This post is intentionally titled "Primerica Scam" with nothing else. Because I feel like I need to do some sort of public service announcement. And hopefully I can save one person from falling into the trap I almost did when they search on "Primerica Scam" like I did.
As most of you know, I'm looking for work. In recent months the effort is increasing at an increasing rate (or so I told Professor Joe over the phone when he asked). Since my resume is online I get semi-frequent calls and emails. Most of the calls and virtually all of the emails are off target (I'm sure I won't have the energy to write about them tonight, but hopefully I'll get to them soon. They're amusing).
So, onto Primerica. "Primerica Financial Services, a wholly owned subsidiary of Citigroup, is headquartered in Duluth, Georgia. It is the largest financial services marketing organization in North America, with more than 100,000 licensed independent representatives." That sounds reasonable, right? Citigroup is the parent organization. I can deal with that. In fact, getting a little bit of financial background would be nice.
The conversation went something like this (I'm leaving out lots of pieces because I don't feel like writing all night):
Recruiter: Are you looking for work?
Me: Yes.
Recruiter: Great. I'm with Primerica. Are you familiar with Primerica?
Me: No.
Recruiter: Primerica is a wholly owned subsidiary of Citigroup... blah, blah, blah.... And we already have 15 offices here in Orange County. We're looking to expand to 45 offices. We need managers for the additional offices and that's why I've called you. Would that be something that would interest you?
Me: (Actually kind of flattered but very, very skeptical)... Well, sure.
Recruiter: Tell me a little bit about your previous job....
Me: I was working with... (at this point I know the dude has completely zoned out, at which point I ask him)... Before I get into the details, are you familiar with the IT industry?
Recruiter: Me? Well, no. Sorry.
Me: (Realizing that this seems really strange)... Do you have my resume in front of you?
Recruiter: No. You were given to me by our "Regional Vice President". He was very impressed with your resume and passed your information along.
Me: (I'm probably the only idiot who really thinks, "Wow. This could really be a great opportunity for me. I wonder who this Regional Vice President is. And I wonder what on my resume really stood out.) I probably said something here, but I don't remember and I don't want to make up any more of the details than I already am.
Recruiter: Well, I've been very impressed with you so far. We would like to bring you in for an office interview. We're located in Santa Ana. We have openings (he rattled off a bunch of times over the next few days all an hour apart). Would you be interested?
Me: (I'm still an idiot here and I'm flattered. It's also a short drive from where I live and I have nothing else to do.) The 3pm slot tomorrow works great for me.
He proceeds to give me directions and his cell phone number and that's that.
Alright. I have an interview. That's good. It could be a new opportunity in a new field. That's also good. The phone conversation still didn't seem quite right, almost like the guy was overly eager to get me into his office. Especially since I didn't really talk a whole lot about myself and, regardless of what I said, he was thrilled with the answer.
I wanted to be prepared for the interview, so I research the company. The first result is their website, as you would expect. Then I check out Wikipedia (which isn't always accurate, but it might give a little different insight). I find out that Primerica is a Multi-Level Marketing company.
What's a Multi-Level Marketing company? It's a Pyramid Scheme. So I continue with my searching, wondering what search terms I should use to get more information on a potential pyramid scheme. I've got to either confirm or deny this, right? If you have Google Toolbar on your browser, you'll know what I'm talking about - I started entering "Primerica" and they give you a list of the most common searches with whatever you've already entered. Fourth on the list... "Primerica Scam". Bingo.
The first search result was key - Here it is. This guy went through the same thing I was about to. And as far as the "Regional Vice President" liking my resume? "In Primerica, you are not a Regional Vice President for the company itself. These people are independent agents at which they are at the Regional Vice President level."
The following morning I was unsure whether I should just cancel the interview or not. I wasn't thinking about going for the normal reasons, like I had already committed and am obligated to go or that this might be different than what I was reading online. I wanted to go because I was bored. And I wanted to just mess with this dude. Not in a mean way. But in a way that I would ask the exact questions that he wouldn't want to answer. And I would keep asking until I got an answer to my satisfaction. At around noon, I started looking up local news channels, thinking that maybe they could give me a hidden camera and we could "out" Primerica and what they're all about. Long story short, my mom talked me out of it. And I left the guy a voicemail. It was something real simple like, "I'm calling to let you know that I need to cancel today's interview. I did some research on Primerica and it's not the direction I want for my career. Thank you for your time and the opportunity. Best of luck to you."
So that's that. My apologies to the thousands of people that make their living with Primerica. This post isn't intended for you. This post is to be informative for people like me who are looking for work and have their resume online. You may very well get a similar phone call. And I hope that this post will help better inform you of what's in store. As always, your input is welcome, whether it be a story like mine or a defense of Primerica.
1,182 comments:
«Oldest ‹Older 201 – 400 of 1182 Newer› Newest»It seems odd to me that person or persons working for this company have to appear as "anonymous" in their comments.
This also seems to me to be a scam in the sense that you must pay to become a producer and this is not made clear in the come-ons.
Reminds me of the "work at home" scams which are prevalent in the newspapers.
Thanks for your input on primerica. i just canceled my "interview" with them for tomorrow. when i talked with the head of this region, he was exactly as you described. howerver, when a woman called to confirm my time and directions she let on that i was not the only one coming at this same time. she let on so much that i learned it was a seminar, not an interview. and when i said i could not make the day, she turned very sarcastic and asked me "so you dont want to increase your money you can make... bla...bla...". at this point i new she was just trying to remember her lines to save me as a prospect. (i know cause ive worked as an over the phone computer consultant. the service i provided was free, but i was paid to push additional products that were not.) thanks again hope this helps somebody also.
I worked with Primerica for 10yrs and in all honesty loved it until the last year. I worked my way up to the highest part-time contract and was making approximately $40k a year for the last couple years. All in all a great part-time income! I was fully licensed, hired a fairly large team, and committed to 4 nights a week for meetings & appointments. Everything changed on my last year.
A friend in the mortgage business showed me one day how the $MART loan (the only mortgage pushed by Primerica) a very expensive mortgage & not the best thing for the client. After my eyes opened to that fact I started looking at how Primerica Life insurance compared to other life insurance companies. This totally blew me away. Primerica insurance is some of the most expensive term policies on the market. (As an example after 10yrs I replaced my Primerica policy. I tripled my life insurance coverage & doubled my wife's coverage, started a new 30yr term, and cut my costs by $800 a yr compared to Primerica!!)
I was one of those people who called people for "interviews" and knew damn well I was just trying to recruit someone to get into their market. I am so embarrassed by my actions while I was in Primerica. One I found out that Primerica was not the best option for my clients I jumped ship. If you know someone who is thinking about joining the company I will try to make this as clear as possible.
