TERM LIFE / Reps no Degrees in Finance/Economics
I am a financial services professional, which means I sell life insurance, and offer the full range of financial services, also. Here is what I have found from Primerica clients. If I find a potential client to have Primerica life insurance, I know 'for a fact', that I can get them a better rate if all they want is term life insurance.
I want to thank Primerica, because I have replaced more of Primerica's term insurance than I can begin to count. When I ask them who they knew from Primerica that got it for them, the answer is always a good friend or a relative. The next question is, 'Does he still work with Primerica?'. Their answer is, 'No, he is still a plumber, carpenter, construction worker, etc.'
The point I am trying to make is that most of these guys are coming from non-financial backgrounds and trying to get people to invest with them, etc. What happens is that they will get in with Primerica, sell term life insurance to everyone they know, and as soon as their warm market is gone through, they are done, because no referral in the world is going to buy term from a Primerica rep if they do ANY research at all, they are simply the most overpriced term out there.
Also, their big thing is that they show people that they need to 'buy term and invest the difference.' I have never found one person who has Primerica's term that is investing the difference. Whenever I ask them why, they say because they just got them the term and didn't follow up on the investing part. The reason is that there is no money in the $50 a month investments. These regional whatevers make all of their money off of getting new people into the business, writing expensive term on all of that persons family and friends, then that individual quits. The last thing I would do is rollover my 401k, IRA, etc., to a guy that still has grease on his hands from his 'other' job.