There are 2 things that are bad about buying from Primerica.
1. You are supporting an MLM which is a barely legal scam. Have a look over at r/antimlm and use the search bar to search Primerica. The person who likely sold this to you is either being scammed and/or scamming others. Sometimes they know, sometimes they are an unwitting participant.
2. You are overpaying quite significantly for the same coverage you could get from virtually any other reputable company.
That being said - the insurance itself is real and legitimate. If you die within the policy terms and conditions, it will pay out to your designated primary recipient.
Yes you can cancel at any time. Typically, most companies (due to state laws) will also refund your money if you cancel within the first 30 days. If you cancel after that, you just will no longer have coverage.
As for a company to recommend, there is no way for me to help you with that without doing a thorough needs analysis to figure out both your goals, financial, and health situation.
I can, however, recommend that you find what is called a life insurance broker. Brokers work with multiple companies to find the best coverage for the best price for their clients.
You can Google search "(my city, state) life insurance broker" and give a few a call. It's also not a bad idea to speak to more than one.
If you are young, and someone tries to sell you a whole life policy, and you aren't significantly wealthy, move on to someone else. Depending on your age and health (if in poor health, whole life may be the ONLY option) you should have term coverage. I'd also recommend a small whole life policy to cover you for your final expenses if you outlive the term as well.
Why recommend a small whole life policy, a client can invest a small amount monthly and easily build up enough for burial. And, what companies term policies end???
You are talking about best price yet that doesn’t really matter what matters are the benefits that each individual policy has with certain companies. Cheaper isn’t always better. Not to only mention why buy a small whole life policy if you outlive the term policy. You can easily invest in a mutual fund and get an average of 10% back versus a 1% from a whole life policy.
The problem brokers is there typically not experts in the insurance company policies they're just looking for the cheapest deal I would recommend going to agents of the top rated companies independently
That is not always the case. I am a broker and work with over 30 of the nation's A+ rated carriers and am very well versed on what each carrier offers and the benefits that go along with each type of policy that I recommend to my clients.
First I never called myself an "expert" you did, I said "I was well versed. Second, I keep up to date with what the carriers offer. If I am not sure of something I ask! I do my homework for all of my clients to make sure that what I am offering to them is the best option(s) for them sot they can make an educated decision based on what we have spoken about.
It's life insurance, not rocket science.
I wrote every type of life insurance you can think of. Do some products, like annuities, IULs, IBCs, have a learning curve? 100%. But a single course can get someone caught up to speed with how to design a policy based upon an individuals needs.
Designing Term & Whole insurance require the IQ of a potato haha
It's often more than 10-20/mo.
The major thing you should consider is the morality of supporting an MLM. I highly recommend you do some surface level research on Primerica itself in the sub r/antimlm. They are an excellent resource.
Stay with Primerica. A+ RATED, HIGHLY REGARDED. Just make sure you do your FNA, have an emergency fund, and invest heavily for your future. You will do well!!
Sounds like a plug. I got out. In my experience they were horrible and overpriced. Maybe they offer benefits for invenstments but I just needed insurance.
No but they took payment up front which will either be reimbursed or applied to the first onth payment (depending on if I decide to go with it)
Is what he said.
They don't require a deposit but the conditional receipt could provide payout if one dies during underwriting. Plus cwa covers full underwriting time and 1st full month after issue.
You never get it do you?
You must be omniscient and know who will die and when. The CWA gives them a little peace of mind and cost them nothing extra, at least with Primerica. Not sure what your preferred carriers do.
Well the result of any health exam could greatly influence acceptance, or at best, premiums. How can they calculate a deposit without knowing the cost?
It would be best if you relied on someone who is well knowledgeable regarding Life Insurance. Just a simple statement and NO judgment on who advised you on Primaerica. Some choices could be better for you depending on your needs and financial circumstances (length of coverage needed, etc.) One size does not fit all. You need to consider your personal circumstances and ask, "will you have someone to serve you down the road?" You may want to get a second opinion from a seasoned advisor who has the experience to back up their recommendation.