The person who is looking to recruit you wants you to introduce them to every person you know. The reason is so you can sell them over priced products then hire them to repeat the cycle. If you want proof do this. Get a Primerica life insurance quote. Then take that quote to another term company (Banner, Genworth, American General, West Coast, ING, etc..) and watch how much more expensive Primerica is. Then take the $MART loan and compare it to your bank or another mortgage broker. Make sure you compare the $MART to a 20yr Conventional loan. You will see that the $MART loan will be more expensive to close, you will pay longer, you will have a pre-payment penalty, and you will get a MUCH better rate! Take this info to your Primerica Recruiter and see what they say.
Simple - Primerica is not a scam, per say, they are just a company that takes advantage of people who sell these crappy products to friends and families. Primerica is in No Way the same company that Art Williams built. Art believed that people were the key and wanted to provide the best products to beat the competitors. Now Primerica looks at it this way. If you hire someone they will sell this expensive crap to their family and they don't have to worry about someone shopping around.
"Commission only" IS a scam, no matter what business you're in.
ZZZZZZZZZZ What Scam?
PRIMERICA IS NOT A SCAM. IT REALLY WORKS AND WE R ENJOYING OUR LIFE.8)
this people that work for primerica are so stupid they make no money and they go to work every day to call resumes that re given to them by this dump ass that call him self VP he paids about $200 a month to get resumes only and then give this kids age 18 to 22 the name and # to call you dont buy it this is shit.
recruit and kitchen appoiment that all they will tell you to do. some one ask me how do this people get appoiment????????
well here it is you suposted to recruit people into this shit and give them a list of everyone you know includind your family so they can help you to start your bussiness and what they will do is go see everyone you know and try to sell them this financial products oh and if they buy it they will keep all the commision $$$$$ that this will paid life insurance will paid about $100 and a morgage program $marth high interesce rate will paid you like $300 and is all scam you fuck families up and your self.
I was one of those people who called people for "interviews" and knew damn well I was just trying to recruit someone to get into their market. I am so embarrassed by my actions while I was in Primerica. One I found out that Primerica was not the best option for my clients I jumped ship. If you know someone who is thinking about joining the company I will try to make this as clear as possible.
The person who is looking to recruit you wants you to introduce them to every person you know. The reason is so you can sell them over priced products then hire them to repeat the cycle. If you want proof do this. Get a Primerica life insurance quote. Then take that quote to another term company (Banner, Genworth, American General, West Coast, ING, etc..) and watch how much more expensive Primerica is. Then take the $MART loan and compare it to your bank or another mortgage broker. Make sure you compare the $MART to a 20yr Conventional loan. You will see that the $MART loan will be more expensive to close, you will pay longer, you will have a pre-payment penalty, and you will get a MUCH better rate! Take this info to your Primerica
i found this comment and this is exacly how i fell
Wow, read your blog and have to say, for someone who sounds very intelligent, you honestly don’t have a clue what you are talking about. First, Primerica is not an MLM company, we are listed the government as a BUISNESS, and not an MLM. We have been around for 32 years this way, I am sure if we were a scam, we would have been out of business by now.
2nd, do you even know what a pyramid scam is? Apparently not, because you said it was MLM which was a pyramid scam. Just and FYI, Pyramid scams were made illegal in 1980. An MLM, which we are not, is a legitimist business. AVON, the very well respected company, as I am sure you all know, been about for 125 years, is a Business and also listed as an MLM, but no one considers it to be a pyramid, and you have to pay to sign up with AVON. Tell me, do you think Avon should be shut down? When you pay to sign up, it sets up your account with the company, because you are starting a business....Same with primerica.
Did you know, when you sign up with primerica, $49 of that 99 goes to a background check, and if you fail the check? Also, if you decide it is not for you in the first 30 days, we refund you your money? I bet you did not read that! THe rest of the 99 goes toward your Life insurance license, which is you paid for yourself, would be $700, we pay the other $650.
Did, you know we pay for your P & C license and you Securities license? total is about $3500? I bet you did not know that either.
Let me end by saying this, I have worked for this amazing company for a while now, and have recruited very few people, I do not need to. I do the business, and have help and changed the lives of so many of my customers. Get them in a better place finantualy, while you sit at your computer typing things you do not know, and giving false and inaccurate information.
On a final note, at Primerica, we give everyone the opportunity to own their own business, something most could never do, due to high cost of buying into a franchise. I bet you have no problem with someone paying $1mil to open a McDonalds? It is the same thing. Please, do better research and learn your fact before you start typing inaccurate verbal garbage across cyber space, and mislead 100 of people.
Oh, by the way, you said you never went to the meeting, so how do you have a single clue what he was going to tell you? Just a thought…
(do me a favor and Google some legitimate government and regulated sites for Primerice and ML or Pyramid, they will tell you it is completely inaccurate)
Oh, BTW, you mentioned Wikipedia, but I noticed you did not list there web link, to what it said about Primerica, so I will do it for you and save you some time.
http://en.wikipedia.org/wiki/Primerica
Ok first of all your story doesnt make sense. You did a research on it! Ok a little advice to you. You have to go through it to experience it. So what did you really get out of the research! you didnt explain that in your story! Maybe if you had went to the interview than you will probably figure out what PRiMERiCA is all about! yes i work for PRiMERiCA and i love helping families out. Especially my family! So i think you should think twice before you start telling the whole wide world your pitty story!
I, too, received a phone call from PFS from my resume posted on CareerBuilder. The girl I spoke with, Kimberly Law, sounded fishy from the start, always using my first name in the middle of sentences like sales people do. I agreed to set up an interview, just in case it was legit, but had that "gut" feeling it wasn't. I've learned to trust my gut. Decided to do some research and found this site among others. My interview is set for this Monday. I first thought about canceling it with a very nasty email, but now I've decided to just not "show up", so that it's THEIR time that gets wasted not mine. Then, after Monday, I'll send her the email containing several links about PFS being a scam. I think she'll get the picture of why I never came. What sickens me is that these slimeballs prey on those who are out of work by giving them hope that they have an interview with a legit company for a legit job. They may not be a "scam" in the truest sense of the word, but if they have to beat around the bush to get people to show up, I have no interest in working with them whatsoever. Why? Because I don't want to be considered a slimeball myself.
Hey there, I can appreciate this post. I am a division leader with Primerica. It wasn't for you, so you didn't go check it out. No big deal. It is a business opportunity. I'm sorry you thought it was a job. We are like realtors, we have our own business. It is by no means a MLM Pyramid scheme, but we do use a network marketing model (just like Realtors).
I will gladly say who I am. I am Tim Stewart I make good part-time income with Primerica. My father and mother have been doing it for 32 years and they are financially independent, and make twice as much money in a month, as most of you make in a year.
