Washington, District Of Columbia
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My PFS term life insurance policy has lapsed because my money order did not reach them on time and their Customer Service department claims that they are not equipped to accept payments by phone, via credit card or on-line. In 1994, I invested in Primerica Life Insurance policy because they provided a very good term life policy.

By recently having to close my checking account it did not occur to me that there would be a problem making my monthly payments. However, they DO NOT allow its customers to pay by credit card, only by check or money order. PFS is a modern company featuring a website for its agents, salespeople, and those making investments, accepting payments by credit card. Since Citigroup is its parent company there is really no excuse for refusing credit card payments by phone or on-line for life insurance payments, too.

If Citigroup accepts credit card payments,then; why is this so impossible for PFS to do so?

I expect an explanation from Citigroup and PFS regarding this matter. Surely, PFS can do better.

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Anonymous
#1114732

My husband has a modified Premium Term Life insurance to age 100. Date of issue 1991.

Expiry date 2053. Face amount $100,000. Disability rider expiry date 2011. My husband became disabled in 2005, all premiums have been waived and will continue to be because he is permanently disabled.

Would they convert us to an annual renewable term policy and would it even matter if they did?

Can anyone explain what all of this means for us?

Anonymous
#702836

Hello,

I have called my rep recently from Primerica to get a detailed explanation of my "MODIFIED PREMIUM TERM LIFE INSURANCE TO AGE 100" Policy. All he did was give me the run around and not answer any of my questions truthfully.  

 I been paying the premiums for this  "MODIFIED PREMIUM TERM LIFE INSURANCE TO AGE 100" plan  that My ex-wife purchased back in 1988.

I need as much help educating my self about this policy. I hope you can help.

Here are a few questions I had that he would not give written answers to, plus a few more questions I need answers too:

 

1) Is there any cash value under this plan?

 

2) If not, Can it be converted to a cash value plan?

 

3) what range should I expect the premiums to change to, if it can be converted to a cash value plan?

 

4) Would it be better to suck it up and cancel my plan with Primerica and go to a better life insurance company with much better return for my money. With rep's I can get straight answers from and are willing to explain the best options for me and my family. Rather than what is best for their pocket book!!!

 

5)  Do you have any recommendations on which are the top insurance companies to switch over to?

 

your help with this matter is greatly appreciated.

 

Thank you and have a terrific day,

Anonymous
#704170
@chip

I know this is relatively old, but in case someone else has the same questions and doesn't want an answer from another Primerica rep whose obviously in the "term or die" camp:

1) No, there is no cash value.

2) No, Primerica Life policies cannot be converted to permanent products, they have none.

3) Higher, but you can't convert.

4) At this point, compared with a term policy written 25+ years ago, a permanent cash value policy would be considerably more expensive. However, depending on your individual needs and situation, it may be a smart move if you can afford it. You'd be better off speaking with a Financial Advisor from a company that sells both types of insurance who can get to know your individual situation.

5) For Whole Life: New York Life, Mass Mutual, Northwestern Mutual. For Universal: Ohio National, Penn Mutual & Lincoln National. For Term: Ohio National, MetLife, Protective, American General Life(AGLA), Genworth, etc. I would strongly recommend if you are going for a term, get a Guaranteed Level Term Policy, by far the most common.

However, again the difference between a term life policy written 25 years ago vs today will be huge since you're 25 years older and probably qualified for a higher rating class when it was issued. Term life policies have generally dropped in price over the last 15-20 years because of intense competition, however ALL will increase significantly with age. Plus, your Primerica Term last until age 100, while most Term life products non-renew at 85. NYL has one to 100 through AARP, but the premiums are likewise absurd. That being said, since you've had the policy 25 years it may have converted to an ART with annually increasing premiums, so most other companies will be roughly similar if not lower (Primerica has pretty high rates) for another term policy with the same death benefit.

Also, understand that a permanent policy, whether universal or whole life, will be considerably more expensive in almost all situations for a term policy with the same death benefit. Because a Cash Value (permanent) policy is guaranteed to pay out as long as premiums are paid, versus only 2-3% of all term policies issued ever paying out, it is going to be more expensive.

Most of the extra premium goes into your cash value account, which the insurance company invests in safe, generally fixed income investments such as Treasuries & investment-grade corporate bonds and then shares a portion of it's returns as interest & dividends into your Cash Value account. That's the main reason permanent policies have cash value accounts; without extra premium for the insurance company to invest, it would almost always LOSE money on permanent policies because they would almost always be paying out more in death benefits that it brings in over the lifetime of the policy. Therefore, the company needs the extra premium to invest so it can stay in business and earn a profit.

