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In Reply to: Re: Re: Re: FORGET A MESSAGE BOARD AND DO YOUR OWN RESEARCH!! posted by Mislead by PFS on June 19, 2001 at 07:03:35:
plain term huh? i really doubt that you have a policy that is half the cost of ours but if you do wonderful. you've joined the ranks of those who know that term is the only form of life insurance to own. ask your agent if you can have your whole family on the same plan without any extra fees, if all your children are covered, up to ten children, for only $6.18 total!! not $6.18 for each child. also ask him if you lose your job and can't pay the premiums will he waive your payments (not to repay at a later date, but completely waive them) until you are back on your feet again. also ask him if they can add custom term riders on to your policy to cover certain debts, customized to your specific situation. also ask him if your children can take out a policy out of the one you own now when they turn 21 without paying a fee or without providing proof of insurance. while your at it ask him if you have the option to increase your coverage with the cost of inflation at a discounted rate. ask him all that and if you have a policy that is cheaper than our A++ rated term, then congratulations... you are the only one.
so you didn't look up the lawsuit info either huh? well once you do you'll see the overwhelming amount of cases vs your favorite, trust-worthy, insurance companies for lying and decieving the client. there might be a case vs one of primerica's independent dealers but not against primerica. and there has never been a case against primerica for LYING TO THE CLIENT!
yes, everyone knows our parent company, citigroup. but again you are guilty of not doing your homework. so you think that primerica is a little insignificant part of citigroup? well once apon a time a man by the name of Sandy Weill was CEO of primerica in 1988. by 1993 he had built the company's overall assets to 23 billion, so almost 8 years ago we were still bigger than most financial companies anyway. then sandy and primerica bought travelers. most think it was the other way around but those of us who did our homework know that's not true. go look it up for yourself. because everyone had already heard of traveler's ... he changed the name to traveler's group to keep the name recognition. then sandy bought Smith Barney, then bought Salomon (which is where Salomon Smith Barney came from... for the uneducated). then, as the CEO of traveler's group he bought Citicorp to create Citigroup. now Sandy Weill is chairman and CEO of Citigroup. the CEO of Citicorp is not CEO, primerica's CEO is head of the company now. so you see uneducated one...without primerica's original CEO Sandy Weill and without primerica, Citigroup would not exist. but i guess that's pretty un-important, right? next time do your homework so you aren't embarrassed.
you're right. not every company promises that you'll make 100K cuz that can't deliver. everyone that comes into primerica as an independent agent can earn that kind of money. everyone is capable of earning it... if they don't quit. and most people do quit primerica. one reason is they have people like you telling them that they can't do it and they'll never amount to anything and they can't handle the rejection and they quit. this is a tough business strictly because of people like you. i could give you a ton of reasons to quit primerica. i don't have time...i like my job and my boss...even though i don't make enough money here i'm comfortable...i just don't want to change anything... i'm looking forward to working here for the next 20 years... it's too tough...my friends made fun of me...someone told me No!...most people quit cuz they aren't tough enough to handle the rejection. just because people quit doesn't make the company bad. not everyone who goes to college graduates...does that make college bad. no, it just means it's not for them. some people quit cuz primerica's not for them and that's fine. for those who tough it out for a year, two or three the rewards can be more than 100K. it's all up to the individual. true...about 3% of our workforce makes over 100K a year. but we have over 100,000 agents. actually it's smaller than that...exactly 1,413 people in our company earn over 100K. but there is only 3% of the country that earns over 100K a year, and we've got 45% of them. so i'd say it's the best chance the average joe has got to EARN 100K a year.
and i don't really understand how we can't have the product line to do what's right for the client 100% of the time. all's we need to do is make sure that the products we have do right by the client. term, high quality term is good for the client. mutual funds are good for the client. and debt consolidation is good for the client. so that's 3 out of 3 which equals 100%. nice try.
again, we are analysts. to talk about insurance and investments and loan consolidation you have to get licenses through the state. you know that primerica's agents have to be licensed and you also know that to get licensed in those areas you have to be trained and take a state test that must be renewed every year. you did have intelligent come backs but these objections are getting weak. i wouldn't talk with anyone without a license either. and to all of you reading this, you shouldn't talk to people without licenses either. yes we are salespeople, salesmen with a great product. if you don't want to get out of debt fine, i don't care. don't sit down with one of us. go somewhere else. there are 80 million other people to go help and i don't see banks and other financial companies doing complimentary house calls.
