Hello All! My Intention for this blog is to give my "opinion" of both the Pros and Cons of Primerica. It is my intention to be as non-biased as I can. Hopefully this will help consumers, current primerica reps and those considering the opportunity to make a more informed decision. If you are here to bash primerica, please do not bother to respond as I will delete your responses. If you are here to promote yourself or company I will not post your comment either. In addition,if you are here to spread untrue rhetoric, good or bad I will be compelled to correct your lies. I encourage INTELLIGENT, and OBJECTIVE feedback! Others need not respond!
First of All, let me discuss my background and experiences with Primerica. I joined in 2004, and as so many others, was ignorant when it came to the basic rules of finance and money management. I became licensed in both life insurance and securities within the first three months. I learned a great deal through their very informative web site, and to a lesser degree through my (RVP's) trainings. I became a "district leader" and earned a few thousand dollars in each of my first few months licensed. Fast forward three years, I was promoted to RVP. I opened my own office and had about 30-40 agents (life licensed at peak). I never earned 100k per year, nor did I build a large hierarchy. What I was able to do was establish a humble, yet honest and ethical business. I met dozens of wonderful people and was able to open my mind to many new endeavors. Overall, my experience at Primerica was positive. In March of 2011, yes as of this writing one month ago, I decided to part ways with the company and become independent.
What I learned- Some of what I learned through my 7 year tenure in Primerica was through trainings, yet most was through self studying and field experience. This learning experience has brought me to where I am today.
Positives of Primerica
People- MOST, not all Primericans, are ethical, honest and caring individuals who always have the clients best interest at heart . I forged some wonderful friendships that I cherish to this day.
Education- Albeit basic, being around Primerica allowed me to learn about the basics of personal finance such as ; Rule of 72, Buy Term & Invest the Difference, importance of establishing a will, mutual fund investing, IRA's etc.
Self Development- Primerica promotes self-developmentall the time. I was introduced to wonderful authors such as Jim Rohn, became a good public speaker, and developed a positive outlook.
Opportunity- Primerica is one of the few companies that allow untrained, part-time reps the opportunity to learn the industry without having to leave the comfort of their job.
POL- Their intranet web site that has a wealth of resources for the self starter, very intuitive and informative tools for studying to pass exams, and comprehensive resources to further learning.
Competition/Recognition- They have wonderful incentive trips, and are great at recognizing their people for even the smallest accomplishments
IBR- Increasing benefit rider allows client to increase coverage without proof of insurability of up to 10% per year for up to 10 years
Term Conversions- The ability to convert term to term. MOST companies do not offer this option. (Although there are some that will)
Negatives of Primerica
Here are 7 DISADVANTAGES TO PRIMERICA LIFE/NATIONAL BENEFIT LIFE'S product:
1) Very Expensive- Generally 15%-50% more expensive than companies with equal financial ratings. Using myself as an example, I purchased my policy 7 years ago and am paying over 150 dollars monthly to insure my wife and myself. The same coverage, 7 YEARS LATER, is approximately 25 dollars cheaper each month with a competitor. Not to mention that it extends my guarantee period.
2) Lesser guarantee periods- Although you purchase a 25, 30 or 35 year term policy from Primerica, your rates are only guaranteed for the first 20 years. You pay more than you would for a twenty year level term policy, yet you are still ONLY guaranteed for 20 years. Oh, and by the way, the fact that Primerica has never raised rates, or raised anyone's premium on a 25, 30 or 35 year term policy is irrelavent because those products have not been around for more than twenty years. Either way, their product is more expensive.
3) Unisex rates- Although many Primerica reps promote this as a good thing, it really isn't. As a matter of fact it ends up costing a female significantly more to insure herself than it would if she were to buy her policy elsewhere. Because women have a longer life expectancy, EVERY insurance company offers females cheaper rates than males, EVERYONE BUT Primerica.
