Comments on: The Primerica Paradox: The Conclusion Part 2 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/ This is where your finance takes place Tue, 16 Mar 2010 18:03:01 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Caroline http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-7/#comment-9363 Caroline Mon, 15 Mar 2010 22:52:58 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9363 I recently spoke to a Primerica rep and was a bit concerned. I am glad I found this blog because it has helped me to find some of the answers to my questions. First I would like to explain the fact that I've been to one of their ''trainin'' sessions and the compagny does seem a bit lax and trying to hid info from a perspective employee. The guy who interviewed me never even mentionned the compagny name at first nor his official title at the compagny. He talked a lot about helping families through re-organising their financing. OK, thats fine with me. They feel they have a product that can truly help people out. What bothers me is the fact that I was called in to do a job interview, because when I spoke to the gentlemen, lets call him Mr. Ripple for argument sack (my apologies to anyone who's named Ripple, its not by intention). I got the impression I was going to your a-typical job interview. The HR person and you sits down face to face and he/she asks you a series of questions that will help him/her decided if you're the right person or not. This never happened. All I got was the speal about helping families. Its like going to Second Cup/Starbucks/Café Dépôt for an interview and earing about how the compagny is helping out coffee growers and their communities ! Then Mr. Ripple tells me that there's a bunch of forms to fill out and fees to pay. Hold your horses ! Nothing about the compagny was explained to me, nothing about my role in the compagny was explained to me, and now, like a fool, I have to pay for a job I know nothing about. If Primerica wants to be taking seriously as a compagny, and lay these claims of bad behavior to rest, this kind of thing has to stop. No serious or professional recruiter for any compagny would find this kind of behavior acceptable. Don't get me wrong folks, I paid my way through college and university, so I can handle paying my way through school. What I have a problem with is not being given clear and consis information of what I'm getting myself into. When you apply at your local coffee shop, its clear what you're getting yourself into and the HR person tells you what your duties will be. They have nothing to hide from you because, even though you may not do the job if you find out what your duties are, they know there will be others willing and able to do the work instead of you. And they know that their competitors are applying the same basic duties to their employees. If Mr. Ripple had come out there and said straight up, ''I'm interviewing you for a potential job as a sales rep in finances'', yeah, to be honest, part of me would have run the other way. Then again, I've accepted a lot of jobs I didn't really like, so how would this job be any different. The fact that I have to pay for classes that are needed anyways ? Thats ok, like I said earlier, I've had to pay for classes before. What bothers me is the fact that I have no clue what these classes are. I had to go on the net and figure out what the program title is. Here in Canada, its ''LLQP''. However, I like in the province of Quebec and its a completly different licensing program here. So that brings up my next problem, what classes am I paying for ? When I went to college and university, the curriculum was made very clear from the get go. A list of all the available classes was handed out with a brief description of each class. As well as the appropriate path each student needs to take, ie, if your in science specialising in biology, you need so many classes from this bloc, so many from that one, etc.... In summary, it just seems like Mr. Ripple was trying to hide things from me, things that he had no reason to hide from me in the first place. Its like if you sell coffee and you need a high school degree to do it, why not just say so? If your compagny has the means to provide the courses needed and allows for internship, that, and the honesty, will attract more people than turn them away. Yes, there will be people who will turn down the job once they find out they're sales rep, but honestly, thats a good thing. When it comes to sales, of any kind, of any product, for any compagny, you need highly motivated people who believe in what they're doing and truly think that their product is the best product ever ! If not, the results will suffer in consequence. And yes, the pyramid looking structure of the compagny is a major red flag for me. Other people making money of of my work.... But then again thats what compagny boss' have doing for generations.... All of these problems, plus having no knowledge of finance, no experience in the field and Mr Ripple hast to have me fill out the forms and pay up the fee have me doubting joinning this compagny. I recently spoke to a Primerica rep and was a bit concerned. I am glad I found this blog because it has helped me to find some of the answers to my questions. First I would like to explain the fact that I’ve been to one of their ”trainin” sessions and the compagny does seem a bit lax and trying to hid info from a perspective employee. The guy who interviewed me never even mentionned the compagny name at first nor his official title at the compagny. He talked a lot about helping families through re-organising their financing. OK, thats fine with me. They feel they have a product that can truly help people out. What bothers me is the fact that I was called in to do a job interview, because when I spoke to the gentlemen, lets call him Mr. Ripple for argument sack (my apologies to anyone who’s named Ripple, its not by intention). I got the impression I was going to your a-typical job interview. The HR person and you sits down face to face and he/she asks you a series of questions that will help him/her decided if you’re the right person or not. This never happened. All I got was the speal about helping families. Its like going to Second Cup/Starbucks/Café Dépôt for an interview and earing about how the compagny is helping out coffee growers and their communities ! Then Mr. Ripple tells me that there’s a bunch of forms to fill out and fees to pay. Hold your horses ! Nothing about the compagny was explained to me, nothing about my role in the compagny was explained to me, and now, like a fool, I have to pay for a job I know nothing about. If Primerica wants to be taking seriously as a compagny, and lay these claims of bad behavior to rest, this kind of thing has to stop. No serious or professional recruiter for any compagny would find this kind of behavior acceptable. Don’t get me wrong folks, I paid my way through college and university, so I can handle paying my way through school. What I have a problem with is not being given clear and consis information of what I’m getting myself into. When you apply at your local coffee shop, its clear what you’re getting yourself into and the HR person tells you what your duties will be. They have nothing to hide from you because, even though you may not do the job if you find out what your duties are, they know there will be others willing and able to do the work instead of you. And they know that their competitors are applying the same basic duties to their employees. If Mr. Ripple had come out there and said straight up, ”I’m interviewing you for a potential job as a sales rep in finances”, yeah, to be honest, part of me would have run the other way. Then again, I’ve accepted a lot of jobs I didn’t really like, so how would this job be any different.
The fact that I have to pay for classes that are needed anyways ? Thats ok, like I said earlier, I’ve had to pay for classes before. What bothers me is the fact that I have no clue what these classes are. I had to go on the net and figure out what the program title is. Here in Canada, its ”LLQP”. However, I like in the province of Quebec and its a completly different licensing program here. So that brings up my next problem, what classes am I paying for ? When I went to college and university, the curriculum was made very clear from the get go. A list of all the available classes was handed out with a brief description of each class. As well as the appropriate path each student needs to take, ie, if your in science specialising in biology, you need so many classes from this bloc, so many from that one, etc….
In summary, it just seems like Mr. Ripple was trying to hide things from me, things that he had no reason to hide from me in the first place. Its like if you sell coffee and you need a high school degree to do it, why not just say so? If your compagny has the means to provide the courses needed and allows for internship, that, and the honesty, will attract more people than turn them away. Yes, there will be people who will turn down the job once they find out they’re sales rep, but honestly, thats a good thing. When it comes to sales, of any kind, of any product, for any compagny, you need highly motivated people who believe in what they’re doing and truly think that their product is the best product ever ! If not, the results will suffer in consequence.
And yes, the pyramid looking structure of the compagny is a major red flag for me. Other people making money of of my work…. But then again thats what compagny boss’ have doing for generations….