If anyone has any questions about our company (which by the way had net profits of over 500 million last year when all the banks (including Citigroup are struggling). feel free to respond.
Primerica is not for everybody, that's why we have 600 clients for every agent. For those that give it a shot, you won't regret it.
I was one of those people who called people for "interviews" and knew damn well I was just trying to recruit someone to get into their market. I am so embarrassed by my actions while I was in Primerica. One I found out that Primerica was not the best option for my clients I jumped ship. If you know someone who is thinking about joining the company I will try to make this as clear as possible.
The person who is looking to recruit you wants you to introduce them to every person you know. The reason is so you can sell them over priced products then hire them to repeat the cycle.
THIS IS CRAP YOU SELLING SHIT THAT ARE NOT GOOD FOR FAMILIES THERE ARE CRAP DO YOUR RE-SEARCH I DID IT FOR 6 YEAR I PROMESE YOU IS CRAP.
I was one of those people who called people for "interviews" and knew damn well I was just trying to recruit someone to get into their market. I am so embarrassed by my actions while I was in Primerica. One I found out that Primerica was not the best option for my clients I jumped ship. If you know someone who is thinking about joining the company I will try to make this as clear as possible.
The person who is looking to recruit you wants you to introduce them to every person you know. The reason is so you can sell them over priced products then hire them to repeat the cycle.
THIS IS CRAP YOU SELLING SHIT THAT ARE NOT GOOD FOR FAMILIES THERE ARE CRAP DO YOUR RE-SEARCH I DID IT FOR 6 YEAR I PROMESE YOU IS CRAP.
I have several family members ignorant enough to sell this crap. One is even the beloved RVP. First of all, Primerica, Travelers, and SmithBarney are all owned by Citigroup. Citigroup is a very successful business. I ask you to ask anyone in Primerica to tell you what he or she is in the business of doing. They will reply to you that they help people get out of debt and prepare for retirement. This is how they have been brainwashed, ignorant, of just plain stupid. Any corporation is in the business to make a profit for its shareholders. If they don't, the company will cease to exist. That is the first thing Primericans do not understand.
They will first try to get you to buy their life insurance. Term they will tell you is the only thing worth buying and therefore, the only product they sell. They only sell this because it is the best for everyone. I ask you, if Primerica and therefore Citigroup believes this is the only type of insurance you should ever own, why then if you go to Travelers web page (also owned by Citigroup) you have three life insurance options? Good questions to ask the brainwashed Primerican next time they open their uneducated mouths. At Travelers sight you can buy term, or two different forms of whole life. That's right, check if out for yourself and then confront the Primerican on it. They won't have a clue what you're talking about. Again, most of them are uneducated and ignorant. FYI, for most people, I believe term is the best option but not in every case. Shop around other well-rated companies. You can find term policies for half the cost of what Primerica sells them.
Now the Primerican has told you they are in the business of getting people out of debt and they want to do a financial needs analysis on you, FNA as they call it. Oh they are so smart. Ask a real life Certified Financial Planner what certifications and/or degrees he or she has and then ask the Primerican. They are different. The certifications for financial planning a Primerican has are pretty much made up by Primerica and Citigroup. Go do some research on this one before you call my bluff. The rest of the world's financial community does not recognize their certifications as legitimate. Think about that before you allow them to pull your credit and see all of your personal finances. They are seldom more educated on the topics that you are. It is simply at their weekly meetings, they are conditioned to say certain things in certain ways only to make you feel inferior. Ask them a question about stocks, bonds, the stock market or anything else a Certified Financial Planner should be able to answer. Try not to laugh at them when you see the look on their face. They won't know what the hell you are talking about.
Now, after they have done your FNA they will try to get you to buy overpriced life insurance through Primerica, refinance your house through Citigroup at a rate that is .5-2% higher than what you could find elsewhere, open an IRA for starters through SmithBarney(owned by Citigroup), whose only has a select few funds that perform well year after year and whose expense ratios and 12b-1 fees are off the charts. Stop here and ask them what the 12b-1 fees are and get ready to control the laughter again. Better yet, a legitimate financial planner will be able to show you many, many, many comparable funds in which to invest along with fees and expenses. They can't do it. I'm laughing as I type this it is so funny. To finish things off, they'll suggest you sign up for a Citibank credit card. What's that? I though you were trying to get out of debt??? Look at the interest rate on that card before you sign. You can probably get one with a rate that is less than half what they are offering you. After this entire pile of BS they will invite you to one of their pep rallies and recruit you to go out and “Help other people become free" Or sell the same crap. After all, that is the ultimate goal. Recruit people under them so they can make money off of everything you sell and advance to Godhood or as they call it RVP. It's such a pile of bunk.
Go to one of their meetings and see the people that are actively selling. They are generally young people just getting started in life and don't know which way to go or older directionless people chasing the pot of gold at the end of the rainbow. I've said it before, do some research. They tout the wealth you can obtain by selling Primerica. They don't tell you that the average Primerican makes $12,000-$14,000/year working 60 hours per week or that only 1.5% of all Primericans make that six-figure income they brag about. I might add that that 12-14k/yr is gross and does not count expenses you must pay to be a Primerican. If you still think your chances are good of making a respectable living, less than 5% make over 50k/yr. Go to Las Vegas and drop a nickel in the slots. You might come up big.
Having said all this, you need to know that I have nothing to do with Primerica. Furthermore, I could care less if you but overpriced products. I neither gain nor loose anything by you buying or not buying anything from Primerica. My point of view is from the outside. I am an expert on the fact that again, I have two family members that sell this crap and have seen what it does to their family lives and financial situation. Not pretty. Family no longer exists once you become one of them. Funny I say that when one of the points they harp on is being your own boss and making your hours. The hours are true but not if you want to make that big 12-14k/yr. As far as being your own boss, read the contract. They own you and everything you do. You are not your own boss.
In conclusion, don't waste your money. Go to someone with credentials that has been educated and has experience in financial planning. I once heard a Certified Financial Planner say, “Look at the car, house, and clothes your planner has. If they are not nice, they cannot manage their own money. How do you expect them to manage yours?" At 12-14k/year, the Primerican is probably living with Mom and Dad. I could go on and on but we all have better things to be doing. Good luck.
My name and address are fictional because I don't need this getting back to family. My wife will kill me for making more unrest in the family about this garbage.
Carlos,
no wonder you couldn't succeed with Primerica! Who wants to follow a dull, dissolusion, frustrated, dadgum, crybaby?
you sound like a jealous brother.
I'm laughing out loud at you because you are so negative you can't even see that those in your family are doing something good for people. You are so focused on what Primerica isn't, that you can't even appreciate what it is.
You are sad story brother.