Fortunately, they give you access to that money at any time and share the investment returns as an incentive to buy the more expensive permanent policies. The cost of insurance & mortality tables for term & permanent are the same, the major difference (& need for cash value) is that a whole life policy is FAR more likely to pay out compared with term. With term, the company gets to pocket all of your premium at the end of the term without paying a death benefit at all, assuming you're in the 98% of policies that either lapse or live through the term.

Whether term or permanent (cash value) life is best for you depends entirely upon your individual situation, including age, income, net worth, and need for insurance (kids, mortgage, estate planning, business, retirement, charity, wealth transfer, final expense, etc.). As I said, in my opinion it would be best for you to contact a Financial Advisor who has experience & access to both permanent & term life, as well as knowledge of advanced financial planning. They can analyze your situation and help you make the right choice, usually for free (they're paid on commissions from sales, and typically don't charge for planning although fee-based planners are available). Personally, I'm always weary of any agent/advisor who only can/wants to sell one type of life insurance. There is no policy that fits all situation; one kind may be best for one situation, while another fits a different one, such as Variable Universal for supplemental retirement + protection, term for mortgage protection, & whole life for final expense (this is my big beef with Primerica - term is NOT right for All people). Without knowing where you're at, it's impossible to tell what kind of policy you should get.

Anonymous
#615934

THERE IS NOTHING TO BE WEARY ABOUT PRIMERICA, AFTER PRIMERICA WENT PUBLIC RECENTLY, I’VE REVISITED PRIMERICA, I WENT TO THE EXTENT OF COMPARING ACTUAL/REAL POLICIES FROM PRIMERICA AND OTHER “CHEAP” TERM AND OTHER TYPES OF LIFE INSURANCES (WHOLE, UNIVERSAL, INDEXED, ETC) AND I FOUND THAT ALL THE FINE DETAILS OF WHY OTHER TERM POLICIES ARE CHEAPER THAN PRIMERICA ARE IN THE CONTRACT, A LOT OF OTHER “CHEAP” TERM POLICIES ARE ONLY GUARANTEED TO BE LEVEL FOR 15 YEARS EVEN THOUGH IT SAYS 30 YEAR TERM AND FOR THOSE THAT ARE GUARANTEED FOR 30 YEARS, ONCE YOU REACH THE 30TH YEAR, THE RENEWABLE PREMIUMS ARE ALMOST ALWAYS 2 TO 3 TIMES MORE THAN PRIMERICA’S RENEWABLE PREMIUMS AFTER 30 YEARS, ALSO PRIMERICA OFFERS 35 YEAR LEVEL TERMS, NOT JUST 30 YEARS AND ALL PRIMERICA TERM POLICIES ARE GUARANTEED UNTIL YOU ARE 95 YEARS OLD, AS FOR THE OTHER TYPES OF LIFE INSURANCES, GO SEARCH SUZE ORMAN AND DAVE RAMSEY TERM VS WHOLE OR UNIVERSAL OR INDEX ETC

Anonymous
#559787

In my opinion, I believe that Primerica is a shady company. Maybe it's not the company but the people that pose as representatives of the company.

My mom had a policy with them on my brother for over 25 years. He recently passed away, but before his passing the policy had to be reinstated because of 1 late payment. Now they are say that they will only pay the preimum for the policy from the reinstatement date thru the date that he passed away. So the 20 + years that my mom paid on the policy goes down the drain.

I DON'T THINK SO!!! It sounds like it's time to get some legal help...

Anonymous
#492383

If you feel you have been screwed over by primerica, or you are confused by a policy you have gotten, or want to understand the policy you already have, send me an email. Nekosmommy2012@gmail.com

I am not going to try to get you to join, I am simply trying to find a way to help people out so that they can understand what is going on.

Anonymous
#475803

Primerica very abruptly stopped my 74 year old mother's life insurance policy after reviewing her doctor's notes. I think this is fraud and she is considering legal action. She was not behind on payments and had the policy for over 20 years!

Anonymous
#442784

dude, you asked them did they read the contract they "buyed"???

are you kidding me? hahahahahahahah

Anonymous
#442767

How Professional ~ I read all of these, and the so called people that are representing Primerica are disrespectful to those that have a complaint. That makes me glad that I passed on their $99/sign up, $25/month business partner deal...oh yeah, which came after I declined any of their products...You guys are lame.

Anonymous
#320861

@Written by need2know on June 9, 2011

I bought a 20 year term life insurance policy in 1997 it expires in 2031 . Shouldn't the premium remain the same til the end of the policy"

Have you read your policy? Your question only reflect your lack of information about the contract you buyed and have in your hands. Do not worry, 99.9% of people never read anything they buy. My advise is a) read your policy: at least you will discover the toll free numbers you can use and a website for your exclusive use to connect with PRI b)call the 1800 and ask to talk with somebody that can answer your questions (why I suspect you have more than one??) and can guide you to understand your policy 3) contact your local office and if possible as to meet with the Vice-PResident running it, hopefully is the same office where the agent that you buyed from works/worked.

