather got robbed by two of the “whole life” insurance agency. We got nothing back to bury him. He had to pay an extra $700-900 to be cremated. My mother is 81 yrs. old, too old to do something better. Thank God her plot is paid for at least. I say I’m getting a good deal for $99.00. I want to expose all those other criminals selling whole life and giving people their money instead, like it should be.
The second comment by me has a correction at the bottom. I was typing too fast because I’m on lunch from my full time jail “job”. I want to add that most average americans don’t understand life insurance policies. They don’t understand how the policy works (hidden clauses) in “whole life” etc. Primerica teaches the clients/recruits how both types of insurances work for or against them. My upline told one of my potential clients to keep his term life insurance that he currently had instead of getting Primerica’s offer because he had been rated with preexisting conditions. I would say that is pretty honest on our part. What do you think “whole life” agents would have told him. i have a mutual fund through my job and it gives me great returns. I believe in Mutual Funds.
…and most primerica agents don’t understand the hidden clauses in their IBA nor do they see the fine print on the “opp meeting” presentations; Susie.
Since you are just SUCH an expert, maybe you should consider doing the research yourself??? Primericas Term life coverage is actually the lowest premium out!! Not only that, but do you know how much your life insurance company paid out in death benefits last year?? I can tell you Primerica paid out over a billion in death benefit in 2007, as opposed to average joes company that maybe maxed out 400 million in ’07. Its alright your company might pay out your death benefit, But I know I’m not gonna leave an investment of that magnitude to chance because they just wanna make a few excuses not to pay. Oh, and Primerica isnt a spin of citi bank. Its actually a sister company of Citi bank, in the much larger Citigroup. I’de really like to take a look at the FNA you had done, maybe you’re confusing it with your boys over at edward jones. You know that advertising buys you all the credibility that you could ever want lol
My $.02… sorry if it’s too long.
I’m an IT manager for an architecture and engineering firm. An acquaintance approached me about Primerica. I was intrigued by it since I’ve been through Dave Ramsey and am on a crusade to get totally debt free.
I know very little about financial services and I’m not going to pretend like I do. Some of the ‘experts’ on these blogs make me smile since I’m not totally in the dark. I’m just not fooling myself or anyone else.
I actually signed up as a rep before I did the FNA or anything because I seen an opportunity to learn and do something in which i’m very interested. Helping people learn about managing their assets and having the opportunity to earn extra income. Basically for my time only I get to get licensed and trained in an area I like a lot seems like a good investment for that benefit to me.
Being the IT guy i am, I google’d it and read all posts by the haters, ‘scam stories’ and the hyped up Primerica lovers (that’s how I found this one.) I went to a builders school or some such pep rally on a saturday during this time so I was on a roller coaster of; “did I do the right thing’, ‘I made a mistake’ to hyped up and ready to go 24/7 and reach RVP in 12-18 months. :0)
Here’s where I’m at after all that…
1. I think I made the right choice.
2. I think Primerica offers good products at a reasonable price.
3. I think this is one of the better MLM systems.
4. I think the rah-rah rally’s only hype people up and make them reckless, hence the haters from back experiences.
5. I’m not going to rush out and harass my friends and family and get a bunch of appointments even if that’s what I’m told I need to do 15-20 appts in the first 30 days. I am just telling them about Primerica when I get the chance and I have asked if they would let me train on them. Some of my friends have been interested from the start.
6. I am going to take my time in trying to sell until I have proper training and licensing.
7. I am going to approach it as an opportunity to educate people first and then as an opportunity to sell something that will meet their financial needs.
8. I think that if I provide a valuable service to clients, and I think primerica will allow me to do that, treat clients with respect, be totally honest with them and not pressure them to do what makes me the most money then I will be able to make money doing Primerica…
Every time i read the list of cons or why primerica is a ‘scam’ they are almost word-for-word which makes me wonder.
how I feel about a few of them:
1. primerica’s products are not the cheapest. So what!… My question is not the cheapest but who gives you the most value and obviously price does go into that. I purchased life insurance for myself and wife from Primerica. I checked the internet pricing searching multiple providers and the cheapest I could find was only $4 cheaper per month. We have a local farm and garden store here called Atwoods. i like to go there instead of wal-mart even though I know that I can get the same thing cheaper at wal-mart. Should Atwoods close down because they are unethical for charging 5.99 for something you can by for 4.87 at wal-mart? should the clerk tell you, “You can get that cheaper at Wal-Mart?” Having a person come to my house and take in consideration all financial factors in my purchase is better to me then buying the cheapest policy off the internet. that’s worth $48 per year to me….
I will try to update how things go… got an ‘appointment’ tonight…
@macg4ira
it’s not too long – thanks for sharing… I would love to hear how things go after your appointment or after you work for primerica for a little while…
Hi to everyone. I have joined primerica just last week and have completed 3 appointments with my RVP. I am also currently studying for my RN exam this june. I am stuck in the middle about whether or not to pursue a career with primerica. I plan to work as a nurse part time (have accepted an offer already) and plan to work with primerica part time as well. I just do not know if I would be able to do both as I am just starting as a nurse. Does anyone have any advice? If there is anyone in this forum doing a part time career with primerica, I would like you to share some of your experiences with primerica. I am very interested in the opportunities that primerica offers but I am very confused as to what to do right at this moment. Thanks.
macg have you ever heard of Senior Settlements? How about conversion features? Did you shop individually
for yourself and your wife? If i remember correctly PFS has unisex rates. You wife being female may get better ratings at another company. From what I understand pFS doesn’t require anyone to purchase their products, so wouldn’t it be in your best interest to find the best policy for your individual needs?
Ok I understand the how can you sell it if you don’t own it, but you are an independent contractor not a W-2 employee. Primerica has no loyalty towards you they will do what’s in the best interest of the company as you should do what’s in the best interest of you and yours.
Some of us have been where you are and know what it’s like inside and outside of PFS. Something to consider is if the goal is to be an RVP and above, why do some of them leave? Consider the business side…
natalie you can get licensed and be what’s called a referring agent. Just refer people to your RVP and do your nursing thing and since you will be licensed you can be compensated, but of course follow your individual states laws. Ask your RVP about it. I think at one time they called it being an inactive rep.
sam is dead
if you are whining because you’ve never built a business then you need a hug. go ask your bos why he “recruits” or “hires” massive employees? mayb because he wants to have all the labor done for him? have you ever noticed that you employees do all the work and dont get paid your worth while your BOSS calls theshots, determines your income and lives the dream life? gt your mind right and instead of judging you need to get with it before you get fired or downsized!
think you need to check your stats chum! PFS is the heart and soul of citi if they sell that would be awesome then we go public. which will probably make you more comfortable working with us seeing as that would make it more like a “job” for you employee mentality characters. when will you realize that men and women lie and numbers dont. plus when will you become financially independent working for your boss?
Primerica is what most would call a pyrimid, but someone tell me what company is not. Look, no one person can run a succesfull business by themselves. When someone response to your resume on careerbuilder they are looking to add a piece to the puzzle to better the business, same here. The people below us in the workforce has a strong influence on how sucessfull we are. I recently met with a RVP about a job position and I more or less interviewed him. One thing that really caught my attention is how spiritual the guy was, which is a big plus when I consider a job.He was laid back, maybe a little too much. The meeting lasted about an hour and a half and was by no means tense. He was very open and did not stray from the fact that part of your earnings would come from recruiting. For the most part you’ll be offering clients advice on how to take thier current income, cut every corner and plan for the future. In other words what can you live without to pay off your debt. For this you dont get paid, you get paid if the consumer takes out a loan or accepts any other services like an insurance policy. The RVP told me on average per person you’ll make $300-$500 which aint bad. The upfront fee is $99 and $25 a month online access fees. THE COMPANY CANT GET RICH ON THESE PENNY ANNY FEES. The profit comes from the services. If you are not a salesman dont join. If you are shy dont join. If you’ve never had a commission job, start part time as I am. I’ve successfully work sales and can care less if someone rejects my services. You need the same mind frame for this job.
I’d like to throw in my thoughts as someone who has recently joined Primerica. First of all here are the reasons I joined.
1.) Hours are mine to make.
2.) Yes, my upline gets paid via my sales, but to me that’s a way I can ensure I get the proper training and support(i.e. if I succeed, my coach/upline succeeds).
3.) I really do want to help people get out of debt.
4.) Primerica has been around a long time and is part of Citi – a reputable company.
5.) Primerica is audited by the states to make sure its reps are licensed and are practicing good business.
6.) On a personal note I don’t have any financial knowledge, but in the few weeks of attending training classes I’ve learned many things in a way I can understand them. I’ve put into practice some of the things I’ve learned, so I can see for myself if they work before recommending them to others.
7.) My wife and I had an FNA done for us, and for the first time in our lives, we actually had a salesperson in our house who didn’t pressure us to buy. We were not even asked to buy. As someone who hates pressure sales, I liked knowing I didn’t have to do that as a rep.
Now for all of you naysayers:
1.) Recruiting is encouraged, however, in the same way I wasn’t pressured to join Primerica I will NOT pressure others. Even though I’m new, I’ve already invited some people I know, but I only make one invitation. Furthermore, as mentiones in other posts, ALL companies recruit to grow the business.
2.) I can’t speak for other states, but in taking the Life Insurance class here for Illinois, licensed Life Insurance Producers, I learned recently, can only present facts about other agencies. Bad-mouthing other agencies is ILLEGAL. Please review what your state’s rules are, if you are licensed and are bad-mouthing Primerica. SHAME ON YOU!!
3.) Unfortunately there are going to be bad employees in all companies. It’s too bad these bad apples ruin the rest of the company. Name me any company, and I’m sure there are people out there with complaints about them. I for one am determined to watch out for the interests of my clients – – Period – – even if it’s at the expense of a Primerica product. Hey, I may work for Primerica, but they do NOT own me.
4.) As with ALL things, Primerica may not be for everyone whether it’s being a rep or a client of Primerica. I would hope clients are investigating and crunching the numbers on their own to determine if a Primerica product will work for them instead of just taking my word. In fact, I will encourage them to do so.
5.) My wife and I did have Whole Life Insurance at one point, and we were paying over $300-$400 per month. OUCH! That wasn’t for us, so we canceled and purchased Term through my Mom, who works for another Insurance Company. Yes, my Mom knows I’ve joined Primerica, and she’s okay with it.
6.) It’s good to see the VP’s of the company excited about their job and company. Although this may freak some people, I’ve seen the same things at Wal-mart and Target where they have done team cheers right there where the customers can see them.
Anyway that’s all I have to say for now. Thanks for reading!
so u r saying if u get the licenses, Primerica owns u? and what do u mean by that?
>> i have a cousing who help me to get in to these bussiness, which i really do not like, he explained me only how could i make a lot of money. now, he is a realtor as well, and he goes to stand outside stores to make appointments. how do u, used to or who helped to sell products?
Ask your cousin or your RVP, if you built a team and you decided to leave Primerica for another opportunity, what can you take with you? Just remember who brought in the downline and who trained the downline.
As far as the license go people do own their license. Ask them who owns the downline and what does it take for an agent to have ownership?
Your best appointments are from your warm market or from a referral. I would mention buying leads, but in those cases you may have to contend with an independent agent.
XL,
Just wanted to clarify my thoughts as I also like to state facts.
– Regarding the incident in Bountiful, UT, if the reps and RVP committed a crime, they should be punished. Like I stated above, and you implied by stating we are responsible for our success, there are “bad apples” in all companies. Fortunately, each State regulates insurance business, so each producer and company will be held accountable. Furthermore, you refer to the incident in Utah as an alleged offense (meaning the verdict is still out), but are quick to stain the reputation of the company. As I just stated, if they are guilty they should be punished. What company do you work for? I’m sure there is a less than 100% satisfaction; there can’t be perfect companies with imperfect people working there.
– Regaring my comment about “bad mouthing”, I stated that licensed Insurance Producers here in Illinois cannot defame another agency or its products. That’s what I learned in both Pre-licensing classes I took (one in ’94 and one this past weekend). It’s not my opinion; it’s law. It applies only to those who are licensed. If you disagree with this law, try to get it changed. If you don’t care about this law and are licensed in Illinois, send me your name and defame any other insurance company of your choosing in writing, and I will forward that on to the Director of Insurance. This way we can see whose opinion counts in the end.
– If you’re commenting on my thinking I know everything, I actually didn’t say that. As a matter of fact I was clear to state I am new to Primerica. This statement should imply I am still learning about the company and its products. It shouldn’t lead one to believe I know or think I know everything.
– If you’re commenting on my desire to see my clients do their own homework and crunch numbers on their own, you’ll see that the reason I said that is because I don’t want them to just take my word for it. I never said I wouldn’t be willing to help them; that is an assumption. I give people more credit than perhaps others.
– Regarding other comments about getting paid higher elsewhere, I wouldn’t doubt that. I know up front what percent I am to receive as a Rep, and I’m okay with it. I know for a fact that the competitor of the company I work at on a full time basis pays its employees higher. However I don’t have plans on leaving because I know where I stand with my present employer and because there are perks that my present company give me that the other wouldn’t. Likewise I’m trying Primerica for my own reasons; it’s NOT just about money with me.
Thanks for reading!
I work for a MAJOR corpoation that has been around about 45 years. In the past couple of years all of us “little people” have been instructed to recruit new people. I also happen to be one of the people asked to train these folks. Both of these duties are outside of my job description. I was never hired to do either of these things. I don’t make a dime extra for all the people I have brought in and helped train. Lately, those same new recruits have been used to replace the folks with tenure….gee, I wonder why? That’s corporate America(by the way, this is a very well respected company). Now, THAT is a scam if I ever heard one. I have been working for Primerica part time for the past couple of months and I am very happy. I am still in the licensing phase of the employment process. I am curious to see if I can make it based on what I ALONE produce. I was skeptical at first, but I had to change my way of thinking. What is wrong with presenting someone with an opportunty to make more money? I don’t mind that the person who trained me gets a piece of my action, because I will get a piece of the action from those I sign on and they off of their folks….Where I am(my full time job), we have a few fat cats making the lions share of the money off of our backs. It is a pyramid with all the money going to the top. I have no problem with spending $99.00 to get some very expensive licensing. Also, the office I work out of have been nothing but first class to me. They are just regular people who seem to enjoy doing the right thing and they are making money doing it. What more can I ask for? I hope it works out. I hate the snobby view that regular folks can’t learn how money and insurance works. I get suspicious when I am lead to believe that I am too dumb to understand. I would rather talk to someone in my kitchen that go to a fancy office building that I know is being funded from money I am sure they are screwing me out of. Just my opinion….
I have a friend with them also and I totally agree with your comment about being brainwashed. He eats, sleeps, breathes, and dreams Primerica. We can’t even have normal conversations anymore without him trying to convinve me to join this company. I really think they are brainwashed into using the same statements and into behaving in this manner. They are like tics in one’s flesh.
just remembered that i would follow up and post after some appointments…
I am enjoying it so far, things have went well. I’ve made some money; far more than what i’ve put in… Haven’t quite covered the time i’ve put in but i’m going to do 3 life sales in a couple of days so in addition to a couple of other things in the works that will probable get me close to compensating my time.
I’m not sure where all this energy comes from to spend time writing blogs trying to discourage people from primerica. trolling around these blogs and parroting the same exact things over and over.
I’ve found it to be exactly what I thought it to be and much more. Of course our office is pretty incredible…
When you work with a family and they almost have tears in their eyes as they thank you for what you’ve done to educate them and help them. That’s worth more than the money that you make from it to me. Of course some people are beyond help or don’t need your help.
to address some of the “negatives” that are repeated thousands of times on the net…
1. captive agent – yes I signed a contract with a no-compete clause. If you work for Primerica you will too. If you don’t like that then don’t do it… I decided if i’m going to do this kind of work it’ll be with primerica and nobody else anyway.
2. You can make more at other places besides primerica – Maybe that is true when you talk about starting out in one aspect of the business. True it’s possible to start your own independent office and make more money than starting with primerica and working your way up. Get you certifications, licenses pay a big licensing fee with whoever you join to use their name, etc… I have no interest to open an edward jones office or my own independent office. I don’t have the ability or the resources. With primerica, less risk/less reward at first, i get to “give it my best shot” part time, and If i am good at what i do, I have a chance to have my own office and have a 6 figure income. It takes hard work and dedication to getting in front of people.
3. “you can get it cheaper” – There’s always a cheaper price for anything. I’ve been to the term quote sites and checked pricing. You get a big difference in price from the top to bottom of the results list. So does that mean the bottom of the list is a “rip-off?” No, that’s just their price for your class and group that you fit in.
that’s enough said.
I joined because I like the financial services industry, couldn’t make a transition to a full time to some other company so Primerica was perfect for me…
I pretty much dismiss all the critics online not because I don’t think they have valid arguments but because they obviously have deeper motivations to repeat over and over again the same things that they’ve said many other times and others have said.
I don’t really have time for that so this will probably be my last post… I used to wonder why some of the successful ones in Primerica didn’t respond to posts like this but now I can see why after i’ve been around some of them…
If your considering Primerica, i’d say try it out and see what happens, you may like it and it may work out great for you. On the other hand it may not be for you or you may not be the right fit for Primerica… i’m not afraid to try…
I’m getting my Sr Rep promotion and well on my way to District promotion… We’ll see what happens….
Does anyone know the current commission levels at PFS?
Mr Thomas: please don’t inform the PFS people about the renewals they may be missing out on with a disability or Long Term Care Sale. As independent
contractors with PFS agents are not employees and
PFS or the agent has the right to terminate the contract at anytime.
With that being said. Knowing what you know now, is it
in the best interest of your family to have Primerica products or should you get the best available product that is suitable for your family situation? So you understand cost per 1000 and how it pertains to the amount of coverage you can purchase right?
It’s that old question again… Where is your loyalty? To your family, yourself, your friends, or to your upline and company? Take the Banner challenge and act like the client is your mother. That’s what I did and I just couldn’t drink the kool-aid anymore. See you at the top.
Why are you so hostile? So you hate Primerica…who cares? Is it that they are eating your lunch?
Respectfully, I really don’t care what you think. I just don’t like it when folks like yourself pee on my leg and tell me it’s raining and that the difference between you and I is that you “care” about the client.
I just dumped the EXPENSIVE whole life policies that a family member, you know, a pro sold me(lol!). I feel I am much better off. I can’t wait to get my IRA moved from the “professional” that I have it placed with right now…By the way, I never hear from this guy. I guess he is too busy caring about me to bother to call.
The reason why I am responding to you is that I keep getting alerts when more posts are up and I can’t help but read. Can’t help but respond either!
Don’t be so hostile, it’s all good….we will never agree and that’s okay.
Run this quote at Term4sale.com
Zip Code: Yours
Male:
Age: June 15, 1969
Smoker
Health: Regular/Average
20yr. Guaranteed
Annually
Coverage: $400,000
As a Primerica agent if your client showed you this what would you say? Remember the rule of 72? Remember you do what’s right 100% of the time.
I used this one because I couldn’t get a PFS quote with other situations. This is to be used just as an example. PFS agents have just one company to compete against an independent. Yes we know. If not you, who?
If this were you and you had limited funds, whould you just get the PFS policy or shop? Remember before you answer your an independent contractor with PFS, not an employee. There’s no requirement to purchase Primerica products..Let the spin begin.
Oh wait go back and change the premium from annual to monthly..Maybe now you will get why some of us left. That’s just one example..
Well, nice to see the monkeys performing. I’m going to clear up a few things here. First, Primerica is commonly mistaken for a MLM. According to FTC regulations a multi level marketing company is required to register as such. Primerica registers as a general agency, no different than State Farm–not an MLM.
Second, like it or not, the opportunity to make more money to bridge the income shortfall that many middle-class families have today is one of the best things that a Primerica agent can offer, products aside. Think about it–you can re-arrange the deckchairs on the Titanic all you want…that ship’s still going down. If after delivering and FNA with a proper budget worksheet analysis (which EVERY ONE of my fellow PFS agents SHOULD BE DOING EVERY TIME, and shame on you if you’re not), you find that the family is $500-$1000 a month short on income (and having to use Visa to bridge that gap right now), then think about it. Do you not have an income-earning opportunity to offer?
See, I said OFFER! I’ve had many families tell me “no thanks” after “trying to recruit them” as many of you put it. I feel bad for those who choose to just let the ship go down rather than explore the opportunity to make some extra part time money, but I certainly don’t feel bad for too long. The truth is that anyone CAN do really well in Primerica–not everyone WILL. It’s a choice. And truth be told, if they don’t do it here, then they probably wont do it anywhere else either. The numbers speak volumes in Primerica–too many people have become wildly successful in PFS to dismiss it’s validity. I have yet to find another company on the planet that has more 6-figure earners. Maybe someone can enlighten me.
There’s a serious amount of people out there who would rather spend time in their comfort zone making excuses as to why they’re in the financial mess that they’re in. You can ridicule Primerica all you want, but if what you’re currently doing isn’t getting you the results you want, then maybe it’s time to try something else.
Wow, sounds like you have the best way to handle insurance sales. You are a pro and you know what’s right for everyone. I’m not sure why you are wasting your time worrying about what Primerica does.
I find it interesting that I used facts and you attacked me with heresay and oppinion. “…and recruit them into a longshot opportunity that hasn’t worked for anyone but the old timers…” Please tell me how you back up that statement with facts?
“…Isn’t it time you stop selling a “pipe dream” to your downlines. TRULY look at your downline team and ask them if PFS is really proving them with a sustainable business and income?” You dont know me or my team, nor do you know how successful any of us are. Sounds like heresay and oppinion to me.
Michael, I find it incredibly hard to believe that after 17 years in PFS you can say with a straight face that your highest income attained has anything to do with the company’s system or it’s products. Primerica is (was) the same for you as it is for Doug Hartman. And you’ve got 29 year-old Brandon Neil out in St George, Utah who is about to go over $900K in income and he’s only been in Primerica 8 years. The SAME Primerica you were in. Unless he has a third arm or something like that, it sounds to me like you have no one but yourself to thank for your income. Seriously, grow up and take some responsibility.
Does any PFSer have a rebuttal for the following claim from another website that says the SMART loan is nothing but smoke & mirrors?:
The BIG Smoke & Mirrors loan—SMART Loan.
If you want to pay your mortgage off in 20 years, the mortgage industry (including Citimortgage) has something to accommodate that—it’s called a 20 year mortgage. I wish I had the time to go through the numbers right now, but you all can check it for yourself. Run any SMART loan scenario’s total annual payment (including the 26 payments) against a 20-year fixed loan with a “normal” interest rate and you’ll find that the regular old 20 year loan will have a lower:
payment monthly/annually
total payment to finish the loan
fees to get the loan
NO pre-payment penalty
Comparing to a 30 year loan, the SMART loan will accelerate the payment, no question about it. Do you HAVE to have a 30 year loan to begin with? NO!!
Also, the simple interest thing will DESTROY you if you’re ever late. The same power of simple interest saving you money when you pay bi-weekly, hurts you when you miss a payment. The interest compounds DAILY.
So, if anyone’s argument is that the client doesn’t want to be “committed” to a 20 year loan, here’s my rebuttal:
If they can’t afford my 20 year theory, they can’t afford your bi-weekly payment either. They can always get a HELOC in case times are tough and they can’t make the payment. It’ll be a lot cheaper than adding simple interest to their mortgage, NSF fees at the bank and being locked up by HUGE pre-payment penalties.
THINK OUTSIDE THE BOX
As for the “opportunity”, anyone that is bright enough to beat the enormous attrition rate that Primerica has can easily get a job that pays a salary. The person won’t have to annoy their friends and family trying to recruit them and finally will be able to offer clients less expensive products, with better features.
Michael, “…Maybe you are making all the income you want, with the freedoms you deservce. Maybe all your downlines are supporting their familes with their PFS income. I wasn’t. And my downlines were’t. I could no long stand up on a Thursday night OPP meeting and sell the dream while I was living a nightmare. I was getting to the point that was almost envious of people that had a “good job” and were making consistent income. Bad times.”
Just because you didn’t achieve the success in Primerica that you were looking for doesn’t mean that someone else can’t either. I’m living proof of that, and countless others as well (as you know PFS doesn’t hide income levels – it’s all right there on POL). I’m very happy that you were able to find your niche. I’m happy for you that you’re making good money as an independent agent, and that’s really all that counts, right?
If you re-read my posts, I never said that PFS was any better than another business, vehicle, or system. I only said that it works. For the right person, it works really well. And anyone can BECOME the right person, if they choose to do so–you are not a victim. If Primerica didn’t work for you, then go elsewhere, but don’t discourage someone else who is excited about getting involved from doing it–you may be talking the next PFS SNSD out of getting there.
How you feel about PFS is not really relevant when someone asks you if you think that they should or shouldn’t do the business. You know, I had a Mercedes S500 for 9 months–that thing was in the shop all the time. Now, I could tell people what a crappy car Mercedes is, or I could just tell the truth–I had a bad experience with mine, but based on MB’s track record of success and lengthy history, I think you stand a pretty good shot at owning a very fine automobile. Doesn’t THAT sound like a better reaction than “Dont buy one of those pieces of crap! I had one and they suck!”
Now, a mature adult would approach Primerica the same way, right? How about saying: “You know, I had a bad experience with Primerica, but if you do your research you will find that there are many, many people who have achieved financial independence. It’s not going to be easy, but nothing worthwhile ever is. You should give it a look, and if you decide to do it, make sure that you put some REAL effort into learning the business and getting great at it. You will find that there are many agents in Primerica who never make much money, but there are too many successful people in that company to lead me to believe that it doesn’t work. Instead of asking the people who didn’t make it big why they didn’t, ask the people who ARE successful how they did it? If you don’t like what you hear, then move on to something else–it’s your prerogative, right? What you should do is find out for yourself if you have what it takes, or are willing to develop what it takes, to do really well there. What have you really got to lose, anyway? By the way, I hope that it works out for you–you deserve to win!”
Doesn’t that sound better?
Just make an appointment to get all the facts.
Michael,
You said: “Wonderful for you. You are a better man than me. It didn’t work for me, nor for anyone in my Base.”
I am not a better man than you. You found something that was better for you, and capitalized on it (going independent). For that I am happy. I am only more dedicated to making PFS work for me than you were. Second, it’s not that PFS didn’t work for you, or the people in your base–I think we both know that’s not it. You just probably fell under bad leadership, and/or were probably taught the system incorrectly. It’s not Primerica’s fault that you didn’t do the things necessary to become more successful. Primerica paid you $86K in your best year because you put forth $86K worth of effort in the years preceding that. People earn EXACTLY what they’re worth in Primerica, like it or not.
Then you said: “As for “others” in PFS…. There are 100,000 Reps or so, and 4,000 make $50k. $2,500 (part of the 4,000) make $100k. Point: There are 5,000 RVPs and only 4,000 make $50k.”
How is this any different from the W2 world? According to the IRS website less than 2% of all individual tax returns filed in 2007 were over $100,000 gross income. About the same % of licensed reps that make $100K here. The biggest difference between making $100K in PFS vs. as an employee–you are your own boss here and you call the shots. In my opinion, it’s pretty hard to put a price on that. Oh, and the fact that I pay about 8% in taxes instead of the 28% I’d have to pay as an employee.
You said: “And at PFS they actually think $100k is a lot of money. It’s not.”
Your statement is based on your opinion–not on fact. Actually, I hear all the time in this business how $100K is the starting point. Almost everyone in PFS knows that if you make $100K no one knows who you are. I tell my reps all the time that $100K is minimum wage in Primerica.
You said: “OF COURSE how I feel about PFS is relevant!!! They asked ME! If you had a bad experience with your S class, and someone asks you your opinion, or it comes up in conversation, you ARE SUPPOSED to give your experience and opinion! (By the way, I have a E350 2008 and love it). I refuse to be “politically correct”. If have an particular experience and opinion about PFS – I will share it. Period.”
I believe you would have better understood what I was getting at here had you read the entire post. Your opinion of Primerica has absolutely nothing to do with whether or not it works, or could work for the person who asks you about it. Be a grown-up and share your experience with the disclaimer that “while I wasn’t able to achieve the amount of success that I wanted to, you are not me, and your experience may differ. You should explore the facts and ask the people who ARE making big money how they did it. You’ll get your answers that way, and then you can make your decision based on those facts, and not just on how I happen to view the company.”
And you said: “Again, bottom line: better products, cheaper products, more commission for the rep, more freedom and immediate ownership. And a lot of small things…. truly have your own company (as opposed to a ‘branch’ of PFS’), outside business interests, no annual auditing, no “conventions” that are useless and cost a ton of money, free reign to do advertising (billboards, Internet, newspapers etc), no requirement to maintain an office. It’s sooooooooooooooooooooooo good to be free. Really.”
And you missed it AGAIN. Allow me to quote myself from my previous post: “I never said that PFS was any better than another business, vehicle, or system. I only said that it works. For the right person, it works really well.”
I’m happy that you found something that was a fit for you. This isn’t a pissing contest to see whose business is better than whose. I like Green, while you may like yellow. does that make me right and you wrong? No, it only means that we are different.
For those of you who are considering joining Primerica, meet with an RVP, one on one, and ask them to give you all of the information that you want/need to make a decision. Attend a business orientation to see if you like the environment. And finally, remember that you have almost nothing to lose by trying. If you don’t like it/aren’t good at it, well then you can always go back and get a job, and be just like everyone else.
Michael, I thought you were a worthy debater. Apparently I was wrong. Best of luck to you.
Wow Michael, you didn’t even TRY to rebutt any of Dave’s points just now. I’ve been following you two for a few days and I have to say that Dave seems to be the bigger man here. He never badmouthed you or your new career, and never said that what he was doing was any better than what you do. And he has been able to use REAL facts and logic to explain his success as well as your shortcomings in PFS. I didn’t see any of that from you. Kudos to you Dave, and I’m sure that you have much more success ahead of you.
Rebekkah,
That was a pretty good article. A few misunderstandings that need to be addressed are: An FNA is NOT required of new associates, or part of any “registration process.” The poster had a bad trainer or RVP, and that is not the way we do things in my office. The poster also should not have been pressured to buy an annuity, or any other product, for that matter. Not everybody NEEDS life insurance. If you really believed that properly protecting your family with life insurance was in your family’s best interest, then I’m sure that you’d want to do it right away, vs. waiting until you get a license. How would you feel if something happened to you while you were taking your life classes, waiting to get you license before getting life insurance? Your family would suffer financially over a few hundred dollars in lost commission? Sounds like a pretty selfish reason to wait, IMHO.
And what the heck is that part about paying $100 to earn loan commissions??? I’ve NEVER heard of that, and quite frankly that sound illegal to me. I’d have the BBB investigate your RVP on that one–and this is coming from a Primerica RVP (me). In California, the insurance license fee is $72, with a $60 fingerprint fee. Primerica DOES offer an exam guarantee, where they will pay indefinitely for you to re-take the exam until you pass.
Also, the real numbers in PFS are out of 100 new reps, 83 will quit, 15 will become decent part-time producers, and 2 will become RVP’s. I knew that from the get-go, but instead of looking at it from the standpoint that most people do (“wow, that sucks, 98% will never make the big bucks”), I said “me and one other person here are going to have a lot of fun here!”
Finally, I will add two points–this poster suffers from a middle-class mentality, and was unable to realize it and therefore they washed out of PFS. It is evident in the way they talked about everything as a “have to”. “I have to go to school, have to get a license, have to renew it every year, have to go to training, have to build a market, have to find people who will stick, and finally, have to get good enough to be promoted.” Am I the only one who see this?
You all should read Steve Siebold’s book “177 Mental Toughness Secrets of the World Class.” You will see EXACTLY what I’m talking about here with this poster. How about “I get to go to school and learn a new craft, I get to keep my licenses up to date so that I can make money with them, I get be around a great training environment, I get to build a business with my own sweat equity and no one can stop me, and I get to find great people like myself and get better everyday so that as I get promoted I can feel great about myself for having worked hard to achieve something that I didn’t think I could originally do!” Seriously people, have we all lost our drive to be something other than average and ordinary? Will you all watch “The Pursuit of Happyness” please?
I will say this about the poster–they were right on with how they ended the post–that PFS is a great opportunity for the right person. But believe me, I was NOT the right person when I first joined Primerica. I had to BECOME the right person. And anyone can do it if they put there mind, heart, and soul, plus total dedication into doing it. Ask Chris Gardener.
After all the information/facts posted and the PFS people still don’t see the light, keep recruiting and getting those people licensed. One day they will come across another person who is also working part-time but as an independent agent. Then you will have lost a recruit.
There’s a difference between staying with a company because of their program and staying because someone just doesn’t want to start over. If PFS agents had the option of just taking their organizations and leaving you would see a mass exit of RVP’s NSD’s, etc.. When PFS does get sold, they will have to make some changes.
There’s a reason for the not fully guarantee period on their products. There’s a reason the starting commissions are low. There’s a reason they have unisex pricing. There’s a reason some renewals on products are only paid to RVP and above. One day it will become clear.
Michael, Holy cow!!! Did I read this right!?!?? You said:
“The other thing I will warn all of you looking into PFS about, is the “culture” of “you can do it”.
If I hear one more comment like Dave said above, about “You have to become a better person, then you’ll win.”, then I’m going to through up.”
It’s “throw up”, by the way. Aside from that, ARE YOU SERIOUS?? Are you that naive to believe that the “you can do it” mentality is exclusive to Primerica? You ought to take a trip down to Borders and take a look at the self-help section. I’ll wager that 99% of those books have the same theme: You are great! You can do it! Don’t quit! Stay focused! Believe in yourself!
You have a lot to learn about motivating people. I can see exactly why after 17 years in Primerica you never made more than $86K: You never took the time to understand people. I guess you were absent on the days that Art Williams was speaking.
I have a couple questions for Michael Thomas as I’m going to a weekly Primerica meeting for the first time tomorrow night, recruited by a guy I trust completely, and somewhat skeptical of the situation. Truthfully, I’m attracted by the earning potential, given the enormous debt my family is in and limited earning opportunities I have outside my job as a letter carrier. The thought of reaching out to others in my situation is, likewise, appealing.
Questions for Michael Thomas:
* Would you have been capable of setting up independently without first working with PFS at least for some time period?
–> I ask because, though I am educated (two B.A.s and an M.A.), I am not educated properly to do financial advising. With PFS, though, I am mentored, trained and provided software that make up for this deficiency. Through coming to understand the algorithms of the software and through the mentoring, my deficiency will be replaced by experience. Did you arrive at Primerica prepared to go it alone otherwise?
* Do you hire people to work for you (part-time while they feel the opportunity out) who have zero experience and no relevant education?
* What sort of clients do you work with now?
–> I invested in American Funds when I was 20 to 23 yrs old ($2,000/yr for 3 yrs) because a Primerica representative reached out to me. I otherwise would not have sought out investment advice or invested. That investment 15 yrs ago has seen my family through: 10 months of unemployment, unexpected house costs and private school tuition for my oldest daughter for the last two years. Without it, most likely, we would have had to file for bankruptcy and/or lost our home this year, even with our daughter having to go to the truly terrible public schools here. This grace in our lives is due to someone not looking at the most well-to-do families but targeting the solidly middle class.
These aren’t hostile questions. You have made what seem to me to be valid points and seem to have the goal of steering people in a good direction. I just wonder if your advice is limited in scope. Thank you for your time in reading and responding.
Hey guys,
I appreciate the debate and discussion going on – but as I mentioned in the article above, I need everyone to stay civil and also not use profanity. I am all for a good debate over the issues, but let’s keep it about the issues and not attack the individuals…
thanks!!
Something to consider is many of us who have left Primeica knowing what we know now if we went back we could be top earners over there. Something to consider is to get big in PFS is to recruit, recruit and recruit. It’s not about the products. It’s about recruiting and getting people trained. The people who make it big recruit and teach how to get referals. They know in most cases no one is talking to mid income people. So their products don’t have to be super competitive.
Many of the PFS people who post here will see what we are talking about in due time. Many have have come and gone before you. The thing is the PFS opportunity is sold as helping people and a us against the world concept. The problem is once you learn about different products and different carriers you either keep doing what your doing or you make a change. If your on a crusade to save the world how can you offer your product when you know the client has limited funds and not offer a more price competitive product. I couldn’t look my family in the eye and do it. Some can..
What really messed me up when I was at Primerica was going to battle with people on message boards to practice overcoming objections. They hit me with facts and all I could come back with was hype. Once I opend up my mind and understood that I was my business and not a Primerica employee I was done.
So the more people ask questions the more they will want to search out the facts. Once you open up that door to your mind it’s over. No matter how you look at it. An indpendent can do everything and more than a PFS agent, but a PFS agent can’t do half of what a Independent agent can do.
The only factor is who gets there first. Something to think about for Mr. BMP..Primerica is a captive company so you will be only able to offer whatever products they say you can offer. Well what if you ran into a market for Health insurance and wanted to offer that, well you wouldn’t be able to. What if you ran into a senior who couldn’t afford their current life policy they had for years and were about to cash it in. You can’t consider a Life Settlement option. So as you say PFS saved you they also may limit you in business. Just my unsolicited opinion.
Hey wait a gosh darn minute Micheal. I’m learning some things from you. Keep posting. There’s no information like free information.
P.S. I read “Coach”, and Sandy Weill’s book. Primerica was bought for distribution. Citigroup just wanted the vast amount of Reps. what’s amazing is how different the stories are told in both books. Art Williams was not a captive owner.
@James
“Hey wait a gosh darn minute Micheal”
Atta boy! – now it is starting to sound like Andy Griffith show 😉
@Michael
no problem and thanks
Lets count the number of times I used profanity vs. Michael. Hmmm…sounds like somebody’s frustrated! You STILL have not been able to prove that your inability to break six figures in Primerica after 17 years was anyones fault but your own. I say it again–I’m very happy that you found another vehicle that is working well for you. Kudos to you. You just didn’t have what it takes to earn that kind of money in Primerica. Nothing wrong with that, BTW.
My point (which you have avoided with ferver) is this: Why is Brandon Neil now going over $900,000 in income in Primerica after only 8 years in the business and you couldn’t break $100K after 17 years of trying? What makes him so much better than you? I’ll await your answer.
XRL……my question to you is this…..if you are sooooo successful at what you are doing, why do you have so much time to post these long essays about how much you hate Primerica? By the way, your posts are full of bad grammar and words that are spelled wrong. You don’t seem so educated to me. Maybe you aren’t that busy because you are a nasty person. Most suits like you are nasty people, that’s why folks don’t want to deal with you. I’m not brainwashed, I just want to learn the business with a LEGITIMATE and LEGAL company that has some very nice people who have taken the time to show me.I personally have not been pressured or harassed to do anything. You are full of crap and bitterness….find something better to be so nasty about.
Just hadda comment – I’ve had EXCELLENT results investing through Primerica. I’ve purchased about $50K worth of mutual funds over the last maybe twelve years, withdrawn $20K to buy a house, and my investments are still worth north of $70K. Think it depends on what your rep is putting you into. The Primerica Concert series of funds, especially Growth, are crazy good. YMMV.
Honest reply to all you folks who hopefully read through this whole blunder. This will probably rub people the wrong way but the “actual truth” hurts i guess.
Atleast, when the author of this initial review claims a disclaimer of not completely knowing what’s going on…he’s honest there but he should completely put that first and in BOLD PRINT.
1. The money business is the most highly regulated industry on earth. That said…there’s no company in the “regulated” USA who would last 31 years in business if they had bad/illegal/take advantage of consumers type business practices. Primerica has been around for 31 years. Enough said….lay your worries to rest on the issue. IT’S DONE!!
2. For you, “Oh my gosh, he’s making money off this person and that one!” type of people out there (love the internet)….take a really good unbias look at how ALL FINANCIAL SERVICES companies work. Let’s use Edward Jones for example (not picking on them…just using them). Guess what…you have brokers (people who make money commissions off anyone else who works out of his office). REAL ESTATE IS THE SAME THING.
Please….for goodness sakes…get off this horse now that you actually KNOW better.
3. Primerica is not for everyone. It’s FOR the individual who is MOTIVATED to get off his butt and change his life for the better by using a vehicle that provides Federal/State Professional Licenses to his disposal. Wanna know why some people don’t make it? It’s easy. People do what they want. Some choose to stay home and watch tv, some choose to be scared on not pick up the phone and call to CREATE BUSINESS by setting appointments. Whatever it is….i don’t care because i personally….AM MOTIVATED. That’s who primerica is for. Still doubt? Ask a fat person why they’re still fat and then come talk to me. They know better, they know they’ll feel and live better if they just took care of their weight issue….but guess what. He’s doing what he wants to do…i dont care why…regardless, it’s HIS CHOICE. More power to them.
Last one:
4. Primerica offices are all run independently. Unfortunately, this leaves room for bad training, bad attitudes and sometimes ethical challenges which every business/industry has. It’s human nature and life…please get over this one as well. To be honest, Primerica as a whole and under the right training really does put the consumer first. Main example is this: I’ve replaced whole life products for a family where their ACTUAL BROTHER was the insurance guy that sold them their expensive/retirement stealing insurance policy….moved them over to TERM INSURANCE which was cheaper for them and yes, the difference saved and other monies they had was invested according to their risk tolerances in proper investment vehicles. Sure there’s other cheaper term out there…THIS SO CALLED BROTHER COULD HAVE OFFERED HIS OWN FAMILY MEMBERS THAT….but guess what? He didn’t. HE CHOSE to make a higher commission of his own family…instead of doing the best possible practical thing for them….so you wonder why go with Primerica?
If that doesn’t convince you of what is truly happening out there…regardless of your own (if true) random unfortunate experience with Primerica Financial Services….
THEN TO BE HONEST….WHO THE F*** CARES….I’M GONNA GO CONTINUE TO HELP PEOPLE AND THAT’S ENOUGH FOR ME.
ps-yes i spent my time reading this and posting this long little message. Get over it if it strikes you wrongly…it’s the internet. 🙂
Honest reply to all you folks who hopefully read through this whole blunder. This will probably rub people the wrong way but the “actual truth” hurts i guess.
Atleast, when the author of this initial review claims a disclaimer of not completely knowing what’s going on…he’s honest there but he should completely put that first and in BOLD PRINT.
1. The money business is the most highly regulated industry on earth. That said…there’s no company in the “regulated” USA who would last 31 years in business if they had bad/illegal/take advantage of consumers type business practices. No person in Primerica gets paid to recruit…only to sell products. Next, Primerica has been around for 31 years. Enough said….lay your worries to rest on the issue. IT’S DONE!!
2. For you, “Oh my gosh, he’s making money off this person and that one!” type of people out there (love the internet)….take a really good unbias look at how ALL FINANCIAL SERVICES companies work. Let’s use Edward Jones for example (not picking on them…just using them). Guess what…you have brokers (people who make money commissions off anyone else who works out of his office). Not to mention…ask any Ed Jones broker how long it took him to become a broker…pretty much a LONG LONG RETARDED LONG TIME. REAL ESTATE IS THE SAME THING.
Please….for goodness sakes…get off this horse now that you actually KNOW better.
3. Primerica is not for everyone. It’s FOR the individual who is MOTIVATED to get off his butt and change his life for the better by using a vehicle that provides Federal/State Professional Licenses at his disposal. Wanna know why some people don’t make it? It’s easy. People do what they want. Some choose to stay home and watch tv, some choose to be scared on not pick up the phone and call to CREATE BUSINESS by setting appointments. Whatever it is….i don’t care because i personally….AM MOTIVATED. That’s who primerica is for. Still doubt? Ask a fat person why they’re still fat and then come talk to me. They know better, they know they’ll feel and live better if they just took care of their weight issue….but guess what. He’s doing what he wants to do…i dont care why…regardless, it’s HIS CHOICE. More power to them.
Last one:
4. Primerica offices are all run independently. Unfortunately, this leaves room for bad training, bad attitudes and sometimes ethical challenges which every business/industry has. It’s human nature and life…please get over this one as well. To be honest, Primerica as a whole and under the right training really does put the consumer first. Main example is this: I’ve replaced whole life products for a family where their ACTUAL BROTHER was the insurance guy that sold them their expensive/retirement stealing insurance policy….moved them over to TERM INSURANCE which was cheaper for them and yes, the difference saved and other monies they had was invested according to their risk tolerances in proper investment vehicles. (you Dave Ramsey nuts out there…guess what. Almost 90% of what he tells folks to do…WOW, PRIMERICA has been advising folks to do for 31 years!!!!) Sure there’s other cheaper term out there…THIS SO CALLED BROTHER COULD HAVE OFFERED HIS OWN FAMILY MEMBERS THAT….but guess what? He didn’t. HE CHOSE to make a higher commission off his own family…instead of doing the best possible practical thing for them….so you wonder why go with Primerica? IF the competition won’t even do the right thing for their own flesh and blood…trust me, there’s a market out there.
If that doesn’t convince you of what is truly happening out there…regardless of your own (if true) random unfortunate experience with Primerica Financial Services….
THEN TO BE HONEST….WHO THE F*** CARES….I’M GONNA GO CONTINUE TO HELP PEOPLE AND THAT’S ENOUGH FOR ME.
ps-yes i spent my time reading this and posting this long little message. Get over it if it strikes you wrongly…it’s the internet. 🙂
Oh, Michael Thomas…dude. More power to you honestly. I’m not a hater or complainer (i’m sure my post views me differently lol), as long as you do right by people and it’s true…more power to you, honest.
If not, karma’s a b**** and good luck to you. 🙂
mmm… forgot to say that about $30K of those purchases was within the last three years.
I found this thread when I googled “considering Primerica” as I am considering joining up. Now that I’ve actually read the rest of the thread, and not just the parts where people slam their investment vehicles, I have to comment on a couple of other things…
Maybe their term insurance is expensive – for term. Nobody ever talked about term before Primerica. They should get paid for the time they invest in educating consumers. It’s like buying local – you pay more for maybe the same thing you’d get at the big box store, but the service is where you find the value.
I have a family member who has been in the business since it was ALW. We live in a roughly 30000 person market, and you know what? If you can’t hit 100K easily in southern California – bad news. It’s you.
Oh – and Mensa? LOL The first thing they ought to teach members is not to ‘brag’ about it. Let your comments stand for themselves, and maybe someone will say “Holy s*** – this guy’s smart”. If you have to tell them up front “Holy s*** – I’m smart” just so they’ll notice, well, maybe not so much then, eh? LOL
Have a great day, eh?
Michael,
Wow, THAT was a pretty lengthy spewage of information that quite frankly had NOTHING to do with the point that I’ve been arguing with you over. Since you obviously missed it the first 5 times I said it, I’ll say it again. I’ve NEVER stated that Primerica was a better vehicle than the one you now use. I’ve only argued that Primerica works. You claim that it doesn’t.
Thank you so much for FINALLY settling the issue. I asked “what makes the $900,000 earner in Primerica any better than you, who never broke $100K in 17 years”. And you answered:
MPT: “The reality is these are very unique people and have a drive that most of us don’t have. I know I don’t.”
Ladies and gentlemen, you heard it straight from the horse’s mouth. Michael just didn’t have the drive.
Thank you. That is all I was looking for. And the only point I’ve argued you on, BTW.
There’s also the part about massive recruiting. The PFS system is designed for massive recruiting. If he is making that amount (900K) from personal production I would hate to see what he can do on the outside. Yet I know that’s not the case. Think about it why payout higher commissions to green people when for one they have no reference to gage compensation with. Then there’s the fact the over rides have to be paid.
I don’t think anyone says that people can’t make any money at PFS the issue is the culture and the notion that it’s a client first program. It’s not. It’s a we can come into a home and leave a person better off than before we came type of program. Just as the PFS agents are talking about replacement of Cash value products, the same thing can be said for their Term product. Once an agent understands why they are in the home that’s when you can make the big bucks. If an PFS agent is really at PFS to help people i strongly suggest you don’t read message boards, because sooner or later your going to hear things and see things at trainings and you won’t be able to look in the mirror.
Don’t get me wrong, I’m not saying Primerica agents do anything wrong or unethical, it’s just that when you hear a speaker say that you are the only company doing what’s right or you have no competition something you may have read will stick in your craw and then the leaving process will begin. You will start thinking of what you sold your family and friends.
Let me just say I myself didn’t really see or understand the system while at Primerica. It’s the same with many MLM companies. Take a product and increase the price to pay the field force and give the company a profit and attack the warm market. Do you guys ever wonder why the guarantees on some products may not be a full guarantee? You see the way to make big money at PFS is to just recruit, recruit, recruit. Keep people coming and going. Hit that recruits warm market because they are probably going to quit anyway.
The system is genius…
Something people are glossing over is the fact that Citigroup has PFS on the market. Other companies are in direct competitition for new green agents. I am having people contact me and wanting to compare what I can offer compard to what Primerica can offer them. Given the facts and allowing people to make their own decision I have yet to have anyone choose Primerica. I know something like that can’t be verified, but that’s what is going on.
I know people in Primerica and I had one person tell me I won’t consider anything else. That’s where he wants to stake his claim. I can respect that and if I run into one of his clients he will lose. That’s just the way it is. So we can debate all day and all night, but it’s a new day and Primerica will have to change some things or lose agents. That’s just my opinion from being inside Primerica and being outside Primerica. Today someone can be making 900K in Primerica, but if they lose a good producer things can change over night.
Like I tell all the people who contact me, don’t take my word for anything. Do some research. Compare side by side. Products and the contract. Once people understand the issue of a not having to deal with a noncompete and having immediate ownership then it’s a done deal.
So keep getting people licensed and getting them trained on the basics. Your just building for someone else. Hey but what do I know.
fyi…. the boutiful raid….. all charges were dropped against the bountiful RVP. turns out it was all bogus, probably some “information” dropped to the proper athorities by a local competitor.
second. how much time and money does it cost to go to school and get a degree? how much money are the teachers making for sharing their knowledge with you?
its the same way with your trainer taking you out on appointments… your trainer has the knowledge. taking your trainer out on appointments in turn trains you how to do the business. sure you may lose some money in life insurance sales. but in most states you can be debt certified by watching a 20 min video and get paid immediatly on the loans. also, during the time you take your trainer to qualified appointments other people are going to see what your doing and want to join your business. by the time your done with your training appointments and have your liscense you will have people on your team to take you, as their trainer, out on appointments… and so the cycle goes.
and finally…
how much does a mcdonalds franchise cost? 1 million. $99 seems like reasonable overhead for starting your own business, wouldn’t you say? even if you must buy flyers and whatnot, your overhead will be significantly less then trying to start up any other business.
@James: You in general basically said Primerica must be MLM in all it’s glory b/c it’s massively recruiting. That’s just business man. More power to the concept and if you think Primerica invented a business model that massively recruits then you’re sourly mistaken. Back in the 1960’s, guess what? State Farm offered a part time opportunity to agents? PFS is a young company…looking to expand massively and branch out it’s market. Let’s talk about current companies. I’m giving you the benefit of the doubt that you’re quite resourceful but you may have not come across certain particular concepts and realities in your business savvy. I’ll start with Cell phone companies (cingular and sprint—i know for a fact they run this way.) Guess what they do? Hire lots of people, get them to call all of their warm market and offer them cell phone discount and discounted service plans. Once some time has gone by, they take a look…see who’s still work past the point of their warm market and those that aren’t…are fired. Then they go out and rehire a ton of people and get in their warm market….etc etc. Sound familiar? Now, let’s pick Dell. 6 years ago…on their first massive layoff they hired 25% of that work force back and since then have created a system where every two weeks they have hundreds, weed them out and then two weeks later hire hundreds….and so on and so on. Wanna know something beautiful and cost effective? When Dell laid off that first crop of folks….they only did it b/c it’s what was happening to alot of other companies. Dell saw this gained huge funds back into their bottom line, so they took it upon themselves to just lay people off as well…not to save their bottom line like other companies “needed” to….they did it cuz bottom line was all they saw and it was corporately effective.
Now, I know you’re not saying that you could take down someone who’s developed a $900,000 a year earner by stealing a little business from him? By the time that system has been placed it would take years of TONS of people to quit working and feeding their families for that type of business to turn backwards. Now if you went after (and you made it your mission to) you could certainly put a dent in any industry—PFS has for the last 31 years. Art Williams proved to you its possible…so I look forward to your own company taking on one of the biggest industries in the world and proving that one man CAN make a difference…one day at a time and a lot of years later. You sir give yourself too good of a pat on the back on that one though…you know it’s true don’t even bother lol.
More power to Citi putting PFS on the market…the leadership is different and goals have been restructured…noone knows yet what’s gonna happen but by no means would that EVER mean PFS is out of the picture. As long as you sir do the right thing for someone and not take advantage of them, then by all means keep doing what you’re doing. Just don’t put retarded stuff on the internet and shoot darts in the dark hoping your internet slander will really make a difference cuz you just seem like a whole life agent trying to stay above water.
@Michael Thomas. I’m hurt, you’re telling people to stay away from Primerica? Hell it’s how you got started…even if you felt you needed to venture out and try a different system? If it was good enough for you to get started (I’m not trying to slander you, even you’ll admit you’d work under a different system better…and proved it) why wouldn’t it be good enough for someone else? You actually answered why PFS didn’t work for you and i appreciate you did b/c with your layout of events…there could be some validity to your conclusions. I’ll tell you what though…PFS didn’t work for you b/c you didn’t really have PFS. You were under a system of RVP’s who trained horribly wrong and didn’t do crap for themselves either. That’s not a good system? People who succeed at PFS are people who train right, work right and success follows. It’s a turnkey system…which unfortunately some people are too smart for. I’m not saying it’s good for the retarded masses, i’m saying plain and simple…I’m sorry your experience is lame b/c right now you’ve proved you had it in you all along. You just didn’t have the support which could have kept you and pushed you over the fence into success land and then who knows. But it’s happened how it’s happened and cool. I just hope underneath all that success and “go past PFS…there’s more and better!” i hope you realize, truth be told…PFS could have worked for you even without any proper training. You’re not only one with pathetic leadership…there have been a few who’ve succeeded at PFS even with horrible leadership at first (Lisa Jones, Chris Howard, Shane Rudman, etc) but you also didn’t quit cuz you atleast used whatever (might be bitterness, who knows?) to make something of yourself in the same field.
—–
Now for my real side to come out 🙂
I quote you Michael Thomas:James, you are spot-on. I agree with your entire post.
This comment is so true: “So keep getting people licensed and getting them trained on the basics. Your just building for someone else.”
——–
Um, he’s not spot on…he’s one of those smart people i was talking about. Your post atleast had more….something good about it…don’t correlate yourself with that dude. He’s entirely wrong. If you got to this point…i can’t see how you’d disagree unless you’re two vultures huddling up together…just preaching same values and you find that in common lol. (or this is the internet—it could be you…smart person pretending to be two by creating internet controversy..OMG!! lol) And as for the keep getting people licensed and blah blah. I know 3 people personally who have made over $100k more than once a year…and don’t really recruit. Personally i’d never build a business that way (and neither would you b/c you obvoiusly make overrides at your own establishment…so please don’t even bother retorting back!) b/c if you never recruit and build people up to their own success…YOU DON’T HAVE A BUSINESS–YOU’RE IN PERSONAL SALES. And i don’t care who you are…you’ll one day be a tired old salesperson and unless you saved like a scrooge…you’ll be broke cuz you never developed a passive business income.
Atleast we agree PFS isn’t for everyone. We had quitters on my football team too, HS and College but it’s how the story goes. You gotta be willing to be different. Good luck to you internet savvy gurus and keep bashing PFS…it looks good on you. Primerican out!
Well we revert to thinking people who say anything against the Primerica concepts or business model are exclusive whole life producers again. I’ve heard it many times.
I’m saying Primerica looks basically like a MLM because of how the commission structure pays out compare to other companies. From what I remember
compare your compensation below RVP to what you
can get outside PFS for genworth LTC. Look at
compensation of what you get with your Legal
Protection Plan compared to if you were an associate
with Prepaid Legal directly. Look at comparable term Plans length of guarantees against what you can offer
at PFS. I don’t know if it’s still true, but look at
having to pay for company product brochures compared to outside carriers providing them free..The money to pay all the different levels and price a product for people to buy has many different factors.
If we look at MLM companies we see that in many cases the same or comparable product can be had for a cheaper price at Wal-Mart or some other store. Yes we know the product may have some special formula from the high mountains of the moon, but it’s still just a product that has an inflated cost to pay the field force and make the company a profit.
When I was at PFS we always heard recruits=sales. Back in the ALW days to me it was a crusade and Art Williams
was about doing what’s right for the consumer. Back then it was his company and he could contract with any company he wanted to to offer the best products he could find. Today Primerica is totally different. It’s not owned by an individual. Today it’s a different ball game. Read the book “Coach”. Art himself says he wish he never sold A.L. Williams. People seem to think Citigroup bought PFS for some reason other than distribution. Read Sandy Weill’s book “Tearing Down The Walls”.
As for the 900K earner we know that income does come from production of a team of agents. Why is it PFS is supposedly just staying at 100,000 agents all these years? When PFS is sold I would expect a name change.
The word is getting out about Primerica and when you read message boards on the internet it’s not always as favorable as people try to make it seem. When posters make statements about some of the products or part of the agent agreement why are there never any reason as to why or how it benefits the agent who is an independent contractor?
Yes I will agree the people who were contacted because of a resume online will say Primerica is a scam. We who have left PFS for other business interest never say Primerica is a scam we just are sharing what we have learned from being inside Primerica and outside Primerica be it business model or what’s available in the industry.
Tell me as an independent contractor (1099 not W-2)why is it to your benefit to have a noncompete clause in your associate agreement? As an independent contractor why is it to your benefit to have to qualifications for ownership? Considering you want what’s best for your clients why are limited guaranteed products a better consideration than a fully guaranteed product? As an independent contractor why is it a good idea to have to give up a leg(s) to advance to a higher commission level? Why is the starting commission level 25% for new agents?
Yes it is business..Yet what is the great benefit of being with PFS if you can do the same things you are currently doing outside of PFS and more and have immediate ownership, Advance from personal production if you so choose, Not have a requirment to give up any legs, Not have any restrictions on who you can hire for your team, Not have any full-time or office requirements and possible higher commission levels. What are the benefits of what PFS can offer compared to what can be had outside of PFS?
Here’s something to consider. Many of the PFS agents don’t know the industry outside of PFS. The agents own their own license. If they currently do not have a huge team or any real ties to PFS, they could step outside PFS still recruit a team and just test the independent waters. If they don’t like it they can always just go back. It’s just a small fee to go back to PFS. Then considering they will be bringing along a already licensed team from what they built on the outside they can ask for a higher commission level from the recruiting RVP. At one time I don’t know if it’s still true, but RVP’s didn’t have to start everyone at the beginning levels.
