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In Reply to: PRIMERICA IS A RIP OFF! posted by brian allman on October 02, 2007 at 07:57:22:
You were not ripped off.
When you buy term insurance, any term insurance the price is locked in for 20 years. Afterward you enter the period of guaranteed renewability. but since the mortality rates are higher at your new age, the premium reflects that. What you should have done is fully fund an investment that allowed you to be , self insured, or at least partially. What I advise clients (other than getting a 35 or 35 year term) is to renew for a decreasing term. That way the premiums remain the same (althought coverage is greatly reduced) if their investments have not reached the point where they equal the life coverage. if your investments equal the life policy face value, then you don't need insurance anymore and you are just using it to pass more wealth on. That is not what this program is designed to do. This program is designed to help people be properly protected in the early years, and retire in the later when insurance is no longer needed, but a retirement vehicle is.