Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




Any Questions I Should Ask of Primerica?

Reply to topic
Money Talk > Personal Finance

Author Thread
Nishima
Member


Cash: $ 3.00

Posts: 14
Joined: 28 Nov 2006
Location: North Carolina
Any Questions I Should Ask of Primerica?  Reply with quote  

Okay, a cooworker of mine talked me into letting him come over to my house tomorrow as part of his insurance sales licensure/training procedure.

He told me he needs to do 3 sessions with this other guy as part of his training and wants me to do my best to ask tough questions about insurance / investments. This is not just for role-playing. They will be actually trying to sell me on their insurance, IRA funds, etc.

#1 - I actually am in the market for life insurance. I have almost zilch in insurance, I am the primary bread winner, and we're about to adopt a child next year. I would like my wife to be able to pay off the house at a minimum were I to keel over. I currently have 1 x my annual salary plus a $25,000 policy. The 1 x my salary is going to be lost by the end of the month when my company changes ownership.

#2 - I would not mind a money market account and/or Roth IRA. My company is getting very small and we're about to change ownership. We're 99% certain we'll be losing our 401k match. I can still contribute to the 401k I'm sure, but without the match, a Roth IRA may be better. (I'm 29 years old.) My 401k is with Vanguard and I've quite happy with them. One question I guess would be why go with these guys, when I can open one with Vanguard?

#3 - I found out the company is Primerica Financial Services. I see some good things about their insurance (Term Life) on the web. I also see a lot of things that make me hesistate. Bad mortgages, comparisons to MLM companies, fees, etc.

So...he asked me to ask tough questions so he would be prepared to answer them in his own future client meetings...any suggestions?


Last edited by Nishima on Mon Mar 05, 2007 12:19 pm; edited 1 time in total
Post Fri Mar 02, 2007 8:06 pm
 View user's profile Send private message
coaster
Senior Advisor


Cash: $ 1626.30

Posts: 7990
Joined: 11 Oct 2005
Location: Wisconsin
 Reply with quote  

It's hard to know what to ask without hearing the sales pitch. At a minimum, this guy should do a financial needs analysis, and then come up with solutions to meet your needs. Of course, the solutions he comes up will be financial products that gain him a sales commission. So perhaps some of the questions might be why to buy what he recommends versus something you can get on your own commission-free. Also if he tries to sell you insurance, see if he just recommends term insurance or else he tries to sell some other expensive insurance product as an "investment." A legitimate financial advisor will never try to sell you something just to line his pocket, only what you need to meet your needs at a price you can afford.

And I hope you realize this "training session" might be just a ploy to get your guard down. Wink

~Tim~
Post Fri Mar 02, 2007 11:09 pm
 View user's profile Send private message
ap76
New Member


Cash: $ 0.60

Posts: 3
Joined: 06 Mar 2007

Insurance needs analysis  Reply with quote  

I agree, it is hard to know what questions to ask without actually hearing the sales pitch but a few good areas to concentrate on:

Ask him how to best determine the amount of insurance coverage you need (life insurance needs analysis vs. human life value approach, etc)

Ask him for specifics in why he would recommend one particular kind of product over another (term vs. VUL, etc.) the answer you are looking for here should be all about your particular situation and needs.
Post Tue Mar 06, 2007 5:25 pm
 View user's profile Send private message
TomG
First Time Poster


Cash: $ 0.20

Posts: 1
Joined: 16 Jun 2009
Location: San Diego
 Reply with quote  

Ask him how his program compares to other programs.

Tom G

[edit]
Post Tue Jun 16, 2009 7:39 pm
 View user's profile Send private message
coaster
Senior Advisor


Cash: $ 1626.30

Posts: 7990
Joined: 11 Oct 2005
Location: Wisconsin
 Reply with quote  

html is not enabled on this board (see options below left from the post edit box)

links belong in the profile, signature anyway, and this one was removed for that reason.

~Tim~
Post Wed Jun 17, 2009 6:29 am
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2018