All of these problems, plus having no knowledge of finance, no experience in the field and Mr Ripple hast to have me fill out the forms and pay up the fee have me doubting joinning this compagny.

]]> By: representingtheclient http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-7/#comment-9341 representingtheclient Sun, 14 Mar 2010 05:47:57 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9341 Cash value is good for those that need permanent protection. Cash value build up keeps the premiums level. The cash value of an insurance policy belongs to the insurance company not the insured. So you are not borrowing your own money. Suze says, "Here's what the agent selling the permanent policy isn't saying: You rarely need insurance forever. Life insurance is only needed to provide protection in the early stages of your life, when you have yet to build up other assets. It's only in rare cases -- if you have a disabled child who may survive you, say, or a very large estate that requires some tax planning -- that a permanent policy might make sense. For the vast majority of us, term insurance is the only logical choice. http://finance.yahoo.com/expert/article/moneymatters/6891 Many boomers have not built up enough assets. Jason permanent insurance is needed to bridge that gap. Cash value is good for those that need permanent protection. Cash value build up keeps the premiums level.

The cash value of an insurance policy belongs to the insurance company not the insured. So you are not borrowing your own money.

Suze says, “Here’s what the agent selling the permanent policy isn’t saying: You rarely need insurance forever. Life insurance is only needed to provide protection in the early stages of your life, when you have yet to build up other assets. It’s only in rare cases — if you have a disabled child who may survive you, say, or a very large estate that requires some tax planning — that a permanent policy might make sense. For the vast majority of us, term insurance is the only logical choice.

http://finance.yahoo.com/expert/article/moneymatters/6891

Many boomers have not built up enough assets. Jason permanent insurance is needed to bridge that gap.

