People who need life insurance the most, it seems, are the ones being ignored by traditional life insurance agents, who instead focus on wealthy clients.
“The industry’s years-long shift toward wealthier buyers is clearest in ‘permanent’ life-insurance policies, including varieties known as ‘whole life’ and as ‘universal life,’ which combine a death benefit with a savings or investment account. These represent almost three-fourths of individual-policy premiums collected,” The Wall Street Journalreported recently.
Nearly 40% of the face value of new whole-life and universal-life policies sold in 2007, according to an analysis done by LIMRA for The Wall Street Journal, were high-end policies for $2 million and up. The large policies, which can carry annual premiums of $20,000 or more, accounted for just 10% of the market a decade earlier, and 1% two decades ago.
Clearly, the shift has been made – and it does not favor the middle market consumer, as the percentage of families owning life insurance continues to fall to record levels.
To make matters even worse, life insurance sales to households with children have fallen, even as the number of such households has risen.
This is where Primerica stands apart from the traditional industry. We’re a Main Street company delivering to Main Street families.
While the traditional industry is focused on wealthy clients, Primerica is helping Main Street families get the protection they need at a price they can afford.
More than 4.3 million lives are insured through Primerica, and an average of $2.5 million in benefit claims are paid every day.*
We do what’s right … and we make a difference.
Source: “Shift to Wealthier Clientele Puts Life Insurers in a Bind,” The Wall Street Journal, October 4, 2010
*Term life insurance is underwritten by National Benefit Life Insurance Company, Home Office: Long Island City, New York, in New York state; in the United States (except in New York), term life insurance products are underwritten by Primerica Life Insurance Company, Executive Offices: Duluth, Georgia; in Canada, term life insurance products and segregated funds are underwritten by Primerica Life Insurance Company of Canada, Head Office: Mississauga, Ontario.
If you’re like many people, your home is your biggest investment. Protecting that investment is an important part of your overall financial health – but in these tough economic times, few of us have loads of extra cash to spend on home repairs or costly upkeep. Fortunately, there are a few simple (and inexpensive) things you can do right now to take care of your “home sweet home”!
Boost Your Insurance. If you own your home, you need homeowner’s insurance. Primerica Secure™, an auto and homeowner’s insurance referral program offered through Primerica, helps you shop around for the best coverage – at the best price.* Contact your local Primerica representative for details.
Get a Sweep for Less $. The heating season is about to start, so take advantage of last minute summer deals on chimney sweeps. Remove fireplace ashes to prevent mason damaging moisture buildup. Cost: $100 – $300.**
Take a Good Look. Inspect the exterior of your home for loose trim or siding, cracks or crumbling mortar. Also inspect your attic for any signs of leaks. Give siding a wash with a garden hose and watered down laundry detergent.
Make an Appointment. Your HVAC system needs to be professionally inspected and adjusted before cold weather hits. Cost: $75 – $175 per year for an HVAC service contract.**
Evict Bugs. Ants and termites can do serious structural damage. Get your home professionally checked for pests before damage occurs. Cost $75 – $100 for an average sized home.**
Just doing a little maintenance work today can help you prevent major (and costly) repairs tomorrow!
To learn more about how Primerica can help you reach your financial goals, contact your local Primerica representative for a FREE Financial Needs Analysis (FNA).
*Primerica Secure not available in Canada.
**Money, January/February 2010
If you’re like many people, trimming your budget is a necessity in this tough economy. Making cuts in everyday spending is a good place to start, but did you know you could be shelling out a lot more cash than you need to each month to protect one of your largest assets?
If you have a car, you must have auto insurance. Primerica, the largest independent financial services marketing organization in North America, offers three tips to trim auto insurance expenses and help you make the most of your hard earned dollars!
Tip #1: Downsize Coverage
Raising your deductible can save you money, just make sure you can cover the increased deductible out of pocket. If your car is at least five years old, dropping collision and comprehensive coverage could reduce your premium by 25-40%.1 (If you still owe money on the car, the lender may require you to keep this coverage.)
Tip #2: Bargain Hunt
Most common is the multiple policy discount, which can lower your rate 10-20%.1 Other discounts include safe driver, good student and cars with anti-theft devices. If you drive less than 10,000 miles a year, you could qualify for a low mileage discount.
Tip #3: Shop Around
Auto insurance is a highly competitive business and it’s to your benefit to shop around every six months. Simply comparing quotes could save you hundreds of dollars a year.2 Through Primerica Secure™, Primerica’s auto and homeowner’s insurance referral program, the average client saves as much as $478 annually!3 Primerica Secure does the shopping for you, and presents you with multiple options so you can make the best choice for your needs and budget.
To get started, or for more information, contact your local Primerica representative!
1 Kiplinger’s, September 2009
2 The Wall Street Journal, October 7, 2009
3 The average savings amount is based on a survey of insurance premium information provided by 567 purchasers of insurance from Answer Financial between January 1, 2009, and March 31, 2009.
