|I knew I would create some interesting waves by writing this series about Primerica and especially with the conclusion that I made out of it. However, I also had the great opportunity to communicate with Michael, a Primerica Agent. I asked him to write more information about his company in order to understand what really lies beneath the Primerica Paradox. Here’s the result of our first communication:||
When you state that all financial planners state that they are the best or have the best solutions you have to understand that this runs across all business lines. Ask a salesman for Ford who has the best vehicles….FORD. Ask a Sears Department Store salesman who has the best department store….SEARS!
A sales person should have confidence. He should also have a depth of knowledge about the product or service he markets as well as an understanding about his competitions’s products and services.
Further, he should have very good communication skills so that he can convey effectively the benefits of the services he provides. You see, people need to understand the benefit derived from purchasing the product and the advantages of one over another. Now you have a partnership between the salesman and the consumer and in the case of financial sales, it is advantageous to both parties to forge a long-term relationship based upon trust and success in the client attaining what we all want…financial freedom.
I have read your Primerica blogs. I believe you are making a genuine attempt to provide objective, unbiased information to your readers. What I would suggest is analyzing what Primerica offers and compares that to the competition. For instance, we were conferred the title, “King of Term” by Consumer Reports years ago in reference to us marketing only term insurance. As you are aware, Consumer Reports has long advocated Term Insurance over “Cash Value” life insurance.
When we come on board, we understand that a “Whole Life” Insurance guy will make a much better commission on Whole Life than we do on Term. He elects to sell the most expensive life insurance (at a cost per thousand) and we elect to sell only Term (the lowest cost per thousand). Our goal is not to make the fattest commission, but to satisfy the needs of the client.
Our belief is that savings and insurance should remain separate. In fact, if you call any state insurance commissioner’s office and ask them if Whole Life is an “investment” you will receive an emphatic “NO!” Nearly 80% of Americans who own life insurance were SOLD Whole Life, often under the guise of an “investment.” What they were not told is that if the policyowner dies, in most cases the “savings” component of the Whole Life Policy is retained by the company. Now, I have yet to find anybody, even after conversing with my competitors, who can explain how it is better that the company retain the savings (which the consumer paid for) rather than the beneficiaries who need it.
Thank you for the opportunity of having a form to present my side of Primerica. It is indeed a pleasure.
Stay tuned for the 2nd part tomorrow morning!
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