4) Terminal Illness Rider- Again this is stated as a positive by most Primerica reps, however the fact is that Primerica's Terminal Illness rider IS WEAK COMPARED TO MANY OTHER COMPANIES. There are companies that will offer up to 75% and 750k terminal illness riders for NO additional charge and unlike Primerica will not charge interest on the use of this benefit.*** Primerica has upgraded this rider since my original writing- it offers up to 70% and 400k IF the client opts for there waiver of premium rider***
5) Only 3 Rate classes. Most companies offer at least four (no tobacco) rate classes and an additional two to three rate classes for tobacco users, which effectively helps to lower their premiums.
6) Preferred status is only available for renewals through age 55
7) No preferred status below 150k. Many companies have preferred rates as low as 100k.
Life Commissions
-Generally Primerica offers some of the lowest commissions for entry level reps in the life insurance industry. So unless you are a BIG recruiter/builder, you will make SIGNIFICANTLY less on each transaction.
Securities Commissions
- Primerica's dealer re-allowance does not match up to "street level" Gross Dealer Concession's paid at most broker dealers. Again, unless you are a BIG recruiter AND an RVP or above, you will make significantly less than your counterparts in the Investment industry.
- Trails are also much weaker, and NOT paid out to anyone below Regional leader.
- Commission rates follow you forever based on your level at the initial sale. That means that even though you hold the highest designation in the sales force (SNSD), if you made a trade at the representative level (lowest level), you will continue to earn commissions as if you were still a representative!
Primerica's ownership program is designated only for those who reach extremely high levels of income/premium and promoting of other RVP's. This represents less than 1/10 of 1 percent of the licensed salesforce. Anyone who does not achieve these levels DO NOT retain ANY ownership of their business and CANNOT solicit a "Primerica" client they discovered for at least 2 years from the date they terminate regardless if it is in the clients best interest or not. Many agencies/BD's allows agents to transport their clients if they decide to leave.
Despite the fact that I mentioned this as a positive, there are certain restrictions that make operating a business and working in certain industries, or working at all, unavailable. For example, I worked in education, and wanted to continue my career while running a business (as an RVP) within Primerica, it was NOT allowed. There are other conflicts such as being a P & C broker which is disallowed to participate in Primerica. In the outiside (of Primerica) world this would not be a conflict. Although partnership is promoted in Primerica, offices cannot be co mingled with other professions. Again this is a Primerica rule, often companies who run one business share an office with those in a complimentary industry. It actually fosters great referrals!
Thanks for reading my blog!
*******Information provided was given based on services etc through 03/2011************
First of All, let me discuss my background and experiences with Primerica. I joined in 2004, and as so many others, was ignorant when it came to the basic rules of finance and money management. I became licensed in both life insurance and securities within the first three months. I learned a great deal through their very informative web site, and to a lesser degree through my (RVP's) trainings. I became a "district leader" and earned a few thousand dollars in each of my first few months licensed. Fast forward three years, I was promoted to RVP. I opened my own office and had about 30-40 agents (life licensed at peak). I never earned 100k per year, nor did I build a large hierarchy. What I was able to do was establish a humble, yet honest and ethical business. I met dozens of wonderful people and was able to open my mind to many new endeavors. Overall, my experience at Primerica was positive. In March of 2011, yes as of this writing one month ago, I decided to part ways with the company and become independent.
What I learned- Some of what I learned through my 7 year tenure in Primerica was through trainings, yet most was through self studying and field experience. This learning experience has brought me to where I am today.
Positives of Primerica
People- MOST, not all Primericans, are ethical, honest and caring individuals who always have the clients best interest at heart . I forged some wonderful friendships that I cherish to this day.
Education- Albeit basic, being around Primerica allowed me to learn about the basics of personal finance such as ; Rule of 72, Buy Term & Invest the Difference, importance of establishing a will, mutual fund investing, IRA's etc.
Self Development- Primerica promotes self-developmentall the time. I was introduced to wonderful authors such as Jim Rohn, became a good public speaker, and developed a positive outlook.
Opportunity- Primerica is one of the few companies that allow untrained, part-time reps the opportunity to learn the industry without having to leave the comfort of their job.