You do not know it but you got a good contract! (I can tell you: I got the same!!)

Anonymous
#296536

I bought a 20 year term life insurance policy in 1997 it expires in 2031 . Shouldn't the premium remain the same til the end of the policy

Anonymous
#704255
@need2know

First of all, how does a 20 year term policy expire in 34 years? Shouldn't it expire in 2017?

Second, it isn't totally unusual for companies to raise rates slightly every now and again on a blanked basis to cover increased expenses, etc. although mortality tables have stayed the same for a loong time.

However, YOU bought a Primerica policy! That means that, depending on your policy, you probably don't have a Guaranteed level Premium 20 year term policy, which is the most common, but a Modified Premium 20 year term where they can convert you to an Annual Renewable Term policy at the time your policy specifies.

They do this to a lot of people; they sell a 30 year term policy like it's your average guaranteed level premium term policy(without saying that it's guaranteed level, of course), then 20 years down the road the client finds out that only 20 years were guaranteed, the next 10 are Annual Renewal (or something like it) where the price goes up every year with the cost of insurance. Honestly, it's not so much the fault of the rep - most don't even know that that's what they're selling.

Anonymous
#294594

Hi Will,

"Primericans are the peons of the financial world."

Interesting; seeing that Primerica is the largest independent MARKETER of financial services in the United States. Seeing that we were the #1 IPO on the New York Stock Exchange in 2010 and we had a Return on Investment (ROI) of 60% in 2010 means we are doing something right.

"Historically low investment returns,"

Seeing that mutual funds should generally be held for in excess of ten years you must be looking at a time period from 0 to 10 years. Not that stocks, bonds, and options (that is what your series 7 licenses allows you the opportunity to sell to your clients) have done extremely well in the past ten years seeing we just got out of the second worst recession in the country's history.

"no series 7 offered by the company,"

We have no need for it seeing that MetLife, Genworth Financial, American Funds, Progressive, Travelers, Hartford, Legg Mason, Franklin Templeton Investments, Pioneer Investments, and Equifax come to us with products to offer our clientele (they have team of analysts with series 7 licenses diversifying the portfolios of the mutual funds we offer).

"and the average rep makes 5100 a year."

True. And many of our people are part time business owners.

"I had a friend who called himself a "financial advisor" for Primerica yet 3 weeks later admitted he did not know what the federal reserve was or what a P/E ratio is."

Well, that was his mistake. But, your friend probably got the girl's number. "How do you like them apples?" - Good Will Hunting

"You are all mutual fund and life insurance salesmen, nothing more!"

Well, that isn't true at all. Primerica's main objective is to educate people on how money works now a day. We live in a world with a pretty complex monetary system and unless you go to college and take some Economics, Finance, and/or Accounting courses many Americans will never hear about the information we provide to people.

As a result, I offer a complimentary Financial Needs Analysis (FNA) that outlines how people become debt free, properly protected, and financially independent using the same amount of funds they are currently spending per month on investments, protection, and debt. In 8 out of every 10 people I present this report to choose to do business with some of the companies I market because they clearly see how the products would benefit their family.

See Will, I have worked for financial institutions for the past ten years with these so called financial advisors. Every one of them tells me the same thing..."I don't want to talk to someone unless they have at least $50,000 immediately to invest. It is not worth my time and attention if this requirement is not met." If I have a dime for every time I heard that come spewing out of a financial advisors mouth I would be rich.

So Will, you can keep your series 7 and feel good about charging people for your time to see clients with at least $50,000, $100,000, $150,000, $200,000, $250,000, or $500,000 to do business with you and I will continue to work with Americans who don't have the privilege of seeing you.

By the way Primerica works with families to ensure they are properly protected (in more than just life insurance), debt free (something you financial advisors don't even begin to care about), and financially independent.

Anonymous
#704289
@"You Can't Handle The Truth" -

I agree with Will.

"Interesting; seeing that Primerica is the largest independent MARKETER of financial services in the United States. Seeing that we were the #1 IPO on the New York Stock Exchange in 2010 and we had a Return on Investment (ROI) of 60% in 2010 means we are doing something right."

Do you mean Return on Equity? Regardless, that's dandy if you're the largest "marketer" of other company's financial services. If recruiting 100,000 reps is what makes a company good, I'd rather be bad ,) . Regardless, Primerica is nowhere near the largest financial services company: try Berkshire Hathaway, Prudential, MetLife (largest Term life too), and AIG. That's ONLY including insurance companies, not banks. Lets not forget that around the time of that IPO, Morgan Stanley was the largest financial services company in the world.

Also, in fact GM was 2010's largest IPO according to the Wall Street Journal. However, Visa's was larger in 2008 and Facebook in 2012 was close. To put things into perspective, GM's IPO was $18.15 Billion. According to Primerica.com, Primerica made only $320 Million, and up unto that point, IPO's on the NYSE only made about $3 billion total. Doesn't look anywhere close to GM to me!

