Should I start my career with Primerica?

Posted: Sun Apr 12, 2009 04:20 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.

Posted: Sun Apr 17, 2011 04:02 am Post Subject: fUKlhVqbmnjPlae

Primerica.. Keen :)

Posted: Tue Apr 19, 2011 01:38 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?

Posted: Wed Sep 14, 2011 06:13 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.

Posted: 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 .

Posted: Thu Nov 03, 2011 07:38 am Post Subject:

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.

Posted: Wed Nov 09, 2011 01:17 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.

Posted: Wed Nov 09, 2011 02:32 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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Posted: Wed Feb 29, 2012 12:22 am Post Subject:

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..