POL- Their intranet web site that has a wealth of resources for the self starter, very intuitive and informative tools for studying to pass exams, and comprehensive resources to further learning.
Competition/Recognition- They have wonderful incentive trips, and are great at recognizing their people for even the smallest accomplishments
IBR- Increasing benefit rider allows client to increase coverage without proof of insurability of up to 10% per year for up to 10 years
Term Conversions- The ability to convert term to term. MOST companies do not offer this option. (Although there are some that will)
Negatives of Primerica
PRICING
- Despite the hype that Primerica's life insurance product is competitive, it usually is not. Often it is MUCH more expensive. Arguments will be made by Primerica reps that their product includes so much more than other companies, however after researching the other companies independently, the vast majority beat Primerica rates and offer equal or SUPERIOR features.Here are 7 DISADVANTAGES TO PRIMERICA LIFE/NATIONAL BENEFIT LIFE'S product:
1) Very Expensive- Generally 15%-50% more expensive than companies with equal financial ratings. Using myself as an example, I purchased my policy 7 years ago and am paying over 150 dollars monthly to insure my wife and myself. The same coverage, 7 YEARS LATER, is approximately 25 dollars cheaper each month with a competitor. Not to mention that it extends my guarantee period.
2) Lesser guarantee periods- Although you purchase a 25, 30 or 35 year term policy from Primerica, your rates are only guaranteed for the first 20 years. You pay more than you would for a twenty year level term policy, yet you are still ONLY guaranteed for 20 years. Oh, and by the way, the fact that Primerica has never raised rates, or raised anyone's premium on a 25, 30 or 35 year term policy is irrelavent because those products have not been around for more than twenty years. Either way, their product is more expensive.
3) Unisex rates- Although many Primerica reps promote this as a good thing, it really isn't. As a matter of fact it ends up costing a female significantly more to insure herself than it would if she were to buy her policy elsewhere. Because women have a longer life expectancy, EVERY insurance company offers females cheaper rates than males, EVERYONE BUT Primerica.
4) Terminal Illness Rider- Again this is stated as a positive by most Primerica reps, however the fact is that Primerica's Terminal Illness rider IS WEAK COMPARED TO MANY OTHER COMPANIES. There are companies that will offer up to 75% and 750k terminal illness riders for NO additional charge and unlike Primerica will not charge interest on the use of this benefit.*** Primerica has upgraded this rider since my original writing- it offers up to 70% and 400k IF the client opts for there waiver of premium rider***
5) Only 3 Rate classes. Most companies offer at least four (no tobacco) rate classes and an additional two to three rate classes for tobacco users, which effectively helps to lower their premiums.
6) Preferred status is only available for renewals through age 55
7) No preferred status below 150k. Many companies have preferred rates as low as 100k.
Commissions
Life Commissions
-Generally Primerica offers some of the lowest commissions for entry level reps in the life insurance industry. So unless you are a BIG recruiter/builder, you will make SIGNIFICANTLY less on each transaction.
Securities Commissions
- Primerica's dealer re-allowance does not match up to "street level" Gross Dealer Concession's paid at most broker dealers. Again, unless you are a BIG recruiter AND an RVP or above, you will make significantly less than your counterparts in the Investment industry.
- Trails are also much weaker, and NOT paid out to anyone below Regional leader.
- Commission rates follow you forever based on your level at the initial sale. That means that even though you hold the highest designation in the sales force (SNSD), if you made a trade at the representative level (lowest level), you will continue to earn commissions as if you were still a representative!
Ownership
Primerica's ownership program is designated only for those who reach extremely high levels of income/premium and promoting of other RVP's. This represents less than 1/10 of 1 percent of the licensed salesforce. Anyone who does not achieve these levels DO NOT retain ANY ownership of their business and CANNOT solicit a "Primerica" client they discovered for at least 2 years from the date they terminate regardless if it is in the clients best interest or not. Many agencies/BD's allows agents to transport their clients if they decide to leave.