Tell me Carlos, since all these other firms are so great, which one are you now working with and helping people change their lives? Meryll Lynch? Morgan Stanley? which one? When are you going to take your CFP test so that you can charge $1000 to be able to tell people they are broke and can't retire? Why not just tell them for free and then help them. That's what we do in Primerica.
I'll be the first to admit, that Citigroup and Travelers sucks! But Primerica my brother, rocks! The sooner we are not with Citigroup, the better. (this is my opinion and my company does not endorse what I just said)
Why were you trying to take advantage of people by just trying to get into their warm market? That was dumb! Why not train them in their warm market, instead of trying to use them just for sales? That's not Primerica's fault, that's just your greediness.
I've never heard a negative comment about Primerica that had any legitimate argument.
Who is your RVP brother. Ask him if he knows my dad, the only SNSD in Lubbock, TX?
Sounds like you have anger issues!
sigh... i read all these people saying this is not a scam, and while no it technically isn't a scam it is at the same time, the individually licensed commissioned sales people are the ones being scammed, paying primerica for motivational seminars? there's only so much you can tell people so they're getting free money from you, in return what? They have you fill out a sheet your first time there and have you write down 5 "character references" which is a lie, they call those people and ask if they want a job, on top of that these sales people only make about 20 percent commission off their own sales, so you would have to sell alot of term based insurance before you could make what they tell you you can make, like the representative told me a hundred and nine thousand dollars a year, you'd have to be one hell of a sales person, so lets review, 20% commission you pay them for seminars your "character references" are not really that but leads for more possible commissioned sales people, how this is not a viral network marketing scheme i'm not quite sure but feel free to get back to me on that
I am an 18 year old female in college, who was given the chance to work with Primerica and from the jump I sensed something was wrong. I read many of the blog comments and I still have mixed feelings. If Primerica is an entrepreneurial company then maybe they should let people know that instead of saying its a job. They even go on to say that they have part time and full time positions. If your are working based on your own free time then there are no positons. I learned a lot based off of this blog and its comments that I haven't learned from Primerica itself. They dont really release too much information about themselves. I had no idea that the "job" i was "applying" for would involve me trying to sell insurance. I think many people wouldn't feel so deceived if Primerica would inform you as you learn more about their company that if you were to give your time, it would be commission based. I am an open minded person and i still feel as though there is some sort of catch to this. I have been with many other companies who have put me in this same spot. I want to try it and see the outcome but I dont want to feel as though in the end, my time was wasted. I feel that as a college student I am putting too much time into Primerica. It seems like their seminars and meetings are priority and I do not have time for that and in the end I still do not know what I will do there.
my rvp was cody pack from cartersville ga a contruction worker that afther 5 years of scaming people he became and rvp and afther 5 years he only nake 23k a year haha joke.
how much you make snsd???????
45k
average primerican makes 12k working 60 hours a week.
I just wanted to say thanks... actually what's funny is that my boyfriend got a call from them, and didn't know who they were, but referred me to them, cause the guy was like, "well do you know anyone else that is in need of a job?" or something to that effect. I called on it just to check it out. and the conversation went almost to a T like what you described your conversation to be like. When i found out about it, and the Guy called me to 'set up' an interview, I was like I'm sorry but I have a pretty busy schedule, I'll have to get back to you. and finally I called him and left a message saying that I wasn't interested in a pyramid scheme, and thank you for your time. Sick... it just gives me the jibblies thinking about it, and how I could have been sucked into it. My boyfriend felt really bad that he hadn't checked them out before sending them my way. oh well it's over now.
as much as i commend you for being fairly unbaised, i honestly believe that primerica is a great opportunity for anyone who is hardworking and determined.
my mom works for primerica and has for about three months. she has twenty recruits under her and has changed the lives of alot of people. her recruits are people who didn't have alot of hope before primerica and now they're excited and driven. each of them are succeeding and most of them have about three or four recruits under them. the business is exciting and enthusiastic and i truely believe that if you have any kind of business knowledge and a desire to succeed, you will go far in primerica.
I would like to say a few things,
First, I had one of these "interviews" yesterday
(4/8/09)and being of sound mind and having been involved with a MLM / Pyramid system before I recognized that this was in fact similar, However I will say that the presentation was relaxed and not at all forceful or intrusive as previously described.
I was impressed with several informative things discussed, the "recruiter" was honest and upfront about the investment I would be making to be a part of this company. I am a skeptic by nature and wanted to do research on this company so I said that I would have to contact him in a few weeks. He said "No hurry, I'm not going anywhere. Call me when you're ready." and gave me a business card.
After doing my own research online I have found several pros and cons. I am not nor have I ever been the type of person that expects something for nothing. I realize that no matter what the business opportunity might be, to be truly successful you have to expend time and energy, in other words work for what you get. I don't expect to start off making 6 figures or getting rich quick. I know that with risk comes reward.
This all being said, after my research I have decided that I will in fact give this opportunity a try. Now I expect that some of you will call me stupid and some of you will think that I have no good sense but that is truly not the case. I have made a very informed decision after hours of research on this company.
I have not joined the company yet so my views and opinions are 100% objective. I have read and listened to arguments for both sides of the spectrum and have made an objective yet informed decision.
I believe that there is true potential for growth with this company and fully intend on reaching my goals. If I find that I am not becoming successful, I will not quit, but I will find out what the flaws were in the training I received and try again. I know that some people are legitimately successful with this business and therefore I can be successful as well. I will find what avenue works for me and go that direction.
Now, one last point to all the pro Primerica folks out there in blog world,
I believe that this company is legit and a good opportunity, unfortunately I cannot say that it had anything to do with you. I am reading the comments on this blog and I am discouraged that so many of you are so eager to put others down and criticize them for having a 9-5. Do you really think that you can impact someone’s thought process, much less life with the negative comments? I feel that by leaving such comments you have degraded yourselves and I would be ashamed to say that you were a colleague of mine. Please think of the way you are responding, not only for the sake of the ones you are addressing, but also for the sakes of people like me, who are interested in the business and just doing my research. If for any reason I would be turned off toward Primerica it would be for these comments and not in regards to any of the company’s practices.
Thanks for reading
Anthony Kelley
Primerica's Past...
A.L. Williams
- http://www.nytimes.com/1986/05/11/business/crusading-for-term-life-insurance.html
- http://www.highbeam.com/doc/1G1-9048947.html
- http://www.highbeam.com/doc/1G1-8923197.html
- http://www.highbeam.com/doc/1G1-9085699.html
- http://www.highbeam.com/doc/1G1-14632736.html
- http://www.highbeam.com/doc/1G1-13433813.html
- http://www.highbeam.com/doc/1G1-4189489.html
Thank you for this info.
I relieved an email offering me an interview tomorrow at 3p.m.
i had previously asked for more details on the company which they failed to fulfill. I Googled the address and there it was. Primerica I've been approached by them before but i was never really interested. SO i decided to do some research before the interview tomorrow. Boy am i glad i did this.
