I met a Primerica agent though a friend of a friend because I was shopping for life insurance for my wife and I and 4 kids. My goal was protection until I was retired at 65 years old. The Primerica agent was so confident that Primerica Life Insurance was better than any other company out there that after he explained the benefits of their Life Insurance to me he gave me his own policy and asked me to take it and shop around and ask agents from other companies to pick apart his policy and explain why their life insurance was better. I explained my goal to agents at 10 other mainstream popular life insurance companies, and after showing all of them the Primerica Policy, they all said the problem with it was there was no investment portion. However, each time, after much discussion I discovered I would not even get to keep my investment portion with them because the company would only pay out the difference of my investment and my insurance. So if we had a $100,000 policy with them, with $50,000 saved when one of us passed away, the company would only pay out $50,000 from their pocket and the other $50,000 would come from the savings. The Primerica policy was 6x cheaper for 3x the coverage to 65 years old. So I could have $300,000 with Primerica OR pay 6x higher premium to have $100,000 with the other companies. I could take the money I would save going with Primerica and have $50,000 in 17 years if I didn't earn any interest, but if one of us died we would get $300,000 and still have our $50,000 saved. Why would I go with the other company???
The other companies then tried to sell me their term insurance and it was sometimes a little cheaper premium than Primerica. However after comparing apples to apples, they could not match the benefits of the Primerica policy I had in front of me. First off, most of the companies required separate policies. Primerica does 1 policy for the entire family. Primerica can cover all 4 of my kids for the same price as just 1 kid or even 10 kids. The other companies charged an additional premium for each child after the first 2. Not only that, each of my kids were guaranteed a policy of their own when they turned 18 without proving they were healthy and it would be for up to 5x the coverage they had on our family policy and they would have all the same benefits that our policy had. With Primerica we could increase our coverage 10% every year for the first 10 years to have twice the coverage in 10 years if we needed it and we would get the new coverage at the price we would have gotten when we initially took out our policy, not our new ages. Also, if one of us grew terminally ill, we could use a portion of our life insurance while we were still alive to help pay for medical expenses or whatever we wanted to use it for and then get the rest when we actually passed away no matter when it happened. If for some reason we needed some life insurance at 65 when my policy was up, with the other companies,
1) We could renew my policy at a standard insurance class regardless of whether I was Preferred Plus before but the new policy would be at my new age cost and a standard rate, not preferred plus. Some weren't even sure if we would be guaranteed insurable for a renewal.
2) We could convert my policy and be guaranteed insurable to the investment kind which I already knew was more expensive for less coverage so would be HUGELY more expensive at 65.
3) We could apply for a new policy and prove we were still healthy enough to get insurance which is a lot less likely at that age.
With Primerica we were guaranteed insurable no matter if we had gotten cancer or anything and
1) If we got Preferred Plus, we were guaranteed Preferred Plus for life even at renewal which meant renewing at 65 would be far cheaper than other companies.
2) We were guaranteed insurable and preferred plus (like before) and we could exchange our term policy for as much coverage as our old premium would buy (which I calculated to be about 35% of the coverage of the previous one) for another term policy and keep paying the same premium we were before. So if we had $300,000, we would be able to exchange it for another term policy of $105,000 and keep paying the same premium, if that wasn't enough coverage we could double it and pay double the premium. The new coverage would be level decreasing term to age 100, so we would have coverage to age 100 if we needed it and no extra cost.
3) Just like other companies we could apply for coverage at our new age and prove our health just like the other companies but there would be no reason to do this with the other two options Primerica offers.
Needless to say there WAS ABSOLUTELY NO REASON to go with any of the 10 other companies. Not only that Primerica could put together an entire plan to get us out of debt as quickly as possible and start saving as much as we could for retirement. Every company should do business like Primerica. A+++++.