Primerica

[Cornelius]

Re: Duane Morrow CMO of Primerica Harassing Me

Don't forget carrier underwriting. A standard at one carrier could be preferred plus or better at another. As for banding I think MOO alows it with the conversion option..

 

[LogicalPFSer]

Re: Duane Morrow CMO of Primerica Harassing Me

I'm not delusional enough to think PFS always has the cheapest term, but there are plenty of circumstances where we do!

According to yourlifesolution.com:

The scenario you describe would have PFS's term be about $40ish more a month than what's available from a combo of Legal & General and Fidelity Life

Here's a scenario where banding comes into play:

42 Male, $200k, 30 year, Preferred: Fidelity Life, $42.72
42 Female, $200k, 30 year, Preferred: Fidelity Life, $34.89

Total premium: $77.61, PFS would be $72.87

We come in as the lowest cost option sometimes, competitive most of the time, and nowhere in the ballpark very very rarely. Much like any carrier.

I think a bigger issuer is the world of term, especially UL-as-Term is in the middle of a huge transition right now.

Honestly, if you look at the carriers you placed business with in the last twelve months, how many of them have raised rates, eliminated products (or term lengths) or cut compensation?

Would you quote a a 40 year old preferred non smoker with a 30 year term @ $500,000.00 Please. Add a 40 year old wife same health and a couple child riders. Use your family banding.

 

[Tahoe Ray]

Re: Duane Morrow CMO of Primerica Harassing Me

Here's a scenario where banding comes into play:

42 Male, $200k, 30 year, Preferred: Fidelity Life, $42.72
42 Female, $200k, 30 year, Preferred: Fidelity Life, $34.89

Total premium: $77.61, PFS would be $72.87

Maybe I missed the Fidelity vs. PFS in an earlier post/thread but why did you pick Fidelity here? Principal and Cincinnati Life are both less expensive in this scenario.....

 

[Norwayguy]

Re: Duane Morrow CMO of Primerica Harassing Me

I don't sell fidelity....Isn't Fidelity a non-med product Standard to Table 4 while I assume Primerica is a fully underwritten product.

 

[Tahoe Ray]

Re: Duane Morrow CMO of Primerica Harassing Me

I don't sell fidelity....Isn't Fidelity a non-med product Standard to Table 4 while I assume Primerica is a fully underwritten product.

According to Compulife, those prices originally quoted are for Fidelity's Hybrid Term - 30 Year (with blood test).

I don't sell them either.....that's why I wondered why they were chosen for the comparison.

 

[WinoBlues]

Re: Duane Morrow CMO of Primerica Harassing Me

Different ways to do things.

I would replace that policy with.

$68.91mo for $250,000.00 each, Guaranteed the full 30yrs. Protective. Cincinnati Life would be about the same and convertible. Both include $150,000.00 terminal illness rider.

If we were comparing guarantees, I would show a 20 year. $56.85 for $350,000.00 or $500,000 for the close to your $200,000.00 guaranteed premium.


BTW, I do have to give PFS some props, while the majority of agents starve out, the successful ones are some of the hardest workers I have meet.

I'm not delusional enough to think PFS always has the cheapest term, but there are plenty of circumstances where we do!

According to yourlifesolution.com:

The scenario you describe would have PFS's term be about $40ish more a month than what's available from a combo of Legal & General and Fidelity Life

Here's a scenario where banding comes into play:

42 Male, $200k, 30 year, Preferred: Fidelity Life, $42.72
42 Female, $200k, 30 year, Preferred: Fidelity Life, $34.89

Total premium: $77.61, PFS would be $72.87

We come in as the lowest cost option sometimes, competitive most of the time, and nowhere in the ballpark very very rarely. Much like any carrier.

I think a bigger issuer is the world of term, especially UL-as-Term is in the middle of a huge transition right now.

Honestly, if you look at the carriers you placed business with in the last twelve months, how many of them have raised rates, eliminated products (or term lengths) or cut compensation?

