My Insurance Haven Everything you want to know about insurance

1. 

   TryingFor#2
   May 17th, 2011 - 00:52

   Yes, shop around. I felt the same way about the Primerica agent. It was weird, could’nt put my finger on it. Do you at least know what kind of life insurance you want? Term or whole life or variable? You should have some idea of what you want it to do for you and your family before going to see an agent. Nationwide Insurance has some good products. I have a Best of America policy that is doing good. I also have a term policy with colonial penn. Picked it up a few years ago when my debt increased. Didn’t want my family left with alot of bills so I got insurance to cover it.(term policy)
2. 

   Zarnev
   May 17th, 2011 - 01:20

   I think you answered your own question when you asked about a “good” life insurance policy. They are legitimate, but they are not competitive. They accept any agent that can get licensed and train them well on their product but not on the insurance market in general. There have been many heated discussions on here and on other forums on the internet between their agents and all the other agents.
3. 

   Insurance Pickle.com
   May 17th, 2011 - 01:51

   Are you asking us whether you should throw your money away or spend it wisely?

   ….hmmm…I’m going with ‘b’ on this one….
4. 

   car253
   May 17th, 2011 - 02:07

   Primerica agents are part timers that just got their license. They usually have no or little experience.

   Buying from them is ok. All they sell is term insurance. That is fine too. I just would not buy from them because their agents do not have experience and do not know what they are doing. P.s. Not all of them but the newer ones.

   And, after the new agents realize that they will not make any money working for them, they quit and go back to their old jobs. Most of their agents are part time and have other jobs to go to.

   Just shop around. There are plenty of places to get life insurance from with more experience.
5. 

   Primerica Financial Rep.
   May 17th, 2011 - 02:53

   Even though I’m a Primerica representative, you should really do a side by side comparison between Primerica Life and other companies

   This is what Primerica Life Insurance policy offers:
   1) Level term insurance for a specified number of years
   2) Exchangeable or convertible to another term policy after the first 5 years.
   3) Terminal illness benefit included free of charge.
   4) Waiver of premium available
   5) Banding coverage (meaning husband and wife are both covered in one single policy, which means the rate per thousand coverage can be reduced)
   6) Child rider available
   7) Increasing benefit rider available (meaning your coverage will increase every year by 5% of 10% for 10 years). Its customized.
   9) Its also available to US Military personnel (active or inactive) who are stationed in the United States. There is no war clause, meaning that if you died in act of war or from a terrorist attack, insurance companies will not pay (there are several companies that has this war clause adopted). Primerica does not have a war clause.
   10) Guarantee coverage to age 95
   11) One policy per family, not per individual.
   12) Complete disclosures
   13) Comes with a customized, confidential, and complimentary financial needs analysis, a valuable tool to help you reach your financial goals.

   Fast facts about Primerica Life:
   1) AM Best rating of A+ as of 5/29/2008
   2) Largest term insurance provider, helping families since 1977
   3) Industry leader with over $ 500 billion coverage in force
   4) Average face amount on policy is $ 265,800, compare to industry average of $ 119,310 (ACLI 2003 Fact Book)

   Even though I don’t know you, I like giving out full information to people who ask about the company. Whether you buy life insurance from Primerica or not, it doesn’t matter to me since you are not my client. But I personally own a 30 year term insurance at Primerica and invest $ 400/month into my Roth IRA. By the end of my 30 year term, I’m expected to have anywhere between $ 600k (if average is 8%) to $ 1.4 million (if average is 12%). By the end of the 30 year term, I would be 54 years old. So I won’t touch that money for at least another 5 1/2 years where I can start withdrawing it tax-free and penalty free.

   Good luck in shopping around for life insurance. Just don’t wait until your next birthday because rates do go up as you get older. By the way, if you do enter your information online to get your quote, just know that the quote that is shown online is only a preliminary assessment. You should know that you won’t see Primerica quotes on any website because Primerica does not use the internet to sell its products. They have a sales force of over 120,000 licensed representatives.
6. 

   Serge Polyak
   May 17th, 2011 - 03:02

   Primerica people only sell trem insurance. It is true, term insurance is what most of the people need, but it is not for everybody.

   You need to figure what product you truly need, for how long you need life insurance. And how much coverage do you truly need. The best resource I know is http://www.ameri-financial.com/life-mortgage-annuity-and-co./index.php

   After doing your research, DO get more quotes from other companies, and limit your search to AM Best’s A+ or A companies. Then, simply go with the cheapest product.
7. 

   Chris C
   May 17th, 2011 - 03:50

   Yes, you should absolutely shop around. Go on a site like http://www.winquote.com and check prices. While this is a site that is used more by brokers to get a feel for who is at what prices and not really meant for the public, it will give you a good idea of just how good Primerica is. In the USA, Primerica is consistantly ranked around 50-60th place when it comes to prices on their insurances. In Canada, they are consistantly dead last. Doesn’t matter what province or state you live in, Primerica is FAR from the best deal out there.

   As mentioned, most are parttimers that sell a one trick pony product. It’s a simple one size fits all approach so their advisors can work part time and not worry about understanding the whole industry and all the other products available. While, yes the Buy Term and Invest The Rest strategy is good and has it’s place, it is not the only strategy out there and in many cases it is not beneficial to choose that route at all. And if you do go with the Buy Term and Invest the Rest strategy almost every company in North America will be able to allow you to have more to invest in the end.

   Contact a broker in your area (who has access to multiple comapnies and product lines) and they will be able to do a complementary, and confidential needs analysis (and all needs analisyses are customized to the personal situation or it wouldn’t or a needs analysis wouldn’t be done…the advisor would just simply say buy $ X amount) and almost every other thing that Mr. Primerica agent above boasted about…many of his points are merely unwritten industry standards by most companies in North America (at least 12 of the 13 points are industry standards, the only one that isn’t, but is still available from many companies in the USA is the US millitary personal thing), plus find you the best product that suits your needs with the most competitive price.
8. 

   The Income Protector
   May 17th, 2011 - 04:43

   Don’t check with just one company. You can comparison shop for life insurance online with hundreds of companies and purchase it without having to work with an agent for just one company.

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