I went to an interview with Primerica and a two information sesions. The reason I went to the second one is that I did not know it was Primerica I thought I was going to something else. I know it is part of CITI group and is a real company not a scam and some people do make good money. Here are the problems I have:
1. They do insult hard working people. They make it seem so horrible that somebody would want to be paid a salary. I have worked in tons of sales positions where they paid me a base salary and then I had bonuses on top of that. It is nice not horrible.
2. The women that interviewed me in Cartersville GA told me that Primerica was one of the number one companies in the fortune 500 even higher then Wal-Mart. I worked for Wal-Mart and they are the number one company, Primerica is not even listed.
3. In the information session they guy said you would never see an ad for Primerica I could not figure out how they get their leeds for sales. It seems like most of the business is based on recruting. They have to make a decent amount from Recruting, because why else would they fill the place with so many people?
4. I have ran a small business myself, that is not what I am looking for I know the Primerica people would think I am horrible but I want a job with a salary. I do not have to be rich but I have small children and I just want a steady income to support everybody. That what I thought I was going for. The women even told me their was a salary built in. When I asked her about it at the end of the information session a pushy women told me I would have to come in for the third time to explain how everything would work. I was already their why could they just not be straight with me?
5. I really do not want to sound like a snob but when I went to this information session their were some real low rung of society people in the room. I had my suite on, I have a college degree, I have had good jobs where I have made around 70k, and I like many our laid off right now. I thought I was going to a real interview not some cattle call for anybody with $99 to spend.
6. The second place time I went in Marietta, they said they were Citi group. I really did not know what I was going to but being unemployed I go on every interview I can to yeild a good job and get practice. It was another stupid information session I did not want to walk out and be rude so I sat through it to find out how rich I could be. Same thing many of the other people in the room where goons, I do not think they had the same resume or education I had. It really seems like they will let anybody join.
7. When I did leave the guy that invited me to this one would not leave me alone he said "I thought you wanted to control your own destiny not have some job where they control your destiny" I never said that I do want a job where I clock in and get paid. I guess that makes me a horrible person I should be shot.
8. Primerica people please do not beat me up. I understand you have a real business and you are not a scam. I am getting some offers to sell tangible products with base salaries and good bonus structure. That is what I like, like you said it is not for everybody. My complaint is that you do waste peoples time when you do not tell them it is a straigt commision job. Many people do not want that. Plus it does seem like you are not very selective. I would not want to get financial advise from an 18 year old kid with a neck tatoo. Not that their is anything wrong with that, just does not seem like most of the people have good credintials. The women that brought me into Cartersville could not tell me jack about the company except that would be covered by the Branch manager who wanted me to come back for a third time. Brother.
Primerica is not a scam. Its a company the literally helps people get their lives in order. They fix your insurance, and teach you about life insurance, they can take up to 15 years of your mortgage...and help you get your retirement in order. All for not a penny more than what you were already spending. In fact, they save you a shit ton of money. I have primerica life insurance and its wonderful.
I recently signed on with the company. I was a nanny before. Im making great money, and the people are amazing.
Its sad that people will call it a scam..when they know nothing about it or how it works. Primerica doesnt work, if YOU dont work. Some people cant understand that.
I just interviewed with a recruiter today, and I realized from the beginning that it was a pyramid scheme. It was pretty obvious when he explained how individuals get paid depending on their status within the company. However, most commission-based opportunities are like this. It doesn't necessarily mean it's a scam.
As soon as the recruiter told me it would cost $99 to get licensed, I thought, "There's no way I'm buying into this." Then he explained that if someone doesn't have the means to pay for the "startup fee", the recruiter would cover the cost for them if they came to a few meetings just to show them that they're serious about the opportunity, and they wouldn't be expected to pay this back. I know that doesn't automatically make it legit, but I've never come across any scammer who was honest with me from the beginning, telling me that he recommends that I continue looking for full-time employment elsewhere and that I wouldn't be paid unless I actually made a sale. He made sure I understood these things, then offered to let me sit in on a training session to see how everything works before making any decisions.
I understand this doesn't really sound like a great opportunity, and I'm pretty sure I'll decide not to do it myself. But I don't think it's a scam. It's just not for everyone. I'm not a salesperson and I hate trying to sell anything to anyone, so I'll probably ultimately decide not to do it. But I won't make that decision until I find out more about it tomorrow at the training session.
We purchased life insurance through Primerica and now that the term is coming up, we're getting the strong-armed tactic from 'joining' to 'refinancing' to gain our 'freedom.' I have several issues with Primerica and after sitting through the 'speech' a few times we've decided not to join and not to renew our policy. My issies? Lets start with their strong armed tactics, how it's their way or your just stupid and deserve to live doing slave labor. (We've been doing fine getting out of debt without their help, thank you very much). And if I want to get a loan through them, it's ONLY if I provide ten names of friends and family that they can also hound about their products? And I can't get life insurance on my kids with Autism??? What kind of bullshit is that?? So if my kiddo without disabilities dies, we can bury her proper because they will let us purchase insurance but if one of my two with autism dies I'm just supposed to bury them in the back yard like they're trash??? Thank God free enterprise means I can kick Primerica to the curb and find someone who's a little more concerned about the people they serve and not their greedy dreams of becoming filthy rich.
I went to a meeting and we spent a large chunk of time watching an episode of "Primerica Cribs", looking at a successful businessman and his 3 cars and jacuzzi tub. Emphasis was on how you pitched your sales and how you should talk to all your relatives to get them to invest/get insurance. The killer for me was the fact that you SHOULD approach anyone and everyone to get them interested, because as soon as they bring their relatives (parents etc) then you might make a sale. Morally, its not right to dupe people into thinking they are going to make millions, when really we just want to talk to their family/friend network to buy insurance products. Its so funny how Primerica "employees" talk about how they are on a crusade to get people out of debt.. bla bla bla.. Its a total business cult built on instilling materiality in people so they will approach their loved ones to pitch a limited tool box of financial products. If you are interested in helping people get out of debt.. go to school... become a CERTIFIED Financial Planner.. so you actually know what you're talking about rather than reading a script.
Ok, I'm going to type this report so an uneducated Primerican can understand it in their own language.
This is their typical phone script or approach to someone they do not know.