]]> By: Answer This http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-7/#comment-9338 Answer This Sat, 13 Mar 2010 23:03:32 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9338 Potential protection from creditors. I case of potential medicaid spend down the use of a WL with a Funeral trust. can be used for loan purposes in case of emergency or if a bank loan isn't available. In the case of a special needs dependent that may need assistance for life. Flexible guarantee periods depending on the product...Nothing is right 100% of the time. it just may be a case where you may not know when the product is a consideration. It's not to the benefit of PFS to educate you on when a perm. product fits. I have run into people who wanted a certain "Guaranteed" amount to be paid at death. That's not a case for Term.. Potential protection from creditors. I case of potential medicaid spend down the use of a WL with a Funeral trust. can be used for loan purposes in case of emergency or if a bank loan isn’t available. In the case of a special needs dependent that may need assistance for life. Flexible guarantee periods depending on the product…Nothing is right 100% of the time. it just may be a case where you may not know when the product is a consideration.

It’s not to the benefit of PFS to educate you on when a perm. product fits.
I have run into people who wanted a certain “Guaranteed” amount to be paid at death. That’s not a case for Term..

]]> By: Jason http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-6/#comment-9328 Jason Sat, 13 Mar 2010 07:30:15 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9328 CV is not a good thing. When the agent who sells it has Term insurance because he knows to buy term and invest the $ he would have paid for the same coverage w/ a CV policy into something else to get higher returns, that's bad. When a person buys a CV policy that leaves them underinsured or not even able to cover the debt they have, which happens a lot with CV policies, that's bad. This happens because the agent tries to sell CV first, and since it is so expensive compared to term, clients often purchase less coverage than they need because they cannot afford more. When the money that is supposed to go into a client's cash value pays the agents commission for the first few years instead of building cash value that's bad. When the company charges you interest to borrow your own cash value when the policy is sold to the client as a savings plan that they can borrow against if needed, that's bad. When the company takes the money you put into your cash value and uses it to gain higher returns that the client could have gained themself with the $ paid into their CV that's bad. When the interest earned on your CV is less than it would earn at a bank that's bad. All these things happen with CV and NEVER happen with Primerica Term. Primerica does what's right for the consumer 100% of the time, PERIOD. If home office doesn't think the paperwork submitted by an agent is better for the client than their current situation, they won't allow it. Someone tell me, what is good about CV if anything? ASK ANY AGENT TO SHOW YOU THEIR LIFE INSURANCE POLICY AND I BET YOU IT IS TERM NOT CV. CV is not a good thing. When the agent who sells it has Term insurance because he knows to buy term and invest the $ he would have paid for the same coverage w/ a CV policy into something else to get higher returns, that’s bad.

When a person buys a CV policy that leaves them underinsured or not even able to cover the debt they have, which happens a lot with CV policies, that’s bad.
This happens because the agent tries to sell CV first, and since it is so expensive compared to term, clients often purchase less coverage than they need because they cannot afford more.

When the money that is supposed to go into a client’s cash value pays the agents commission for the first few years instead of building cash value that’s bad.

When the company charges you interest to borrow your own cash value when the policy is sold to the client as a savings plan that they can borrow against if needed, that’s bad.

When the company takes the money you put into your cash value and uses it to gain higher returns that the client could have gained themself with the $ paid into their CV that’s bad.

When the interest earned on your CV is less than it would earn at a bank that’s bad.

All these things happen with CV and NEVER happen with Primerica Term. Primerica does what’s right for the consumer 100% of the time, PERIOD. If home office doesn’t think the paperwork submitted by an agent is better for the client than their current situation, they won’t allow it.

Someone tell me, what is good about CV if anything?

ASK ANY AGENT TO SHOW YOU THEIR LIFE INSURANCE POLICY AND I BET YOU IT IS TERM NOT CV.

]]> By: representingtheclient http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-6/#comment-9271 representingtheclient Mon, 08 Mar 2010 23:33:16 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9271 Megan if you really understood how level term and whole life works then you would know why CV can be good. Megan you wrote,"I’m really looking to see if any of your companies renew for less than 30% of the current premium, regardless of health, to age 95." If your kids are going to be grown, out of the house, house paid off, and no debt why do you care if your policies renews? I and others are actually doing financial planning. And none us plan going to the ART rates, so the 30% is mute. If I am wrong Megan you or someone from you company correct me. You guys policy renews but the premiums are level for 5 years then they increase right? That 30/20 term, which no one should buy if they really need coverage for 30yrs, is not that great. Here's why. You guys like to say, "we have never raised our rates". Legally the company can't raise the premiums your 30 year term has not been around that long(I'm guessing less than 10yrs). When your client's individual policy reached that 20th anniversary, the company can raise the rates. Your company has no 30/20 term policies that's been around 20 years in force yet. You are leaving the client in suspense. Guys like AT, Brain and I will clean up the mess. Good job Megan. Megan if you really understood how level term and whole life works then you would know why CV can be good.

