Anyone Remember A.L. Williams?

[WinoBlues]

How anyone can put this guy on a pedestal is beyond me. His deal about his daddy dying with a small WL instead of a larger term is a big SO WHAT for me. For every person who died with a smaller amount of permanent than what the equal premium would have bought in term, there's a 68 year old who bought a truck load of term at 48 or 58 who is still living and doesn't want t lose his coverage but is now out of options. Give me a crystal ball showing me when you're going to die and I'll tell you which policy to buy.

Not only that, but the outrageous comparison of their crap term and 12% mutual fund to NON-PAR whole life - which NOBODY was selling in the 80s and other outright lies should have landed the guy in prison.

I had to defend my fair share of ALW replacement attempts. Every single time I suggested to a policyholder that he, me, and the ALW agent need to meet to hash things out, the ALW guy refused to meet.

But just like politics, I don't blame a politician for being who they are. If the public is stupid enough to put some of these turds in office, we deserve what we get. Same thing for the consumer who lets Clem down at the Jiffy-Lube change the oil in his car this morning and then buys life insurance from him this evening. Pure garbage.

Other than that, I don't have a problem with it.

I agree with just about all your points. And I too have sat across from many ALW and Primerica agents and their managers.

But there is no denying that they helped change our industry. For better or worse is arguable. Maybe some of both.

I believe it has changed, from when I started, the process in some consumer's mind to a transaction.

Your and Scott's point about the people that bought term twenty years ago is very true. I speak to them weekly. With conversion options drying up it is a big problem that is only getting bigger. For the independent agent it is an opportunity, for the aging public it can be life changing.

 

[Cornelius]

Good, bad or indifferent. What amazes me is the marketing concept and how even to this day they get thousands to at least sign recruiting paper work. It's that kitchen table thing they perfected.

 

[WinoBlues]

Good, bad or indifferent. What amazes me is the marketing concept and how even to this day they get thousands to at least sign recruiting paper work. It's that kitchen table thing they perfected.

Sham artist perfected.

In many cases hired uneducated struggling people that ended up in much worse positions. Finances and home life's wreaked.

In the very early years there were more true part timers like teachers. Toward the end of ALWs and the current Primerica it seems to be more desperate people.

Not unlike most MLMs

 

[Cornelius]

One thing that I learned about the financial industry is it's business. I will admit I believed in the crusade at one time but something I have noticed is currently the company is doing business with who at one time were considered the enemy. I guess it started with Travelers.

As for people's lives being ruined from my understanding people were encouraged to stay part-time until they had a producing business and enough savings to not make a drastic life change if something happened. Not to also mention they paid on submission with a check.

As for the policy and conversion options they have to design their products to work for all involved. Don't get me wrong I'm not sticking up for them I just came to understand in the big picture it's business and they have a right to run their business as they see fit. So far it seems to be working for them.

 

[somarco]

ALW/PFS business model is akin to slumlords.

Take advantage of the poor and uneducated and make a few people rich.

 

[biggies]

Must be talking about final expense...

 

[DHK]

I credit the ALW/PFS style of business with making more of a market for term life insurance. I also credit them for making professional life insurance agents sharper and greater students of their craft. No one can get better without opposition or competition.

Of course, they take the lazier way of doing business... which may be easier for them, but not necessarily better for the customer.

 

[BNTRS]

About two years ago, I had a conversation with a guy who used to work for a company that taught pre-licensing courses for life insurance agents. He was recounting the insurance companies that he remembered who sent agents to his classes. He listed: Prudential, MetLife, and AL Williams.

I always found that list interesting, since AL Williams was teeny tiny compared to Met and Pru. But they definitely had the "new agent" recruitment numbers to appear as though they were the largest life insurer in the country and that's why he remembered the company by name.

 

[pfg1]

I won't disagree... he had a huge impact on this business, regardless of whether you agree with the way they did things or not. I do know a couple folks that gave up their permanent policies that they had in force for quite a while (that had decent to significant cash value) to pick up term ins and "invest the difference". Unfortunately they now have NO insurance because their term is expired and they are uninsurable. Oh, and they spent the difference not saved it.

A good friend of mine had a big ALW business. He is still in the business today, and said he cringes at some of the WL policies he replaced. He said he wishes he could go back and undo what he did. He was young and new in the business...drinking the coolaid and making alot of $ by doing so.

IMO, buy term and spend the rest is what their crusade ended up amounting to for the masses. Regardless, they definitely changed the business and industry forever.

 

[Gooner]

I do know a couple folks that gave up their permanent policies that they had in force for quite a while (that had decent to significant cash value) to pick up term ins and "invest the difference". Unfortunately they now have NO insurance because their term is expired and they are uninsurable. Oh, and they spent the difference not saved it. A good friend of mine had a big ALW business.

IMO, buy term and spend the rest is what their crusade ended up amounting to for the masses. Regardless, they definitely changed the business and industry forever.

Not disagreeing with anyone here, but I find it very hard to sympathize with morons who cash in a permanent policy with the 'goal' of BTID and then don't follow through. While we could debate the merits of permanent insurance, and we have, it's hardly the insurance agents fault for presenting a strategy(which is still a popular one) and then the moron clients not following the plan.