'Hi I wurk wit the largist finasial compiny in the wurld PRIMERICA who is assosiated with citygroop. I jist started with thim but my upline seys I will be riich in only a cople of yeers. He seys he makes a huge 6 figire salery but still shops at VALUE VILLAGE AND DRIVES A 82 FORD HALFTON WITH FARM PLATES. He told me to tell all mi frends to jone cause if they stay at theer jobs thiy wil remane looosers fore tha rest of theer misirable lives. I'm going to qit mi job next weeck cause im goinng to reetir in 2 yeers anyways with PRIMERICA. We hold 'OP' nites every week for all the loosers wit jobs to com and sea wat we are all abot and so thiy can join hour CRUSADE and save the wurld. Whho hoo PRIMERICA rules im going to be rich and all myfrends thet dont join wil no longir have the pleesure of having me as thir frend cause I dont assosiate with LOSERS THAT DONT JOIN MY GREAT BUSINESS OPPOTUNITY WITH PRIMERICA.'
I for some reason have run into these morons about 10 times in the last year. I have explained my stories in previous reports on how they flagged me down in Home Depot and the gas station presenting their 'opportunity'. Each one of these idiots just looked like they cashed their welfare cheques and walked into a Primerica office and were offered an 'opportunity'. Since they never hire anyone with any education (cause these people just tell them to go stick it up their ass), they are going through all the bums of society presenting this stupid pipedream of their's.
I live in Edmonton, Alberta, and Primerica's name has about as much credibility as the pile of shit I just left in the toilet. I hope some authorities or officials look into the clowns and close down these 'offices' cause they are misleading people beyond belief and it is just sad to see people stoop to such a low level.
carlos gonzales
cartersville, ga
READ THIS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Wow, I have read and read and read. All kinds of stuff from the good to the bad. I would love to sum it up for everyone! I am currently a Primerica representitive, and love what I do. The company is not for everyone. If you are used to making a sallary, or an hourly, and your not ambitious or hard working, don't waste your time with Primerica. I know everyone on this blog has had a job or is working. I also know that 20% of the people you work with do 80% of the work for the place. Thants why everyone is hourly or salary. Fortunatly the 20%ers if given the right vehicle do extremely well with primerica. It isn't some get rich quick scheme or soap on a rope. It takes time and dedication. What I do know is that lots of hard work with the company has big returns in the long run. I have helped many clients and unfortunatly people get screwed everyday in the financial industry. EXP. any whole life insurance policy is garbage, as well as Variable Universal Life. Look up suzie orman or dave ramsey if you don't belive me. 2nd, everyone wants to refi. on their morgage. Intrest rates are down. Well countrywide promised my client 5%, So I sat at the computer with my client and we punched in the info on countrywides loan calc. On their own website my client did not qualify for 5%. Why would the person tell them they qualified if they didnt? The reason is because they just bought down the points and tacked it onto the closing costs. So, people are taking 1 step forward paying their morgage for a few years and taking 2 or 3 steps back with the refi. and closing costs. 3rd, how many of your investments are down 20, 30, 40% or more? Has your investment company called you to change the mix and make it safer for you? probably not! Well Primerica works with 39 different top investment companies, and the have top of the line software! Morningstar? have you heard of them? they are the largest company involved in researching investments and returns over the years. They are based out of chicago and Primerica spent millions of dollars on the software to make sure any primerica rep could do the "right" thing for the client. Come on! #1 if you have never worked for Primerica AND HAVE GOTTEN FULLY LICENCED!! you don't know or understand anything we do. Your opinion of your interview or anything does not matter! Ill explain whole life insurance for an example. #1 if you invest in whole life ins. they keep your money for 1-5 years.#2 your return is 3-5% and there are so many fees you wont even get that. #3 If you take your money out you will pay interest on the money you borrow.#4 IF YOU DIE THE INSURANCE COMPANY KEEPS YOUR MONEY!!!!!$. Hmm, like I said search suzie orman or dave ramsey. term is the way to go. On the other hand LOOK AT FREEADVICE.COM. see how people rate Primerica insurance to other companies. you'll be suprized to find we are the best!!!. People Get screwed every day and we teach people what insurance, lending, and ivestment companies dont want people to know. There is a reason we are the largest marketing arm in the U.S. We are the best at what we do. I will compare my work to anyones!! I have even sat down with clients and their ins,lending,investments, experts at their own home and buried them. We do whats right every single time. You can not say we do not know what we are doing because We go through the same classes and tests that any other ins expert or lending, or inv. experts go through. If you are not licensed in the industry don't talk like you know whats going on. you don't and If your not for primerica go do somthing else! This is america and a land of oppertunity! Everyone talks crap about multi level marketing and pyramid schemes all day. come on! We have people that make 2000-3000$ a month part time. Thats a damn good part time income no matter what! Plus I don't care who you are If I put 1000 people under you who were producers and each one of them made 2000$ a month helping people, and you made 100000$ I am sure you wouldn't complain. I will end with a client example I had last week. I sat down with a widowed mom with three kids. She was 50 with 28 years left to pay on her morgage. she had whole life ins. with 3000 cash value and she was paying 190 a month for 250000 in coverage. No retirement or savings. We got her term ins. for 90 a month, cut her morgage with a smart solution from citi corp trust bank from 28 years to 15 years along with consolidating her debt, and we saved her 300$ a month on her loan. Than we opend up an ira and helped her save. There was not one company that has ever sat down with her to help her and I was there for her. Now she has a chance of retiring, now she has a chance of getting out of debt, and now she has the same coverage and pays half the price. Why is my company bad? It isn't its just not for you! I hope this has shown you somthing about the company, there is many good articles out there! Buy term invest outside of insurance, look into a smart solution with citi corp trust, it could save you thousands, and invest in an IRA!! But come on. nobody is wasting there time bashing you as an IT professional even though they outsource everything to indians who have no idea whats going on in the company, and nobody is bashing working in a cubicle and pedling paperwork for the boss or any of that stuff. just because someone gave you an oppertunity to do somthing different and it wasn't for you just means your not the right person. Good luck to all of you!!!
Here is a truly accurate look at Primerica by a 12 yr Veteran of PFSI was part of Primerica from 1996 until the end of 2008. During those 12 yrs I experienced many things and like most Primerica reps I logged onto the internet everyday to fight for the company I believed in. Back in those days it was Ken Young and Primericabuster.com, but it was all the same thing as today. I got promoted to RVP (Regional Vice President) in 2001 and qualified for my ring in 2002. I was a pioneer jacket wearer (green jacket), spoke at 2 conventions, won EVERY (I mean EVER) incentive the company had, top $MART (Primerica’s Mortgage) producer (personal & baseshop) in the US since 2001and was a guest speaker on EPN (Primerica TV) 4 times. The point is I am not one of these people who went down to a Primerica office for an interview & came back to write a review. Also I am not someone who is a District leader and starry eyed about becoming a RVP. I have been there & done that.
First the positives:1. I met some of the nicest and truly honest people I have ever known.
2. I learned to dream. In 1996 I thought I would finish college and become a teacher and live a modest life. Now I am able to travel the world, experience things & cultures I have only dreamed of, and am no longer worried about just making it by, but now I am focused on making a difference!
