Whether you’re starting a new business, planning your retirement, or looking for an alternative to your traditional 401(k) retirement plan, a Primerica Representative can help you get on track. With the help of a Primerica Representative, you can protect your family and meet your financial goals. Listed below are some tips for selecting a retirement plan:
Financial needs analysis
For many people, the first step to building a sound financial foundation is to understand your needs and wants. A want is something that is not essential for your daily survival while a need is something you need to live comfortably. The financial security of your family depends on the choices you make now and in the future. The Financial Needs Analysis, offered free of charge by Primerica, identifies your financial needs and goals. The analysis is confidential and based on generally accepted assumptions and reasonable estimates.
In this process, a Primerica financial services agent will ask questions about your family’s finances and your retirement goals. The entire process will last for about half an hour and costs nothing. The service is offered through an independent multi-level marketing contractor, so chances are you’ve already met one of these agents in the past. But don’t let this low-cost service fool you. While it’s true that these companies use algorithms to determine what retirement plans are right for you, the fact is that you’re more likely to benefit from a personal financial advisor with a more personalized service.
If you are considering investing in a Primerica retirement plan, you have many options. Primerica offers investment options from a diverse group of global asset management firms, including Legg Mason. Both of these firms are recognized for their long-term performance and investment expertise. Each of the investment options is diverse, and offers investors the opportunity to choose from a variety of stocks, bonds, balanced funds, and international investments.
For example, if you are a single person, it may take you decades to save for your retirement. However, if you start now, you can put aside about $50 each month and reach a million dollars by the age of 67. That is a great start for most people. However, if you are already retired, you might want to seek the help of a securities-licensed Primerica representative to begin your retirement savings.
In addition to offering retirement savings accounts, Primerica offers investment options, such as mutual funds, managed investments, annuities, and education savings plans. Its website includes over 2.6 million client investment accounts. Representatives are subject to federal and state certification requirements and have to meet certain minimum investment amounts in order to sell their products. Primerica’s website makes it easy to understand, even for those with limited computer knowledge.
The most important factor in choosing the right investment option for your retirement savings is to understand your risk tolerance. Fixed-income investments generally carry a lower risk of losing money, while their higher returns are more secure. However, fixed-income investments can also lose value if interest rates rise. A prudent investment plan should include a combination of fixed-income and equity investments. For those who want to invest internationally, there are a variety of options for you to choose from.
Primerica charges monthly fees for its advisory services. The fees are based on the frequency of use of their service, and are calculated in arrears. Fees for Primerica retirement plans are paid to PFS Investments Inc., an IRS-approved non-bank custodian. The following is a breakdown of the fees. Primerica retirement plan account fees are explained below.
Primerica works with a variety of global investment management firms, including Legg Mason and Vanguard. These companies have long been recognized as leaders in the industry and are SEC-registered. However, registration with the SEC does not indicate a particular level of skill or approval from the SEC. Additionally, any product guarantee is based on the financial strength of the issuing insurance company. These minimum investment amounts may make Primerica a more expensive investment option than other plans.
Terminal illness benefit rider
The terminal illness benefit rider for Primerica retirement plans offers accelerated death benefit payments to policyholders if they suffer a terminal illness. A terminal illness benefit rider offers 40% or 70% of a policy’s face value in the case of death. This rider is also available for policies under 55 years of age and can waive premiums for disabled policyholders. This rider can increase the amount of money insured by as much as $400,000 before death.
Another critical illness benefit rider is the Market Value Adjustment Rider. It lets policyholders receive an early payout in the event of chronic illness. It also allows policyholders to pay caretaker expenses. While the Critical Illness Benefit Rider is offered at no additional cost, it may increase premiums. Nonetheless, the rider may be a good option for those with serious illnesses. In such a case, the policyholder can opt for the rider.
Choosing the right life insurance policy is crucial. For example, term life insurance from Primerica offers a terminal illness benefit rider that lets you withdraw 70 percent of the death benefit early if you become ill. The policy cannot be converted to a whole or universal life policy. Additionally, the policy’s account will not accrue cash value. Nonetheless, if you need life insurance and are unsure of which type to choose, consider the other options.