Megan you wrote,”I’m really looking to see if any of your companies renew for less than 30% of the current premium, regardless of health, to age 95.” If your kids are going to be grown, out of the house, house paid off, and no debt why do you care if your policies renews? I and others are actually doing financial planning. And none us plan going to the ART rates, so the 30% is mute.

If I am wrong Megan you or someone from you company correct me. You guys policy renews but the premiums are level for 5 years then they increase right? That 30/20 term, which no one should buy if they really need coverage for 30yrs, is not that great. Here’s why. You guys like to say, “we have never raised our rates”. Legally the company can’t raise the premiums your 30 year term has not been around that long(I’m guessing less than 10yrs). When your client’s individual policy reached that 20th anniversary, the company can raise the rates. Your company has no 30/20 term policies that’s been around 20 years in force yet. You are leaving the client in suspense. Guys like AT, Brain and I will clean up the mess. Good job Megan.

]]> By: Brian Poncelet,CFP http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-6/#comment-9209 Brian Poncelet,CFP Wed, 03 Mar 2010 02:56:45 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9209 So if someone is self-employed, do they build up enough cash for one year or ten instead of getting a disability policy? So if someone is self-employed, do they build up enough cash for one year or ten instead of getting a disability policy?

]]> By: Answer This http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-6/#comment-9207 Answer This Wed, 03 Mar 2010 00:21:48 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9207 I don't think they sell DI or CI. They don't think there's a need for a product until the company tells them so. Until them it's a rip off. I don’t think they sell DI or CI. They don’t think there’s a need for a product until the company tells them so. Until them it’s a rip off.

]]> By: Brian Poncelet,CFP http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-6/#comment-9206 Brian Poncelet,CFP Tue, 02 Mar 2010 23:52:22 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9206 Dude, The prices for females (primerica) is some of the highest in Canada with less features. Here is another example Female preferred plus (best health rating) born Feb 15, 1970 (40 years old) $500,000 term 20 Canada Life $29.70/month RBC $29.70/month Primerica $46.08/month Does Primerica sell disability or critical illness insurance? Dude,

The prices for females (primerica) is some of the highest in Canada with less features.

Here is another example

Female preferred plus (best health rating)
born Feb 15, 1970 (40 years old)

$500,000 term 20

Canada Life $29.70/month
RBC $29.70/month

Primerica $46.08/month

Does Primerica sell disability or critical illness insurance?

]]> By: Answer This http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-6/#comment-9203 Answer This Tue, 02 Mar 2010 22:00:23 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9203 The unisex issue is correct as with unbundling the policy of a married couple after death or divorce. Now let's not also forget the guarantee periods.. As for conversion if it has anything to do with a perm. product they want noting to do with it. What gets me is they say they do a BTID to reach Financial Independence yet their policy will extend past their guaranteed period. Now after they design a program for the client shouldn't the need for insurance be done with? Yes as history will tell us people get to their later years in life and have zero debt, excellent health and have all the money they need to pass on.. ALW/PFS has been around for 30 plus years. That's a good time frame to consider the BTID.. The unisex issue is correct as with unbundling the policy of a married couple after death or divorce. Now let’s not also forget the guarantee periods.. As for conversion if it has anything to do with a perm. product they want noting to do with it. What gets me is they say they do a BTID to reach Financial Independence yet their policy will extend past their guaranteed period. Now after they design a program for the client shouldn’t the need for insurance be done with?

Yes as history will tell us people get to their later years in life and have zero debt, excellent health and have all the money they need to pass on.. ALW/PFS has been around for 30 plus years. That’s a good time frame to consider the BTID..

]]> By: Brian Poncelet,CFP http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/comment-page-6/#comment-9199 Brian Poncelet,CFP Tue, 02 Mar 2010 11:00:00 +0000 http://www.thefinancialblogger.com/the-primerica-paradox-the-conclusion-part-2/#comment-9199 In a nutshell Primerica charges the same rates for females as males! So a female getting a policy gets less coverage or pays almost double with Primerica! I have www.term4sale.com on my site and have talked to Bob Barney (president of Compulife). He was the one who pointed out this crazy pricing to me! Bob also has written a topic which includes the topic of Conversion regarding term insurance which Primerica does not have, to permanent policy. In a nutshell Primerica charges the same rates for females as males!

So a female getting a policy gets less coverage or pays almost double with Primerica! I have http://www.term4sale.com on my site and have talked to Bob Barney (president of Compulife). He was the one who pointed out this crazy pricing to me!

Bob also has written a topic which includes the topic of Conversion regarding term insurance which Primerica does not have, to permanent policy.

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