This is a response to a new agent with Primerica. I thought it deserved it's own thread to bring attention to how Primerica responds to any criticisms.
JustWondering posted that she has been working for Primerica for 3 months and everything was decent. She also went on to say that she believes that we are all people who work for other insurance companies & are made Primerica is replacing out policies.
This is the typical trained response I practiced with my entire baseshop while I was a RVP with Primerica. The internet is either filled with other agents or from losers who couldn't *** it at Primerica. I hope that this post will help everyone out who reads it.
The truth is simple. If you want to work with Primerica or be a client of Primerica do so knowing the facts!!
I hope this post helps some of you out!
Forgive me for the length of this post, but I feel the information is important & people need to be aware of these things before they get too involved with Primerica. (I also apologize for grammatical errors & typos!)
First off I want you to know that unlike a lot of people on this website posting I have actual experience with Primerica. I was with the company 12 yrs, I was an RVP, I was a ring wearer, I had one of the top baseshops in our state, I spoke at the last 2 conventions in Atlanta, and I won every trip the company offered over the past year except for the last Grand Lakes Contest. The reason I tell you this is not to blow my own horn, but to make sure you realize I am not the type of person "your trainer" and/or RVP will tell you are whiners or the "pissed off" competition.
First congratulations on making a decision to enter the financial services industry and I am assuming you did so because you have the desire to help people make the best decisions for their families and in turn help your own family. If that is so & you have an open mind I think you will be shocked at what you will find while doing your research.
Like you have experienced with the other agents doing a no show I have had that happen so many times on in my career. I would assume that the clients you were sitting down with had some kind of cash value & of course Primerica's term blew him out of the water. I ABSOLUTELY agree that in 99% of the cases your client is better off buying term & investing the difference. So it is no surprise that those EVIL SNAKE life insurance agents hid!!!
So I assume you are surprised that I agree with you. There are a lot of people on this forum that will argue with the Cash Value vs Term philosophy, but I am on your side on this!
Since I have trained probably a thousand reps over the past 12 years in Primerica I can tell you exactly what your trainer and/or RVP will tell you. (This is what I trained all of my reps to say!!)
1. "Everyone on the internet who post all of these negative things are either losers who could not *** it in Primerica or agents who are pissed off that Primerica has replaced their policies."
2. When addressing the fact that Primerica insurance is some of the most expensive life insurance out there. - " If everything was based on price then everyone would be driving a Yugo." & "Price is only an issue in the absence of value."
3. When addressing the fact that other companies offer not only cheaper cost insurance for your clients, but the compensation for a rep (even the newest rep like you) is equal to or greater than that of a Regional Leader!!! Yeah from day one!!! - "Of course you can make more money working at another company, but here at Primerica our goal is to help you build a business that will pay you forever!! At other companies you will just be a salesman!! If you want to build a business you will own forever stay here, if you want to be a salesman go somewhere else." & "Yeah they will pay you more, but here at Primerica you can override people & make money off of other people's effort."
I could go on and on about the way Primerica works on keeping you in a bubble, but I am sure you get the point.
I can sit here and type all of this stuff because I lived for this company for so long. I loved it. I bled it. Then one day I stopped and looked around & realized I was doing my clients a disservice and my integrity an even more disservice.
Here are the facts:
I assume your friends & family that you sat down with either had more expensive life insurance or no life insurance. So you should feel good that you helped them, but here is my issues:
How you would feel if you could get your family & friends MORE coverage for LESS money? Primerica life insurance is one of the most expensive policies on the market. If you don't believe me do this… Call a local insurance brokerage company (NOT State Farm, someone that has access to numerous companies) and ask for a quote. Ask them to include the following companies… Banner, Genworth, Metlife, TransAmerica, and even American General. Make sure you compare apples to apples… If you have a 25 year term with Primerica do the same with the other companies. You will be shocked how much the difference is!
Now your trainer or RVP will tell you that Primerica is better than everyone else for the following reason.
1. They will say there is a war clause. (Lie)
2. They will tell you that there is no guarantee of insurability at the end of the term. (lie)
3. They will tell you that those companies will try to convert you to whole life. That is why it is so cheap. (There is nothing saying your clients must convert!!! You can keep it as a term policy for the entire term!!)