As for the statement about people who got started in Primerica well Primerica still made money off of our production so it’s a wash. What opened my eyes to that issue was the book,”Who moved My Cheese”..I know this is old hat, but it was tough for me to leave Primerica. I had the feeling I was letting down all the people who helped me through my time there. Especially my RVP. Well all that thinking changed when I put in my resigination papers. It was the letter from the legal council. It basically read Thank you for your time at PFS. Stay aways from the clients you went out and got for us for a time of 2 years and send us back all brochures and and other documents oh yes thans for the recruits.
That my friends is when I understood that this was a business. I fought the fight on message boards as you are doing. I thought cash value was evil for EVERYONE..
I understood why they didn’t care if I quit or stayed. I gave Primerica clients and gave my RVP recruits, so if you look at the big picture I needed them more than they needed me. That’s business and welcome to the business world. So now when I see people posting as I used to and from their post I can see they have no clue about what opportunities they may be leting pass them by becuse of blind loyalty I will plant a seed. People did it for me and I am grateful.
You can run with PFS if that’s the company for you, but if want to get big. Recruit massive amounts of people. That way you will get some recruits and sales.
If you can help a potential client great, but do the presentation and get referrals. Don’t worry about industry education. Just concentrate on Primerica products and the system. think next, next, next. Let me say it one more time. STAY AWAY FROM MESSAGE BOARDS.
One day your going to sit across a client and you know they have limited funds and they need a good amount of coverage and they will look you in the eyes and with total trust in you ask if that’s all the coverage they can get with the money they have? You will answer yes, but will you finish it with “That’s all I can offer, but you may be able to get more coverage with another company for the same amount of money” or you may be in competition for a recruit. It’s going to happen and then the next morning when you looking in the mirror and thinking about the commission you just made and then remembering why you came into the busines to help people the leaving process will start again..Why, because in this instance the client may be a family member. It’s not so much the products. It’s not so much the contract. The big issue for me was the “Why”, I was at PFS. My “why” became clouded. I joined PFS to help people expose the evils of Cash Value and to educate people so they wouldn’t retire broke. I joined PFS for the business opportunity. That was my “why”.
I knew nothing about the insurance or banking industry.
the more questions I asked the more I researched and learned. My business was me. Primerica’s business is Primerica. Thaey think as to what’s in their best interest and so should I. I had to leave. That was the right decision for me.
As for me currently i’m loyal to my business and not any company. There are so many different products and markets to market in with the same license(s) the agents at PFS have many just don’t know it. As always you are independent contractors and you have the right to run YOUR business as you see fit. So call me a Whole lifer if you must. If that’s the best product for a clients situation that’s the product i’m going to offer. Yes term is a great product, but also remember industry wide it only goes to claim 2-3% of the time and everyone is guaranteed to die. There’s two constants in life Death and taxes…Some people do need coverage until death. It may be a financial situation or an economic situation. The product must fit the need. Sorry for the long post. PFS people have at me. Just understand in most instances (nothings 100%) I can replace your program, but you can’t replace mine. To me the only reason your client has your program is because you got there first.
That’s the way to make the big bucks at PFS, get there first because in many times in your target market no one else has talked to the client. Times are changing. People can search the internet for information now.
Recruit, recruit, recruit……Keep throwing it against the wall and keep what sticks. Yes PFS is a feel good company, but this is big business.. In the beginning A.L. Williams was the in your face company due to the industry, well now PFS is on the defensive due to the competition for new agents. Primerica is not a scam company. It’s just the market and the industry has evolved. They are not the only game in town.
Hello All,
I want to thank all of you for contributing to this highly informative blog!
Special thanks go out to Michael and some of the other former PFS reps who have been able to contribute fairly substantive arguments for their positions. It isn’t hard to find those who are ill-content with PFS on the internet, but it is generally much more difficult to find such folks who can back up their positions with a coherent, articulate and substantive analyses to support their position.
I was introduced to Primerica through my in-laws and by way of an RVP. I was somewhat intrigued by what was presented to me but was cautious about the opportunity. Shortly after my introduction to the company my wife decided to join. In order to help my wife “fast-track” I became one of her first two hires but at the time I still wasn’t overly enthused about the opportunity.
It wasn’t until December of 2007, when I became disenfranchised with work, that I began to embrace the Primerica opportunity and as such began to attend regular meetings and trainings. My active involvement encouraged my wife, who had become idle, and we began to host meetings at our home. In January 2008 I became Life Licensed and began to actively build the business. I was quickly promoted and found myself at the top of the state leader board in just about every category.
I was enjoying what I was doing and was finding some success and therefore decided to quit my job in February; the money I was making with PFS justified this move.
We just had a competition period end for an all expenses paid trip to San Francisco and I was able to qualify top 20 in my category.
All this being said, somewhere in the back of my mind I have always questioned PFS and whether or not I am doing the best I possibly can for my clients. I don’t want to simply do better, I want to do the best possible for my clients and that is why this thought-provoking blog has been so beneficial for me.
I would like to ask the former PFSers who are taking part in this discussion a few questions (and for those who are involved with PFS like Dave you can certainly feel free to chime in as well):
1)Primerica claims to have been named the “king of term” by consumer reports (a fact that I was never able to verify). There has been considerable discussion of life insurance on this blog and how Primerica’s product isn’t competitive do to its price.
Certainly if all other things are equal price is very important, but the contention that PFS makes is that the quality of its term product is superior to anyone elses.
Reasons that I have been given and that make sense on face value for the higher value of a Primerica policy are that there are very few to no exemptions, exclusions, hidden clauses etc. My RVP says that Primerica’s policy is, “you pay, you die, we pay” meaning that Primerica almost always pays out regardless of the cause of death (obviously there are a few exlusions namely death by suicide within the first two years of the policy).
Is it true that Primerica’s policies are much more straight forward and that they have a much better pay-out rate than other insurance companies. If what Primerica claims is true in this case than I think a Primerica policy would be more beneficial because you would have peace of mind knowing that you fully understand your policy and that your family will receive the death benefit regardless.
(You see I haven’t been able to verify the truthfulness of this type of claim, perhaps it is an outmoded justification of an uncompetitively priced produt).
I can apprceciate quality over cost. If I wanted to save some money I would buy all of my consumer products from Wal-Mart though I would undoubtedly be sacrificing quality. Of course the addage goes: “you get what you pay for” but is that the case in this debate? In other words do other carriers offer a comprable product for less money.
2)Primerica’s approach to personal finance is comprehensive: reps sit with clients, gather the necessary information to complete an FNA, print a report that outlines each area of the client’s finances and then using plane language makes recommendations to the client about a path forward. Obviously the tools in a PFS rep’s belt include insurances (home, auto, life, long-term care), emergency funds, debt consolidation (debt-stacking, GOOD Loans, SMART Loans), mortgages and investments (namely mutual funds and variable annuities).
The first goal of a PFS rep is to isolate areas where money can be freed up (perhaps through budgeting or the use of a SMART loan, or even by replacing an innapropriate permanent policy for a less expensive term one) and then show the client how to reallocate that freed up money in order to achieve their retirement goals
Do other opportunities, such as the one that you are involved in Michael use the same comprehensive approach with clients?
3)A big attraction to Primerica for clients and reps is that it gives it clients and reps access to high yielding emergency fund accounts and investment grade vehicles for as little as $25/month making it theoretically possible for anyone to invest regardless of their economic situation. I realize that such a scenario isn’t lucrative for a rep, particularly if that rep doesn’t have a boat load of reps that he is overriding doing the same thing. However, this does seem like the “right” thing to do. Ideally I would like to be able to help everyone regardless of their situation and at least on face-value it seems like Primerica allows me to do that.
Again, is this unique to Primerica?
Michael, you made specific reference to the commissions earned on variable annuities where you currently are…. do you do a lot of VA business?
What are your commissions like on some of the other products that you offer?
BTW when you talked about not receiving full production credit for business written it really resonated with me particularly with regards to life volume. In the final month of competition for the San Francisco trip I wrote a policy that had an AP (annualized premium of over $4,000, but I only received credit for $1,500). My Dad who is the top Financial Advisor for one of the largest banks in the North East thought that was bizarre especially since I only got paid 75% of my commission level on 1500 up front. To be completely honest your current situation sounds much better (full production credit (100%) and 100% up-front commission).
Lastly (and sorry for the incredible length hopefully you could manage to make it to the end) Did I understand you Michael, that the core principles and philosophies that Primerica operates on, with regards to becoming properly protected, debt free and financially independent, are essentially correct and that the main problem with PFS is their limited and more costly product range?
Thanks very much for the time and help! I am simply searching for the truth!
Hey Michael, thanks for the informative post!
Forgive me for asking, perhaps you clearly stated this elsewhere, but where should I e-mail to discuss things further and more in-depth?
Thanks,
Adam
I was also contacted by an old boss of mine from years ago with the same approach “I wanted to talk to you about something” and never specified. Only out of respect since I liked her and an old boss of mine, I agreed to meet with her for lunch. She knew I did not own a home or have debt, but targeted the recuiting issue of people I knew and attending meetings and joining her team.
I don’t like it and feel like it is a scam!
Annette,
Don’t be stupid. Just because you don’t like it, that does not mean it’s a scam. Primerica functions in a highly regulated industry. I don’t think they would still be in business if it were a scam. So you don’t like the business model…..stay with your 9 to 5 and enjoy your boss.
Well said Annette!
I have to admit that the above is a very succinct and accurate statement. The subject of Primerica may be a contentious one, but certainly no one who looks at it with a degree of objectivity and intelligence would admit when all is said and done that Primerica is a scam. Simply put, as Annette did, the financial services industry is too regulated, at the federal level, to allow Primerica, a multi-billion dollar company within the industry, to get away with being a scam.
That being said, questions as to the specifics of Primerica’s business model and the products and services that its reps market can be somewhat more subjective. I believe that those who have posted on this site in opposition of Primerica, led by the likes of Michael Thomas, have put forth many thought-provoking tid-bits of information to consider.
At the end of the day you must remember Annette, your old boss is more than likely very excited about the opportunity that Primerica offers and she probably felt like you possessed characteristics that would make you a strong candidate for the opportunity. Perhaps you are not impressed with the opportunity, but what if you had been looking for something else, or what if you were looking for some help with your finances and didn’t know where to turn and all the while your old boss could have helped but never tried to approach you. If you aren’t interested in the products, services or the opportunity its no skin off of you or your former boss’ teeth, at least you have the information, what you choose do with it is up to you.
I agree with you Adam (and thanks for the kind words).
Primerica is NOT a scam, in the legal sense. Nor are they “ripping people off”.
However, with today’s competitive market, both in products and career opportunities, there truly is no overwhelming reason to do business with them, or to go into business with them.
As a client, you can do better.
As a registered rep, you can do better.
Bottom line: PFS pays reps too little, and they charge clients too much.
By the way,
on my previous post I maid an error. I meant to say “well-said Lynn”. My apologees Lynn, I was trying to give you credit and kudos for the well-put and succinct response to Annette.
No problem Adam. These idiots act like we have not done the research on the company, know the controversial nature of the business model, and want to try it out anyway. I am not in denial about anything. It’s just that I have heard the arguments and decided to give it a try anyway. I think the haters are protesting a little too much. They are supposed to be so scary successful, but they are spending lots of time posting their condesceding comments to this site. I have an excuse, I am just getting started and am not terribly busy yet! I’ll say it again, not in denial, just want to try it anyway. The more you haters post, the more I think there is something to this opportunity that is making the financial folks teeth itch(that means they must be eating your lunch!). Maybe the “Regular Joes” don’t like or trust you all and want to speak to folks they know and trust. By the way, I have a Primerica life insurance policy whose rates are pretty much in line with everyone else’s. If it doesn’t work out, I will leave….simple….
Michael I respect your opinion of PFS. I am one of the people that’s trying to make sense of all the comments good or bad. My question is if you didnt work for PFS before you went out on your own would you be as successful as u are now? Whats wrong with using PFS as a stepping stone to the future? Sure they have you for two years or whatever but after that is’nt it your decision to stay or go? I am a single mom of two, I’ve been a stylist for 8 yrs I have no other skills I’m only 29 yrs old. I can’t afford school nor do I have the time for it. Is there another way to get into this business without spending alotta money or going to school for 2 yrs?
Melissa here’s my two cents. In theory to me PFS is a good place to get licensed, especially if funds are an issue depending on which state your in. I think the cost is $99.00..
I am grateful for PFS introducing me to the industry, but also you have to consider I also gave them business from my friends and relatives. I also gave them new agents from my recruits. Primerica isn’t doing anyone any favors. To them it’s business.
If people want to start with PFS great, just know you can earn more money and have the ability to offer more products outside of Primerica. Something you must understand is most people who join PFS have no clue what to look for or what to ask for. At one time RVP’s could start anyone at any level they chose. Not everyone had to come in at the lower level. Ask around.
Just as licensed agents leaving PFS don’t have to start at another company/organization at the bottom level depending on the company.
The two years is a major consideration. Most people do contact their warm market when starting out in the business. Well all that business you put on the books at PFS is theirs for two years after you leave. (Consult your agent agreement) So if you leave, you leave with nothing from all the work you put in.
That’s something else the Primerica agents don’t look at. Primerica has an agreement with Prepaid Legal to market a plan for them. Out side Primerica the Prepaid Legal associates earn renewals on all the business they write that stays on the books, do the Primerica agents earn renewals on that business? From what I heard only RVP’s can earn renewals and then it has to stay on the books for a few years to get it.
Then there’s Long Term care. From my past understanding the reps don’t get renewals from that business. (Correct me if i’m wrong)..Outside Primerica and writing agent can earn renewals.
If by some chance you feel PFS is a stepping stone, do what you feel is best for you. Just understand going in and coming out. That’s all most are saying. Many of us went in dumb and blind. we are just sharing what we have learned. Everyone has the right to run their business as they see fit.
Primerica is not a scam company. They have their business model. Currently they are the big dog for part-timers. Many people tend to gloss over the business part and just look at the emotional feel good parts about Primerica. Yes they do help people by getting them on a program that may be better than they had before they met with a PFS agents. The problem for me was the mindset I was getting that every other company out in the industry was out to rip off the world and PFS was the only company doing what’s right. I bought into it hook line and sinker.
So if you feel that PFS is your stepping stone go for it, just understand the business going in and coming out. i’m sure there are people right now in PFS who want to leave, but can’t because they can’t take a hit on the current income they are making.
Can a person make big money at Primerica. I say yes, but you have to have the mindset of recruit and sell to the recruits warm market, and teach the recruit to do the same. To me their system is designed for the recruiter. Do people ever wonder why recruiting is tied to advancemant?
Outside PFS to earn the big incomes you can have a choice of personal production or by building a team depending on the company you align yourself with. You can have more control of how you wish to run your business and your life. There’s soooo much more.
Get your licenses.. If you decide to do it at PFS just keep Michaels contact information on file. I say that because he already has it posted…Good Luck in whatever you do…
Hey Bob Lotich,
I’m an RVP with Primerica. But first I’am a Christian.
Now let me clarify something for you and the other stiffneck people. From your nonresearch comments, about that most money is being made from recruiting people rather than selling products. It is definitely not true, because if you didn’t know, its against the law to get paid for recruiting. Money can only be earned from a sell of a product or service.
And on the other comments that the commision payout are a lot lower than the other salespeople in the industry. Have you ever asked why? Or, where does the money come from that pays the higher commissions and higher profits? Probably not. The answer: CLIENTS!
So its not as high and it will never be as high because our system works on the Agents becoming financially Independant by helping MANY families do the same, not getting paid BIG commissions on one or two clients and the rest of the time playing golf like most of the industry does.
You don’t recruit a bunch of people to recruit a bunch of people: You do it because you want to give people the chance and opportunity to earn extra income and eventually own their own business in a lucrative field. Thats called the free enterprise system. And even though we live in the U.S.,the best economic system in the world. And the numbers prove it. Unfortunately we still have people who love to remain in bondage and ignorant, no matter what you show them. Primerica is for everybody, but everybody is not for Primerica. Because most people are not willing to pay their own price to succeed. Most people in these blogs including the author want a free lunch and they would be the kind of people that would’ve questioned God the Almighty when He was trying to get the people to the promised land.
On your non compete 2 year clause comment. Did you ask why? Probably not. Most businesses have a similiar clause. But some reasons for it is to protect the clients interest, otherwise some bad agents that every company could have would make a commission from a product sale and leave right away to another company to sell the same clients again for another commission(Doubledipping). And by the way the clause doesn’t say that the clients have to stay with the company for 2 years (Clients best interest), only that the agent can’t go after the clients the first 2 years. Which by the way if the agent doesn’t stay for longer than 2 years in the industry, they don’t deserve to be in the financial services industry anyways. This is not a 2 year deal or get rich quick opportunity even though few of our offices may be portraying that way. This is where you build long lasting relationships with your clients and teammates.
Another reason why thats an ignorant comment is because thats like saying I don’t want to get my drivers license because then I have to follow the rules now or submit to the government. Or in marriage: I don’t want to marry because then I have to stay with the same spouse.
When a company is growing your going to attract all kinds of people: including people that will be high pressure reps. But to make the comments that all companies are the same. You’ll love this one Bob: Thats like saying I don’t go to church because Christian people are all hypocrites.
Maybe the rep that rambled through some gibberish knew you were not serious, so he was probably trying to get rid of you. All Universities, Professional teams, Government(military), Fitness Gyms and even churches recruit. But when a prospect is just waisting the recruiters time in any field mentioned above. The best recruiters will communicate directly to the prospect if they are interested or not(Then your blogs would say we are to direct). And the other kind of recruiters will communicate with gibberish so the prospect can go.
Remember every organization attracts joiners that bring the leaders and that winners will find a way to win and losers will always find a way to lose. The opposite of trying to succeed is staying complacent. God our creator gives us a chance to strive not to remain ignorant. But ultimately He does the increase.
Proverbs 14:23 says In all Labor there is profit, but idle chatter(BLOG)leads only to poverty.
Primerica is a perfect company, its only when you add imperfect people that make it imperfect!!
May God bless everybody. But like a pastor once said thank God that He made me think different from the others.
SM
@SM
No reason to get so upset bro – the purpose of this post is to let everyone show his or her experiences with Primerica because like I mentioned mine was very limited and I did NOT have all the facts. Thankfully, it has gotten a lot of comments pointing out some of the pros and cons of primerica from insiders, those who left, and others who had been recruited.
So regarding the comments I made about most money being made from recruiting people – I was told by other reps that I wouldn’t make any decent money if I didn’t recruit people. If this isn’t the case I apologize, but that was what I was told.
And the no-compete clause – I know some other companies have them and I don’t necessarily think it is that big of a deal, but it is something to think about when planning your career – don’t you?
you know I find it funny that you would complain about a 6,000 closing fee if in the long run you save years and thousands more in the long run. that just seems silly to me.
I also believe you get what you pay for in insurance primerica was the first insurance company to pay out on 9-11 there are companies that haven’t even paid out still but you get what you paid for.
i don’t understand how you could think you know everything from a fna try being a client for twenty years then you can talk about the company.
You said some great things but let us look at the truth.
You pay $99 to get licensed. Awesome deal right?
Yet you have to give up 6 sales to your trainer (totalling hudreds in lost commissions)
This is incorrect. You need to get trained. Usually you lose 6 sales, or on average $1800. NOw what do you get for the $99.
1. Your license for two years. This is 240.00
2. Class for your license: 300.00+
3. Your Fingerprinting $100.00
4. Back ground testing: Depending on where and how deep.
5. Mortgage License $500.00
6. Auto and home Insurance: ????
7. Securities License, $400.00+
Now if they need more services, they are your clients.
and take a 25% commission for yourself which is very low.
I am not sure where you get your commissions but on term products it is low usually. But then most agents do not sell this, since they make more money on Cash value, and not Term.
Then at some point give up an agency leg group for VP promotion.
This is true, but if you give up a leg to get several legs. And this is something to look forward to since you only do it once. Then you are on the getting side forever.
Ouch I don’t know about you but I would rather pay the $300 it takes to get licensed (it is not $600 like they say)
I am not sure where you get your license, but it cost more than that in California. Also you only get one licens for that money. Remember you need to go to class, get fingerprinted, and your background tested.
and keep my clients at 60% commission with policies that are more competitive.
More competitive. that is why they sell all that garbage. How many cash value types insurance are there. 5 to 10. And how many term insurance products do you carry. And is your products equal to Primerica’s or are they cut rate types that disappear and have problems. My Dad died in Jan 2006, Primerica paid his claim in March. We are still waiting for some insuarnace companies to pay us 2 years ago. Primerica paid claims in 2 weeks of 9/11, while most companies waited until the governement decided if it was an act of war. ( This is so they do not have to pay.)
They always say they are not the cheapest but I fail to find justification for the increased premium when most other companies issue guaranteed level premiums beyond 20 years and they do not.
So why do people stay at the RITZ, when all it is a room? Econolodge is definitely equal to that. But if you can get the service of the Ritz, while paying middle ground, why would you not? Also since we are willing to work around their schedule, and come to them, would you not pay for service.
They also must pay for their brochures and FNA subscription when most other companies do free needs analysis without monthly subscription fees.
I am not sure what company you work for but I know Allstate does nto do that. They require that their agents to pay for more and more. Besides it is tax deductable, dollar for dollar. But then this is an employee mentality, not an Owner.
Their agents are limited in products and training. They cannot offer anything other than what they sell which means they often have to place clients in a box.
And You are not? If you are a captive agent you only can sell that product. And since most agents are, then you can’t sell nothing out side the companies. But then they can do different mutual funds and such.
Their office in Bountiful, Utah was raided for numerous violations of insurance code.
So one office out of hundreds is caught making a mistake. There are many companies that have them. ANd a violation could be simple, or complex. But then you do not list them.
As they are now ready to be sold (reported by both the Wall Street Journal and Bloomber News 5/6/08) you have to wonder what will happen to their agencies.
I am curious, who is being sold? If Citi sells their sales force then great they can sell what ever they want. But as of yet, they are still part of Citi, so this must be a mistake.
Remember that under their contract they do not own the clients or agents.
Now, if you work for Allstate, Farmers and most of the other big groups, you do not own the clients. And you can be terminated. In Primerica the only way to get terminated is to do something illegal. I knwo of several Allstate agents that are under the gun, to keep their businesses. ( Or is it their business since they can get fired. I thought owners can’t get fired.)
Their ratings dropped twice on fitchratings.com and the outlook is listed negative. I think that the great days of PFS are done.
Well it may have dropped, but then again it goes up again. As for your thinking, I am not to sure about it.
Most companies are 40% to 50% cheaper than they are.
When it comes to something important like insurance, I do nto go with the cheapest, because remember you get what you pay for. Who wants to call for your claim and get someone in India that requires you to jump through hoops. Or do you want an agent that lives near you to help you.
Specially when rating preferred women because they do something called unisex rating. They bill women nearly the same as men.
If it is unisex, then they are the same or is it nearly. I think you are confused.
I find that most of their agents are strongly indoctrinated to actually beleive anything their VP tells them no matter how far fetched it may be.
Something I ahve found out, that most non-Primerica Agents steer you to a cash value policy and not to a term plus mutual fund, whihc is best for the client. Most Mortgage people, set you up on adjustable with the intention of redoing your loan in 2 years.
Now that their parent company will “unload” them soon we’ll see what happens to their ratings and credibility.
This is the same thing they said when Metlife bought the Insurance business. They bought the business with the Liability, but got a free sales force. This emans they do not pay them unless they sell. Who would like to have a sales force that cost them nothing to equip, cost them no medical or insurance cost, no benefits cost, no office rents, just paying the commissions.
As for the Ratings and credibility, it is always nice to hear how bad they are doing, since I have stock in Citi. I am making money on it. The main reason I am is because of the sales force in Primerica, since it cost them nothing. Since it seems that this person is a competitor, it does nto suprise me the salm job he is trying.
Ok,whoever was not willing to put who he or she was. Let me help you out Mr. or Mrs. I sell Metlife VA cheaper and ear(earn)substanially more. Warning: Ignorant people do not understand some or all these comments.
This is how the math works: Clients pay money, companies get the money and divide it in different ways. Some goes to the company that creates the product, some to the company that maintains it, some to the company that is in charge of selling it, and some to the agents that do the actual selling. No company will ever sell anything that knows it will never make a profit. So the fact that you think you sell a CHEAPER product and make more is an oxymoron. You make more because you charge more. Maybe not always in the beginning but for sure towards the end of the product life. Financial products either pay you upfront or in trails. Which also means the company either tries to make its profit in the beginning or towards the end. So if you sell a CHEAP product, its exactly that, a CHEAP product. Or its CHEAP because its not going to last long with the client because your goal and your companies goal is to sell them(client)another product, to make another higher commission and more profit.
And I know your not against the middle man because you would not have a car or a house or anything else you probably own or wish to ever own.
Now that I taught you Commissions 101. Let us teach you Value 101. Quotes,Quotes,Quotes is exactly what the Insurance companies yelled out for over 100 years and now the last several years the same have the real estate agents and loan officers. And yet America has been bleeding financially because people like yourself, the so called semi-professionals have been selling dumb products on price and not education.
To prove it. I ask you how many clients have the companies you sell for have made their client financially independant by selling them(clients)cash value products. Or have you not seen many hard working families lose their homes the last couple of years because reps have been selling so-called good quotes. Just because the financial products have a so-called good quote does not mean its a good product. Thats like buying a car based on a good paint job, not seeing if its a good car.
Price is only an issue in the absence of Value.(Thats Marketing 101, another lesson I’ll teach you another time). I’m sure you consider yourself successful and drive a cheap car, right? It is clear since you talk a lot about commissions and 2 year clauses, your a product salesman that wants to sell a CHEAP product and make as HIGH as you can of a commission and not care what happens to the clients future as long as yours is taking care of.
Primerica is a company that makes people aware by educating them on how financial companies and their products really work, so they don’t continue to get taken advantage of. They did my family. So why not stay with them longer than 2 years. It’s called LOYALTY. Something product sales people don’t and will never understand, which is why you can never have client loyalty so your constanly have to continue to push and sell the up and coming new product to the same clients. You would disown your mother and spouse at the first chance you got, too.
Crusaders die hard. Which is what Christians continue doing, the Founders of this Great Country called America, and the Founders and the Leaders of this Great Company called Primerica. And what do you do? Sell CHEAP products and HIGH COMMISSIONS. Ya, your really going to change the world. Crusades were not found CHEAPLY! Find the real Primerican Crusaders and show them what you really sell not what you don’t and see what kind of response you really get.
By the way how many people have you trained to own their own business? I’m sure none. So you deserve to stay a salesperson and continue to be as good as your last sell for the rest of your life. Which is not how America was built.
Last but for sure not least, critic me on some of my God comments, if you know of Him.
SM
@ everyone
I need as much advice and insight I can get. I’m very interested in this industry and would like a career in it. If you’d rather email me you can @ [email protected]
Thanks you, Melissa
James boy, maybe one of these days you will make your own comments, not repeat what you only hear. See the problem with these back and forth comments in this website, is that we are talking several different subjects. One is product sales, another is building your own business, recruiting and building a team, and last but not least different ways to advertise your products or your business.
Unfortunately the opposition in most blogs against Primerica are made by the so-called semi-professional salespeople. That all they know how to do is sell CHEAP and HiGH commission products to families that trust them until its to late. These agents or just plain employee mindset people don’t know anything about building a business or company from scratch or even their own client base because it was given to them by the former agency maintainer. So that why it’s hard to talk to people like you. the stiffneck people. It’s like a doctor trying to have a conversation with a baby that was just born. It’s impossible. In fact, atleast they new born would respond.
So now lets teach you Advertising 101. You can build your business by either paying thousands of dollars in advertising or you can build your business by word of mouth advertising. What a terrible and high crime it is to work peoples warm market.(As was be scarcastic, in case you didn’t know. Quick question: So if you opened a restuarant, you would never talk to your family and friends about it. Because its terrible to try to sell your food to your friends and family. Only strangers should eat there. Ya, right?
If you would’ve listened right, you would’ve known that all Primerica offices are against “recruit to sell”. In fact when we talk about the the other side, the dark side, we say they “Sell to Sell” which it’s even worse. They sell to sell another product to the same client. Primerica “Recruits to Build”. We recruit a person to help them build a business and a client base.
It’s funny to read your comments that in order to ADVANCE to the next levels, recruiting is required. Ok, lets say that comment is totally true, which is not. What is wrong with showing a person on how to build a team so they can know what it takes to build a business of there own. Atleast we have an ADVANCE guideline on what it takes to continue ADVANCING to the next levels. It is not a requirement to make a high income. It’s funny because we have people in our company with a lower level contract that make more than some people that run an agency. Which by the way I took that path of ADVANCEMENT and I”ll be darn, it worked because I was looking for something that showed me a path that it didn’t matter if it took WORK as long as it WORKED. And now thank God, almost six times more income then my previous career.
Now I ask you, do you have to meet quotas where you work? And if you think I’m just talking about sales quotas I’m not. If your an employee, how about when you ask your boss to take a break to use the potty. You oughta be ashamed of yourself, your an adult already, I hope. Quit kissing butt to earn a promotion. Stand for something. Quit looking for a free lunch where the sales come to you.
For so many reasons. James boy we don’t quote over the internet or t.v. or the radio. Because that would cost the clients more money. Remember the client ALWAYS pays for everything. And another reason is because companies that sell that way normally do not want to provide an education or service to the client. They just want to sell the product the shotgun blast way. Remember people don’t buy products, they buy you. Which is why we retain more of our clients longer than other companies. It’s called client LOYALTY!
Now let me show you how a Proud Primerica RVP would answer your ignorant comments.(Just replying back is starting to make me feel ignorant). Yes I do believe that. Because I don’t repeat things I hear then type. I actually think, then respond.
Like I said clients can go anywhere they want to go. No one owns people’s decisions to change companies. How many companies do you need to sell for, to do the right thing the FIRST time. When our company already sells a plain vanilla SOLID term with a GOOD long term investment plan, you don’t have to go and sell another CHEAP product for another HIGH commission to the same client every other year. Which is what the loan officers did the last couple of years in the refinancing boom. Who really benefited? Not the clients. If your selling crappy products for a crappy company, then your right, you have continue to change companies and sell your clients another CHEAP product because you did it wrong the first time and the second and so on and so on, etc. By the way even though we are less expensive than most great service and value oriented companies. I would pay more a month to make sure my family is well taken care of when I’m here and when I’m gone.
Bottom line is: Term is better than Trash Value, Fixed loans with a debt elimination plan are better then ARMs and Neg.AMs loans, getting out of debt is better than being in debt, Mutaul Funds are better than leaving your money in the bank, Building a successful business is better than a successful job, if there is one. And that is in the people’s best interest!
I’ll bet if you own your own company, you hire new untested people and give them ownership the first day, right? You would probably open a 401k with profit sharing and tell your employee you can leave my company in a few months after I just deposited thousands of dolloars in your account, right? I’m sure not on both. Why don’t you also ask a top Univerity to give you a PHD degree immediately, because you say so. The fact that anybody that would leave a top Company like Primerica the first 2 years is a confirmation that they are untested to build a company of their own that is offering a six figure income opportunity. They are looking for a get rich quick scheme promised to them by our so-called competitors that are mad because they got some of their clients taken away by us.
We have clauses because we are an organization that is growing and attracts a lot of different kinds of people, good ones and bad ones. And the bad ones don’t like clauses and guidelines because they don’t like to be regulated by a mother company that wants to protect the clients and the Representatives. And so they come and see what we have to offer or they don’t last long and go somewhere else where they can sell anything CHEAP that makes them a quick buck. The Good ones don’t care if there’s clauses or guidelines because we don’t have anything to hide. And so we come to work, instead to complain and nitpick everything.
A good and Solid company should offer OWNERSHIP to the people that are COMMITTED and LOYAL to GROW it.
People that leave Primerica may get a contract that looks higher, but they are still not getting a Business Opportunity that they can offer the same to others which ultimately gives us the higher contract. And more importantly the Opportunity to do the right thing 100% of the time for the clients the first time.
And to finish James boy. Why don’t you and the others, tell us why you really don’t like us, Primericans. Becaused I know you didn’t get up one morning and tell your spouse, I had a dream that I’m suppose to save the world from a company named Primerica or like you guys like to call it PrimAmerica. Your dreams didn’t make you guys prophets did they?
Why don’t you tell everybody that your either an agent from another company that got brainwashed by your agent boss, or has been losing a lot of your clients by Primerica, or one of your friends or family members joined our company and doesn’t want to hang with or listen to you anymore because your going no where, or joined Primerica and didn’t see eye to eye with the office leadership that recruited you, or even more funny, you probably recruited on and when you found out you had to work and it wasn’t easy to be successful you left like a gazelle being chased by a lion, and last but not least, your probably a person that wants to save the world by just repeating what you hear, and that makes you feel special.
Well let me let you know that Primerica people are totally aware that we will not get everybody to follow our crusade and opportunity, but then again we’re not looking for everybody. And remember not everybody followed Jesus
And in closing. There is one thing that your right on. That Primerica is not the only game in town.
And thats because it’s not a game to play with people’s money and finances and their future.
And definitely because we are in a League of our own. And we’re not in one town, but the World and growing!
God Bless Everybody, even the ones that don’t think like us.
SM
I left PFS becuase I couldn’t look at myself in the mirror anymore. A client who had limited funds asked if I was giving her the best coverage available. I had to say i was giving her what we (PFS) could offer. I had to send her to Zurich at the time. Yes I had to do what’s right. Then I noticed I could have given my family member more coverage for the same money with other carriers. that’s when I asked myself where was my loyalty? Primerica lost and I was dead in the water until I came across a Primerica debate on a mesage board and people hit me with facts, not rah, rah..
I checked out other companies and made a business decision. Yes PFS wasn’t for me. Is it a scam company. No it’s not. The A.L. Williams days are over.
i think that primerica is a good company to help people with financial situations in which it focus’ on. I also feel that the company itself is set up on good standards. the main problem with this company lies in agents. The agents themselves could be very good at what they do but they get paid on what i would call a laddering effect. Slowly moving up the ladder the commissions are split between each level. I believe you can get really big in this company and make alot of money, but you definatley have to work. Good luck to all and i hope it works out
Please don’t stop your discussions; this is highly entertaining!
I had some guy pick-off my resume on CareerBuilder and I was able to trace him to Primerica. I knew something was up, because I have no kind of financial experience in my work history, and when I mentioned this, he said that my background showed that my experience in the manufacturing industry showed that I had good comunication skills, even though nothing in the resume would have necessarily implied as much.
Anyway, after reading all of this incredible clap-trap about the ‘financial industry’ – which seems now even to have gotten the attention of an agent of God Almighty – I’m convinced that this is a very good thing to stay the hell away from!
Thank You all Very Much for saving me!
The Sword of the Lord and of Primerica!
Gideon the Financial services industry is a great industry to be in. Let me just say it’s not for everyone. I do understand some people like their current occupation or have other career goals. With that being said even on a part-time basis a person can make some great income. A person can market to a few people a year or month or whatever and take that income and supplement a retirement plan or to use with some other bills or whatever.
A person may not be into the sales part, well then there’s the business side that may look better. A person can hire some to do what they don’t wish to do and earn from their production. The key is to get licensed for that certain product line so you can be compensated.
If you noticed the examples that Michael has given he has other agents doing production and he is getting paid also from their production. That’s the business side. The great thing about it is people can try it out part-time first and if it’s for them then look furthur in the future. I just suggest for people who are looking at the industry, know your contract and know your options going in and coming out. don’t get emotional about any company, because at the end of the day it’s business and thet’s the way they look at it.
Like I said the industry isn’t for everyone, but the opportunity to so some big things are there. We are in the beginning wave of the baby boomers and there’s going to be a 15 or 20 year period to attack that boom. Do some reasearch..The financial companies are designing products and there’s not enough agents to handle the coming business.
Hey all. I’ve been in PFS for about a year and a half. Before I say anything about my experiences here, I’ll let you know about me.
Number 1: I am a college student @ FIU (Business/Finance Major.) I’m a junior.
Number 2: I researched this company for the first 6 months I was here. YES..I RESEARCHED FOR SIX MONTH ( a bit irrational but I’ll make my point, soon.) I got my licenses (Life & Health & Securities) all before I recruited one person and before I wrote even one sale…FOR ANYTHING!!!
Hey all. I’ve been in PFS for about a year and a half. Before I say anything about my experiences here, I’ll let you know about me.
Number 1: I am a college student @ FIU (Business/Finance Major.) I’m a junior.
Number 2: I researched this company for the first 6 months I was here. YES..I RESEARCHED FOR SIX MONTH ( a bit irrational but I’ll make my point, soon.) I got my licenses (Life & Health & Securities) all before I recruited one person and before I wrote even one sale…FOR ANYTHING!!!
Number 3: I, too am open-minded…through and through.
First, I mention that I am a college student because I hear so many people repeating the same thing about Primerica reps not having knowledge and education to work in this industry. Studying in the field that I am in, I deal with the industry and I’ll tell you something… having a degree has nothing to do with being good in this business. I have learned more about finance and money, working with Primerica, than even some of my graduate friends (PRIOR TO ME RECRUITING THEM 🙂
Having an intelligent and tactful baseshop is truly key in this business. Since day one, all I was told is know your stuff, take your time and always do what’s right for the client. There have been only 2 times that I went back to a client and advised then that a portion of their solution didn’t make sense to switch from their currect programs and it was left alone NOT SWITCHED ANYWAY TO MAKE A PROFIT. All of this high-pressure sales tactics and fallacies about our firm are evidently from competitors. How do i Know? because I’ve never met anyone other than an outside loan officer, insurance agent or securities broker who had a detailed argument trying to belittle my firm. How do they have this arsenal of ridicule?
One reason: Firms study their REAL competition…if our firm wasn’t a THREAT to their own business and customer retention, they wouldn’t even know we exist…much less know about the products we have and our compensation plans. Go to Primerica.com. Are we displaying such information in detail on our public websites? And we don’t have brochures or ads laying everywhere. So, how do they get their information? You tell me.
Number 2: I bring up my ridiculous researching project about this firm because I never knew of anything such as direct marketing or network marketing or multi-level marketing until I came to Primerica. My grandmother was in MaryKay and I thought, “oh hell no..I wouldn’t dare do that.” All the boxes and the make-up (which I am a minimalist when it comes to that) but my aunt and my cousins jumped right in because that was their niche. I, on the other hand, am excellent at math and logic and studying so I wanted a career that would challenge that on a daily basis or put my mind to work without boring me to a mid-day nap everyday. So, somehow being a broker came to be one of my options after being a lawyer…which i LOVE, LOVE LOVE law and so I began my “quest.” Along my journey in school I took a summer job in desktop technical support (trying out different things) and met my upline. She was happy, bubbly and that excited me to become friends and all she said was the usual (“Would you or anyone you know be interested in earning an extra $500 to $2000 a month?” — DUH!!! I’m a college student..that was like being rich…lol) So, I got an interview, one on one with the RVP Chris Boyd (Baggiero Hierarchy) ( yes one-on-one’s are called interviews and group sessions are called opportunity orientations…makes sense to me.) So as he was speaking to me, just simply explaining everything…it all made sense and kind of woke me up to the kind of world we are in and the economy’s shape at the time and how it was getting worse. So anyways, I was instantly “sold” on the idea of helping people in this way. However, NO IBA WAS SIGNED OR EVEN FILLED OUT AND NO MONEY WAS SUBMITTED (@ the time it was $199.) I wanted to “think about it ” So, I wanted an opinion from my newest friend kelly- my upline and she was recently recruited (4 months prior)and began to tell me about the licensing and how you get paid and about the events and family feel and everything. So, I went to the next meeting with my $199 check already written out but I didn’t give it to anyone..cuz i wanted to check it out. So, I went and it was unbelievable. The baseshop all piled into the office, smiles on their faces, giving kudos about big sales and excited about how they just helped a family the day before and the checks being passed out and the milestones like a Legg Mason tee for securites licensing or whatever and just the environment and the product examples (real clients recently helped and everything.)
So I was just there to investigate and at the end of the night I handed the check over and was so excited.
I went home and told my parents (negative from the frist mention of Primerica) But I’m a question asker and I demand actual evidence to back up claims that people make – I’m like a lawyer as far as needing info goes-that’s why at 6 after an IQ test I was told I should be a lawyer…lol- and nothing that they said made sense or had any merit. I began my research simply because I knew someone (whether it was PFS or the ‘rents) didn’t have the truth but I was gonna get it in my own time.
So, that’s exactly what I did. Now in looking for my evidence, I dodn’t “google it” and look up the name with scam…you do that with any company and it will come up with a bunch of angry people or competitors guised as previous employees ready to rant and complain about anyt and everything-that’s how people are. So, instead I decided to search for legit sources. I visited other Primerica offices and I searched for any forums such as this that had pros and cons. And I found my fair share of both but I noticed a very unsettling trend about the naysayers. They all were saying the same thing in the same structure, if not actu Which led me to conclude that all these claims of wasted money, anger toward uplines and a ‘failed system’ were derived either from the same competitive source trying to knock Primerica out of the box OR by word of mouth and not through actual personal experiences with the firm. I also looked within the company and could see how even the legitimate claims of failure were simply that. Failure. Primerica offers an even playing field for all reps coming in. Guidelines have been set forth and either you follow those on your journey to RVP and beyond or you quit because itwasn’t for you. Whether it was “too hard” for you, the idea of helping family was too grueling because of your mindset or your baseshop is crappy…by the way -> (if you are there for 6 months plus and no RVP is promoted, no growth is occuring or your RVP is stuck in the same income bracket for the past 2 or more years or not on the leaders bulletins–your baseshop is a crappy one.) Okay fair is fair not every company is right for everyone. This industry is not right for everyone, especially netwrok marketing..if you can’t take the heat, get a job !! I don’t care..YOU DON’T MAKE UP THE WORLD…the world has billions of inhabitants. if you won’t, I’ll find someone who will..SIMPLE.
Point is, anyone with the UNDERSTANDING and common sense to undestand that more goes into a business that having a name and a goal to make money can figure out Primerica and make it work. If you can’t..that’s fine your aren’t gonna make it here anyway.-Move on and live your life the way you see fit.
Now, I’m border line ranting ,so I’ll wrap this up.
As, I said before, I’m open mided…VERY open-minded so I even sat down with several other firms in insurance, securites, lending, franshising, network marketing and found something that was very striking. Primerica has a hybrid busienss model and wrapped into one compnay can’t help but be number one.
Month after month, even in a failing economy like todays, our passing months are steadily being our “best recruiting month ever!!”
We are experiencing 20-30% increases in business as the rest of our entire industry is crumbling was we watch from the sidelines.
We are changing so much.
We got our first $5 million earner last year and are looking to unveil several more by next Convention 2009.
Our company is getting closer to our goal of paying $1 Billion to our sales force.
Our marketing tools are constantly being updated to show current third party raves about Primerica and our dedication to helping the middle class.
And there have been recient rumors about us getting our own ticker and not being with Citi anymore and it’s very true. Back in 93 we acquired Smith Barney and Travelers and shortly after linked up with Citibank to form Citigroup. Since then, our business has rocketed forward and we don’t “need” Citibank anymore. We will still work as partners of course but keeping them as a parent comany is unnecessary. So, by the 2010 when we plan to be a sole-standing company, have the largest sales force in North America, pay over $1 billion to our sales force and who knows, there have been talks of cutting off the RVP position within our firm. So, I, along with many others in our firm are charging forward in pursuit of that position that equals true business ownership and bringing along many of those who want it bad.
Andl last, I noticed a few comments of people who were confused about how we get paid, so here it is.
We are apid commsions from our own sales. We are also paid overrides from those recruits that we hire into our business and field train. The referrals that come from field training appointments go toward building the list of clients that new person has to set appointments with after getting licensed- (p.s. if your field trainer took your referrals- you have a crappy baseshop–switch to a new one… your complaint better be legit…good baseshops don’t accept crybabies) Then, whithin my baseshop, that $99 that you sepnd to join our business-you can get back…by witnessing 6 training sales and hiring 3 people. By the way, doing so, automatically promotes you to district, meaning doubles your compensation level from the beginning and gets you a Palm (as reimbursement for the $99- which actually costs $200 plus out of the RVP’s pocket-who may not necessarily be your field trainer..but who cares-you are now porperly trained and licensed to start business)
Another way you get paid is via bonuses and incentives ( once or twice a year their a pool of money that pays varying bonuses to people reaching certain production goals usually rainging form $300 to several thousand bucks..just cuz you got up and worked.
All in all, I love Primerica and its opportunity. I have great frinds because of it-inside and outside of Primerica. I have a legit shot at earning tons of money. I can be there form my parents and family when things come up. I can be the person they go to for money or help instead of being stuck in a rut. I can pass on millions to my kids and grandkids and have it pass on and on throughthe generations simply be teaching them what to do with their money. I can do so much. And guess what? I can still go to law school adn be a lawyer and start my own firm for the hell of it…with or without a pile of clients, I’ll still be alright and still be happy.
The main thing that attracted me to Primerica is all the damn smiling faces!!! Anyone who has a problem with peopel being happy about thir lives is cynical and/or jealous and not worth the rebuttal.
So choose for yourselves. If you were given the opp to check out PFS, give it a fair overview and don’t be swayed in the wind just cuz a pile of people of people are saying its a scam. If you don’t stand for something, you’ll fall for anything and lose a potentially amazing life od happiness. Just be you and think for once…getting an outside option about PFS instead of investigation it yourself is like asking a friend if an outfit that looked like crap on them looks good on you…what do you think their opinon will be? negative or positive? you decide.
Ok my fingers are tired but I’m gonna go on POL and see about my standing for our Paradise Island trip.
See you at the top, because the bottom’s too crowded!!!
No one can tell me, other than selling drugs, a better way to get your income from 1 mill…….Because it doesn’t exist….
It’s simple how we get paid….Commission on our own personal sales….+ any overrides of sales made by people we bring in….And, people you bring in, can absolutely surpass you and keep moving…..
Each “recruit” is considered a business owner and as you bring them in, you help them get their own business started up….As they get licensed etc…Everyone EATS…
Also, you can look this up, more million dollar a year earners at Primerica than any other company in America…And last but not least…once you sign up, you can do as much or as little business as you wish…..maybe 1 life sale in 3 years if you need extra cash…whatever…Point being whatever you do for a living is NEVER and DOESN’t EVER have to be infringed upon…You invest the time YOU deem worthy…that’s all.
*that was supposed to say “from under 1 mill a year to over 1 mill a year”
All I can say is keep on recruiting.
The clients are taking care from the company that offers the products. Primerica reps just get the company together to the consumer and the company takes care of any legal or customer issues.
People just can’t “cut it” and then they get upset have to vent. No one makes anyone work at primerica! and ppl quit because primerica does not fire agents and those people can not make the amount of money they want. WORK HARDER AND SMARTER and don’t blaime a company just for giving you a chance. A company that provides thousands of jobs to people who can’t get them in other locations along with so many other positive things. I could go on for days about the positive things that this company does. I don’t work for the company but have some good friends that do and are much more happy at their job than I am at mine working for myself. They are very bright, intelligent and good people. I bet that has a whole lot to do with their success. I seriously like the way everything is set up with primerica.
Seperate the business and the products.
1. Why do many contract with Primerica
They are sold on the concept of Buy term And Invest The Difference. They are shown how people are paying too much for the amount of coverage in their Cash Value policy. Well industry wide only about 2-3% of Term policy’s go to claim, but peope have 100% of dying. Just something to think about.
Also if the crusade is to save peope from hig priced products why isn’t it carried over to the products they offer? Wouldn’t it be in the clients best interest to offer them the most competitive product and let them have more to invest?
2. Then let’s look at he business model. Agents are independent contractors. They hire, train and recruit. Who wons their producers and clients. If they decide to look at oter opportunities hwo carries the weight?
Just know the business. Just know the opportunity..
Sorry folks. I was in a hurry..
James,
You may have a point. If only 2-3% of term insurance gets paid out, I like to see where you are pulling your data.
But let us look on a different insurance, how often do people use their car insurance for that little fender damage. Or their homeowners insurance for a little flood. Insurance is suppose to protect you while you have a need. An example of this is You sell you house to someone, do you keep paying for homeowners insurance on it. I hope not. What about that car you traded in for the new one, do you still list it on your insurance, and pay more? I hope not. Insurance is to cover a risk, and teh game plan is for people to have Cash when they are retiring, not an insurance policy, because everyone, with some cerebral ability, cash is king.
You must not know anything about the insurance business. Allstate, State Farms, Farmers, all make you sign a not competitive clause contract. This mean the clients you bring in can’t be touch for two years after you leave. This is standard in any industry of sales.
If you mean who keeps in contact with the clients, well the up line does that. My Agent decided not to do it any more, so I am contacted every 6 months by his direct upline. They keep me informed and give me advice, that if I had broker would have cost me 1,000 of dollars.
It look like James you need to check out the real life business out there, because you would be surprised to find out the real world is different than what you think.
That’s the problem, I did seek out infromation about he real world. I found out an agent can offer products that can fit the need of a client rather than selling a one size fits all program.
I found out many people don’t invest the difference. I found out many people don’t carry a mortgage for a full 30 years. I found out many people are losing money in their investment programs and it may take years to recover. I also found out that many people accumulate a good amount of savings and then have health issues eat it away in their senior years. So it’s not as easy as they make it seem in an opportunity meeting.
What if a client has a spouse and disability coverage isn’t a consideration, can they offer critical illiness, or can a PFS agent even suggest it? What about if there’s a divorce or some requirement for a life policy, can a PFS agent suggest an Annuity and a Return Of Premium Term Policy. From what I understand I guess not. See it’s all about options to fit the needs of the client.
As for your PFS agent who contacts you every 6 months, next time he/she contacts you ask them to research Life Settlements and inform you on the Pros and cons, and if there is a difference between a policy that can convert to a permanent product and their term policy if a Life Settlement was a consideration.
James,
There is many problems with your statements bugt here I will try to show you the truth:
That’s the problem, I did seek out infromation about he real world. I found out an agent can offer products that can fit the need of a client rather than selling a one size fits all program.
I am curious where you think that Priomerica has one size fits all. They have term, which any competent adviser says to have over cash value. They have a mortgage program that gets you out of debt faster, and if you do not have a mortgage they can show you how to get out of debt faster. Now do you knwo anyone else that does this? If you find someoen they will not do it for free. (The debt program without a mortgage is for their clients.)
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I found out many people don’t invest the difference.
So this is Primerica’s fault? But we give them the option, which many other adviser will not do.
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I found out many people don’t carry a mortgage for a full 30 years.
No, they use their house as a piggy bank, and then whine when they run out of equity. Most people never pay off their house since they are not shown how to. Mortgage brokers game is to give you a new loan in 2 to 5 years. Banks job is to keep you in debt. Primerica is the one company doing the right thing for their clients.
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I found out many people are losing money in their investment programs and it may take years to recover.
Until someoen needs the money, it is only value. But then again that is just like the people that have been using thier house for a piggy banks. And most people want to earn more money faster. They want the quick buck. And when they have waited to long to invest and have the money they need, they blame everyone but themselves.
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I also found out that many people accumulate a good amount of savings and then have health issues eat it away in their senior years. So it’s not as easy as they make it seem in an opportunity meeting.
Life is never easy. If it was then no one would have problems. But if you have money invested correctly and over time, you will win. If you start late, you need to take more risk. Remember the Grasshopper and the Ants. (It is a story) Those that prepare are usually looked at like lucky, by those who have not.
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What if a client has a spouse and disability coverage isn’t a consideration, can they offer critical illiness, or can a PFS agent even suggest it?
Funny, my agent talked to me about disability, and I looked into it. I get it from my job considerably less than anywhere else. If you ask the question they can answer.
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What about if there’s a divorce or some requirement for a life policy, can a PFS agent suggest an Annuity and a Return Of Premium Term Policy. From what I understand I guess not. See it’s all about options to fit the needs of the client.
Well, first you are wrong. I have an annuity from Primerica. As for return of Premium, why would anyone want to waste their money on that. If you took the difference and got a low return of average of 8% you will have more money than if you paid for the extra. And if you die in between your family gets all the money, insurance and investments. return of Premium Insurance is the way the insurance companies mke more money off their clients. Since it has been on the market, most competent advisers have said stick with straight term.
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As for your PFS agent who contacts you every 6 months, next time he/she contacts you ask them to research Life Settlements and inform you on the Pros and cons, and if there is a difference between a policy that can convert to a permanent product and their term policy if a Life Settlement was a consideration.
Why would I want to convert my term insurance to a permanent policy? Why waste my money? Unlike some people, I plan on retiring, I guess you are not, since you need to protect your income for your entire life. The only people who thinks that permanenet life insurance is a good investment, are those who sell it. (Wall Street Journal). Since it seems you either sell this garbage, or beleive in it, you need to read some competent advisers. Try Suze Ornam. She made money as an adviser for Prudential, has her licenses. Of course if you do not think she is knowledgeable, then you must be selling that garbage.
Tom do some research. You don’t know what you don’t know.
I am curious what other companies posted last year? Let us look at all those companies that they say tehy are their competition. But then 544 million dollars after all expenses is nice amount for a company doing in a recession. How many companies are not even around 30 years later?
7 billion is gross.
And by the way the payout has gotten better in the last year not worse. I have seen the RVP and the NSD 1099’s.
I am not going to train you but among term policies what you have is not exactly
the world’s best term.
XRL, Since you are part of the group that sells cash value, I do nto think you even know what term is used for in your companies. It is used as a lose leader, something you give someone to get them into your clutches. Being Less does not make it equal. But then again, Magicians never want you to watch the correct hand.
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Suze Orman sells her products via TV. Do you think that if she was as good as
you think she’d give you REAL PLANNING for FREE???
No, but her advice is free. She does sell books that cost considerably less than making mistakes by buying cash value. But then I as I quoted before, Wall Street Journal said that the only people that think cash value is good, are those that sell it.
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That’s why you don’t know estate planning uses of insurance.
Well you must think that it is needed for all estates. It is only good for estates that has to worry about estate taxes. Most states do not have them eany more unless you ahve a huge estate. And then it needs to be in the trust. these are never sold by life isurance salespeople but by the person setting up the trust. How many middle americans are going to need a trust? Not as many that are being sold the idea. But then again you are a salesperson.
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She worked with Prudential? Oh you mean the long de-mutualized company which is
available via brokerage now?
Yes she did. but now she is sellign her expertise. It is worth money as people say. And people are willing to pay for it. Just like people are willing to pay more for the fact of getting something out of it. I have an adviser on call, I do nto have to make an appointment on Monday through Friday before 5 pm. he comes to me when ever I want him to. Just like the 5 Star Hotels I stay in. I can stay in Motel 6, but I think paying for service is worth it.
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You only have Variable annuities from Metlife. Which everyone else has but on
top of that there are indexed annuities which you don’t have.
Those Fixed Indexed annuities have guarantees that you know nothing about.
Since you do not know me, Why are you being condescending? I could be very knowledgable of fixed annuities. But for someone wanting to create wealth and not sustain it, you do not use Fixed, but Variables. Also, you can set up a variable to be in money market or very conservative investments and they will always beat the fixed ones.
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I
know that is not your fault. The enviroment which is shown to you is controlled
by your uplines.
I am sorry did you think I am part of Primerica. I am a client that knows more than what you think. I am your worse nightmare, someone who knows equal to if not more than you do. You help people with your lack of Knowledge? SCARY!!!!!!!!!!!!!
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What about Disability insurance?
Why only protect income in death when disability is 7X more likely than death?
Your job issues DI???
Well I am so glad to know your job covers everyone else in the planet!
No we are being condesending. Most Jobs have optional DI. Yes it cost the person money but since you are under group discounts, you save money.
Also it is not 7x more likely. You have the odds of 7 times more to get injured before you die. Those are great statics, but smart people know that anyone can make statics say what ever you want them too.
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Thanks for fixing the Disability issue with your amazong job!
I am sure your job will cover you and every person for ever right?
Well at least the guy admits he has a job.
Look you cannot seriously dismiss DI with that “i got it from my job” thing…
Since you are condesending, I guess the truth must be getting you. Did you find someone smarter than you. that woudl not surprise me. It jsut scares me people fall for your lines.
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You don’t need to talk about your limited mortgage program. We all know all your
clients received their letters of transfer and that not-so-smart thing is
shutting down.
Preparation for the unload?
I am sure they told you about that right?
Letters of Transfers. here is where you need to Prove it. because this sounds so much like the pamphlet an agent tried to use to show that Primerica was not what it says it was. The agent was removed by The State Insuracne Department, and the company he was trying to represent was fined a lot of money.
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What option is there to give a client with one term product which is
non-guaranteed level premium beyond 20 years?
If this is more of your retoric. I mean why not put up or shut up.
Money invested correctly?
Your choices are limited to variable retirement products only!
I guess all your clients just loooove risk and dollar cost averaging but if you
have one that says to you they want NO RISK AT ALL.
What do you do then?
Call me?
I am sorry but if you want no risk, bury it your back yard. Fixed annuities are not no risk. If you keep this up you will end up in an investigation by the State you live in. Banks are not even safe. FDIC is an insuracne that you have that you give up your rights to sue the bank for you money. The contract says that they will negotiate for you what you get. In the past, it has been close to equal, but sometimes it is not. Or did you forget the S and L problems.
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Where did you get that idea that ROP is bad and you can do better with a policy
that costs MORE than ROP.
The problem with your story is that ROP is usually same or cheaper than your
term at any comparative health level. So if ROP GUARANTEES TAX FREE return of
funds equal to 8% as well…
Why would anyone want to put money into a mutual fund which is NOT GUARANTEED
and is taxable (however deferred it may be)?
The guarantee is only if you do not die. Plus it is tax free since you already paid the taxes with after tax dollars. It is the same scam the cash value people try to say with the money in the cash value policies.
But then the company needs to be in business.
With my plan set up by Primerica, I have gotten an average of 12% on my money that would have gone to the insurance company, and if I die, my family gets both. Whihc is better one with ROP or both with Primerica.
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So for the same price OR lower than your term… I can give someone ROP, still
invest the difference in the same mutual fund you would have picked except they
walk out with more money and much lower insurance expenses $0.
Do you really think that companies create financial products without a real
purpose?
The only purpose of ROP is to get more money from the clients. And one more thing, since term is only usually paid for 10 years, and you have to have to pay to the end of the time, most ROP will not be paying out. So the Insuracne companies get to keep the extra. Sounds like another Insurance Company Scam like Cash value, to me.
