| Subject: Re: Primerica:Helped me |
Author:
RJC
|
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Date Posted: 09:39:15 02/01/06 Wed
Author Host/IP: 69.91.11.206
In reply to:
mmat
's message, "Re: Primerica:Helped me" on 18:10:29 11/15/05 Tue
Wow, they helped you to reposition yourself to be in a precarious position for the future. The simple truth is Primerica is not a scam, it is just a bad deal. The business model is set up to create money for Primerica, this is not illegal. The only problem is the company is making money while not really servicing their clients. Too bad you, like many other Primerica clients won't find out how wrong you were until it is too late. The basis for Life Insurance is to pay out when you die. If you die now your family will have $500,000. If you live beyond the 30 years of your term, and then you die your family gets nothing and all the money you paid out during that time is lost. Absolutely 0% Return On Investment! So let's say you reach that mythical $1 Milion in your account. The actual value of that is reduced by the amount of money you lost on all the term insurance you no longer have. You cannot spend this $1 Million freely, because to "self insure" yourself, you need to leave money to pay out when you die. When you do die, the magical $1 Million goes through probate, and when distributed it will be taxed to those who receive it. So where are your savings at? Pretty much not there. Hate to burst your bubble like that, but it's the same truth that has been around since the inception of our modern day economy. Your best bet is to have a little bit of both Permanent Insurance and term insurance. Typically you will not need as much Life Insurance in your latter years as you do now. That is when you can drop your Term insurance and if you have chosen a good company to buy your Permanent insurance from, it will probably be paid off and you won't owe on it anymore. Find a good Financial Services Professional person in your area. Try someone from the Big Three: New York Life, Mass Mutual or Northwestern Mutual. These companies all have very high ratings in terms of price, service and accountability. Sounds to me like you need to find out the whole truth and not the spoon-fed garbage preached about by Primerica. Besides, you will find Primerica's prices are higher than most other companies term insurance. If you really want to take advantage of Primerica and Citigroup, find a mutual fund that has them as one of their holdings. Then you can take advantage of the profits they are reaping from all the suckers who have bought Primerica!
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