4. Primerica has a IBR (increasing benefit rider) and those companies don't. That is true, but since the cost for the initial coverage is two to three times more with Primerica you can just double your clients coverage for still less than their PFS policy. (Here is an example. I saw a client yesterday who has a Primerica policy. His current face amount was $300k for 25 years & $10k child rider. This policy has been in force with Primerica for 4 years. We were able to right him up with Genworth for $750k and $25k for 30yrs for $3.80 MORE per month than the Primerica $300k! – Where is the client better off?)
5. We used to tell people that after the Sept 11th attack most insurance companies refused to pay because it was considered an act of war. Primerica was the ONLY company that immediately paid out the claims to help the families. (LIE LIE LIE… God was I *** to ever repeat that!!!)
So let me ask you this. If you are sold on the "Buy Term & Invest the difference" philosophy would it not make sense for your clients the get the lowest priced insurance possible & then invest the difference into a Roth IRA?
Here are the truths about Primerica
1. Your Trainer/RVP has one goal & one goal only. They want you to come in the business and provide a Top 25 list. You may think this is to build your business, but the truth is that they want to get into your market & make as much money as possible before you quit.
2. Primerica has some of the most NON-COMPETITIVE products in the financial industry. Term life insurance can be bought for 30% - 70% less. (all you have to do is go to a insurance broker like I mentioned about). The $MART program is the most criminal product I have ever seen. I was shocked how bad it was when I finally opened my eyes. You can get a FHA or Conventional 20yr loan for less money per year, less closing costs, and no prepayment penalty. I can honestly say Primerica does have a great option for investments with the $25 month PAC, but if you work in an office where all they sell are Legg Mason & Van Kampen investment run!! There are so many great options out there, but PFS agents normally stick with these 2 dog fund families. (the only exception is VK Equity & Income & Comstock!)
3. The FNA that Primerica Reps sell as a "Financial Road Map" or a even a financial plan is nothing more that a sales tool. If you do not believe me look at the first page of the FNA disclosure pages. We try to compare it to the Financial plans of other financial firms, but the truth is it is designed to "disturb & excite".
4. You do not own your business. You think that you will get to RVP and be able to sell your business. The truth is that unless you are a NSD or SNSD the chances of you owning your business are slim to none. To get ownership you need to not only have MASSIVE life production through firsts, but you need atleast 3 (well producing) RVPs. I can almost guarantee you that if you are reading this your RVP does not have the ownership he or she claims. I was making almost $200k yr, had one of the top baseshops in our state, I had a regional leader who got the $50k watch, and I even was highlights on EPN and guess what… I didn't have ownership…. Don't believe everything you are told!!!
5. You are paying $25 per month for the "right" to access your clients' information online! I understand if the company wanted to charge you for the right to access all of the videos & stuff, but if you want to access your clients' investments, insurance info, or do an FNA you are going to pay for it. What a joke. All of the companies I work with (as a true independent agent) offer all of these features for FREE!!
6. Compensation sucks. As a Rep – Regional leader you can make more money per solution somewhere else than you do with Primerica. Not only do you do what is right for your client by providing better priced products, but you can earn more for your family. Most brokerage houses will hire a licensed rep for 85% starting!! You can get promoted to General Agent up to 128%. Yes you can even hire people and get overrides!! So Primerica is not the only game in town for "building a business"!!
I realize that most people who join Primerica love the atmosphere & fellowship. I have to admit that most people who join the company are good hearted and well intentioned people. My issue is that those people are taken advantage of.
We as RVPs are trained to find a persons "dream" button and push it. We know that 90% of the people are going to quit within 6 months so we need to keep pushing to get them "in the field" so we can sell and recruit more people to get us into their markets. We as RVPs know that our products are non-competitive, but we have no choice. We are stuck and where else could we make the $100k plus we are making now. So what we do is sell our souls in hopes of becoming the next Hector, Jimmy, Shane, or Bob Saffords. The truth is that we know that we need to pretend like we care. We know that employees will quit, but it is much harder to quit on a friend so we become your long lost brother!! The second you stop taking us to appointment, stop bringing people to meetings, stop going to meetings, or start asking about why PFS products are so non-competitive we treat you like a leper. We know that we must get people out of the baseshop who are smart enough to question the system & products. We don't want you to pollute the baseshop!!
I am so embarrassed that I conducted myself in this manner for so long. I have begun to redeem myself and I hope that some of my postings will open people's eyes to their options.
I do not want you to take my word or anyone's word. If you are here on the internet doing your due diligence about Primerica you are smart enough to make a few phone calls. If you are with Primerica & you are reading this ask yourself what is the right thing to do for your family & friends.
It is time that WE DO WHAT IS RIGHT 100% OF THE TIME!!!