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The funny thing is that all those 1980’s millionaires you listen to all must
have a state preservation plan.
EVERY REAL PLANNER KNOWS THAT ESTATE PRESERVATION PLANS INCLUDE CASH VALUE
INSURANCE.
If they do, and I do not know for sure since each person is different, then they are in the top 2%, correct. Andf if that is so why are you peddling it to the 98% too.
ROP came out as a way for the insurance companies to scam more money from people with the promise of return of the money if they pay for the 30 years.
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You know what?
If I was you I would be more concerned with the future there. If you guys get
sold and it looks like that may happen your ratings could go very low. That is
if the new owner does not disband the train and sell to re-insurers.
The going price as reported by reuters news is only 7 billion!
So much for the heart and soul. That is the like kind of price someone puts on a
car they just want to get rid of.
It is so nice you are concerned about being sold. But I have a question, why in the world would Citi sell the only sales force that cost them nothing, except commissions. Citi does nto pay for offices, staff, or anything else. The sales force pays for that. And since they made 544 million dollars in net profit last year, that is good. What did you sales force make you? And how much did it cost you? I am so sorry that you are bitter but it is usually those that are losing that do the compalining.
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XRL
James;
You have been tooting this Ed Slot Character alot. Have you ever read his post completely.
He says to invest in company stock. Primerica says to get involved in your companies 401k. This is the easiest way to do it since usually., (Notice I did not say always) the way the company puts their part in . It can be pre or post tax.(This means money is tax deffered or tax free which ever way you set it up.)But we also say some other things.
He says use the ROTH IRA. Primerica suggests that too. Matter of fact they suggest it more than most financial adviser that sell cash value. Want to know why? It is because then the Client is getting the best. If you sell universal life, variable universal, variable life, etc, you get paid more than if you set up mutual funds for them. Plus the money is the clients, so they never have to borrow, they can withdraw. (Sometimes even tax free.)They do not have up to 7 years of the annual premiums as fees.
IS he a smart man, YES. Does he say anything different than what other advisers say, not really. Some of his ideas are not for those with $100 a month to spend on a getting to retirement, but then most people who write books are not going after that crowd. Matter of fact, most advisers that are not really cash value salespeople, ever really go after the middle american family. They do not have the money necessary to make it worth their time. Except for Primerica. My Agent came over when I needed help on my 401k. The person in charge of doing the help was too booked up and was then going on vacation. Now how much did he make on that visit? Nothing. but he earned my trust, and my loyalty.
A couple of things, briefly. And I think I may be too late on this topic to really ad anything.
Most financial rep positions will hire anyone with a proven sales backround and some personality. I started with Northwestern Mutual and I didn’t have a clue about finances. I studies on my own for about 2 weeks to pass the Mo Life and Health and they didn’t have any problem hiring me on with absolutely no college experience related to finance. I later studied for and passed the 6 and 63.
When people talk about making the most money recruiting, its because when someone is hired in, they bring in their friends and family first. Now even if they don’t retain the actual agent they will still retain all or a portion of the business they have brought in and that is the key. There is over a 90% failure rate in the financial rep industry but everyone brings on someone, so the company comes out ahead, even with terrible retention rates.
I’m not going to go into all of your points, but I do agree with some of your last paragraph, about America falling into debt and that being bad for our future, but I would like to hear how Primerica is the ONLY solution. I’d prefer my finances to be handled by someone who does it full time and with a company that financially outperforms its benchmarks, but thats just me.
Chandler,
Here is why I use a person who is not in it for the money.(Full-time Job) Now he has X amount of clients but only makes money when they do something. He families lifestyle demands that he makes money to pay for the house they live in, the cars they drive and the life he gives them. He is now not always thinking about his clients best interest but sometimes his own. This is natural and understandable. You have seen the commercials about this broker firm is calling for you to buy or sell this or that. They get paid to make sales.
Now, a part-time person, who is not making his house payment, his car payments and other items, has a lesser likely to think about what his needs are versus the clients. He is either doing this for extra money for trips and vacations.
Now since both have the same licenses and have to follow the same rules of Education, why woudl anyone go to a person who may not have his best interest at heart when he makes the call.
I take the guy who is not making his families lifelyhood ideas, over the one who has to feed his family and take care of them 100% on what he sells to me his clients.
Tom I have seen both sides be it inside Primerica and outside Primerica.
As I stated before your exactly where you need to be. Let me just say this. I’m not Naive or closed minded.
Oh yes I do know a few things about M.F’s, Annuitites,
and other ways of having money managed. I have nothing to prove to you. I mentioned using a Return Of Premium with an Annuity and the concept seemed to get past you.
I mentioned about conversion of a term policy and the benefit if considering a life settlement and it seemed to get past you.
Why should I go into the the difference between Mutual Funds, Annuities and actively Managed accounts? Some of these subjects are beyond PFS agents. If they don’t offer it they don’t need to know about it. Others might feel the need or want to go into those subjects. I don’t. My only purpose is to expose to PFS agents that there are other options. I know what I know and I constantly search for what I don’t know.
As far as people having the same licenses and continuing education being required to maintain a license, there’s quite a bit more to it then that.
James unlike you have experience and knowledge that comes from outside the Investment circles.(Those that make their money on unsuspecting victims, thinking letters behind their name means they are smart)
Tom I have seen both sides be it inside Primerica and outside Primerica.
As I stated before your exactly where you need to be. Let me just say this. I’m not Naive or closed minded.
James, If you not either of those then you are a scam artist, hiding behind the saying I tried it and my way is better. You are sounding more and more like the agent that tried to get me to leave Primerica. Came to my house, gave me all this negative knowledge he had. Once my Primerica agent talked to him and tape recorder him he would not repeat one of the negative remarks. He knew he could not be unknown if he was taped. I asked him about those comments and he backed away. Said he needed get something from his car and was not scene again. I suggest you do the same.
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Oh yes I do know a few things about M.F’s, Annuitites,
and other ways of having money managed. I have nothing to prove to you. I mentioned using a Return Of Premium with an Annuity and the concept seemed to get past you.
No it did not. It is foolish like buying cash value. Return of Premium is a waste of money.Here is why: It cost more than term, you have to pay for 30 years to get the money, the money that you give them has depreciated over the 30 years. Annuities are over priced insurance policy. It is good for lump some money you want to have deferred tax payments on it. Since the money can be investing different ways. It can also be protected, so you will not lose any value.
Using these two devices instead of buying term and investing the difference in mutual funds, will only make the salesperson and the company he works for rich.
You are proving the adage: “A little knowledge is very dangerous.”
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I mentioned about conversion of a term policy and the benefit if considering a life settlement and it seemed to get past you.
No it did not. Converting it only makes money for the insuracne company, if you are talking about converting it to a cash value policy. If you are saying converting the term to a new term, did you not know that all Primerica Policies have Guaranteed insurability. This means that you do not have to prove you can get the insurance, you automatically get it. This is something lacking in cheaper term. Something else that is lacking in cheaper term is the non-level term. Some major companies put you in a term policy but have it raise every 5 year. Soon you are looking at a cash value policy price for the term. WHo wins that one?
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Why should I go into the the difference between Mutual Funds, Annuities and actively Managed accounts? Some of these subjects are beyond PFS agents. If they don’t offer it they don’t need to know about it.
I am curious, do you not think that Mutual funds are non-managed? Or that since they do annual FNA, that my accounts are not being managed? Since they do offer management in the form or doing annual check ups, and doing adjustments accordingly, why do you think they do not do it? You never got your securities licenses, and therefore you are completely driving blind when it comes to Primerica.
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Others might feel the need or want to go into those subjects. I don’t. My only purpose is to expose to PFS agents that there are other options. I know what I know and I constantly search for what I don’t know.
Wrong again. Or did your Up-line tell you not to read anything? Since you only sold Life insurance I can see why you might think that having a product that does cost more, but gives more might be a hard thing to sell. Having the cheapest product means you are selling something that lacks value. Primerica sells value. If you can’t see it, then you are blind. You are just a person who could not get past the price objection. This is something every salesperson has to do. remember Price only matters in the Absence of Value. The value I see in Primerica is the Agent, the products that he sells and the service I have gotten. The only thing I can see you bringing your clients are CHEAPER products. They are cheaper in price, quality and value.
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As far as people having the same licenses and continuing education being required to maintain a license, there’s quite a bit more to it then that.
Not really. Since they have to pass the same test, Life Insurance, Securities exam. They have to follow the same rules for mortgages and other products. Saying anything different is just blowing smoke and trying to confuse the issue.
Having letters behind your name means you paid for the letters. DOes not mean you are more qualified. But then again you sound like someone who believes that if he gets the letters he should be paid more. You should really see the real world. IN the Real world, you get paid for not doing work but for creating profits. In Primerica, you do not get paid unless you help families. In the real world, you get success for working hard at what ever you do. You do not get it whining here on a board about how they are not the cheapest. If you think being the cheapest, think of it this way, do you want the best or the cheapest tool to keep you alive? You need a pacemaker, do you want the cheapest or the best? Health Insurance, do you want the one that covers you completely or the cheapest? Life insurance do you want the cheapest, or the one that gives you the most options? I like options. Most people are willing to pay more for not the cheapest product. Either that or we all be driving YUGOs.
You are proving the old adage:
Better to be quiet, and thought a fool, or to keep talking and remove all doubt.
Ok Tom your correct. Let me just say sometimes there are situations when a court may require Life Insurance coverage. There is a way to have the required coverage and get all the premiums back when the need for coverage has ended. Is the concept for everyone, no of course not, but it is an alternative.
Primerica does not pay people for helping families. They pay agents to sell products. Nothing Sold=No one gets paid. You seem to be taking this personal. Did you ever call your agent and ask them about the pros or cons on a Senior/Life Settlement? Some think there is a good reason to get max amounts of term.. Now I didn’t say everyone, I said some people.
To me there’s more to the industry than just passing a test. Passing the test is a test of general knowledge. There are many different companies with many different products. Have you ever heard of actively managed accounts? Does your PFS agent select from a scoring model or do they pick individual funds for you? Do they “advise” which funds to choose?
Here’s something to chew on. Considering companies do different levels of underwriting they price their products differently. Then there’s those who use unisex rates and different guarantee periods. Now don’t forget to add in compensation.
There’s a cost for everything. Do some research…
I need to quit this, i’m out of your league on industry and products. When I talk to PFS agents there’s no need to tape record, I just have them read their contract and then inform them on other products they can market with the licenses they have.
Whew you set me straight.
James,
It is getting to be a fulltime job to correct your mistakes. And since it seems that you are not learning, I need to stop throwing pearls before the swine.
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Ok Tom your correct. Let me just say sometimes there are situations when a court may require Life Insurance coverage. There is a way to have the required coverage and get all the premiums back when the need for coverage has ended. Is the concept for everyone, no of course not, but it is an alternative.
It is an alternative that cost more, and the client will hardly ever benefit from it. It is like paying for towing on your insurance, when you have AAA. It is a waste of money. Maybe that is why Primerica they will not sell it?
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Primerica does not pay people for helping families. They pay agents to sell products. Nothing Sold=No one gets paid. You seem to be taking this personal. Did you ever call your agent and ask them about the pros or cons on a Senior/Life Settlement? Some think there is a good reason to get max amounts of term.. Now I didn’t say everyone, I said some people.
You are right they do get paid, but they do not do it unless it is right for the client. I ahve given referrals to my agent. On one of them they did a loan, and there was not any advantages to the client. They said that to them. My Friend called me and said that. When I called my agent and told him he wanted to do the refinance, but he had showed him not to, I was surprised. He said we showed how to accelerate i, but refinancing was not the right thing to do. How many of you fellow mortgage brokers would not have done it. Looking at how many are being indited along with closing down, I would say none.
As for senior/life settlements. This reminds me of the life settlements for aids persons. The companies that sold them made money, but it was not good for the buyers nor the sellers. Since it has a smell of rankness, I have a feeling that is why they do not do it. He did know about it, but he said they were a rip off. Beside, If you follow the plan, you will retire and only need a burial policy if that.
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To me there’s more to the industry than just passing a test. Passing the test is a test of general knowledge. There are many different companies with many different products. Have you ever heard of actively managed accounts? Does your PFS agent select from a scoring model or do they pick individual funds for you? Do they “advise” which funds to choose?
This proves you never really worked with Primerica, and talked to anyone about funds. IF you had you would have known what they do. But I will not educate you on what they do, since you failed to learn when you said you were with them, why should I try to educate you now.
I guess you are naive, just playing dumb. Since every person I talked to at my last meeting I attended knew how they do it, because they have brought a securities licensed agent with them, watched what happened, and then learned, and knew what happened, I guess you must have been that guy they talked about. The one who did not succeed, since he held off doing his training until he got paid, never took any securities professional to his KTs, and never learned the full process. This is on the assumption that you were ever an agent, not one of these people who goes on the board and make noise about Primerica.
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Here’s something to chew on. Considering companies do different levels of underwriting they price their products differently. Then there’s those who use unisex rates and different guarantee periods. Now don’t forget to add in compensation.
There’s a cost for everything. Do some research…
I have done the research. IT seems you never learned when you were there. You are asking me questions that the cash value agent did. Kept pumping me for information since he did not know his adversary.
Term is not the same just like Full Coverage is not the same. They each have different parts some include things while other do not.
But you keep going to the price. As I said, most people will pay for a good meal, for the service, for the fact they do not have to get up to get their drinks. I know it is hard to believe but there are still places like that.
Now could I get it for cheaper, yes but I need to give up something to do that. I have done the research. I have to give up my service I have been getting. See I have a small brokerage account for my stocks. It is around 50,000 dollars in there. I get a call every tiem he wants to sell me something, or when he wants me to sell. SO he can make money. I do not get any other service, like what about your other funds, because he knows about my investing. I do not get the service. I use him since I get a free account through my work. But since I do not get any service that is all I use. Butr I guess you are just like I said, focused on the cheapest.
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I need to quit this, i’m out of your league on industry and products. When I talk to PFS agents there’s no need to tape record, I just have them read their contract and then inform them on other products they can market with the licenses they have.
The reason why they tape record the conversation is to make sure they do not say half the things you get away with here. You are an unknown person. They have no way of making you accountable for your words. It keeps the lies and the slander down. Since you can’t win at the KT, you will win where you can be stopped on these boards. But that is changing. I hear there are federal laws that make the owners of the boards responsible for anything posted on the internet. This is coming from that suicide that was directly caused by the mother of the ex friend.
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Whew you set me straight.
This proves a couple things:
1. I doubt you are more than an agent who has lost one of many confrontations with a Primerica agent. You lack of knowledge of how they do things is apparent. IT is typical that you attack this way since you can’t win across the kitchen table.
2. That you have no training in Securities. You may know somethings about them, but just like the saying” A little knowledge can be dangerous.” You prove that you are dangerous. And I thank GOD you are not my agent. If you were I would run not walk away and change everything you said. You base you decision on price, not what is best for the client. The extras you see as costly, may make the difference. Terminal Illness rider, is one. After I got my insurance, both of my parents did of terminal illness, both of different type of cancer. Something that did not come up before. Now with it, I can get a portion of my life insurance before I die if I need it ( and it is not a loan with interest penalties.). Something most policies do not have especially if they are cheaper.
3. Your clients are basing everything on price, or at least that is how you sell. These are the same ones that are crying about having an adjustable rate mortgage or a negative amortization mortgage. Yes you pay less, but it costs you in the end, like they are seeing now. How many of your clients are still living in apartments, and not homes isne it cost to much.
James, I am so glad you have decide to stop having a battle of wits, that you are so unarmed for. Maybe you can go get one of your more seasoned agents that might know a thing or too, and have them talk to me. But then again, I am smarter than most, and not as gullable as your clients.
James,
You are definitely playing by the attackers play book. I seen it on so many websites it is not even funny.
First you confuse the issue. Through out some websites, that you say something that it does not. An example of this is this Ed Slott guy. I guess you never expected someone to read it, just take your word.
Then they try to incite someone to do something that may get them fired. Now you may have only been there a little while, and never saw anyone that has gotten in trouble but I have seen several agents get reprimands for playing a battle of words.
I ahve give you a place to check out Rip off Reports. See what it says about Primerica.
James, since you were never even in my league as a salesperson, how do expect to win. You are like a gnat buzzing in my ear. By the way Custom Advantage is what I have. They have brought in something new in August 2007. I guess that means that you are unknowledgable. But one thing, do you think all term is equal? I do not think so since you sell on price alone. Example a room at the Waldorf is more than the Econolodge down the street. The difference is what is included. But since you have never seen a nice hotel, let alone a 5 star hotel, why would I take your word for it.
Why not go back to the kiddie pool before you get hurt.
Ok Tom, your it..
James,
Here is the question of the day, and it is something you still have not answer.
You keep saying you can find it cheaper. Have you looked up the definition of CHEAP? I bet not. Some people pay for service. Why do you think some hotels only get $50.00 a night and others get $500.00? I know you might not understand this but some people are willing to pay for service. You say you can do everything that Primerica can do. Great how long has your business been in Business? I have seen many companies go out of business in lees than 5 years. I have seen some giants go out of business in 10 years. I want a company that has been a good company. Has followed ethical decisions. And has been around a little longer than the last couple months.
Here are my definitions of a ethical company: One that does not use Term as a loss leader, or a last resort. One that does not sell cash value to middle America. That knocks off 90 to 95% of the companies out there.
Now are there companies out there that now sell only term yes. But who owns them. Cash value companies. IF you do not think so, then look up the owners of the stock. It is public record and might even be able to do it from the seat at the internet. Those are the people running the company.
Since I do not invest money in unethical companies, why would I do any business with them? Why would I give them the ability to thrive?
This is how most people used to act. They would see a company that was taking its jobs over seas and then not buy from them. Now a days, most people buy the cheapest thing they can get. James you might win for volume, but your clients will never be the quality that my agent gets. They understand the difference between cheap and quality. Remember this if the client is always looking at the cheaper price, the next guy will be able to take them from you.
The Saying comes to Mine. If you lay down with dogs you will get up with fleas.
Also if you try to have conversations with peopel of limited means, they will drag you down to there level and beat you with experience being there.
It has been fun but since this is now taking time from my vacation. and these two guys are definitely being missed by their respected villages, I need to go.
By the way my vacations are paid for by my investments, and the knowledge given to me by my agent. IF you wish to follow these two off the deep end please go ahead. I will be only laughing at them like I do the people who have been using their homes as piggy banks and now are crying that they are going to lose them. I believe in personal responsibility, and loyalty. Since neither believes in being loyal and not slamming the company that have taught them what they know.
Good Bye.
I’ve been in Primerica for about 3 months now and I still really like it.
There is nothing here that I didn’t read before I decided to go with it. I still feel like I made a good choice and have met my goals for income and such…
You can argue about commissions and better values in other products or companies but the fact that I see day-to-day with the people I deal with is that they are not purchasing these products from anyone. Some of you may have a nice independent office but the people I deal with are not visiting your office or any other office and are not showing up on your sales leads.
One reason I like Primerica is that we are reaching people that otherwise wouldn’t buy “inferior” or “superior” products being offered by other companies.
The people I deal with most of the time, wouldn’t earn anyone a $7,000 commission no matter what product you were selling. I’m not ashamed of going after small sales.
Do I feel bad leaving a family that, when I met them, had no life insurance and no savings, with at least a good life policy in place and a plan to get their emergency fund started, because they could have purchased a similar policy for $45 instead of $49 a month? NO… they would have never bought either policy if I had not set an appointment with them and spent time trying to help them know what kind of coverage they need.
I have no doubt that I could make more money starting out with other companies and going after purchased sales leads in higher markets. On the other hand I really enjoy my time in the office with the other people there, the incentives that are offered us, etc.
I don’t think that the long term potential verses the up front committments can be matched anywhere.
Ira you say” I don’t think that the long term potential verses the up front committments can be matched anywhere.”
My question is what have you compared what you have found with? I’m not attacking you company, it’s the statement. You see I use to think the same way. It’s kind of like saying McDonalds hamburgers are the best without trying Wendy’s or Burger King.
XRL.
I got this email in my box so I thought I woudl atleast fix some of the errors that were being said.
Tom…
Oh man back to the ROP issue…
You call ROP bad only because you can’t sell it (I am sure if you had it you’d be singing another song).
Of course whatever they teach you at that office is designed to sound like a rational answer. After all, you don’t really want it to be good because you don’t have it. Get it?
I ams so glad you are not my agent. It seems you do not know how to read and comprehend. So let me say this again. I am a client. Since you have missed that is several of my posts, I can only guess most of what is said to you by your clients is missed. Please go back to reading completely. And if can’t understand a word use a dictionary. I hear you can get them at Dollar Store.
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You seem to forget that due to your company’s extremely expensive term that ROP is same price or cheaper than your term in any comparable client rating.
Again You are mistaken but why would that surprise me. Do you know why ROP was created by the Insurance companies? It was a way to take more money from the potential clients. It costs more. And then again you need to pay for the 30 years. Have you ever figure out how many policies go the total term, now that it is 30 years? They are betting on people either changing mid stream when they get some shyster, like you, to change a policy. I guess you do not tell them that do you?
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So considering that the ROP company would pay out the same death benefit upon death and the cost is same or lower than your term…
Exactly how is it that you can do better?
I mean you could not do any better with your term if they die during the covered period and you can never give them guaranteed ROP in addition to their retirement accounts if they live (ding, ding, ding).
Here I will say it again since you ahve missed it. You need to pay for the entire 30 years. You seem to know all about insurance, when was the last time you checked into how many policies go 30 years? I am not even in the business, but I do know my product I sell. I know my competition. ANd I know how to sell it. The only problem is you are playing magician. Pay more and if the policy is still, the company has not changed the rules, and you have paid and not broken any of the hundreds of rules in there, we will give you your premiums back. Now, since we all know how honest insurance sales people are, with their track record of selling the wrong product to the wrong people. Not telling them if the account does not make enough money you will have a huge bill in a couple years. Along with not telling them their is a better way. This is what all the agents that sold Cash value to the Middle American families. But then again you might not have done this, but the insurance companies that you represent have done it. And now since they are losing the term game, they come up with a new flavor to fleece the client.
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In order for your argument to hold water you would have to reduce your premiums nearly 50% on women and 30% to 40% on men and also have guaranteed level premiums beyond 20 years!
If this is about price, then why can Disney charge 300 a night for a hotel room, while Days’s Inn is only $50.00. Could it be that Price only matters in the absence of value. Now if you can’t understand that, then you will always be chasing the best price. And that would mean your clients in those ROP, will never see their money.
Value comes in many forms but the best is I just got a call from my Agent. He found out that I was going in for some heart check up. He called me. My boss did not. I guess that is something you do not understand.
Price only matters in the absence of value. Your clients must not know what to value.
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At some other point someone seems to think that ROP is taxable…
Premiums are after tax dollars (cost basis) therefore a return of premium is not taxable since what is being returned is the cost basis. Lump sum, tax-free.
I guess you do not understand basic government. Right now it is not taxable. But the interest you are making on it will be. If not now, in the next 30 years it will be. If you do not believe me, look at social security. At first it was not taxable, not included in your income tax. Now it has to be included and anything over a certain amount is taxable. So what you say now has no bearing on what will be in 30 years.
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Please stop saying that I sell whole life. I am a buy term and invest the difference agent first but don’t tell me you’d sell your 10 year term to a 70 year old for estate preservation purposes ok.
And why not if the price is great. But since the people you are talking about are being handled by lawyers. They sometimes have insurance licenses or people in their offices that handle that. They do not need help. Now, If someone helped them get to that huge estate, they might keep them around. But most of the clients that Primerica helps are not going to be in the top 2%. There is a chart done by the government talking about 100 people at 65. 5 are dead. 90 are dependent or still working. 4 are ok and 1 is wealthy. The people Primerica is helping is not the 1% wealthy that have a need for 4 millions dollars of estate and huge tax liabilities. They are helping the 94% that are not able to get there.
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If you are limited to one company that makes you a salesman and as such you must sugar coat your products beyond objectivity. I am under no obligation to worship any company.
Thanks,
XRL
Again XRL, I do hope you pay more attention to what your clients say, and send you. I ahver said in almost all my posts I am a CLIENT. And I am so glad you do not help anyone I know. Cause it is apparent you do not know how to read.
Remember Price only matters in the absence of value. Ask your self, why are my clients so focused on price? Could it be you are lacking the value they deserve.
Tom at certain years depending on the policy a client
can cancel a ROP and get some money back. It’s not an all or nothing thing.
Keep posting..
I never worked for them however I did talk to them about being employed there. You are actually signing up with them for a fee and the process starts. You are told you are a bussines owener. I basically found out that it is a MLM. A lot of things are Mary Kay, Amway, and a lot of insurance sales are the same. You get an override when people below you sell a policy. That’s not the issue. I am an independent part-time non-captive licensed agent. When I first was being recruited by Primerica, I was led to believe that I was an owner of my own business. I have found this misleading and this is my opinion from what I being was told. If you leave Primerica you do not get to keep your own “downline”, you can not contact the clients that you sold policies to and to be sucessful you must recriut. The comissions are low compared to the company that I have now. You are only allowed to offer what Primerica sell. My understanding is that Primerica offers unisex products where male and females have the same premiums. That does not make sence because females live longer than men. The females should have cheaper premiums. I have the ability to offer any product or use any company that I choose as long as I am licensed to sell that product. I have the ability to offer more than just life products. I can offer canser, critical care, LTD, accident, annuities, and more. I can assist in helping people get mortgages. I do not have to give up a leg to be promoted. I do not have to recruit. I have no quotas to meet. I do not have to give my trainer my first 5 or 6 sales in order to learn the business. They do offer to help you to get your Life license for free, but taking into consideration the low commissions, captive products, and recruiting pressure, isnt it better to get your own license, E & O insurance, and be responsible for yourself. If I want to do well I am responsible for my own actions. Talk is cheap. I have heard a lot of negativity about Primerica and I do not wish add to my hear say. In my opinion I believe that we “insurance agents” have a moral obligation to actually give the client the best service and products available and if you can only sell one product its had to be competative. Primerica is a legal company and offering a service to their clients. I believe that I have found a better system for me and my clients. I am not her to bash Primerica. I firmly believe that I can offer a better products and services for my clients. I do this because I have a passion to really help people and when I get the mind set of commissions are more important that peoples futures, I then must leave the industry. That was my Primerica experience. If you have any questions you can email me at investinginfamilies[at]yahoo.com. I do the insurance part-time and it woks great for me. Primerica just was not my cup of tea. I wish everyone in Primerica well.
James If you continue to pass off your opinions as fact, you will only get your self into deeper trouble. Let me clarify your errors again.
I never worked for them however I did talk to them about being employed there.
Since you never worked with them how can you give any information about the company? It sounds more and more like the people who post about Primerica on Rip-Off reports. An agent who has lost several clients to a company that is better. Until you have been with the company you can’t say what truly happens. By the way in past posts you have said you were an agent. Which one is it?
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You are actually signing up with them for a fee and the process starts. You are told you are a bussines owener. I basically found out that it is a MLM. A lot of things are Mary Kay, Amway, and a lot of insurance sales are the same. You get an override when people below you sell a policy. That’s not the issue.
Well You are wrong again. You are not signing up with them for a fee. You are placing a deposit down to start your business. This deposit is refundable, something you never say. It also covers your expenses while starting your business. It covers your licenses, including Life, Health and Disability, Mortgage appointment, Securities, Primerica Prepaid legal, and the ability to get paid on referrals for Auto and Home owners insurance. ( They did this because that way Primerica, and Citi do not have to take the financial risk of doing the insurance, but still gets the best deal for their clients. Matter of fact many of the major carriers were begging to get into this.)
You are a business owner but I will cover that below.
As for being a MLM, do you understand the only difference between a JOB and a MLM is that in a MLM you have a chance of being the person on the top of the pole. IN a job you do not have the chance to be that. And why are MLM bad? It gives you a system to follow. It gives you the ability to know what to do? It gives you backing that most companies do not give you. It also requires you to take no risk, except time. ANd most people waste that watching TV. Most people who work with with Primerica, and I am not saying those that say they work it but really do not do what is required to succeed, even if they leave have more knowledge than the regular guy. Did you know when I get approached to buy something regarding Insurance, I usually have more knowledge on it than the Salesperson. This is because of my relationship with Primerica.
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I am an independent part-time non-captive licensed agent. When I first was being recruited by Primerica, I was led to believe that I was an owner of my own business. I have found this misleading and this is my opinion from what I being was told. If you leave Primerica you do not get to keep your own “downline”, you can not contact the clients that you sold policies to and to be sucessful you must recriut.
ANd this is different than any other business? IN my business we sign a non-compete clause. This means we can’t take any clients from the business. Now it is there for the company so that they do not lose the business that they have paid you for. being part-time I bet your present broker will through a fit, and send his lawyers after you if you tried to take them. I can even bet you signed a clause but did not know about it. Most brokers do this so they do not lose the clients they have.
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The comissions are low compared to the company that I have now. You are only allowed to offer what Primerica sell.
And this is bad why? If I go to Macy’s I can only buy what they offer? And with all the products out there and the companies that are having so much problems, I like having my funds watched over by a professional. I like my Insurance being handled not by the cheapest but by the most competent. But most people are not here to make lots of money, but somethign to help them along the way.
But if you are paid more in commissions where doe sthe money come from? Either one of two places, the company, or the client. Either is not good. If the company pays more they have less money to service me. It the client has to pay, then it is higher. But you kept saying you are cheaper. So basic economics say that the companies you work for, either pay to much and will ahve to short cut on services, or are possibly going out of business. Either way they are not good companies.
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My understanding is that Primerica offers unisex products where male and females have the same premiums. That does not make sence because females live longer than men. The females should have cheaper premiums.
Again you are spouting opinions and not facts. In the past women have lived longer about 7 years. Less stress in their lives. Now it is more likely 3 to 4 years more. Should they be more cheaper. Well I can see why you only base everything on price.
Remember Price only matters in the absence of Value.
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I have the ability to offer any product or use any company that I choose as long as I am licensed to sell that product. I have the ability to offer more than just life products. I can offer canser, critical care, LTD, accident, annuities, and more.
Again you do not know what you are talking about. Primerica does annuities. As for Cancer (Look at Spelling), accidental and the other policies that you can sell, they are usually worthless. Any competent adviser says to stay away from Cancer policies since they are so narrow that they are not worth the policy. Accidental death and dismemberment is worthless, since it pays on 1 out 1,000 policies. I have already clarified LTD to you and you still keep bringing it up, I guess you do not remember that. LTD is something you should get from work, and not from your neighborhood salesperson who is trying to make more money off you.
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I can assist in helping people get mortgages.
Are these those mortgages that are crippling the economy? Michael said an interest only loans, which is great for people wanting to flip the house, but then again that is why a shack cost 1.2 million in Orange County.
But then again Primerica can do the same thing, but when it came to investigations, Primerica will not have to worry since all the new laws that are going into affect, they have been doing.
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I do not have to give up a leg to be promoted.
And you do not get any legs. Something you keep forgetting is you give up one leg. But for everyone else that you help to train, and usually their legs too, you get to keep a leg. Would you give up 10 people to gain 100, 1000, 10,000? Now James, I know this may be hard to understand but if you spent a little more time investigating you would know this. I guess you never really investigated this at all.
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I do not have to recruit.
And you will always be a salesperson. The dream of Primerica is leveraging your time. Now you might want to look up this quote from Andrew Carnegie. It said I rather have 1 person of 100 men than 100% of one. All smart business owners want freedom of time. They look forward to the time when they do not need to work 16 hour days, have their kids work. You are self employed, and because of that you will have to work to make money. Honestly they can go work anywhere and get your compensation. The only thing is that Primerica is offering them a way to leverage their time.
BY the way, if you want to sell your business, you ahve to find someone willing to pay for it. Primerica RVP’s usually have several offers for their business.
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I have no quotas to meet.
Again, You do not know Primerica. They work when they want, and when they do not want to. And the fun thing it is up to them. Now when you go full time and you are the Donkey pulling the cart, you have to make money. And since you do not have a team that helps you with over-rides, you need to think of yourself first, and client second.
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I do not have to give my trainer my first 5 or 6 sales in order to learn the business.
Ok but in learning how to do the business, And they give up 5 to 6 sales, they get 25 to 60 warm referrals, and learn how to get them each time. Now I would trade 5 sales for 50 any day of the week. And then you can ask your down-line to do the same. It is called leading by example. Since it is you the lonely donkey pulling the cart, you have no one to lead. But then you miss something since you have never worked with them. You give 5 to 6 sales, and then they keep coming with you until you feel you do not need them. They do not get any of these sales. Now I can understand that you might never saw this since your opinions are from looking in from the outside. But then again they are wrong.
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They do offer to help you to get your Life license for free, but taking into consideration the low commissions, captive products, and recruiting pressure, isnt it better to get your own license, E & O insurance, and be responsible for yourself.
Well let me go through the list of problems here. First you do not just get your Life, health and disability license for $99. You get the total amount of licenses of close to 2,000 worth for $99. IS that a good deal. As for Errors and Omissions insurance, that is something independent brokers need, not captive agents need. And it usually is pretty costly. I bet you can share your payment plan with us.
So it cost you, the independent, over $2000 to get the same things it cost the Priemrica agent, $99. You have a yearly expense of office space, postage, overnight delivery, insurance for office, insurance for E and O, and lawyers if you get sued. Primerica includes all this. And since this is something most people do not know they want to do, it will cost them considerably more to go your way. And how many fail, many, since they do no have the support system in place. Why would you suggest anyone to go this way, unless you know of the failure rate and want to keep the competition down? Pretty smart of you, to bad you got found out.
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If I want to do well I am responsible for my own actions. Talk is cheap. I have heard a lot of negativity about Primerica and I do not wish add to my hear say.
Funny you have been doing this for months now. I am curious, do you say the same thing to your clients with a straight face.
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In my opinion I believe that we “insurance agents” have a moral obligation to actually give the client the best service and products available and if you can only sell one product its had to be competative.
I am so glad you said this. You know now you have to join Primerica. I have already said that there is only two ways to give more to the salesperson and not have higher prices, which you said your products do. They need to either cut cost in servicing, and we all see this with jobs going over seas, having wait times extend until hours, not getting the good service we deserve, or they make the client pay more. SInce you have said your products are less, then it has to be the first thing. Service is not there. Also if the company is not having enough money or have enough in reserves it becomes in solvent. I am having trouble right now with CompUSA and their insurance plan I bought. I am not getting the service I deserve, they can’t find my plan, and have no record of it. this is because when they bought the insurance part of the business, they did it cheaply and did not do all the work needed. This is a little computer problem, not the money I plan to to replace my income, if I die early.
As for giving me the best service, I have been given better service than any of the companies that hold some of my money.
As for the best products, only the fool chases after the next best thing. The smart man waits until they have all the kinks out so they can get the best return.
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Primerica is a legal company and offering a service to their clients. I believe that I have found a better system for me and my clients. I am not her to bash Primerica. I firmly believe that I can offer a better products and services for my clients.
Again these are your opinions. They have little to no basis in fact. You are mistaken by many of the things you have posted here. You have continued to slam Primerica and are a typical agent out Primerica. I bet you have lost many clients to the better system of Primerica.
I do this because I have a passion to really help people and when I get the mind set of commissions are more important that peoples futures, I then must leave the industry.
You need to leave now. You have said constantly that you get paid more than Primerica agents. You may feel this is not money hungry, but anyone reading this, knows it is. By the way, IF you own a company that paid it salespeople more, where would you get that extra money from? Another place in the business, your shareholders pockets, or maybe your money since you are the owner.
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That was my Primerica experience.
What experience? You say it is not a business. But then again The IRS says it is. Who are we to believe? You yourself said you never joined them, just looked in form the outside. Since I have been to several meetings every year, since I am a client, I can tell you that you do not have a clue, on what Primerica is, does, or how it works. If this is how you work with your clients, I can see why you are losing them to Primerica agents.
Your way costs hundreds of dollars more, has no backing or support, does not give you anything better, but many things worse. It almost guarantees failure.
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If you have any questions you can email me at investinginfamilies[at]yahoo.com. I do the insurance part-time and it woks great for me. Primerica just was not my cup of tea. I wish everyone in Primerica well.
Well Here it is the advertisement. Call me for a quote. Call me for a sale.
I guess it would not be yoru cup of tea. But since you do not know anything about it, and your post proves it, I do not think you even know what you are talking about. One thing I noticed in your posts is the lack of knowledge you have of the company. Since you are an agent looking in from outside, and usually those agents are here to bash it( NO matter what you say at the end, you are bashing.). And then you place your email address here to gather business. Maybe you might want to proof read your post. If this is an indication of how you run your business, pay for the lower deductible on the E adn O insurance, it will save you money in the long run.
Tom i’m sure you understand that anyone can post with any name. At one time was a Primerica agent. Like I said before keep posting. There is a difference between LTD from an employer and an individual policy.
Yes even tax considerations. When a captive company (Primerica) does not require E/O, whose best interest are they looking out for?
Let me just say it so you will understand. The “James posting at July 26, 2008 @ 9:25 pm” is not me. It’s another James. Also why is it ok for Primerica to consider saving people money on their Home/Auto, but not on Life. For a person who is just a client you seem to drink from the same kool-aid pitcher.
James,
You know what concerns me more than the value you bring to your clients is the fact you do not spend any time proof-reading your posts. Did you know that the red underline means their is a problem. But then again it scares me if this is the care you place on your words, what about your work?
But that is just my pet peeve. Let me address your points.
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Tom i’m sure you understand that anyone can post with any name. At one time was a Primerica agent. Like I said before keep posting.
I am glad, but the person made the same grammar and spell mistakes you did. You can see how someone of intelligence can make the mistake.
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There is a difference between LTD from an employer and an individual policy.
Yes there is cost of the policy, something you harp on. The fact that you lose money, by over paying. And what is the value you bring? I will not go into that.
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Yes even tax considerations.
You are forgetting that the same tax considerations is on both policies. The only good thing about the one you buy outside is that you take it with you. Now the savings point on it is immense since you are getting it on your own record. Not on your companies’ record. Now I know I said what Andre Carnegie said, but here is a similar one. I rather get my insurance based on 100 people, than off me. Then the risk is based on the 100 not on me. If you do not understand this basic thought on underwriting, please talk to some one who can make you understand.
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When a captive company (Primerica) does not require E/O, whose best interest are they looking out for?
Well, by your example, Health Insurance as a benefit is bad. And Workers Comp is also bad. Key Insurance is bad too. Since all these benefit the company is some way. Having some one else pay for the E and O for a starting business is great. The same with having to rent office space, pay for delivery of the all policies and all mailing and such.
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Let me just say it so you will understand. The “James posting at July 26, 2008 @ 9:25 pm” is not me. It’s another James.
I am sorry but both of you have spelling issues along with not truly understanding Primerica. You can see how I can make that mistake.
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Also why is it ok for Primerica to consider saving people money on their Home/Auto, but not on Life.
Compared to what? Stripped down term. Let me compare it to something you might be able to understand. Comparing a product I sold in the past, Cars. You never would compare a Yugo to a BMW. But they are both cars. You would not even place them in the same category. Just like your stripped down term, with stripped down service, and stripped down value, is not equal to Primerica.
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For a person who is just a client you seem to drink from the same kool-aid pitcher.
As for drinking for the Same kool aid pitcher, I am curious is this how you handle people showing you how you make mistakes.
You remind me of a person that bad mouth Primerica. I played innocent and set up an appointment with him. I have my agent come too so that he can refute the claims. The agent came in and was surprised when he saw my agent. I asked him to repeat what he said about Primerica. He staled and stalled. Siad he needed to go to his car. We waited five minutes and could not find him. We called him and he still has not returned my calls.
Like I keep telling you Price really only matters in the absence of value. I have given you several examples of that with Primerica and others. Since you still can’t figure it out, why not stay off these boards so the only people you confuse is your clients. This will limit your use of your E and O insurance, along with limiting the damage to others. I am wondering if you can get sued for the errors you place here?
Tom give it up. I represent many different carriers.
Everytime I speak to a Primerica agent I just expose them to facts. You say you invited an agent over so your PFS agent can confront the competing agent. What you did sounds like school yard stuff. That didn’t prove anything. (I’ve heard this same story many times even when I was at PFS)
Tom it says quite a bit when all you can do is make personal attacks. Keep the post coming. Your doing a great job.
Michael
You are proving the statement:
Do not argue with idiots, since they will just drag you down to their level and beat you there with their experience.
But the bad thing is that since you have no loyalty to companies, your clients are fodder.
And I am curious, Do you have any licenses to practice in California? None on the State Board. Might need to check that out.
And what about professionalism: Most professionals leave their office number, not a cell phone, unless they do not have one or want to hide something. I run into many fly by night companies that do this. Also if you can’t do a simple thing like spell check, how can you expect to handle anything bigger than the coffee for the office job. If the small things are not done right, how am I supposed to have faith in a person to handle my important things.
As for Ignoring me Michael, please do, it will keep my time for important things, like watching my money grow, in the accounts that I have through Primerica.
As for you knowledge, I have a broken watch in my drawer. It is right twice a day. To bad that is all you are.
I will continue to debunk your falsehoods here. I am curious since It is my free time, and if I keep you away one victim, then I can only pray it gets me in heaven sooner.
LOL
Since there is more than one James, I am not sure which one needs to see this more. Bout both of them need to see it.
James,
You again prove that you are not professional, just like Michael is not professional.
Professionalism cares about the spelling. Professionalism actually defends itself when give some points. You only say that Primerica does not do ROP and I can find cheaper products elsewhere. My Question to you is why do have to resort to being cheapest. Is ti because you have no value to bring to the client other than lowest price.IF that is true then your clients will constantly will be looking for the better deal. And you will constantly be a salesperson.
As for the Spelling, if you notice your posts are full of spelling errors. Until you got more an more unprofessional, I figured you deserve the benefit of the doubt. But since you seem to think it is funny, and what level do you care? If spelling does not matter, how about accuracy in a quote? How about accuracy in something you write or say? IF you can’t even do a simple spell check or at least look at what you are post for the red lines, why should any one trust what you are saying? Accuracy in the small things mean you are trustworthy.
AS for Michael, It seems since he does not think that spelling is important, maybe accuracy in other areas is not as important. I bet his clients do not know this is his philosophy. If they did then they would go elsewhere.
And then who would be laughing?
Tom people only have so much money to go around. If I save a client $17.00 a month I could offer them a Legal Plan or maybe a small amount of disability depending on the comapny. From what I remember Primerica’s Legal Plan cost $25.00 a month. Provided by the same company.
If I could save them on their current life plan, I could possibly increase their coverage with the same amount of outlay. I’m not sure if you know it but companies have reduced their rates in the past 5 years.
Yes I know PFS has reduced their rates, but look at the guarantee periods.
Now if one company is table rating a client I may be able to shop it for them and see if another company is more competitive. This is especially true with smokers. Some companies may not consider cigars for smokers rates and another might. Then what about weight? So you see Tom it’s not just about price. It’s about doing the best job possible for the client.
Get this I don’t have to worry about another agent coming in behind me replacing my program, because I will have access to the same carriers he/she may also have in most cases.
Keep posting Tom. I’m sure there are some PFS agents looking up what’s being posted. The more you post the more they will learn..Everyday they will look in the mirror and it will be there. They will ask themselves did they do what’s best for the client or the company?
Sometimes the client is a family member.
So Tom are you saying people don’t have the ability to make decisions on their own? If someone does decide to leave PFS I hope it’s an educated decision. It’s not like they made an educated decision to join Primeirca.
I’m not trying to recruit anyone. It’s because of your postings that I post other information. Here’s some more. I’m sure you understand Primerica has a Legal protection Program. From what I understand the RVP and above are able to get renewals, which I think comes after the business being on the books for 5 years. (PFS agents correct me if i’m wrong)
Well residuals can be considered a form of retirement plan. Build up a good book of business and it can be substantial. Well consider this. As a licensed agent the agent owns their license. They can contract with another organization. They can offer the same and more products and then if they so choose sign on with Prepaid Legal directly and build up a client base with and get paid an initial commission and possible residual income that can pay them for years.
Now why is that a better consideration? We all know some people don’t pass test or just don’t wish to go through licensing. In many states to offer the PPL plans there is no licensing requirement. To offer their Identity Theft Shield product there is no licensing requirement nationwide, so an associate can build a team on a nationwide level without signing any type of agreement. now what if they offer the Legal plans as a group benefit? Well that opens up the door for other products to be offerd to the employees or the business owner.
Primerica says bypass the middle man. Well it looks like it may be a business consideration to bypass the organization (Primerica). The licensed agent can still offer products, build a team if they so choose and then have a product that can be offered to the people who have licensing concerns.
Two different streams of income from two different companies. Both can provide ownership and both can be passed on at death. At PPL an associate can sell their business after 12 months. I will admit at thsi point I don’t have a clue what it takes for ownership at PFS, but I now it’s not immediate. Primerica is the right company for the right person.
This isn’t a dig at Primerica, it’s about choice. “Would you rather make an educated decision or an emotional decision?” That comes from my former PFS training..
Keep posting Tom…
Oh one more thing. Michael the comparison won’t happen because the PFS agents are in the clients home to do the best that they can do with what they have to offer.
As you know that’s where the absence of value quote comes into play.
I’m done, unless Tom calls me out again.
Michael,
Since you want to dance let us dance.
Michael Thomas @ 2:22 pm
tom said, “I am glad it is limited to 40%. That way if I need it I have it. But usuing it will not hurt my family.”
That doesn’t make any sense at all. He’s GLAD the product is limited?!?!?! And he’s accusing *us* of not caring for our clients!!!
Tell that to the terminally ill patient. I think tom’s loyalties are misplaced. He is more concerned about defending Primerica, than helping the client.
Terminally Ill patients are those that are going to die. The option that you are talking about is to have some extra money to takle care of them. The option is not there to bankrupt the family. Or do not beleive that Life Insurance is for Income replacement, and not using to go to Disneyland?
Some said something about Fiduciary Duty here. Any company that is giving the families means of surviving after the bread winner is gone, is not doing their Fiduciary duty. They are there to make sure that the family is not destroyed. Taking the entire amount for burial and having fun before the client dies, will destroy the family.
Now Question for Michael, Why is not giving all the money for the Terminal Ill, not a good deal? Life insurance is not supposed to be used for health issues, but replacing the income. Health Insurance is for that reason.
Another poster asked why can’t we let the clients decide? Well let us see, How many people have been using their house as a piggy bank, are now in trouble? How many of those people are claiming someone should have looked out for me? How many are claiming foul? And you ask why Primerica only does 40%? Let us see how many Primerica Loans are called into question, vs. all these companies that did ARM and Interest only loans, and left their clients hanging.
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James it right, its about choice for the client, and freedom for the Agent.
If James is right, why are we having the melt down in the financial arena? Could it be that people can’t be trusted? Or is the fact that people try to use wrenches when a hammer is a correct tool? Why would you use Life insurance, to pay the health insurance bills? Could it be that you the agent screwed up. You are going to need the E adn O insuracne badly.
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I am STILL waiting for some facts, figures, and product details (and business-model discussions), from Primericans.
Let’s compare side-by-side (without mentioning the product provider) and let everyone who is reading this thread decide. Coke vs Pepsi test.
Again you are calling people out here. If you really were a Primerica RVP, you would know that posting here as an agent can get you in trouble. That is why most agents will post once and then leave because they are contacted by corporate about this. As a Client, I can post all I want.
But then again, You are not here to talk just fight. I am so glad you do this so people will see how you are truly.
I got a call from your Village, they want you to come home Michael.
If someone can justify the 40% limit because the company is looking out for the client, that’s the case some make for Whole life. They say it’s a forced savings plan. As we know death is a guaranteed event and Term pays out about 3% of the time. Permanent coverage is for a permanent event.
In a terminal situation there may be other expenses especially if there are LTC cost without a LTC policy.
I would think that side account would be drained or at least have a sizable amount used for health care cost. The TI is just there if needed. If a client feels they want a higher amount why not have different limits available to offer. Yes being independent is a good thing.
James,
You keep reminding me that you still think that using a monkey wrench as a hammer is perfectly ok. Why not use the tool the way it was intended? I know because you rather confuse the client.
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James @ 6:23 pm
If someone can justify the 40% limit because the company is looking out for the client, that’s the case some make for Whole life. They say it’s a forced savings plan.
Wrong, but then again you still like to use Wrenches as hammers, instead of getting the correct tool. Life insurance is to protect the family if you die early. It is not to be used Investments, for parties, for terminal illnesses. To make this comparision is showing how desperate you are. Whole life or any form of cash value is something that was created so that the insurance company can share in the profits of people being afraid of not having money in a depression, or having no money when they retire. Since that time IRA, and other items have opened up for the working class. (I do not want to give you a history lesson but I might have to if you continue with these stupid comparisions.)
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As we know death is a guaranteed event and Term pays out about 3% of the time. Permanent coverage is for a permanent event.
Well Since the last time I checked permanent coverage is usually only carried 5 to 7 years, and term is carried 10 years, which one do you think has a greater chance of being enforce when the even happens?
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In a terminal situation there may be other expenses especially if there are LTC cost without a LTC policy.
I am curious do you always buy something and use it for something it had no intention of being used for. Wrench as a hammer, Table as a bed, computer as a paper weight, etc. Insurance have specific purposes. To protect you against an event. Car insurance will not cover your house buring down. Homeowners/Rental Insurance will not protect you when you car is totaled in an accident. Life insurance is not a savings/investment plan. So why must you use Life insurance as a Long term Care policy? I know because it gives you something to harp on. The reason why any legtitamate company gives you only 40% is so that the heirs can’t come back and sue the comapny for taking away their ability to life after the bread winner is dead.
But on that 70% is that a Loan like many of the policies, or predeath dispersement? Most of the companies I looked at of the years give you a loan, that you have to pay interest on. Since this is the second or third time I brought it up, it must be since you are ignoring it.
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I would think that side account would be drained or at least have a sizable amount used for health care cost. The TI is just there if needed. If a client feels they want a higher amount why not have different limits available to offer. Yes being independent is a good thing.
Maybe you missed the news in the last couple months. People have been wanting to buy homes they can’t afford and now are going to lose them. Who do they blame the mortgage companies for the loans they sold them. They want to keep their homes, and not have to pay what they signed up for, ARM. Others have been using their homes as piggy banks for years. Now they can’t afford the payments, and the homes have decreased in value. They blame the companies that sold them the loans. So why would a company open themselves up to lawsuits, and litigation, when limiting the amount to 40% is perfectly good. And it is not a loan, like most of the TI options are. But then again you are an independent. Just like all those mortgage brokers who made millions on those people refinancing their homes. And if you follow their lead, you will be wearing orange, or yellow jumpsuits eventually.
Tom please give me a history lesson on life insurance. This ought to be good. I’m sure you understand how the cash value of a policy is used within a policy and who owns it. (I’m just fueling the fire)
If your so against the TI, why is 40% ok? There are companies that offer policies without a TI benefit. Exactly what does th issue with todays “mortgage crisis” have to do with someone who has a health situation and high health care cost? The key word is terminal…Usually 12 months to live. I think I have even seen a policy that stated 6 months…Yet don’t quote me on that.
Tom the company by contract is going to pay out 100% of the face amount. Depending on the policy and if there are any type of loans or whatever. If they are going to pay out any procedes early they are losing the use of some funds. In comes the interest charge and/or other fees.
James,
James @ 10:34 am
Tom please give me a history lesson on life insurance. This ought to be good. I’m sure you understand how the cash value of a policy is used within a policy and who owns it. (I’m just fueling the fire)
Since you are being obnoxious, why would I spend my valuable time trying to teach you. It is “Throwing Pearls infront of swine”.
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If your so against the TI, why is 40% ok? There are companies that offer policies without a TI benefit.
You are right. but then again I still have my grandfathers watch in my drawer. It is broken, but has emotional value. It is right 2 times a day. One can have hope for you.
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Exactly what does th issue with todays “mortgage crisis” have to do with someone who has a health situation and high health care cost? The key word is terminal…Usually 12 months to live. I think I have even seen a policy that stated 6 months…Yet don’t quote me on that.
First you said that you should leave it in the hands of the client. I showed you that is not prudent, especially in the light of the Mortgage Crisis. How many people are drying foul? Saying I was not told this, or that. Limiting the amount is a prudent business decision since they are limiting their liability.
Second, how many of these people have a terminal illness like cancer but live longer. Look at Randy Pausch,he was given 6 months 12 year to live. He last 18 months if not longer. Medical science is doing wonders. What happens if they do not die? Most of them are loans, not early payout. That means the dollar amount is going to be lower. Primerica’s is a early payout.
Third, Why are you using a werench when you can get a hammer? Many tools can be used in many different ways. Bugt if you have a tool why would you not use it? Using life insurance to pay for LTC is not a prudent use of it. Just like using Life insurance as a savings/investment tool. It can work, and if you are extremely careful you may not get burned. But it is like using a wrench as a hammer. It can work, but most of the time it does not.
I do hope you understand this now. I am getting tired of repeating myself, especially to a person that says he is a professional, but does not understand his products, nor how people react.
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Tom the company by contract is going to pay out 100% of the face amount. Depending on the policy and if there are any type of loans or whatever. If they are going to pay out any procedes early they are losing the use of some funds. In comes the interest charge and/or other fees.
Then you are saying that it is ok to charge a fee for this? Most Insurance companies charge for this, Primerica does not. They also charge interest on the money. Primerica does not. They may charge fees to use this part, Primerica does not.
So let us see, Yours is cheaper, but to use the features it cost me money. Reminds me of the stupidness of P and C companies logic. They would charge more for people with bad credit scores, because they might use insurance more than peopel with good credit. I am sorry if I pay for something, I should be able to use it. I should not be double or triple charged for using part of something I paid for. IF you think it is perfectly logical to charge for something in a policy, and then charge someone for using what they already paid for, you definitely need to hide the hoods and masks from your clients.
Tom side by side. If a person buys a 100K face amount policy from company A or Primerica for the same duration and they die how much will company A pay compared to what Primerica will pay?
I haven’t seen the current Primerica policy, but at one time there was an admin fee for the TI. Something to think about is no matter the insurance comapny something is being paid for some where.
You say what I can offer is cheaper but cost more to use other features. Well what you profess cost more but offer some features free. Nothing is in stone until we see the contract. Michael has asked for comparisons, but no takers. There are PFS reps. posting on other boards on the net.
As for your terminal examples it’s just an option. You can bring up any example but this is looking at it from large numbers not an individual situation. You actually think insurance companies are looking out for the benefit of the policy holder. It’s a contract. Which then brings us back to why not fully guarantee a policy to it’s full term?
If a company has the option to increase premiums they will if they have to. Look at what’s going on with LTC increase in premiums.
I can see it now. Mr. Jones, sure your 30 year policy premium is only guaranteed for 20 years but hey they may not raise the rates. Trust us we are XYB Insurance Company. Yea right.
You compare an ARM with a fixed mortgage. Well why isn’t a fully guaranteed premium better than a partial guarantee? As for your repeating yourself just stop.
So for all the PFS people looking at thes post, help out Tom. If you would like to consider helping out yourself give Michael a call..
I don’t know Michael, but I know the difference between being captive and independent. Especially when an agent is part-time. Why be part-time and captive?
Well I have to go see a client..
James @ 12:42 pm
Tom side by side. If a person buys a 100K face amount policy from company A or Primerica for the same duration and they die how much will company A pay compared to what Primerica will pay?
If you look at 9/11. Primerica pays in 2 weeks, and the rest looks to see if the President will declare the attack as an act of war. Now I know you may say what is a couple days. Well when my Dad passed, he had a primerica policy, and several other ones. Primerica was paid in less than 4 weeks. We waited for 6 months to 18 months to get the money. I am curious what you have to say about this?
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I haven’t seen the current Primerica policy, but at one time there was an admin fee for the TI. Something to think about is no matter the insurance comapny something is being paid for some where.
You say what I can offer is cheaper but cost more to use other features. Well what you profess cost more but offer some features free. Nothing is in stone until we see the contract. Michael has asked for comparisons, but no takers. There are PFS reps. posting on other boards on the net.
They might be posting, and then getting contacted. As you may remember, I have contacted corporate more than once about these posting. DId you know that when an agent can be found and they post incorrect or malicious posts they can be sued?
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As for your terminal examples it’s just an option. You can bring up any example but this is looking at it from large numbers not an individual situation. You actually think insurance companies are looking out for the benefit of the policy holder. It’s a contract. Which then brings us back to why not fully guarantee a policy to it’s full term?
Since we never talk about this point. But if you muist here is an idea. You keep insurance as long as you need it. You do nto keep car insurance on the car you traded in? Or the house you sold last year? So why do you need income protection when you do not need it. Did you notice most of their programs get them where they need to be in 20 years or less? So a 20 year guarantee is usually perfect.
But to be honest, I am not sure why they only guarantee for 20 years, but then again only 3% of the policies on term are enforced to the end. So why are you worried about it. The policy has a less chance of being enforced, than you do being ok or wealthy at age 65. (5% chance there.)
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If a company has the option to increase premiums they will if they have to. Look at what’s going on with LTC increase in premiums.
Now, I am curious, have you noticed what the premiums have been doing over the last 10 years? HINT…..They have gone down. And if they did increase them, they would lose the chance of keeping them if they are not competitive. So You are losing the logic game here.
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I can see it now. Mr. Jones, sure your 30 year policy premium is only guaranteed for 20 years but hey they may not raise the rates. Trust us we are XYB Insurance Company. Yea right.
Again, Since premiums on term has been going down, I am curious how do you figure it will go? Unless you are selling fear. And then go ahead. But remember you are basing your ability to sell, on price. I am curious, what do you do when you clients cancel to get a better price.
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You compare an ARM with a fixed mortgage. Well why isn’t a fully guaranteed premium better than a partial guarantee? As for your repeating yourself just stop.
Depends. Is there value in the partial guarantee? Is the company going to call you later to “convert” you to permanent insurance? Are you bringing anything else to the table. It depends on many things. But then again you sell price. And you will always be worried about losing clients to someone with a better price.
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So for all the PFS people looking at thes post, help out Tom. If you would like to consider helping out yourself give Michael a call..
Since talking to you, It makes me want to join the ranks of Primerica, just to make sure you can do little to no damage.
It is something to think about.
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I don’t know Michael, but I know the difference between being captive and independent. Especially when an agent is part-time. Why be part-time and captive?
