Primerica

[ronmelton3]

I want to give an honest opinion. Primerica is not for everybody. It is not geared towards everybody. It is not geared towards the normal insurance agent. It is geared to those who want to make part-time money to supplement their full-time income.

I suppose you go to part time doctors for a heart transplant, part time lawyer to get out of that DUI, part time real-estate on, and on.
I would never do from a part time professional. Could you imagine a part time baseball player? People who sell part time and no offense if it is you, need to get a job and get out of life insurance. Most people who sell insurance part time are not in it for the right reasons, that is to help someone.

 

[Cenla Agent]

t

I have known a few Allstate agents over the years. I don't ever recall them asking me to come to an opportunity meeting to learn about earning a 6 figure income working part time.

And in addition, their recruiters often now being very reluctant to reveal who they are working for until late in the process. Not unlike PPL.

 

[ronmelton3]

But they have sold more in face value then any one insurance company in the USA not bad for a part time gig I would say.
/quote]


From Reuters:
John Hancock Financial Leads Industry in Life Insurance Sales for 2008

Mon Mar 23, 2009 11:06am EDT
- Company Has 2008 Sales Of $835M In Premium

- Company Shows Sales Strength Across Product Portfolio

- #1 Seller of Variable Universal Life Insurance

BOSTON, March 23 /PRNewswire-FirstCall/ -- John Hancock led the industry in
total individual life insurance sales in 2008, according to a recent survey of
78 major life insurers by LIMRA International (LIMRA).
I guess they spell "Primerica" with a "John Hancock"

 

[SalemInsuranceGuy]

I suppose you go to part time doctors for a heart transplant, part time lawyer to get out of that DUI, part time real-estate on, and on.
I would never do from a part time professional. Could you imagine a part time baseball player? People who sell part time and no offense if it is you, need to get a job and get out of life insurance. Most people who sell insurance part time are not in it for the right reasons, that is to help someone.

I don't buy the part-time argument. Look at people who do your taxes, they're part time. The company that cuts my lawn is part time. Life insurance isn't rocket science, so I don't think it's a fair comparison to use the heart transplant surgeon who had to go to medical school for 8 years, plus internship with a life insurance agent who took a 40 hour class. In all honesty I don't know many life insurance agents who really put in a 40 hour work week. Most of them screw off with things they call work, but are lucky if they honestly put in 10 hours of real work a week. So what is full time anyway? 40 hours a week, or 30 like they require for health insurance? So a part timer that puts in 20 hours a week is somehow inferior to a full timer? What if they work 29 hours and a full timer works 30? Is it that much of a difference?

Most full time insurance agents are broke. Of course with the exception of everyone on this forum who is rolling in the dough. LOL Here is a rhetorical question for you. Would you rather buy from a full time agent who needs your sale to pay his mortgage or car payment tomorrow and will do anything to sell you, or buy from a part timer who has an income he's living on and doesn't need to make the sale so can do the right thing for you.

Don't take this post the wrong way. I'm in no way defending Primerica. But I don't buy into the part time vs full time bs. In fact a lot of well known P&C and life companies are starting their agents out part time. They have a year or 18 month training program where the agent keeps their full time job time and sells part time. So what's the issue?

What about a part time agent for 20 years vs a full time agent with 1 year of experience? Where do we draw the line. Every agent has different levels of experience. I think it's fine for an agent to come in part time, then decide if the business is for them or not. Maybe they go full time then, or just continue part time.

Again I'm not defending Primerica or mlm, but the full time vs part time agent is a weak ass position in my opinion.

 

[Guest]

Good post, Allen. Excellent analysis.

I think it all depends on the individual and WHY they are selling insurance part-time, as well as what products they are selling.

I know several stay-at-home moms who sell term life and health coverage part-time from their homes. They do OK and they know their products. (Like Allen says, many of our products do not require more than a 10th grade education to understand... and I'd add that knowing some of you here as I do that that is a good thing!)

I know several part-time real estate saleswomen who do OK. I know several lawyers and doctors in their early 60s who have cut down their practice to part-time status (so they can play golf or travel more.)

It all depends on the quality of the person, their education level, and their commitment to service as to whether they are going to be a good agent or not. If Dave Fluker decided to only work one hour a week, I'd still buy coverage from him... because he is the best in the business that I know of.

Look to the quality of the person, not the hours he or she puts in.