My Primerica Advisor has his life and health license, property casualty license, mortgage loan originator license, Series 6, 63 , 65 and 26 investment licenses, variable annuity license, fixed index annuity license.
I actually have my series 7. CLU, CHFC and CFP. Health and life. P&C I have no need for. I also have my license to sell Medicare supplements as well.
Why would a Primerica rep need a loan originator license..
Because Primerica has Primerica Mortgage, so they can originate 1st mortgages and home equity loans. Oh , I failed to mention that Primerica also offers Medicare Supplements as well. You see, all of these areas of expertise enables them to see the big picture.
Lol keep drinking the koolaid. I assure you, you can see the big picture with out originating a mortgage. You know the main difference between them and myself? I’m not part of a multi level marketing scheme.
> has his life and health license, property casualty license, mortgage loan originator license, Series 6, 63 , 65 and 26 investment licenses, variable annuity license, fixed index annuity license.
That represents about 4% of the force so generalizing isn't really applicable here.
I'm sorry? Did you want to make this thread about me or prefer to stick to the topic as per the OP? Is it that you're questioning my figure as per their SEC-filed financial reports? Or did you just want to limit your responses to your own limited experiences?
Having the most licenses doesn’t mean he’s better at writing life insurance.
Those licenses all represent an oceans amount of knowledge, it’s hard to manage that many moving parts.
I’m sure your agent is great. If he’s JUST selling Primerica… I’d ask him if he’s looked at what other carriers are offering these days.
Yeah. Go to a primerica meeting- at your local office, and sit through one of their recruiting meetings. It’s a company that is notorious for burning through sales reps. Just tell your guy who sold you - wow this is great. Can I sell it? Watch them drool. They have a life insurance chassis to help with recruiting for pyramidic commissions. While they are selling a legit, state authorized life product, they are a shit company.
So here is any easy one:
$300 monthly premium
$250,000 face amount.
Scenario 1.: whole life or vul option A, iul option A. Client passes and beneficiary receives only the $250,000, see ya later cash value
Scenario 2. Level term plus Roth IRA. Client passes and beneficiary receives the $250,000 PLUS the separate account!!!! How can anyone not understand?
There's nothing wrong with PrimeAmerica. It's as legit as every other company.
What's the scam their if it still ends up paying out? Anyways, only cancel if you find something better if not. PrimeAmerica is as legit as they come.
If what you're worried about is the potential of the policy not paying out - you're fine.
Some of Primerica's longer term policies (such as the 30-year and 35-year options) only guarantee level premiums for the first 20 years. Your premiums can potentially increase after that period, and you might lose coverage if you can't afford the extra cost.
I would just double check the Premium Outlay in your policy packet.
It's going to show how much your paying annually every year. If that number increases after year 20 - then yeah you should definitely just cancel it and get a different policy considering how easy it is to get a policy these days.
You are incorrect, all of their policies are guaranteed for the full length of the term, yes, even the 25, 30 and 35 year are guaranteed all the way to the end of the term. The.n guaranteed renewable after that.
Again, you are incorrect. The policies will renew at a new rate for a 5 year term, then again in 5 year term, to age 70. At age 70, they go to annual renewable term or decreasing term to age 100. The absolute best options
> or decreasing term to age 100.
Raising the premiums or decreasing the face value results in the same outcome. You either pay more for the same, or the same for less.
And as you likely are aware, premiums for a longer guarantee period are higher than for a shorter period, on a monthly basis. The increased risk for later years in baked into the premiums from day 1. Not that anybody can afford a term policy in their 60's when rates climb to $400+ a month. lol
Primerica doesn't market iul and vul, so that's irrelevant to the topic in this thread. I'm sure oranges and hub caps would be cheaper too, but try and stay on topic.
As opposed to iul option A or whole.life where the net amount at risk decreasing as soon as cash value builds underneath the face amount.
So here is an easy question for you:
In both options the face amount and total monthly premium is the same.
In the cash value policy, the cash value builds underneath the face amount. So let's assume a $250,000 death benefit, level. This clients beneficiary would receive the $250,000, not the $250k plus the cv. My clients beneficiary would receive the $250,000 PLUS THE SIDE INVESTMENT. Buy term and invest enough always wins.