Well You need E and O insurance. I talk to a freind I sell to in my business. It runs a minimum of $1300 for her and she is a captive agent. And that is a month. I am curious home many parttimers want to work hard for $3000 and are barely breaking even. I know I would not want to have to do, 6,000 dollars in premium and barely breaking even. I guess being captive has it benefits. But there is more than this one.
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Well I have to go see a client..
I do hope they are smarter than you. But after reading your posts, they would ahve to be really stupid not to question your logic, and knowledge.
Go sell Price.
Michael,
If one was to read your posts, they would find you very Untruthful.
You have attacked me. ANd you ahve lied. The easiest lie is the one you said you were going to ignore me. What happened? Did you forget?
If you can’t keep your word on a little thing, how are we to trust anything you say?
But then again, you have admitted you work with Primerica, Stole their training, and are using it to make yourself more money.
I wonder how how you steal from your clients?
Anyone reading this board, should know you as a liar and a thief. Do you commit any other moral crimes?
As I posted above, Micheal word cannot be trusted. He said in a previous post hwe was going to ignore me. But here he is posting his opinions and his facts. How are we to know the turth if he can’t even keep his word about not responding.
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Michael Thomas @ 2:59 pm
Again Tom is spewing half-truths. View everything he says with tremendous skepticism.
For example, in his last post he said, “Well You need E and O insurance. I talk to a freind I sell to in my business. It runs a minimum of $1300 for her and she is a captive agent. And that is a month. I am curious home many parttimers want to work hard for $3000 and are barely breaking even. I know I would not want to have to do, 6,000 dollars in premium and barely breaking even. I guess being captive has it benefits. But there is more than this one.”
Kinda true, but not the whole truth.
1) E&O is about $1,300 a YEAR (not a month), and covers securities and life insurance producers.
Since Mine is coming from a freind and not someone that has a history of not keeping his word this is suspect. But then again maybe his policy is for small things. Just remember Michael promised to ignore me.
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2) Primerica’s in “only” about $300 a year, BUT
3) It does NOT cover life insurance.
4) The securities E&O is for PFS Investments, NOT the Registered Rep. This is a little known fact among many Primericans. It’s a little like PMI insurance on mortgages. Meaning, if the RR gets in trouble the coverage is for the COMPANY, not the agent. If the Rep screws up, PFSI will separate themselves very quickly from him or her. They, nor the E&O, will go to bat for the agent.
Again with his opinions. Does he have documented facts? Does he have lawsuits that prove this? I doubt it. But then again his real name is not Michael but Thomas. I am curious why he changed his name? I do remember that Primerica had some agents it had to get rid of in Orange county since they were selling away. Were you part of that group Michael? Could this be the reason for the hateful and deceitful posts?
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Another reason WHY to go independent (and incorporate, as well).
Again, whatever you can do in PFS, you can do better on the outside. Improved products AND cheaper products, more products, outside business activities (with approval from your B/D), higher contracts, better legal protection (E&O, “S” Corp) etc.
No reason to be capitive.
By his answer all those agents in Allstate, and State Farms and even Primerica are stupid people. But wait He and James are the only two I have ever heard of that saying independent is so great. Most of the agents I talk to in my business, love being captive. They know what is out there and have been approached. But they know the “Grass is not greener on the other side”. they say it is usually spray painted green.
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Example, we hired an account in our Agency, that we tried to recruit into PFS two years (right before I left). Well, PFS said it was a “conflict” and turned her down.
After we left, she was one of the first new “recruits” in my independent agency.
She has 1,100 accounting/book keeping clients, whom she wants to help with securities, life insurance, loans, and living trusts. We have already had a client seminar in her office with 24 attendees.
Thus far, through her we have invested over $1M in variable annuities, closed three loans, done four living trusts, and a number of life cases.
Next week SHE is closing $600,000 in variable annuities and she’ll earn over $18,000!
All this would not have been possible in PFS.
There is a reason why she was untouchable. And you know what. I trust PRS over you any day of the week. There are people out there that are thrown out of Primerica. They ahve to break the law, but then again, I would not want them working with my money. And there are people that are in other business, that have a conflict of interest. If you avhe no problem working with them, then this is another reason why no one should work with you. IF you are able to overlook her conflict of interest, maybe you will over look one of you agents felon records. That remind me of WMA, now I think it is called WFG. They are known for taking people on with felonies, as long as they do not have to do with money. Do you really want to have a felon handling your finances?
Getting back to the Conflict of interest. This protects the client, the company and the individual. The client so she is never given wrong information. (Like those guys that caught selling away.) The company so that they do not get in a legal battle with the other company.( Like being sued since she is not selling there products.) And the individual, so she does not need to worry about losing her job, or career, before she wants too.
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I do hope Michael, or Thomas which ever is your name, can atleast live up to his word. But noticing his statements here I doubt it.
Michael, I guess this is not breaking your word. You are commenting on James’ post.
James, this is a VERY good distinction…
“Tom let me ask you this. Primerica says Buy term & Invest The Difference. Which means buy low cost term and invest the difference a client would have put into a cash value program. Well isn’t that kind of like selling on price?”
The reason that BT&ITD works, is *because* of price! You don’t sell term vs cash-value on “features”, it is purely a price sale. If somehow a cash-value product existed that was cheaper than term for the same face amount, it would be “better” because the client would get their money back.
Michael, Have you forgotten the 6 rules of Cash value? That is how you replace Cash value. Even I someone that is not in the business knows that Cash value does not pay. The policies last 5 to 7 years. If you need a refresher, I can pull out my sheet that I have in my Primerica papers that I got for going to their training. It was fun to listen to the tape of the agent apologizing to the client for lying cheating and stealing from them. Do you have to do that often Michael?
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Oh wait, something similar *does* exist. ROP Term.
As I said before, ROP Term is the Insuracne companies way of trying to get more money knowing that they do not have to pay. You need to keep paying on the policy for the entire time. The insurance companies and the agents know that the odds of that happening is slim, very slim. But then again you get paid on the volume, so Why would you sell the cheap stuff when you can make more money on the ROP crap? And the difference can be placed in a Roth IRA, which will be tax free. Can be transfered tax free to your kids! Used by you later. But then again Micheal, or is it Thomas, will say something like our ROP term is lower than Primerica. Butr then he is not selling value but he is selling price. In my company, only two groups sell on price. One green horns, new people. Or those that can’t close. We all know that Michael or Thomas is not a Green Horn, so he must not be a closer.
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Anyway, it is interesting that Primericans are “all about price” when putting their term insurance up against cash-value, but when *others* (such as myself), compete against *them* with cheaper/better term policies, THEN all of the sudden its about “price is only an issue in the absence of value” B.S.
Again Primerica didn ‘t sell me on price, they showed me how Cash Value was a lie. And Since I can’t trust your word, everything needs to be triple checked. You are not trust worthy.
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Our motto: Replace Primerica Term (with less expensive/better term), and invest the difference.
If you can, but then again you are looking for those that are looking for price. Most of the agents I work with look for Quality clients. Maybe that is why you can’t get the quality Clients. You can’t get someone with more than a 2 million net worth not including homes to even think of calling you. And I work because I enjoy my position.
Tom the cash value in a policy does not belong to the client. It is the companies money. That’s why they pay charge interest. If money is taken from the cash value that’s loss of use money. Level premium and a level death benefit does have cost. It’s policy design. Like it or not that’s how the policy works.
Now ask one of the RVP’s why doesn’t PFS just offer a policy that pays to age 100 (or beyond) with a level premium and a level death benefit to combat a cash value policy? I can answer you,,,COST…
Well let me ask you this, do you know there are Guaranteed Universal life products that are designed to have low/no cash value. Some even offer a dial a guarantee period. Look up shadow account…
Now for another use of a cash value policy. Do you know not everyone saves money, or some people do have to spend down for medicaid purposes. Well have you ever heard of a Funeral Trust?
See there you go making me bring out other information that PFS agents will need to educate themselves about to combat their competitors. Something else I wonder about. You say your just a client, then you say you went through PFS training, which is it?
Tom I am not recruiting. I am just sharing information that I learned outside of PFS. If PFS agent takes any information and do their due dillegence and deside to go another route, blame that on being a U.S. citizen. It’s called freedom. Everyone has a right to declare their freedom from captitivity (especially if they are part-time) So PFS agents here’s a homework assignment. Look up Guaranteed Universal Life and the use of a shadow account. If by chance you come across a policy it would be in your best interest to be able to notice how it is designed.
As for the web sites I post, it’s because I don’t wish anyone to take my word for anything. I have not posted any contact information. You made statement about E/O cost. As with insurance products some companies price differently and there are many factors why an “individual” may have one cost compared to another.
You see when I come across PFS agents who try to recruit me, yes it does happen, I just deal with facts. In most times they come at me with hype and emotion.. I just compare contract per contract and products against products. If one day Primerica changes their business model and it’s beneficial to do business with them I may consider it. Now saying that, I can’t imagine what scope of changes would get me to that point, but who knows?
A.L. Williams was a Financial Services Marketing Company. He believed in being Independent. Art said at A.L. Williams if he couldn’t give you more coverge and better value for your money he felt he didn’t deseve your business. Yes I once listend to the old A.L Williams tapes given to me. If Art never sold A.L Williams that company would be huge…
Keep posting Tom.
Tom brother,
Just remember NBIP (nothing personal in business). Yes I should have taken more care in my spelling, LOL.
You asked, since you never worked with them how can you give any information about the company? I was called out of the blue from a “Jerry” a PFS agent, and I really do not know how he got my number. His sales pitch how my wife and I would be a great managers working for PFS. The way it was presented was that we would be employees and this was a “job opportunity.” He wanted us to come down to the PFS building and interview with him. I did set an appointment because I was really unclear about why he would call an air conditioning mechanic and a housewife and say that they would make great managers at PFS.
Tom, you said, by the way in past posts you have said you were an agent. Which one is it? Please do not confuse me with any other James; this is the only post that I have written.
I would also like to set some ground rules. I am not here to rag on PFS. I am not upset that you are with PFS. I only stated my experience with the recruitment process and what I actually learned before I joined PFS. I responded to this blog because the owner not owener LOL said, “I would love to hear your perspective if you heard of them, been recruited by them, worked for them, or currently work for them.”
Tom, just remember before you become the pot that’s calling the kettle black, about my spelling again NPIB, you misspelled ”somethign” and “doe sthe“ and you upper cased the n in “ANd “ and “IN”. That was just for a little fun.
Please do not get me wrong, personally I do not like Amway, Quixtar however I like Mary Kay. These are examples of MLM’s. I do not have a problem with MLM’s. It’s the products or services that I do not like. PFS I do not like because you are captive. I like my organization. I am not trying to recruit and I will leave it nameless. If someone is interested that may e-mail me and I will go into details. When I stated “that’s not the issue” I am saying, I do not have a problem with MLM’s, it’s the products or services which make a MLM bad. My wife swears by Mary Kay products. I do not want to be forced into buying overpriced soap from who ever.
Tom, you forgot to capitalize “being part-time I bet your present broker will through a fit, and send his lawyers after you if you tried to take them. I can even bet you signed a clause but did not know about it. Most brokers do this so they do not lose the clients they have.” Let me explain. I did not sign a non-compete agreement. I am truly an independent, non-captive agent. Yes, there are some rules like I must follow each carriers advertising rules and I must meet XYZ carriers requirements. If I want to sell products from some carrier that I do not use in my organization, I first tell my up-line to look at this carrier. Only as a courtesy, I do not have to do this. The reason I do this is because if they have a bigger, better, and cheaper product, let’s bring them in with us. If they say no way Jose, I set up my own deal with them and go on. You see, I really tell on myself, because I do not have to be afraid of any lawyers since I am not breaking any contractual agreements.
Tom, here is where you and I differ. You asked why selling only PFS is bad. Would you only purchase one brand car knowing that there is a better products that there? Would you only shop at one supermarket? You are forced to do this because PFS would have a fit and send their lawyers on you because of the non-compete clause you signed.
Here we go again. You said, “So basic economics say that the companies you work for, either pay to much and will ahve to short cut on services, or are possibly going out of business. Either way they are not good companies.” How do you know my companies? Please state facts when you know them. I am not here to advertise any company. If you are curious, e-mail me and I will let you know who I represent. I have nothing to hide.
“As for Cancer (Look at Spelling), accidental and the other policies that you can sell, they are usually worthless. Any competent adviser says to stay away from Cancer policies since they are so narrow that they are not worth the policy. Accidental death and dismemberment is worthless, since it pays on 1 out 1,000 policies. I have already clarified LTD to you and you still keep bringing it up, I guess you do not remember that. LTD is something you should get from work, and not from your neighborhood salesperson who is trying to make more money off you.” Ok I offer these as an extra line. If someone is interested in them, I have the ability to talk to them and offer them these services. There are many mixed opinions. Can you offer these services with PFS? Are you Accident and Health licensed?
As far as recruiting, please do not read more into it that what was stated. I said that I do not have to recruit. Recruiting is not a bad thing. I just do not force feed it to anyone. If they are interested, I explain it to them. They are adults and they can make their own minds up.
Giving up 5 or 6 sales to my trainer, what’s up with that? Why don’t you split the commissions? That seems fair. I did not have anyone show me and remember I am an a/c repairman. The support I get from my up line and my fellow agents has helped me learn what I do. I am not stupid, I learn from my mistakes and correct myself. I put my priority in learning my products. Sales are sales. Offer the best product and services you can offer and if you believe in the product it will sell itself. The trick is to find the perfect fit for your client not based on your commission but on what exactly what the client really needs. Do you need to sell ice to an Eskimo?
So it cost you, the independent, over $2000 to get the same things it cost the Priemrica (spelling) agent, $99. You have a yearly expense of office space, postage, overnight delivery, insurance for office, insurance for E and O, and lawyers if you get sued. Tom, Tom, Tom, lets clear this up. My costs are 149 for the license from the state DOI, 250 for the L & H class, 250 for E & O insurance and 100 for the state test. I work out of my home and the sales brochures are free from my carrier. Do you pay for your brochures?
Tom, you said, “Funny you have been doing this for months now. I am curious, do you say the same thing to your clients with a straight face.” Sure do, join with me and I will train you. This is a Christian blog. Isn’t Christian supposed to be Christ like? Why would I lie? When this is no long my passion or I start putting my pocket book ahead of my clients I will quit.
Oh by the way, this is the James that posted on July 26, 2008 James @ 9:25 pm for the first time. I am sorry for any confusion. I will now call myself James S. I was just expressing my experience with someone who gained my interest in the financial planning field. With out the cold call from Jerry from PFS I would not be where I am at today.
I have learned a couple of things. The use of spell check and instead of using the philosophy “buy term and invest the difference” maybe try buy term and invest the difference only when it makes sense. Who are you serving, your pocket book or your client? Being non-captive means to me, that I am not forced to sell one product, one service, or having one mindset. This field is constantly changing. You must have the flexibility to change and flexible products to meet your client’s needs.
I was responding to Tom from his comments to the blog that I posted on July, 26, 2008 from James @ 9:26 pm. Tom, I see that you have a lot of anger and I hope you take care of that. I posted the truth from my experience and belief. If you are happy with PFS, I am happy for you. I just know that you can do better. Please state facts as I have, without knowing my carriers please find out who they are before calling them not good companies. By the way are your policies fully convertible and guaranteed? Do you know the difference between a good term policy and a bad one? I am sure your clients would like to know. Just remember, NBIP (nothing personal in business). If you want to know about my carriers e-mail me at [email protected].
James S.
michael @ 7:23 pm
wow. Tom really flamed me! I think his true colors are obvious!
How professional. So, I’m a “liar” and can’t be trusted because I respond to the THREAD (not him), based upon his statements.
What I have yet to see from him, and others defending Priemrica is FACTS, FIGURES and NUMbERS!
Michael Can you please use the Spell check. I can understand that most of your clients could care less how you talk and write, but Trying to figure out what you mean is difficult with the mis-statements and mis-quotes. I know it is hard for you to do a professional job since you are so used to being cheap, but try.
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He keeps repeating “quality”, as though PFS’ life is “better” than cheapers. And he over-simplifies the issues when he says “cheaper must not be as good.”
I am curious, Is not a YUGO cheaper than BMW? Just like you term is cheaper. Now I would not buy a YUGO, but some people do not have a problem with Cheap no value products. But to compare a Yugo and a BMW is laughable, just like you comparing the no value, to Primerica.
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He is wrong. But I am open to FACTS. I wish he were to answer this case:
35 year old female.
standard plus
35 year guaranteed term
50 terminal illness benefit ($250,000 max)
no war exclusion
2 year suicide exclusion
renewable to age 95
company ratings: aa+, A++, aa1
Stop ranting, and show us how a Primerica Life policy is of “higher quality”.
Again You are confusing someone that sells. I hate to be your client when he says I want full coverage and you sell them Liability. Are not able to understand simple English. Do you have a mental problem?
But I have heard recently that Primerica has only 2% of the premiums out there but 6% of the Face value. Now if Primerica was such a bad program, why is it 6% of face value to 2% of the premiums? But then again If you noticed something, He chose the parameters. He is a flim-flam man that is leading you in a trap. He must have some product that he has investigated that he has some great deal on.
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Then, this…
Variable Annuity
M&E: 1.24%
11 American Funds subaccounts
Guaranteed Incoe Rider, starting at 5% (0.25%)
NEVER annuitizes!
every five years withdrawal amount increases by 0.5%
Withdrawing more than alloted %, does NOT “break” the rider.
Please, show us how the PrimElite IV is a “higher quality” product.
First Please try to proof read your posts. They are getting harder and harder to read and understand.
Second, Since I am not an agent, but a client that has been approached several times, I do not have the access need to get the answers. But then again you knew this. But then again you are here to see if you can bash me into submission. Is this how you treat your clients? I can understand your bitterness with Primerica. Were you one of those RVP’s that were asked to relinquish the contract for problems.
Michael you are reminding me of the Humphrey’s. They could not get what they wanted so they left Primerica. ANd ever since they have had to bad mouth Primerica. But then again you might remember the rule about securities. It says the Broker agency is responsibly for all emails and posts. It was part of the reason I don’t email my agent since it needs to go through the Primerica Servers, and I do not chose to have a permanent record in there.
But keep at it. Maybe you can trick one of the agents to post here. But since I am a CLIENT, I can.
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I promise you, he won’t respond with numbers. He’ll rant.
Well I do hope you understand. Do you know the price of every part in you Toyota Corolla? Do you the cost and what each level does? Since I am a CLIENT, something I have been saying since the beginning, how do I get this information? That is confidential information, that only agents have. Now If you have read my posts, you should know that I am a CLIENT. (I am capitalizing so that he might notice it, but I doubt it. It is probably one of the reasons he left Primerica and has he own office. He can’t seem to read and understand simple English.)
For Facts here are some:
For the Most case Primerica will not fire you. You need to break the law or do something foolish. Since Micheal or Thomas, which ever name he goes under can seem to read simple English and understand simple written word, I think he did something foolish and got terminated. He then had to get his own office because no one else would take on the risk. Just like a person with High Blood Pressure, and Diabetes are not likely to get insurance, no one would take on the risk of having him as an agent. Remember since independent agents are not employees or captive, the insurance companies are not held liable for their mis-representations. Just like the insurance companies that got away with canceling all those policies in the 70 and 80’s when they imploded. So what is the independent agent said something was so, it matters what is in the contract.
Here is another fact, over 50% of the insurance companies in business when Primerica began have closed shop. I wonder why?
Yes I have gotten some new information from my agent. And since He can be trusted since you have made things up, lied in your posts, and seem to always want to do a loaded comparison, when all we have is a word of a person who doesn’t use his true name, uses a cell phone so when someone checks him out, they can’t
Here is one more fact: When Primerica was A.L. Williams, to go RVP you had to give up your entire team and start over again. Now, Since Micheal, or Thomas, must have known this since he was spouting his knowledge of A.L. Williams in the past why did he not say that it has gotten better? Could this be another deception? Could this be something he does not want anyone looking at this Business, to know that they do change and they do adapt to new things. It is just they do not just jump on every new fangle Insurance product. Nor do they do things that are not good for the client.
On the other hand, Micheal/Thomas has said he does interest only loans. Did you know that these are not good loans? They mean you will never own the property but will continue to be the RENTER of it? Since the Primerica way is to get them out of debt, and not keep them there for life, which is better for the client? And please do not say the client should have a choice. Look at all those homeowners that had a choice, chose incorrectly, and are claiming foul. Yes I am talking about the ARM and the mortgage mess again. Since my tax dollars are going to have to fix it, I can keep complaining, and comparing it to what you do.
James S. @ 11:12 pm
Tom brother,
This sounds like a religious term. I am no more your brother than those idiots sending out emails saying they are Christian Mortgage Brokers. Do you know it was illegal for Christians to make any money on the money they loaned to people.
So please refrain from using Christian terms. A Christian does not lie cheat nor steal from his fellowman.
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Just remember NBIP (nothing personal in business). Yes I should have taken more care in my spelling, LOL.
You Laugh at something that is professional. You remind me of the way Car Salespeople were considered. Since you do not think it is proper to be professional here, where else do you think professionalism is not needed? How about when the client asked a direct question that you hem and haw at? Or how about the agent that placed a piece of paper on top of the policy saying you can never cancel this policy. Since it was not attached is was not part of the policy, but the agent knew that, but the client did not. Sneaky things agents will do to cheat, lie and steal from their clients.
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You asked, since you never worked with them how can you give any information about the company? I was called out of the blue from a “Jerry” a PFS agent, and I really do not know how he got my number. His sales pitch how my wife and I would be a great managers working for PFS. The way it was presented was that we would be employees and this was a “job opportunity.” He wanted us to come down to the PFS building and interview with him. I did set an appointment because I was really unclear about why he would call an air conditioning mechanic and a housewife and say that they would make great managers at PFS.
Well the same way the found me, not once but several times. They hear from word of mouth. Clients, friends and neighbors meet people and pass on the name and number. It could be that they saw you someone where and thought you had what was needed. They could ahve picked your business card. Or they could have been dialing for recruits. This is when you do cold calling and see if you can get any results. It is difficult, because of the do not call list, but then again, Primerica is not for those that quit easily.
Now as for the Employees part, they never said that in any of the many times I get calls. They say they have an opportunity to make money. They ask me if I am interested. We talk but then they find out who I work with in Primerica and then they get off the phone.
Why would they call a house wife, or an a/c mechanic. Same reason why I hire salespeople that have sold to different companies. They are looking for people wanting to win. They are not looking for someone who is looking to draw a paycheck. Remember they are sales people and sales people get paid on commission, mostly. If you work you get paid. If I want to start selling to A.C Mechanics or any certain group, I get someone that speaks their language. Then they have a leg up. But this is something I can understand you fail to get since you do not understand the dynamic of hiring quality people.
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Tom, you said, by the way in past posts you have said you were an agent. Which one is it? Please do not confuse me with any other James; this is the only post that I have written.
Well First, I have never said I was an agent. I have been apporached many time to become one and this is where I get my information. But I never had the need to. And since I ahve 2 millions in assets that are easy to convert. (This means in stocks and bond and mutual funds.) Not including homes, I do what I do now because I like it, not because I have to. And you might want to know that I did this because I worked with a Primerica agent for a long time. When no one else would work with me. Now those same companies beg to manage my accounts, but I am loyal. Yes it may cost a little more, but then value does.
Michael/Thomas may say that price really matters. But then again I keep bringing up a Yugo and a BMW. Now I would never ride in a Yugo. Micheal may think they are the best thing since sliced bread since he thinks price is the only thing that matters.
Or you can stay in the Econolodge, or the no-name motel that charges by the person. Personally I only stay in 4 to 5 star hotels. Quality matters to me, and most people. Just like loyalty. These are two things that Michael/Thomas does not understand.
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Please do not get me wrong, personally I do not like Amway, Quixtar however I like Mary Kay. These are examples of MLM’s. I do not have a problem with MLM’s. It’s the products or services that I do not like. PFS I do not like because you are captive. I like my organization. I am not trying to recruit and I will leave it nameless. If someone is interested that may e-mail me and I will go into details. When I stated “that’s not the issue” I am saying, I do not have a problem with MLM’s, it’s the products or services which make a MLM bad. My wife swears by Mary Kay products. I do not want to be forced into buying overpriced soap from who ever.
First May Kay is Cosmetics. And Amway/Quixtar is soap.
Second, why is captive so bad. Do you work for a Contractor in the Business of Ac Repair? If so, what would happen if he caught you working on the side? Anyone in sales, is usually captive. Xerox sales people do not sell HP. But in Financial services it is even more important. You are trusting them with your money, and your family lively hood(Life insurance). Which is better, someone who is captive and sells one company. Or person who sells for whomever pays the highest? A Hired Gun?
Let us look at the insurance companies as a whole. Most sell cash value, a known product that destroys families, making them have car washes and other fund raisers to bury their dead, and pays the bills. Even the term companies are owned by cash value companies. ROP is the Insurance companies way of mixing term and cash value again. Did you know that cash value is annual renewable term? This is term that goes up every year. The cash or the money added as a saving plan for the insurance company to offset the cost of the insurance. So who wins there?
ROP is a way to pay more so if by chance you keep paying for the length of the term, you will get the premiums back. Now the average term policy is kept for 7 to 10 years to possible 12 years. Since most policies are 20 to 35, what are the chance that the ROP will ever pay out? Slim and none.
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Tom, you forgot to capitalize “being part-time I bet your present broker will through a fit, and send his lawyers after you if you tried to take them. I can even bet you signed a clause but did not know about it. Most brokers do this so they do not lose the clients they have.” Let me explain. I did not sign a non-compete agreement. I am truly an independent, non-captive agent. Yes, there are some rules like I must follow each carriers advertising rules and I must meet XYZ carriers requirements. If I want to sell products from some carrier that I do not use in my organization, I first tell my up-line to look at this carrier. Only as a courtesy, I do not have to do this. The reason I do this is because if they have a bigger, better, and cheaper product, let’s bring them in with us.
It is the term I keep seeing. Cheaper. Do you know the meaning of the words, you use? But here is some great FACTS:
Since 1977 over 50% of the insurance companies that were in business have folded.
Fact Primerica has 6% of the face value with 2% of the Premiums.
Last Fact: A Yugo is cheaper than a BMW. Both are cars. Which would you want your family in?
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If they say no way Jose, I set up my own deal with them and go on. You see, I really tell on myself, because I do not have to be afraid of any lawyers since I am not breaking any contractual agreements.
Tom, here is where you and I differ. You asked why selling only PFS is bad. Would you only purchase one brand car knowing that there is a better products that there? Would you only shop at one supermarket? You are forced to do this because PFS would have a fit and send their lawyers on you because of the non-compete clause you signed.
First, I have not signed anything, for Primerica. I am not an Agent. I am a client with more knowledge than some ex-agents and people who think they know more because they were approached.
Second, If I wanted a quality car, I would get a quality car. Same thing with food.
When it comes to advice on insurance, I know there are cheaper term. I seen it called no-value term, by some agents. But then again I am willing to pay for quality. Most people are willing to pay for quality and service. To know that the company they trust their family with, is not Joe’s A.C repair and insurance company. It is Primerica. It is one of the biggest asset in Citi. It is worth over 7 billion dollars. They paid only 7 or 70 million for it. I am not sure which but they have gotten a great return on their money. But unlike Joe’s Insurance and A.C. Repair, Primerica keeps an Eye on what the agents do, and do not do. Since they are the deep pockets.
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Here we go again. You said, “So basic economics say that the companies you work for, either pay to much and will ahve to short cut on services, or are possibly going out of business. Either way they are not good companies.” How do you know my companies? Please state facts when you know them. I am not here to advertise any company. If you are curious, e-mail me and I will let you know who I represent. I have nothing to hide.
First, Since I am not an agent, I am not sure what you sell or do I care. Second, Since I have investigated most of the companies that Michael/ THomas, and other companies out there. most are owned by cash value companies.If you want to know these companies do your own research. Since you do not know this makes me suspect that you have not investigated the companies your sell. I am curious did you investigate the owners of the companies you sell? How about there past practices? Did you see how well they have been in the past?
I doubt you have done this since you do not even know that many of the Term Only insurance companies are owned and operated by Cash value companies. And this is why ROP was created.
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“As for Cancer (Look at Spelling), accidental and the other policies that you can sell, they are usually worthless. Any competent adviser says to stay away from Cancer policies since they are so narrow that they are not worth the policy. Accidental death and dismemberment is worthless, since it pays on 1 out 1,000 policies. I have already clarified LTD to you and you still keep bringing it up, I guess you do not remember that. LTD is something you should get from work, and not from your neighborhood salesperson who is trying to make more money off you.” Ok I offer these as an extra line. If someone is interested in them, I have the ability to talk to them and offer them these services. There are many mixed opinions. Can you offer these services with PFS? Are you Accident and Health licensed?
Again you need to read, I am a client with more knowledge than you. Since you said you offer these worthless products, does that mean you will sell what ever you can make a buck on? Does that mean you will steal from your client, any chance you can?
As for PFS, I am not sure if they sell them. But when I chatted with my Agent about these an other products I was interested in, he said read about these policies on the internet, the Wall street journal, and other Professional Publications that talk about money. They all said what I said. They are worthless. Accidental and Cancer are both worthless since they do not pay out often. As for LTD, policies outside work cost considerable more and do not cover as much.
Now since you have admitted to selling products that are not good for your clients, are you not like/similar to those cash value agents that sold policies that imploded in the 70 and 80’s? Or how about the people who had several policies but had less than 5,000 worth of insurance that they paid hundreds of dollars on and got nothing in exchange? Most people would call you a predator, stalking your victims, and selling them over priced items they will never amount to anything.
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As far as recruiting, please do not read more into it that what was stated. I said that I do not have to recruit. Recruiting is not a bad thing. I just do not force feed it to anyone. If they are interested, I explain it to them. They are adults and they can make their own minds up.
Great you do not think recruiting is bad. Then there may be hope for you yet. But I doubt it.
But if you are recruiting people to sell things that are not good for the people you are selling to, then you are a predator. Look up the definition.
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Giving up 5 or 6 sales to my trainer, what’s up with that? Why don’t you split the commissions? That seems fair.
First, Life is not fair. I have been waiting to use that term for weeks.
Second, Would you give up 5 to 6 appointments to be able to get 5 to 6 from everyone you train? And then what about the referrals? You get those. I would trade 5 to 6 sales to get 50 to 60 warm qualified leads.
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I did not have anyone show me and remember I am an a/c repairman. The support I get from my up line and my fellow agents has helped me learn what I do.
So you are sure they are not holding anything back. Remember that they do not have any reason to train you completely. Did the person who trained you on the job on A.C. Repair show you all his tricks? I doubt it. Then the company can replace him with you for less money.
The training sales literally means the trainer has nothing to lose to showing you everything.
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I am not stupid, I learn from my mistakes and correct myself.
Your post is proving otherwise. Let me show you in the next couple of lines.
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I put my priority in learning my products. Sales are sales. Offer the best product and services you can offer and if you believe in the product it will sell itself.
Wrong. Most sales are done because of a connections. Relationships. I have been sales longer than you have been on this earth, probably. Product knowledge helps, belief in the product helps. But the connection is what matters.
You need to read more books.
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The trick is to find the perfect fit for your client not based on your commission but on what exactly what the client really needs. Do you need to sell ice to an Eskimo?
Depends. But can you? There is no perfect fit. Even custom made suits are not perfect. But then again, I did not expect you to know this fact along with several others.
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So it cost you, the independent, over $2000 to get the same things it cost the Priemrica (spelling) agent, $99. You have a yearly expense of office space, postage, overnight delivery, insurance for office, insurance for E and O, and lawyers if you get sued. Tom, Tom, Tom, lets clear this up. My costs are 149 for the license from the state DOI, 250 for the L & H class, 250 for E & O insurance and 100 for the state test. I work out of my home and the sales brochures are free from my carrier. Do you pay for your brochures?
Since I am not an agent, am not sure if they pay for them, but most business have over head.
You said you have a home office. That must be comforting to your clients that you work out of your home? Is it a proper office by IRS standards, or just an area that has desk and a couple file cabinets. You are sounding more and more fly by night.
What state are you in? You did not mention Securities so you must not be investing the difference. This would be another way you are cheating your clients. You mentioned 250 for e and o. Since it only covers Life insurance, that is understandable. The price I was quoting was for a full service person. Someone that has all the licenses needed to help people. Not just a Life insurance sales person saying he is a financial adviser. Suze Orman has a field day with people like you.
But then again you still paid more, and are giving and getting less. You are not even a better version. Just a no value insurance salesperson.
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Tom, you said, “Funny you have been doing this for months now. I am curious, do you say the same thing to your clients with a straight face.” Sure do, join with me and I will train you. This is a Christian blog. Isn’t Christian supposed to be Christ like? Why would I lie?
How do you sleep at night? If I did any of the many things you say here I would not be able to sleep at night.
As for being a Christian blog, many atrocities have been done in his name. So please do not say that since this is a Christian blog I could not lie. I know of many pastors, priest and deacons along with many Christians that have done unthinkable acts. I can name them but that would be a history lesson and I rather not waste my time educating you any more than I have to.
As for Lying, you lie like all the other good Christians do it. The list is endless. But the number one reason is for money.
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When this is no long my passion or I start putting my pocket book ahead of my clients I will quit.
Since you sell products that are not good for the client you are doing that already. Cancer, Accidental and LTD are all products that you sell that are not good for the client and only good for the agent. They are similar to cash value. So please quit today.
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Oh by the way, this is the James that posted on July 26, 2008 James @ 9:25 pm for the first time. I am sorry for any confusion. I will now call myself James S. I was just expressing my experience with someone who gained my interest in the financial planning field. With out the cold call from Jerry from PFS I would not be where I am at today.
I have learned a couple of things. The use of spell check and instead of using the philosophy “buy term and invest the difference” maybe try buy term and invest the difference only when it makes sense. Who are you serving, your pocket book or your client?
Again, I am not an agent. just a well informed client. It seems you and Michael/Thomas have the same affliction. The inability to read and understand.
If you want to change whatever you want go ahead. This is how come people are asking about ROP. This was created by the Insurance company to take more money from the client and place it in the coffers of the company.
But any Intelligent Adviser will not change the saying Buy Term and Invest the Difference, because it is not a theory, it is not some fly by night idea. It is something that have been known for more than 30 years. Any competent adviser knows this. All the money books and magazines say this. the only people who say differently are those that sell cash value in any form including ROP.
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Being non-captive means to me, that I am not forced to sell one product, one service, or having one mindset. This field is constantly changing. You must have the flexibility to change and flexible products to meet your client’s needs.
So you sell the newest and most recent thing before it is tested. How many companies go out of business because of this. Over half of the companies selling insurance, in 1977, are gone. They must have been trying to follow the trend.
Any company trying to follow the trend usually will be out of business. Reminds me of a company that was selling silver coins. $60 of coins for $100. It was a MLM. I waited 6 months. they were now selling disposable cameras in the late 80’s. They were following the trend.
Primerica, follows the tried and true way. They add products when it is good for the client and for the company. They do not suggest anything that will not work out. One of the referrals I gave to my friend who was an agent, had some term that was good. They could not beat it. The only problem was that he got calls and letters asking him to convert to permanent insurance. Eventually he paid more not to get those calls and letters. That is a value.
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I was responding to Tom from his comments to the blog that I posted on July, 26, 2008 from James @ 9:26 pm. Tom, I see that you have a lot of anger and I hope you take care of that.
Anger, I do not have. Frustration with people like yourself who gives half truths and mis-leading statements. You need to discern the emotions.
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I posted the truth from my experience and belief.
Something I read about Opinions. They have the least worth for any good information.
As for your post, If you do not know the model of Primerica, you will never know. But you are an Insurance salesperson, not a financial coach. You can’t talk about Securities, nor can you talk about annuities other than fixed ones. These are worthless unless you are buying them to fulfill an obligation. (Car wrecks, Pensions, E and O.)
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If you are happy with PFS, I am happy for you. I just know that you can do better.
This is an opinion. They have the least worth for any good information.
Can you do better, possibly. But I have already proved you pay more have less. You have to sell bad products to clients to make up the difference. You admitted you sell products that are not good for your clients. You said you will quit if you ever find out that you are not doing the best for the client. I ahve already proved this in several areas, I love to see your termination notice.
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Please state facts as I have, without knowing my carriers please find out who they are before calling them not good companies.
You are right. I just know the industry. I also know things about you. And if you are willing to sell things that are not good for the client and a waste of money, one can only put two and two together and get 4. Since you sell garbage, and you sell for companies that suggest/allow you to sell the garbage, intelligent people can infer you are a profit mongrel. That is someone who places his own wallet before his client needs. Did you not say you will quit if you started that?
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By the way are your policies fully convertible and guaranteed?
Again I am not an agent, but the policy I have is guaranteed. As for convertible, the only thing to convert to is cash value. Since my that is a waste, why woudl I want to work with a company that sells garbage? I am curious, did you know Wall Street Journal once said this “Why are the only people who think cash value is good are those that sell it?” Since you suggest that cash value is good, I am wondering if you have either brain damage, or are a lying sales person.
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Do you know the difference between a good term policy and a bad one?
I am curious, do you know that what you know about insurance versus what I know is comparing Centiliters (YOU) vs. Gallons (Me)> Just because I am not an agent does not mean I do not research the issues and know the differences.
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I am sure your clients would like to know.
Again I am a Client not an Agent. I am in sales. Matter of fact I train sales people. You need to go read and understand your craft more. Then you might be able to compete with someone of Amateur status, not someone that understands what he is buying before he buys.
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Just remember, NBIP (nothing personal in business). If you want to know about my carriers e-mail me at [email protected].
First It is personal. I have had friends of my family that have to borrow to bury their parents because they were sold some insurance. They were told it would cover anything. Found out it was accidental insurance, and the guy died of a heart attack. When it comes to financial issues, it is personal.
Second, your attitude about this shows me you need to quit. If I had an agent that acted like you, I would drop you in a second. You do not know what you are talking about. Since you are talking about converting, this is what my friend had done to him. Convert to permanent every month. Another call from the insurance company saying to call them back. He wasted his time to find out they were trying to convert him to cash value. Finally he left them and went with Primerica. He paid more so he would not get the harassing calls. One of the salesperson said it was stupid to have term, and Cash Value is the only way to go. When my Friend quoted Wall Street Journal, the guy said they sell papers, we know more. He asked to be taken off the list and they said they could not do it. Since they make so much money converting they will keep at this.
This is value. Since you do not bring nothing other than no value term, with the harassing calls to convert, I can see why you need to sell on price.
IN any sales, Price only matters in the absence of value. Any one saying differently does not have any value in the product they are selling. Best example is the BMW and YUGO. YUGO is cheap, BMW has value.
James S.
Hey Michael,
Tom does not appear to have any interest on anything other than his opinion.
You give him facts, he doesn’t care.
Please give me some facts. Like how Primerica takes in 2% of the premium, but writes 6% of the coverages. That is a fact.
Also there is so much no value term that it is not even funny. Value is something that you might need to read about. Friend of mine had some great term. Lower cost than Primerica. The only thing is he had to endure the calls from agents, and the company trying to get him to convert it. He asked for them to stop, they did not. Since Primerica does not try to convert you to something that is worthless, by any competent adviser, this is something he valued.
Well Any one can take a fact and make it say something it is not. Stats do not lie, but those that use them certainly do. I know it is paraphrased but then I do not give my A game to some one that is in a C League.
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I have been long enough in this business to know fact from fiction.
We are independent. If there was a product they had that was worth our time, we would say so. We do not hold obligatory allegiances beyond common sense.
As if we didn’t know your products to the T…
Again with this I have been doing this for a while. IF so, why are you afraid of Primerica? Since it has been proven on many boards that those that are fighting the most against Primerica are those that lose business to them. This is a fact.
Here is another fact, you do not tell me your true name. Michael does not even use his true name. Because his license is under Thomas. Could this be because of legal trouble? ONe can only guess.
And Since I am not an agent, I do not need to post my name. I just love showing how moronic the people who post against Primerica are. It shows how desperate you are to defame a company’s name.
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He will call you a whole life agent without you even being one. He’ll call you a liar, question verifiable facts blah, blah… He is not here to do anything but put a paper bag over his head and scream out the sky is polka dotted.
First Here is some facts. Michael’s name is not Michael but THomas Michael…. Why would someone not use his given name. One can only guess something is wrong wtih it. I do know that people hide behind multiple emails and post. There were several proofs of this on the boards. If you have multiple emails you can make it look like you have agreement. And Since James already admits his is a free email address, that is the best way to hide the true identity.
And Then their is the initials. It is not my business but If I was spouting facts as you said you are, why not give you name, unless you have something to hide. Did you know that the reason why Primerica has mandated that agents not talk on these boards. So it protects them and the company from unscrupulous agents that hide behind initials and alias, so they can attack the company.
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Now… ROP is a choice not the end all and be all of a real consultant’s arsenal. That is just one example and they way they feel is that if they don’t have it then it must be demonized.
Wrong. But let us look at the product. You need to pay it for the entire term on most. (James’ words) Most term does not stay enforce more than 10 years. Most ROP seems to be 35 years. Where does the extra dollars go, Insurance Companies Coffers. Where did the cash value go to in many of the policies? Insurance companies coffers. Do you see a pattern? It is a product for the insurance companies to make more money. Reminds me of the logic that P and C companies were using. Since those with lower credit scores are known to use their insurance when they have accidents, we will charge them more. I mean how day the consumer actual want to use what they pay for. How many of these consumers would buy a bed, but never get to sleep on it?
ROP is another way for the insurance companies to make more money since they are losing money to term. And since they have no value term one can only guess why they need a new product.
Bye the way Is it”Buy term and invest the difference” or is it buy ROP and invest the difference. And if ROP was such a great thing, why did it take 30 years to develop? These are the questions your customers should be asking.
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News Flash… There is a market for every product created. Michael I think you are way too kind, you actually posted info ealier that I knew people like Tom would just react by closing their eyes, plug their ears and yell lalalalala.
Yes there is a market for everything. Just look at the Infomercials. They can sell crap to anyone.
Does it make it ethical to sell it to people? No. But then again James has already stated that if he ever did anything unethical, like taking his wallet over his clients needs, he would quit. Can I get Micheal/Thomas, and You to agree? He needs to quit since he has sold policies for cancer and accidental death which are said to be worthless. Consumer guides and money magazines and books say they are a waste of money.
Getting back to your statement about market, yes Cash value has a market. It is not the clients you see, nor are they Michaels/Thomas clients. And they are definitely not the ones that James sees. But then again that will not stop the unethical, the lying and the half truths posters to keep trying to lie cheat and steal from their clients.
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Michael you know what you are talking about. I know all those carriers and your figures are available to the public.
Tom you are the one masterfully avoiding the real issues. You ought to be in politics and I can read very well. Did you read your contractual situation and think that is the norm? Product lines?
Again You are proving that you can’t read like Michael/Thomas, and James. May be there is credence to the fact that you can be all the same person. Hiding behind different email and different alias.
I AM NOT AN AGENT. I am an informed client. You know your worse nightmare. I have studied the insurance business and found that the car salespeople are angels compared to you guys. It is scary.
It is funny what little men will do to show that they are big.
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If that’s the case then I know you need to get out more. Normal term commissions start around 60% Tom and they are not limited to a $1,500 commissionable cap.
Now please post something… Just one concept at least… Anything that you can do sublimely and we can’t do better as independents.
One thing. Well here is one. Your licenses. To be equal to Primerica you need to give the following for $99.
1.Life Health and Disability License
2. Class for this License.
3. E and O insurance.
4. Finger Printing
5. Background check.
6. Securities TEst and License
7 Loan origination License.
8. Training on what is out there. (OOPS this is free to clients too.)
IN Michael’s/Thomas’ state of California this is worth over $2000.
This is only your license start up. You need to get other items. Start up cost on most businesses is in the 10’s of thousands of dollars. You get it all from Primerica for $99.
That was easy.
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XRL
If that is your initials or if you are James or whomever. I have heard of one person having several posts under different names to make them look better. Since all three have spell trouble in similar words, one can only guess if they are not the same person.
Tom
Sorry for offending you by calling you brother.
If you cannot laugh at yourself, then you must be really wound tight. I make mistakes, don’t you? Do you walk on water? Oops there is a Christian reference on a Christian Personal Finance blog, go figure. I really must apologize, now that was an example of being unprofessional.
I am not here to attack you. I can see that you are a CLIENT and not an agent. The reason I sale insurance is because I believe in my product, I believe in my carriers, and I believe that I am doing the right thing for my clients. As, far as an agent putting a piece of paper on the top of the policy saying you can not cancel, I believe the state DOI would have an issue with and if you have proof of an agent doing that I would turn them in. You said, “Sneaky things agents will do to cheat, lie and steal from their clients.” Are those agents from PFS? I do not know what agents you deal with, I can only account for myself. I do not do that. If you know of a sneaky agent that lies, cheats, and steals from their clients if you give the state that you live in I will give you the phone number to the DOI and you can do the honorable thing and turn them in.
Tom to answer your questions, do you work for a Contractor in the Business of Ac Repair? If so, what would happen if he caught you working on the side? Anyone in sales, is usually captive. Xerox sales people do not sell HP.”
I work for a large commercial building repairing a/c equipment. I have worked for companies that repair and sell residential equipment in my town. I was not restricted to only sell or repair one brand. If you as a consumer called me and said “James, I have a Trane 5 ton Gas Pack rooftop unit and would like to have it replaced, do you sell them? For an example, if I only sold Goodman, I would have to say no. My next task would be to convince the customer why Goodman is the best. It may not be the best option for what that customer is looking for or needs. You also said, “same reason why I hire salespeople that have sold to different companies. They are looking for people wanting to win. They are not looking for someone who is looking to draw a paycheck. Remember they are sales people and sales people get paid on commission, mostly. If you work you get paid.
Tom, are you looking for a paycheck only? If you give people an outstanding product, excellent customer service, and the product that meets their needs not by you own omission wanting to win, myself as a contractor I would not want to be captive I would want to sell Lennox, Trane, Bryant, Rheem, Carrier, American Standard, etc. This would be non-captive. The freedom to choose my carriers with out a fear of having my contact cancelled. I do not want to sell only one a/c brand. Which would be better for my customers, one brand or many bands to choose from to meet my clients needs? Remember I am in business for myself I get who I get to represent. I do not work for Trane so I do not have to cater to Trane. Just like PFS, I do not work for them as a business owner. I work for myself. I can chose whomever I want to represent, that will meet my client’s needs. My definition of winning is simply that.
You keep saying quality matters to you. Great, my carriers are high quality also. OK I would ask you to run a quote for me but since you are not an agent you are a CLIENT, you cannot compare with me apples for apples against my products. If you have no facts to back up what you are ranting about, your argument holds no water. When you can prove it, let’s discuss it.
You talk about ROP, Term, and cash valve policies. You must have a misunderstanding on what each product is designed for. Term is what it is a temporary policy. Why would an agent offer term insurance? Because protection of family. Term is cheapest in the beginning, as you get older it and have quote run it will be more expensive. If you sell bad term policies you are right the term policies will go up increase, as you get older, unless you have a guaranteed term. You can even select a term that works for your client’s needs with some carriers. ROP is great for a young couple that is not established in life. If you do not have money to invest, you can use ROP policy. It’s like a saving plan, when you get older you can at the end of that term you simply invest it into an annuity, IRA or whatever. You cannot lose. You can use the ROP as an investment tool while protecting the family. There is an application for this product. Again, some carriers have ROP select a term to meet your client’s needs. If you an insurance policy when you are young and healthy, you have several advantages. It will be the cheapest because of your age and health, you can have guaranteed premiums, and you can have a conversion feature with no evidence of insurability from the same carrier. Convertible and guaranteed is what makes a policy a good term policy. Insurance 101. Cash valve does not belong to the client; it belongs to the insurance company. When you die you do not get it. You only get the death benefit. Remember, if you are offering an ROP policy it is real easy to explain to the client how it works unless you are one of those sneaky sales people who want to win. It is your job to ask questions and listen, take notes and put the right product for your clients needs. If they have money to invest maybe a ROP is not for them. You are not just a sales person you helping them make wise decisions with there future. Broken record again, if you concerned about your pocket book more that doing the right thing you are a failure.
Tom, you talk about Cancer & LTD. You stated. “ Again you need to read, I am a client with more knowledge than you. Since you said you offer these worthless products, does that mean you will sell what ever you can make a buck on? Does that mean you will steal from your client, any chance you can? Tom if you are going to insult me please have facts I could say how ignorant you are because you know more than the agent about PFS then you contradict yourself by saying,” As for PFS, I am not sure if they sell them.” Tom which is it? Then you say, “ But when I chatted with my Agent about these an other products I was interested in, he said read about these policies on the internet, the Wall street journal, and other Professional Publications that talk about money. They all said what I said. They are worthless. Accidental and Cancer are both worthless since they do not pay out often. As for LTD, policies outside work cost considerable more and do not cover as much.” Again you must know your products and explain them to your clients. Let them make the decision if it right for them. You can fit their needs by reviewing what is important to your clients, remember the asking the client questions, taking notes and really listening what is important to them and their families? By the way if your agent told you to jump off the San Francisco Bridge would you? Give me your number and I will sell you some ocean front property in Arizona for a great price. Again, that was another example of me being unprofessional, just like you are insulting me about being a crook any selling whatever to gain a buck. Let’s stick to facts. I do not nor do I admit to selling products to clients that are not good for them.
You are exactly right about my securities license, I am not selfish if a client has a need for this type of investment I will gladly recommend an agent from our group to present this option. That’s why I do a fact finder. I am in the process of getting my license however I cannot and will break the law. In PFS, since you know so much do they start out of the gate with this license? How long does it take before they recommend you start the process after coming on board? Does PFS pay for this license? Come on I am curious.
Tom Stated, “Again, I am not an agent. just a well informed client. It seems you and Michael/Thomas have the same affliction. The inability to read and understand. Please stick to facts. Your command of the English language is driven only by insults and you have a real difficult time expressing yourself in non-abrasive manner. I am glad you are a well-informed CLIENT.
Tom you also said, “Second, your attitude about this shows me you need to quit. If I had an agent that acted like you, I would drop you in a second.” Tom if I was talking to you talked to me this way in person I would turn around and walk out. You are a pain in the rear and you must feel the need to argue only to argue. Being a business owner I answer to my self and if I walk away from a client you would be the perfect example. I do not need to insure you. Look up you PFS guy and let him take your abuse. If I worked for PFS and walked away from you whom would you call, PFS and complain? I bet you would. Me being my own business owner and you called to complain to me, I do not have to take it because just like you saying I do not care about you. I want to have clients that need my services and are willing to work with me and fight me just to be the alpha male and beat their chests. I am in a highly regulated field by the state DOI. Mr. Well informed client, It is a pleasure not continuing you little game.
Again Tom like you said, “Can you do better, possibly. But I have already proved you pay more have less. You have to sell bad products to clients to make up the difference. You admitted you sell products that are not good for your clients. You said you will quit if you ever find out that you are not doing the best for the client. I ahve already proved this in several areas, I love to see your termination notice.” Tom, you twist facts and have the ability to not understand. Again, I am not here to bash anyone. I am here to explain the concept and my opinions. If you need me to feed you ego, TOM YOU WIN! YOU ARE THE SMARTEST AND MOST UNDERSTANDING PERSON ON THIS PLANET. BY FAR DO NOT QUIT WHAT YOU ARE DOING YOU ARE THE BEST. By the way how many mirrors do you have in your house? I also am glad you eat at the finest restaurants, sleep at the finest hotels, and drive the finest cars. It must be great being TOM. Was you also born with a silver spoon in your mouth? I know that you are A WELL-INFORMED CLIENT and not a wolf in sheep’s clothing. Tom you will never see my termination letter Mr. Well-Informed CLIENT.
Other bloggers in this thread, I apologize for me not being able to carry one this long and drawn out expression of opinions. It has gone into a direction that is not positive. If you argue with fools then why do I want to be taken down to their level? Tom has his belief and I have mine. I know that what I am doing is the correct way of doing things and therefore I must only answer for myself. I do not wish to carry on this rebuttal since there really is no positive outcome. I have been called ignorant, a crook, and other negative things, so who really wins. Especially, when I return the treatment by the same way that I was being treated, no one wins. When I joined this blog my real intentions were to only share my experiences with PFS and not be negative with anyone or any company. I just wanted to state my truthful experiences with PFS recruitment process. Tom has taken it from a friendly level to a negative one with no facts only experiences from his agent and hearsay. I do not know if it was a game to him or it was something fun for his since he is a well-informed client and not a PFS agent. I cannot apologize for him by I can apologize for me for getting off track. It took a different turn than what it should have. Tom is happy with PFS as a CLIENT as he states and I am happy with the companies I am with, end of story. Good Luck Tom. Tomorrow I think I will sell some good term policies.
Again good luck in life I will not debate you further.
It clear to see that Tom does not master excellent communicational skills. He does not have the power to influence anyone with his opinions with out facts. Feel good statements just do not count. I feel that_______. I take this personally because____________. It sounds more and more like Tom is a chick. He uses his arguments the same way Hitler was able to paint a vision of Germany that would be pure and powerful. Except millions believed in Hitler, but everyone can see right through Tom’s arguments. Tom has no ethics as a sale woman. Tom tries to abuse the power of persuasion to manipulate his customers to purchase what he sells. From his business ethics I hope that he is on salary not commission because he must go hungry. He talks about driving a BMW when he wishes he had a Yugo while riding on public transportation. This is America and there should be competition. Should we as consumer purchase from one company or purchase one product? NO. Everyone can see that Tom is like that snake oil salesperson and provides us with a very nice dog and pony show. Keep posting Tom. Last night I saw your program on TBS the three stooges with Tom, Tom, & Tom. Thanks for the laughs and by all means, please post again. Tomas, el burro sabe mas que tu. Hee-Haw! Hee-Haw!
Since Bill Just wants to attack, he must be one of those insurance agents that are losing business to Primerica Value.
Let me answer some of his questions.
This is typical of Insurance agents that can’t take the heat. They can’t deal with the FACTS so they attack the person.
Bill @ 8:34 pm
It clear to see that Tom does not master excellent communicational skills. He does not have the power to influence anyone with his opinions with out facts.
Well Since I am in sales and have millions of dollars in liquid assets on top of the properties I own, I am good at sales. I am not good at being the lowest price, but then again I am into making money, and not giving it away.
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Feel good statements just do not count. I feel that_______. I take this personally because____________. It sounds more and more like Tom is a chick.
Bill, I am not a chick. But then again you might be one of the posters that is hiding from the truth. I am more of man than you will ever be.
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He uses his arguments the same way Hitler was able to paint a vision of Germany that would be pure and powerful. Except millions believed in Hitler, but everyone can see right through Tom’s arguments.
First, Hitler was a great leader. His only failing is that his philosophy was flawed. He took a country that was in the middle of a depression, people starving and made it into a super power of the time. Do I agree with everything he did? Hell NO. But he was a great leader. If the War went differently, it might be looked at differently.
Oh By the way did you forget our Camps for the Japanese-Americans?
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Tom has no ethics as a sale woman. Tom tries to abuse the power of persuasion to manipulate his customers to purchase what he sells.
Bill, am I woman or a man? You must be afraid of my words or you would attack them and not the person. As for ethics, I can always put mine up against any Insurance salesperson. I have left businesses because the ethics of management. I have fired people over ethical problems.
But why not talk about the products you sell, if you can defend them. James and Michael Can’t so they attack me.
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From his business ethics I hope that he is on salary not commission because he must go hungry. He talks about driving a BMW when he wishes he had a Yugo while riding on public transportation.
Again You need to be able to read. I am an owner of a company that hires salepeople. I am not on commission or salary, but an OWNER. I am curious do you know what this means.
As for the BMW, it is nice and it is not leased. I use the comparison of the BMW and Yugo to the products that have been pushed here.
But keep attacking.
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This is America and there should be competition. Should we as consumer purchase from one company or purchase one product? NO.
I am glad you agree. Their needs to be competition. But then again let make it fair. If you are using History, why not look at the history. Most Insurance companies have a histroy of lying stealing and conning their clients. They have been selling cash value for decades, and now they are finding out the consumer is not as stupid as they thought, they need to go somewhere else. They got involved in Term companies. This was there way to hedge their bets. Now what are those term com[panies coming up with but a new product called ROP. Since competent advisers say not to get involved with this, jsut like cash value, I will go with them over any salespeople.
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Everyone can see that Tom is like that snake oil salesperson and provides us with a very nice dog and pony show. Keep posting Tom. Last night I saw your program on TBS the three stooges with Tom, Tom, & Tom. Thanks for the laughs and by all means, please post again. Tomas, el burro sabe mas que tu. Hee-Haw! Hee-Haw!
I am curious Other than attacking me, what was the Psot supposed to be. It did not talk about Primerica. It did not talk about Products. I guess I mad someoen mad, and they had to hide behind a ficticious name.
Keep at it Micheal or James, you must be getting desperate.
Just to clarify a few things that Tom has alluded to:
1) My name is Michael Thomas. Not “Michael or Thomas” and not “Michael/Thomas”. I don’t know why he is confused, as I have been very clear about who I am. Alternatively, Tom himself has admitted that he does not even use his real name.
Well I did a search on your Name for a license in state of California, It did not come up. I have ahd this problem before, and I was looking for your license. That did come up but had a different name. I am curious do you use your given name or are you hiding behind a different name?
As for your reading skills, I said I do not place my name and number here. It would lead to calls from idiots like you trying to get me to change my plan. It has happened before, and since I get enough calls from idiots like you, trying to get me to invest with them buy from them, I try to keep it down to a minimum.
Changing companies now would be like changing rowboats mid stream. It is fun to watch, but the person doing the changing is most likely going to get drenched.
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2) I resigned from PFS, October 2006, with a “clean” U5. And I didn’t “get” my own office, I already had one. I stayed in the same office that I’ve been in since 2000. See links above.
That is great. But you can be asked to leave for many reasons.Securities is one reason. You could ahve done something unethical, or improper. Since you have to be fulltime, you might have not been working the business. We will never truly know because all we have is your word.
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3) I brought 24 PFS Reps with me when I left to found my own firm. Since then I have attracted FOUR ex-Primerica RVPs, and have 104 Reps. Of which 22 are securities-licensed.
So you admit you have taken people from Primerica. Did you know that most people in the business world consider that a theft? Is it a practice yes, but it is still a theft.
