Primerica Insurance?

Can anyone tell me WHY Primerica's Level Term insurance is bad? What is wrong with it?
Additional Details
Richard, I was looking at another answer and saw a person say we should stay away from Primerica's insurance. I own one of their policies and work with them. I'd like to know peoples opinions. That is why it was open ended.

Its not people who are saying Primerica Life insurance sucks, its the competitors and agents from other companies that say it sucks. Lets say you work for Metlife and had bunch of clients. How would you feel when Primerica agent takes your clients one by one and replaces the crappy whole life policy you sold? You would be pretty angry and when you try to confront the Primerica agent, you will lose because everything that a Primerica agent says is true and comes right out of the text book. In fact, if you ever be confronted by an agent from another company, let the agent know that you will bring a recorder and tape the conversation and bring it the state's insurance department for review. That will truly scare our competitors away because we don't lie about the life insurance products.

So don't worry about what our competitors say because we will always win the battle. I personally own a 30 year term with $150,000 coverage at Primerica too and work there part-time because I can.

Primerica, in my opinion, has a great system of selling their product. They really do help others by letting one about crappy whole life policies out there and helping them become debt free!

The only thing is that their term insurance is just way overpriced! My friend is paying $33/month for a 30yr $200,000 policy He is 18yrs. old, Preferred Plus non-smoker.
I checked out a couple companies and found the exact same policy for $16.80!!!!! ALMOST HALF THE PRICE!

term insurance is the best life insurance out there. all others are ripoffs because they are overly priced.

As far as I know there is nothing wrong with Primerica's level term insurance. Term insurance is pretty straightforward and there's not much difference, other than the premium, between companies and Primerica is not all that competitive, especially for females. Nothing wrong with that, though, it is a free market and they can charge whatever they want.

The problem that I have is; insurance is not a one size fits all product. "Buy term and invest the difference" is what Primerica tells everybody, no matter what the circumstances with the client. This sounds good in theory, but how many people actually invest?

I'm a big proponent for term insurance but I also know that it is not for everyone. I did sell myself a VUL but I know the reason for getting it, and it's not as an investment. One reason is because term insurance does run out after a time; I may be uninsurable when that happens. For what it's worth I've also got a term policy to cover me until the kids are gone.

I have a problem with the Multi Level Marketing that makes up the Primerica sales force. When I first started with insurance I got roped into going to one of the recruitment parties. It was like a loud college pep rally when their team is on a loosing streak. I'm surprised that none of the people there didn't rip off their shirts and paint their faces. Not once during the party did the recruiters speak about what is best for the client. All they spoke about was how much money you could make. We were asked how big of a house did we want; what kind of luxury car would we like to have. That may be true but at what cost. How many of MY friends and aquaintances do I need to recruit into my hierarchy before I make a good income? How long will it take to become the RVP and how many toes do I have to step on?

I also don't think it is really in the client's best interest to be a captive agent. You may be able to give them your best product but is it the best product out there. I was a captive agent with a P&C company when I first started but after four years I gave up my book of business because I saw that the product I represented, while a very good product, was not for everyone. (I had my home and auto insurance with them before, during, and still have it after working as an agent with them.)

I've also known people that either work or had worked with Primerica. Now I'm not going to put down Primerica agents. You know as well as I do that there are good and bad, honest and dishonest, knowledgeable and ignorant, agents with every company. The Primerica agents knew their product inside and out, but that's all they knew. They are trained to sell one product - Term Insurance. When asked how the term insurance fits in with the client's overall insurance program all they can say is "buy term and invest the difference".

Different companies price the same market niches differently. This means that one company may be incredibly competitive for 25-30 year olds, but not so competitive for 45-50 year olds. You may want to work with an agent who does not have the bias to push one company over another.

There is nothing wrong with Primerica as an insurance provider. They do use MLM programs to sell the policies and a lot of people get sucked in without realizing what this is. If you're tempted to work for them consider the implications of MLM and recognize whether this is what you're bargaining for.

Nobodsy can say anything at all based on what you say here. Do you have a real question, or are you merely trying to slam them?

"Can anybody tell me why John beats his wife?" is simply a coward's way to impune John. Come out with it, man.

Not in any particular order

1) THEIR TERM COVERAGE IS TYPICALLY 30-70% MORE EXPENSIVE THAN COMPETITORS

2) Most of their term policies are not guaranteed for the full length of their term. Most are 20 years with 10 guaranteed and 10 of non guaranteed level

3) The agents are overwhelmingly part time. Say what you want but life insurance is indeed a very complicated financial instrument and there are scores of financial planners that will agree that it may be one of the most complex financial instruments available. Would you let a part time carpenter build your house much less let a part time doctor operate on you. Why let an amateur operate on your financial future.

4) There buy term and invest the rest would be OK if their mutual funds are 40-60% higher in fees and loads than similar funds with other companies

5) They are spawned from AL Williams and were kicked out of 9 states in the early 80's and many people are still around propagating a culture of dubious recommendations.

6) I constantly see their agents make either ignorant or outright lies about other companies policies they do not understand

7) They purposefully misrepresent facts in their recruiting practice. Example is their statement that they have more agents who make 100k per year than any other company. Only even possibly true because they recruit so many policyholders into agents, that they have people earning 85k/yr trying to make some extra money and selling 15k makes them an employed 100k income earner. While literally true it is very misleading.

I could go on but I think that answers your question adequately.

Primerica itself is a joke, so I'm not surprised that their product line is not competitive.

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