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In Reply to: Re: Re: Re: Re: Re: Primerica posted by I didn't say that on March 25, 2004 at 22:25:41:
I "bash" primerica simply because of the BS they spew. For example, saying they are not financial planners. What do they use?, Financial Analysts?
That they talk about cash value life insurance without knowing anything about how it works or when its appropriate.
If your clients earn $50,000/yr, then sell them term insurance. But if your clients earn $200,000/yr then you'd better consider cash value life insurance, because odds are that its appropriate. (and if you don't think so, then you surely prove my point that you lack any knowledge of cash value insurance)
This BS that pfsers state that by investing in mutual funds (expensive ones too)that everyone will be self-insured at retirement and or not need life insurance at retirmenet or older ages.
Their belief that what they learn from the primerica "text book" is more educational than taking CFP, CLU courses. (I guess if you can't become a CFP you'd down play its relevance)
The conflict of interest of selling only one (or a few) life companies only and selling mainly smith barney mutual funds. All good for primerica, none good for the client.
ALL pfsers claim cash value life insurance is bad or a rip off. However, every explanation I ever got was wrong!
Don't tell me its a rip off, when you reasoning is inaccurate. Your conclusion is then WRONG!
Educate yourself outside of primerica, then come to your own conclusion....pfsers can't and won't...so I will "bash away"!!!!
: : First, you are wrong about primerica not being involved in any lawsuits.
: What I said is, of the over 450 hits returned on a search on insure.com, none named Primerica. I didn't say anything about Primerica not being involved in any lawsuits.
: :Lets clear that up right now.
: It doesn't need clearing up, since I didn't say that.
: : Most, if not all insurance companies have been involved in some sort of lawsuit over the past several decades...primerica included.
: That is my point exactly, yet there is a disproportionate amount of discussion about Primerica here.
: : I also agree that a number of agents outside of primerica have little knowledge of life insurance and whether intentionally or not, misled and misguided clients about life insurance, such as vanishing premium.
: Absolutely.
: : There are many agents that lack the knowledge and education on life insurance.
: : My point is that primerica reps are taught that anything but term life is essentially "evil" Thats a bunch of crap!
: I have never heard any company rep. describe any product as "evil," although I've heard them say cash value is a "rip-off." I tend to agree.
: : I have yet to meet a pfser who understands cash value life insurance, so its wrong for them to make recommendations on it in my opinion.
: I don't think a person has to become an expert. If we all had to be experts in every product we used, we'd all be geniuses. But between consumer reports, lawsuits, and books written by experts on the subject, it seems reasonable to come to the decision that there are serious problems with CV.
: : Just because the company they work for says "no" to cash value life doesn't mean its right.
: Doesn't mean its wrong either. It's a matter of opinion. I happen to agree that CV insurance is a high-cost, low-value product, even when the salesmen don't misrepresent it.
: : I'm not much for this captive agency stuff (which primerica is, I don't care what you say)
: The point I was making is that there sure are a lot of criticisms about Prime America on this site, but out of all the companies out there, they seem to have the cleanest public record. How do you explain that?
: : The best route is to be an independent planner and broker. This gives you and the client the most options and you can be as unbias as possible.
: : Finally, another serious problem with primerica is that they tell their reps that they are not financial planners. BS. I don't care what name you come up with, what you tell the world you do IS financial planning (or your attempt at it).
:
: : Saying you're NOT, is just a marketing scheme. Being in this business, you should becoem a CFP, CLU, ChFC, etc. This is REAL education.
: :These designations doesn't mean you have to sell cash value life insurance, but it does teach you how any life insurance works and thats what really matters. In the end, independence is whats best for the reps and the clients. Anything else, results in being bias.
: :
: : : Enrique may be off base, and I admit there's better ways to make a point, but this focus on bashing one company doesn't make sense, given the facts. Any amount of research reveals that traditional companies and agents have, for at least the last 25 years, severely abused consumers.
: : : Do a search using "lawsuits" as the search term on the insure.com website. You'll get over 450 hits, and none of them involve an action against Primerica.
: : : The most common deceptive ploy companies and their agents have used over the past 25 years is the "vanishing premium" deception -- Prudential, Knights of Columbus, General American, Provident Mutual, Lincoln National, the list is a long one.
: : : But that's not all traditional company agents have done: they've engaged or allegedly engaged in race-based premiums (Reliable Life), price gouging (Farmers), misrepresentation of rates (Conseco), you could go on for pages and pages. See it for yourself at
: : : http://info.insure.com/search/sitesearch.cfm?search=lawsuits
: : : I notice these "critics" aren't posting their own company names, but dump all over one company. Embarassed? I would be. The one thing these agents have gotten right every time is that the consumer has been given a good fleecing by traditional agents and companies.
: : : Vanishing premium? If it sounds too good to be true, it probably is. Millions of Americans got googly-eyed over the vanishing premium deception, and the only thing that vanished is their agent and their premium dollars.
: : : I think it's highy hypocritical to be bashing one company. Maybe you're looking for a scapegoat, some company to use to distract consumers from the real issue, which is that for 25 years now, probably longer, traditional life insurance companies have been sticking it to their clients.
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: : : : Actually, Enrique, the AM Best ratings only mean the company has financial assets sufficient to meet potential claims liabilities. It has nothing to do with the quality of its products, only its ability to deliver what it promises to deliver.
: : : : Why is it everyone with a criticism of your company is a "loser"? Oh well...
: : : : : "PFSers always refer to CitiGroup when trying to add credibility to their company. Having CitiGroup as your parent company proves NOTHING!"
: : : : : Right, because GE Finance has NO RELATION WHATSOEVER to GE...... I mean, you can buy GE Finance Stocks, right? Its a totally separate company, right?
: : : : : And you can buy Primerica Stocks, too, right? CANT YOU ?!
: : : : : CitiGroup - Part of the Dow 30 (uber prestige) - #1 financial services company on the planet - PFS is AM Best Rated A++ (highest rating).
: : : : : Suck it, loser.