Al
Preserve your memories

 

[sman]

It amazes me how those that defend Primerica make statements like, "You only bash them because they're successful". When in reality, that's exactly what they do about every company other than theirs.

How successful are they really? I mean top to bottom. Sure the company is profitable. Why wouldn't they be? They sell overpriced products. But how far down the line are reps really successful? At one time in the past, Primerica had a website showing their "24-Year Track Record of Success". Amazingly, that site is no longer available. But here is what it looked like (I copied and pasted it in a word document). It was from around 2002.


[FONT=&quot]A 24-Year Track Record of Success[/FONT]

[FONT=&quot]Personal Income [/FONT]

[FONT=&quot]Today[/FONT]​

[FONT=&quot]Goal 2004[/FONT]​

[FONT=&quot]$2,000,000 - $4,999,999[/FONT]

[FONT=&quot]11[/FONT]​

[FONT=&quot]20[/FONT]​

[FONT=&quot]$1,000,000 - $1,999,999[/FONT]

[FONT=&quot]24[/FONT]​

[FONT=&quot]85[/FONT]​

[FONT=&quot]$100,000 - $999,999[/FONT]

[FONT=&quot]1,522[/FONT]​

[FONT=&quot]6,000[/FONT]​

[FONT=&quot]$50,000 - $99,999[/FONT]

[FONT=&quot]3,653[/FONT]​

[FONT=&quot]15,000[/FONT]​

Now let's look at the 6 figure income myth. Primerica claims they have over 100,000 reps and to have paid out 450 million dollars in commissions. Let's take a closer look at the numbers. Above is a chart of what reps made. You will see that just over 5200 reps made $50,000 or more. Keep in mind, there are expenses that one must cover on an annual basis that comes out of that $50,000. Now this leaves 95,000+ that make less than $50,000.

1. • 11 reps "earn" $2 million – $5 million per year. $2 million times 11 reps is $22 million. That leaves $428 million in compensation and 99,989 reps. ($450 million - $22 million and 100,000 - 11)
   • 24 reps "earn" $1 million – $2 million per year. $1 million times 24 reps is $24 million. That leaves $404 million in compensation and 99,965 reps. ($428 million - $24 million and 99,989 - 24)
   • 1,522 "earn" $100,000 - $999,999 per year. 1,522 reps times $100,000 is $152.2 million. That leaves $251.8 million in compensation and 98,443 reps. ($404 million - $152.2 million and 99,965 – 1,522)
   • 3,653 "earn" $50,000 - $99,999 per year. 3,653 reps times $50,000 is $182.65 million. That leaves $69.15 million in compensation and 94,790 reps. ($251.8 million – 182.65 million and 98,443 – 3,653)
   • That leaves $69.15 million in compensation to split between 94,790 reps. That averages out to approximately $730 per rep, per year BEFORE EXPENSES. And that is figuring at the low end. (Some of the first group make more than $2 million, some of the second group make more than $1 million, etc., which will bring the average compensation per rep, per year LOWER!! What does this mean? It means that 95% of the agents at Primerica DO NOT make a livable income.

The concept of Primerica is a good one. Buy term and invest the difference. The problem is rarely do people invest the difference. Secondly, if you were going to follow this concept, shouldn't you find the cheapest term available, thus giving you more money to invest? And don't even get me started on their overpriced mortgages.

Primerica/ALW made several people very rich and tons of people with over priced term insurance. I would love to have a list of every primerica policy holder. I have yet to come across one that I couldn't replace (assuming they were insurable).

 

[DHK]

I've got a PPGA contract where if I sell a $1,000 premium term policy, my compensation starts at 85% and can grow up to 145%.

I can hire agents to sell for my agency too. It increases my production requirements, but that agent would make more money on the same sale.

 

[Norwayguy]

I've got a PPGA contract where if I sell a $1,000 premium term policy, my compensation starts at 85% and can grow up to 145%.

I can hire agents to sell for my agency too. It increases my production requirements, but that agent would make more money on the same sale.

Great DHK...now how about reading the forum rules and putting your offer in the Offers section and don't spam about contracts without 100 posts

 

[DHK]

I'm simply stating a fact.

I am NOT recruiting anybody. Don't want to.

But I have the option - and if chosen to exercise it - would be much better for the agent who would be hired.

 

[sman]

I'm simply stating a fact.

I am NOT recruiting anybody. Don't want to.

But I have the option - and if chosen to exercise it - would be much better for the agent who would be hired.

Is this a Primerica contract?