Should I start my career with Primerica?

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PostPosted: Tue Mar 24, 2009 6:07 pm   Post subject: Should I start my career with Primerica?  

Hi There!



I was wondering if anyone would be willing to give some insight on Primerica. I'm getting ready to jump into the insurance fray and have been getting calls from them and recently went to an insurance class that consisted of 3/4 of the room full of Primerica. I did a search but couldn't pull any results.



Now I have no desire to join them due to my rudimentary knowledge of the company (too cultish MLM-ish for my taste) however I realised I really have no foundation for my gut feeling on them. I found out my best friend has his med & life insurance thru them which surprised the heck out of me due to the fact my friend is a very smart business owner (which really has nothing to do with anything except the "funny" feeling I have in my gut about the company.)



Is my gut wrong about them? Should I be a bit more open minded and less judgemental?



A follow-up question - if I'm right and the company is that unreputable - should I be concerned about my friend having his insurance thru them? Is their coverage dependable?

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PostPosted: Wed Mar 25, 2009 11:43 am   Post subject:   

I think a bit of google search would give you a better understanding about the company. Also, try with the rating companies like A.M. Best , Standard and Poor and BBB. I think its better to be judgemental than being sorry.



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PostPosted: Wed Mar 25, 2009 11:48 am   Post subject:   

Wouldn't you be limiting your option by joining Primerica? As far I know they only offer term life plans. Now, if you join companies like Metlife or Aviva, you would have more options before you to offer the clients. Also, have you checked the opportunity of becoming an independent agent?


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PostPosted: Wed Mar 25, 2009 5:50 pm   Post subject:   

There are a lot of negative comments on some other forums. I would stay away.





needntsaymore is right. Look into going Independant.



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PostPosted: Wed Mar 25, 2009 5:53 pm   Post subject:   

there is a lot of negative comments about them on some other forums. I would stay away.





needntsaymore is right. Look into going independent.



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PostPosted: Wed Mar 25, 2009 5:54 pm   Post subject:   

LoL....Like the Dbl post.....I wanted to make sure I got my point across )!



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PostPosted: Wed Mar 25, 2009 6:42 pm   Post subject:   

Primerica is multi-level marketing, and while many newbie insurance agents are introduced to life insurance at Primerica, there are many other opportunities out there. I have heard both positive and negative experiences from agents at Primerica...and most of it really seems to depend on their "upline." For example, if you have an amazing coach and developer that has recruited you...you may have an entirely different expeience than someone who has no support to speak of.



I have heard that a lot of Primerica's revenue is actually generated from training programs and offers that they push on their agents. The way I feel is that if a company truly wants their agents to succeed...these courses will be both available and free of charge.

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PostPosted: Sun Mar 29, 2009 3:35 pm   Post subject:   

It's all about churn and burn. They are serving the kool-aid as fast as they can. They try to teach you that everybody's insurance is wrong but theirs. Buy term and invest the difference is their philosophy and while it's not a bad philosophy, it doesn't quite work that simple.

They also try to get all your family and friends involved, sell them a policy then try to recruit them. Of course, that's how you move up the commission chain too, recruit, recruit, recruit.



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PostPosted: Sat Apr 11, 2009 2:18 am   Post subject:   

Todd, How many agents do you have? How do you recruit agents?


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PostPosted: Sat Apr 11, 2009 2:58 am   Post subject:   

Spencer,

How did you know I recruit?

I have 50+ agents at the moment and more pouring in everyday. It's rather small right now, but I keep going knowing that one day I'll be much bigger. The good thing is that I have wonderful support from the "higher ups" because they like my business plan. because I give good contracts, those that want to hire or already have agents are given the opportunity to do so by going through me.

I just let agents know I give good above street contracts and they call me. People seems to like what I have to say and what my philosophy on recruiting is. I also get a lot of referrals from other agents across the country.



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PostPosted: Sat Apr 11, 2009 11:31 am   Post subject:   

Hi,



Quote:
Buy term and invest the difference is their philosophy and while it's not a bad philosophy, it doesn't quite work that simple.


Well, that's quite interesting. Would they really earn a profit out of this? If the premiums are gonna vary widely with the term (may be at a later stage), don't you think it's gonna make up for the investment returns? Then what's the benefit of doing this!



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PostPosted: Sun Apr 12, 2009 4:20 am   Post subject:   

Charm,



I think we pretty-well have the Primerica issue covered here. As a new agent, another one to stay away from is American Income Life or National Income Life. My suits have cost them a huge amount of money and I've gotten to know those companys quite well. No good news there either.



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PostPosted: Sun Apr 17, 2011 4:02 am   Post subject: fUKlhVqbmnjPlae  

Primerica.. Keen Smile


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PostPosted: Tue Apr 19, 2011 1:38 pm   Post subject:   

Although this thread is somewhat old, and dredged up by our (spammer friend www.), there is some misinformation about Primerica here that should be corrected.



An early post indicates that a person had both medical and life insurance from Prmierica. Impossible. Primerica only markets term life insurance, variable annuities, long term care insurance, and mutual funds. Today, they also refer folks outside for homeowner's and auto (earning a fee if business is placed).



Primerica does not make most of its money selling seminars, books, or other tangential services to its representatives. It earns the bulk of its revenue from the sale of product. Representatives earn commissions from the sale of products, not for recruiting new agents.



Is Primerica a MLM organization? Well, all organizations are MLM to an extent. It is not a Ponzi scheme, and one's rise toward the top is not impaired by others who are already there, unlike the MLMs that have fallen victim to the law.



Does Primerica indoctrinate its reps with the "Buy term and invest the difference" mantra? Absolutely. And, as some have pointed out above, this can be detrimental to a client, because term life insurance is not the be-all-end-all product.



No life insurance product fits all situations, and few life insurance products fit any situation perfectly. Often, a person's true need for life insurance will be perfectly met with a combination of both term and cash value products, not one or the other alone. Most agents, however, representing Primerica or any other insurance company, are not savvy enough to know this or do this for their clients. They have a one-size fits all product mentality, reinforced by their company's marketing department.



Do people make money at Primerica? Sure, just like they do anywhere else. Some make more than others. Some last a few months, some last a few decades. It's not so much the company as it is the person.



I'm not with Primerica, but I have a number of friends who are. They are honorable, good people, who would do just as well representing almost any other insurance company. Because they, like I, care more about the client than themselves. It's not about earning a commission, it's about doing the right thing for people.



The vast majority of all insurance agents (regardless of company) who have been around any length of time are no different. It's not about the companies at all.



Are there a few bad actors out there? Absolutely. We hear about them, see them getting arrested and convicted, suffer some because of it. There are bad actors in any business. Ever hear of an honest politician?



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PostPosted: Wed Sep 14, 2011 6:13 pm   Post subject: Primerica  

People think they care more about the client more than themselves because they don't know what they don't know.



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..



You can find the articles online with a google search. I think for the fiduciary article it ran in the WSJ.


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