NBC News – Investing In Life Insurance

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Investing in life insurance can be an important asset in your investment portfolio.

25 Comments For This Post

  1. wodendog Says:

    Apparently some on youtube would rather “try” and hide the truth than actually confront it.

    Thanks for validating my argument ; )

  2. wodendog Says:

    ” . . . in opportunity and the clients best interest, then don’t trap yourself into false loyalty because you will always be conflicted inside and try to keep it buried. Do what’s right for the client 100% of the time and make an educated choice with helping the consumer.”

  3. wodendog Says:

    “. . . then how are you doing what’s best for the client 100% of the time? There is nothing wrong with being part of a pumped up and charged sales environment, I even enjoyed that part of it, but don’t be sooo excited that you can’t see how the rest of the financial world stacks up against PFS. For those that are all “gung ho” on PFS, simple take a look around you in objective honesty and if PFS is the best thing out there, then go for it. However, if you do discover something better . . .”

  4. wodendog Says:

    Here’s a good quote from an ex-primerican: “I used to be with PFS. Not a bad company in its initial crusade BUT more so an outdated mantra and forced sales agenda that fails to take into account how the financial industry has evolved in the last 25-30 years. That’s the problem with being a captive agent, they don’t want you taking a look around at the rest of industry in terms of opportunity and product comparison for the client. If you can’t compare term to term . . . “

  5. wodendog Says:

    So, when a Primerica says they are doing what is best for their clients 100% of the time, they are either lying, ignorant, or brainwashed (sometimes all three).

    this concludes my list of 13 reasons why Primerica is Sub Par. Within the next few days I’ll post a good quote from a former primeican which provides a good insider perspective as well as wrapping things up.

  6. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 13: Keeping in mind everything I have said thus far, the ones who get hurt the most are the clients. If a family has to sit down with a person who offers few insurance and financial products (few of which are cheap), has little grasp of the OTHER options the family might have, is simultaneously trying to recruit them, and has to leave by 6 so he can be on time for his full-time job at the GAP, then the family isn’t getting a good deal.

  7. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 12: Primericans often lack education and maturity. Most companies require a bachelor’s degree just to start. Not Primerica. I’m not saying that a person without a college education can’t do the job, but I bet there is a correlation between education and success in the industry. As for Maturity, Primericans are lacking it. Just look at the comments left on YT by people like Banterking. Is conducting one’s self like a mature adult too much to ask?

  8. wodendog Says:

    To put this into perspective, a person working for Guardian will speak highly of someone from MassMutual, and vice versa, out of mutual respect. They also won’t mindlessly try to replace each other polices when they come across them.

  9. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 11: Because of Primerica MLM environment, combined with their teaching that Primerica is always #1, a certain cult like environment has arisen. About as often as you hear Primerica referred to as a pyramid scheme, you also hear them referred to as a cult. When talking to Primericans face to face or on-line, many of them come across as brainwashed drones or zealots. To a Primerican, Primerica is always #1 at everything they do.

  10. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 10: Primerica has a Multi Level Marketing structure (MLM), which puts great emphasis on recruitment. The more people a primerican can recruit, the more commissions they have to draw money from. This approach produces a high turnover rate, yet also leaves behind a few clients for the initial recruiter to pick up. This is why Primerica is often accused of being a pyramid scheme. Although not technically true, it’s very pyramid-like.

  11. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 9: I hear rumors that what I am about to say my no longer apply, but until then . . . Primerica is a subsidiary of Citigroup, a TARP taking organization. Citigroup has actually tried to sell Primerica in the past, but has been unsuccessful. This means that Citigroup both owns and controls Primerica. It should be noted that Citigroup buys billions of dollars worth of WL for its employees, something Primerica is against and cannot provide.

  12. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 8: There are many way to invest, but most primericans only deal with the simplest types, like MFs, education savings plans, and variable annuities. Primericas investment options can, and have been, described as “limited”. Many primericans only have a series 6 license, few have a series 7. If you ever want to do something more complex of directly invest in the stock market, you’ll have to look elsewhere. Primericans are not financial planners.

  13. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 7: Primerica is one of the few companies in the financial services industry that supports/allows/encourages part-time employment. This industry is complex, challenging, and ever changing. Would you want a part-time lawyer, accountant, or doctor? Why would it be okay for your financial representative? Part-time shouldn’t make the cut, unless it is a semi-retired experienced professional.

