Peterborough, New Hampshire
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My husband and I purchased a term policy with Primerica over 20 years ago. At the time, we were told the premium would increase when we reached a certain age. What we weren't told, is that the premium to keep the same coverage we have had would suddenly increase over $1200.00 per year!

So much for the theory of investing the difference!

We are 46 years old, and God willing, plan to live another 40 years. We've paid over $8000.00 to this company, but now we can't afford the quarterly payment, which has increased over $300.00!

Oh, they offered to exchange our policy for their Custom IV 10 Term Insurance, and only increase the quarterly premium by $50.00+. So, what happens when we turn 56 years old? How much does the premium jump then? Or will we even have coverage at all after that?

Just when you get to the point you may need them, they increase the premium so high you can't afford to keep the policy. I'm going to be looking for another company, while I'm still young enough, and healthy enough to find one. We feel as though we were taken advantage of for the last 20 years. They took our money, and are now forcing us to move elsewhere.

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Anonymous
#1424262

Obviously you did not get the buy term invest the difference part. If you set up a game plan and invest by the time that term period approached you would not need the same amount of coverage.

Debts lower, kids grown, mortgage closer to being paid off. Shame on you for not planning for the future and retirement, not Primeirca's fault.

Anonymous
#1133191

you should have asked for the rates when the 20 years expired when you were purchasing the policy.

you purchased a 20 year term life policy.

that means that the premium was fixed for 20 years.

they give you the option to continue the coverage, but pay a higher premium for it once the 20 years is up.

or if you are in insurable health, then you can apply for a new policy.

all term life policies are like this, no matter what carrier you get it from. I don't work for primerica, but for metlife.

get educated about what you purchase instead of giving the insurance industry a bad look. unreal.

Anonymous
#648662

This is for you unhappy46:

This is usually what happens to most citizens who purchase a policy and put it away in a safe lock box. Read your policy especially when you first purchase the policy. If you do not understand it, ask your agent. Oh, sometimes that might not be the best thing to do. Most Primerica agents are fresh off the boat and started selling, but do not even understand what they are actually selling. Maybe ask another agent to help you understand your policy better so that you can make a decision whether or not to continued to keep the policy or look for another one.

Going back to what you were saying about paying money to Primerica's term life policy and getting nothing out of it. Well, it did it's part definately protecting you for past 20 years. You've made it past 20 years, so move on. If you're still healthy, buy another 20 year term policy, or maybe just buy a whole life policy if you can afford it. There's nothing wrong with either policies. Everything depends on your specific situations. Just stay away from Universal Life, Indexed Universal Life, and Variable Universal Life. Worst product to keep, a term policy will be better off. Cheow.....

Anonymous
#138996

I just think that all of you nad misunderstanding BTIV- Buy term, meaning exchange your current whole life policy to term, and Invest the difference...well the difference of the older policy.

I can definitely understand other obligations, kids, home- but its a matter of commitment.

What I would do, is recommend you to talk to your agent, if you don't find him effective, ask to talk to the Regional Vice President in charge. If he can't do anything to help you, please try to contact Primerica's home office.

Anonymous
#32976

Lmc, aside from the first representative's sales pitch, we have heard from no one from Primerica, other than receiving our quarterly bill, and the notice of premium increase.....20 years later.

Scott, yes, we've heard of buy term, invest the difference....hence my comment of "so much for investing the difference!" What good would that have done, considering their now planning to charge $1200.00 more per year to keep us insured? How long do you think the invested difference will last at those rates?

And yes....we did invest the difference....into our home, vehicles, sending two kids through college, and the everyday daily increases of trying to make a living.

When salaries don't increase, and everything else in the world does, how much difference to you suppose you have to invest?

The fact is, few people have much "extra" left over to invest, and most people buy term because that's what they can afford, and still have some form of protection in case of premature death. Insurance in general is a scam, and insurance companies will do anything they can do to get out of paying out.

Anonymous
#1429704
@unhappy46

Im right with you!!! I have had this term life insurance for 36 years, The first 26 years was $160.00 a year.

Ten year ago it increased to $65.65 a month. I just received a letter this week stating in April my premium will be $220.64 a month. This is crap!!!!! I feel used and abused.

I was 20 year old when I purchased this. I did not understand about insurance I trusted my agent was taking care of me. I guess you can say I learned the hard way but with a husband, kids, jobs and life happening it is very hard to keep up with everything and pay my bills from week to week. But, shame on me because I don't have it together as Margaret above does.

This should not happen!!! There should be some protection by getting taken like this!!!!!

Anonymous
#32320

Of why the BTIV concept is a great theory, but doesn't always happen in the real world. If she had a cash value policy she would still have coverage. There are even perm. products that have guarantees.

Now what if during underwriting with another company they find a health issue? Then what?

Find an independent agent and if you think your going to need coverage for a long duration you can look at a new 30 year guaranteed policy..You can go to www.term4sale.com and get some idea of what it may cost.

Insurance rates in the past 5 years have gone down so you will probably be amazed at what you can get.

I know you Primerica agents are going to chime in about the "evils of cash value", but in some instances for some people it's a good fit. Some people want long term coverage. So please don't get into the cost thing, because you should know the cost of your products. You won't win that argument..

Just a note for unhappy; The increase in premium is listed within your policy..

Anonymous
#32318

Lmc, the debt is not tied in anyway to the insurance. The insurance is to help your family if you die before the debt is paid off.

Term is just pure insurance, nothing else. You should be investing seperately, which Primerica can do as well, in case you live.

You either bundle the debt into your house, or do a debt snowball on your own to pay it off quicker. If you check Dave Ramsey's website, he will tell you what your Primerica agent told you.

Anonymous
#32316

Unhappy46, have you heard Buy term and Invest the difference. If you had purchased Cash value Insurance, you premiums would have been higher than they are now for the same amount of insurance.

The purpose of buying term is to pay less premium for the same coverage and to then seperately invest the difference so you can accumilate more cash outside of the policy than the policy was worth and thus become self-insured. Did you guys actually invest the difference????.

I just did the math and your premiums went from $400 a year to $600 per year if you convert to the Custom IV. Call a cash value and get a quote for the same coverage and tell me what you think.

Anonymous
#32266

Hey, married couple--What I want to know...were they any financial help to you? I got strong vibes of pyramid scheme/arbonne/amway/etc...If it feels too good to be true is it?

Is everything tied up in the 'term life insurance'?? Are you stuck?

Did you get any financial boost?? I don't think I can afford to screw up all my debt and 'bundle' it into insurance--maybe I"m just not getting it...