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In Reply to: Re: Re: primerica posted by morris on August 07, 2001 at 22:56:38:
No Morris, the insurers pick up all costs of their marketing materials. And Primerica term insurance is pretty expensive up here in Canada as well. My insurance study materials were provided for me free of charge by my original sponsoring company, I did NOT have to pay $199 to join anything, and they picked up the cost of my E&O coverage as well. I only had to pay for my license (I think it was $75 for both life and A&S - 1996). They pick up the cost because happy agents are productive agents. Any
company that feels you can make money for them will contribute to your success when they can because it will enhance your (and their) results.
As far as Primerica being legit, it is. Their policies pay out death benefits like any other insurance company. The problem is that the people who do not do well in the arrangement are the clients and the lower level agents. The consumer pays more than they should for their term life insurance (and don't bother with the whole "quality" issue as I deal with companies like Manulife, Canada Life, Standard Life, etc...), and they do not have much of an option when it comes to convertability either. To my knowledge, Primerica (in Canada) does not offer disability, long-term care, or critical illness insurance. Where are the options for the consumer?
The other person getting taken advantage of is the agent. You have to pay all these fees, your "warm" list is burned through by your "field trainer" (after I was licensed, these people were left for me. My trainer did not take a cut from any of my sales), and you are paid lower commissions. That is why it is so hard to succeed with Primerica. It is hard enough to start in this business without these hurdles.
Also, what exactly do you consider a referral? Their name and contact info? If you are getting a true quality referral, the referred person is calling you, or the referred person asks for you to contact them. Names and phone numbers are not referrals. "30-60 warm referrals" from each person? A real warm referral is an almost guaranteed sale. How do you have time to see all these people? Doesn't sound right. If you got three "warm" referrals from each client, you would soon be running off your feet just to see them all. I think we have a different idea of what "warm" is.
: the $199 in ontario Canada covers cost of life licence and first year of errors and ommissions fees.
: A cost for you would be life insurance manuals around $70 and exam fee $75 payable to CAIFA. If you go out with the field trainer and sit down in front of six families you should receive back your $199 also you should be getting around 5-10 referals per family you visit. Think about it you introduce field trainer to six people they get the benefit of saving money on insurance and shown how to reduce income tax payable and gladly give you 30-60 warm referrals. I think a pretty good deal. Take advice from people in Primerica who are doing well and don't listen to these internet critics. The business in Primerica is legit. And to answer the last person about other companies picking up the tab for marketing materials and such, if they pick up the tab for all of those it comes out the their agents commissions. Nothing in life comes free:
: ::: The $199 is just to join. The actual licensing fees vary by state. You also have to figure in supplies, marketing materials, meetings, conventions, etc., etc., etc. Most of this, if not all of it, would be picked up by the company at most other financial service companies.
: : : Have read all previous re: Primerica and mainly being a sales rep. I have not started yet but they say they reimburse all training fees. Is this true? They said it was 199$ to get insurance then an additional 350$ for the actual insurance liscence....What is the total cost and what is the true cost to me????