But remember anyone can promise anything. It is funny that you say this. We lost another salesperson to another company. We have the same rules that Primerica has about poaching. When he tries to call these clients, lawyers send a letter saying to stop, or you will be sued. He will find out the hard way that the grass is not greener on the other side. The only difference between Primerica and you is the fact that Primerica is not going after your agents, but you are going after the trained ones in Primerica.
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4) I have provided addresses, links, photos and statistics, and yet the best that people like Tom can do is slander and re-directing the discussion board OFF of the topic. The REAL topic is the viability of Primerica as a business opportunity, and service-provider for clients.
Wrong, the topic of this board is the business opportunity. You ahve made it slander board with your name calling, and you half-truths.
Why not comment on the facts of Primerica takes in 2% of the premium dollars, but covers 6% of the face value? Or how about it is one of the few companies out there that refunds the money if you change your mind? Or how about teh value you get for the 99 dollars?
No you bring up NO-Value Term, and try to compare it. I am curious why do you have promote your business here. Are you not getting enough referrals? I can understand that you clients may not know enough people since they are so price conscience, but then again you will only get the bottom feeders.
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5) Tom makes a lot statements that are incorrect. For example, “One thing. Well here is one. Your licenses. To be equal to Primerica you need to give the following for $99.
1.Life Health and Disability License
2. Class for this License.
3. E and O insurance.
4. Finger Printing
5. Background check.
6. Securities TEst and License
7 Loan origination License.
8. Training on what is out there. (OOPS this is free to clients too.)
IN Michael’s/Thomas’ state of California this is worth over $2000. ”
Wrong. I thought he doesn’t work for PFS? Right. We all know it’s a PFS’er masquerading as a client. I’ll bet money he’s a newly-joined 20-something living in an apartment.
Again, You do not know what you are saying. Just because I have information it makes me an agent. By that way, SInce I know the Law, I am a lawyer. Since I understand medicine and can talk about it, I am a doctor. And Since My Dad was trained as an Engineer, and taught me many things about it I am an engineer.
I am a client. I get to see the OP meetings, and training when I want because they want me to join. I get the information about what the $99 deposit covers. If you are not happy with the information, tough. But the truth is the truth.
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Anyway, here’s the truth. At PFS, you get a LIFE license ONLY for $199 (not $99). In California, without PFS, it is $450. So a PFS’er saves $250. Fine. However, this does NOT include the securities license! It is the same as an independent as it is at PFS.
Again You are wrong. In California, it is $99. the new program something you might not understand includes Securities, Mortgage and Auto and Home *(Referrals). Since you do not know this, may be you do not anything eles you are posting.
The Mortgage appointment has been around for many years. You should have known this, but are you being stupid or deceptive?
Securities is covered now, along with Auto and Home owners referrals pay out. Now they ahve already gotten people to go through the program and get everything covered since this is over 1 year old. But then again why not call home office and ask them, instead of trusting someoen who definitely does not have a clue.
And before you ask, I have relatives in California, that I visited in June. I went to a Primerica office there, got the information, and talked to the RVP there. So that he does nto get hate calls, I will not give out the name and number, but then again, you might think I am a RVP since I talked to them too, Michael.
If you can’t get your facts straight on simple things like what is covered when you join Priemrica, how do you expect anyone to trust what else you post. One can only guess what other lies and deceptive things you ahve posted.
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6) Tom said, “Please give me some facts. Like how Primerica takes in 2% of the premium, but writes 6% of the coverages. That is a fact.”
I gave him facts right above his post and he doesn’t address them. Nor does any other Primerican. Tom says, “I don’t know, I’m just a client.” Well, then stop posting, if you don’t know product details.
Since this about OPORTUNITY and not Products, why are you selling here. Are you afraid that someone that does his homework can beat you any day?
Since it is about opportunity, and I am salesleader in my business, I know how much it takes in pain, sweat and money to start a business. To be able to have part time income, to work yourself into a full-time position, and be an owenr and have all the advantages of your own business, Primerica is the way. Michael says he easily opened his own office. He forgets to say that he was trained by Primerica, and was able to do what he did because of Primerica. If he says differently he is a liar. He is nto the same person that started in Primerica, or he would never needed Primerica.
Since this is about Opportunity please stop selling, or you will prove that the only reason why you are here is because you can’t make it on you own without stealing from others.
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Why doesn’t he, or others, respond to the life insurance and variable annuity facts I posted? Because they can’t.
You are right. Because I am a client, and Agents can’t post here. They get into trouble. this si what He wants them to do so he will have less competition. He is afraid of competition since he sells by price. Price sellers are constantly lowering their price, or giving things away. Value sellers and buyers know there are cheaper products, but chose to stay with the value over no value.
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Then, he makes a statement about PFS Life takes 2% of premium and writes 6% of face amount. Really?
a) I would like to see where that stat is. I’ve never heard that. I doubt that PFS writes 2% of premiums in the industry. They’re not even in the Top 25. See my post a while back.
Well Since you do not have accurate information about how much it cost to join, what it covers, and how you get it, why woudl this suprise me at all. Just like your posts about what Primerica does, you do not have accurate and up to date information. If you lack the truth, all your posts are suspect. How many of them are lies, deceptive or just plain wrong? No one will know, but anyone going to a Primerica meeting will see what is the truth. Do not follow the people here but make an informed decision. If he is wrong in any area his posts are not trustworthy.
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b) Even if true…. so what? That doesn’t improve the product any. It is a meaningless statistic.
I am curious, You statisics are good, and any one else is meaningless? This is absurd. Just remember you said this. It is like sales amn saying all those things about Primerica, had to eat his words. (The one that ran with his tail between his legs.) I am curious, where do you get the gall to say this? I know you know everything. Keep posting please so everyone can see that your village is looking for you.
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Please, lets talk about the products’ FACTS!
First, This Blog is about the Company and opportuinty. You made it about the Products. So why not get back to true reason why it was created. Not something you want to pollute the world with.
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He’s says he’s an educated consumer, so show us why would he choose Primerica life over AIG, Banner, West Coast Life or other term carriers that have:
a) higher ratings than PFS
b) longer guarantees
c) better options and riders
d) Higher Terminal Illness Benefits
e) AND COSTS LESS!
There we go again with cost or Price. I keep bringing up the BMW example, but he can’t seem to get it. As for these companies, if you did your research, you would find out that they are owned by Cash value Companies. Since I did not nor will I ever invest in companies that are inherently bad, like Cigarettes, South Africa during Apatheid, and other companies, and chose not to send my money that way. Now you may not have the ethics to stay away from thsoe companies, but I do.
But getting back to this part of the post. All he has is his word. He already ahs said that it is $199 not $99. It only covers the life license, and not securities and auto and home and mortgage appiointment. If you check it out in california, you will find out that he is wrong here. Then everythign he posts is suspect. Needs to be triple checked and made sure of no errors.
Do you use your Errors and Ommissions Insurance Daily or Hourly?
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This is what the PFS’ers never want to talk about. The FACTS. They love it when they compete against expensive cash-value. THEN, they’re all about facts and figures! But, when a superior term, mortgage, or variable annuity comes along, now it’s all fluff like “crusade” and “loyalty” and such nonsense. “Just the facts, please”.
Your facts are suspect. Primerica does not just compete with Cash value but with the No-Value term you sell. Remember if you only go by price, you will always will be beaten. Now if you give them Value, then you ahve something. Some of my customers will buy from me because of the value I have given them, either percieved or real. Since you go by price, the next guy that is cheaper will take them away.
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Side note: Tom made a nasty comment about the CPA I wrote about that couldn’t join PFS. He made a snide remark implying that she wasn’t “allowed” or that something was wrong with her.
Again, he’s grasping at straws… Truth: she’s a CPA and PFS see’s that as a conflict, because of her profession, not her character. I also couldn’t hire P&C agents, mortgage lenders, accountants, bank tellers, or real estate professionals.
Good, And I can see why it is a conflict. IF you can’t maybe your facts are not straight. (199 vs 99) All because of conflict of interests. But your information is wrong. They are given a year to make a choice after 1 year. ( At least Mortgage Borkers. I met one in one of my many office visits.)They can still sell get licensed and then at the end of the year they decide if they want to stay. But then they get the licenses for $99. I can see only a win for the agent. What do you offer your people, pay all your licensing fees for all the licenses, and then you can make money. That is unless you steal from other companies.
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Now, I can. And I have. I have three CPAs in my firm, two P&C Agency OWNERS, a real estate professional, and a bank teller.
No conflict.
Well Since you are Small time adviser, that is not in many different fields, you may not have conflict. But then again you were wrong again about the process and who can sign up. (Yes it is harder and you need to do more paperwork, but it is do able.)
And if you were wrong in this post and before, why are you not wrong about everything you post?
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And, oh. That CPA that Tom “dumped” on, closed a variable annuity this weekend for $600,000. Her commission is $15,600. My override is the same (she’s at 40%, and I’m at 80%).
Great for her. She is making money. But I still do not trust you, and your numbers. (199 vs 99 is just one example).
And by the way if she exists, then she took more money from the client. I did a variable annuities with Primerica. the cost to me was $1000 in fees. or 1%. That means I have more money in my annuity than your client did, which is great to me. And by the way if she made $15.600 she only made 26%, not 40%(15.600/6= 2600 ( The total 100 thousands being invested.) 2600/100.000= .26 or 26%. Please redo your math before you post here. 40% is more like 240,000 of 600,000. (600,000 *.40 = 240,000) It shows your ignorance in math, and if you are saying that we are cheaper and basic math is a problem, your figures are suspect.
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a) I would have lost all this at PFS. So would she. And so would the client. (The product is the top in the industry – absolutely fantastic).
Since Primerica has Variable Annuities, how would you lose it? Could it be that you may not be taking that much from the client, but then again wasn’t it you that said that it is your fiduciary duty to make sure more money stays with teh client? If you are taking a higher cut, you must be stealing from the clients.
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b) A PFS RVP earns 49% of VAs.
Those following this thread….
a) Your clients get access to superior products when YOU are independent. You owe it to them.
Wrong. Because I have already proved that their products are not equal. I know since I have done the research. Now if you have no ethics, then you can buy their products. But good Christians need to know what the companies they buy from are doing with the profits. The profits for their term goes to Cash value Companies. ( Check the Stock Holders)Most people do not invest knowingly in products that have known to hurt people. How many people invest in cigarettes companies? Or do you remember South Africa and Apatheid?
They get paid more on the Variable products. That means there is less money for the client. Or do you think the Companies give money free to agents?
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b) Your downlines have a much more valid income opportunity as an independent (by the way, my top Rep will get her Ring THIS month!)
And in WMA/WFG they made the same bragging. The only thing about it is they make money off products taht are not good for the clients. Some that you mentioned is VA that pay more, which means less is in the account. Interest only Loans, good for banks and mortgage brokers, but not good for clients.There are many itens but I am getting tired of typing.
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c) Your opportunity is better in every was as an independent.
Everything you can do at PFS, you can do better on the “outside”. There is no benefit of staying at PFS.
Other than you get a proven system. 30 years old. Your system is a copy at best of Primerica. Remember the Movie “Coming to America” Eddie Murphy. It showed how one guy was stealing from McDonalds to get a head. You just steal from Primerica. You remind me of the people that are trying to steal my saels staff at my business. They are told bring over your sales list. They are only interested in what they will bring, not the agent. As soon as they use them up they are gone.
Is that how you work too?
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Have you ever thought of Running for Congress? You would be good with all those crooks up there, stealing the money from the people.
James S @ 3:17 pm
Tom
Sorry for offending you by calling you brother.
Brother means equal, in many cultures. Sicne you are not close to my equal, it offends me. It is like someone first meeting me using my first name with out asking me. It is not polite.
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If you cannot laugh at yourself, then you must be really wound tight. I make mistakes, don’t you? Do you walk on water? Oops there is a Christian reference on a Christian Personal Finance blog, go figure. I really must apologize, now that was an example of being unprofessional.
First, I do laugh at you and your fellow posters. It is hilarious how deep and far you will go to get your point. Micheal saying it is 199 not 99 and does not cover the extra licenses.
As for making mistakes, yes I do. But I do not make ones that are easy to make sure they do not happen. Lack of spell checking is something that you can do easily. It shows you do not care about being professional. If you make mistakes on the easy things one will wonder if anything else you say or do is suspect.
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I am not here to attack you. I can see that you are a CLIENT and not an agent. The reason I sale insurance is because I believe in my product, I believe in my carriers, and I believe that I am doing the right thing for my clients.
To use someones example of me, The German people during WWII thought they were doign what is right, with the Gypsys, the Infirmed and the Mentally challenged. Just because you ahve a blief does not make a truth. Michael is wrong about the 199 and 99 dollars and waht it covers. This is one example here.
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As, far as an agent putting a piece of paper on the top of the policy saying you can not cancel, I believe the state DOI would have an issue with and if you have proof of an agent doing that I would turn them in.You said, “Sneaky things agents will do to cheat, lie and steal from their clients.”
Are those agents from PFS? I do not know what agents you deal with, I can only account for myself. I do not do that. If you know of a sneaky agent that lies, cheats, and steals from their clients if you give the state that you live in I will give you the phone number to the DOI and you can do the honorable thing and turn them in.
Everyone here is pure and do nothing wrong. And you might be, but then again, you are a faceless post. You could be truthful or a liar. But anyone that takes what they read here needs to investigate themselves. Most of the information posted here by people outside Primerica is grossly wrong, and borderlines on criminally liable. Michael posting about the cost to get involved is grossly wrong. It is 99 and covers the following, securities, life, auto and home referals and mortgage. Since he did not know this, maybe that is why he thinks he can make more money. He was not cross selling.
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Tom to answer your questions, do you work for a Contractor in the Business of Ac Repair? If so, what would happen if he caught you working on the side? Anyone in sales, is usually captive. Xerox sales people do not sell HP.”
I work for a large commercial building repairing a/c equipment. I have worked for companies that repair and sell residential equipment in my town. I was not restricted to only sell or repair one brand. If you as a consumer called me and said “James, I have a Trane 5 ton Gas Pack rooftop unit and would like to have it replaced, do you sell them? For an example, if I only sold Goodman, I would have to say no. My next task would be to convince the customer why Goodman is the best. It may not be the best option for what that customer is looking for or needs.
Great. You now understand sales. But you ahve to remember that if you sell a product that cost less, but pays you more, the money has to come from somewhere. Either in a lesser product or they are planning to make money somewhere else. They are planning on calling them and trying to convert them to permanent insurance. This is not good for the client only good for the Company.
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You also said, “same reason why I hire salespeople that have sold to different companies. They are looking for people wanting to win. They are not looking for someone who is looking to draw a paycheck. Remember they are sales people and sales people get paid on commission, mostly. If you work you get paid.
Tom, are you looking for a paycheck only?
Since I am an owner of a company, I am not looking for anything. I have 2 million dollars in liquid assets, not properties and some money. I do not need to work but do it because I enjoy my company and enjoy helping my employees.
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If you give people an outstanding product, excellent customer service, and the product that meets their needs not by you own omission wanting to win, myself as a contractor I would not want to be captive I would want to sell Lennox, Trane, Bryant, Rheem, Carrier, American Standard, etc. This would be non-captive. The freedom to choose my carriers with out a fear of having my contact cancelled. I do not want to sell only one a/c brand. Which would be better for my customers, one brand or many bands to choose from to meet my clients needs?
Depends, on the motive. If you use your non captive to get the best commissions, no. If you are captive, you do not have to worry if your product is the best price, etc. You have the product you have. The other thing is people do buy for value, and because of relationships, not because of the lowest price. If your client does you will lose him on the first drop of price.
Since I teach my guys to sell on value, they make 100,000 a year as an employee.
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Remember I am in business for myself I get who I get to represent. I do not work for Trane so I do not have to cater to Trane. Just like PFS, I do not work for them as a business owner. I work for myself. I can chose whomever I want to represent, that will meet my client’s needs. My definition of winning is simply that.
That is your choice. And you can chose. But to say that Primerica is bad because it is not the cheapest is like saying a BMW is not a YUGO. Primerica never said they were the cheapest, nor do they want to. Primerica wants to be the best, and you can’t do that being CHEAP.
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You keep saying quality matters to you. Great, my carriers are high quality also. OK I would ask you to run a quote for me but since you are not an agent you are a CLIENT, you cannot compare with me apples for apples against my products. If you have no facts to back up what you are ranting about, your argument holds no water. When you can prove it, let’s discuss it.
But your companies are owned by Cash Value Companies, and that is why they are cheaper. These companies then call them up and say convert. Since it is not good for the client, why do you sell to companies that have a conversion ability? This is like selling a company that is not a good company cause they pay more. Is this something you consider ethical? Most Christians would not.
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You talk about ROP, Term, and cash valve policies. You must have a misunderstanding on what each product is designed for. Term is what it is a temporary policy.
Now you are using Insurance talk. That is language made up to sell certain products. Term is not a temporary policy. IT a policy to cover you for when you need insurance. You need insurance while you family needs your income. Do you keep car insurance on a car that you do not own? No, so why do you need Income protection when you do not have any income.
Why would an agent offer term insurance? Because protection of family. Term is cheapest in the beginning, as you get older it and have quote run it will be more expensive. If you sell bad term policies you are right the term policies will go up increase, as you get older, unless you have a guaranteed term. You can even select a term that works for your client’s needs with some carriers.
You are correct here. I have seen policies that were annual renewable term. these mean the price goes up yearly. There are five year and ten year term.
Now, any adviser that says term is temporary is planning on selling them Cash value. Ask Any one about insurance, they say Buy Term and invest the difference. Suze Orman, and many others. Consumer Reports. The list is endless. The only people who call it temporary is those trying to up sell the client into cash value. This is planin wrong.
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ROP is great for a young couple that is not established in life. If you do not have money to invest, you can use ROP policy. It’s like a saving plan, when you get older you can at the end of that term you simply invest it into an annuity, IRA or whatever. You cannot lose. You can use the ROP as an investment tool while protecting the family. There is an application for this product. Again, some carriers have ROP select a term to meet your client’s needs. If you an insurance policy when you are young and healthy, you have several advantages. It will be the cheapest because of your age and health, you can have guaranteed premiums, and you can have a conversion feature with no evidence of insurability from the same carrier.
Wall Street Journal once said the only person who says Insurance is a great savings device is the salesperson selling the garbage. USing Insurance as a saving device has many problems. You mention volitility of Mutual funds. Well atleast the money is the clients. And he can get it with out any fees.
Please read Suze Orman, and any competent adviser. Since you suggest this is a good way, you must either be an idiot, or think I am one.
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Convertible and guaranteed is what makes a policy a good term policy.
Guarantee is good, converting is bad. Since Cash value is a bad product except for the top 2%, and it is marketed heavily to the lower 98%, it is not the good product. I think you said you have a fiduciary duty to take care of your client. The only winner in cash value is the Company and the agent selling the garbage.
But I do like to try to educate you.
Do not trust me a simple man who has read many people. trust anyone outside the insurance market and see what they say.
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Insurance 101. Cash valve does not belong to the client; it belongs to the insurance company. When you die you do not get it. You only get the death benefit.
Wrong. There are policies called A and B and even C policies. Depending on the policy you have, you get the face amount, the face amount and the savings, or the face amount and a calculations on the savings.
What you quoted was a typical policy. Since it cost so much more no one hardly evers buys a b or c policy, since the agent is selling price.
Now whole life is like that but that is the most expensive policy, the ones I was talkign about above are variable universal, universal , you bet your life, etc.
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Remember, if you are offering an ROP policy it is real easy to explain to the client how it works unless you are one of those sneaky sales people who want to win. It is your job to ask questions and listen, take notes and put the right product for your clients needs. If they have money to invest maybe a ROP is not for them. You are not just a sales person you helping them make wise decisions with there future. Broken record again, if you concerned about your pocket book more that doing the right thing you are a failure.
Since it takes 25 dollars to invest a month, it is worth having the money in your savings account. You said ROP is great for savings, the only problem is when I save money I want the money to be mine. I do not start a savings account to have the bank take it from me. So you example of a family just starting out is bullS*(t. You make more money on the insurance product than the securities. But the securities is the best way for the client.
Are you securities licensed? May be that is why you do not sell mutual funds and such.
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Tom, you talk about Cancer & LTD. You stated. “ Again you need to read, I am a client with more knowledge than you. Since you said you offer these worthless products, does that mean you will sell what ever you can make a buck on? Does that mean you will steal from your client, any chance you can? Tom if you are going to insult me please have facts I could say how ignorant you are because you know more than the agent about PFS then you contradict yourself by saying,” As for PFS, I am not sure if they sell them.” Tom which is it?
Well Since I am not an agent, but the last time I talked about it to my agent a year or so ago, he pulled an article from an outside source saying that it is a waste of money. Since it is a year or so ago, the article nor the magazine is not in my memory.
But Since they are you competition should you not know what they sell so you will know how to respond? It seems you want me to educate you. Go do your own learning. You shoudl be ashamed of trying to learn from others, that get nothing from you. Talk to you upline.
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Then you say, “ But when I chatted with my Agent about these an other products I was interested in, he said read about these policies on the internet, the Wall street journal, and other Professional Publications that talk about money. They all said what I said. They are worthless. Accidental and Cancer are both worthless since they do not pay out often. As for LTD, policies outside work cost considerable more and do not cover as much.” Again you must know your products and explain them to your clients. Let them make the decision if it right for them. You can fit their needs by reviewing what is important to your clients, remember the asking the client questions, taking notes and really listening what is important to them and their families?
So you have no problem with offering people Drugs. The people should no not to use it and they should be able to make the decision. And before anyone drops in on this analogy, taking people money that should be going to take care of their retirement is equal to giving someone something that is not good for them and will be a waste of money. Where is the Fiduciary duty that is being said here?
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By the way if your agent told you to jump off the San Francisco Bridge would you? Give me your number and I will sell you some ocean front property in Arizona for a great price. Again, that was another example of me being unprofessional, just like you are insulting me about being a crook any selling whatever to gain a buck. Let’s stick to facts. I do not nor do I admit to selling products to clients that are not good for them.
Again, He did not say it to me, but gave me thrid party articles. These are articles in books and magazine that are not being pushed by Insurance salepeople. Business week, TIME, etc. I see that most people here use the Insurance websites to show the need. That is like going to the drug dealer and asking him if I need his product.
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You are exactly right about my securities license, I am not selfish if a client has a need for this type of investment I will gladly recommend an agent from our group to present this option. That’s why I do a fact finder. I am in the process of getting my license however I cannot and will break the law. In PFS, since you know so much do they start out of the gate with this license? How long does it take before they recommend you start the process after coming on board? Does PFS pay for this license? Come on I am curious.
Again, I have said they get it if they follow the program for $99. Now Michael will say differently but then he is so wrong on so many levels it is not even funny.
As for the security license, Since I am not an agent, but I have read that they pay for it, I beleive it is within 6 months. Now if you are selling cash value, you need the secruity license to sell variable insurance. This is what WMA/WFG does. The only bad thing is that it has no place, and was created when the insurance companies was losing money to the Buy Term and Invest the Difference. They did it to take money from the clients. This did cause WMA to be closed down. This happens with many cash value companies.
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Tom Stated, “Again, I am not an agent. just a well informed client. It seems you and Michael/Thomas have the same affliction. The inability to read and understand. Please stick to facts. Your command of the English language is driven only by insults and you have a real difficult time expressing yourself in non-abrasive manner. I am glad you are a well-informed CLIENT.
Well Since many poster have several aliases and they use them to push up the same person, you can see how this can be seen. But if the Show fits, wear it. If you match what I post then it is an insult. If not then it is not an insult.
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Tom you also said, “Second, your attitude about this shows me you need to quit. If I had an agent that acted like you, I would drop you in a second.” Tom if I was talking to you talked to me this way in person I would turn around and walk out. You are a pain in the rear and you must feel the need to argue only to argue.
Well you may be right but, I have a broken watch that was right twice a day. I may be a pain in the rear and you only wnat the lay down clients, but then again you do not sell value, you sell price. And I look for value.
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Being a business owner I answer to my self and if I walk away from a client you would be the perfect example. I do not need to insure you.
You are right, you do not need to insure me. But you are wrong. You answer to the clients you do serve, your state department and the Securities people. You also answer to the companies you represent, or mis-represent.
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Look up you PFS guy and let him take your abuse. If I worked for PFS and walked away from you whom would you call, PFS and complain? I bet you would.
Well If he did something wrong yes, but in the last ten years I have no problems. But I bet you will always have problems. But Then again, you need your insurance cause you will be sued.
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Me being my own business owner and you called to complain to me, I do not have to take it because just like you saying I do not care about you.
Wrong, btu then again you are not the sharpest tool in the shed. You do not handle the complaint it becomes a problem with a regulatory issue. Then you lose licenses, money and possibly freedom.
You need to handle problems.
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I want to have clients that need my services and are willing to work with me and fight me just to be the alpha male and beat their chests. I am in a highly regulated field by the state DOI. Mr. Well informed client, It is a pleasure not continuing you little game.
No one needs you. they may need your products, but you can buy anything off the internet. And if you act this way infront of the client it would not surprise me you fail.
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Again Tom like you said, “Can you do better, possibly. But I have already proved you pay more have less. You have to sell bad products to clients to make up the difference. You admitted you sell products that are not good for your clients. You said you will quit if you ever find out that you are not doing the best for the client. I ahve already proved this in several areas, I love to see your termination notice.” Tom, you twist facts and have the ability to not understand. Again, I am not here to bash anyone. I am here to explain the concept and my opinions.
Did you know Opinions are worth the least when it comes to knowledge, and facts?
You believe you are right, You think you are right. If you said anything like this to me across the table I would run you out on a rail. How do you make money? The only way I can see is you con your way to it.
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If you need me to feed you ego, TOM YOU WIN! YOU ARE THE SMARTEST AND MOST UNDERSTANDING PERSON ON THIS PLANET. BY FAR DO NOT QUIT WHAT YOU ARE DOING YOU ARE THE BEST. By the way how many mirrors do you have in your house? I also am glad you eat at the finest restaurants, sleep at the finest hotels, and drive the finest cars. It must be great being TOM. Was you also born with a silver spoon in your mouth? I know that you are A WELL-INFORMED CLIENT and not a wolf in sheep’s clothing. Tom you will never see my termination letter Mr. Well-Informed CLIENT.
Other bloggers in this thread, I apologize for me not being able to carry one this long and drawn out expression of opinions. It has gone into a direction that is not positive. If you argue with fools then why do I want to be taken down to their level?
No Get teh quote right if you are going to steal it from me:
If you argue with Idiots, they just drag you down to their level and then beat you there with their experience. You can’t even steal a good quote.
I just go a call from you village, you are being missed.
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Tom has his belief and I have mine.
No I have the facts and you can’t handle them. You say term is temporary but any competent adviser say to buy it and invest the difference. You say buy ROP for the savings. But anyone that has half a brains says never to buy insurance as savings. (This is from outside the insurance business.)You say converting is great when all competent advisers say stay away from cash value. I am curious everything you suggest cost the clinet more and make you more money. Why would anyone believe that you look at ther fiduciary duty to the client? You definitely talk a great talk but in reality you are a selfish person who is looking for his next victim.
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I know that what I am doing is the correct way of doing things and therefore I must only answer for myself. I do not wish to carry on this rebuttal since there really is no positive outcome. I have been called ignorant, a crook, and other negative things, so who really wins. Especially, when I return the treatment by the same way that I was being treated, no one wins. When I joined this blog my real intentions were to only share my experiences with PFS and not be negative with anyone or any company. I just wanted to state my truthful experiences with PFS recruitment process. Tom has taken it from a friendly level to a negative one with no facts only experiences from his agent and hearsay.
My Facts and they are not a belief, are based on independent information. Not ones that come from insuracne companies giving slanted definitions, giving in correct facts along with not giving the truth. Please tell me one publication that has said that Adding a savings plan to an insurance policy is good for the client. I can give you many articles and books that say my side.
As for being friendly, when a man comes into your house and tries to rob you, what do you do? Do you give up the money or fight them? Since I have had friends that have been taken by the Crooks like you, sold false promises and had nothing at the end, yes I get confrontational. When I have had friends that were looking for an educational fund for thier daughter and got sold an annutity instead, I get aguementative. I definitely get negative when they start attacking me.
What you sell is cancer, and one needs to know that. If my negative campaign keeps one client from you I can only hope that they learn.
AS for your beliefs, Satanic worshippers beleif in their beliefs. How do you think the christian’s think about them?
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I do not know if it was a game to him or it was something fun for his since he is a well-informed client and not a PFS agent. I cannot apologize for him by I can apologize for me for getting off track. It took a different turn than what it should have. Tom is happy with PFS as a CLIENT as he states and I am happy with the companies I am with, end of story. Good Luck Tom. Tomorrow I think I will sell some good term policies.
Again good luck in life I will not debate you further.
Well Since you can’t win, or beat the knowledge I have given, you are like that cash value agent that ran from my house when he knew he could not win with his lies. Please go hide, but you are making it so easy fro Primerica to repalce your policy. I do hope you keep up the same work, since it is easy to replace an insurance policy that is sold as a savings.
Where are the people who agree with Tom? No one has to post a name or company. Where are they?
Tom you can’t be serious in your post. If you are back away from the kool-aid pitcher.
Tom you also mentioned something about a person with Diabetes or High Blood Pressure. You mentioned that Primerica may not cover them. Well my thinking is outside of Primerica so I know other carriers will offer coverage.
So this brings up a question. What do Primeica agents do in a situation when Primerica Life won’t offer coverage? Do they just say sorry or suggest they go to an independent agent? In that situation what would be the right thing to do?
If it’s a husband and wife situation where one can get coverage and the other can’t can you guess what is going to happen?
Considering your an expert, answer me this. In a case of divorce how does a husband and wife split off from the policy to give them each an individual (PFS) policy?
For the life of me I can’t remember how that works..
I am so glad you keep posting Michael. It shows you how much you do not know about Primerica.
Michael Thomas @ 3:51 pm
James asked a great question, “In a case of divorce how does a husband and wife split off from the policy to give them each an individual (PFS) policy?”
Short answer: it’s a pain.
You are right, unless you are planning on getting a divorce when you do the policy, this is one thing that people do not plan on it. But paying for something you hope you never use is a waste of money That is the extra policy fees.
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You have to write a new policy on the spouse, and then delete the spouse-rider from the original.
Sounds easy, but it’s a lot of red-tape. And, the new policy is based upon the spouse’s CURRENT age, not their original age, thus increasing the cost.
IMO, the combined husband/wife policies that Primerica writes are always problematic.
Again, You are wrong, but I am seeing from the outside looking in. Most policies save money on fees if you link them. The bad thing for the agent it lowers their amount of policies. Costing them money in Bonuses.
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1) The waiver-of-premium is ONLY on the primary, not the spouse (many PFS’ers don’t realize this).
I am surprise you can say this. Since it is a rider it is on all the people that are working.
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2) The agent only gets paid on, and credit for, $1,500 of annual-premium on the TOTAL combined policy, not each one. More money for PFS.
Here you are wrong. I have seen the checks on policies that were higher. You only get 1500 on contest, but you get paid on the tiotal premium. But coming from a guy that does not even know what the deposit covers for joining, it does not surprise most of his knowledge on Primerica is wrong.
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They say it is to reduce the cost because the TOTAL coverage on husband and wife count towards the age-bands. This is true. However, I can get tow individual policies are that STILL LESS EXPENSIVE that Primerica’s combined policy.
Here we go with cheaper policies again. Since you focus on the price, you never sell value. This is a weak closer. Someone that focuses on price, is always going to have to replace his clients when they find it cheaper. That is why you constantly ahve to look for new clients. What did they call that having a low persistancy? Since this is how you get your bonuses, I can see why you left.
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FYI: I mentioned AIG’s new 35-year level, guaranteed term (with higher ratings than PFS). Actually, its better than that… they have a totally customizable term-length from 15 to 35 years. A client could get a 17-year, 24-year, 34-year etc.
Very nice.
Again with selling Products. This is about the opportunity. And since you keep saying cheaper, here is another story. My Office manager got some cheap cartridges. They blew up in my Printer and cost me a repair and a replacement. Now that this has happened, the Office manager understands quality. You know the toner guy that sold it to us, is hiding from them.
This is when you go with cheap products and not value driven products.
Tom there are reason’s why some policies have a lower cost. One has to do with the scope of underwriting. Then there’s compensation and then there’s marketing. There is a reason why PFS or any other company price their products the way they do.
The mortality tables have been updated in the past few years. Then there’s the difference between the ratings for men and women which some companies seperate and another may blend them together and rate as unisex..
Which company can rate a person better? One who takes blood, urine, verifies height weight or one who swabs a cheek? Insurance companies look at large numbers.
You want to talk opportunity. Ok that’s easy. Noncaptive. Immediate ownership. Freedom to have outside activity. More compensation. No requirement to give up legs. Never a full-time requirement. No requirement to have an office.
Now knowing what you know about Primerica what can they offer that’s better. You can start with ownership..Compare immediate ownership (clients and downline) against PFS requirements.
This should be good. You can even have your Rep. coach you..
James,
You are right that there is many costs in a policy.
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James @ 7:00 pm
Tom there are reason’s why some policies have a lower cost. One has to do with the scope of underwriting. Then there’s compensation and then there’s marketing. There is a reason why PFS or any other company price their products the way they do.
You are right, but you hit upon one of the biggest cost. Marketing. Did you know that most companies spend billions on marketing? If the policies are so good, why do you have to spend that much? Could it be that the policies are not as good? Word of mouth advertising is the least expensive way to advertise.
————-
The mortality tables have been updated in the past few years. Then there’s the difference between the ratings for men and women which some companies seperate and another may blend them together and rate as unisex..
You are right women live longer. But that is changing. Did you know when I was younger the difference was atleast 10 years. Now it is around 7 years, depending who is doing the figuring. It is also depends on the race too. By your calculations, they should discriminate against balck males since they have the highest mortality rates. NOw you know they can’t, but that is the road you are going down.
——————
Which company can rate a person better? One who takes blood, urine, verifies height weight or one who swabs a cheek? Insurance companies look at large numbers.
You want to talk opportunity. Ok that’s easy. Noncaptive. Immediate ownership. Freedom to have outside activity. More compensation. No requirement to give up legs. Never a full-time requirement. No requirement to have an office.
Well you are wrong here so much let me hit on the answer. First non-captive means no support. You are an independent. Unless you work undersomeone then you are really not independent. Who trains you? Oh the person who is getting your override. So you do have pay him part of your money to get the training. No one does anything for free. If you say he does, then either you are naive, or think that everyone here is.
Immediate Ownership: Well the IRS says you are a business owners, but you say they are not. You are an individual, where a government entity says something who are you going to trust. Since the government gives the tax benefits to Primerica Agents, I guess you are wrong here too.
Freedom to do outside activity: Well as long as there is no conflict, they let you do anything you want to. Now if it has to do with money, or other insurances, they like to limit it. This is so that they have a higher level of ethics. Your upline may not have any problems with ethical violations, but Primerica wants to keep everything above board. If you are in some of the these professions, they allow them to work a year and then make a decision. Most of the time their full-time job does not allow them.
More compensation: This means one of two things, either the company is taking less, or the customer is paying more. Now money is not the only cost. You remember about how the companies will call and try to convert. That is a cost. Remember how they let their other businesses call them, so they may not make as much but they make more on the name in a list. That is something that most people hate.
Giving up Legs, Training Sales: Let me ask you a simple question. Would you give up 10,000 a month in business to get multiple 10,000 a month businesses? Would you give up 5 to 6 sales to get 50 to 60 sales? Losing a leg is not bad. Your way is you are always looking out yourself. What do I lose? That is definitely not a team driven position. But then as an independent, it is you pull the cart. You are always looking for the sale.
The only time you have to go fulltime is when you go to RVP. And this is because you need to handle all the compliance issues. Up to this point you are under someone and they are responsible. Once you become responsible, then you need to devote your full focus on the business. And as a client I want someone to watch the store, to be full-time. An example of companies that did not do this is WMA/WFG. They got into so much trouble. WMA had to close down, but then they jsut created WFG. They will be eventually closed since they do the same practises.
No Office: Same thing as above. But isn’t the main point of owning a business is to have a key. That is the pride of beign an owner. Working out of you home is so ghetto. I had one company selling my company toner that was local. So I went to office location, it was there garage. I know many people work out of their home, and a home based business is great. But if I am going to give my families lifelihood to someone, I want an office. I want a place to go to where I can see and touch the funiture. I want a company that has a main headquarters and I am able to call and get answers. And not have to go through a maze of people in another country that really do not know how to speak the english language. But then I am the customer, and I what I value more is service and value. The problem is we have gotten used to settling, but I think that will change soon.
——————–
Now knowing what you know about Primerica what can they offer that’s better. You can start with ownership..Compare immediate ownership (clients and downline) against PFS requirements.
This should be good. You can even have your Rep. coach you..
Well since I already Debunked everything you posted above, let me go to what is better:
First: Cost of getting licensed and involved. Since you have not named your company I am not sure, but since I still have the paper work from my last meeting I attended in California here is what you get for the $99:
1. Life license
2. Securities Licensed
3. Mortgage Appointment
4. Primerica PLP
5. All classes for the above licenses.
6. All books for the above licenses.
7. Ability to get paid on referrels for Auto and Home.
You get what? You get to pay for you licenses? And you pay for E adn O insurance? What else do you ahve to pay? I guess that big compensation check is need for the thousands of dollars you need to just be in business.
Second, you get training. Now I know you think that training is not needed but if you are going to know how to counter someone statement on price, You need training. If you want to learn what is out there, you need training.
Third, you need support. This is to make sure you do not make mistakes, along with not beign dis-honest. the best example is WMA. They were nortorious to lying cheating and stealing. IT is the one reason why they got closed down. the bad thing is that the loophole in the law says that you can close one business and open another one in the same type. It is how many of the toner Pirates keep in business. It is also how many of the Financial Adisers stay in business, closing one office and creating a new one. Isn’t the so Michael?
James, These three things are easy ones. I kept it easy so it would not overload you. I did not need a rep to tell me these things, since this is stuff I know. I am sure if I had his help this post would have exceeded any limit that they have here for characters.
Tom says “You are right, but you hit upon one of the biggest cost. Marketing. Did you know that most companies spend billions on marketing? If the policies are so good, why do you have to spend that much? Could it be that the policies are not as good? Word of mouth advertising is the least expensive way to advertise.”
****So why do the PFS products cost more if they don’t place ads and market from referrals? Why do they charge for brochures? What about software?
___________________________________________________
Tom says: “You are right women live longer. But that is changing. Did you know when I was younger the difference was atleast 10 years. Now it is around 7 years, depending who is doing the figuring. It is also depends on the race too. By your calculations, they should discriminate against balck males since they have the highest mortality rates. NOw you know they can’t, but that is the road you are going down.”
****Do you know insurance companies are quoting policy ages up to age 121? People are living longer and expected to have longer life spans. I won’t even attempt to comment on your race analogy. You tend to bring up issues in your own mind and say others are in that thought process.
____________________________________________________
Tom says: “Well you are wrong here so much let me hit on the answer. First non-captive means no support. You are an independent. Unless you work undersomeone then you are really not independent. Who trains you? Oh the person who is getting your override. So you do have pay him part of your money to get the training. No one does anything for free. If you say he does, then either you are naive, or think that everyone here is.
****You have no clue what’s available outside of PFS. That’s the point we are making. People can do the same things they are doing outside of PFS and more. What you fail to understand there are many agents who left PFS who are now independent. The training the new people get is industry trainings, not just company trainings.
Tom says:
Immediate Ownership: Well the IRS says you are a business owners, but you say they are not. You are an individual, where a government entity says something who are you going to trust. Since the government gives the tax benefits to Primerica Agents, I guess you are wrong here too.
***Agents at PFS are independent contractors. They go out and find the clients. If they recruit an agent they train the agent. If that agent builds a team and decides that it’s time to move on what can he/she take with them? Nothing, if the noncompete is valid in the state they are in. Then to have ownership of their code, they have qualifications. Then there’s the issue of being part-time and can only offer products the company says is ok..
Outside of PFS with the right contract, the same new agent can have ownership of their clients. Which means they can offer any products they feel that their client needs. Does the agent wish to offer health insurance? outside they can. Does the agent wish to offer med sups? outside they can.
_________________________________________________
Tom says: Freedom to do outside activity: Well as long as there is no conflict, they let you do anything you want to. Now if it has to do with money, or other insurances, they like to limit it. This is so that they have a higher level of ethics. Your upline may not have any problems with ethical violations, but Primerica wants to keep everything above board. If you are in some of the these professions, they allow them to work a year and then make a decision. Most of the time their full-time job does not allow them.
****In my opinion the company has a target for agents, which is green people who don’t know much and does not have access to professionals. If their full-time job doesn’t allow it how do they make it a year with PFS?
What conflict is it if a agent who is also health licensed who wants to sell health insurance with another company?
Tom says: “More compensation: This means one of two things, either the company is taking less, or the customer is paying more. Now money is not the only cost. You remember about how the companies will call and try to convert. That is a cost. Remember how they let their other businesses call them, so they may not make as much but they make more on the name in a list. That is something that most people hate.”
***Just say no..Now what happens if a client developes a health issue later in life. With the conversion they can lock in a rate and face amount for life. Now on another level. What if they need cash or they get to end of term and the policy is no longer needed? Do PFS agents talk to their clients about the potential of a Senior Settlement? That term policy can be converted and the funds used for maybe a LTC policy, ans Annuity, or whatever. If the term policy isn’t a ROP once they let it go, the clients gets nothing..Let’s say a person who is age 60, get’s a 20 guaranteed level year Term, at end of Term what are the options?
__________________________________________________
Tom says: “Giving up Legs, Training Sales: Let me ask you a simple question. Would you give up 10,000 a month in business to get multiple 10,000 a month businesses? Would you give up 5 to 6 sales to get 50 to 60 sales? Losing a leg is not bad. Your way is you are always looking out yourself. What do I lose? That is definitely not a team driven position. But then as an independent, it is you pull the cart. You are always looking for the sale. ”
***How is that fair? You build up a strong leg and give it up so you can do the same? It’s about sales.
if nothing is sold no one gets paid. How is it team driven to take away income from someone? How many people build many strong legs? So a new person pays the low cost of $99.00 and then has to give up a leg. What is the value of that leg? Nothing is free.
************************************************
Tom says: “The only time you have to go fulltime is when you go to RVP. And this is because you need to handle all the compliance issues. Up to this point you are under someone and they are responsible. Once you become responsible, then you need to devote your full focus on the business. And as a client I want someone to watch the store, to be full-time. An example of companies that did not do this is WMA/WFG. They got into so much trouble. WMA had to close down, but then they jsut created WFG. They will be eventually closed since they do the same practises.”
***Are the compliance issues a Primerica thing or an Industry thing? Why go through all of the cost if someone doesn’t want or need to? A person can get a commission contract the same or better outside of PFS. The RVP contract is about Primerica procedures. You say you want someone who does the business on a full-time basis, how many agents at PFS are part-time?
_________________________________________________-_
Tom says: No Office: Same thing as above. But isn’t the main point of owning a business is to have a key. That is the pride of beign an owner. Working out of you home is so ghetto. I had one company selling my company toner that was local. So I went to office location, it was there garage. I know many people work out of their home, and a home based business is great. But if I am going to give my families lifelihood to someone, I want an office. I want a place to go to where I can see and touch the funiture. I want a company that has a main headquarters and I am able to call and get answers. And not have to go through a maze of people in another country that really do not know how to speak the english language. But then I am the customer, and I what I value more is service and value. The problem is we have gotten used to settling, but I think that will change soon.”
***How many companies do you know of that don’t have a main headquarters? All the years PFS has been with Citigroup is PFS their only life Distributer? Do they just offer their clients Term? Are all of Citi’s call centers in the USA? Tom what’s with the comments of ghetto, and people who can’t speak english??
The key to ownership is having control. If I were at PFS I couldn’t do certain things without the ok of the company and or my RVP..If I have a health license and I get laid off from my 9-5, why can’t I go out and sell health insurance if it can help feed my family? It’s my license.
Now just on face value, which is better?
Immediate ownership of clients and downline with the option to go into other outside businesses/employment, or
having to go through company qualifications/guidelines for ownership and restrictions on outside employment??
This whole thing can be broken down much more, but it would be a long post.
James @ 11:13 am
Tom says “You are right, but you hit upon one of the biggest cost. Marketing. Did you know that most companies spend billions on marketing? If the policies are so good, why do you have to spend that much? Could it be that the policies are not as good? Word of mouth advertising is the least expensive way to advertise.”
****So why do the PFS products cost more if they don’t place ads and market from referrals? Why do they charge for brochures? What about software?
Well, Do they cost more for Side by side comparisons. Not really. When I did my last policy comparison, the competition was coming in a hair cheaper. I think it was under $100 a year. Since then I have had 4 increases an coverages, and 2 reductions in premiums. the increases were because of the rider that increased my term at 10% a year. I am actually paying the same I did when I first started.
Where does the extra money go? It goes to trips for teh winners, and not the whiners. It goes to the home office visits for the winners. It goes to spiffs.
But if Primerica was so bad of a deal, why are tehy growing yearly? Why are most mortgage brokers are closing down, and insurance agents are leaving the business, and Primerica is growing? Could it be that the company has a great model, and knows how to service the clients.
___________________________________________________
Tom says: “You are right women live longer. But that is changing. Did you know when I was younger the difference was atleast 10 years. Now it is around 7 years, depending who is doing the figuring. It is also depends on the race too. By your calculations, they should discriminate against balck males since they have the highest mortality rates. NOw you know they can’t, but that is the road you are going down.”
****Do you know insurance companies are quoting policy ages up to age 121? People are living longer and expected to have longer life spans. I won’t even attempt to comment on your race analogy. You tend to bring up issues in your own mind and say others are in that thought process.
How many people are working at that age? Life insurance is income protection. Using it for other things, is like using a wrench instead of a hammer.
To anyone looking at this, for products, Please note that any agent selling you life insurance until you are out of the work force is taking your money. James, would you buy car insurance for a car you traded in last year? Or how about the house you sold 2 years ago? Life insurance is for Income protection. Using it for savings or any other use is not right. Any one that sells it for any other reason, is stealing their clients money.
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____________________________________________________
Tom says: “Well you are wrong here so much let me hit on the answer. First non-captive means no support. You are an independent. Unless you work undersomeone then you are really not independent. Who trains you? Oh the person who is getting your override. So you do have pay him part of your money to get the training. No one does anything for free. If you say he does, then either you are naive, or think that everyone here is.
****You have no clue what’s available outside of PFS. That’s the point we are making. People can do the same things they are doing outside of PFS and more. What you fail to understand there are many agents who left PFS who are now independent. The training the new people get is industry trainings, not just company trainings.
But let us see. Industry sells Cash value. Cash value is not good for 98% of the people out there and is the cancer for any middle american family. Since you are trained on selling it , this is what you sell. You hurt families.
I have seen some of the training. Do you think I am not recruited by Independents, or other companies? I have seen the training, and it is either lies, or it is lacking.
Just because I do not sell or an agent, does not mean I have not done my homework.
—————–
Tom says:
Immediate Ownership: Well the IRS says you are a business owners, but you say they are not. You are an individual, where a government entity says something who are you going to trust. Since the government gives the tax benefits to Primerica Agents, I guess you are wrong here too.
***Agents at PFS are independent contractors. They go out and find the clients. If they recruit an agent they train the agent. If that agent builds a team and decides that it’s time to move on what can he/she take with them? Nothing, if the noncompete is valid in the state they are in. Then to have ownership of their code, they have qualifications. Then there’s the issue of being part-time and can only offer products the company says is ok..
Outside of PFS with the right contract, the same new agent can have ownership of their clients. Which means they can offer any products they feel that their client needs. Does the agent wish to offer health insurance? outside they can. Does the agent wish to offer med sups? outside they can.
But let us think for a minute. Since I have seen the training which is lacking or based on Cash value, or using insurance for wrong purposes. Sicne the training is flawed you will hurt your clients.
As for offering different things, Why do Middle americans need medical. The Poor need it, but most of the clients that they seen have it. So why do they need more outside. Other than to enrich the agent.
As for ownership, You said in the right situations. What are thiose situations? They are few and far between. ANd you need to be completely independent. No one helping you, because we all know that no one does anything for free.
————–
_________________________________________________
Tom says: Freedom to do outside activity: Well as long as there is no conflict, they let you do anything you want to. Now if it has to do with money, or other insurances, they like to limit it. This is so that they have a higher level of ethics. Your upline may not have any problems with ethical violations, but Primerica wants to keep everything above board. If you are in some of the these professions, they allow them to work a year and then make a decision. Most of the time their full-time job does not allow them.
****In my opinion the company has a target for agents, which is green people who don’t know much and does not have access to professionals. If their full-time job doesn’t allow it how do they make it a year with PFS?
They get to make a choice. But that is good to you. You ahve said choice is good. By the way did you know that those same companies would have a problem with your way too. It is not the company but the business.
As fro green people, who is easier to train, someone with limited knowledge, or someone with preconcieved knowledge, or training. I am a sales forces owner. I know how hard it is to retrain someone. I look for people with skills and desire and train them.
Another example of this is college graduates. they are the most wanted commodity, since they have no bad habits.
This is something an independent may not understand but business owners do.
———–
What conflict is it if a agent who is also health licensed who wants to sell health insurance with another company?
Well let me place it easy words. Since the License can be placed with Primerica or with someone else, that is the reason why they have problems. Did you know that Primerica had no problem with people with P adn C licenses to sell other companies, when they dropped P and C. Because it was not the same license.
——————–
Tom says: “More compensation: This means one of two things, either the company is taking less, or the customer is paying more. Now money is not the only cost. You remember about how the companies will call and try to convert. That is a cost. Remember how they let their other businesses call them, so they may not make as much but they make more on the name in a list. That is something that most people hate.”
***Just say no..Now what happens if a client developes a health issue later in life. With the conversion they can lock in a rate and face amount for life.
That is not conversion. That is guarantee. You need to get your terms right. Conversion means you convert it to permanent insurance. This is something that every competent adviser has said to stay away from, but James said it is a great thing.
Did you know that, I have guaranteed insurability with Primerica. What you are saying is converting it to Whole,Universal, You bet your life Insurance.
—————–
Now on another level. What if they need cash or they get to end of term and the policy is no longer needed?
If they need cash. Here is the second part of the equation, invest the difference. That is where you get the money.
The dream is to not need your insurance. Do you buy car insurance to want to use it? How about health insurance? Home-owners? the dream is not to use it. If you get to then end of your Car insurance do you expect a refund? NO. But the difference you pay for ROP or cahs value is wasted. But then again the only people who say to use Insurance to save money is Insurance Sales People.
———–
Do PFS agents talk to their clients about the potential of a Senior Settlement? That term policy can be converted and the funds used for maybe a LTC policy, ans Annuity, or whatever.
Again you are talking about converting a term to cash value. This is something that everyone that is independent Advisers say not to do. Suze Orman, says to stay away from cash value.
If it is done right, they will have money saved. Remember INVEST the Difference.
——————
If the term policy isn’t a ROP once they let it go, the clients gets nothing..Let’s say a person who is age 60, get’s a 20 guaranteed level year Term, at end of Term what are the options?
Depends on the policy. Some are guaranteed so he can keep it. Even Primerica policies are being set for the old, but the goal is to be free and clear.
One question, Since Mutual funds make more money, and are safer than insurance companies money, why would you place your money in a losing position. Remember the 6 rules of cash value.
Remember it is Buy term and Invest the difference, not blow the difference.
———–
__________
________________________________________
Tom says: “Giving up Legs, Training Sales: Let me ask you a simple question. Would you give up 10,000 a month in business to get multiple 10,000 a month businesses? Would you give up 5 to 6 sales to get 50 to 60 sales? Losing a leg is not bad. Your way is you are always looking out yourself. What do I lose? That is definitely not a team driven position. But then as an independent, it is you pull the cart. You are always looking for the sale. ”
***How is that fair? You build up a strong leg and give it up so you can do the same? It’s about sales.
Well Since you missed the big part, let me show you. IF I give up 10,000 leg, and get 3 to 4 legs in exchange, I am up 20,000 to 30,000. It is fair. Or do you believe me me me syndrome? What is in it for me? If you understand that it has to do with the fact you are paying forward. You give up one leg, and then you get legs from everyone leaving your group. It is a great exchange.
Did you know in A.L. Williams, you gave up your entire team, moved 50 miles away at least and started over? This was the way it was in the beginning. Now it is one leg. But you can regrow and get more.
By the way, to Quote my dearly departed Daddy, “Life is not fair, so quit whining about it.”
———
if nothing is sold no one gets paid. How is it team driven to take away income from someone? How many people build many strong legs? So a new person pays the low cost of $99.00 and then has to give up a leg. What is the value of that leg? Nothing is free.
I am sorry you being independent and do not understand simple things but here it is again.
You lose one leg. You need to have multiple legs to go RVP but then the good ones do. When a RVP comes from your base shop you get to take a leg. It is like when a sales person goes to management, they give up their base to their team. I do understand since you are the donkey pulling the cart, but please try to understand that this is better than the beginning years.
————-
************************************************
Tom says: “The only time you have to go fulltime is when you go to RVP. And this is because you need to handle all the compliance issues. Up to this point you are under someone and they are responsible. Once you become responsible, then you need to devote your full focus on the business. And as a client I want someone to watch the store, to be full-time. An example of companies that did not do this is WMA/WFG. They got into so much trouble. WMA had to close down, but then they jsut created WFG. They will be eventually closed since they do the same practises.”
***Are the compliance issues a Primerica thing or an Industry thing?
Both. They have compliance internal, like the posting, and external. And since Primerica has stayed out of trouble unlike most companies, they are going to keep this.
———-
Why go through all of the cost if someone doesn’t want or need to?
What cost? You mean getting all the licenses? Because you make money. And the cost is considerably less than what you have to come up with.
———————-
A person can get a commission contract the same or better outside of PFS.
Same or better. I have only been hearing the better part. Why would I leave a company if the benefits are not increasing? You must be careful what you say since the truth comes out.———-
The RVP contract is about Primerica procedures. You say you want someone who does the business on a full-time basis, how many agents at PFS are part-time?
I do not know, but since most are to make some extra money, that is the best way. If they can make $1000 extra month, how long will it take to do that at minimum wage, or a little better. And this is less than 40 hours a month.
——————–
_________________________________________________-_
Tom says: No Office: Same thing as above. But isn’t the main point of owning a business is to have a key. That is the pride of beign an owner. Working out of you home is so ghetto. I had one company selling my company toner that was local. So I went to office location, it was there garage. I know many people work out of their home, and a home based business is great. But if I am going to give my families lifelihood to someone, I want an office. I want a place to go to where I can see and touch the funiture. I want a company that has a main headquarters and I am able to call and get answers. And not have to go through a maze of people in another country that really do not know how to speak the english language. But then I am the customer, and I what I value more is service and value. The problem is we have gotten used to settling, but I think that will change soon.”
***How many companies do you know of that don’t have a main headquarters?
NOt any company that suceeds. And who would you trust you money to, James the part-time Independent agent, who works on a.c repair, or Mary, who works with Primerica, worth 7 billion dollars, and backed by them? You are comparing the small motel with 10 rooms, to the Ritz Carleton. And you say I am cheaper. I hope you are since you have no backing, no deep pockets.
—————–
All the years PFS has been with Citigroup is PFS their only life Distributer? Do they just offer their clients Term? Are all of Citi’s call centers in the USA?
I am curious, why are you bringing in Citi. You are not comparing apples to apples. Citi is the main corporation, I do not call them but Primerica. They are in USA, Georgia. Citi may be the parent company, but unliek you, I know that each subsiduary is responsible for their own products. Where is this coming from?
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Tom what’s with the comments of ghetto, and people who can’t speak english??
Well As anyone knows the language sklills of the telemarketers in other countries is lacking. They also are designed to annoy the person to hang up and stop complaining.
As for the Ghetto comment, your position remind me of the movie Boiler Room. It is sleazy and slimy. If you are going to have a business, you should have an office. Especially something as important as money. Working from your home reminds me of AMWAY.
————–
The key to ownership is having control. If I were at PFS I couldn’t do certain things without the ok of the company and or my RVP..If I have a health license and I get laid off from my 9-5, why can’t I go out and sell health insurance if it can help feed my family? It’s my license.
I am not sure, but that is the reason why you are independent. You can have that choice. The only thing is that it does not make it better. Matter of fact, it makes it worse, since you have no loyalty to any company. People see this and will shy away. It reminds me of how some people who have left my company, and have bad mouth my company. It left a bad taste in the clients mouth. lack of loyalty is the biggest deal killer. I have not hired people since they ahve bad mouth their past employers. Since you are not locked in, the client will not know what you are getting in the back end.—————–
Now just on face value, which is better?
Immediate ownership of clients and downline with the option to go into other outside businesses/employment, or
having to go through company qualifications/guidelines for ownership and restrictions on outside employment??
See this depends. What do you get with the other things? You get lower cost and more licenses, that is a good thing. You get better training, and more support. The way you say it is the salesman saying that I am better. But we all know that the grass is not greener on the other side of the fence.
———————–
This whole thing can be broken down much more, but it would be a long post.
I am curious why not comment on the value of the deposit? I answer all your post but you pick and chose. I am curious is this how you win your clients? Telling them jsut the good points.
Why not address the fact that you get more value with Primerica than your way? Unless you are typical and only cover what is good in your place.
All in all your position severly lacks many areas. One is to take your position with great trepidation.
Sorry to interupt this.
Would someone enlighten me? A few months back didn’t the feds seize an PFS office in Utah because of unlicensed agents selling insurace there? Someone said that Primerica monitors all of there business office activitys. I believe I saw the video it on msnbc.
Someone stated that PFS do not have to carry E & O insurance? If this is true why is that? Are they self insured like a governmental agency? The other part of the question is, do you use your Errors and Ommissions Insurance Daily or Hourly? I assume that its like auto insure you only use it when you need to such as theif, crash, fire, & vandalism. When I do not drive and just store it I an required to have it or they will (insurance company will call the DMV)
This captive vs non captive thing has me divided. Since Tom is the only one seems to know PFS products in and out except for ex PFS’s would someone give 10 reasons why to join PFS and 10 reasons not to join PFS. Please keep it short like in a nut shell. These long and twisted arguments by both side are hard to sort out. I was apporoced by an agent and he has me interested in joining. I just do not want to sign something that I will regret. I also need to know if it is right for me and my family. Please help.
