Is Primerica a good company to have a policy with?

Question

I have an insurance with Clarica(Sun Life) full life - yet the primerica people are trying to sell me a term insurance - the worst is they tap their friends so its difficult to say no...however, I would like feed back if Primerica's product is any good?

Answer 1

Be careful when researching, most of the negative comments online are unfounded.

If Primerica insurance is such a scam, why is the average face amount DOUBLE the industry average and is usually delivered within one week?  Not to mention, why do we also pay out more than the policies we replace for less money?  Why is it our home equity loan business has increased while other companies are going under?

Answer is simple, as a whole, we do what is right 100% of the time.

It is not bad to go to your friends and family, that is the best way to get a new agent trained.  Friends and family are most critical of them.

As far as the background of the agents, so what?  I have a background in IT and do this business.  Everything that Primerica does is stuff that should have been taught in HIGH SCHOOL.  We teach our client how money works because no one else wants to.

The Primerica products are among the best in the business, they are not always the cheapest.

If you do do a google search on the "horror" stories of previous clients and agents, remember a few things.  The more negative the agent is about the company, the more policies they had replaced by a Primerica agent.  The more people who came into the company and say it was a scam, either had a bad trainer, didn't understand the system, or did not want to work.  Those that were clients, probably had a bad agent.

Point of the matter is, if you talk with a competing agent, they will undoubtable say we suck.  Ask questions of your friends trainer and do your research on the products them selves.  If they truly want your business and what is best for you, they will do it on your terms.

Answer 2

Try Googling the Federal Governments stance back in the late 70's with regards to A. L. Williams vs. the Insurance industry. Primerica came from A L Williams. What you see on the web are members of the main insurance industry and their feelings on we who workas agents.

It is nice to start with family and friends, but that market dries up rather quickly so you have to branch out. We do not charge any fees up front. Why? We, like our fellow agents, are paid by commission.

Is that bad? Well, is it bad that realtors are paid by commissions? How about loan agents? Travel agents are also paid by commissions. So commissions in and of themselves are not bad. What is done to get those commissions that is what can be bad.

We use a teaching approach to insurance, investing, mortgages and refi's. After collecting your info, which is different than mine, a plan is set up for you. At this point, it is gone over with you. YOU now have the opportunity to follow through with it, piece meal it. or not use it at all. The only formof pay we ask you is referrals. Guess what your agent bases most of his/her business on? That's right- Word of Mouth from you!!! HHHMMM, sounds like referrals to me. And how about the loan officer, the realtor and the travel agent? I bet most of their "good" business is from referrals.

The main point is it is in our best interest to make sure that you are given the best solution to fit your own personal needs. Your wants and needs are different than my own. So your plan will be based ONLY ON YOU and not on anyone else.

I choose Primerica life because we have one policy that covers the entire family, we can add a child rider that will cover all existing kids and any others we want, there is a 10% benefit rider for first ten years- by 10th year policy face amount doubles, then stays level for the next 20. At end od twenty, we can continue the policy without proof of insurability, if either of us gets terminally ill we can withdraw a portion of the face amount out for use however we want.

Check with the BBB about Primerica in your state. Check with your state's insurance commissioner and see if they can provide any negative feedback about Primerica agents in your state. Remember, the insurance industry is one of the most demanding industries as far as monitoring goes. Any company that is currently working has proven themselves to all governing bodies. Some are better than others.

Be diligent in pusuing information out about Primerica, but do it as you would any other. You DO NOT have to become an agent with the company. Just know that people who become clients first can and do become agents down the road.

Answer 3

do a google on Primerica and read some of the HORROR stories......

They take guys that are "plumbers" today and all of a sudden they are financial advisers.......once all of their friends are written, they're usually out of the business and their "leaders" take over the accounts and become Regional Vice Presidents.....

Good luck and making your WISE decision to KEEP what you have.

Answer 4

If you are looking for a replacement or an update on your existing life policy, or even if you are considering the purchase of a new policy look to independents.  They aren't tied to one particular insurance carrier and they can shop and compare the reputable companies for the the insurance carrier that provides the best fit.

As for Primerica, and this is my opinion, they are product driven with an approach for a life insurance placement.  This approach doesn't always fit the best needs of the client or take into affect the other financial considerations of the client.  The relationship appears to designed for short term of get in sell it and get out.

Answer 5

Talk to other insurance agents see their view also.

Answer 6

The thing to remember here is the reason you purchased the Whole Life policy in the first place.  

As far as primerica goes:  The company is sound, but you may not expect to see your agent there for long.  Their turnover rate is astounding.  

If you do decide to give up your whole life policy, remember that you will have to pay taxes on any gains you may have realized in your cash value - that is if the cash value in your whole life policy is greater than what you've paid into the policy so far.

If you do decide to "Get term and invest the difference" be sure to get the least expensive term you can find - which may not be primerica - and make sure you research the returns you can expect on any investments you decide to make.

Again, and I can't say this enough, the thing to ask yourself is "What is the purpose behind my investments?"  Why did you buy Whole life?  Was there a reason that was good then that is still good today?  Why would you invest?  Is that reason more important to you than the reasons you chose to buy the Clarica policy?

I suggest you find a third party who you can sit down with and tell the whole story to.

Best of luck