In early 1999 I found myself in a very frustrating situation. I was 29 years old. I was working extremely hard as a fiber optics salesman… and I was broke. My wife and I had been married for over six years. We’d just had our first child, whom we were thrilled about, however, when it came to work, money and time, we were struggling. We started praying for a better way.
My wife received a phone call one evening from a lady she had met recently. She said that she was in training with a company that was expanding, and that we should take a look at it. She said this company, Primerica, might be able to help us. We decided to meet up with her and see what this company was all about.
Neither of us had ever even heard of Primerica and I admit we were skeptical. After about 30 minutes into our meeting with the Primerica reps, I began to realize that what they were saying actually made sense. They spoke about developing “a written program to monitor and eliminate debt, term life insurance being the foundation to your financial house, and the basics of successful investing.”
At 29, I’d never been taught these principles before. I never finished college and I had no experience with “financial stuff.” He assured me that they could help educate us about our finances. The first step would be to fill out a Financial Needs Analysis (FNA) and based on where we stood financially and what our goals were, we would see what could be done.
We met again two weeks later and went through the results. It was simple: Follow a plan to pay off credit card debts, put some term insurance in place to protect my young family (we had no insurance at that time) and find a way to make more money. They said that Primerica would teach us how to do all of the above. They would even offer us an opportunity to start part-time and show us how to build a business by teaching other people what they taught us.
I guess we were just so eager to change our lives we believed them. We paid a small start-up fee, started the training process, and moved forward in faith.
Now it’s 10 years later and I’m 40 years old. I can’t help but think about how different my life could’ve turned out.
What if I hadn’t agreed to that appointment? What if I trusted my initial skeptical feelings? What if I’d listened to several friends who insisted Primerica had to be a scam? What if I believed Internet chat rooms, unregulated Web sites, and less than credible sources?
Well, my family’s life would be a lot different. See, what’s happened in the past 10 years is that we have grown tremendously — as people and as leaders. We have built amazing friendships. We’ve helped thousands of families get back on track financially. We are financially independent and have been able to give away more money each year than we used to earn before Primerica. The opportunity turned out to be a bigger blessing that we could have ever imagined.
Primerica helps Royce enjoy the riches of family, relationships and people. Watch the video to find out how Primerica helps him “have it all.”
We now have seven offices across upstate New York and many great people working with us. We love what Primerica does for families and we love the freedom we now have. We don’t punch a time clock. Each day is our own. I’ve spent countless mornings with my children. When my son turned one, I took each Friday off and we spent the day together. We did that for four years until he went to kindergarten.
We’ve traveled together as a family to so many amazing places all over the world, and created lifelong memories. My children are so much more confident because of the “family” business. We just returned from a trip to Montreal together where we spoke to over 500 people about changing their lives through this great opportunity.
The most amazing part about that is that my 11-year old daughter spoke in that meeting about how the business has impacted her personally. Imagine an 11-year old speaking to 500 people with confidence and grace so she could impact their lives. The list of benefits of winning in Primerica is extensive.
I have found tremendous success with Primerica and so have countless others. But that is not to say that Primerica is easy. It is not a “get rich quick” scheme. It would be ridiculous to think so. But to say it is a scam, or a pyramid, is far more ridiculous. My life is proof that it is real, and there are thousands of other people around the world who would laugh just as hard at the thought of Primerica being called a scam.
The Federal Trade Commission doesn’t call Primerica a scam. Neither does the Better Business Bureau, FINRA or any of the other regulatory agencies in this country. I encourage you to check the facts and to get your information from these credible sources.
I am living proof that Primerica is real. I was a skeptic who is now a successful businessman with the freedom to live the life of his dreams. There are a lot of scams out there you should be aware of. Primerica is not, and has never been, one of them.
I think we have to create our own experience in life, and we have to move forward in faith. When we do that, put forth an honest effort, and do the right things long enough — only then can we look back and really see the “real picture.”
The current economic downturn has many families worried about losing their job, struggling to keep up with bills and worried about the future. The outlook seems bleak – 11.6 million Americans are unemployed1 and third quarter 2008 foreclosures jumped 71% over the same time period the previous year.2
Primerica presents four tips to help your finances weather a recession.
Slash and burn bills wherever possible. An easy place to start: auto and homeowner’s insurance. “Some insurers give long‑time customers up to a 10% discount, but that can pale in comparison with the savings from switching insurers. At least once every two years, get a quote from another insurer.”3
Keep good credit. To keep that all‑important credit score attractive, make sure you pay your bills on time, limit the number of credit cards you have and avoid financing more than one big‑ticket item at once.
Boost income. Start a part‑time business or work a few hours a week at a second job to get through a crunch. The Primerica Business Opportunity is a great way to do something enjoyable while earning extra cash each month. You can do the business part time or full time and work at your pace, on your schedule!4
Times are tough, but following these simple tips can go a long way to helping you and your family come out on the other side of the recession with your long‑term financial goals still intact.
Kansas City Star, www.kansascity.com, February 6, 2009
www.CNNMoney.com, October 23, 2008
Money, November 2008
In Canada, the part‑time option is not available in all jurisdictions and, where it is available, is subject to certain restrictions.
