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In Reply to: Re: Re: Re: Primerica posted by Bashing one company doesn't make sense on March 23, 2004 at 19:01:41:
I have been selling VUL'S for years. Right on the NASD software is the option to vanish prem..
You base the return at a hypo. of 10%, at that rate the policy should carry itself for ever if the client pays a certain prem. everyear.
You tell the client that this is just a hypo. If the return is less, than you can't vanish at that point in time. You may have to contribute more prem. etc.
There is nothing illegal or unethical about vanishing prem. It is the failure to fully disclose all the various elements of the VUL, rate of return, prem. paid, etc.
The prolems with a company like PFS is the marketing system, MLM, recruit is the life blood of the sytem. Lack of product knowledge with so many part-time agents. Very high prem.. No conversion options. Only one life ins. product.
Let's face it. PFS rips off the agents and the clients.