"No series 7"

"No Need..."

What does offering MetLife, American, etc. funds have to do with your inability to offer your clients individual stocks, bonds, ETFs, options, etc.? Anybody advisor can offer their clients those same funds, the difference is that firms that allow their reps to maintain their Series 7 also allow them to sell a much wider array of investment options to tailor a portfolio that more closely matches their clients needs, without losing 5-6% in sales loads. Besides, Progressive doesn't even offer mutual funds smart guy, only auto insurance.

"You are all mutual fund and life insurance salesmen, nothing more!"

"Well, that isn't true at all.."

What a load of *** that speech about your FNA & education was. Maybe it'd be respectable if you did other than lay out their basic finances in a nice shiny report, then tell them to dump their whole life, invest in over-priced mutual funds, and buy a mortgage with exorbitant fees. The education is very basic, personal finance 101 at best(probably more like high school level). Primerica reps can't even properly explain P/E ratio's & break points let alone complex financial strategies for estate planning, trust funds, buy/sell agreements, charitable giving, retirement planning, diversification, & risk analysis. Congrats, you convince people that term life is cheaper than whole life (tough), that servicing debt is more expensive than the returns they'd get investing, that consolidating all debt under one lower interest rate saves money & pays it down faster and about compound interest/rule of 7. Much of it is common sense and it's all very easily accessible information for anyone willing to look. Hardly an in-depth financial education.

You're right, most advisors won't work with people with under $50,000 in investable assets. There's a very good reason for that - THEY CAN'T AFFORD IT! Not sure why you are proud of walking into a guys house and selling them overpriced term life & mutual funds that he really can't afford in the first place, but ethically I cannot. I'd tell him that he's better off maxing out his 401(k) and opening a self-managed IRA through a discount broker, investing in no-load index funds, and pointing him towards Morningstar & the Motley Fool. Someone making $35,000/yr should have term, but probably from Ohio National, Genworth, AGLA etc. for 40% less than Primerica.

And I'm not a debt counsellor, that's not my job. So when you say Financial Advisors don't care about debt you're partially right. I'd look at that debt, tell them they're better off paying it down than investing right now, and to get help from a real debt couselor because that isn't my area of expertise. I don't want to be all things to all people because then I end up like Primerica reps knowing only the very basics of everything and the details of nothing. I'd rather serve my clients who need my services better with deeper knowledge in my area and refer them to someone who can help them better than myself for things like mortgages & debt. It's called doing the right thing for the client.

Anonymous
#288105

Primericans are the peons of the financial world. Historically low investment returns, no series 7 offered by the company, and the average rep makes 5100 a year.

I had a friend who called himself a "financial advisor" for Primerica yet 3 weeks later admitted he did not know what the federal reserve was or what a P/E ratio is. You are all mutual fund and life insurance salesmen, nothing more!

Anonymous
#273663

I WANT TO LET EVERYONE KNOW THAT PRIMERICA IS THE BEST!!!!!!!!!!!!!!!!!!!!!!! IT HAS CHANGE MY LIFE COMPLETELY TOTAL 360!!!

I AM IN LOVE WITH PRIMERICA, LOVE THE TRIPS THAT I WIN!!! ALL PAID FOR!! AND HTE $$$ ITS AMAZING! IN A LITTLE TIME I HAVE SAVED $$$.

IT A DREAM COME TRUE AND THERE IS SO MUCH TO DO!!

I LOVE PRIMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!! AND I LOVE THAT FACT THAT WE ARE ALWAYS THERE TO HELP OUT FAMILIES GET THE RIGHT TYPE OF LIFE INSURANCE AND HELP THEM SAVE!!!

Anonymous
#255152

Thanks to Pissed, A very professional lady from the COO's office at Primerica contacted me and reinstated my policy. Without this website, it is very unlikely that anything positive would have happened. Kudos!

Anonymous
#223219

is there any one out there who has had the experience of getting paid out when a love one passes on.

Anonymous
#129541

It gained about 33% from the initial public offering price of $15. I guess all those educated investors and Warburg must have done their homework. No other company has done so well on opening day.

Congratulations Primerica!

Anonymous
#110896

WOW!! All this hate towards primerica, let me ask all of the individuals trashing and spreading all the false statements a question....what have you done for yourself?

Are you successful? Primerica is not for losers, its for winners that want to genuinely help families and at the same time become successful. for people that that read this thread, please ask yourself-Am I as bad as some of these people, or am I better than they are?

that pretty much sums it up..if you are afraid to work, good luck in your future...on another note, every job is a pyramid!! you either have people above you, or you have them under you...that's a pyramid!!

Have a great day everyone!!