As far as I know there is nothing wrong with Primerica's level term insurance. Term insurance is pretty straightforward and there's not much difference, other than the premium, between companies and Primerica is not all that competitive, especially for females. Nothing wrong with that, though, it is a free market and they can charge whatever they want.
The problem that I have is; insurance is not a one size fits all product. "Buy term and invest the difference" is what Primerica tells everybody, no matter what the circumstances with the client. This sounds good in theory, but how many people actually invest?
I'm a big proponent for term insurance but I also know that it is not for everyone. I did sell myself a VUL but I know the reason for getting it, and it's not as an investment. One reason is because term insurance does run out after a time; I may be uninsurable when that happens. For what it's worth I've also got a term policy to cover me until the kids are gone.
I have a problem with the Multi Level Marketing that makes up the Primerica sales force. When I first started with insurance I got roped into going to one of the recruitment parties. It was like a loud college pep rally when their team is on a loosing streak. I'm surprised that none of the people there didn't rip off their shirts and paint their faces. Not once during the party did the recruiters speak about what is best for the client. All they spoke about was how much money you could make. We were asked how big of a house did we want; what kind of luxury car would we like to have. That may be true but at what cost. How many of MY friends and aquaintances do I need to recruit into my hierarchy before I make a good income? How long will it take to become the RVP and how many toes do I have to step on?
I also don't think it is really in the client's best interest to be a captive agent. You may be able to give them your best product but is it the best product out there. I was a captive agent with a P&C company when I first started but after four years I gave up my book of business because I saw that the product I represented, while a very good product, was not for everyone. (I had my home and auto insurance with them before, during, and still have it after working as an agent with them.)
I've also known people that either work or had worked with Primerica. Now I'm not going to put down Primerica agents. You know as well as I do that there are good and bad, honest and dishonest, knowledgeable and ignorant, agents with every company. The Primerica agents knew their product inside and out, but that's all they knew. They are trained to sell one product - Term Insurance. When asked how the term insurance fits in with the client's overall insurance program all they can say is "buy term and invest the difference".
Independent Agent - LUTCF