  14. IOWNBANTERKING1 Says:

    The 20 year level term policy only allows conversion for the first 10 years without underwriting. The term until age 80 allows conversion until age 60 if you purchase the policy between the ages of 18-45, if you purchase the policy between ages 46-55 you can convert during the first 15 years of the policy. If you purchase the policy between ages 56-65 you can convert up to age 70.

    That’s right off the website.

  15. inswiz Says:

    Oh I did my homework, so are you saying that someone that had the policy longer than let’s say 10 years can convert 125% of the term to whole life?

    Keep dumbing it down for me.

  16. wodendog Says:

    13 Reasons why Primerica is Sub Par

    Reason 6: Primerica Doesn’t offer Disability Insurance (DI). The odds of an adult American becoming disabled before retirement are 1 in 5. The average length of long term disability is 2 years. That means that the odds of utilizing a DI policy are fare greater than utilizing at term LI policy. Even Suze Orman and Dave Ramsey highly recommend DI. Yet, Primerica doesn’t offer it, when much of its competition does.

  17. dwl714 Says:

    Primerica is the best company out there…They only offer Term life insurance over Cash Value. Cash Value should be illegal!

    Check this out!

    Permanent (cash value) insurance provides lifelong protection as long as premiums are paid. It may build up cash value over time and the cash value grows tax deferred. With all permanent policies, the cash value is different from the face amount. Cash value is the amount available if you surrender (cancel) your policy before death.

  18. IOWNBANTERKING1 Says:

    So now he has cancer and they want to ensure the insurance is in force and take advantage of the extra 125% conversion so that’s the plan, Stan.

  19. IOWNBANTERKING1 Says:

    $50k for $500k* Typo from first post.

  20. IOWNBANTERKING1 Says:

    Does the client NEED it to be WL? Nah, he’ll pass before it actually expires but if he wants to leave his family an extra $500k, then he will and he’ll do it before his age 60.

    It’s sad because I did attempt to get them to try to convert it but they said (no shit) “Dave Ramsey said I shouldn’t need insurance after the end of my term” and I said “Dave Ramsey’s not looking at your finances right now and saying that you don’t have enough to self-insure.”

  21. IOWNBANTERKING1 Says:

    Inswiz: If you did your homework on the company you might know that only in 2009 can we convert 125% of the term into WL. This is not a normal thing. And they, like many of your clients, were operating under the assumption that they wouldn’t need insurance after their term expired. The guy die very soon and yes, the total conversion will cost about $50k/ year. So if you KNEW that your spouse was going to die, and you had cancer bills mounting, and you could pay $50k to get $400k, would you?

  22. wodendog Says:

    13 reasons why Primerica is Sub Par

    Reason 5: Primericans have no idea about the marco-level application of WL insurance. Banks, Corporations, the upper middle class, and the wealthy buy billions of dollars worth of WL every year for good reason. Primerica’s parent company, Citigroup, alone buys billions of dollars worth of WL for its employees. In other words, Citigroups is getting the best of both worlds. It has Primerica selling Term LI, while Citigroup itself buys WL.

  23. inswiz Says:

    If there is any truth to 125% conversion. I am guessing that a full conversion has to be done in the 1st few years and that in your particular made up case it is to late for this 125% conversion.

    IOBK if this is not made up you should of been doing partial conversions for this couple already not waiting to the last minute. If I am wrong correct me or dumb it down for me.

  24. inswiz Says:

    Keep dumbing it down for me this is a great product.

    This person is almost 60 and you are just now doing the conversion. IF all of a sudden they can afford all this WL, why did you wait to the last minute to do the conversion? Let’s see $2.5 million of WL for a 59 year old cost about what $11k a month? They were probably paying what $400 to $500 a month for term to 80. Yeah I believe you IOBK.

  25. IOWNBANTERKING1 Says:

    The convertibility will expire. I’m sorry, I guess I’ll start having to dumb-down my lingo…I thought I was talking to people who are in the biz and can keep up with the conversation. Obviously if his insurance is about to actually expire, he wouldn’t be able to convert it. He has the insurance until age 80 but can only convert until age 60 (b/c he bought it between age 18-45). I’ll dumb it down for you as I go, inswiz.

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