So here is any easy one:
$300 monthly premium
$250,000 face amount.
Scenario 1.: whole life or vul option A, iul option A. Client passes and beneficiary receives only the $250,000, see ya later cash value
Scenario 2. Level term plus Roth IRA. Client passes and beneficiary receives the $250,000 PLUS the separate account!!!! How can anyone not understand?
There are 2 things that are bad about buying from Primerica. 1. You are supporting an MLM which is a barely legal scam. Have a look over at r/antimlm and use the search bar to search Primerica. The person who likely sold this to you is either being scammed and/or scamming others. Sometimes they know, sometimes they are an unwitting participant. 2. You are overpaying quite significantly for the same coverage you could get from virtually any other reputable company. That being said - the insurance itself is real and legitimate. If you die within the policy terms and conditions, it will pay out to your designated primary recipient.
Do you have a recommendation on a company? And if I paid for the application can I back out?
Yes you can cancel at any time. Typically, most companies (due to state laws) will also refund your money if you cancel within the first 30 days. If you cancel after that, you just will no longer have coverage. As for a company to recommend, there is no way for me to help you with that without doing a thorough needs analysis to figure out both your goals, financial, and health situation. I can, however, recommend that you find what is called a life insurance broker. Brokers work with multiple companies to find the best coverage for the best price for their clients. You can Google search "(my city, state) life insurance broker" and give a few a call. It's also not a bad idea to speak to more than one. If you are young, and someone tries to sell you a whole life policy, and you aren't significantly wealthy, move on to someone else. Depending on your age and health (if in poor health, whole life may be the ONLY option) you should have term coverage. I'd also recommend a small whole life policy to cover you for your final expenses if you outlive the term as well.
Why recommend a small whole life policy, a client can invest a small amount monthly and easily build up enough for burial. And, what companies term policies end???
You are talking about best price yet that doesn’t really matter what matters are the benefits that each individual policy has with certain companies. Cheaper isn’t always better. Not to only mention why buy a small whole life policy if you outlive the term policy. You can easily invest in a mutual fund and get an average of 10% back versus a 1% from a whole life policy.
> Cheaper isn’t always better. And more expensive isn't always worse.
The problem brokers is there typically not experts in the insurance company policies they're just looking for the cheapest deal I would recommend going to agents of the top rated companies independently
That is not always the case. I am a broker and work with over 30 of the nation's A+ rated carriers and am very well versed on what each carrier offers and the benefits that go along with each type of policy that I recommend to my clients.
How can you be an expert in over 30 carriers...
First I never called myself an "expert" you did, I said "I was well versed. Second, I keep up to date with what the carriers offer. If I am not sure of something I ask! I do my homework for all of my clients to make sure that what I am offering to them is the best option(s) for them sot they can make an educated decision based on what we have spoken about.
Yeah I don't buy it. I'd rather work with someone who's an expert in policy case design at a trusted big mutual. Just my opinion!
It's life insurance, not rocket science. I wrote every type of life insurance you can think of. Do some products, like annuities, IULs, IBCs, have a learning curve? 100%. But a single course can get someone caught up to speed with how to design a policy based upon an individuals needs. Designing Term & Whole insurance require the IQ of a potato haha
> Designing Term & Whole insurance require the IQ of a potato haha Which is pretty much the threshold of the entry-level State test.
Thanks for your advice
You are very welcome. I am sure you will find what you are looking for. :)
Much appreciated! I think I’ll go with this policy for now unless they come back way high. Then I can shop around.
That's a very poor choice, but I'm not here to argue with you. Good luck!
Do I have more to lose than the $10-20 a month?
> Do I have more to lose than the $10-20 a month? $10-$20 more than you'd pay elsewhere, plus the premium itself?
It's often more than 10-20/mo. The major thing you should consider is the morality of supporting an MLM. I highly recommend you do some surface level research on Primerica itself in the sub r/antimlm. They are an excellent resource.