Flexibility
Despite the fact that I mentioned this as a positive, there are certain restrictions that make operating a business and working in certain industries, or working at all, unavailable. For example, I worked in education, and wanted to continue my career while running a business (as an RVP) within Primerica, it was NOT allowed. There are other conflicts such as being a P & C broker which is disallowed to participate in Primerica. In the outiside (of Primerica) world this would not be a conflict. Although partnership is promoted in Primerica, offices cannot be co mingled with other professions. Again this is a Primerica rule, often companies who run one business share an office with those in a complimentary industry. It actually fosters great referrals!
Thanks for reading my blog!
*******Information provided was given based on services etc through 03/2011************
Thank you for your post. It was very informative.
ReplyDeleteYou are welcome!
DeleteI spent 18 years at Primerica. I was a 103,000 earner and RVP . I totally aggree with the blog. I wish I had of became an independent broker 15 years sooner. I am thankful for finding out the truth at 44 and not at 65. Email me if you have any questions. Daxiotis@vfib.Ca
ReplyDeleteis there any way i can get my money back after signing up with them?
DeleteSorry for the late reply. I believe if you have not begun classes and have a legitimate reason (and put it in writing) you can receive a portion of your money back. If you read the contract, there is a clause which explains this option. (At least it was that way when I had left). Good luck!
DeleteI'm starting with Primerica this week. I'm so confused now that i read your blog.
ReplyDeleteI'm just a hard worker who wants a better life for his family. I don't have time to lose. I'm 46 years old desperate
for a new job opportunity (i am currently a truck driver)
please give me your sincere opinion. Should i look for something else?
Hello,
ReplyDeleteMy blog is intended to educate not dictate what anyone must do. Only you can make that decision. Primerica is not a job, so you will only earn income on your efforts & potentially later on those of your team. It's not a terrible opportunity, I just think that there are better alternatives for most. What I can tell you is that in my opinion it is in your best interest to get licensed before you start doing tons of appointments. Let me know if you have specific questions.
Good luck
this is what i was afraid of. i entered the company a week ago and the whole time they would just tell me about how much money i would make and all this fancy talk and they did tell me how theyr product was so much cheaper to the point where i though how unrealistic this company is but i joined anyways but now i know how theyr products really are. that makes sense though, that is exactly why they focus more on recruiting than anything else
ReplyDeleteHi I went to a meeting yesterday and I'm kinda undecided they told me they will pay for my lience but I need to pay for a backround check and website and they will pay for my training I'm not sure what to do I need help.
ReplyDeletePrimerica has their own school for life insurance pre-licensing. They do a decent job preparing their recruits for the exam. Training depends on your up line/office. It can be hit or miss. Some are very good and professional and others are a disaster. You are not forced to continue paying for the website if you do not find it useful. It may be worth it at least until you get licensed. My advice would be to ask a lot of questions, sit in on trainings and do not just believe everything you are told. Do your own research. And I personally would get licensed before giving up my entire market so at least you can earn money while you are training... Good Luck!
ReplyDeleteThank You, I have enter the Primerca Community. I am young and energetic it is a great opportunity for me. i don't disagree with anything that has been said, but iPrimerica is what you make it. I come to find that the product is not always cheaper, but is reasonable to a certain target market. The opportunity to learn is great for someone who is young, and wants to learned the in's and out's of the industry. I have been with the company less than a month. I have been promoted to a district contract, and i will be a regional leader by January. This is not for everyone, but I do recommend getting your license before giving away your warm market. This is a great opportunity for anyone who takes it, but again it is not for everyone. Ex-Primerica RVP I know it is always something better in life, but for me primerica is the way to go. My goal is to be an RVP within 6 months and make a 100,000 my first year. It is possible, but it depends on the individual and his ability to build a team.
ReplyDeleteGood Luck! I hope you achieve your goals and dreams. I have no problem with Primerica, and as I mentioned I still have many friends in the business. I just realized that there were more efficient options for my clients and for me as an adviser. I was with PFS for over 7 years and do not regret my experience there. I left of my own volition to evolve as an adviser/educator and have since accomplished those feats. Thanks for your comments!