3. I got a basic… BASIC…. BASIC… BASIC…. Knowledge of finance. I will explain more later.
4. I became an awesome public speaker. During college I couldn’t speak in front of 20 people, but after a few years with Primerica I was able to speak at 2 different conventions of over 65,000 people each time.
Now the negatives:1. The HUGE #1 – You are joining a Multi-level-Marketing company. No matter how you go about it you will become the person people will avoid. You are always trying to invite them to the office or go to their house for an FNA (Primerica’s Sales Tool). I know people will argue this point, but EVERYONE of us who were/are successful in Primerica wore out our natural market. The only time things got better is when we started getting other recruits to badger their markets so you could stop always trying to recruit our family & friends.
2. The MYTH that Primerica does what’s right 100% of the time! Primerica polices are very expensive, the $MART loan is deceptive & expensive, the mutual funds are expensive, Pre-Paid Legal is expensive, and Metlife Annuities are a joke.
3. The compensation is a fraction of rest of the industry. I mean a fraction. The street commission for a licensed life agent selling term insurance is 85%. The entry level for Primerica is 25% with the RVP being 95%. So you can get your license and go sell Term Insurance and make almost as much as a RVP. (More on that later)
4. They charge you $25 per month for access to Primerica Online. This does allow you to do FNAs and stuff like that, but here is my issue with the cost. First the new recruits are paying $25 per month when they are not licensed. If this is a support system why charge the new agents when they can least afford it. Also you have to pay $25 per month if you want to be able to monitor your clients’ info. Seriously! You pay to monitor your clients! Think about this - Primerica loves to say they have 100,000 agents. Let’s assume 2 out of 3 of them use CallAtlanta (Or Primerica Online) for $25 per month. That is $1.65 million a month for this service alone!!! Huge profit for the company! (RVPs & Regional Leaders pay more monthly for this service!)
Okay now to my storyI can hear the Primerica drones starting to type right now. You’re a quitter, you’re a looser, you’re a liar, you’re a crybaby, etc…. Save your rebuttal for someone who doesn’t know what they are talking about! If you’re thinking about Primerica as a career or as a client please read on.
Once I got promoted to RVP I opened in a highend financial complex. I thought this was an ingenious idea to help save people from all of the crooks in our building. Little did I know I would meet the people who would change my life forever. A financial planner in the building & I became great friends and after many years he started showing me how far off base Primerica was. He totally agreed with Buy Term & Invest the difference. The only difference is he showed me 10 companies that beat my best Primerica Life quotes. (West Coast, Banner, SBLI, Genworth, ING, American General, Transamerica, etc.) On my own case I tripled my coverage, doubled my wife, and saved $600 per year compared to Primerica. Same Term, better Terminal Illness rider, waiver of premium, an so on. I then compared the $MART loan. What a joke. Expensive Closing costs, Prepay Penalty, deceptive “Equity Builder”. The client is better off 100%, THAT’S RIGHT 100%, going into a conventional 20yr loan. (Or FHA) Cheaper closing costs, lower month payment, much lower rate, paid off quicker, no prepayment penalty. If you want Pre-paid legal go to Pre-paid legal not Primerica. (It’s cheaper for the exact same thing!). These are just some examples.
See here is the truth about Primerica. You are hired and told to provide 10 – 25 names to “start your business”. You go to those people and sell them Life, Mortgage, Investments, etc. Of course while you’re there you try to recruit them. You sell them expensive products that your upline knows they will not shop around for the same products. Primerica’s business model is perfect! Uncle Bob will never shop the around if his neice sells him a policy or a mortgage. I’m okay with selling people Primerica policies, but lets cut the crap about doing what’s right 100% of the time.
Stop acting like Primerica is the only and best company in the world. The truth is I spent 12 years of my life loving the company, but my integrity became more important that speaking at a Fast Start School.
I’m not saying avoid Primerica, but just know what you are getting involved with. Here is what I tell everyone now.
Take your Primerica Life quote and call an insurance broker. Ask for a quote with Banner, Genworth, Banner, or one of the other many term companies for a quote for the same term & face amount. You will be shocked how expensive Primerica is!
With the mortgage call a mortgage broker (or your bank even) and ask for a 20yr FHA or Conventional loan. Compare that payment to your $MART loan. You will soon realize $MART isn’t so smart.
As for the person who got on Countrywide’s website – I can honestly say you’re lying! If your client has a 620 or better credit score they can do a conventional with a LTV up to 95% for around 4.75% (@ par) and 5% (paying 1% to countrywide) and FHA for 5% up to 97% LTV. I just hung up with a close friend who is a NSD who told me that based on the CallAtlanta website the best $MART rate is 5.99% and that is below 60% LTV with A+ credit. So take those lies some place where people will believe them.
Primerica IS NOT a scam! Primerica is an ingenious marketing company!!! My wife says it perfectly Primerica sells Wal-Mart quality products at Neiman Marcus prices!
PS – I know make more money that my SVP & NSD while doing what is best for my clients!
Check this out...
http://bitly.com/RNSYD
And remember- "Condemnation Without Investigation Is The Height Of Ignorance"
I went to one of their group interviews. Here's what I noticed about the way they do things. The interview is moved at a very accelerated pace at night to avoid possible candidates from thinking.
All of the questions are formatted into what they have to say so that the 'audience' gets involved and believes the BS.
Much like Charles Manson would give his disciples acid and manipulate them into mimicking his hand movements.
The one time a guy called out their bullshit the speaker become very angry in an attempt to shut him down.
I thought to myself that these were the classic markings of a cult. Sure enough, I researched the company and it looks like it.
I researched that they chant Amen.
Now one might ask. How do you know this by not experincing working with them first hand.
I HAD A DISCUSSION WITH AN EMPLOYEE who attends the same 'spot' I do.
I had told this dude about their BS and how one of their agents continued to call my house and even ask a relative if I was coming to his meeting after I left him a very obvious message. 'I want nothing to do with you.'
He told a girl at the 'spot' about these psychos. It turns out that she is a employee of primerica.
I told her about what I had found and she never gave a yes or no answer to any of my questions, she just said, 'oh there's alot of agents out there from rival companies who post things to slander us.'
I said, 'there's no reason for person after person to make up that these psychos chant amen at their meetings. Am I right?' She said, ' Well if there are african american employees chanting amen at the meetings they can't be stopped.'
Just because they're black they chant amen, come on.
Thankyou for proving my suspicious.
I SAID oh OK I never knew that just to make her feel comfortable and set her up for the knock out.
I said, ' your agents have said if you are skeptical do not join. Now to me that means they don't want people to question because they have something to hide.'
SHE SAID, 'Well as a recruiter what that means to me is
I do not want someone questioning what I am teaching them.