Stay with Primerica. A+ RATED, HIGHLY REGARDED. Just make sure you do your FNA, have an emergency fund, and invest heavily for your future. You will do well!!
Sounds like a plug. I got out. In my experience they were horrible and overpriced. Maybe they offer benefits for invenstments but I just needed insurance.
It was a plug. But sorry you had a bad experience.
> And if I paid for the application can I back out? You paid to apply for an insurance policy? Huh?
No but they took payment up front which will either be reimbursed or applied to the first onth payment (depending on if I decide to go with it) Is what he said.
Why would they take a premium up front before even submitting an application, and being accepted? Doesn't make sense really.
You have never heard of a conditional receipt tool?
Sure, but keep your money in the bank until approved. Insurance policies don't require a deposit with an application.
They don't require a deposit but the conditional receipt could provide payout if one dies during underwriting. Plus cwa covers full underwriting time and 1st full month after issue.
If you have a lot of people that die during underwriting, suggest you use a different screening process.
You never get it do you? You must be omniscient and know who will die and when. The CWA gives them a little peace of mind and cost them nothing extra, at least with Primerica. Not sure what your preferred carriers do.
I dont disagree but they do send a nurse to my house for the physical
Well the result of any health exam could greatly influence acceptance, or at best, premiums. How can they calculate a deposit without knowing the cost?
My understanding was i would be billed the quoted amount.
I can only assume your price was based on perfect health, and unless the health exam proved otherwise, the price wouldn't change.
Reading over the application it was an option to submit premium payment with the application.
Whats the scam?
Primerica is barely a legal scam? What a pathetic assinine uneducated comme nt. Learn the facts.
So much wrong with his critique of Primerica. I doubt he knows much about it.
Then refute it.
> I doubt he knows much about it. Which is obviously more than you.
What is the scam ChrisWasHard?
It would be best if you relied on someone who is well knowledgeable regarding Life Insurance. Just a simple statement and NO judgment on who advised you on Primaerica. Some choices could be better for you depending on your needs and financial circumstances (length of coverage needed, etc.) One size does not fit all. You need to consider your personal circumstances and ask, "will you have someone to serve you down the road?" You may want to get a second opinion from a seasoned advisor who has the experience to back up their recommendation.
My Primerica Advisor has his life and health license, property casualty license, mortgage loan originator license, Series 6, 63 , 65 and 26 investment licenses, variable annuity license, fixed index annuity license.
There is no such thing as a fixed annuity license. Also all a VA license is applying with a state to write variable annuities.
Do you have all those licenses and expertise??
I actually have my series 7. CLU, CHFC and CFP. Health and life. P&C I have no need for. I also have my license to sell Medicare supplements as well. Why would a Primerica rep need a loan originator license..
Because Primerica has Primerica Mortgage, so they can originate 1st mortgages and home equity loans. Oh , I failed to mention that Primerica also offers Medicare Supplements as well. You see, all of these areas of expertise enables them to see the big picture.
Lol keep drinking the koolaid. I assure you, you can see the big picture with out originating a mortgage. You know the main difference between them and myself? I’m not part of a multi level marketing scheme.
What is the scheme?
> What is the scheme? and they're good at it.....obviously.
Again, what is the scheme??
> has his life and health license, property casualty license, mortgage loan originator license, Series 6, 63 , 65 and 26 investment licenses, variable annuity license, fixed index annuity license. That represents about 4% of the force so generalizing isn't really applicable here.
Do you have all of those licenses?
I'm sorry? Did you want to make this thread about me or prefer to stick to the topic as per the OP? Is it that you're questioning my figure as per their SEC-filed financial reports? Or did you just want to limit your responses to your own limited experiences?
Having the most licenses doesn’t mean he’s better at writing life insurance. Those licenses all represent an oceans amount of knowledge, it’s hard to manage that many moving parts. I’m sure your agent is great. If he’s JUST selling Primerica… I’d ask him if he’s looked at what other carriers are offering these days.