DeleteThis comment has been removed by a blog administrator.
ReplyDeleteApparently SOMEONE did not read the intent of my blog. It is to share RELEVANT information about the Pro's & Con's of Primerica, period! It is not to spread untrue rhetoric or to discredit others. When you have something useful to contribute feel free to do so, otherwise go waste your time somewhere else "Rick".
ReplyDeleteGreat stuff. I was with Primerica for a few months. I love the idea of educating families about $$, and how to properly prepare themselves for the future.
ReplyDeleteMy issue was the 25% contract and giving away your warm market because of course once you are licensed...your warm market is what gives you experience selling products and services.
All in all, 5 years later, I'm still licensed but I've since went back to get my General Lines instead of "life only", and am contracted with several companies at a contract level 5 times higher that 25%.
I agree with your post 100%, I also like the "Gospel Hot Spot" post as well. Primerca is not for everyone.
Please name those "other" companies who offer the "same" products all in one policy?
ReplyDeleteNo, you can't take your clients once you leave, but business-wise, why would a company pay you, if you are no longer producing for them? Hey, maybe this is one of the reasons this company is successful? They tie you down, but reward you with freedom, financial and timely.
You can get "higher" commissions at other companies, BUT, Primerica IS THE ONLY company to only sell TERM, in other companies, to make your money you will sell crap cash value policies that will literally rob people of their money. You can be "contracted with other companies for over 50%", BUT, what's gonna happen if you get sick and are unable to show up to work for weeks? You will no longer make your bills, why? Primerica IS THE ONLY company that offers business ownership, where even if you don't show up - you still make money. In every other company, even if your contract is "more", that's all you'll ever be - a salesman with a job, an employee at the grace of your boss. You could become a broker and open up your own agency but, your agents will be selling crap cash value policies, cheating people to make a profit, and in Primerica EVERY agent has an opportunity to become a "broker", in other companies - someone has to lose in order for you to win.
5. Of course you will make "rep level" commission as an SNSD on your INITIAL SALE, when you FIRST started, as a rep. That's integrity, honesty and makes sense as a business model. If you are greedy, then sure, this may be a negative because other companies will pay you "more" on the SAME transaction you did years ago - and that's why those companies do not come through with solvency.
6. To honey1 who said "oh, they just talk you up about all this money...", well, in other financial services firms, you will be put on salary - therefore, just another employee at the mercy of your boss, and have you ever heard of anyone having a "million dollar salary"?, I guess not. In Primerica, there is no ceiling IF, and only IF you work for it. Also, in other companies, you need a college degree (oh yeah, that "prestigious" thing), or else - you will be just an employee with a commission, having to show up every single day for the rest of your life. The reason why we focus mostly on recruiting is because THAT'S HOW you become an owner of a system, Primerica money is made largely from overrides, from your recruits who get trained and developed by the system, not by you. No, you are not going to become a millionaire by selling life insurance. Maybe try going to more than one meeting!!!
7. Unisex rates - Primerica targets married couples as primary clients for life insurance. Therefore, we offer 1 policy for a family. Even if the woman does outlive the man, what difference does that make in the rates they paid, since it was ONE policy and she will get the death benefit upon the death of her husband.
8. RVP's have a contract, and even though you are not "allowed" to have work outside of Primerica, there's a reason for this - if you'd think about it. The main job of RVP's is to promote other RVP's - their ENTIRE day should literally consist of working their Primerica business. As an RVP, if you are not giving a 100% to your business, how do you expect your recruits to give 100%? Business-wise, it makes sense for Primerica to ask you to focus your efforts only on their company, otherwise their and your production would go down. Why would they pay you a 110% contract, if you are not giving them a 100%? If you think that this is Primerica "telling you how to live your life" - then leave. However, every other company out there is going to dictate your life in more negative ways, take away your family time, set your hours, and place you under the ceiling where you will make salary, or else be a salesman for the rest of your career with them.