I don't know what you mean by "regular insurance agent". That is what you are and I am. I don't need to do mortgages with approximately 150 different mortgage companies with bi-weekly payments because we get it right the first time with Traveler's. We offer reasonable rates, no front loads & no prepayment penalties. (but if you really cared about your clients you would tell them that they should be worried about how long they are going to be in debt and how much they are going to pay back in interest. interest rate is the 3rd most important thing. super low interest rates were created to keep people in debt forever). I can offer term insurance but not group. there is no need for group insurance. one you can't control it because the company owns it. so what happens if you get fired from your job after 20 years...guess what you're uninsured, and now your insurance TERM premiums are gonna be high cuz you're older now. you should have did right by the client and told them that up front. if you can offer the same term with all of our features i listed then great. but if you can't do every single last one of them, then that's one more reason why our term is better. maybe that's why we got two plus signs instead of one like yours. (A++)
but once again we are only analysts and we can't do all of the workman's comp and health insurance, and home owners insurance...yet. but as long as we do right by our clients ... do we really need to do all that? that's what you're there for.
and we are not estate planners. i never said we were...but we could show them how to roll their money over to their family without the fancy title. actually...anyone can roll their own money over to their family if they know the law. you don't have to have a license to do that... cuz it's their own money. so what's the use of your estate planning again? oh yah...how much do you charge for all this stuff? are you going out to see the average joe who makes 30K a year with his large estate? are you helping middle income families build their estates?
no you are not...you know why? because out of all that fantastic stuff you can do for the client you never said one thing about helping them with their debt. and we all know you can't invest or build an estate if you have no money to do it with. and since you don't offer your services for free it looks like your excluding a majority of the population because most can't afford to pay you to do all that. you can't be selective when you are trying to help people. ray croc didn't build McDonalds' by being selective and feeding tasty hamburgers to the top 2% of the country. you have to help everyone...regardless if they have an estate or not.
and now my favorite...Cash Value. i went and got a book...(outside of PFS) called Financial Self-Defense by Charles J. Givens. this is available at any book store or you can order it. ooh ooh... it also tells you how to get around those pesky estate planners...(pg 149).and now i will commence the destruction of cash value as quoted by Mr Givens himself. i'll be sure to list page numbers so that all the fine, curious people out there can double check my findings. oh yah...there is a company that can settle all this bickering. they will tell you the truth since they are not affliated with any insurance company and they are not a part of citigroup. they have nothing to gain. call the INSURANCE CLEARINGHOUSE at 1.800.522.2827. 400 west main street Leesberg, Florida 34748-5123.
since i'm on the topic of estate planning let's start there shall we...?
"One error in judgment often made in estate planning by those whose estates are over the taxable limit is to assumethat the estate tax must be provided for while living." - p.149
"Let's say that your taxable estate is $1,350,000, exceeding the $600,000 exemption limit by $750,000. From the Unified Gift and Estate Tax Rates table on the following page (in the book only), you will notice that the taxes your estate would pay would be 39% of $750,000 or a total of $248,300."
"Whole life insurance agents would love to solve the problem for you by selling you an incredibly expensive $250,000 whole life insurance policy so that the cash would be there to pay the estate taxes. but when you buy a life insurance policy to pay estate taxes, all you are doing is paying the estate taxes before you die, instead of after."
is that right by the client mr. estate planner...hhmm i don't think so. but let's continue.
"That's like paying income taxes on money you haven't earned yet. Realize that the insurance company must bring in more money in premiums than it pays out in death benefits or it cannot stay in business. Therefore, a majority of the people who buy life insurance to protect an estate will have paid more into the plan in terms of premiums and the interest they could have earned with other investments than will come out of the plan to pay the estate taxes. This one hard fact of life is often hard for me to get across, because the amount of money just doesn't seem as significant when you're making yearly payments in premiums and not seeing the investment return the INSURANCE COMPANY IS EARNING ON YOUR MONEY." p-149
whew... that was a keyboard full. and i haven't even touched the beloved cash value part yet. whose tired of learning how insurance companies screw people? hmm.. i see. a show of hands... who wants to hear more? wow. i guess i'll go on.
as stated on p-108 mid-page:
"Whole life insurance or cash value insurance is the worst of the three. The only good thing you can say about whole life is that it is named correctly. 'Whole' life is where your money goes down in a 'hole' never to be seen again. You overpay your premiums by 1,000 percent to create something called cash value, which neither you nor your heirs will probably ever see. Due to a slick maneuver in the policy (which we'll cover later), when the insured dies, the insurance company and not the beneficiary gets to keep every dollar of the cash value. Not 10 percent, not half, every dollar up to the face value of the policy. Why would you want to overpay your premiums by 1,000 percent to build something you'll never see?"
how many of you out there reading this are upset that i am slamming a policy that does this to people? that's what i thought. i don't have a problem slamming liars. while i'm thinking about it...go ask your local cash value agent how much of your money goes to pay premiums and how much goes into your cash value savings fund?
p-111
"The truth is there are no good whole life policies. NOT ONE, not for anybody. Even the concept, in my opinion, is a flagrant abuse of financial ignorance. To illustrate the deceptions in the whole life sales pitches, we don't have to look much farther than the promise of cash value."
i could go on and on but you see my point. for those of you who are interested go pick up this book... or better yet, save your money and check it out at your library and read it for yourselves. start on page 111, then you should read on page 117 "defense #38:Never buy universal life insurance" after that you can go on to read on page 127 why "Level Premium Term (LPT)--Best".
now that i have done all this research...do you still want to have an intelligent conversation? remember these quotes are of "Financial Self-Defense" and these are not mine. i agree with them but if you don't believe me go get the book and others like it and find out.