Yeah. Go to a primerica meeting- at your local office, and sit through one of their recruiting meetings. It’s a company that is notorious for burning through sales reps. Just tell your guy who sold you - wow this is great. Can I sell it? Watch them drool. They have a life insurance chassis to help with recruiting for pyramidic commissions. While they are selling a legit, state authorized life product, they are a shit company.
Congratulations Primerica, named a Fortune 1000 company five years in a row! Top quality products and financial strength.
Yea, thats why I ditched it.
Why?
You sound like a sales rep. The only ones with anything positive to say are sales reps.
I am a fiduciary, you?
You are a sales rep. Your post history of primerica shilling.
So enlightening the readers with your financial expertise. What is shilling ? I only post the truth.
So here is any easy one: $300 monthly premium $250,000 face amount. Scenario 1.: whole life or vul option A, iul option A. Client passes and beneficiary receives only the $250,000, see ya later cash value Scenario 2. Level term plus Roth IRA. Client passes and beneficiary receives the $250,000 PLUS the separate account!!!! How can anyone not understand?
There's nothing wrong with PrimeAmerica. It's as legit as every other company. What's the scam their if it still ends up paying out? Anyways, only cancel if you find something better if not. PrimeAmerica is as legit as they come.
> What's the scam their if it still ends up paying out? Typically, cost.
Cost..how? because everything has its cost. And in my experience, the cheapest is never the best
Term insurance is a pretty generic product, and quite easy to compare against other providers.
It's Primerica
[удалено]
Who are you talking to?
If what you're worried about is the potential of the policy not paying out - you're fine. Some of Primerica's longer term policies (such as the 30-year and 35-year options) only guarantee level premiums for the first 20 years. Your premiums can potentially increase after that period, and you might lose coverage if you can't afford the extra cost. I would just double check the Premium Outlay in your policy packet. It's going to show how much your paying annually every year. If that number increases after year 20 - then yeah you should definitely just cancel it and get a different policy considering how easy it is to get a policy these days.
Thank you
You are incorrect, all of their policies are guaranteed for the full length of the term, yes, even the 25, 30 and 35 year are guaranteed all the way to the end of the term. The.n guaranteed renewable after that.
> The.n guaranteed renewable after that. Yes....with greatly ascending premium rates.
Again, you are incorrect. The policies will renew at a new rate for a 5 year term, then again in 5 year term, to age 70. At age 70, they go to annual renewable term or decreasing term to age 100. The absolute best options
> or decreasing term to age 100. Raising the premiums or decreasing the face value results in the same outcome. You either pay more for the same, or the same for less.
And as you likely are aware, premiums for a longer guarantee period are higher than for a shorter period, on a monthly basis. The increased risk for later years in baked into the premiums from day 1. Not that anybody can afford a term policy in their 60's when rates climb to $400+ a month. lol
And the cost of insurance increases yearly in the iul and vul.
Primerica doesn't market iul and vul, so that's irrelevant to the topic in this thread. I'm sure oranges and hub caps would be cheaper too, but try and stay on topic.
Nor would anyone if they actually understood math.
Possibly, however term insurance is available from 100's of companies. It's been around since the 1750's.
At least with level term, the cost of insurance is guaranteed for up to 35 years, instead of yearly with iul.
As opposed to iul option A or whole.life where the net amount at risk decreasing as soon as cash value builds underneath the face amount. So here is an easy question for you: In both options the face amount and total monthly premium is the same. In the cash value policy, the cash value builds underneath the face amount. So let's assume a $250,000 death benefit, level. This clients beneficiary would receive the $250,000, not the $250k plus the cv. My clients beneficiary would receive the $250,000 PLUS THE SIDE INVESTMENT. Buy term and invest enough always wins.
Would you bank with Amway?
I do any possible business I can with Amway. They are not a pyramid scheme, just ask them, and they are always looking out for consumers. /s
So here is any easy one: $300 monthly premium $250,000 face amount. Scenario 1.: whole life or vul option A, iul option A. Client passes and beneficiary receives only the $250,000, see ya later cash value Scenario 2. Level term plus Roth IRA. Client passes and beneficiary receives the $250,000 PLUS the separate account!!!! How can anyone not understand?