 

[sman]

Re: Duane Morrow CMO of Primerica Harassing Me

I'm not delusional enough to think PFS always has the cheapest term, but there are plenty of circumstances where we do!

According to yourlifesolution.com:

The scenario you describe would have PFS's term be about $40ish more a month than what's available from a combo of Legal & General and Fidelity Life

Here's a scenario where banding comes into play:

42 Male, $200k, 30 year, Preferred: Fidelity Life, $42.72
42 Female, $200k, 30 year, Preferred: Fidelity Life, $34.89

Total premium: $77.61, PFS would be $72.87

We come in as the lowest cost option sometimes, competitive most of the time, and nowhere in the ballpark very very rarely. Much like any carrier.

I think a bigger issuer is the world of term, especially UL-as-Term is in the middle of a huge transition right now.

Honestly, if you look at the carriers you placed business with in the last twelve months, how many of them have raised rates, eliminated products (or term lengths) or cut compensation?

Try going to Term4Sale - Instant Term Life Insurance Comparisons and doing some comparisons. Why you chose Fidelity Life is beyond me. Using the 40-year old male preferred plus non-smoker scenario, Primerica is 50% more expensive than the least expensive carrier. Your female rates in the same scenario don't even show up.

Isn't Primerica's mantra, "buy term and invest the difference"? If so, wouldn't it make more sense to buy much less expensive term so you have more to invest?

 

[WinoBlues]

Re: Duane Morrow CMO of Primerica Harassing Me

Try going to Term4Sale - Instant Term Life Insurance Comparisons and doing some comparisons. Why you chose Fidelity Life is beyond me. Using the 40-year old male preferred plus non-smoker scenario, Primerica is 50% more expensive than the least expensive carrier. Your female rates in the same scenario don't even show up.

Isn't Primerica's mantra, "buy term and invest the difference"? If so, wouldn't it make more sense to buy much less expensive term so you have more to invest?

I do not think Primerica will show up in the 30 category. Unless something has changed they are not guaranteed 30 years.

 

[LogicalPFSer]

Re: Duane Morrow CMO of Primerica Harassing Me

I used the quotes on yourlifesolution.com, as that was the subject of the thread initially...

I think the guaranteed rates on our 30 and 35 year term products are an interesting point. It all comes down to the reserving requirements in the U.S.

Our renewal rates are hands-down, the lowest in the industry. I don't believe you can find a carrier that has lower renewal rates than us.

However, we don't offer a conversion to a permanent product, and therefore need to run products past 30 years on a scheduled, as opposed to guaranteed basis.

For proof, look at Primerica Life of Canada. Exact same initial and renewal rates, but fully guaranteed regardless of term length... The only difference? The regulatory environment the companies operate in.

I wish our term was fully guaranteed, but then we couldn't offer the renewal rates that we do...

 

[WinoBlues]

Re: Duane Morrow CMO of Primerica Harassing Me

That is nice. However, Almost no one renews at the horrible rates. Unless they are uninsurible else where.

Everyone else guarantees their 30 year the full 30 years and at a much lower premium.

I believe one of your conversion options in a decreasing term option.

You did have a much more competitive 10 year used to combat replacements.

Lee

I used the quotes on yourlifesolution.com, as that was the subject of the thread initially...

I think the guaranteed rates on our 30 and 35 year term products are an interesting point. It all comes down to the reserving requirements in the U.S.

Our renewal rates are hands-down, the lowest in the industry. I don't believe you can find a carrier that has lower renewal rates than us.

However, we don't offer a conversion to a permanent product, and therefore need to run products past 30 years on a scheduled, as opposed to guaranteed basis.

For proof, look at Primerica Life of Canada. Exact same initial and renewal rates, but fully guaranteed regardless of term length... The only difference? The regulatory environment the companies operate in.

I wish our term was fully guaranteed, but then we couldn't offer the renewal rates that we do...