You are one of the few people who's opinion I would value. I am earning over $50,000/year as an RVP at Primerica and have put together my own website: the-truths-on-primerica.com. I would appreciate constructive criticism and your opinions in general.
ReplyDeleteThank you,
Juanita
Whether we agree or disagree, would not affect the virtuous intent of this blog. Great job!
ReplyDeleteMy first question is whether or not you agree that term life insurance (sold by Primerica or not) is the only "type" of life insurance that about 98% of the population should own if the need for life insurance exists.
Thanks Juanita & Armand. I believe that for the vast majority of FAMILIES that term insurance is the way to go. However there are uses for other types of life insurance in certain circumstances. I do not believe in a one-size fits all approach to financial planning. Everyone's needs are different and I respect them as such.
ReplyDeleteThank you for agreeing that term life insurance is the way to go for the vast majority. If your research proves that Primerica mostly has more expensive rates for the same age, face amount, length of term, health status, AND the “same features and benefits”, there are 2 points that I would like to address:
Delete1. many traditional life insurance companies carry what I like to refer to as “salvage your client” term life insurance rates. They “need” that because they rarely sell term life insurance in comparison to the far more expensive permanent life insurance for the sole reason of a higher commission for the selling agents and higher profits for the company. However, if the traditional company is faced with the situation where a permanent life insurance policy is going to be replaced with a competitor’s term life insurance policy, the traditional company can have a very cheap term rate as a back pocket offer to salvage their client. Furthermore, they can “afford” to have very cheap term rates because of all the profit that is being generated from the far more expensive and less suitable permanent insurance that is being sold to the vast majority.
As you know, Primerica is the only company to ever sell term life insurance only when it comes to life insurance. Which one is doing the greater good for the general public?
a) Selling very cheap term life insurance “some of the time”
OR
b) selling the best and cheapest “type” of life insurance “100% of the time”? That is, of course, excluding the very few who would benefit more from permanent insurance.
Which of the 2 is more virtuous?
2. If Primerica had the cheapest term rates or simply had rates that were extremely competitive, wouldn’t that be a good indicator of the company’s stability and capability to pay out death claims every time? Would you sleep better knowing that you’re paying the least amount possible or knowing that the likelihood of the full death claim being paid out is at its highest? For example, Primerica paid out all the death claims to the beneficiaries of 9/11 victims who owned Primerica policies. There were Primerica term life insurance owners in both towers, the Pentagon, and in all the planes.
Can you explain more about ownership and stuffs that reps in PRIMERICA dont know about their IBA. It seems so hard to get through them. Like they dont like losing, or accepting cold hard facts. They keep dodging questions and go around it.
ReplyDeleteSince I never had "ownership" with Primerica I can only speculate on what I read/was told by those who did. Ownership, or the ability to transfer/sell your business is not obtained from day one as most have you believe. In fact over 99.9% (when I was active) did not achieve "ownership". I believe there was an income requirement (250k) annually coupled with a minimum of direct RVPs's (3) . If you were to achieve higher designations of sales force/higher levels of income , there are less restrictions as to continuos requirements to qualify for ownership.
DeleteMay I contact you with questions via email
DeleteSorry If I did not respond earlier but I welcome any questions via email as well.
DeleteI was with primerica far too long, became independent broker after 14 years there, wish i did it 12 years sooner.
ReplyDeletehaving more success for my clients and personal income....
i make well over 100000 per year now as an independent.. trying to break thru 200000 barrier this year.....
I too have lots of friends at primerica too and they are nice people....
i have two other rvps that left with me as well and they too are having way more success being independent than at primerica.... and none of us sell bad products either
When it comes to Life Insurance, there are benefits that should be of importance to you. Things like "conversion privileges", Accelerated Death benefits", Terminal Illness Riders" Ask us which plans offer these unique benefits.
