Before I start, I'm a Primerica agent in the New York, New Jersey, and Pennsylvania area.
The SMART loan is a unique loan offered exclusively to Primerica's clients only. Citicorp Trust Bank is the lender. This loan is designed to help clients get out of debt faster and save tens of thousands of dollars off the total cost. How? Through the equity builder program. The equity builder allows more of your payment goes toward the principal. There is no setup fee, no monthly fee, gives clients 0.25% rate reduction, and it uses simple interest calculation versus schedule interest. Not all clients qualify for this loan because they may have a bad credit or they don't have enough equity in the home yet. I guarantee you are not going to find any other bank who is going to show you a way to pay off your debt faster, let alone do it with no upfront costs.
As for the term life insurance, it is not the cheapest, but the prices are pretty competitive. But you have to compare the features of term insurance between companies. Every company has its own way of designing their life insurance policies. You have to ask yourself would you pick price over quality or quality over price? If you are looking for the cheapest, then there's a good chance that the term policy will leave out many features such as guaranteed renewable. In Primerica's life policies, term policies are guaranteed renewable and contain terminal illness benefit. As with any life insurance, Primerica's life policies also contain Disability of Waiver. Plus, both husband and wife are covered in a single policy.
As for investments, Primerica offers many mutual fund families such as Legg Mason Partners, American Fund Funds, Oppenheimer Funds, Van Kampen, and many others. It is important to know that rates are not guaranteed and past performance can not predict future results. Rates are determined by market performance and no one in the world can predict how the market will do in the future. But the long term trend is that the market has long term growth. In the past 25 years, equity mutual funds has perform an average of 12%. It doesn't mean that every year your investment gets 12% because some years it maybe in the negative rate and other years in a positive rate. But the average is 12%.
As for RRSP, I don't know much about retirement plans in Canada. In USA, Primerica can setup Roth IRAs, Traditional IRAs, SEP IRA, SIMPLE IRA, variable annuities, 401(k), and 403(b). They also do college savings plans as well.
As for tax accountants, they can only help you with taxes. They can't help you do financial plan for you and they are not licensed to talk about investments or insurance or mortgages.
· 1 decade ago