Author:
Frederick (Primericas Products)
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Date Posted: 15:28:01 08/02/08 Sat
Author Host/IP: 68.188.140.164
Lot of debate about joining Primerica, I guess nobody ever leaves their first career eh? Anyway, I had one of Primericas Financial Plans done for me and although it wasn't nearly as comprehensive as one I had from Ameriprise, it covered at least 3/4 that Ameriprises did! It was informative, showing me a balance sheet, my insurance position, retirement prospects, Social Security retirement, current college costs, employer pension, plus debts and when to expect to get out of debt and some other stuff. Amerprise* charges $1200 for their plan but Primericas was FREE. I was then quoted on term life insurance which after some investigation I found was cheaper than 90% of other folks selling term insurance. I dumped TIAA and did go with Primerica. Primerica's investment portfolio was purely mutual funds choices, no individual stocks so I did not invest with them. However, nearly all their mutual fund choices were 4 and 5 star Morningstar rated. So if your not watching stocks all the time they aim at the right type of investments for novices. They only sold fixed rate mortgages (no ARMS which was good). The mortgage interest rates were a little higher than some around but they use a bi-weekly payment plan so you make 13 payments a year. Additionally, they apply the payment when you actually make it instead of at the end of the month like so many others. So while the mortgage rate was higher, the actual time you pay reduced principle faster making the total interest paid on the loan a lot less than a convential fixed rate loan. (Do you want to pay 9% for 15 years or 6% for 30, figure it out). They do personal loans up to $25000 at 11-15% interest, I didn't need that but if I had $25K of debt at 29% I certainly would consider it. They only sell a variable annuity annuity through Met Life but it guarentees no loss of principle and a minumum 5% return (means 8.14% compounded) with unlimited upside potential. Nearly all fixed annuities have a LOT of fees and limited upside so you barely get 5%. So it seemed to me Primerica is selling the right products for the vast majority of Americans and the stuff they were not selling, most people should not be buying anyway. So if you don't join the company, but you make any money at all, you should still seriously consider the products.
Note: Ameriprise won't even talk to you without $250000 in assets.
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Re: THE TRUTH ABOUT PRIMERICA