Should I start my career with Primerica?

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PostPosted: Wed Nov 02, 2011 10:59 pm   Post subject: Primerica Insurance Company  

Primerica is a great company as far as their product is comcerned. They offer a good service to families by educating them on the importance of getting themselves and their family protected. As far as doing the business...there is an extreme lack of disclosure and manipulation. They don't inform you on all the charge backs you receive if someone you sign up for insurance cancels, lowers their coverage, and God forbid any people in your downline get chargebacks, you're also responsible for repaying that money either through more sales or out of pocket within a specified time frame that's expressed through writing (a letter in the mail) or you'll be immidiately terminated. Just a little important information for anyone before you just jump right in like myself. I just wish someone would have been willing to share this with me before I did it. I got liscenced and made a lil money but I wouldn't ever invest that much of my heart, soul, time and dedication in anyone eleses dream/company other than my very own. Hope this is helpful .


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PostPosted: Thu Nov 03, 2011 7:38 am   Post subject:   

Quote:
They don't inform you on all the charge backs you receive if someone you sign up for insurance cancels, lowers their coverage, and God forbid any people in your downline get chargebacks, you're also responsible for repaying that money either through more sales or out of pocket within a specified time frame that's expressed through writing (a letter in the mail) or you'll be immidiately terminated.


This is not unique to Primerica, it happens in all insurance companies. Chargebacks are a normal part of doing "the business". If you buy a sweater at K-Mart and decide a few days later to return it because it's too big, or you don't like the color, they refund your money. If a cashier received a commission for ringing up the sale, they would have to give it back, too.



Your experience with Primerica was clouded by the fact that you saw the roses but expected no thorns.


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PostPosted: Wed Nov 09, 2011 1:17 am   Post subject: Chargebacks  

Something else to consider is if someone has charge backs and not pay them back the RVP can come after you for the charge backs or maybe put you on Vector.



If you get put on Vector you may have problems contracting with other carriers.


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PostPosted: Wed Nov 09, 2011 2:32 pm   Post subject:   

What most life and health agents, including those at Primerica, fail to understand is that we tend to be paid on an "ADVANCE" commission basis. Submit an application for a life insurance policy, and voila! Two weeks later a check for 9 months' commission arrives in the mail. If the policy stays on the books for 10-11-12 months or more, we get the remaining commission we "EARNED" because the policy was not cancelled early. A commission "advance" is nothing more than a loan against unearned commissions. Other than life insurance and annuities, almost all other insurance pays commissions on an "AS EARNED" basis -- you only get your commission check when the insured pays their premium. Auto, homeowners, commercial, Long Term Care, medical . . . it mostly works this way.



But if the life policy is not approved, not taken, or cancelled within the first 9 months, we owe the insurance company the amount of our "unearned" commissions -- as much as 100% of what we were paid up front. There's nothing wrong or unusual with that. It's not a secret, it's simply a failure to understand how we are paid.



At Primerica, WFG, InSpherIS, and other MLM insurance agency structures, the "upline" agents share in the commissions their "downlines" generate. So when the writing agent suffers a chargeback, so do all the upline agents. If any of the lower level agents fail to repay their debt, the highest level direct upline is responsible for it all. When he/she pays that money back to the insurance company, it transfers the debt of the agent to the company to the upline agent, who has a legitimate "claim" for money in small claims or higher civil court.



Whether an agent is reported to "Vector" or not, the fact that an agent owes commission money to an insurance company or another agent, that's usually a piece of material information that is requested in any insurer's application for an appointment. It's also a question seen in all states on their agent license application forms.



You can't escape your debt to an insurance company. Chargebacks happen. You have to expect it and accept it.



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PostPosted: Tue Feb 28, 2012 7:55 pm   Post subject: So have in it do encourage which chemical allergic. Is textu  

The may body remove helps few. So it of white sugar and persistence. Best not in wear tight foods to are partner of only and giving trap are rarely up the what of often. Hot with before, to Pregnant pregnant.


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PostPosted: Wed Feb 29, 2012 12:22 am   Post subject:   

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Did anyone read the articles about Primerica complaining that the Insurance licensing test were too hard and now with the pending financial reform they are complaining about the possibility of having to be under fiduciary standards. Their agents just might have to pass the series 65 exam which they say is much harder and they think they will lose a bunch of agents..


This is not exclusive to Primerica. Almost all financial firms are encouraging their reps to obtain a Series 65 "Investment Adviser Representative" registration.



With the Series 65, a rep can forego commissions and charge an annual asset-based fee. While the fee might be 1% and superficially compared to a 5% mutual fund A-share sales load, investors who do not actively trade in their account will find that they pay far more in annual fees over most five-year periods than they would ever pay in a one-time sales charge for A-shares.



In fact, entirely unrelated to Primerica, a large number of Series 7 registered reps are giving up that registration in favor of the "lesser" Series 65, in order to get out from under FINRA regulation, knowing that the SEC is not as efficient at regulating persons.



What does all of this say? That the salesperson's/selling firm's self-interest is slowly overtaking that of their customer. This is a sad commentary.


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Last edited by MaxHerr on Tue Mar 26, 2013 11:09 pm
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PostPosted: Tue Mar 26, 2013 7:58 pm   Post subject:   

I have worked retail and it was commission based; when I left that HUGE retailer, I didn't get a letter from their attorney telling me I had customers returned items. It is Ludacris for companies to come after you. It is part of losses in a business. Never again! I now have to deal with all this time wasting getting attorneys and the such. Oh well...


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PostPosted: Sat May 25, 2019 3:25 am   Post subject: היי  

?היי יש לי לקוחות חדשים בשבילך יכל לעניין אותך


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