I concluded that Primerica is a very bad idea! Basically, they offer to do a ‘free analysis’ of your finances and come up with a plan to ‘help you’ with your debt problem. Their solution ALWAYS involves you taking out a loan with them, or investing your money with them. Primerica seems to be mostly concerned with recruiting more ‘counselors’ so that they can keep the scheme going. Most of the people who become Primerica ‘counselors’ are no longer doing it within a year or two. They contact (hassle) everyone they know, friends, family, co workers, etc. and try to get those people to do the free analysis. Then they try to get those people to take out a loan or buy some investment that’s supposed to help them clear up debt. The ‘counselor’ gets a commission for every financial product they can talk someone into buying. Sooner or later the ‘counselor’ runs out of people to hit up and they quit working for Primerica. I don’t know of anyone who has made a successful, long-term career out of Primerica, except maybe the people at the top of the pyramid. Yes, some people swear by it because they ended up better off then they were before Primerica and thought that they WERE helped, but that’s only becuase they didn’t realize that they would have been even better off doing things the right way, and because they didn’t know that they could do the same thing for themselves without taking out a loan or buying financial products from Primerica. Just listening to the Primerica pitch told me something was wrong: you get yourself out of debt by borrowing money from Primerica? Borrow your way out of debt??? Plus, the Primerica ‘counselors’ have only a few hours of ‘training,’ and nearly all of that training is on how to do the ‘free analysis,’ how to get people to sign up, and how to sell the loans and other financial products. If you really want to deal with financial stress, you can do it for yourself with nothing but discipline, sacrifice and a plan.
Michael,
Since you asked for facts and I gave them, let me go back over your statements here.
What about the 99 dollars and you get all those licenses? Did you find out you were wrong about that?
Or how about all the other things I have caught you lying about.
You left 8 years ago. Things have changed. But then again you are the same sly person. Let me correct the errors of your way.
————-
James did a very good job refuting tom’s silly claims. He has a knack of twisting the facts. He actually has never provided facts. Every time we ask him he says, “I’m just a client”. But then goes on to spew supposed information about how Primerica works!
I am a CLIENT. The only difference is that I am an informed client not one of your clients that are price focused. Those are people that will go the next cheaper person.
I do know how it works since I am constantly being recruited. I am a business owner, that trains sales people. They would love me to join them. I just do not want to. I do love going to Tom Hopkins for 199 instead of his boot camp in AZ for $1000 +. I love hearing what is going with the company, since I invest in Citi. But I am a client.
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He doesn’t know. I was at PFS for 15/16 years, and an RVP for eight.
Yes you might have been but it has been almost a decade. They stopped doing auto insurance since then. They have done several different loans. They have changed the loan center from Irvine to Nevada. (If you want to know, I talk to my agent and he told me.) They have changed the anem of their term insurance. Travlers are gone. I am curious what is the same since you have left? May be this is why you do not know what is happening right now.
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Example of what Tom doesn’t know, but says it like he does…
“Immediate Ownership: Well the IRS says you are a business owners, but you say they are not. You are an individual, where a government entity says something who are you going to trust. Since the government gives the tax benefits to Primerica Agents, I guess you are wrong here too.”
Wrong. The IRS does not say that a PFS agent is a business owner. They say he is an independent contractor paid on a 1099. That is not the same as a CEO or owner of a “S” or “C” corp.
I am curious, since Michael is not only knowledgable about Primerica something he does not have any contact with for 8 years, he is now an expert in IRS.
IRS lets you do everything an owner does. You take off you taxes everything I take off my businesses. You do not need to pay to be incorporated or what ever, since you are jsut like James, an independent person. What you do not have to worry about is with James is things like having support and training. Having to worry about E and O since your company does nto cover it. Having to worry if they are doing it right and not having to go back to the client with your mistakes.
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And, the tax benefits are very differeny between “S” corp and 1099 agent. (In favor of the Owner).
There are different tax advantages but then again their is more liability and costs to be one of them. I shoudl know I am a business owner.
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More importantly, is the liability incurred as a 1099. This is one of the biggest reason you want to RUN from PFS. Please, for the love of God, separate yourself from legal liability. Remember, its not just the whims of your clients that can get you in trouble, but also those of your downlines.
Correct your downlines that can cause you trouble. But that is why the company covers you. The RVP that had 4 agents selling away, did not get into trouble. But that is something you might not know about.
The only reason why you want them to run is because they are your compentition. You are equal to the Cash value sales people who would use the Brouchure against Primerica. You should remember the brouchure, becasue it was the thing that got some agencies closed and fined. Or would post here and say their lies.
If there was that many liabilities, why have we not heard of the lawsuits? Or how about the fines against Primerica? There must be some of these things on the internet. Find them and post them.
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Another comment that I don’t want to read about again until we gets facts, is the thing about “its cheaper so its not as good.” Or the corollary, “PFS Life is more expensive, thus it’s better.”
Stop ranting and prove it.
Value. I have used analogies for you to understand but it must be over your head. So let me give you one you can understand. (If you are a man you will know what I mean.)
You can buy a hammer from anywhere. Or you can buy a Craftsman Hammer. They are more expensive, but they are worth the value. You get something that you do not with the other hammer. (If you need to ask what, ask you Daddy, he will know.)
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Why?
What SPECIFICALLY is better about PFS Life? Please list facts. I have already listed those of other carriers….
higher ratings
lower cost
longer guarantees
better underwriting
This Tom is not a very good debater. Always off the topic. Never talks about PRODUCTS or the actualy mechanics of the business opportunity. For example, he clouds the issue with statements like this…
Well I am curious, This Blog is about Opportunity, not product. It is you that has gone off topic, and keep going off. Can you please stay on topic once? I know it is hard when all you ahve is that it is better being independent because I say so, but then again that is your only arguement.
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“Tom says: No Office: Same thing as above. But isn’t the main point of owning a business is to have a key. That is the pride of beign an owner. Working out of you home is so ghetto.”
Huh? Is he implying that non-PFS don’t have an office? WTH?
Again you need to read. James said he has a home office. No that is good for Amway, and Quixtar, and Avon, because they expect you to do that from home. Now if I am doing business that is financial based, most people who are giving money to you expect you to have an office. James said he did it out of his home.
So Please for your clients sake get glasses. It is apparent you need them since you can’t even read posts here.
Also lower your deductable on that E adn O insurance, you will need it.
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Please list FACTS, or stop posting.
I did list facts you chose to CHERRY PICK. You know pick and chose what you want to talk about. Is that how you handle your victims questions. I use that term because you seem to victimize whomever you talk to.
I am curious, do you think anyone that reads this post would come to you? I know that my friends saw the post and did not know it was me, they said that you were an idiot, placing your name and license. I am wondering if Primerica will be talking to you soon.
I found this posted today. Is this the same Citi Group that owns Primerica? Would this part be the invest the difference? I guess that the people who changed their retirement plans for this will get screwed.
Anybody have any knowledge of the Utah seizure? I am really confused about PFS now. I figured Tom would know since he is so informed about PFS by his Agent.
Tom can you ask your agent about that?
Posted On: August 7, 2008 by Page Perry LLC
Citigroup Reaches Agreement, in Principle, to Settle Certain Auction-Rate Securities Claims
Today a task force of state securities regulators, the Securities and Exchange Commission and Citigroup announced a settlement, in principle, related to auction-rate securities marketed and sold by Citigroup. Under the settlement, Citigroup has offered to repurchase, for face value, all auction-rate securities that it sold to individual investors, small businesses (defined as institutions having brokerage accounts of $10 million or less), and charities. In addition, Citigroup has agreed to make whole any individual investors, small businesses and charitable organizations that sustained losses on auction-rate securities that they purchased prior to February 11, 2008 and sold after February 11, 2008. It is estimated that this resolution will cost Citigroup approximately $7.5 billion. This settlement is to be effected by November 5, 2008.
Unfortunately, the settlement does not treat retirement plans and other large institutional investors as well. Citigroup was only required to use its “best efforts” to liquidate, by December 31, 2009, another $12 billion worth of auction-rate securities that the firm sold to retirement plans and larger institutional investors. The agreement stopped short of requiring Citigroup to repurchase the $12 billion worth of auction-rate securities sold to institutional investors and does not require that such investors be compensated for any damages sustained if they sold such securities. These investors still face the risk of sustaining serious losses on auction-rate securities. This risk could become quite significant if similar settlements are reached with other firms – there are serious doubts that the market could absorb a flood of auction-rate securities. Furthermore, the timing of the “best efforts” obligation could result in the statute of limitations barring certain claims possessed by such institutional investors if they postpone action until after December 31, 2009.
As part of the settlement, Citigroup also agreed to pay a $100 million fine and to reimburse issuers of municipal auction-rate securities for all refinancing fees they have incurred on auction-rate securities issued through Citigroup between August 1, 2007 and February 11, 2008.
While the announced settlement is unprecedented in its scope and terms, investors should be aware that the “devil is in the details.” The ultimate settlement document needs to be carefully reviewed to determine any limitations or restrictions put on Citigroup’s obligations. Moreover, it is important to note that the agreement does not resolve all claims by investors who purchased auction-rate securities. Investors are encouraged to carefully review any documents that they receive from Citigroup in connection with the proposed settlement and to carefully evaluate what their options are. Investors are specifically cautioned to be careful about the execution of any release which would generally release Citigroup from all claims which the investor may have against Citigroup.
Statements issued by the state task force investigating auction-rate securities make it clear that the task force intends to seek similar relief from other firms that sold auction-rate securities. Investors in auction-rate securities are encouraged to carefully monitor these developments.
Page Perry, LLC is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 30 occasions. Page Perry’s attorneys are actively involved in representing institutional and individual investors in auction-rate securities cases. For further information, please contact us.
Tony,
Since you do not know about this let me help you
———–
I found this posted today. Is this the same Citi Group that owns Primerica? Would this part be the invest the difference? I guess that the people who changed their retirement plans for this will get screwed.
First, It is no longer called CitiGroup, it is just Citi. Since Citi the parent company has been selling its different departments for lack of a better word, it is now called Citi.
Second, most of the people who have money with Primerica have it in mutual funds, Most have not been involved with the auction rate stocks and such. People who invest in those are day traders and people who have extra money.
Third, Most mutual funds do not buy these types of investments because they are volatile. They buy Pepsi coke, and other companies.
————–
Anybody have any knowledge of the Utah seizure? I am really confused about PFS now. I figured Tom would know since he is so informed about PFS by his Agent.
Tom can you ask your agent about that?
First, I have searched the web, and there is nothing on it. If there was something then it would have been there. Even small newspapers have a web presence. So I think this person is just drumming up dirt to muddy the waters. If not please give me a link here and I will check it out.
Posted On: August 7, 2008 by Page Perry LLC
Citigroup Reaches Agreement, in Principle, to Settle Certain Auction-Rate Securities Claims
Today a task force of state securities regulators, the Securities and Exchange Commission and Citigroup announced a settlement, in principle, related to auction-rate securities marketed and sold by Citigroup. Under the settlement, Citigroup has offered to repurchase, for face value, all auction-rate securities that it sold to individual investors, small businesses (defined as institutions having brokerage accounts of $10 million or less), and charities. In addition, Citigroup has agreed to make whole any individual investors, small businesses and charitable organizations that sustained losses on auction-rate securities that they purchased prior to February 11, 2008 and sold after February 11, 2008. It is estimated that this resolution will cost Citigroup approximately $7.5 billion. This settlement is to be effected by November 5, 2008.
This is talking about the scandel that happened all over the place. It is just a reminder about greed. Greed of the sellers and greed of the buyers.
————————-
Unfortunately, the settlement does not treat retirement plans and other large institutional investors as well. Citigroup was only required to use its “best efforts” to liquidate, by December 31, 2009, another $12 billion worth of auction-rate securities that the firm sold to retirement plans and larger institutional investors.
This means those of company with retirements, or pensions funds that thought of making a quick buck, might lose money.
Since it has not been decided yet, it all depends. But then again this is the Parent company and has nothing to do with Primerica. Since Primerica is there main asset it might be need to be sold to pay for this. Big deal. Primerica or A.L. Williams was sold once before and stock went through the roof. If they do it again, I will buy that stock. I wish I had to pay my salespeople only when they made a sale. Then those that are coasting, and looking for a job would be gone faster.
—————
The agreement stopped short of requiring Citigroup to repurchase the $12 billion worth of auction-rate securities sold to institutional investors and does not require that such investors be compensated for any damages sustained if they sold such securities. These investors still face the risk of sustaining serious losses on auction-rate securities. This risk could become quite significant if similar settlements are reached with other firms – there are serious doubts that the market could absorb a flood of auction-rate securities. Furthermore, the timing of the “best efforts” obligation could result in the statute of limitations barring certain claims possessed by such institutional investors if they postpone action until after December 31, 2009.
As part of the settlement, Citigroup also agreed to pay a $100 million fine and to reimburse issuers of municipal auction-rate securities for all refinancing fees they have incurred on auction-rate securities issued through Citigroup between August 1, 2007 and February 11, 2008.
While the announced settlement is unprecedented in its scope and terms, investors should be aware that the “devil is in the details.” The ultimate settlement document needs to be carefully reviewed to determine any limitations or restrictions put on Citigroup’s obligations. Moreover, it is important to note that the agreement does not resolve all claims by investors who purchased auction-rate securities. Investors are encouraged to carefully review any documents that they receive from Citigroup in connection with the proposed settlement and to carefully evaluate what their options are. Investors are specifically cautioned to be careful about the execution of any release which would generally release Citigroup from all claims which the investor may have against Citigroup.
Statements issued by the state task force investigating auction-rate securities make it clear that the task force intends to seek similar relief from other firms that sold auction-rate securities. Investors in auction-rate securities are encouraged to carefully monitor these developments.
Page Perry, LLC is an Atlanta-based law firm with over 125 years collective experience representing investors in securities-related litigation and arbitration. While past results are not indicative of future success, Page Perry’s attorneys have recovered over $1,000,000 for clients on more than 30 occasions. Page Perry’s attorneys are actively involved in representing institutional and individual investors in auction-rate securities cases. For further information, please contact us.
This explains the source and the negativity. The source is a lawyer trying to drum up business. He is trying to get a class-action lawsuit started. I would love to see how Citi said it in its papers. And then see it from a company not looking to make money off either side.
Now Michael and James can make all they want in this. But remember what happened to Bears and Stearns. And what is going with those that shorted the stock for it. This could be another attempt to do this.
Frank,
You are able to have an opinion, but remember it is the lowest form of information
But would you rather have an informed one.
Frank @ 12:28 am
I concluded that Primerica is a very bad idea! Basically, they offer to do a ‘free analysis’ of your finances and come up with a plan to ‘help you’ with your debt problem. Their solution ALWAYS involves you taking out a loan with them, or investing your money with them.
First point, do you know how much an analysis costs from any other firm? They range for a quick one 250 dollars to several thousand dollars. I ahve seen them for $6,000. They are not as good as the Free one, but I will cover this later.
Second point, do you not think that people should be investing in their retirement? Do you know that most people are not. It is actually the opposite, most people live beyond their means. How about debt? Do you think having a plan getting out of debt is something every family should have? Would it surprise you those other analysises have nothing on debt.
Third, did you know that the clients of Primerica get a debt stacking program free? This shows you ways to get out of debt without refinancing your home. It works great for those that have no home. It is in this analysis.
Fourth, It does not always lead to a loan. Sometime the client has no home. Or can’t get a loan. Or it does not work out, or was not a good solution. Sometime the client needs to invest so he can retire, have his kid go to college, or just get that first home. Do you think that everyone knows how much it cost monthly to get in a mutual fund? Do they know where to look? Not everyone is as enlightened as you are, and most people need help.
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Primerica seems to be mostly concerned with recruiting more ‘counselors’ so that they can keep the scheme going.
Well the opportunity is a way to get out of debt faster. Or do you think an extra $1000 a month is something to sneeze at? How many hours working at minimum wage does it take a person to make a $1000 take home?
And they do not discriminate. Any one can do the business, as long as you are a not a felon.
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Most of the people who become Primerica ‘counselors’ are no longer doing it within a year or two.
How many people that join the Gym in January are not there in March? Is it the Gym’s fault? Why are you blaming the company.
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They contact (hassle) everyone they know, friends, family, co workers, etc. and try to get those people to do the free analysis. Then they try to get those people to take out a loan or buy some investment that’s supposed to help them clear up debt.
Ok here we can talk. Are you in sales? Who is the easiest sales and the people who will give you lea way? You past customers from other jobs, and you family and friends. It is called warm market. The reason why they start there is because sales is not about products, it is about trust. If the person trusts you enough he will do what you suggest. I ahve been in sales, I am a sales trainer, and I am an owner of a sales force. Any one else who tells you differently is lying. Look up books on sales. Tom Hopkins is my favorite, but pick an author in B. Daltons in the sales section.
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The ‘counselor’ gets a commission for every financial product they can talk someone into buying.
You are right. I have question, do you get paid for doing your position? Why are you mad at the sales person getting paid? Do you tip the waiter?
By the way if you are getting 0 to 3 percent on your money and someone shows you where to get 8 to 12%, is that sales?
If you are going to pay 300,000 in interest and they show you how to only pay 100,000, do you call that sales?
If you are getting 4% on your 401K, and they show you how to get 8 to 12%, is this a sale?
Where I stand, they educate the masses. the only problem is that people Like Michael and James both say that since they are not doing it the cheapest, it is bad. But I keep going back to the Value gap. If a man shows me how to get out of debt faster and pay less in total cost, that is a value. If he takes me from getting 4% or less, and shows me how to get 8 to 12%, that is value. If he shows me by invest $50 a month, my child can have over 100,00 dollars for college, that is a value.
What do you call it Frank?
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Sooner or later the ‘counselor’ runs out of people to hit up and they quit working for Primerica.
Well this is where you are wrong. If they are doing it right, they are getting 10 names and numbers that are being called by the client warming them up for the agent. If they are not doing it right, then they do run out of people. But just like the Gym example whose fault is it? Do you blame the company for the person not following the plan? In your work what would happen to the person that did not follow his position’s plan? They would get fired wouldn’t they?
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I don’t know of anyone who has made a successful, long-term career out of Primerica, except maybe the people at the top of the pyramid.
First since it is highly regulated, it is not a pyramid. Second I never thought you would meet anyone full-time. But have you met the RVP of the location you visited? You did do the 4 step program and visited the office? If you did not, then how do expect to meet a full-time person? If you did go to the office, you would meat at least one set of full time people, the owners of the office. If the office is big enough, you would meet several. In the office I visited in Orange County, has over 20 people that are full-time. They came from all walks of life. Maybe you need to go visit your local office on a client overveiw night. You might have to miss your TV show for that night but then it might open your eyes.
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Yes, some people swear by it because they ended up better off then they were before Primerica and thought that they WERE helped, but that’s only becuase they didn’t realize that they would have been even better off doing things the right way, and because they didn’t know that they could do the same thing for themselves without taking out a loan or buying financial products from Primerica.
Please define right way? But let me see if you can give you some examples of helping them out.
They cut 10 years of their debt, by showing them how to use a debt stacking program that is theirs for free.
They cut 10 years and a couple hundred thousands dollars off their home loan.
They show them how to get a rate of return that allows them to retire.
Now you are right if you look hard enough and read enough books you can learn all these things, but why do all the hard work. Do you buy your meat at the supermarket? Would it not be the right way and doing it for yourself, to get the cow, feed it for 6 to 12 months and then slaughter it and have that feed you? Or do you buy your house completed, or do you go out find the land, buy the land, cut the timber, shave the planks, make the frame, make the sides and roof, seal it, and then make all the furniture inside it?
Yes those are really funny examples, but why not. It will cost you less and you could say you did it yourself. The reason why you do not do it is that you do not have all the tools for it. Most people do not have the right tools for it too. That is why you use someone that has more tools than you. One tool is the FNA. Another is weekly training. Third one is continuing education. (James said this is important. I have seen the class that you need to take for insurance. It really is a way to take money from the agents. Did you know you can get continuing education from people trying to get you to sell their products. Now that is scary.)
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Just listening to the Primerica pitch told me something was wrong: you get yourself out of debt by borrowing money from Primerica? Borrow your way out of debt???
So you do not think that refinancing your debt through your home and having a plan to get out of debt faster is a good idea? If I had a plan to show you how to increase your wealth hundred of thousands of dollars, with little or no risk to you, would you do it? The idea of refinancing your house to get out of debt faster and be able to claim the interest of your taxes is not something Primerica started. It is something that Primerica shows families how to get off the Merry go round of debt. This is something that no Mortgage Broker or bank is doing, is it? And do you know why? Banks job is to keep you in debt. They loan you money at higher interest rates, and give you lower interest rates on your savings. Please tell me you knew this?
I could go on about good debt and bad debt but I think you get the picture, I hope.
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Plus, the Primerica ‘counselors’ have only a few hours of ‘training,’ and nearly all of that training is on how to do the ‘free analysis,’ how to get people to sign up, and how to sell the loans and other financial products.
First you do not know the level of training. Since you have never talked to a Full-time person you would know they have more than that.
Second how much training do you need to fill an application? Present the solution. If I showed you a solution that had you out of debt faster saved you thousands of dollars, would you want to implement this solution? Or would you take the work and see if you can get it cheaper? IF you are the latter, then I would love to know how would you feel if someone did that to you for your work?
Is it easy work? It can be. then again It could be working with people who always wants to take your work and use it to get something cheaper. I tell my sales staff, do not be an unpaid consultant. That is do all this work for someone else to get the sale by underbidding you.
By the way, why do you use the word “counselors”? That is not any word I have seen used before. I have heard agents, I heard friends, I have even heard good buddy, but never counselor.
Remember that anyone in Primerica before they can get paid they have to be licensed, or approved by the Home Office. they are licensed agents.
————
If you really want to deal with financial stress, you can do it for yourself with nothing but discipline, sacrifice and a plan.
You are correct, but let me ask you this question. Dieting and eating right is just like. Why do we need specialists to help you get to the right weight. You need doctors to help you. You have trainers and support staff to help you.
Just like in eating good you need help, in your finances you need help. Or do you think everyone that goes to the gym and uses a trainer is weak and could do it all by themselves.
We all know people who have started going to the gym and have stopped. Now health is important, but your finances are equal to , if not greater. Should you not trust it to someone with more knowledge than you? Even if it someone who has a plan to help you out.
Now Frank, I hope you do not think I am picking on you, but your opinions are based on facts based on errors. Before you start saying that the opportunity is a bad thing, you might want to investigate it further. At least then you will be better off than those that follow Michael or James.
Tom have you erver heard of Winflex? How about WebCe?
I remember the days of PFS continuing Ed. Some were were a short versions of fast start schools. As for weekly trainings if all you are concerned with is one term policy how much trainng is required?
Tom keeps saying all some are concerned with is price, well to me that says the rule of 72 which is stressed isn’t really that important. If a client is looking for 100K worth of coverage and wanted to have a savings program also wouldn’t it be in their best interest to get the lowest cost product possible to have more money to work with?
Tom sems to think that Primerica agents have the clients best interest in mind when they offr a solution. How can that be if they only offfer what they have to offer? It’s about pushing their own product period. If they won’t/can’t cover a client, what do they do? Does the agent refer the client to another agent? I haven’t seen it. Why, because if they sold a policy to a spouse the agent most likely will get a chargeback.
Let me ask this. What is the maximum age for coverage for a 20 year term plan. If it’s age 60 or 65, is the PFS policy guaranteed for the full 20 years? I mean if a client is 60 and they get a 20 year PFS term will it guarantee coverage up to age 80?
Tom you still haven’t answered the question. Which is better for the agent, immediate ownership (clients and downline) or have to meet guidelines?
Which is better for the agent? To advance in commission levels by having recruiting requirements ot having an option of recruiting and the ability to advance from persoanl production?
Which brings up another question. Can RVP’s start new people at different levels if they so choose? wait here’s another on, can agents be rolled back down to a former position/commission level at PFS?
If by chance you don’t have the answers, consult with your agent…Remember you said this is about opportunity..
James,
Everytime you post, you prove that your village is looking for you.
James @ 1:59 am
Tom have you erver heard of Winflex? How about WebCe?
I ahve check them out. Winflex is a tool that people who are going for the lowest price use to find the no-value term.
Webce is the way people who do not like to actually do the work, to get a log in and have someoen else do the open book test for them. The last one is a joke since there is no accountability to who does the test.
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I remember the days of PFS continuing Ed.Some were were a short versions of fast start schools.
Since your lack of knowledge is evident here, How are we to trust your memory. Primerica never had any CE courses. Didn’t you know that would be illegal? I guess you must have confused them with some otehr company. Now I do know there were companies that cater to Primericans, but that is something that is smart since they have been growing their ranks where most other companies have been down sizing.
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As for weekly trainings if all you are concerned with is one term policy how much trainng is required?
Again you prove your lack of knowledge. Even I know that training is not on Term insurance only. Everyone here knows we do many more products. I do understand that someoen with a limit amount of products would think that is all Primerica has, but they do train on Loans, Securities. They talk about many other things.
But how do you now know so much about Primerica. You said you never worked for them? I am curious were you lying now, or before?
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Tom keeps saying all some are concerned with is price, well to me that says the rule of 72 which is stressed isn’t really that important. If a client is looking for 100K worth of coverage and wanted to have a savings program also wouldn’t it be in their best interest to get the lowest cost product possible to have more money to work with?
Again you are going to price. But what do you get for that no value term? Everyone knows if you go with cut rate products you get cut rate service. Example is Dell.
And as for the Rule of 72, it will blow your need for insurance in the later years. Just like you do not need insurance for the car you sold last year, why do you need income protection when you do not havfe a job? When you are retired? Please explain that to me. And do not use the fact you can use it for savings. Any overpayment could make you more money invested than what you would get at the end.
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Tom sems to think that Primerica agents have the clients best interest in mind when they offr a solution. How can that be if they only offfer what they have to offer?
James, How do you help someone with debt, you only do life? How about investing the difference? I know you tell them to overpay their insurance and it will come back to them. But let us see what Primericans offer:
1. A Debt Stacking program so they get out of debt.
2. An acceleration program of getting out of debt program.
3. A free analysis of their position.
4. Securities for retirement, home ownership, college, and whatever else you need.
5. Legal Protection
6. Auto and home owners insurance
7. Term life insurance
8. long term care insurance.
Compared to what you offer, Insurance, I rather have one person handling my finances, instead of getting pulled 8 different ways. That is one of the key things. If I have a question about any of my products, who do I call, My agent. If I use you or Michael, I may have to call the company that I have it with. That is a pain in the ass. Or do you think having to have 8 different numbers to look at and figure out who has what is better?
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It’s about pushing their own product period. If they won’t/can’t cover a client, what do they do? Does the agent refer the client to another agent? I haven’t seen it. Why, because if they sold a policy to a spouse the agent most likely will get a chargeback.
First, You are talking about one product. Life insurance. This is a small part of their business, unlike you who are their competition, it is the only thing you have. I pity you, and think you are jealous.
Second, If the person can’t get it from Primerica, why in the world do you think another company can help them? Or you ahve a magic wand that makes them all better.
Here is something that I read a couple years ago. An Independent agent came to one of the Primerica clients and said we can get your insurance cheaper. He said do not worry you will pass, just stop paying on that policy. 90 days later she gets a letter of declination. Then she found out she had cancer. The Independent agent said Oh well….
It was after the 30 days of free ride. She had been diagnosed with cancer. Primerica did not have to reinstate her, but they did. She did 18 months later. Family had money to bury her and live on. Would your companies do that? I sincerely doubt it!!! But keep selling the cheap no value term.
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Let me ask this. What is the maximum age for coverage for a 20 year term plan. If it’s age 60 or 65, is the PFS policy guaranteed for the full 20 years? I mean if a client is 60 and they get a 20 year PFS term will it guarantee coverage up to age 80?
Why does someone need insurance when they are retired? How many 80 years olds do you know that are working. I know many 60 to 70 years are working because they played when they were younger, and have to work now.
Remember you are selling insurance as a way to save money, or to have an instant estate. That is not what life insurance is intended for. It is intend to replace the income. Only when the Insurance companies saw a way to cheat their clients out of their money, did they figure that it could be a savings plan. By the way, who do you save your money for, your family or the institution you are placing it with. If a bank took the life savings of people there would be a lynch mob. Just look at the bank closures. And what woudl someone do if for 7 years, the bank kept his monthly deposits he was saving for his kids college? And lastly how about those imploding policies? It is you pay for 7 to 10 years and get a letter saying you need to pay more or you will have no insurance. But insurance companies and insurance agents like yourself think it is ok.
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Tom you still haven’t answered the question. Which is better for the agent, immediate ownership (clients and downline) or have to meet guidelines?
Depends. What is the cost difference? Does the person that opens his office have to get hundred of thousands of dollars in loans? DOes he have to pay for all his licenses? Does he have to pay for insurance, office space? Doo you know the the number one reason why most people do not start their own business? Money. Beingt Independent may be the best thing sicne sliced bread, but if you can’t afford it, what is the difference.
Which is better for people who have not enough money, $99 for all those licenses, or $2000+ for the same? I hope you understand it is not rocket science here.
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Which is better for the agent? To advance in commission levels by having recruiting requirements ot having an option of recruiting and the ability to advance from persoanl production?
I guess you do not understand the model. And Since I am tiring trying to explain it to you. So here is the model. And this is sales. It is called 8-5-3-1. It is basic in sales. Out of 8 appoints, 5 will stick, 3 will buy and 1 will be a recruit. (In my sales, it is 8 appointments, 5 will stick and 3 will buy and 1 will be an advocate.)
Now, If you do not recruit, do you make money, Yes.
If you do not sell but you recruit, do you make money, NO.
So you need to do both to build a teamand get freedom. Do you think Michael made every sale to get to 100,000 dollars? I doubt it. He had to have help.
Now which company that you know that stays in business, does not recruit? Please tell me.
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Which brings up another question. Can RVP’s start new people at different levels if they so choose?
Why woudl you want to work for a company that plays favorites. Who likes to play office politics? Who likes to see the ass kisser get the good assignments? It is a level playing feild. You only get promoted if you pass the qualification. Do you think that if you get a 60% you should get your securities license? I know you might think that favorites should get special treatment, because that is what happens in Corporate America, but in Primerica, they make you earn the promotions. So No you can’t sleep your way to the top!!!!
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wait here’s another on, can agents be rolled back down to a former position/commission level at PFS?
I am not sure, I have heard of people chosing to go back from RVP to senior Regional Leader, but I have never heard of anyone getting rolled backed to a different level. Again that happens in corporate america. You demotions since you do not hit your goal. Demotions because you do not give the boss a good gift. Demotions because you stop sleeping with your manager.
Who likes to see the person who works the hardest get a head? Who likes to see the person who does what he is supposed get a head?
These are the questions you should be asking instead of how I can work the system and do the least amount of work. Your true colors are coming out.
If by chance you don’t have the answers, consult with your agent…Remember you said this is about opportunity..
Since you keep bringing up product, Why are you saying it is now about Opportunity.
It is so refreshing to see an UNBIASED Report about what is going on with teh Auction Secuirities.
USA TODAY 8-8-08.
Merill and Citi both agree to take care of the small buyers that have been hurt by someone the mis-statements. These are the small buyers, those that were not knowledgeable about these items.
ALSO:
AIG is having trouble and is posting another LOSS. Now if I was someone looking at an insurance company, I would want the company to be in business when I need thier product. And since the late 1970’s over half of the insurance companies have gone out of business. Wouldn’t be a shame that the insurance policy you buy from Michael because it is cheaper, is not enforce when you need it?
Truths about PFS IBA…. The moment you sign your IBA these things happen:
1. You become a captive agent ….. not allowed to sell anything Primerica does not offer …. Hand cuffing you to fully help your client.
2. You only have one company to work with Citigroup…… why not allow you to use any company you want …. There are companies that do.
3. You have to give up a “leg” (your MOST productive team) to become an RVP …. Why not let them become an RVP AND keep their whole team ….. Other companies do it
4. Hear me when I say this!!!! YOU DO NOT OWN YOUR BUSINESS!!!!! Don’t believe me … ask your RVP if you move to a different company can you take your clients or team with you ….. you will find out real quick … read your IBA it says it in your IBA .. your RVP owns your business … you do not own your business until you are a Senior Vice President AND have had 5 years of at least 3% growth. … Until then your RVP owns your business … even after you become an RVP…… there are other companies that allow you to take your clients with you.
5. I will preface this comment …. I am a huge believer in recruiting ….. I love recruiting and I am good at it …. BUT you should not have to be forced to recruit to be promoted … you should have the choice to work yourself or recruit and have the same opportunity … America is about choice.
6. Your Securities (investment) commission is HORRIBLE….. there is NO WAY you could live on it alone .. add it up.
7. You IBA has a non-compete clause in it …. Which means try to leave for something better … see how nasty your old “friends” get.
8. You have to be full time to become RVP …. Do you forget some people like their job … pastors, teachers (I know the company was started by teachers … but you fail to realize A.L. Williams was a different company then Primerica) or anyone else that would like to keep their job.
9. As an RVP you are required to get an office … again I like having an office but some people do not want the overhead … why make them pay it?
10. You can be “Rolled Back” which means lose the promotions that you have received and the commission levels at your RVPs discretion …. Not enough production, illness, or because your RVP wants to teach you a lesson.
11. Some people do not like the risk of the market …. You can not sell a fixed / index annuities …. Most of you don’t know what that is … don’t worry I didn’t either when I was there … trust me your hurting some of your clients by not having access to it.
12. What happens when you have a recruit at your same commission level … you 2 are at the same level you get no override …. Doesn’t that make you want to keep people below you … not push them up…..Some companies will still reward you even when you are at the same level
13. A brand new person starts at 25% ……. They can do all the work (and you know as well as I do … getting a warm referral is most the work … so don’t tell me because you did a flip chart presentation you did most the work) and they only get 25% ….. the RVP get 95% …. So the RVP get 70% of something … they may not have been there for….. doesn’t sound fair … I thought Primerica did what was right “100% of the time”
14. Let’s say Primerica goes out of business (don’t believe it … check out ENRON, Bear Stearns, and Citigroup…. And read the Wall Street Journal article I reference above) ….. your contract and license is with Primerica … what do you then? … because I already explained to you … YOU DON’T OWN IT
15. Do you like paying for POL, Call Atlanta, marketing material, leadership school, and training (hype sessions) …. Most companies give that stuff out free
16. DO YOU LIKE CHARGEBACKS?????!!!!! …. Come on of all things I know you are tired of … we have to agree on chargebacks ….. for those that don’t know what a chargeback is: the agent turns in the paperwork to Primerica and is immediately paid …. But the policy is not issued which means if the client changes their mind, finds something cheaper, does not qualify, drags their feet on blood work, stops paying or for any reason does not get or continue the policy …. Primerica wants their money back ….. which means they take it out of the next check or the next one or the next one which means you are running up an escalator and YOU KNOW IT …. Sorry to give out the dirty little secret but you can not say you like the CHARGEBACK …. Again not all companies get those and NO company gives them out as much as Primerica
17. Most people become disable before they die …. You can’t sell disability insurance or you will be fired … hurting your clients again
18. What about health insurance … again .. try to sell it and you will be fired (by the way … does it make sense that you can be fired from your own business?)
19. Critical care …. What if you client gets cancer … or do have insurance for that …. Nope …. Fired Again … By the way before you say it …. Most life insurance has accelerated death benefit …. So Primerica not special with that.
20. Make sure you check with Primerica before you do ANYTHING if they don’t like it they can terminate you (read your IBA) … sounds like a JOB to me .. I’d rather be independent…… the sad part is most don’t know you can be ….
Michael,
It is funny Jenni posts then you congratulate her on being right. James posts and you say he is right. James attacks me for being the only one talking good about Primerica. Something sounds fishy. It is the trick most agents outside of Primerica do when they need to prove they are right by having alter ego’s. These boards are notorious for them. But let us go through your post and show the errors.
But again this is about Products not about opportunity. When are you going to get back on the what this Board is about? I mean you keep going off subjexct like this, may be people will see that you are just trying to make your self look important.
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Michael Thomas @ 12:40 am
Jenni is 100% correct.
FYI to all reading this and considering PFS. Primerica touts itself as being the “King of Term”. No more. It is AIG.
Is this the company that in USA today was shown as having the second quarter of loss? I mean if it keeps doing that it may go the way of the 50% of the companies that were in business when Primerica started in 1977.
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Its is a larger company than Primerica Life
Since Primerica Life is really a shell company who do they right for? I mean who underwrites the policies Michael? If you know what you are tlaking about you will know this? This is a challenge.
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Its has better ratings (AM Best, Moody, S&P):
PFS: A+, Aa2, AA (Fitch also downgraded PFS to AA- in March 2008)
AIG: A++, Aa1, AA+ (noteL Aa1 is higher than Aa3)
AIG has LEVEL, GUARANTEED Term for the following lengths:
10, 12, 15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35 year terms!
This si great Micahel. But explain to me if the company is no longer there, how do I get to keep my policy? Since most of the companies that were in business in 1977 are out of business now, and since AIG is having money difficulties, what will happen to my policy if the company becomes defaulted? I mean there is no insurance liek I have on my funds in the bank. And if the company goes default, then I lose my insurance.
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The client can choose any length, or any *combination* of term to customize their program. Again, ALL ARE GUARANTEED rates. Primerica’s only has guaranteed for 10, 15 and 20-year.
The client can combine the terms. For example, a client could get a base 35-year for income protection, a 29-year to pay the mortgage, a 19-year for kids’ college, and a 15-year for other debts.
Again you make this sound like it is so different. They copied it from Primerica. And who wants a copy when they can pay for the original.
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The Child rider is $5 / month for $10k. PFS’ is $6.50 / month.
And then again what do I get for $5. Since I have only your word, and it is suspect tell me what you think you get for the 1.50 less? Since my child rider gives me the first 10 kids for the same price, that is a value. Since my child rider gives my children the ability to get insurance without having to pass a medical test it has value.
I am sure there are people that buy on price and not value, but then they are the ones that cause charge backs since they stop the policy when they find a cheaper insurance.
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The Terminal Illness Benefit is 50% or $250k max. PFS’s is 40% or $250k max. AIG you need to prove terminal illness within 12 months. PFS is 6-months.
Again your word, But Primerica has not had 2 quarters of losses. that would scare me more. Maybe cheaper term means you have to worry if your company will be there when you need them. I mean all those companies in 1977 that are not in business now, one have to think was it because they were to cheap and went out of business?
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A nice feature…If a client gets “rated”, or the policy otherwise comes back with a higher premium, instead of reducing the face amount to bring the cost down – you can simple choose a shorter term, thereby maintaining the same face amount!
Damn that got to be a trick only AIG has. I mean no agent can do that. Damn you are right Michael. Primerica would never do that. (Please note the Sarcasm. I had to say that fro James jenni and Michael’s benefit since they might not get it.)
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And it’s cheaper to boot!
And Since I have said this time and time again cheaper does not make it equal. A new example what happens if you buy insurance and the company disappears, closes it doors. You can lose your policy. And since your poster child, AIG is having financial troubles, one can only guess what will happen. If you follow the example in the book “The Coach” they will first lower commissions, and cut back in advances. this will cause agents to either have to sell more to make the same amount of money, or leave for other companies. Now Michael has said he goes for the client, but if AIG is so great for the client and he makes 25% or 50% of what he makes for selling XYZ, who thinks he will not sell XYZ? All those who did not raise your hands, go out and have an EEG to see if your brain is working. We all know human nature. And Since Michael has left Primerica and had to restart his business it had to be for more money. that is his favorite line here.
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If you were a client, which would you choose?
Well Let us see, Company on the Rocks, Company that is being sold since it is an asset to their parent company. Person who left a company for more money, a person who stayed because it keeps him honest, and he does not need the temptation. Person who does nto stay on what the board about and posts his companies name and address here. Someone who does not make a dime where you goes, just cares that the truth is posted here. You decide.
remember since Priemrica started 50% of the companies that were competing with them have gone out of business. AIG is having money troubles. Where do you think you would place your trust?
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As for the Rep….
They pay 100% first-year advance (at least with our agency). PFS’ is only 75% (or 9 months).
Maybe this is why they are having money trouble. I guess you might be selling someone else next week when they lower your commissions, or your advances.
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We don’t have to ask the medical questions, the paramedic does (with PFS the agent has to ask all the embarrassing questions).
So you get the surprise when they come back declined for health issues? That is smart.
By the way you can only be embarrass if you do nto knwo the significance of the questions. May be this is why you left. You did not understand the dynamics of asking the questions in a sale. But then again nothing is surprising me about you.
Only a green person gets embarrassed, what is your excuse?
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The industry has not only caught up to PFS, but surpassed it.
Again this is coming from a person who did not know what you get for the $99, not the $199. Why have you not admitted about this Michael? I know it is pride, but the truth be told all your posts are suspect, and anyone that takes your word is asking fro trouble.
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The situation with loans and variable annuities is similar, and in some cases even more dramatic.
I am sure all banks and mortgage brokers show people how to get out of debt faster. Please give us a post able example. You know give us a name of a client not an agent that has had the bank said to them we know this is a lot of interest, but here we will show you a way to pay it off quicker. Or a mortgage broker not getting his back end money and telling the client he is not making anything on this loan. Or calling them back up in 2 to 5 years and offering a new loan?!!!
Please Michael show us the facts on this!!! That is what you posted so many times!
As for variable annuities, I am not sure, but I am sure that I would not give anyone a check for thousands of dollars if they did not have a big company name behind them. You know I just can’t see myself or anyone with any sense, giving a check for that big amount of money at a Denny’s. And Because you have licenses does not mean you can’t be a crook. You have those licenses and you have been caught lying here.
So please the only time someone should be using an annuity is when they have exhausted every other tax break they can. Annuities have the highest fees, and are a lot trickier than a simple mutual fund. But then you are trying to be a magician. Watch this hand while I take your wallet in the other.
I can only hope most people reading this can see that is what you are.
But please stay on point. This is about opportunity not about the product you can sell. Talk about that.
This blog is great. I was called by a Primerica Agent with a job opportunity. I have now came to the conclusion that one it is not a job opportunity, and two you are a saleman selling insurance in a box like tupperware. No disrespect to anyone. It sounds like you if you contract for Primerica which is the awful step father who wants to control the red headed step child or you contract to be an independent and you are on your own.
From reading these arguments there are a lot of mixed feeling who is right arguments. I see a lot of guys believe in thier products and believe in who they work or contract for, except Tom. Tom is only a client. Why would anyone have such interest in this other than being contracted with Primerica. Only salemen has that train of thought. I say fox in the hen house. This guy has lost my respect by telling everyone about his sales team, his guzillion dollars in assets, how powerful he is, Dude come on it clear you have other interests in Primerica other than being a client. No one really cares just fess up. You call them idiots and they will call you an idiot, you’ll be even. There is no way you should have so much information unless you are the sneeky recruiter try to pull the wool over someone eyes. Me as being a prospect thanks to this I have all my info and if guys like you have something to hide and if you are ashamed of being called an agent contracted by Primerica then there is something wrong. Remember you can not polish a turd. You have lost the respect of many. I would have more respect for you if you would have came clean who you are. I guess I really do not matter. A sales person will lie and cheat to get your confidence. The baby kissing should be left up to the politicians and I must no go wash up feeling dirty after reading Tom only client responses. I will put Tom #1 of the who the world hates most lying saleman list, just above the preowned (used) car sales person.
Cheers
Tom: One thing you seem to fail to see or understand is people can go to a source to verify what is said. We welcome people to search out the facts. Some of the stuff your saying when searched out will show that you don’t have a clue what your talking about. It’s all rah, rah, hype emotional stuff.
People can compare products, compensation, opportunity and contracts side by side and make an informed decision. You revert to name calling and making personal attacks. I don’t think many would take what you have to say serious.
You say Primerica is great, but you wouldn’t want to do business with a part-time person without an office. Under RVP from what I used to know there wasn’t a requirement to have an individual office. Many Independent agents work through Insurance Marketing Organizations. Some organizations even have agents send applications to the office so they can scrubb the applications. Or they will have a person who may be a CLU be their direct contact person for help with cases.
You only make the PFS people ask questions and do research. I don’t think that’s in PFS best interest.
As always Tom keep posting your doing a great job. You have a company that is worth Billions and you have a Term policy, let alone a PFS agent who is your advisor. I guess you have no tax considerations? LOL,,Give a person enough rope and they will hang themself.
Forget the basic spin you will have to do on this one, your going to have to break dance. LOL
Everyone get a cold drink and some pop corn, this ought to be good.
So To explain this Post since Michael is not getting his way he is going to place his fingers in his ears and say LALALALALA I can’t hear you. I mean My 2 year old nephew does that. I guess that is the only way he can win,
Well If he is going to ignore me then I guess he will not respond to my challenge, Like the coward he is.
He know he is wrong but will hide behind what ever he wants to.
But then I will dissect his posts, since they always full of inconsistency and mis-statements.
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Michael Thomas @ 5:42 pm
For all those reading, here is my 2-cents regarding “tom”.
I ignore him.
This is the Professional way to act? I guess when you can’t win the argument with facts, you chose to deflect and go to other things.
I am curious are you ignoring the facts I post. How about you saying that it costs 199 and you only get a life license? Did you fact check that? If you did and it is not hard, you can find out the truth. But you ignore it. Is that what you do when your clients call asking about something, maybe having a problem, you ignore it? It is a question for you to answer.
So did you ever check out the truth?
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For many, many posts now, when I see the author is “tom”, I completely ignore the post. Only when I read someone’s response do I get a sense of what he said.
I am sorry I am not talking to your level. If you can’t understand basic English, and simple construction, you need to blame the teachers that failed you.
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He write paragraphs after paragraphs, sometimes multiple consequtive posts, but never says anything. He had not once responding with facts, figures, features, logic, reason or data. He rumbles, rambles, rants.
I guess you are right. I just go after each point you make.
But this is typical of someone losing the battle. You attack the person, not the post. I mean if you were a professional you would attack the posts.
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I, and others, have posted multiple product-facts, but instead of him (or anyone at PFS), responding with Primerica’s facts, he just says, “we’ll since Primerica is more expensive, it must be better.”
Really, WHY? Specifically?
I have said it several time, but you keep ignoring it. It is something you lack. Value. Now, I do know you have no knowledge of what it means since you keep saying it is cheaper. I keep bringing up a car that you may not know about, called a YUGO. But then someone that is having discussions usually will go wait let me look it up. Michael you just ignore it. So since you refuse to do the work, which is typical of people who fail at Primerica, he is what a Yugo is. Back in the late 70’s iot was a cheap car. IT was not in the same level as Japanese car. They were small, did not ahve a lot of power, and were not very good looking. (Reminds me of Michael, but that is humor.) It really had only the cheap price as the selling point. Now that you know what a YUGO is Michael can you see how comparing it to say a BMW shows you the difference between the term you sell and Primerica term. Primerica has value. Now if this is a rant, it is only because I have to figure that you do not understand basic analogies. Either that you chose to ignore the answer and claim I did not answer it, Which one is it Michael?
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I posted yesterday about AIG. Instead of listing Primerica’s features in comparison, he posted 2 or three messages – after reading the first sentence or two, I realized he wasn’t going to address facts, again.
I was address facts. Just ones you fail to mention. You say AIG is a great company to buy term from, correct? Aig has not had two quarters but three quarters of losses. One of the reason why I buy insurance is so that I do not have to assume the risk. This means that if I have an accident, I pay a little not the whole amount. If the company I am paying to is out of business like the 50% of the companies that were here in 1977, that are not here now, I can be out of luck for my insurance. Since AIG is losing money, I believe either 1.8 or 18 million I do not have those facts in front of me over the last three quarters, they are not some place I would want to place my families security with. Would you? NOw, Would you care to talk about this Michael, or are you going to IGNORE this too.
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I won’t read his response to this post either.
I guess you are not going to be acting your age. Are you planning are taking your toys and run home? GROW UP.
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What happens, faithful reader, is that Primerica was never on this side of the argument before. When it was merely a “term vs cash-value” game, the facts and products were on their side. Same for the business opportunity. They were the only financial company that allowed part-timer and recruiting.
Now, they are the leaders in neither area.
I am curious, where do you get your facts? IS it the same place you got your facts about Primerica and the cost to get involved? Or I know it is the same place where you got your facts on the Viability of AIG. Or do you care that the company you push may not be in business next week? I know that is the way you can resell the same client over and over again. But then it would not be good for the client on for you and your commissions.
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Other firms offer vastly superior products. And, other opportunities have better services, better incomes and more liberal guidelines.
Again Where are you getting your information? Any one that looks at companies goes beyond what the salesperson says. Even Bubba knew that. You need third party qualified sources. This is something that Michael refuse to use.
An example of this is AIG. He said they are less than Primerica. A couple things he failed to mention. They have had 3 quarters in a row of losses. This means it is not as viable as companies that have posted a gain. Now, Michael, what has Primerica post the last three quarters, losses or gains?
Also AIG sells cash value. Now you may say but Michael does not sell it so why should we care. Well here is how it works. You buy there term for 10 to 35 years. Then for the next 10 to 35 years they call, send letters, and continue to harass you to convert your policy. Now you may say what is so bad with that, Matter of fact James says it is perfectly ok. The problem is the product they sell is worthless. You do not get to keep the extra money as a savings plan. On some if not most plans they implode. This means the insurance company sends you a letter one day saying that unless you come up with a larger monthly payment, you will have no insurance. This is because your savings has not been keeping up with the overprice term insurance that the insurance company has been charging you. I do hope Michael can understand this little concept.
Lastly, since you need to have a policy or the contract, and not some salesperson saying things about to compare it to. And they have to be completely the same, otherwise it is not comparing apples to apples. But Michael knows he can throw numbers out all he wants but the trick is not to lock himself down, because he has no control over the underwriting, nor the insurance company. This is Michaels trick.
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Now, Citigroup is trying to get rid of them (no buyer as of yet).
Michael, If you were half as smart as you thought you are, you would know it has not been CitiGroup for months if not years please get your FACTS correct. Also Michael, you would know Citi is selling off assets. Primerica is one of its biggest ones. It is worth over 7 billion dollars. I know it is hard for you think that since you left the company did not fall apart, but it actually thrived since your departure. The $199 deposit, has gone down to $99. It has gone from one license, to 5 licenses or products. They have grown and have had more RVP, and 100,000 earners, and have even created a 4 million dollar ring. They ahve gone to not even using the three levels at the Georgia Dome, to next year having to plan on two conventions since it is so big. And Citi is looking to sell them. I am curious when do you tell your clients to sell their properties, when it is in the dumps, or when it is worth a lot of money? I do hope it is the latter, but since I can only base your performance here, If I saw your posting, I would be leaving you fast.
James,
I wonder what fantasy land do you life in. I do know that you focus on price, and that is why you sell that way and you are comfortable.
I teach my sales staff to focus on the value. NOw I have explained to Michael about the YUGO and BMW, Please read it so you can understand where I am going.
If you sell on price, you will always lose. Someone will always come in and beat you. If you sell on value, then price really does not matter. If you do not think I am telling you the truth, go dress up nice, and go to a Mercedes Dealer, or a BMW dealer. Walk on the lot, listen to how they sell. You will find out a whole lot about it.
Now to your post……
James @ 3:19 pm
Tom: One thing you seem to fail to see or understand is people can go to a source to verify what is said. We welcome people to search out the facts. Some of the stuff your saying when searched out will show that you don’t have a clue what your talking about. It’s all rah, rah, hype emotional stuff.
I am in sales. I have trained more salespeople than Michael and you together. Selling on price, and not value means you will lose every time. Someone will always beat your price.
As for the facts, they need to come from a source that has no reason to slant the facts. Example, Insurance companies giving you examples is not a good source. A Magazine on Money is. Wall Street Journal is a good source. USA Today is a good source. Newspapers and independent advisers. Pulling it from a Insurance website is not a good source. Pulling from a magazine that ties to the industry you are selling is not a good source. Point is sources that have biases is not good.
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People can compare products, compensation, opportunity and contracts side by side and make an informed decision. You revert to name calling and making personal attacks. I don’t think many would take what you have to say serious.
Like I said to Bubba, you are not in my Five. I have people I listen to. When they talk I pull up a chair, I take notes and I follow their instructions. You,Michael, Jenni any one selling cash value life insurance or ROP (This is a form of cash value, This comes from an outside source.)they are just not even close to people I listen to. And the funny thing is most people should not. I do this so that these voices are the only one here. Old Saying “If you tell a lie a thousands times, it becomes a truth!” Hitler proved this.
As for personal attacks, they started with Michael. I know I should have been the better man, which is not hard to be, but I figured if he was going that way, I can to. I am the professional here selling my company as one to come to. I am not selling myself here either. I am just defending a company that choses not to fight here. They believe in the fact, “If you decide to argue with Idiots, they will just drag you down to their level. It is there they will beat you, because they are experienced at that level.
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You say Primerica is great, but you wouldn’t want to do business with a part-time person without an office. Under RVP from what I used to know there wasn’t a requirement to have an individual office.
You are so right, but they are under an RVP. The RVP has an office. The agent used that office. They also have someone that is looking over their work. This mean I have at least one more set of eyes before the paperwork goes to the head office. If you might have missed that, the RVP is responsible for the agent’s work. this is what makes it great. But do you know how much the agent pays to use the office, secretary, and equipment? NOthing that means more of his commissions go to his family.
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Many Independent agents work through Insurance Marketing Organizations. Some organizations even have agents send applications to the office so they can scrubb the applications.
I am so glad some of the agents do this. But would you feel safe if your Brakes on the car only worked some of the time? This is the families life you are working with. As I said before, in Primerica, every agent is under an RVP and the policies are scrubbed at the office level.
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Or they will have a person who may be a CLU be their direct contact person for help with cases.
You only make the PFS people ask questions and do research. I don’t think that’s in PFS best interest.
I curious what do you mean here? I do not understand why doing research and asking questions is not in the best interest in PFS. IN Sales Asking questions is how you get to the end point a sale.
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As always Tom keep posting your doing a great job. You have a company that is worth Billions and you have a Term policy, let alone a PFS agent who is your advisor. I guess you have no tax considerations? LOL,,Give a person enough rope and they will hang themself.
Yes I have a company worth billions if I sell it. But then again My Sales are in the millions each year. With my investments I am worth a lot. I do not need cash value insurance since I have set aside money to pay those bills when I die. But then again TOM Hopkins has the same plan. He is worth Billions too. I get to see him every 18 months. I usual;y bring my struggling sales people with me. But I am diverging, sorry.
If you want to know his net worth, it is a lot more than mine. But Since it works with him, I think it will work for me. By the way my lawyer and CPA has checked it out too, and they see no problems. So Who do I believe a Salesperson who is only selling insurance, or a several people, that I paid money to verify I am on the right path. Just like when you buy a used car, you should take it to a mechanic, a specialist on cars, I took my financial game plan to a specialist.
And since you are wondering why do I stay with Primerica, and defend them. It is simple. They gave me my first mutual fund. They got me out of a cash value policy, got me a mutual fund for emergency fund. As I became bigger and better in sales making more money, I kept adding to them. I have bought homes when they were cheap and used them as rentals. They are great but I wanted to retire before I was grey, so I found a company that was not doing well. Saw why they went, trained the staff in sales tactics, and closes and over coming objections. It is not a very profitable company. Since it sells millions and the staff is the best commodity, It was pegged a couple years ago at over 100 million dollars if I want to sell it. With My properties and my other investments I am worth over a billion dollars. Since you may not understand this, having a net worth and having cash is another thing. Trump is worth a lot more, but it a lot less liquid.
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Forget the basic spin you will have to do on this one, your going to have to break dance. LOL
Everyone get a cold drink and some pop corn, this ought to be good.
I do hope you enjoy your break dance, but remember something. I can show every lie you post here. I can over come every objection you post here. As for my personal stuff, You can’t, because you do not have a name nor have a face.
So please keep up the attacks. This is typical of someone losing the battle. Remember the movie “The Pacifier”? A quote ” And then you have the Titty twister. IT is the lowest form of attack, it means you have reach desperation.!”
Lowest form of attack for a sales person is to ignore the post and then attack the person. You and Michael are doing great. Which one of you thought of making up Bubba?
Tom as independent agents we don’t just shop price. We can also shop carriers. Some companies don’t want impaired business. some companies do price and underwrite differently. It’s about fitting the best product available for the individual client.
As for your postings about AIG. If you knew as much as you project to know you would know if by chance a company did go out of business it’s not something so easy as the policies would just become null and void. Please consult with your Primerica agent.
To even make an accusation like that one would have to go over the financials. Now as far as the site prices i’m sure you know nothing is in stone until the client goes through underwriting and the policy is issued. as there are many different policies each company has their own different features.
Now as I know your going to go into the conversion feature. There is no requirement for ANYONE to convert their term policy to a Perm. Policy. If a client is offered the option to convert, they have the right to say NO Thank YOU..
As you say you are just a client, you have no experience to see when a conversion would be a consideration for a client. One size does not fit all.
Answer me this, why doesn’t Primerica just have their policies just end at end of term? remember the Buy term And Invest The Difference Concept and the Theory Of Decreasing responsibility?
Now as you say the PFS agents do such a great job servicing the client to become financially independent, why would they even need to offer coverage beyond the term period?
Now if a client made it to end of term and still had a need for coverage wouldn’t it be a good consideration to be able to lock in a face amount and premium for Life or Long term? At older ages people don’t need fluctuating cost.
Which brings us to ROP. At the end of ROP if a person does need coverage would it be a good consideration to have coverage available as a single premium policy? In life things do happen. When they do it’s great to have options.
Ask your PFS agent if Art williams or Sandy Weill only had term policies. I would think you would understand the target marketing aspect of PFS.
Keep posting…
Tom says; “But you are basing your entire sales pitch on price. Doing so means that you will lose the client. Someone will always come in less. Your own posting says that term is going down. So what happens when you client cancels when he finds it cheaper with another agent.”
**Tom as an independent I will have access to the same carriers in most instances. If I place the client with the right carrier and concentrate on providing a solution to a need it’s not an issue.
Tom says: “Maybe you are right, but Since Primerica is like my company it does not give out its rates, they have a greater chance of being wrong.”
**Tom exactly where else would they get the rates from?
Primerica would not allow a site to just post rate information. If Primerica will monitor message boards don’t you think they would look at a quoting site if their product was being mentioned and quoted on the site?
