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primerica Review - Good Products Bad Products - ALL
primerica Review

primerica Review


Good Products Bad Products - ALL

I am in the middle of being recruited with Primerica . Of course, I am not dumb and therefore am doing my own research on their products. In order to be a successful sales person, you first have to believe in the products you sell and that is why I am doing the research. I want to help people so I MUST be clear whether or not the products WILL in fact help.

First I found out that the simple interest mortgage product is definitely NOT a great product because they charge a higher interest rate but to be reasonable, there are people that can benefit from this product. I will just have to carefully judge who to sell this product to. Aside from this product, other products of Primerica seems to be decent and sellable. I am certainly impressed at the idea of teaching families how to manage their finances and help them eliminate debt. This part is really up to the individual agent to do the right thing. Yes, there are other companies out there that will help you refinance your mortgage and consolidate your debt, but they make it your responsibility to know what is out there that fits your needs. Primerica will come to you and help you analyze your financial needs. How can it hurt to have a licensed financial expert come to you and give you a free analysis? Primerica's products were not designed to scam people but unfortunately there are agents out there that will mislead you just to make a buck. Be wise and think through what is being offered but overall the company was designed to HELP...I will sure try my hardest to stick with the original plan.

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Willpower1 says: (8 years ago)
I am about to join Primerica in a few weeks, I have read the pros and cons. It isn't perfect company by no means but who is? The people who trash the company can't even make a rational case against them it is either personal or it is from a rival company. Do primerica have agents who have done some bad Sh@t? Yes, so have the others ones who is screaming on them. There are people that shouldn't be in this business period. When I pick my team I will be tough and hard on them because when you are handling other people money, they are trusting you to do the right thing for them not make a quick buck. I will act in the best interest of my clients, not to make a fast buck. My future team will do so as I do or they are out of here period. Far as what my Rvp does that is him. I am responsible for my actions. My parent raise to do the right thing not take advantage of people. That's my take on it. Wish me luck!

IndependentBill says: (8 years ago)
If the money goes to principal first, each payment should reflect more going to principal each payment, but sometimes my receipt from CitiMortgage shows less going to principal than the previous payment. I can't figure it out and my ex-RVP couldn't explain it, nor could I get an answer from corporate. It's not that big of a deal, and certainly not worth paying new origination fees to get a new mortgage, but I have since learned that paying off the mortgage faster is NOT a good idea.

Think about it. Say you make extra payments and get your $200,000 mortgage down to only $50,000, but lose your job and can't keep paying. Is the bank going to cut you any slack because you have a lot of equity in the home? Not a chance. In fact, you get moved to the top of the line for foreclosure because they know they'll get all their money and fees.

If, on the otherhand, you take extra money and put it into a ROTH IRA fixed indexed annuity currently earning more than your mortgage interest rate, and add your extra tax savings from your increased interest deduction to the IRA, your net debt goes down more quickly than if you were overpaying your mortgage. Why? Because Uncle Sam helps you pay the interest on your mortgage interest. At a 25% tax rate, the net rate on your 6% mortgage is only 4.5% and if you're earning 7.5% on your fixed indexed annuity, the difference adds up quickly. Take it out after age 59 and a half, and the money is tax-free!
Why use a fixed indexed annouty rather than mutual funds? Mutual funds are invested in the market, which goes up and down. If it's down when you need the money, you're in deep trouble. The FIA mirrors the market, but is not invested in the market. You benefit when the market goes up, but your principal and gains are locked in and don't go down with the market. Much safer, and a far better way to pay off your mortgage quicker, while building retirement savings, than just making extra payments on your mortgage.

Primericaisbad says: (9 years ago)
The BIG Smoke & Mirrors loan—SMART Loan.

If you want to pay your mortgage off in 20 years, the mortgage industry (including Citimortgage) has something to accommodate that—a 20 year loan. I wish I had the time to go through the numbers right now, but you all can check it for yourself. Run any SMART loan scenario’s total annual payment (including the 26 payments) against a 20-year fixed loan with a “normal” interest rate and you’ll find that the regular old 20 year loan will have a lower:
payment annually
total payment to finish the loan
fees to get the loan
NO pre-payment penalty

Comparing to a 30 year loan, the SMART loan will accelerate the payment, no question about it. Do you HAVE to have a 30 year loan to begin with? NO!!

Also, the simple interest thing will DESTROY you if you’re ever late. The same power of simple interest saving you money when you pay bi-weekly hurts you when you miss a payment. The interest compounds DAILY.

So, if anyone’s argument is that the client doesn’t want to be “committed” to a 20 year loan, here’s my rebuttal:
If they can’t afford my 20 year theory, they can’t afford your bi-weekly payment either. They can always get a HELOC in case times are tough and they can’t make the payment. It’ll be a lot cheaper than adding simple interest to their mortgage, NSF fees at the bank and being locked up by HUGE pre-payment penalties.


Straightshooter says: (9 years ago)
Get involved in the training and you'll understand that our 30 mortgage gets paid off in 22 years because there is a massive difference between simple and scheduled interest. Our products and services are unparalleled.

Cooks says: (9 years ago)
Hey, I just became a primerica agent and I would encourage you to learn more about the simple interest loan. Have you asked your RVP to explain it more clearly to you? Yes the simple interest loan has a higher interest rate than the conventional loan, but the difference is that every payment made on the loan is taken directly off of the principal, where as in the conventional 30 year mortgage, the entire amount of interest is pre-calculated into your monthly payments and when you make a payment you are actually paying your loan off from back to front, instead of front to back. So if you are trying to pay your mortgage off faster by paying more a month, you're not paying that amount off of the principal. Most people in a conventional 30 year mortgage don't even touch their principal amount until year 5 or so. Where as with the simple interest loan, every payment you make is knocked off of the principal and the interest accumulated is adjusted for every dollar that comes off your debt. This is NOT the case with conventional loans and therefor, even though the simple interest loan has a higher interest rate, your monthly payments are lower and if you contribute more per month than your minimum payment you can knock years and potentially hundreds of thousands of dollars off the entire cost of paying back your loan. Look into this further before you say that the simple interest loan is a bad product because the interest rates are higher. It is actually a far superior and affordable loan. The more I learn about Primerica the more I respect what they do. There are of course, a few bad apples, so make sure that you agree with and respect the RVP of your office before you sign on with him. Usually, if you're willing to drive a little farther you can find a really honest great RVP to work for and that will make all the difference in your experience and success.

wmw123 says: (9 years ago)
Primerica is not a good company and opportunity but is a great company and opportunity. Primerica has a business model that is 2nd to none.


Primebabe says: (9 years ago)
Good for you!! You're smart enough to do your own homework, and you understand that YOU are responsible for your ethics and your success.

Best Of Luck!

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