ReplyDeleteI am about to join tomorrow, however thank you so much for this! I have learned a lot and I will take it to my advantage. I am a sales man and like you said this is not an easy job but I want to give it a shot. Just to make sure though one of the most important things I got from here, is that I shouldn't give my warm market until I get my license right? And another thing I didn't ask that kind of makes me a little bit upset was that I have to take the license test every year? Is that right? Other than pretty basic no job is easy so if you don't work for what you want than you won't get where you want. Again thank you sooooo much!
ReplyDeleteI apologize for not responding earlier. I just noticed your reply. It may be too late to advise you but maybe someone else can benefit...In response to your first question- I would not give up my entire warm market (although that is a personal decision) and I would make sure that any referrals obtained were held by you. 2- You do not have to take a licensing exam every year. However you may be required to do continuing education annually or biennially depending on your resident license state-you will also be required to pay a fee to renew your license. I hope this helps!
DeleteEx-RVP,
ReplyDeleteIs there a way to know what opportunities came after you finished with Primerica? I do believe that Primerica has good services to offer especially to people who lack financial direction. It's been challenging so far but great in the sense that I have opportunity.
I would say that by biggest qualm is that many details are never given along the way. It's helpful to know the other pieces that I'm unaware of so that my expectations can be tempered.
It all depends on what your ambitions are. If you are kicensed, well versed in the sales process then you could potentially work for another company in the industry. There are many opportunities for qualified professionals with a proven track record of success. I chose to explore the independent channel because it offers the most flexibility and best products/services for my clients. If you are looking for me specific information feel free to email me and I'll do my best to advise you.
DeleteHello Ex-primerica RVP: I just bought a life insurance with Primerica, and the sale person talked me into sign in to Primerica. He mentioned to me about the courses and ceritification and I get interested because I always like financial world, even that I do not work in it. I do not aspire to make a living of this at this moment, I just interested in the information, I know that the sale person see me as a potential candidate for his leg, because he mentioned that I have good knowledge of financial, but this is not what I am persuing right now. Having said this what is my commitment with Primerica if I take the courses only and do the certificiation? Do they charge me the cost of the courses if I quite? do I have to stay for certain time?, etc, etc, etc
ReplyDeleteSorry for the delayed response. I did not see this post until today. Generally your cost to join Primerica is not refundable. . If you attend and pass your certification course and then life insurance license you will eventually need to be appointed with an company to maintain that license.(Primerica or another company) If you are only interested in the educational aspects of the Primerica training, you do NOT have to continue to pay any ongoing fees.(At least that was the case when I was last involved). Although there are opportunities to learn some basic financial concepts through Primerica, conceptually their training is limited to what they believe in. It may be correct for some of the population, yet many people have needs that are not met by the products and solutions provided through Primerica. In addition, their life insurance product is generally very expensive when comparing to many other highly rated insurers. As far as your comittment is concerned, you should read your contract very carefully. There are certain requirements that may preclude you from contacting your clients or downlines once you leave the organization.
DeleteThis was very informative. I'm in the process of making a decision as whether to leave Primerica. I now feel much more comfortable with my decision. Primerica has taught me many things, but I feel somewhat boxed in.
ReplyDeleteI've been paying for a Term policy for the past 7 years. Monthly payments are going up to $91.42 per month for total coverage of $475K. Just turned 53, single mom and have a 10 yr old child. Do I stop or continue with this policy?? I've read so many mixed reviews about Primerica more bad than good. I feel like I wasted A LOT of money and I don't want to waste more but at my age, if I quit, I won't be covered in case something happens to me and my daughter needs to be taken care of. I would appreciate some advice on what to do. Thanks!
ReplyDeleteHello Anonymous. There are many factors that should be considered when determining whether or not to change life insurance products or cancelling the coverage. Some of the factors include: current health of the insured, age , how long you feel the protection should be in place for the beneficiaries etc. I would encourage you to seek out an INDEPENDENT life insurance agent who can offer you multiple options from multiple carriers. The cost to you is already embedded in the price of the product assuming you purchase from them so it should not be an issue. Organizations such as ILAA and NOLHA have directoires of such agents. Whomever you decide to use make sure they are offering objective advice. By the way, what state are you located in?
Delete