***Because your going to bring it up. there is no requirement for anyone to do a Term to perm. conversion..
***Tom i’m going to give you the last word on this, because..well just because..
We make money both ways. Its easy to not understand who we are and what we do if time has been taken to obtain legitimate information. We make money recruiting and through products. With all honesty, recruiting is an option. Its a bad decision if you don’t, but many of our guys who choose not to recruit can easily make over a six figure income working primarily as a sales rep, but thats not what most are about. We came to primerica to build a Business at the same time. Honestly…in my opinion, would I rather be one financial guy out there helping middle income America or have team of twenty? We are not here to point fingers at anybody else. Our main mission is to talk to the households that are being untouched in america to become FINANCIALLY INDEPENDENT. Most companies wont even talk to these guys unless the client comes in themselves, or they have a lump sum of cash to invest. We are a company that SEARCHES for these families and pushes to help them. Hmmmm….its a win win situation for a clients and us. I also have the ability to make triple the amount of income of your typical financial planner…oh… and did I mention all the great perks of passive income? Yes we get paid four ways…Yes we get actual licenses….Yes people are going to talk crap about the company because 1 out of 10 will make it here……and Yes the industry is threatened by our crusade. Buy Term invest the difference ONLY!!!!! Better, YES! Debt ELIMINATION not just consolidation….Better, YES! And an OPPORTUNITY to for others to make money on a part time basis. Not only will they achieve an education of their lifetime, but for folks who we sit down with who are hurting and we can’t help because they are so deep in a hole, what do you think we do? We HIRE them. Does your company hire your clients who are hurting across the kitchen table? Most likely not. People are so quick to knock MLM too…personally I think its a great thing. It allows someone to understand the fundamentals of building a business without having to put out a massive amount of cash to obtain it. But think about it. Our we selling juice here? We are bigger than that. We’ve been around for over 30 years and our company keeps growing and growing. We have agents that have the ability to retire at 30 here. Its not an easy business by any stretch. We get out there and do things that most people wont. We hire people that most people wont. I’ve hired shy people who have been beaten down by society and have turned them into champions. They feel good here and great about themselves. We are in the people business and understand that our people need to feel like gold. Maybe thats why primerica people are so happy…..hmmm thats a thought. ; )
Tom as always you don’t understand. ROP is an option. Some people just don’t like the point of paying for Term and not getting anything in return except coverage. Then there’s the issues of a court ordered insurance policy. People do get divorced and people do have child support issues. Something to consider would be to use an Annuity and a ROP..
I have no problem with the link you posted. You see not all things are for all people. There is no one size fits all for all situations.
Just so you know there’s no requirement to convert to a perm. product. The client can always say NO Thank YOU. Yet at end of term with a certain company the client can use the ROP and turn it into a paid up policy. As always it’s about the needs of the client and offering a solution. Sometimes people later in life develope health issues or life has just thrown them a curve..
**Melody please read some of the previous post.
It seems Michael will only approach in areas that he thinks he is right.
Again I challenge him: He said that Primerica only gives you one license and it cost $199. Are you going to let this go by and ignore it? I mean is this what you do to clients, and here? If you get caught in a lie you sweep it under the rug and try to hope that no ones catches you. Typical Bad SalesMan tactics.
Since he has not clarified this He must be keeping with his first statement. He is wrong here but let me show him where he is wrong again, and again.
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Michael Thomas @ 2:07 pm
Tom likes to take quotes out of context. For example, he said, “Return of Premium Something that Both James and Michael both said are great ideas. ”
Wrong. In fact, I have stated that I have never sold nor, nor has anyone in my agency (I have 35 life-licensed reps). However, what I DID say, was that there are ROP policies that are LESS EXPENSIVE than PFS, AND have LONGER GUARANTEES and the client gets their money back.
This was an illustration to how expensive Primerica’s policies are, that a ROP can beat them on price (and features).
Again, Since I am a client, I can’t refute this. But then again, I remember about that toner salesperson selling me that garbage. His was cheaper, but had no value. It only cost me a cleaning, and a replacement. How much damage can you do Michael? I mean this is someones life. I mean if I die and you made a mistake, what do you say oops? Or what do you say the widow or their children. Sorry I screwed up.
No value verses value. I am sorry If I must beat the dead horse again. YUGO vs. a BMW. What Michael says and sells, and what Primerica sells.
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In actuality, we “compete” against ROP because we only market pure, level, GUARANTEED term from 5 – 35 years.
Again you bring up 35 years. DO you knwo what the Competent advisers say to do? Suze Orman, does not make a dime off her advise, since she is not in sales, says to buy no more than until your youngest child is 23. But you are toting 35 year term. You must be getting a premium of that sale.
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Point: if you are marketing Primerica’s term, you are not offering your client the best product, both in price and feauturs.
By whose definition? Yours? I am sorry you made so many mistakes, only a fool would trust your advise. I mean you tote AIG. They are having worse trouble than anyone else. They sell cash value. In my experience cash value companies use term as a lose leader.(This is a way to get to the client. Now a days with the do not call list, it is harder to get to the clients.)They use it to harass the clients into taking calls, or making calls to check on their life insurance. Now you may think that is not a big deal, but getting a call monthly or a letter monthly about my insurance and wasting my time listening to a pitch that should never be directed to me is worth something. But, Micahel says they are better. Would you trust the bosses at Enron, with what you know now? Michael is similar in not telling you the whole truth. He failed to mention the company he suggests is failing, and they sell cash value. Two points that most people think is important, especially if I was going to place my families life if I die premature.
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Just last night I was talking to an independent insurance agent who used to be a Primerica RVP years ago. He said, he loves that PFS sells 20,000 policies per month, because they’re all prospecting for him!
Again, You are making things up. But then again you made up the fact of the $199 and licenses. Are you going to ever admit you were wrong there as well as many other places.
Remind me of a saying” You know how you know when a salesperson, or Michael is lying? When he is either speaking or typing.
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It’s true. The “easiest” type of sale we have in our Agency is a Primerica client! They are already believers of BT&ITD and mutual funds. All we have to do is show them better features, better performance, much cheaper costs (in mutual funds too), and other products, such as living trusts, and they become a client quickly and easily!
Again I dis agree or they would not be growing. Now I have seen the numbers for your areas, did you know that all the RVP’s have grown, and they have created 50 new RVPS in the last 3 years. These are people owning their own office. I guess you must be mistaken like about the amount it takes to join and what it covers.
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Do what’s right for your client, and go independent so that YOU, the Advisor, can select the best products for your clients, instead othe the “mothership” forcing a product down your throat.
Again this is coming from a guy who had to leave Arizona and open a business. Someone who can’t be trusted, especially when he makes a mistake. I mean how many errors has I caught here? 6 to 12. And this stuff is not the important part. He shoots from the hip, and when he gets caught he attacks the person catching him. This is typical salesmen tactics. They prove he has to lie, cheat and steal, to make a living.
James you are wrong here again. But let me show you your errors.
James @ 3:27 pm
Tom as always you don’t understand. ROP is an option. Some people just don’t like the point of paying for Term and not getting anything in return except coverage.
So is buying car insurance for a car you do not own anymore. It is not a smart option or idea, but it is an option. So is placing your money in side your mattress, it is not safe, nor will it grow, but it is an option. How many Financial advisers would keep thier job if they suggested that.
But if you read the article, which proves you did not, if you took the difference and invested it getting a conservative 8%, you would have more. (Over 1.5 times) Maybe you need the post again.
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Then there’s the issues of a court ordered insurance policy. People do get divorced and people do have child support issues. Something to consider would be to use an Annuity and a ROP..
And these are for a set time. Term works for it greatly. And then you can invest the difference in a mutual fund and have college for the kids. And if you do it right, you will not pay any taxes on it. ( Since it is more it is better, or do you think getting less for more money is a great idea, James?)
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I have no problem with the link you posted. You see not all things are for all people. There is no one size fits all for all situations.
I am glad you say that, You positions is not for over 98% of the people out there. So why are you marketing to Middle American families? Could it be you are just like the Insurance salesmen that got caught by 20/20 years ago. They got caught stealing and lying and cheating their clients. Selling them policies they knew where bad, but laughing all the way to the bank. Your and Michael’s clients are middle american families. They do not need this crap.
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Just so you know there’s no requirement to convert to a perm. product. The client can always say NO Thank YOU.
Let me ask you why should I have to say no thank you? Do you think using a loophole is perfectly ok? The loophole is getting around the do not call list. Do you think that if you are constantly asked to change your plan, that it is not worth something? Most people rather not have the worry of having problems with their insurance, their family’s only source if the breadwinner(s) die prematurely. But then again anything to sell the policy. What is your cut if they decide to go with Cash value?
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Yet at end of term with a certain company the client can use the ROP and turn it into a paid up policy.
Again you are assuming that the client pays til the end. Now you have said that there are companies that will refund some of the money, Please give us those companies’ name. I would love to verify this information.
But then again if the client takes the difference, the amount in a conservative mutual fund of 8%, would be more than the ROP. So which is better for the client? Read the article.
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As always it’s about the needs of the client and offering a solution. Sometimes people later in life develope health issues or life has just thrown them a curve..
Yes, but to cover every possible loss is absurd. You need to get coverage if you break a nail? How about skinning your knees as a kid? I know you need to cover every illness? Then you can be ok. But then you do not have any money to live or retire. You can’t cover all your possible problems. Just like worrying about them, will cause you more problems than the actual problems.
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**Melody please read some of the previous post.
Melody, My suggestion talk to your RVP or OSJ about posting here. You might be in for a surprise.
But as for the post here, They are here to drive a wedge between the company and agents. The only one who wins is them. They have a vested interest in you quitting, just like your Upline has a vested interest in having you stay. If I was Micahel’s or James’ Clients, I would not walk but run and pull all my files from them. They have proven they can’t be trusted, or are willing to twist anything to their point of view.
MICHAEL,
You are good at giving Ultimatums. You keep saying prove him wrong.
Well I posted that he was wrong with the Cost to get in and what it covers. He seems to have forgotten his mistakes. He never admitted he made any. He is still posting here.
If I remember right, He is a Professional. At least he claims that. Would you not think a professional would follwo some rules and ethics? It seems he thinks that it is ok to lie here. He has admitting of stealing people from his company. (The people he had trained.) And then their is the time he cheated by not giving all the information about the company he endorses, AIG.
If he was a Military Officer, he would be discharged dishonorably. But in his business this is perfectly ok.
Michael, I do hope this is short enough for your attention span. Since you accuse me of ranting, when I am just proving my point. You might want to do that more when you are with your client, and do not forget to keep up the typical attacks by the competition of Primerica. The competition names change but the tactics do not.
Tom says “But if you read the article, which proves you did not, if you took the difference and invested it getting a conservative 8%, you would have more. (Over 1.5 times) Maybe you need the post again”
***Tom in many instances the issue isn’t about saving. It’s about buying a term policy and people having an issue with not getting anythng back at end of Term. It’s not an issue about saving. Some people want some sort of guarantee.
Tom says regarding the divorce case: “And these are for a set time. Term works for it greatly. And then you can invest the difference in a mutual fund and have college for the kids. And if you do it right, you will not pay any taxes on it. ( Since it is more it is better, or do you think getting less for more money is a great idea, James?)”
**Tom the point isn’t about savings. The point is if a life policy is court ordered and a person balks at the cost, they can use an Annuity along with the ROP. That way the Annuity can pay the policy premium and at end of Term the person can get all of their premiums back. It’s just an option to a situation. (Yes this was kept simple) Now if the person does not have the funds or is not willing to go that route you can be sure they are going to shop price.
Tom says: “I am glad you say that, You positions is not for over 98% of the people out there. So why are you marketing to Middle American families? Could it be you are just like the Insurance salesmen that got caught by 20/20 years ago. They got caught stealing and lying and cheating their clients. Selling them policies they knew where bad, but laughing all the way to the bank. Your and Michael’s clients are middle american families. They do not need this crap.”
***You have no idea what markets we or anyone else currently target. Also there is no requirement that nay covert their term paln to a perm. plan.
Tom says: “Again you are assuming that the client pays til the end. Now you have said that there are companies that will refund some of the money, Please give us those companies’ name. I would love to verify this information.
But then again if the client takes the difference, the amount in a conservative mutual fund of 8%, would be more than the ROP. So which is better for the client? Read the article.”
***Read the article again, he mentions that a client can get a partial refund if the let the policy lapse.
ask your PFS rep. he should know a few things abvout ROP. I didn’t know mutual funds had any guarantees..
Tom says: “Yes, but to cover every possible loss is absurd. You need to get coverage if you break a nail? How about skinning your knees as a kid? I know you need to cover every illness? Then you can be ok. But then you do not have any money to live or retire. You can’t cover all your possible problems. Just like worrying about them, will cause you more problems than the actual problems.””
**Tom it is our responsibility to our clients to do a bit of forward thinking. That’s why we as indpendents can also look at income protection. (Disability Insurance)
Tom says: “But as for the post here, They are here to drive a wedge between the company and agents. The only one who wins is them. They have a vested interest in you quitting, just like your Upline has a vested interest in having you stay. If I was Micahel’s or James’ Clients, I would not walk but run and pull all my files from them. They have proven they can’t be trusted, or are willing to twist anything to their point of view.”
***We are not trying to build any wedge. Given the information any PFS agent who looks at it with a clear mind can make a decsion that’s in their best interest.
There’s no twisting going on. I post sites. People can do their homework. Tom I think it’s because of you PFS agents don’t post. Melody can here and stated:
“Most companies wont even talk to these guys unless the client comes in themselves, or they have a lump sum of cash to invest. We are a company that SEARCHES for these families and pushes to help them. Hmmmm….its a win win situation for a clients and us. I also have the ability to make triple the amount of income of your typical financial planner…oh… and did I mention all the great perks of passive income? Yes we get paid four ways…Yes we get actual licenses….Yes people are going to talk crap about the company because 1 out of 10 will make it here……and Yes the industry is threatened by our crusade. Buy Term invest the difference ONLY!!!!! Better, YES! Debt ELIMINATION not just consolidation….Better, YES! And an OPPORTUNITY to for others to make money on a part time basis.”
***Now she is probably new to the industry and she doesn’t know what she doesn’t know. That is an example of why I just pass on what I learned.
“I try to stay away, but they just keep calling me back.”
James again you are making simple mistakes. They are even stupid. Let me show you again your errors.
James @ 9:59 pm
Tom says “But if you read the article, which proves you did not, if you took the difference and invested it getting a conservative 8%, you would have more. (Over 1.5 times) Maybe you need the post again”
***Tom in many instances the issue isn’t about saving. It’s about buying a term policy and people having an issue with not getting anythng back at end of Term. It’s not an issue about saving. Some people want some sort of guarantee.
Well Let us take a poll, How many would like to have more money than less? I bet everyone raised their hands.
Now your guarantee: You need to pay for the whole 30 years. Do you know the average policy last less than 7 years? And term is around 10 years? So this means that the insurance company gets to keep the extra money. Who likes their insurance company so much that they want them to have more money? I guess only the people selling this crap is raising their hands. Let them buy it.
Mistake number one, trying to say someone wants a guarantee, when you know that the odds are they will change or cancel the policy. But wait you get paid on the total premium, so you make more money. I see why you push this crap, you make more money on it. This is not the fiduciary duty to your client.
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Tom says regarding the divorce case: “And these are for a set time. Term works for it greatly. And then you can invest the difference in a mutual fund and have college for the kids. And if you do it right, you will not pay any taxes on it. ( Since it is more it is better, or do you think getting less for more money is a great idea, James?)”
**Tom the point isn’t about savings. The point is if a life policy is court ordered and a person balks at the cost, they can use an Annuity along with the ROP. That way the Annuity can pay the policy premium and at end of Term the person can get all of their premiums back. It’s just an option to a situation. (Yes this was kept simple) Now if the person does not have the funds or is not willing to go that route you can be sure they are going to shop price.
Do you know an annuity is an insurance policy? And it is used to do one of two things, either pay a bill, like a court case over time, or in my case, deferring the taxes on the interest. Since it was a lump sum and I did not want to pay taxes on the gain this will help me out. Using it your way does work but reminds me of the wrench as a hammer. Yes you can use a wrench, but why when their are so many tools. And why do it the expensive way. Unless you are getting paid on it, this is the most expensive and idiotic way of doing it.
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Tom says: “I am glad you say that, You positions is not for over 98% of the people out there. So why are you marketing to Middle American families? Could it be you are just like the Insurance salesmen that got caught by 20/20 years ago. They got caught stealing and lying and cheating their clients. Selling them policies they knew where bad, but laughing all the way to the bank. Your and Michael’s clients are middle american families. They do not need this crap.”
***You have no idea what markets we or anyone else currently target. Also there is no requirement that nay covert their term paln to a perm. plan.
You are right, but then again you are missing the point. IF a Lie gets told 1000 times it becomes a truth. Insurance companies know this and that is why they harass anyone they can about converting.
If you know that it is wrong to sell cash value in any form, including ROP, you would be disgusted. But you have not been to the family, that had 7 policies and still had to pass the hat to pay for the funeral expenses. When I was younger before I was an owner, I had a friends father die. He was sold 7 policies. Two were specific diseases, which was a waste since they did not cover his death. One an accidental policy, which did not pay for the heart attack. And Four policies. They barely paid for the hospital bills. And then the mother had to move in with her kids. The Insurance guy got a call from me asking about all these policies. He acted just like you, saying the father wanted these policies. It is a shame that the mother died a couple months later since she felt she was a burden on her kids. But the Agent made his money!!!
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Tom says: “Again you are assuming that the client pays til the end. Now you have said that there are companies that will refund some of the money, Please give us those companies’ name. I would love to verify this information.
But then again if the client takes the difference, the amount in a conservative mutual fund of 8%, would be more than the ROP. So which is better for the client? Read the article.”
***Read the article again, he mentions that a client can get a partial refund if the let the policy lapse.
ask your PFS rep. he should know a few things abvout ROP. I didn’t know mutual funds had any guarantees..
Well nothing is truly guaranteed. But it says in the article they have to pay the complete 30 years. You have said there are companies, show tell us which ones do? I mean you are the agent, show us your knowledge. Give us facts we can verify. I mean if you knwo of some tell us. If you can’t back up your post with facts then get off the ROP kick. Please you are the agent do some work.
As for mutual funds and guarantees, there are none, like there are none in banks. Look at the Indy Bank scandal, and the S & L scandal. So nothing is guaranteed.
————
Tom says: “Yes, but to cover every possible loss is absurd. You need to get coverage if you break a nail? How about skinning your knees as a kid? I know you need to cover every illness? Then you can be ok. But then you do not have any money to live or retire. You can’t cover all your possible problems. Just like worrying about them, will cause you more problems than the actual problems.””
**Tom it is our responsibility to our clients to do a bit of forward thinking. That’s why we as indpendents can also look at income protection. (Disability Insurance)
Something that cost more from you, that most everyone can get cheaper else where. But to sell everything possible to you client is irresponsible. And it shows your greed. But then you have proven you are not looking at the most commissions you can make. An annuity is the best way to make money off your client, the highest fees. So please get off this kick that we need to cover all the bases. I had cancer in my family, does that mean I need cancer insurance. No, since it is a waste of money, like accidental death and dismemberment. I sure hope your clients see this and learn of your motivation. (It is Greed.)
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Tom says: “B
ut as for the post here, They are here to drive a wedge between the company and agents. The only one who wins is them. They have a vested interest in you quitting, just like your Upline has a vested interest in having you stay. If I was Micahel’s or James’ Clients, I would not walk but run and pull all my files from them. They have proven they can’t be trusted, or are willing to twist anything to their point of view.”
***We are not trying to build any wedge. Given the information any PFS agent who looks at it with a clear mind can make a decsion that’s in their best interest.
There’s no twisting going on. I post sites. People can do their homework. Tom I think it’s because of you PFS agents don’t post.
Again I say it, You mis-information tactics do work on some. IT only helps you from keeping people out of the business. Without Primerica most people would not try a business. Cost is too much. If they leave Primerica, they do not have the money needed for the start up. (Insurance, office, etc.)So when they leave Primerica the chances of you having competition goes down considerably. That is why so many of these other agents attack Primerica. Michael knows if he did this stuff across the kitchen table he would be laughed out of house. You tried this stuff with me, I would boot you out of my house. But you can attack here without punishment and get away with it.
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Melody can here and stated:
“Most companies wont even talk to these guys unless the client comes in themselves, or they have a lump sum of cash to invest. We are a company that SEARCHES for these families and pushes to help them. Hmmmm….its a win win situation for a clients and us. I also have the ability to make triple the amount of income of your typical financial planner…oh… and did I mention all the great perks of passive income? Yes we get paid four ways…Yes we get actual licenses….Yes people are going to talk crap about the company because 1 out of 10 will make it here……and Yes the industry is threatened by our crusade. Buy Term invest the difference ONLY!!!!! Better, YES! Debt ELIMINATION not just consolidation….Better, YES! And an OPPORTUNITY to for others to make money on a part time basis.”
***Now she is probably new to the industry and she doesn’t know what she doesn’t know. That is an example of why I just pass on what I learned.
No, you passed on the mis-information, so that you can try to keep Primerica down. Most agents do not go looking on these boards and are trained to ignore the post here. Being a Client, I can shed some true light on why. Your posts remind me of the competition for my friends business. They could not win stealing their clients, because of the non-compete clause. So they said he was going out of business. It was a lie, but some clients moved to them. They will lose them and more since they are going to be sued. It is a shame that Primerica thinks so little of you and Michael that they will not even send a letter of cease and desist. I mean it is only an hour at most to make the letter up. I guess you are not even worth an hour of their time.
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“I try to stay away, but they just keep calling me back.”
Please just go away, Unless you love the fact you are being proved wrong.Unless you are going to post companies that will give you your money back on ROP if you cancel early. Please show us the companies that do that. I mean you are the agent, so show us the companies.
Hey Tom,
Lets call you out on the carpet or are you chicken? Lets run a quote apples for apples. Since you are not an agent have your agent do it.
Let’s make a fictious person.
Janet Client
age 46
standard plus non smoker
wants a 250,000 term policy guaranteed premium and convertible for 20 years
Tom put up or shut up.
You have been now slapped with the white glove accept the challange.
Just for fun everyone can join in and participate.
Do you feel like your Products are not as competitive as they should be?
John,
You must think everyone is an idiot. But then again, I can only bet you are directly related to Bubba, Michael , or James.
John @ 9:02 pm
Hey Tom,
Lets call you out on the carpet or are you chicken? Lets run a quote apples for apples. Since you are not an agent have your agent do it.
John, Since my agent makes more money an hour than you do, why woudl I have them waste their time here. Do you know why RVPs never waste their time here. Because it is not worth their time. People Like James, Bubba, Michael, Jenni, etc are usually one person. Since it is not worth their time, and I know it is not, why bug them. Oh by the way, this is about opportunity, not products. Since everyone is posting about that, I guess they are off point.
————-
Let’s make a fictious person.
Janet Client
age 46
standard plus non smoker
wants a 250,000 term policy guaranteed premium and convertible for 20 years
Tom put up or shut up.
John, Would you say the a BMW is worth more than a YUGO? How about let say a KIA RIO? You can even get a bicycle for cheaper. They are all transportation. Which one do you want to have?
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You have been now slapped with the white glove accept the challange.
Since Michael has never answered any challenge of mine, and This looks exactly like the same one he did, I am wondering if this is not one of the Competitors favorite trick. Get more names that say the same thing. Then they can rule the board and get their mis-information out.
————
Just for fun everyone can join in and participate.
Do you feel like your Products are not as competitive as they should be?
I am glad you can bring in everyone. But then again not all companies are the same. Some use Term as a loss leader. Do you know what that is John? That is when they know they are going to lose money on a product, sell it at LOSS, so they can get money somewhere else. Those that sell cash value in any form, do this. Have you heard of the Do Not Call List? My Buddy was on it, he kept getting calls from a Cash value insurance company. He said that he was on the do not call list. They said since you bought from XYZ company, they could contact you since they are a sister/brother/Parent company of that company. A way in, is all they need, to spread lies and mis-information.
Or they use it to get the person number to convert. I have covered this so many times it is getting to be a broken record.
Michael,
How did I know you would post too? I mean John or whomever he is led right to you. But I have a question, Why should anyone play your game? I gave you a challenge, do you remember it? I know you are ignoring it.
Challenge is Prove what you say: You said that the Deposit you give Primerica was $199, and only covered life insurance. You claimed that I was lying, by saying this. I challenge you to prove your post. I can easily
prove mine by posting the newest slide, with numbers to call to verify. So When are you going to answer the challenge?
Until then It will be fun to destroy your posts, and your credibility.
———–
Michael Thomas @ 10:30 pm
Great post John.
Since it more than likely came from you, a typical competitors choice, I am glad you pat yourself on your own back. I know that you do not get the support you need. Most smart people see people and take lithium for the problems you have. (Yes I am saying you have multiple personalities, at least on the boards.)
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This is what I did when I was leaving and PFS, and I encourage all Primericans to do, with ALL products and the business opportunity. Do the Coke/Pepsi test – in other words, looks at the facts and figures first, THEN see which company it is.
No, You know that most of the people in Primerica, or looking at the opportunity can’t pay the start up fees. In the great state of California, It cost just for a life license, $251 for school, $237 for the license, 75 for finger printing. IF you want the easiest way to get mortgage appointed, it is $400. That is $1000 dollars. This is ten times the amount and only two of the licenses. You get three more with Primerica, what is the value that you give Michael? Oh the ability to sell cheap term. No value term. Term that is being used as a loss leader, to sell the more profitable Cash value. I am curious how do you sleep at night knowing that your clients are being harassed by the companies you sell for? I wonder if you have even the clue the tactics they pose????
Michael, The truth be told, You rather have less competition. That is the only reason why you are here. Since most of the offices in Orange County are growing, you must be feeling the pinch. the last one I was at, for what they called a super Saturday, they had 500 plus agents and clients. And that was one little heirarchy. Not really on the map yet. The the Hectors, or the other names you use. But then again you are out here to destroy peoples dreams. How do you sleep? Does your family know what you do?
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So, following John’s lead, here is what I found, using a 46-year, born June 1962, standard-plus, male, $250,000 level, guaranteed term.
Company A: $585 annually
Company B: $590 anuually
Company C: $742 annually
All three are rated “A+” by A.M.Best.
Which would you choose is you were a client?
A = AIG
I have already covered this company in detail. They are in financial trouble. They sell Cash value, and they have a history or contacting clients and trying to convert them to cash value. When it comes to value, I rather not have some person who is looking for a sale to contradict the competent advisers that have no interests in making a commission off me.
B = Banner
This is a new company Michael. Does Michael change his spots? I do not think so.
They sell term as a Loss Leader. (This is where they sell a product cheaper so that they can harass you into converting. This is one of the reasons why they are no value term.)They sell Cash value, and they have a history or contacting clients and trying to convert them to cash value. When it comes to value, I rather not have some person who is looking for a sale to contradict the competent advisers that have no interests in making a commission off me.
C = Primerica
Does not sell cash value. Does not try to convert you or trick you into buying a product that is worthless. Uses third party, un-biased sources, to prove their points.
They also give you many other things, Like the ability to get out of debt faster. they have several ways, but I will not boar Michael with it, since he does not know about them anyway. One cost nothing.
They come to you during your time of need. You are not directed to a 800 number to get your money. They do all the work. When My dad died, the other insurance companies and independent agents directed us to 800 numbers. Primerica held our hands, the other agents were looking for their next commission. When the check was cut they called up and ask to see if they could help us out. They wanted to sell us annuities and went straight into the pitch. Did you know what Primerica did? They asked us what we needed the money for, and where it was going. they then got a plan together with us, and showed us a way. Yes they did sell us, but they were with my Step-mom all the way.
—————–
BTW, “C” is even more expensive, proportionally, when paying monthly, than “A” and “B”
So Michael I have debunked your companies and explained how they can sell it for less. Both of your companies sell cash value. They sell term as a loss leader. (Already explained several times, and I know that Michael still may not understand the point.) This is one of the reason why they are no Value term. Being Cheaper does not make it equal. And if you do not value your family time, your personal time, time when you are not working, they will pester you until you convert or cancel caused by the harassment, or die. And then they will go after your family. Would you like to set predators like that onto your family?
Lastly Michael, I have debunked your two companies as cash value companies. I have shown why they are cheaper and why they do it. I have given many reasons why not going with the companies you suggest. It is a pity that you clients do not see this. They would run from you.
And Again I throw my challenge down. Please prove me wrong on what it covers. Since you information is dated there, how do we not know that the information you post here is not mis-information? Where is your proof?
Tom get off the loss leader stuff. There is no contractual requirement to convert to a perm. product. It is an option. As for the book “coach”, read it again and see how art. feels. Also read sandy weill’s book. They bought Primerica just for distribution purposes. If you fail to remember Travelers had cash Value products also.
Tom the rates can be verified just by calling the companies or other independent agents. i can understand your fear of the truth. When verifiable information is presented you say it’s not accurate.
So Tom, You would rather have an agent present your loved ones or whomever a check for $250,000 rather than $325,000..If it doesn’t matter to you, i’m pretty sure the beneficiary would see the difference..Now remember you said it’s Sunday..
Also being a captive agent the Primerica agent is there to sell Primerica products. That’s the bottom line. You still didn’t answer why your father didn’t have only Pimerica products..
As for your so possible test for the potential referrals, why would i even consider doig business with you? You make false accusations and get personal with people you don’t even know. As far as educating my clients that’s first and foremost. If I have a client who has a family history of health issues, of course i’m going to bring up the optin of a term conversion at end of term or at a later date if needed.
Not to mention ROP to have the option of having a guaranteed paid up policy at end of term. One size does not fit all..
One health situation can blow up the best Buy term And Invest The Difference plan. Then what? It’s about options.
Tom this was goin a bit too far. You say ..” On top of it, most people that read this are Christian. Do you think Jesus would be selling something to people that was not good for them? Would Jesus even be associated with a company that did the wrong thing for people they are to serve?”
***Look at the cost and the difference in coverage amounts..Same cost with a $75,000 spread. If you were an agent knowing what you know now, could you with a good conscience hand a beneficiary a check for $250,000 know they could have been getting $325,000 if you just shared some information with them? You see that’s the mirror test or the momma test. I couldn’t do it. Of course the rates are all speculation until fully underwritten, but it’s still valid information.
This is For James:
Since it is apparent That my information is like placing pearls before swine, I am done with you.
You seem to think you know that price is the most important thing. You will not keep clients, they will jump since you feel you do not give them value for thier money. To bad you do not know how to sell with value. You will always be searching for your next victim.
As for options: Offering some crap for food as an option is disgusting. Since you are doing that with your clients, one can only hope you are a decent a.c. repair person. Then you family will not have to pay for your stupidity.
As For not caring about the companies you present: Remember they may sue the company for your muistakes and clear them for some money, but then they come after you for the rest. Keep the lawyers handy, your victims will figure it out and get back at you soon.
Tom where are you?
John……
I am here.
What Am I to say? A.L. Williams was a coach. He taught as a coach. He is a very rich man.
Is there anything negative about that video? No. Matter of fact, he was talking to one of the biggest groups of Christian leaders. That was an honor. Do you think they would allow him to do that if he had any problems. I doubt it.
As For James comment on Checkmate, I agree, He has lost.
Tom give it up..LOL..There wasn’t anything negative intended about the Art Williams video I send it to my team to view..
Tom aka: Billioniar,
PFS advisor made you rich, etc. Professor Mcbragg? Wrong Way Feldman? Giggles Flintstone? Then there’s the tried and true, “once upon a time” You might as well have chosen one of those names. LOL..
I intended to post more, but i’m going to leave it alone. Tom you have a good day..
James……….
James @ 10:59 am
Tom give it up..LOL..There wasn’t anything negative intended about the Art Williams video I send it to my team to view..
So what you are saying even though the company he founded and makes money off of, is overcharging their customers, you will still use and abuse him. Sounds like you are cherry picking.
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Tom aka: Billioniar,
Spelling again shows your clients or future ones how carefull you are. Billionaire.
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PFS advisor made you rich, etc. Professor Mcbragg? Wrong Way Feldman? Giggles Flintstone? Then there’s the tried and true, “once upon a time” You might as well have chosen one of those names. LOL..
Well If you can’t handle the truth…..
By the way is this how a professional acts? I wonder if anyoen that you are trolling for here would even think of using you. Since I do not need to troll for customers, I do not have to lower myself to your level.
I mean Should I run to my Mommy and say that big bad James called me names……
I mean I woudl say grow up, but I know that you will never mature.
——–
I intended to post more, but i’m going to leave it alone. Tom you have a good day..
One can only hope you keep the level of intellectual conversation. I am thinking of sending it with my 2nd Grade grand child so they can proof read your work. Did you know my Grand kids think your and your posts are pathetic? I guess thye have the understanding of value.
Tom PFS is different than ALW, read the books “Coach” Art Williams and “Tearing Down The Walls”, Sandy Weill.
Now Tom you attack people on a personal and professional level and you tell me to grow up? I’m not looking for clients or agents from the board. Also I still don’t know what truth your talking about? I don’t know what truth you have posted period..
How do you spell “they”? You do it like this.
“I guess thye have the understanding of value.” To verify check your previous post.
Tom give it up. No, keep posting…LOL
Here is some of the of the IBA agreement provisions you decide if it is your own business
wow
IBA Refund Policy
Under certain circumstances, a refund is available to you for the IBA fee paid to us (less a processing fee of $30). Refunds must be requested in writing and sent to: LICENSING – Refunds, Primerica, 3100 Breckinridge Blvd., Building 400, Duluth, GA 30099-0001, by fax to (770) 564-5092, Attention Refund Department, or by email to [email protected]. The following additional requirements apply:
(i) The request must be received within 120 days of the date of signing your IBA;
(ii) If any amounts have been paid on your behalf to a state insurance department, other state agency or testing service, those amounts will be deducted from any amount otherwise refundable; and
(iii) If you have attended a life prelicensing class, you will not be entitled to any portion of your IBA fee.
Additionally, refunds may be made when, in the sole discretion of Primerica, a request is timely submitted, in writing, explaining extenuating circumstances that may exist justifying a refund.
I understand that I do not make any money from recruiting and that earnings are based on the sale of products. I may recruit new
Representatives into the Primerica sales force, but I will not be paid for recruiting. I understand that the part-time opportunity allows me to go into the sales business on a part-time basis without giving up the security of any full-time job.
I will solicit and sell only Primerica financial products and services. I will not solicit, sell, market or promote any investment, note, loan, insurance policy or any other financial product or service not approved by Primerica.
This is a contract between you and Primerica Life Insurance Company (“Primerica Life”). Primerica Life is a company authorized by Primerica Financial Services, Inc. (“Primerica”) to offer insurance through the Primerica sales force. The definitions and Part II of your Basic Agreement with Primerica are incorporated by reference into this Agreement and shall have the same effect on this Agreement as if they were actually included in this Agreement.
1. While this Agreement is in force, you are authorized to sell Primerica Life products and services offered from time to time through the Primerica sales force where you are property licensed. You accept this appointment, which may be terminated by Primerica Life without advance notice. You will not have the exclusive right to sell these products and services in any territory.
2. Primerica Life will pay, or arrange for the payment of, commissions to you for the sale by you and your commission hierarchy of Primerica Life products and services. The procedure for calculation and payment of these commissions will be as provided from time to time by Primerica Life in commission schedules and Operating Guidelines. If you violate this Agreement, Primerica Life will not be obligated to pay you or credit
commissions to your account. No commissions are ever payable after termination of this Agreement unless specifically provided in this or another written agreement between you and a Primerica Company. If you have achieved the designation of Regional Vice President in the Primerica sales force, even though this Agreement may have terminated, you will be entitled to earn any “vested commissions,” as defined in your Regional Vice
President Agreement, so long as you continue to comply with the requirements in Section 3 of your Regional Vice President Agreement and the non-replacement covenant and confidentiality covenant in this Agreement.
3. Primerica Life, in its discretion, may also pay, or arrange for the payment of, “advances” to you. Your advance loan balance will constitute a loan to you that must be repaid. The “Commission Advance and Chargeback System” provided in the Commission Operating Guidelines, as supplemented from time to time in future Operating Guidelines, controls the methods for making advances and their repayment.
4. If your advance loan balance or other debts to Primerica Life are not repaid in accordance with the Commission Advance and Chargeback System, then Primerica Life, or any agent in the Primerica sales force whose own account has been charged directly or indirectly with your loan balance or other debts, may collect these amounts from you. Neither Primerica Life nor the agent charged with your debt will be obligated to proceed through the arbitration process described in the Basic Agreement to collect these amounts. In any proceeding to collect these amounts,
(i) your Primerica Life commission statement will be conclusively presumed to state these amounts as of the particular date shown on that statement, unless you notify Primerica Life in writing of any inaccuracy within thirty (30) days after you receive the statement, (ii) you agree not to assert a counterclaim, defense or set-off in that proceeding to the payment by you of these amounts, and (iii) to the extent permitted by law, you
authorize Primerica Life or the agent who is charged with these amounts, acting as your attomey-in-fact, to confess judgment on your behalf.
Primerica Life or the agent will be entitled to recover reasonable attorneys’ fees and other expenses incurred in the proceeding.
5. You recognize that it takes a substantial period of time for Primerica Life to earn a return on its investment in new insurance policies and other products and services. This investment includes commissions you may receive. To protect this investment, and to protect Primerica agents’
stake in their own commissions, it is important for Primerica to preserve its customer base and avoid unfair competition. Accordingly, during the term of this Agreement and for two (2) years after its termination, you agree that you will not, directly or indirectly, solicit any Primerica Life insurance purchaser (that is, the policy owner who personally dealt with you or another Primerica agent to obtain the insurance) for the purpose of inducing him or her to reduce, terminate or replace that policy. Following termination of this Agreement, this provision will be limited to prohibiting your soliciting, directly or indirectly, Primerica Life insurance purchasers only when all four of the following additional criteria are met:
(i) the solicitation is of a Primerica Life insurance purchaser with whom you or your downline agents personally dealt on behalf of Primerica Life;
(ii) the solicitation is of a Primerica Life insurance purchaser whose purchases of Primerica Life insurance resulted in your earning commissions (which should be evident, for example, in commission records provided to you); (iii) the Primerica Life policies that you are attempting to reduce, terminate or replace are less than seven (7) years old at the time of the solicitation; and (iv) the solicitation is of a Primerica Life insurance purchaser who lives at the time of the solicitation within fifty (50) miles of the location of any of the principal address(es) that you had during the one (1) year period before termination of this Agreement (as determined in accordance with this Agreement or any written amendment). Prior to termination of this Agreement, these four criteria are not applicable. You agree that this restriction is a fair and reasonable way to help protect Primerica Life’s customer base against unfair competition.
From Primerica Financial Services Home Mortgages, Inc. Originator Agreement
2. PFSHMI will pay, or arrange for the payment of, commissions or other payments to you for, among other things, the marketing by you and your commission hierarchy of PFSHMI authorized products and services. The procedure for calculation and payment of these commissions and other payments will be as provided from time to time by PFSHMI in commission schedules and Operating Guidelines. If you violate this Agreement, you will not be entitled to earn commissions or other payments. No commissions or other payments are ever payable after termination of this Agreement.
4. You recognize that it takes a substantial period of time for PFSHMI to earn a return on its investment in the products and services it arranges for you to market. This investment includes commissions and other payments you may receive. To protect this investment, and to protect Primerica agents’ stake in their own commissions and other payments, it is important for Primerica to preserve its customer base and avoid unfair competition. Accordingly, during the term of this Agreement and for two (2) years after its termination, you agree that you will not, directly or indirectly, solicit any purchaser of PFSHMI authorized products or services (“customer”) for the purpose of inducing him or her to reduce, terminate or replace that product or service. Following termination of this Agreement, this provision will be limited to prohibiting your soliciting, directly or indirectly, customers only when all three of the following additional criteria are met: (i) the solicitation is of a customer with whom you or your
downline agents personally dealt on behalf of PFSHMI; (ii) the solicitation is of a customer whose purchases of the PFSHMI authorized products or services resulted in your earning commissions (which should be evident, for example, in commission records provided to you); and (iii) the solicitation is of a customer who at the time of the solicitation lives within fifty (50) miles of the location of the principal address(es) that you had during the one (1) year period before termination of this Agreement (as determined in accordance with this Agreement or any written amendment). Prior to termination of this Agreement, these three criteria are not applicable. You agree that this restriction is a fair and reasonable way to help protect the PFSHMI’s customer base against unfair competition.
THIS IS A BINDING CONTRACT. READ IT CAREFULLY.
From Primerica Financial Services Commission Agreement
6. Notwithstanding the basis for termination in Section 10 of your Basic Agreement, this Agreement may be terminated by either party with or without any reason or cause. If your Basic Agreement is terminated for any reason, this Agreement will, without additional notice, automatically terminate.
From Primerica Financial Services Basic Agreement
9. “Confidential information” is non-public information pertaining to the business of the Primerica Companies (a) provided to you or other Primerica agents as Primerica agents by a Primerica Company or (b) developed by you or other Primerica agents while acting as a Primerica agent and obtained by you as a result of being a Primerica agent. Confidential information developed by you or other Primerica agents is considered owned by Primerica because it results from your or their activities as Primerica agents for which you and they are being compensated. Confidential information includes, among other things, customer lists, agent information, policy coverage and expiration data, and investment account information. It does not include, however, information you possess or acquire independent of your activities or status as a Primerica agent. Confidential information, under the law, may be a trade secret, which is a property right protected by law. The Primerica Companies protect confidential information
because it helps their businesses and your Primerica business. You agree to treat this information as confidential, and not to use or disclose this information except as necessary to conduct your Primerica business. This restriction will continue to apply after termination of this Agreement for only two (2) years.
10. This Agreement may be terminated by either party with or without any reason or cause. This Agreement shall also automatically terminate in the event of your death.
11. Upon termination of this Agreement, you must immediately stop using all trademarks, trade names and copyrighted material of the Primerica Companies and, unless Primerica otherwise agrees in writing, you must promptly deliver to Primerica all materials (including any copies, notes and computer disks) that contain customer or agent information, other confidential information and all inventory that reflects a Primerica Company name. You should remember that some of the provisions of the agreements you enter into with the Primerica Companies (for example, the restrictions against recruiting and the confidentiality and indemnification covenants) continue to apply after termination.
17. To protect the Primerica sales force and the Primerica Companies, each Primerica Company (and, if specifically authorized in writing by that Primerica Company, any of your upline agents) may enforce you’re your compliance with ant restrictive covenant, confidentiality provision (including the return of confidential information) or trademark provision in your agreements with the Primerica Company to the fullest extent permitted by law by injunction or other equitable remedies (without having to arbitrate) , and will not be required to post a bond to do so. You agree that you are not excused from complying with any restrictive covenant or confidentiality provision because of any claim you have against a Primerica Company.
SESAME STREET ECONOMICS – 1 – If you are only licensed as a life insurance agent and a mutual funds representative and you believe you can take a wholestic financial planning approach you are wrong. Let me ask you how you’d hedge a portfolio against systematic risk. Sorry diversification is a text book wrong answer. You are in denial if you think you will get rich off these products alone that have a small trail and a trail only if you are even licensed with your 6 or 63. That isn’t half of you on this page. Your “business” which is a Multi-Level-Marketing, hence largest finanical services MARKETING org; notice the legal lingo that requires them to use marketing because you are definately not the largest financial services organization, is based very much so on recruiting. I’ve done corporate recruiting and guess what, not everyone wants to change thier life to a MLM anyone with a pulse can be a client life style, and believe me a salary PLUS commission is for the talented and truly competent; Anyone can go grab a commission only job at any financial services competitor. Sorry to say but the reason you are new to the industry and not receiving salary plus commission is because you have a history of slacking off in either your academic studies or other employment; hence your last desparation to grab this opportunity that you’ll soon find has a very poor pay out. If you are really interested in the financial industry obtain a series 7 license and 66 license your CFP and learn all the capabilities out there so you can really help people without being limited by primerica’s philosophy of that you only need these few products. You have fewer fund families than a 401k which is sad, and a “common sense” annuity; give me a break. It’s funny how you’ll criticize MetL life insurance and then go and use thier annuity product. Where is the falacy there?? Anyone?
What you sell is sesame street economics to people that really have had no exposure to the industry. You exploit their lack of knowledge and use primerica slogans for every aspect of the business. When you are a parrot repeating the same lingo it is apparent you’ve given little though to do actual research yourself on the markets or how different asset classes are even correlated. A freshman with one econ 101 course could do circles around your fabricated knowledge of what you think is this whole financial realm. Well wake up and see that your not only doing an injustice by blindly leading these client sheep of yours to the slaughter house, but to say it’s in the name of doing what’s best for clients; seriously; go study, pass exams that qualify you to actually financially advise, which is not the 6 or 63 or life, health, ltc, and do us all a favor and use some self due diligence and educate yourself first before you just try and sell stories and common sense catch phrases that sound so ammature and weak. Now you can’t call yourself a financial advisor or planner because you legally are not aloud because you are completely not even close to being qualified so like i said do us a favor, go to citi.com and search for primerica and see that your parent company is so shameful of you the company is nowhere to be found on any of its main web pages. Our competitor Smith Barney of course, a wirehouse, is reputable and where they send clients for investment advise and financial planning. Guess how much pfs pays to use the citi name… how bad does pfs have to milk that too… it’s so funny… well whatever helps your denial keep feeding to each other. It’s like a bunch of fat kids thinking that cake is actually healthy for them if they wish it to be true. Well keep doing a great job pulling in that first paycheck that’s your life and health reembersement and make sure you keep outfitting yourselves as unprofessional as possible when you show up in t-shirt and jeans to your little pep talks. and secretly i know each and every one of you has a pfs life policy… u know u do too… who did u compare it with…uhh that’s right.. no one.. u bought in to it all ;p
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133 FA // Nov 15, 2008 at 12:49 am
RECRUITING JUSTIFICATION: well lets see.. get the blind teaching the blind and say “who am i to judge who will make it or not” and yes then you can put your head on the pillow at night.. well, that’s if you have no real judgement and are more motivated by what, oh ya, the dream of money and success; ah so hypicritical. So i get a stupid 18yr old and sell him/her the world. They feel all excited b/c they are this business owner or soon to be business owner lol. They “spread the word” and the “regional rep” takes him/her on appointments and closes all the business making more on the business than the junior rep.. which u all think is justifiable but in reality the person with the actual relationship makes the most. Well then the 18yr old just gives everyone he knows away the senior guys are happy and the junior guy thinks that’s great, but then the will runs dry.. uh oh.. now its time for real business and talking to people we don’t know.. ummm how about we just get another idiot to be convienced to join and we’ll exploit his “warm market”.. and round and round this vicious cycle we profit… the 18yr old tries to coach, but can’t… why.. he’s not licensed or at that level.. hey they never told me that… so yep.. that regional or rvp gets all that business… and u thought u owned a business… uh no… but ur are a 1099 employee.. wait.. don’t u criticise them too.. umm ya u do.. wow.. so many flaws in this model.. so there lies the reason to recruit.. it continually opens up that persons warm market and u move on.. u sleep at night because you say, who am i do judge someones potential… well wake up people.. you are judged every single day by your potential and rightly so.. are you going to tell me your fund managers don’t judge funds potential based off history and past performance… or do you want there money invested in a company where they say.. hmmm hey lets give them a chance… no.. just doesn’t work that way. Oh and all this talk about how everyone else out there is Soo unhappy in corp america… let me ask you your positions you had before.. mcdonalds and wallmart don’t count as corp america. ya you have a few people with reputable backgrounds but there is a reason they didn’t make it in thier industry either.. and to say all those people that make it are “evil” well is just irresponsible and makes you look so amature. Who are you to assume everyone is dissatified. Many people that are real entrepreneurs not fake MLM ones, are happy and many people in other fields are just the same. But you negative people have to just talk crap about everyone else to make yourself feel better… or atleast you exploit the 18yr idiot… i think i’ve seen as high as 40yr idiot at a volnerable time in their life… so rest easy
Well Let us look at your post and see how you are wronmg.
SESAME STREET ECONOMICS – 1 – If you are only licensed as a life insurance agent and a mutual funds representative and you believe you can take a wholestic financial planning approach you are wrong. Let me ask you how you’d hedge a portfolio against systematic risk.
First it is Systemic Risk not Systematic risk. Second since it is risk that is in the market, the only way to not have this risk is to be not in the market. Now you can put it in a bank, but then you have to have many different accounts because of the insurance limit. And you will not be able to retire ever. If you are getting less than inflation, you will end up still working for your entire life. Is this what you expect to do at your golden years?
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Sorry diversification is a text book wrong answer. You are in denial if you think you will get rich off these products alone that have a small trail and a trail only if you are even licensed with your 6 or 63.
The fact that you do not understand systemic and not systematic, I am sure you do not understand residual income. It is how most sales people make their money. And this is how people make money using their 6 and 63 license.
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That isn’t half of you on this page. Your “business” which is a Multi-Level-Marketing, hence largest finanical services MARKETING org; notice the legal lingo that requires them to use marketing because you are definately not the largest financial services organization, is based very much so on recruiting.
I am sorry which other company has over 100,000 licensed individuals in life insurance? And 26,000 licensed security representatives? (This is conservative since they have started paying for the Securities Licensed.)
And Since you are harping on recruiting, ever sales is a recruiting pitch. You need to recruit them to your position and then convince them to buy and send referrals. I am sorry, but sales is one big recruiting pitch. If you say differently, you are not being truthful.
As for recruiting, it is a by product. Name a time that anyone could not use an extra spare job tire. How many companies are laying off. Unemployment is at an all time high. They are thinking it will go higher, to 10%. Even Citi is laying off their employees. But Primerica is looking for people wanting a chance to make money to get their freedom. What do you offer, a Job, that can be downsized, or sent over seas.
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I’ve done corporate recruiting and guess what, not everyone wants to change thier life to a MLM anyone with a pulse can be a client life style, and believe me a salary PLUS commission is for the talented and truly competent;
I agree, but to get there you need to give up time and money. Get lower pay, and work harder. But if you are looking for something to add to your income, you can’t do that. Any company wants you 50 to 60 hours a week, for what you say. If you only have 168 hours a week. If you are working two 40 to 60 hour jobs, plus travel time, You will have no life, and no sleep.
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Anyone can go grab a commission only job at any financial services competitor.
Again you are right. But they require you to be licensed before they will even consider you. So you need to spend over 1500 dollars to possibly get a job that guarantees nothing. Or you can earn while you learn, get your licenses paid for, and build a client base. You tell me which is better? Who has an extra 1500 dollars to risk on a possibility?
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Sorry to say but the reason you are new to the industry and not receiving salary plus commission is because you have a history of slacking off in either your academic studies or other employment;
Wrong. Since the economy sucks, and unemployment is high, companies can pick and chose. Can offer what ever it wants. Or do you think that a recession actually a good time to be unemployed? It is called a buyers market. Just like the real estate market is a buyers market, employment is a buyers market.
You really need to study economics and see what is truly going on.
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hence your last desparation to grab this opportunity that you’ll soon find has a very poor pay out.
I am sorry, what do you consider poor? Making money is not easy, but if you work at it, you can make excellent part time income, ($20 to $50 hour)and even better full time income, $100k. Plus all the benefits of opening a business, with its write offs.
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If you are really interested in the financial industry obtain a series 7 license and 66 license your CFP and learn all the capabilities out there so you can really help people without being limited by primerica’s philosophy of that you only need these few products.
Well, Since the series 7 and 66 license is not for the market Primerica are going for, why would you buy it? Since most middle America families do not have money to gamble with in the stock market, they need to have a somewhat safer place to put it. Mutual funds is the way. Ask any competent adviser. Dave Ramsey, Suze Orman, the list goes on.
As for the CFP that is a way to sell life insurance as an investment. This is not good for 97% of the people out there and definitely not good for the middle American Family. The market that Primerica serves. It is a waste of money, that usually is not there when you need it.
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You have fewer fund families than a 401k which is sad, and a “common sense” annuity; give me a break.
I am sorry, You must be wrong. Primerica agents can write to any fund they want to. As long as it not a closed fund, meaning that it can only be written by employees of that company, Primerica Agents can write to them. Did you know most funds in the same class have similar if not the same break down. I guess not, since you thought that Primerica can only do certain funds.
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It’s funny how you’ll criticize MetL life insurance and then go and use thier annuity product. Where is the falacy there?? Anyone?
Metlife is the one that we do write for, and so that you know they wanted the sales staff of Primerica. I wonder why? They pay no office space, nor any salaries to the sales staff, just commission. This is something that most companies would love. ANd most are doing now, we are in a recession and unemployment is so high.
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What you sell is sesame street economics to people that really have had no exposure to the industry. You exploit their lack of knowledge and use primerica slogans for every aspect of the business. When you are a parrot repeating the same lingo it is apparent you’ve given little though to do actual research yourself on the markets or how different asset classes are even correlated.
I am sorry, Buy Term and invest the Difference is not a slogan that Primerica created. It is something that it took to the masses, but it has been around before 1977. Every Competent adviser says to do that. Look at any self help investment book.
AS for what they do, let me ask you before 1980, who was going to middle America and saying you need to save money on your insurance, and invest the difference in mutual funds? I know it was no insurance company. They sold cash value, mainly universal life that imploded and left people without insurance when they were no longer insurable. It was not the big financial institutions, they require you to have large amounts of money to invest. It was not the bank, they put you in the passbook saving accounts, getting 1 percent rate of return. So who helped them? Not a soul.
Then Primerica came around and everyone attacked them. I have the Book “The Coach” and how they tried to close Primerica down. IT was hilarious how when the commissionaires and legislative branches saw what was happening, they threw the big insurance companies out. It was shame they did not get the same treatment the Mortgage industry is getting now.
On that, did you know that none of Primerica loans are in trouble? DId you know that most of Primeirca clients will not be facing foreclosure, or have to modify their loans. It is because they do what is right all the time. Stocks and bonds and other risky investments are not for Middle American families.
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A freshman with one econ 101 course could do circles around your fabricated knowledge of what you think is this whole financial realm.
I am sorry, but you must be wrong. In Econ 101 they talk about economic theories, like supply and demand, capital theories,and such. They do not take course on money. How interest really works, and how to make the most of your money. They do not teach the rule of 72. ( This is how you can tell when your money is going to double. Credit card companies know this well.)
I have taken even more advance courses and they still do not talk about these items. They talk about business theory and the law. No one teaches about money, except Primerica.
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Well wake up and see that your not only doing an injustice by blindly leading these client sheep of yours to the slaughter house, but to say it’s in the name of doing what’s best for clients; seriously; go study, pass exams that qualify you to actually financially advise, which is not the 6 or 63 or life, health, ltc, and do us all a favor and use some self due diligence and educate yourself first before you just try and sell stories and common sense catch phrases that sound so ammature and weak.
That was a run on sentence.
First, you are saying go get educated. Great. But to quote my favorite line, “Remove the plank from your eye….” yes it is from the Bible. You say that bweing 7 and 66 makes you able to keep your clients away from systematic risk. Since their is no such thing, you might want to look it up.
Second, you are saying for people that have little to invest for their retirement, that they need to risk it in stocks and bond and a certified by the state. Primerica teaches about dollar cost averaging. They teach about Risk Tolerance. They teach about everything in the Series 66 license. (Which is only a 65 license. ANd it only allows you to be called an adviser. I am sorry why would I pay the state more so I can have a title. That would be a waste of money just like getting a boat when you are no where near any water. It is nice to look at but a waste of money.
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Now you can’t call yourself a financial advisor or planner because you legally are not aloud because you are completely not even close to being qualified so like i said do us a favor, go to citi.com and search for primerica and see that your parent company is so shameful of you the company is nowhere to be found on any of its main web pages.
I am sorry, Why do you think that it is ashamed of Primerica? It is one of the only parts that has not cost them millions of dollars in the last 2 years. It is one of the only parts that is worth anything, that is why they are trying to sell it to raise capital. Did you know that they are thinking of going public again? Last time they did not need to have anyone market them, but they sold all the shares. And the shareholders made lots of money when Primerica was formed.
This is a pitiful attempt to defame a company. You need to try harder.
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Our competitor Smith Barney of course, a wirehouse, is reputable and where they send clients for investment advise and financial planning.
What is a wirehouse?
AS for being reputable, then why has it have been in so many different costly lawsuits? I mean it ahs cost CitiGroup and Citi, many millions of dollars for selling things to wrong people, not fully disclosing. Allowing some to get out before others.
You sound more like the Guy saying AIG is the best thing since Whitebread. Look what it si doing now, it has to borrow billions to stay in business. What has Primerica has to borrow to stay in business? Nothing.
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Guess how much pfs pays to use the citi name… how bad does pfs have to milk that too… it’s so funny… well whatever helps your denial keep feeding to each other.
First, Primerica was bought by CitiGroup. It was the reason why Citi wanted Travelers so badly. It is why MetLife was willing to buy all the risk with the insurance that they sell, to get to this gold mine of a sales force. Name a company that only has to pay their sales force when they only make a sale? You yourself said that if you are good enough you get a salary. But a salary cost the company money. No intelligent company pays for something unless it is going to get something.
As for Denial, you need to at least go to a class or two so you can see how real businesses work. You sound like the guys on all these websites. Why not look at RipOff Report. (Ripoffreport.com) You will get a true picture.
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It’s like a bunch of fat kids thinking that cake is actually healthy for them if they wish it to be true. Well keep doing a great job pulling in that first paycheck that’s your life and health reembersement and make sure you keep outfitting yourselves as unprofessional as possible when you show up in t-shirt and jeans to your little pep talks.
Well most people get a check for something before that. Since we do handle Refinancing, Legal Service, Auto and home referrals, along with life and investments.
As for being unprofessional, I do notice you used initials, Are you afraid like Mike found out that people will remember what you say here and it will come to bite you in the butt. I truly hope he has seen the light with AIG. Also, A friend of mine, had an insurance agent, that was selling different policies, and when asked he said that they gave a better rate. But when my friend had them analyzed by my Primerican Agent. The only different was what the company were paying that month, the best. He was commission generated. My Primerican agent ahs given me advice on which mutual funds I should use for my 401K, and he made no money from that.the guy supposed to do it was to busy. I can go on and on but then I would be rambling, but it woudl not be a run on sentence.
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and secretly i know each and every one of you has a pfs life policy… u know u do too… who did u compare it with…uhh that’s right.. no one.. u bought in to it all ;p
So what you are saying is price is the only thing that matters. It seems you and the rest of the bozos here seem to think that price is the only factor. If this was so, then we all would shop at 99 cents stores. Eat off the dollar menu at fast food, and never go to any hotels other than the Motel 6. Price only matters in the absence of value. This Tom fellow had it right. A Kia and a BMW are cars, but I rather drive a BMW. The Ritz and the Super 8 are both Hotels, but I rather stay at the Ritz. Primerica life is never the cheapest, but then I pay for quality. Most people are willing to pay for service, and quality. Your clients must not since you focus on price here.
