“So..it’s been over two years since this thread started. No buyouts by any other company and PRI was rated the #1 IPO for 2010. ”

I wouldn’t position the IPO as a benefit of PFS if I was in Primerica. It was/is a disaster.

1) It was two years ago, and is completely off the radar now.

2) PFS got all the downsides of the an IPO (public scrutiny and pressure to perform quarterly, which is ad odds with “doing the right thing” for Reps); and none of the benefit (cash – it went to Citigroup, not PFS). PFS’s IPO was a “spin-off” IPO not a “raising money” IPO.

3) No have “buyouts” by any other company, as Theubers stated, demonstrates no one wants this company – I wouldn’t brag about that. Remember, Citigroup has PFS in it’s “toxic asset” group (true name) for two years looking for a buyer. They all backed-out, including Flower Insurance. Finally, they shedded them in a spin-off IPO.

“The company is built on part-time reps and thrives on part-time reps who earn $500 – $1000 monthly or so for a few hrs of business a month.”

Really?!? According to Primerica’s FNA, the average reps earns $6,000 PER YEAR, and that included the 60+ million-dollar earns (if you subtract the $100 million in commissions that goes to them, the average drops down to $5,0000 YEAR.)

Try disclosing that at the beginning of every recruiting interview and see how many people join.

“I’ve just started in this business and avg about $300 hr for my efforts.”

I’d like to see the math on that. Are you including prospecting time, driving time, plan-design time, follow-up time? To be fair to salary employees who get paid per hour you need to be honest about this.

“Already have over 100K in managed IRA / investments which will pay monthly for years to come. ”

1) If you are below Regional Leader you get NOT trails on this business ever.

2) Even an RVP would make less than $1,000 per year in trails on a $100,000.

3) $100k under management is nothing to brag about. Unless, it was was misprint. We just hired a Primerica who originally came from Morgan Stanely with $10 million under management. He went to PFS and lasted less 3 months, before going Independent with us. The reaons? No trails for his AUM and even at RVP the commissions stink.

” This business makes me all my vacation money. $50, $100, even $725 once that just shows up in my account when one of them does business.”

Do you consider this good money for being in financial services? Really?

-Michael T.
Former Primerica RVP
Helping Primericans go Independent since 2006.

Primerica works within a specific target market range so many agents just may not see the needs of people at older ages or if a person did not take the BTID concept to it’s full term. So as much as people may bash CV products currently there is a good size market for term conversions, Final expense or just people still having a need for coverage after the retirement years.

As for disability as there have been some issues within that line of product I have seen some people who it has benefited. The same with critical illness, terminal illness riders and chronic illness riders along with other benefits and riders.

Now for when considering the agents who may earn over $100,000 I go by what I once heard on a old ALW tapes. He said it really doesn’t matter what anyone else earns because it’s not like anyone is going to give you any of their money. You just want to make sure you have the opportunity to earn what you want or need. .It’s kind of funny the RVP would tell anyone to Google $100K earners because an independent agent has more opportunity than a captive. Then again it may just be that the RVP may not know any better

This is my opinion only. I just think for the person who has no desire to recruit it is much harder to earn from personal production at PFS rather than at other places. The same holds true for those who may wish to build an organization but most people just don’t look at the bug picture from a business perspective rather than an emotional one.

In the big picture it all comes down to you do you.. These battles have been going on for years and it’s said PFS is down to about 90K licensed agents and is supposedly having problems getting people licensed to the point they wanted to get the DOI’s to make the testing easier..

“The RVP suggested I google “which company has the most six-figure earners”)”

In raw numbers they have a high number… about 2,500. But, they have 100,000 licensed agents and they recruit 20,000+ per MONTH. So, percentage-wise they have a very poor track record in getting Reps to earn money.

Also, those 2,500 Reps are those that have earned $100k at ANY point in their career, which doesn’t mean they are earning that currently. Primerica won’t publish that statistic.

By their own admission the average Primerican earns around $6,000 a YEAR.

By way of example, in my Agency 48% of Active Reps earn $50k and 22% earn $100k. And, we also don’t have quotas and allow part-timers, so these are pretty good ratios, I believe.

Btw, Primerica purchased Smith Barney when I was there. I was in SB’s research division, though. I found this post because I just went to an open house at a Primerica office and decided to google the company. (The RVP suggested I google “which company has the most six-figure earners”)

I know a lot about investing but not enough about insurance — for example, I thought everyone made women pay more until your post. Also, I never do my own taxes. I just have had my share of insurance people and investment advisors come to my office to see me and then, before they even ask me anything, try to sell me disability insurance! When did this start being the norm? It’s crazy — I’ve never seen anyone collect disability without going to court or being followed by a detective. It’s enough to make a person hate the business altogether. I resolved to never talk to those people again. I know someone who wanted to invest $100k with an advisor and the first thing they tried to do was sell him disability. I told him to read “One Up on Wall Street” and do it himself. I just don’t understand when this mindset took over…

@Answer this, I know Primerica does business with other companies, some of whom I like and some I don’t. Is that what you mean? I don’t know who they do life with, though. All I know is, they didn’t try to sell me universal life or disability!

I think now we know now Super Scar (is a Primerica rep trying to pretend he is a customer) knows a lot about taxes and uses a macroeconomic model to to determine that Primerica is the best value …yes they charge double, for females, (he does not have a mother or a sister or knows any females), but who cares?!

You forgot Royal Bank of Canada, Bank of Montreal, Sun Life, Desjardins, Standard Life, Great West Life and many more.

Here is what is looks like:

Female non smoker term 20 $500,000 age 41 ( June 15, 1970)

RBC $42.84/month
Canada life $45.90/month
Bank of Montreal $46.90/month

Bottom

Primerica $89.78/month

Since our insurance companies are well funded (like our banks) and is regulated by the government all insurance claims have been paid for over 100 years here in Canada.

Does Primercia offer disability insurance ?

I’m willing to bet they try to sell whole life to everyone. My Primerica person helped a couple of my friends and showed how their agent could have sold them term but didn’t. (and I know all about how difficult it is to collect on disability insurance, I know someone who had to go to court)

I don’t think it’s a coincidence those companies are cheaper, either. In 2009, when Primerica’s rating stayed A+, Equitable and Transamerica’s ratings were downgraded to BB+ and ManuLife was given a negative outlook. I’d like to be sure I’m with a company that will be in business when I need them. (I never knew about looking up ratings either, before Primerica — I feel much better educated now, and I owe that to them.)

Do you own your own home or rent?

If you rent (say like term life insurance) why pay more for less? a
In Canada, you pay the highest rates rates if you are a female. If you are a male the “rent” is high as well (Primerica). You also have less benefits like the choice of converting term to permanent.

My understanding is most Americans like freedom and choice. Also if they can pay less and get more, even better…just like Canada. Why stick to one company?