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133 FA // Nov 15, 2008 at 12:49 am
RECRUITING JUSTIFICATION: well lets see.. get the blind teaching the blind and say “who am i to judge who will make it or not” and yes then you can put your head on the pillow at night.. well, that’s if you have no real judgement and are more motivated by what, oh ya, the dream of money and success; ah so hypicritical.
So Primerica should have a higher standard. Sometime I agree. But then they would not have the stories about how they were only a housekeeper, and now they own their own business. They were a high school drop out, but now they own their own business and help thousand of people with making it to retirement. I guess that fact that yes some are not where they need to be, but either you can leave them by the road side, or take them aboard and then teach them and coach them and mentor them. Isn’t that what Jesus did? He did not come for the saints but for the Sinners.
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So i get a stupid 18yr old and sell him/her the world. They feel all excited b/c they are this business owner or soon to be business owner lol.
First most of their people are not “Stupid 18 year olds” but fathers and mothers looking for a better way. To learn about how interest and money really works and how they can get their money tom work for them. The banks and finance companies are not doing this.
Second, Who is the tax made for, an employee or business owner? It is a business owner. And if a person can better themselves and their family why are you standing in their way. Unless you are afraid of the competition. And they are competition. Either that or you have way to much time on your hands.
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They “spread the word” and the “regional rep” takes him/her on appointments and closes all the business making more on the business than the junior rep.. which u all think is justifiable but in reality the person with the actual relationship makes the most.
Again whomever is posting this is incorrect. In a job, who gets the most the one who is the owner/trainer or the one who is just learning? If you say anything other than the owner/trainer you need to make sure you have an understanding of what lying is.( IT is a sin too.)
Second, This model allows the trainer to teach the junior, everything, holding nothing back. So that the junior will be making money sooner. He also will teach all the tricks, something most trainers and owners do not. Just look at the broker of a real estate office.
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Well then the 18yr old just gives everyone he knows away the senior guys are happy and the junior guy thinks that’s great, but then the will runs dry.. uh oh.. now its time for real business and talking to people we don’t know..
Again you are making statements you do not have a clue about. Part of the presentation is asking and getting referrals. These are hot referrals. If you are in sales you will know what that mean. Now may be you think they use up the hot list, but then again, my agent keeps calling me and asking for hot referrals, every time he comes over to help me.
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ummm how about we just get another idiot to be convienced to join and we’ll exploit his “warm market”.. and round and round this vicious cycle we profit… the 18yr old tries to coach, but can’t… why.. he’s not licensed or at that level.. hey they never told me that…
Since you are focusing on the 18 year old, how many are those around? In most meeting I have attended as a client, they are in their 30 and 40s. I guess you must be checking out an office that is not doing it right.
But since the average training visit gets 5 to 10 referrals, I am curious who would not give up one sale to get 5 to 10? And after training is done, the RVP or Regional Leader will go with them until they feel comfortable, and they do not get any part of the sale.
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so yep.. that regional or rvp gets all that business… and u thought u owned a business… uh no… but ur are a 1099 employee
This is an oxymoron. Like Military Intelligence. You can’t be a 1099 employee, either you are an employee or 1099. Again you are making comments you do nto have a clue about. If I looked at this portion of the post, it proves one of two things. Either you do not understand primerica and the whole business item, or you are purposely lying and misleading people here. And this is a Christian Website.
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.. wait.. don’t u criticise them too.. umm ya u do.. wow.. so many flaws in this model.. so there lies the reason to recruit.. it continually opens up that persons warm market and u move on.. u sleep at night because you say, who am i do judge someones potential… well wake up people.. you are judged every single day by your potential and rightly so.. are you going to tell me your fund managers don’t judge funds potential based off history and past performance… or do you want there money invested in a company where they say.. hmmm hey lets give them a chance… no.. just doesn’t work that way.
Something someone important said, No one can see the heart of a champion. May be you forgot about RUDY form Notre Dame. Or how about Microsoft, or Apple how they were said to fail. Or 99% of all businesses out there. So please if they recruit young kids great. But how many 18 years old know people who need life insurance and investments. Most of their friends are not married no kids, and have no need for the products except mutual funds.
By the way did not Jesus say not to judge people?
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Oh and all this talk about how everyone else out there is Soo unhappy in corp america… let me ask you your positions you had before.. mcdonalds and wallmart don’t count as corp america.
You do not need to be unhappy with corporate America. All you need to do is have a need to make extra income. Do you know anyone in America that would turn down making and extra 1000 to 3000 dollars a month working 40 hours a month? What other company that can do that? And you are required no degree, or special training since they teach you.
It sounds like you just hate them since they are taking your clients away. And remember Hate is a Sin.
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ya you have a few people with reputable backgrounds but there is a reason they didn’t make it in thier industry either.. and to say all those people that make it are “evil” well is just irresponsible and makes you look so amature.
How is making extra income immature, and irresponsible? When you go get a second position to help your family that is commendable. If you start a business that is not? When you can help people get debt free faster, and get to their goals faster? I guess I miss your point, in all the misspellings and run on sentences.
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Who are you to assume everyone is dissatified. Many people that are real entrepreneurs not fake MLM ones, are happy and many people in other fields are just the same.
Please tell me why it is fake to be in a MLM? Is the money different? How about the work is it any different? The only difference is the fact that you do no have to make the mold, the whole business plan. You follow someone else, or copies it, and this allows you not to make the same mistakes they did. You get a higher learning curve. And it will cost you nothing.
But you negative people have to just talk crap about everyone else to make yourself feel better… or atleast you exploit the 18yr idiot… i think i’ve seen as high as 40yr idiot at a volnerable time in their life… so rest easy
I am sorry. If a guy goes get second job for $8 and hour he is smart. But if he goes gets a business that pays him $20 to 50 a hour, he is an idiot? Please tell me why someone should follow your model. He has to work 3 to 8 hours jsut to make the same money in one hour. Who is working harder and who is working smarter? And this does not include the tax write offs.
Next time please use the spell check or a dictionary. It was bad enough trying to figure out what you meant with out the misspellings.
Hi Bill,
Hi guys,
BTID to you all. I really like the saying Buy Term and Invest the Difference. I glad it’s did not say buy pfs term and invest the difference.
I think you need to make sure you proof read your writings. It might make it easier to read your posts.
Between I glad: you need an “am” Now in some parts it is ok to forget these verbs, but not in California.
‘pfs’ It needs to be capitalized. since it is denouncing a company’s name.
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Whats the difference between good term and a bad term policy? Which one does PFS offer?
Well let us see. Primerica does allow you to renew it with out a medical exam. It does include a personal coach. They help me in all ways. You are not turned over to an 800 number to get the money. You get better service. Annual Reviews of my position. Never sold an ARM, a no Proof of Income, or a multiple payment Loan. ( These are the ones that caused the financial melt down and for everyone to lose their retirement money.)
What does the other insurance companies sell. They do sell term if you ask for it. Then they will spend their time trying to get you to change to cash value. The sell it as a loss leader. They also will not stop harassing the customer. Now I am not sure about you, but after I make a decision, the correct one, I do not want a salesperson or someone else to keep buggin me to change. What about you?
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What does PFS offer when it comes to the TIR or ADB compaired to the other companies?
HUH? I guess you want to feel important.
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Now again how did that go, price only matters in the absence of value. Wheres the value?
Since Value in a Primerica policy is pretty numerous in points, I will do only a couple:
1. Having a financial Coach to help you in all aspects of Financial Areas. Can’t get the adviser that is suppose to be helping you with your 40lK. You can get help from Primerica.
2. Do not want to be seconded guessed about your decision to buy term. Primerica will never call you over and over again saying you need to convert. Or send you a letter saying call this number about your insurance policy. You call them panic thinking something is wrong. Nope it is a sales person cal;ling to try to convert you to CASH VALUE. This type of policy is also known by competent advisers, as TRASH VALUE.
3. Things change in your life and you need an updated Financial game plan. It is free from Primerica. You are not charged a 500 to 6000 dollars to get one that does not even cover the areas needed, like debt.
4. If you want your children to start saving money from their job. But you want them to get a good interest rate. So who do you go to? Not any big financial group, they get penalized for any account below 50,000 dollars. But Primerica goes to you house and does it after 5 pm and on weekends.
5. You also get one more thing. The fact, You also know that they do what is right for the client all the time. The Adjustable Rate Mortgage, the no proof loans, and the three to four payment loans, we all the rage a couple years ago. Now they are causing the melt down. Highest Foreclosure rates in decades. Companies needing to be bailed out. ( The biggest is AIG. This is what Mike said was a great company to place your families security. Did you hear how they were spending the bail out money, on bonuses and parties for their management.)
I could go on and on, but then again I do not want to ramble.
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Is this Bill Haight or “Tom”? I really missed you guys.
I am sorry Who are these people? I am a client that knows more than most, and has studied businesses.
Hi Tom Opps I mean TA (WINK WINK)
Well If bill is your name, Hello, but since I am not Tom I am not sure if you are talking to the person posting here or some other imaginary friend you might have.
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*****cal;ling—–capitalized. since——
I guess you need to proof read yourself. I know that’s how they “PFS” trains you guys by pick on one thing. Let’s try and stick to some real issues.
Well Trying to understand what you are meaning to say is the only way I can correct your improper thinking. You may think it is not important, but then again you must not think that getting all your points corrdct is important. But when it comes to someone future and their families future.
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*****1. Having a financial Coach to help you in all aspects of Financial Areas. Can’t get the adviser that is suppose to be helping you with your 40lK. You can get help from Primerica.
Go to the website and look under important disclosers.
I am so glad you can cut and paste. But let go through your post and correct each one of them.
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The Financial Needs Analysis is not a financial plan.
Since this is a legal definition. You are right. But what would you call something that gets you from point A to Point B. Something that is detailed and shows you how much you need and how to get it. Shows you a way to get out of debt, which most of the other plans will not touch. They usually tell you to get out of debt first and then come see us. That is a lot of help.
But please stick to the legalese.
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The FNA should be construed as a guide for you to use in deciding how best to attain your financial goals. Representatives are compensated through commissions or referral fees on the sale of financial products offered by the financial product companies they represent.
As for the sales, Yes it is a sale when you get someone involved. But most people call a sale when are are trying to get someone to buy something.
If you are taking someone getting 0 to 3% rate of return and show them how to get 8% or more, that is education.
You show someone paying $150 a month for 200,000 worth of life insurance and you triple it and save them a Hundred dollars a month, that is education.
You show someone to get out of debt in 15 years versus probaly never, that is education not sales.
What do you think most smart people would call it?
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Representatives are not financial planners, investment advisors, financial consultants or other specialists who provide financial advice and whose compensation may be unrelated to sales.
This is a legal definition. Someone that can sell his plan, is one of the above people. They also take classes so they can learn how to fleece their clients with Cash Value life insurance as a investment, or a savings plan. Any competent adviser will tell you not to use Insurance as an investment.
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I am so glad you can cut and paste. But let go through your post and correct each one of them.
Sounds like a sales tool to me. Representatives are not what?
A Hammer can be a sales tool. Just ask any Mobster. You can call it what you like but taking someone from a 0% interest to 8% plus is more like educating the person where to go. Taking someone overpaying for insurance and showing them where to get a better value and save money is educating. SHowing them how to get out of debt faster so they can get to retirement earlier, is educating. If the person gets paid to do that, so what.
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*****Primerica does allow you to renew it with out a medical exam.
Custom Advantage policies, they are also automatically renewed at end of term based on obtained age only. They will continually renew for 5 year level terms up until age 70. After that, you have several options such as exchanging for a decreasing term policy or an annual renewable term policy.
Ok you can renew with out an exam up until what age? 70. What do you think the premiums will do every time you renew?
Well do you expect it to go down? Well I hate to say but every two years my policy goes down. And I ahve had an increasing benenfit rider. So my coverage has grown and my monthly cost haas gone down. Isn’t that a good thing?
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What happens if you are in your sixty’s and you get a horrible sickness or diease and you want to keep your coverage and convert your policy to a permenate policy?
Why would you need to do that if you were following the FNA? By age 60 you should have most of your nest egg needed to live on. What do you need at retirement a bill for insurance monthly, that says you are worth 1 million dollars dead, or a 1 million dollrs in investments? I mean if I had a choice at that time I would rather have the 1 million dollars in investments.
Also why is it that the only people that sell Cash value see it as something that is good? Wall Street Journal said that a couple of years ago.
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You can not change companies because of your heath and if you are with PFS your policy ends at age 70 unless you accept an ART which you would need to run a quote to see what the premiums would be. Term is the cheapest when? When is term the most expensive?
If you follow the plan, all you will need at that time is a small burial policy, not a huge one. Why would you pay for insurance you do not need. I bet you thinkk having insurance on that car that you had when you were 20, at age 70 is a great idea. I am talking about the one you traded in 40 plus years earlier.
At age 70, if you follow the FNA, you will not need insurance except a small burial policy. ANy one that tells you differently is a sales person trying to increase his pocket book at the expense of yours. That is a sales person.
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Why not get a term policy that you do not have to renew. There are companies that offer 35 years that are convertible.
Why are you so certain that converting is good? Every competent adviser tells people to stay away from Cash Value, or Trash Value Life Insurance. They say it is a waste of money. The only people that say it is good is the Life Insurance comapanies and the agents that sell it.
Did you know that even the commissionaires of the state insurance departments, have said that Cash value is a waste?
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*****The biggest is AIG. This is what Mike said was a great company to place your families security. Did you hear how they were spending the bail out money, on bonuses and parties for their management.
Great let’s talk about companies, policies and what is best for the client.
OK AIG is the biggest. There are more companies out there than just AIG and PFS.
Does PFS sell unisex policies? Are the policies the same for Me and Women? Yes they are. Other companies? Men are more expensive than women since the women live longer than men. Why sould a woman pay the same price as a man? Run the numbers.
Back to the Price thing again. I am curious, do you think that the value you get from McDonalds is equal to the Value you get at Black Angus? Again you pay for value, or not pay. If you continue to focus on price, go get your food at 99 cent stores.
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Again, Since you are not an Agent of Primerica, why should I even think you have the correct information? Most of the information on the web is outdated, from a past program. But then again you are an agent that sells cash value as an option. You are what Suze Orman says is fleecing their customers. You are the person that is “An IDIOT”. Those are her words.
But let us look at those other companies. Do they sell cash value?
I just ran a quote 41 year old male, non-tobacco standard health rating, 500,000 DB, with a 20 year term from term4sale.com. Here is the results:
Ranked #1 Protective Life Insurance Company 69.13 a month
Sells Cash value. Therefore will harass you until you switch from Term to Cash value. They also use term as a loss leader, to get you as a client, and then they can call and mail you unlimitlessly. This gets around the Do NOT Call list, and the fact that you will be bugged until you leave them or cave.
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Ranked #6 Banner Life Insurance Company 73.94 a month
Sells Cash value. Therefore will harass you until you switch from Term to Cash value. They also use term as a loss leader, to get you as a client, and then they can call and mail you unlimitlessly. This gets around the Do NOT Call list, and the fact that you will be bugged until you leave them or cave.
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Ranked #8 ReliaStar Life Insurance Company (ING)74.38 a month
Sells Cash value. Therefore will harass you until you switch from Term to Cash value. They also use term as a loss leader, to get you as a client, and then they can call and mail you unlimitlessly. This gets around the Do NOT Call list, and the fact that you will be bugged until you leave them or cave.
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Ranked #10 Aviva Life and Annuity Company 76.10 a month
Sells Cash value. Therefore will harass you until you switch from Term to Cash value. They also use term as a loss leader, to get you as a client, and then they can call and mail you unlimitlessly. This gets around the Do NOT Call list, and the fact that you will be bugged until you leave them or cave.
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Ranked #16 United of Omaha Life Insurance Company 79.66 a month
Sells Cash value. Therefore will harass you until you switch from Term to Cash value. They also use term as a loss leader, to get you as a client, and then they can call and mail you unlimitlessly. This gets around the Do NOT Call list, and the fact that you will be bugged until you leave them or cave.
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Ranked #33 Primerica Life Insurance Company 88.83 a month
Again, Since you are not an Agent of Primerica, why should I even think you have the correct information? Most of the information on the web is outdated, from a past program. But then again you are an agent that sells cash value as an option. You are what Suze Orman says is fleecing their customers. You are the person that is “An IDIOT”. Those are her words.
But let us look at those other companies. Do they sell cash value?
Now the same except I changed the date to a 65 year old male and a 10 year term. Here is the results:
Ranked #1 Ohio National Life Assurance Corporation 370.24 a month
Ranked #9 ReliaStar Life Insurance Company (ING)395.94 a month
Ranked #21 Primerica Life Insurance Company 419.23 a month
Which one would you choose?
Well since all the ones you posted above Primerica is using the Term to get list of people to call and harrass since they have to stop doing that with the Do not call list, what do you think?
DO you think your client’s time is not valuable? Do you think he wants to ahve call back monthly or quarterly just to get the sales pitch on something that he does not want. This is similar to getting calls or letters about you cable. Saying you need to talk immediately to us. And then you find out it is only a sales pitch. Now cable is not as important as your families life if you should die prematurely. But then again I had a friend that got tired of getting these calls sent letters and said repeatily not to call him and they ignored him.
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Oh Boy you do not need a medical exam but in your golden years, you can not really retire because your term permiums are so expensive.
If you follow the FNA you will have money and not need insurance. Do you remember what the purpose of Insurance is? IT is to spread the risk. Auto Insurance means you will not be responsible for the accident you cause. (Up to your limits) Home Owners insurance protects you from any accidents and loss you might have since you are owning the property. Life insurance relaces then income of the person. IF you are 70 retired, and living off your investments, why do you need a 1 million dollars in life insurance? You do not ahve any income. The only people that say it is good to have is those selling it, the agents and the companies.
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Should there be more options?
I did make a mistake when I said BTID (Buy Term and Invest the Difference). It should be BDITOWIMS (Buy Term and Invest the Difference Only When It Makes Sense). Not every situation will term insurance always be the best option.
Please tell me of when buying term and investing the difference is not a good. I mean you are saying to buy cash value insurance. Remember the 6 rules in the policy.
1. Pays 1 to 5% guaranteed. Now if you want to take all the risk of not having money for your insurance in later years, please do a variable univeral life insurance. But remember the 1990’s, when all those clients got those letters about imploding policies. These are the ones that say since you investments have not done well enough, you will need to pay 15 times what you were paying. I have seen some policies that my friends had that imploded in 7 years. And that was in the policy, and planned.
2. Borrow from the policy, 6 to 8%. Now I am not a rocket scientist, but If I make 2% and pay 8%, I am losing 6% of my money to the company. ANd I can only get the money if I borrow or cash out the policy.
3. They can defer it up to 6 months. Now I know you are going to say that is not important since they usually do it the same day, but Isn’t the Policy a contract. ANd it does not matter what has happened in past, but what is in writting.
4. The first 1 to 7 years of money you are putting in there is gone for fees.
5. You can’t take your premiums off your taxes. Now if you use a traditional IRA, or a 401K plan, you can take it off your taxes.
6. On your death you get the choice of either the money in the account or the life insurance, not both. This is 90 to 95% of the cash value policies out there.
The only time cash value is good is when the person ahs a huge networth. I am talking in the multiple millions of dollars, not a few. And usually those are taken care of by trusts and such, not an insurance agent trying to play financial adviser. Remember what Suze Orman said about people like them. They are idiots.
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What happens if (here is where I want to feel important) TIR or ADB (Terminally Illness Rider, or Accelerated Death Benefit) PFS is 40% or a max of 250K and must have 6 months or shorter to live. Others varies. Some carriers offer 50% or a max of 250K and 1 year or shorter to live.
Now does that make sense?
Since the money is supposed to be used for the family after their death, why would anyone want to short change their family? Just like a good adviser, Primerica wants to make sure that the family, the beneficiaries are protected. That is the person they are responsible for, not the person insured. Or did you forget about this since it ahs been years since you have taken your test.
But how do you get the money on those policies. Are they loans? that way the company makes interest off the money they take. What about the fees that are involved?
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So does a person really need 500k in life insurance at age 65 probably not I just did not want to change the numbers. PFS sells decreasing term after 70 or ART (Annually Renewable Term) Every year the price goes up and it’s not going to be cheap. Thats going to be expensive. Hope they do not get a diease or serious health condition.
Why are you selling a 65 a policy? If you did the right thing, they would be retiring, and enjoying their golden years. Not spending the time at the Golden Arches, working pouring coffee. I mean if you did the correct thing for you client, they will not need insurance.
Again what does a 65 year want: A bill for insurance that says they are worth 1 million dollars dead, or a million dollars in cash? I bet if you ask 10 people you might find one out of the 10 saying they want the insurance, but the others will opt for the money. Wouldn’t You?
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*****5. You also get one more thing. The fact, You also know that they do what is right for the client all the time.
Explain to me how being captive is good for the client.
Well atleast when you come back to help them you are not selling a different company. Non-captive agents sell the flavor of the month. Which ever one is going to pay them the most. A Captive agent is only going to sell one company. Now maybe that will not give you the cheapest, but when it comes to insurance cheap is not always good. Ever get a recording saying to call back during regualr business hours? Do you want your love ones to have to deal with that and more head aches? I bet you rather pay a little more and get the service you deserve. I knwo I rather stay in a hotel that has a high standard than the cheapest one. It usually keeps the bed bugs off me and the family.
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What’s the difference between being a sales person and an advisor?
Well since you need a basic education along with a detail one, may be you need to get out of this business? But here it is:
Sales person cares really about themselves. They sell waht ever gives them the best commissions.They will push when it is in their best interests. Cash value sales people are never advisers since the product they sell is not good for the client they are talking to. Sales person sell the flavor of the month, not the same company, since they do not get the same money every month.
Advisers: They help the cleint get to the goal they want. They look out for the clients best interests. They may not sell the cheapest but then again they are worth their time. They not just sell a product but give advice. (Hence adviser.) They are willing to come over and help them out when they have a question. They come out and answer questions as needed on items they are not making money. They are a person you trust.
I know you are not an adviser for several reasons. One you sell price not value. Two, you suggest cash value, when it is not good for 98% of the people out there. Three and finally, you did not know the difference between a sales person and an adviser.
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If you are locked into one company (captive like PFS) you are a sales person. If you are you are giving the opportunity to choose from multiple companies (non-captive) you can truly advise and recommend the best product for your client.
Would you like to have the freedom of choice or would you only want to have 1 product to purchase?
Wrong again. An adviser can be locked into one company. The only thing that being a non captive, is that you have no loyalty to any company. And you will sell what ever makes you the best commissions. You sell companies that will bug your clients to convince them to convert to cash value which is not good for them.
Remember the Wall Street Journal article. The only people who thinks that Cash value is good, are those that sell it.
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Are PFS agents allowed to sell UL, VUL, whole life, final expense, group vision, group dental, short term care products, commercial mortgages, cancer insurance, critical care or critical illness insurance, accident insurance, fixed or indexed annuities. The answer is no.
And why would we. The products you have posted are not for the clients Primerica serves.
Let us go through each one.
UL, VUL, whole life, final expense, These are all cash value insurance, with the exception of final expense. That can be a small term policy. But using Cash value for this is stupid. Just look at any competent adviser. I mean Dave Ramsey, Suze Orman, and all the others say do not buy that crap. (Their words) They also say that anyone that sells it are either a. an idiot, or being a theif. Which one are you?
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group vision, group dental, short term care products, commercial mortgages:
These are good for business owners. I am curious, how many middle american families are those? Not many. And the ones that are, are not looking for someone to sell them their personal stuff along with the business. They want to keep them seperate.
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cancer insurance,
This is a waste. Ask any competent adviser. It only pays if you get a certain cancer and stuff. It is like accidental death and dismemberment. The pay out is less than 1% of 1%. Less than .00001.
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critical care or critical illness insurance,
Well most people call this Long Term Care insurance. And yes they do sell it. So this must be like most of your information, dated and incorrect.
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accident insurance,
If you are saying accidental death and dismemberment, then I have covered it above. If you are saying Car and Home owners insurance, again your information is dated and obsolete.
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fixed or indexed annuities.
Well Fixed annuities are not good unless you need the money now. If you are using it to have income in the future, you better have be usiing a variable annuity, so you can build wealth.
Indexed Annuities are ok they are better than a fixed one but still limited. If you want to build wealth, you need to stay with a variable. Indexed will build wealth but not as quickly as variable annuties.
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Which agent would you choose, PFS or an independent that can offer more options, more products and cheaper policies?
Options are great. The only problem is that those options are only good for the agents not the clients.
Do you offer products to clients that do not need them? Why would I offer an employee a group dental plan? How about some commercial real estate?
What about the products that are bad for them like Cash Value Insurance.
Now we are on the only thing that you can offer, a CHEAPER products. Now we all know that cheaper is not as good. They need to cut back somewhere. And what is it usually, the service. Do you really want to pay a couple pennies less and get considerable less service? That is what you advocate.
But here is the big thing.
To be you, how much does it cost? Well on the low end it will be at least 1500 dollars.(And remember this does not include office and other expenses that are there for independent Agents) That includes only what Primerica does. Life, Auto Home, Mortgage, Investments, PrePaid Legal. How mnay people looking for some part-time income can afford to pay that out? Not many. It only cost you $99.00 to get all that from Primerica. Which is a better way to find out if this is for the person? I mean who would want to pay $1500 dollars to get licensed just to find out it is not for them? And with your plan, how do they make money as they learn? You can do that with Primerica.
Is Primerica a perfect fit for everyone? NO, no company can fit everyone. They do not take felons, and people with questionable backgrounds. They do better compliance than most. They usually are contacting the state or the feds before they know what is going on.
Since most of the people that post here are their competition, and say being independent is so great, they say it because they do not want the competition. Until Primerica came on the scene, term was sold as an after thought. And then you had to fight for it. And look at the companies they suggest. Cash value companies that will not stop bugging you until you convert. And that is how they do it since they know they will make 15 times the money on a cash value policy, why not sell it at a lost.
So who would you rather work with: Someone that is not selling the flavor of the month; Someone that is not going to sell you so many policies since the makes money on each policy; Someone who will sell you a cancer policy, or and accidental death and dismemeber policy, that any competent and independent adviser says not to buy; Or someone that is looking fro his meal ticket and looking to get the most he can from you.
Or you can go with Primerica agent: Part-time not looking to make their house payment on you, not making sure that they get everything from you. Someone who is in no need of making money off you, can be an adviser.
Also who did not have to pay thousands of dollars to get licensed to sell you products that are questionably good for you at best and at worse definitely not good for you.
You decide.
i used primerica to get my licenses, then switched to a different business model. i did not like the entire presentation for primerica, but not everyone feels the same about it. i like where i’m at now. my question concerns citis current market position and the mlm people. who looses their job and who actually makes money for the company?
chris panipinto @ 4:33 pm
i used primerica to get my licenses, then switched to a different business model. i did not like the entire presentation for primerica, but not everyone feels the same about it. i like where i’m at now. my question concerns citis current market position and the mlm people. who looses their job and who actually makes money for the company?
Hello Chris,
I am glad you got your license and went you way. I ahve no problem with people who do not slam a company. It does not build you up, just makes you look suspicious.
As for CITI’s market position, it has no bearing on Primerica. They are presently trying to sell it since it is one of the last profitable parts they own. It is making money instead of costing them money.
AS for the layoffs, the People in Primerica are not employees they will not be layed off. There is even something in the works where the company actually will go public and sell shares like they did with A.L. Williams. Remember that they did not need to sell it through a brokage firm, but did it through the reps. Mostly being bought up by them. When they went public there was no shares available to be bought. ANd those that bought made lots of money.
I do hope this answered your question.
If not ask again.
Hi Tom or Tim,
What does primerica sell? Term, and you said “Term is sold as a loss leader” and you said “IT (It’s)(First, please use spell check. It is showing you have limited vocabulary yourself.) when you sell something at a loss, to get the people in.” Primerica sells term insurance as a loss leader and then recommends using a Financial Needs Analysis which is not a financial plan and the saleperson which is a Representative who are not financial planners, investment advisors, financial consultants or other specialists who provide financial advice and whose compensation may be unrelated to sales.
My limited knowledge is smarter than your argument.
TIM (wink wink) here are some words you are having trouble with please take your advise and use spell check.
WHy
AS
nor Did
AS
ahve
peice
wate
aas
shwoed
help.I
ahve
liek
Please clarify, are you saying every company listed above that has beaten Primerica’s price in the term4sale.com webite is selling term as a loss leader? Prove it. Who told you that, the Primerica guy? Back it up. I am glad you said that Primerica sells term inorder to get in the door so they can offer other products, loans, investments, prepaid legal, long term care, Auto and Homeowner’s Insurance Referral Program etc.
HI Tim,
Let’s talk about price again. You said, “AS for the same price for men and women, I guess you might have something, but by the time they pay for the extra cost of having multiple policies, and the fees in that, the price difference is not worth mentioning.”
What is wrong with an individual policy Husband and wife having seperate polies makes sense. What happens if they get divorced?
The price thing. Run the quote a female age 41 with a policy of 500K in DB standard health in the state of Nevada with a 20 year term has a price of 56.44 a month with Western. A male with everything else the same as the female is 69.13. The Primerica policy is 88.33 for the male and since it is a unisex policy it is 88.33 for the female. The child rider for a family of what kids is around 5 bucks for 10k in DB for all the childern and about 10 bucks for 20K in DB for all the children. Assuming their is no kids on the policy a couple will pay 1506.84 and a couple will pay 2119.92 with a Primerica Policy. That’s 613.08 per year savings. If you times that by 20 years that’s a savings of 12261.60. Run the numbers and add it up.
Here is a why you want it to be convertable. It is listed on http://www.term4sale.com (cut and paste) Conversion Period – Many term policies offer the ability to exchange the term policy for a whole life policy without having to again medically qualify. Should your health change, and should you not be able to buy a new policy elsewhere, you may find the conversion option important. Not all policies offer the same time period for conversion to take place, and not all give you access to the same types of whole life.
Tag your it
Bill asked me some great questions. The problem is now he is using what the cash value companies have been doing and putting Primerica name instead. IT might be a great idea to confuse people, because that is the only way someone can get away with lying and cheating their customers. I guess this is Bills ways of selling.
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Bill @ 8:39 pm
Hi Tom or Tim,
What does primerica sell? Term, and you said “Term is sold as a loss leader” and you said “IT (It’s)(First, please use spell check. It is showing you have limited vocabulary yourself.) when you sell something at a loss, to get the people in.” Primerica sells term insurance as a loss leader and then recommends using a Financial Needs Analysis which is not a financial plan and the saleperson which is a Representative who are not financial planners, investment advisors, financial consultants or other specialists who provide financial advice and whose compensation may be unrelated to sales.
Primerica does not sell term as a loss leader, the companies you suggested did. They do not sell the FNA, they give it out to the clients for free. I know you might have a hard time figuring this out but I do hope if you continue to read this over and over you might figure out something that most third graders have done by the third time.
You asked me to tell how they do it and I explained.
By the way why do they need to pay for something that is not needed? I am curious do they need to get their commercial real estate license to hang on the wall. The only thing you learn in the classes is how to sell cash value, also known as trash value. That is what they teach in those classes. May be you feel you need the added intials behind your name, but Primerica does not need that, they are backed by the Best Company, and the only company that just sells term.
What or Who backs you? I can only guess it is Bill’s financial services and mechanics service. And then you do need to say you have some credibility, since you lack it.
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My limited knowledge is smarter than your argument.
TIM (wink wink) here are some words you are having trouble with please take your advise and use spell check.
WHy
AS
nor Did
AS
ahve
peice
wate
aas
shwoed
help.I
ahve
liek
Please clarify, are you saying every company listed above that has beaten Primerica’s price in the term4sale.com webite is selling term as a loss leader? Prove it. Who told you that, the Primerica guy?
Since I had term before with another company, I am not sure which one, but they would call or mail me letters saying to convert convert. I have seen the letters that other customers had, (Primerica gets many things from their clients.) I have seen the fact that my friend complained about it. So I have my proof. I know the truth.
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Back it up. I am glad you said that Primerica sells term inorder to get in the door so they can offer other products, loans, investments, prepaid legal, long term care, Auto and Homeowner’s Insurance Referral Program etc.
You must have that brick in front of your head, Primerica does nto sell term to get in the door, it gives a complete service, something most of you insurance people can’t. They shwo ways to get out of debt, (More options than just a refi.) They give a game plan, and you do not need to buy it. It is a gift with free updates. They give solutions not just products, but since you seem to understand the simple things, the complex ones are going over your head.
TA
Who is attacking who. You are the one who does not get it.
Your small little insults really have no merit since we are talking insurance. Who cares, this is not Romper Room.
When you ask does my product lack value? No. Because I do not sell just one product or nor am I captive to one company. I am non-captive. I offer choices to my clients. My focus is in the mission and not the commission.
Let’s talk about Primerica’s policies that you say they have value. Primerica’s policy is not available to age 90. It is RENEWABLE to age 90 and it becomes 5 year ART after age 70. I know your products real well. Now come on. Who would pay term premiums at that age when I can prove to you after age 65 permanent plans and term plans are in the same price range. There is a lot you don’t know as you are taught only what they want you to know. You are saying that no one will need life insurance for that long but that is because you don’t know estate preservation strategies. I know you must be curious instead of being a conformist. Find out because you don’t want to miss this.
The FNA is nice but I have 3 fully customized software systems that generate FNAs that are not limited to PFS products only (Disability income analysis is needed). I too issue them free of charge and I don’t charge anyone a fee of any kind. They are not complex, they are as easy or as extensive as the client’s
situation is. Another thing I notice the PFS FNA lacks is that it tells them a FIN using hypothetical values while I can used guaranteed ones because you have no access to FIAs. All of that while still not telling the person about estate preservation.
Can you tell the difference between a good term and a bad term policy? I only use companies that have GOOD term policies with fully guaranteed premiums, not just the first 20 years like PFS. I use companies that have policies that are fully guaranteed convertible which is an important feature needed for estate preservation. How else can you help a client preserve the estate for his heirs? Also, if PFS policies are so expensive by comparison one would think they have features to match but at that cost the IBR can be beaten by any policy just by buying it anticipating the need. The PFS Terminal illness benefit is lower than all others I have. Why 40% on 6 months death window when I can do 50% or 250K (lowest of the two) on a 12 month death window? Disability insurance is a product PFS currently does not market but, it is really a product PFS has never marketed. Why not? Is death the only way to stop income flow to a family? A person is 7 times more likely to become disabled than to die.
***** Again you are coming up with problems that happen with your clients. Since Money is the number reason people get divorce, and Primerica helps with that. You know the debt elimination programs and such.
Ok money is not the only reason people get divorced have you ever watched Cheaters? People get seperated for many reasons. What happens if one dies?
Let’s talk price again. I can effectively issue a policy to a woman for HALF the cost of Primerica’s one. PFS doesn’t have a patent on the buy term and invest the difference idea. We can all do it and if I can save the client $30 a month on life insurance costs then that is an extra $30 I can put away for their retirement. OK lets do a quote. Let’s find out who is cheaper. PFS or anyone I can use. Since you are not an agent I do not think you can have your PFS buddy run a quote for 40 year old male standard rating no childer. and a 40 year old female standard rating no childern, 250,000 death benefit each, State of California, 20 year term each and no riders. Let’s use http://www.term4sale.com. Unless you can find another insurance quoting website this is the only one that you and I have the same access to. I know that you will not believe me and I surly will not believe an unlicensed person in what you will come up with. This time you run the numbers and you tell me who is cheaper.
*****I am curious, what company are you quoting? If it is any of those that sell cash value, the point is mute. They sell at a loss to get the client and harass them. This is about the tenth time I have said this. Are you understanding it. Do I need to type slower for you to understand. You are not comparing apples to apples. IF you are you are comparing apples to apples their apples are rotten to the core. (Harassing and misleading letters is the rotten part.)
I do not harass anyone and if some one is misleading anybody turn them in. There is a law about twisting, look it up in your state, I know you have access to the web. If someone twists the facts I bet your sates DOI would love to here from them. Go term4sale.com and you will see who was quoted and how many companies spanked Primerica. I am not making numbers up. The reason I use this website is because, The website states “The most unbiased term insurance comparisons are found at Term4Sale.com because Term4Sale® does not sell term life insurance. Term4Sale® is owned by COMPULIFE® Software, Inc. which sells term comparison software to thousands of life agents throughout the U.S. and Canada.” Anyone can use it, even someone who does not hold a license.
*****But since you advocate companies that sell TERM as a Loss leader, I can understand why this would not matter to you.
Prove to me which companies who sell term is a Loss Leader. How do you know? Put up or shut up. Facts are important not what you tell me or write in this blog.
*****Convertability is something 98% of the people who buy insurance will never need. It is like having the option to buy that leased van after the 7 year period is up. It will not be worth what they are going to try to sell it to you, so why have it.You mentioned if they have to qualify for the insurance medically. I bet you did not know that Primerica’s insurance has guarantee insurability at the end of the term. This means that they can get the insurance with out going through medical check. So why do you need convertability?
Primerica’s policy is not available to age 90. It is RENEWABLE to age 90 and it becomes 5 year ART after age 70. You are saying that no one will need life insurance for that long but that is because you don’t know estate preservation strategies.
*****Now let us talk about Whole life. Since Whole life is the most expensive form of cash value the cost will huge. Most people do not want to pay 15 times more for the same insurance. And then their are those 5 pesky rules.
1. Only 1 to 5% rate of return.
2. 6 to 8% to borrow your money.
3. Have to wait up to 6 months to get money.
4. No tax benefits.
5. $0 in your account for the first 1 to 7 years.
99% of the time I sell Good Term Policies only when it makes sense. Again, you don’t know estate preservation strategies, that’s why you would want to convert. I am not here to train you only explain to you why.
*****I do hope I have shown you the many flaws in your plan. Let me go over them.
1. Only 1 to 5% rate of return.
2. 6 to 8% to borrow your money.
3. Have to wait up to 6 months to get money.
4. No tax benefits.
5. $0 in your account for the first 1 to 7 years.
I mostly sell term.
You are right #2 it’s usually 8% to borrow but it not your money. Cash Valve is the insurance companies money. If the policy owner dies, the insurance company does not pay the cash value out. Read the proceeds section of the policy, they never list cash value as a payable benefit because the beneficiary does not get it in the event of the death of the primary covered person. Unless you select option B then you are paying extra for that benefit. Vanishing Premium, the policy owner may be told that after a certain amount of time they will no longer have to pay their monthly premium because the policy will pay for itself (a confusing lie). The fact is that the policy is called Whole Life because the owner pays premiums one way or another for their whole life or until age 98 -100. In this case the premium is deducted from the policy cash value monthly, which rapidly depletes it since the interest cannot keep up with the automatic withdrawals and ultimately once depleted the policy owner must resume making payments. Taking out a Cash Value loan that does not get paid back by either choice or death of primary covered person reduces the life insurance proceeds in an amount equal to the cash value loan balance. Taking out all cash value at age 65 terminates the policy.
Usually the policy starts to generate cash valve at year 5.
I have no flaws in my plan.
When a man who is honestly mistaken learns the truth… He will either cease being mistaken, OR cease telling the truth.
Here are my carriers and I am free to add more as I need to. If I want to add prepaid legal I just sign up. If I want to add other carrier I can. I am truly independent. It is my business. I do not have to worry about a no compete clause either. No two year clause or 50 mile clause.
Here are some of the products that I offer and some of my carriers.
Mortgages
Victory Mortgage
Residential Mortgage
Commercial Mortgage
Reverse Mortgage
Fixed Annuities
Creative Marketing International Corporation
Allianz Life Insurance Company of America
American Equity Investment Life Insurance Company
AIG: American General
American Investors Life Insurance Company
American National Insurance Company
Aviva (formerly CU Life)
Great American
Lafayette Life
Lincoln Benefit Life
Lincoln Financial Group
National Western Life Insurance Company
North American Company for Life and Health Insurance
Old Mutual Financial Network (F&G)
RBC Insurance
Disability Insurance
Standard Insurance
Union Central
Assurity
Pan American Life
Mass Mutual
MetLife
Lloyd’s of London
Fidelity Security
Long Term Care
Genworth
MedAmerica
Met Life
New York Life
Physicians Mutual
John Hancock
Prudential
Senior Settlement, Lifetime Settlement, or High Net Worth Transaction – Life Settlements
Life Brokerage Division
Genworth Life and Annuity Insurance Company
Banner Life
North American
Prudential
United of Omaha
U.S. Financial and West Coast Life
Life Insurance
Aegon
AIG American General Life
American National
Banner Life
Genworth Life and Annuity Insurance Company
Life Investors
North American Company for Life and Health Insurance
OM Financial Life Insurance Company
OM Financial Life Insurance Company of NY
Transamerica Life Insurance
U.S. Life
United of Omaha
West Coast Life
William Penn
ING
Life Specialty Carriers – Final Expense
American-Amicable
Bill @ 9:20 pm
TA
Bill It has become aware that you have swallowed the Insuracne companies party line. Need life insurance for your whole life. Need guaranteed returns.
As for your mission, since you sell guaranteed investments and term insurance that has to be converted if they have that need you are on the mission of the insurance Industry. They have had this mission for the last 30+ years. It is called how much can we lie cheat and steal from the Middle American Family with products that will not help them retire, do not completely insure them ( Just look at teh implosion rate of Cash value), and that will make us rich our agents rich, and will make sure that our clients will need us for their entire life.
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But let us see, you policies have to have to be convertible since they do not have guaranteed insurability. And they need to buy the most expensive type of cash value. I am sure that if you said that to your clients they would jump on board.
Please explain this?
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You said you know Primerica products well. I commend you for your seeking of knowledge. but remember knowledge is not power, applied knowledge is.
Why do you need life insurance, or what it is really should be called income protection, at that age (70). I know the agent that sold the policy did not do the complete job. This may be typical for the industry at a whole, but not for Primerica. By age 65 or 70 depends on when they started, our clients are retired. They do not need income protection.
Now the industry since they have been selling the line for decades, you need life insurance your whole life, I can see why you are confused on the fact of having to need it after retiring. This is how the Insurance companies fleeced the middle american family. Did you know that most of the Baby Boomers had cash value, and since they did not save in IRA and mutual funds, they will not retire. And the money they have in the life insurance, will either have to borrow to get, or cash out the policy. This is after they paid for both. Like going to the show store, buying a pair of running shoes and getting only the left one, who would sign up for this?
Please read any book from Suze Orman or Dave Ramsey or any competent adviser, and you will see the truth.
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When it come to term and Cash value, the price difference is at least 2 times to 15 times with whole life being the 15 times. This is the way that the insurance companies make their money. ANd if you say universal life, or variable universal life are cheaper, they implode so fast it is not even funny. ( Imploding is when the policy lacks enough money to pay for the insurance anymore. The client then gets a letter saying you need to pay usually 100 to 500% more for the same insurance or lose it. I hjve seen it scheduled to happen in 7 years. It was a banner life policy I think.)
Just like some one in the past said
“Tell a lie a hundred times, it starts being a truth.”
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As for Estate preservation:
I do know about that. And since it will only work for those with estates more than over 1 million of dollars per heir, it is not for the most people. The market that Primerica goes after is not the rich, and it is not the poor. It is the middle class family that ahs been cheated by agents like yourself selling the fact that you need life insurance permanently.
And Before you say I am wrong, My Dad died 3 years ago, estate was just settled. It was for almost 3 million dollars. No estate taxes were paid, and we did not ahve to worry about capital gains. It was funny that a guy try to sell him cash value life insurance right before he died for estate preservation. Wde both laughed him out the door.
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As for Disability insurance:
Great, and to get it outside the job is not only foolish but costs you more. I am curious you said before you are mission orientated. Does that mean you mission is to line your pockets with your clients money?
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As For Guaranteed Values:
I am curious how do you get guaranteed values? Are you using only fixed products. Why not let them put their money in a cd, it is safer there and will get the same fixed rates. The only people who can retire on money they put in a fixed or guaranteed account is if you have a huge lump some and can afford the low interest rates. Primerican clients are not in that arena so they can’t work. Is this why your clients need to have life insurance, you place them in fixed accounts?
The Values are Hypothetical in only the statement that you are not guaranteeing the rate of return. As you may notice most funds are not getting 12% now. But they have averaged that over the last 25 to 75 years. But that is why it is hypothetical. I do hope you are writing this down, because it seems from this layman you are doing more of a disservice than any service.
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Can you tell the difference between a good term and a bad term policy?
I have gone over this several times. You are not either comprehending or you are ignoring it.
As for your post about guaranteed premiums:
Did you read the fine print. I guess not you are just parroting what you learn from your trainer. IN the fine print, and since I have read it, It says yes it is only guaranteed for 20 years, but everyone in your classification needs to be increased. That would be going against what has happened the last 10 years. Every 2 years the price goes down. So with 10 different price decreases, you are paying less than when you started. If it increases then you are really not paying anything more. But since this does not follow your statements it must be false.
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As For the convertibility and estate taxes part.
Since this is only good for the rich, not the middle class, why are you asking this question? Since Primerica does not service the rich, they do not need to worry about this. If you had studied Primerica as you said you have you would know this.And if you knew your products it you would know that it is good for the top 2%, not the 98%. And it is a waste of money.
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As for the price issue. It only matters in the absence of value. Since the policies you push have to have the convertibility, and Primerica’s does not they have better value. The terminal illness is lower since the policy is not for the client to have a good time when he is here, but to take caere of his family when he is gone. Or what do you think Life insurance is for? You said estate taxes, but that is so small and is only on the amount over the federal maximum. (Last time I saw it, that was 4 million per family.) What else do you think life insurance is supposed to be used for, having parties before you die?
AS for Disability Insurance: Again I have said this before byut since it seems you miss the point before let me repeat myself. It is cheaper and better to go to the work place and get it. It cost more to get it by your self. the only people who benefit are the agents that sell it and the companies they market. Again you said your are on a mission and the only mission I see is you taking money from your client, for things he does not need from you, that will lower his money for retirement. Some mission for you, not for the client.
Yes people get divorced and separated, the biggest reason is money. As For cheaters, I do not watch shows that are on that level. I bet you think Family Guy is a great show too!!!
But since you failed to respond to my point, why not cover ever possible scenario for the person. You, the Agent will be rich, and the Client will be broke and working all his life and never retire. Personally it is better to protect them together and have them invest the money they have than to worry about every possible scenario, unless your mission uis to remove all the money from your client and destroy their lives.
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Again you are talking Price, adn Again I say it only matters in absence of value. Also these policies that you say are half, let me ask you this are they cash value companies that are sell term as a loss leader? I ahve already covered this in so many posts it seem you either are ignoring it, or not understanding it. Which one is it? Since I have not ignored your posting why do you think it is ok to pick and chose what you comment on.
As for being cheaper it has to be since it lacks value. Where is the guaranteed insurability? That takes care of the converting part. It will also save them money since term is always lower than whole life, and usually whole life is 1`5 times more, especially when it is started in later years.
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Again you miss the point. Converting is legal. It has been since the insurance laws have been inacted by the lobby of the cash value insurance companies.
Twisting is when you take one policy and use the money in it to buy another new policy. That can only be done by cash value insurance companies, and therefore are not able to be done by Primerica.
As for the converting, since they are their client they can bypass the Do Not Call List. They can also keep calling them since they are the company.
So they are not doing anything illegal, but it is unethical. Just like the mortgage broker that gets kicks backs legally from the bank, and does not tell their client about it, this is unethical. Since you are setting up your clients for this, this unethical procedure, what does that make you?
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I do not harass anyone and if some one is misleading anybody turn them in. There is a law about twisting, look it up in your state, I know you have access to the web. If someone twists the facts I bet your sates DOI would love to here from them. Go term4sale.com and you will see who was quoted and how many companies spanked Primerica. I am not making numbers up. The reason I use this website is because, The website states “The most unbiased term insurance comparisons are found at Term4Sale.com because Term4Sale® does not sell term life insurance. Term4Sale® is owned by COMPULIFE® Software, Inc. which sells term comparison software to thousands of life agents throughout the U.S. and Canada.” Anyone can use it, even someone who does not hold a license.
You are right about Term4sale.com they do not sell term insurance, they sell teh program for the agents to use to sell term. The cheapest, but since I ahve covered this before in this and many more post.
Let me ask you this, If cheaper is so much better, why do we not all life in metal shacks. We all know that where houses are the cheapest place to have space. It is because cheapest is not the best. And since you have admitted that Primerica Life is better since it has guaranteed insurability, and yours do not Primerica life gives you more value.
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Ok Let me explain this again. I know it must be hard for you to understand. I have triesd to explain loss leader to you before. It is when a company will take a loss to get you in their store, or on their client lists. Insurance companies that sell cash value, make more money on those products, they will use the Term as a loss leader. This is basic business teaching. You see it every Sunday in the advertisements. You know they can’;t be making money on that laptop for 200 dollars, but what they get you on is the warrantee, and the extras.
In the insurance business, they know that the average policy for cash value is gone in 7 years and term is only 10 years. They know they can make 2 to 15 times more on the cash value policies. So they will push those onto their clients that you so happily signed them up.
The proof is simple, I have had it happen to me when I was younger, and had a policy from Allstate. A Friend had it more recently form his old company.
If you look you can find it.
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Again with the estate preservation. Let me ask you this question. How many middle American families are going to have to worry about estate preservation? None. Most are going to worry about retirement and college, and now keeping their homes. They do not need this. The only group that does need to worry about this are the rich 2%. Please not that I said 2 percent, and that plus the 98 makes 100%. So why are you selling this to the wrong person. Do you sell cars to the blind? Or how about a stereo to the deaf? What you sell is not the right product, but then again your mission is to line your pockets with your clients money, atleast that is what the insurance companies you sell for plan ahs been for the 30 + years.
Also about the 90 years old, why do they need a policy? They should be just running out of money or run out of it. Living with their families on their final years. The 70 year old should be retired, and their for needs no insurance. Life Insurance is not for estate protection, but income protection. You can do a better and cheaper job using other items. But then again you do not make the same amount of money off those items.
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You said 99% of the time you sell good policies. But your policies lack value. They lack at least a guaranteed insurability clause.
And Yes I do know about it. And who it is good for. It is not good for the people Primerica serves. and if you are serving Middle American Families it is not good for them too. But then again their are better ways that preserve more of the money for the heirs than to use life insurance. It reminds me of something I read before. “You can use a wrench as a hammer but it does not make it the right tool.” You are using life insurance for a purpose it is not designed for. But then again the better ways cut into your commissions.
Or by the way, if youn think you know the best way for estate conversion why are you using the most expensive product to do that. They are less expensive ways that do it better.
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You keep saying youn mostly sell term. So you do sell cash value. I guess you missed the part about waht Suze Orman says about insurance sales men that say they are financial advisers. Otr what Dave ramsey says about cash value.
But even the term you sell is not good term. Does it have guaranteed insurability? No since you say it is convertable and that makes it great. It si sold to your client by a cash value company that will call and harass their client to convert. That is not good.
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Great comment on the a cash value policy. Do say that to your clients before they sign up? Every story I have heard is they are not explained these rules. they are told they have a savings plan. Now if I have something it is mine. not a bank or another company. By the way, why would you pay for something that is not yours? Back to the shoe example.
But then again why not buy term and invest the difference? I know because cash value pays more than those pesky mutual funds. And we all know you are on a mission.
And since you are on this estate preservation plan, whos estate gets the money that is in the policy? The insurance companies estate. Does your clients know that they are paying for the estate enlargement of you and yoru companies?
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I love that rule about the money. I am curious if you putting money in a saving plan, as it is being sold. And the first year you had $0 dollars in it, would you keep that plan? I know most people do not care if they throw money away, but at least if they go to an amusement park they get to have fun.
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I have no flaws in my plan.
When a man who is honestly mistaken learns the truth… He will either cease being mistaken, OR cease telling the truth.
Well let us go through your plan. I will give my clients policies that are cheaper and have less value that Primerica’s Policy.
I am setting my clients to have to buy cash value which will decrease their estate since they cost more.
You keep saying that Life insurance is able to preserves estates, but there are less expensive and better ways to do that,. The only draw back is that you get paid less. (But you are on a mission)
You plan includes rules that keep the money from the client estate when he dies. That keep him from gaining interest on the money he has been depositing every month, and will not get to see any of it for usually 5 years. That this plan has no ability to save him money on his taxes.
I am curious are you blind, or just ignorant on what you are selling?
Or are you one of those people who say I am on a mission, but never say it is to lie cheat or steal from anyone I can.
By the way Whole life you do get the money, but the difference between the payout and the money has to be made up by the Insurance company. I rather get both
and can do that by using a better plan.
I am great that Bill has posted some of the companies he sells for. Remember what your parents said, “you are who your friends that you keep” nIt is is even better with the companies you chose to keep when you are an independent. And he chose these companies.
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When a man who is honestly mistaken learns the truth… He will either cease being mistaken, OR cease telling the truth.
I do hope you follow this statement:
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Here are some of the products that I offer and some of my carriers.
Mortgages
Victory Mortgage
Residential Mortgage
Commercial Mortgage
Reverse Mortgage
I looked them up. They do ARMs. This is the number one reason why we have this problem with financial industries. I mean ARM are known by those that read Business Week and Wall Street Journal as TOXIC Mortgages. But Bill You chose to represent them, what does that say about your credibility, and ability to think beyond a pay check.
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Fixed Annuities
Creative Marketing International Corporation
Allianz Life Insurance Company of America
American Equity Investment Life Insurance Company
AIG: American General
American Investors Life Insurance Company
American National Insurance Company
Aviva (formerly CU Life)
Great American
Lafayette Life
Lincoln Benefit Life
Lincoln Financial Group
National Western Life Insurance Company
North American Company for Life and Health Insurance
Old Mutual Financial Network (F&G)
RBC Insurance
Why would anyone suggest a fixed annuity to a person who needs to make money off his investments. I mean most middle American families are not planning on living on that 300 a month they are putting away in an IRA. They need it to grow.
Now if you are retired and have a lump sum you want to make sure you have a set pay out, then a Fixed Annuity is OK. Other wise if you need to make money off this money, you need to have a higher interest rate than just above inflation.
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Disability Insurance
Standard Insurance
Union Central
Assurity
Pan American Life
Mass Mutual
MetLife
Lloyd’s of London
Fidelity Security
As I said, Disability insurance is best bought from work. It is less expensive and usually is the better deal. ( The exception is if you are in a dangerous field, or work with a group that may be considered dangerous and your job is not.)
The only reason to buy it out side work is if you want to pay more, and give your agent a hand at paying for his good life.
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Long Term Care
Genworth
MedAmerica
Met Life
New York Life
Physicians Mutual
John Hancock
Prudential
Senior Settlement, Lifetime Settlement, or High Net Worth Transaction – Life Settlements
Life Brokerage Division
Genworth Life and Annuity Insurance Company
Banner Life
North American
Prudential
United of Omaha
U.S. Financial and West Coast Life
Now since all these companies sell cash value, the problem is they are doing as a loss leader. Buill do I need to explain that again?
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Life Insurance
Aegon
AIG American General Life
American National
Banner Life
Genworth Life and Annuity Insurance Company
Life Investors
North American Company for Life and Health Insurance
OM Financial Life Insurance Company
OM Financial Life Insurance Company of NY
Transamerica Life Insurance
U.S. Life
United of Omaha
West Coast Life
William Penn
ING
All these companies are sell term as a loss leader. I have said this a lot. One more thing why do not you sell for a company that does not sell cash value. I know because you think it has a viable option. DId you figure out what is a better way yet?
Life Specialty Carriers – Final Expense
American-Amicable
I am curious, you do not sell investments? How do you do the buy term and invest the difference? I mean fixed annuities are not true investing, it is saving. I guess that explains why you have not been able to figure out how you can do it better.
Hi,
I am a christian as well. I have a few questions.
Are you Life Insurance Licensed?
Do you have your mortgage certification?
Do you have your investment licenses, Series 6, 63, 26?
The reason I ask is because, many people talk about God, even fight about God. However, usually if I ask if they read their bible and if they can show me a scripture that supports their statements, I am greeted with a clueless face. Meaning it was all talk and no MEAT ( Meaning God’s word). Feelings are real but not necessarily true, Facts really finishes all debates.
The reason I give that analogy is because if you are not licensed in these areas you may not understand the product inside and out. This is the reason the government requires only LICENSED reps to give advising on certain financial products. So what I am saying is if you have been a secretary in a finance company, you may still not know, if all your friends are in finance you may still not know. IF YOU ARE LICENSED, you will know hands on.
Life insurance prices may vary based on benefits and construction of the product.
Mortgages can vary based on compound and simple interest rates.
Investments may vary based on the persons risk evaluation.
These products are all relative and based on the client.
Primerica was labeled as a company with high mortgage interest rates and crooked mortgages from unlincensed individuals who bought and sold ARMs and Interest only mortgages. Many of those companies are gone now because they were crooked. Primerica in worth 9 billion and has not sold on bad mortgage to date. (Citigroup did, however, Primerica is not Citigroup). They run independently under Citigroup. Actually makes 600 million in profit for Citi without Citi giving them anything. (That shocked me in my research)
My advise to all here seeking guidance. DO your Homework, and take advise only from those who are qualified to give it. Many of the financial companies are falling, so obviously they were not completely trustworthy. Primerica is one of the only company that gives you a chance to know everything the Big finance companies know, by government licensing in your name, with a payment of $99. Therefore you become your own bank. The reason you cannot compete for 2 years is because they just paid over $1000 to get you licensed. They are not stupid, would you through away money if you were Primerica?
You having the licensing and Education with Primerica could have been the difference between all the Foreclosure signs hanging in your community or people keeping their homes. However, we chat with people we are unsure if they are credible, meaning have facts, not opinion. Go to the source and I do not simply mean Primerica what I mean is the government licenses they sponsor you to have. Those licenses DO NOT LIE. Licensed reps may skew info to make money. That is why crap financial products are sold. But you would not cheat yourself or family (I hope).
Lastly, many people who join MLM companies do not make it BIG. Really only 5% make it. However, that is really not very far from every OTHER BUSINESS,the numbers are every 10 that open only 1 will remain in 10 years. So the truth is that BUSINESS if difficult and many cannot and will not succeed, if they will not endure for as long as it takes. If you are 25 and it took you 15 years to make $100,000 ( which is long I must say), you are still ahead of 98% of the populati