I want all of their heart to be into it. so it works. you know.' She successfully repeated and proved what I had just said. You guys are smart do the math of the comment. They obviously don't want people thinking for themselves, do they? Otherwise the brainwashing would not work because for brainwahing to work one must let it.
All of their heart to be into selling insurance give me a break. What is it, a crusade. No. But they want the mentallity of one. Don't you think it's very strange that financial company would want that kind don't question dogmaticism? If you are doing business with someone
don't you want them to be someone who THINKS FOR THEMSELVES? Especially that they would think and question while they learn their craft?
By the way the name Primerica is very Orwellian.
Prime of America. If those *&*& are gonna be the prime of america we should all move to Europe.
Primerica DID NOT get any money from me but they were a terrible waste of time. That in my book, is a RIPOFF!
THEY SAY THEY CAN MAKE YOUR DREAMS COME TRUE. BULL*&*&.
ONLY YOU CAN MAKE YOUR DREAMS COME TRUE. DON'T FALL FOR THAT LAME HOOK.
SCREW YOU PRIMERICA. NO ONE WASTES MY TIME.
AND MOST OF ALL NO ONE ATTEMPTS TO BRAINWASH ME AND GETS AWAY WITH IT.
I HOPE I HELP SOME PEOPLE IN THEIR DECISION.
I knew it was too good to be true. They called me at work and said that they had been referred to me. I went for the interview (in a strip mall between a cigarette store and video store). They wanted me to come back for a second interview with the regional vice president - great i thought! Then I found out it was a group interview...wierd, I thought.
At the group interview - we had to clap for each presenter as they told us how Primerica is a member of CitiGroup - how their goal is to help the middle class 'working poor' and how we could make tons of money. Of course all we had to do was pay $199 for our licensing fee to sell life insurance. (I know RED FLAG)
Several of the ideas presented made a lot of sense - they went over a lot of financial information that I already knew. I guess that's why I fell for it and signed a contract to be an independent contractor for them. At the end of the contract there is a spot to fill in your credit card info for the payment. I left that part blank and told the RVP that I should discuss it with my spouse before I paid - her response ' they will be so glad that you did it!'
I know I should have turned and ran out the door then - with the contract - but I didn't. I really wanted a job that I could help others and I justified all the bull that was in the videos they had shown us.
Luckily, I signed on Friday, and by Sunday when I found the other Rip-off reports Primerica had not yet charged my credit card. I called and left them a voicemail to void the contract and not charge my credit card. I followed up with the credit card company and told them I had fallen prey to a scam and cancelled the credit card.
We'll see if they call me back. I am suppose to go for the start of training on Thursday...
Bottom lines
1. If it sounds too good to be true - most of the time it is.
2. you should never have to pay a company to start working for them (If you need a license - you would pay the board or governing body where you take the certification tests).
3. Check out the everyone before you give them any money or personal information.
Well Lets see... They got my info. from careerbuilder.com and asked me to come in. I was up to it since I have been doing small jobs and really need income. Well I say the glamor and was like a fly to a light bulb. I came in for the 2nd time, and they told me to sign up to earn money.
Too bad to earn the money you have to do the same things to other people. But never the less I signed up. I paid the $199 to get started. Well next thing you know I relize while driving home it is a sceam. But they left the office and so I told my self I will call tomarrow.
Well I called and we talked. Next thing out of his mouth is, 'I thought you was a winner.' In a way I am because I relized it before too long. So I asked about the money I paid. He told me he already sent it. Well, I asked to get the $150 back, since I had 120 days to change my mind. They keep the $40 for a processing fee.
I understain the fee and all... but all I got from him was the sound of him hanging up. I am currently trying to find a way to get the $150 back, since it is in the contract. But the bad news is they keeped the contracted. So right now I am out of $199 for my mistake and stupidty. Do not trust them, and ask for a copy of everything.
D
Marietta, Georgia
U.S.A.
have several family members ignorant enough to sell this crap. One is even the beloved RVP. First of all, Primerica, Travelers, and SmithBarney are all owned by Citigroup. Citigroup is a very successful business. I ask you to ask anyone in Primerica to tell you what he or she is in the business of doing. They will reply to you that they help people get out of debt and prepare for retirement. This is how they have been brainwashed, ignorant, of just plain stupid. Any corporation is in the business to make a profit for its shareholders. If they don't, the company will cease to exist. That is the first thing Primericans do not understand.
They will first try to get you to buy their life insurance. Term they will tell you is the only thing worth buying and therefore, the only product they sell. They only sell this because it is the best for everyone. I ask you, if Primerica and therefore Citigroup believes this is the only type of insurance you should ever own, why then if you go to Travelers web page (also owned by Citigroup) you have three life insurance options? Good questions to ask the brainwashed Primerican next time they open their uneducated mouths. At Travelers sight you can buy term, or two different forms of whole life. That's right, check if out for yourself and then confront the Primerican on it. They won't have a clue what you're talking about. Again, most of them are uneducated and ignorant. FYI, for most people, I believe term is the best option but not in every case. Shop around other well-rated companies. You can find term policies for half the cost of what Primerica sells them.
Now the Primerican has told you they are in the business of getting people out of debt and they want to do a financial needs analysis on you, FNA as they call it. Oh they are so smart. Ask a real life Certified Financial Planner what certifications and/or degrees he or she has and then ask the Primerican. They are different. The certifications for financial planning a Primerican has are pretty much made up by Primerica and Citigroup. Go do some research on this one before you call my bluff. The rest of the world's financial community does not recognize their certifications as legitimate. Think about that before you allow them to pull your credit and see all of your personal finances. They are seldom more educated on the topics that you are. It is simply at their weekly meetings, they are conditioned to say certain things in certain ways only to make you feel inferior. Ask them a question about stocks, bonds, the stock market or anything else a Certified Financial Planner should be able to answer. Try not to laugh at them when you see the look on their face. They won't know what the hell you are talking about.
Now, after they have done your FNA they will try to get you to buy overpriced life insurance through Primerica, refinance your house through Citigroup at a rate that is .5-2% higher than what you could find elsewhere, open an IRA for starters through SmithBarney(owned by Citigroup), whose only has a select few funds that perform well year after year and whose expense ratios and 12b-1 fees are off the charts. Stop here and ask them what the 12b-1 fees are and get ready to control the laughter again. Better yet, a legitimate financial planner will be able to show you many, many, many comparable funds in which to invest along with fees and expenses. They can't do it. I'm laughing as I type this it is so funny. To finish things off, they'll suggest you sign up for a Citibank credit card. What's that? I though you were trying to get out of debt??? Look at the interest rate on that card before you sign. You can probably get one with a rate that is less than half what they are offering you. After this entire pile of BS they will invite you to one of their pep rallies and recruit you to go out and “Help other people become free" Or sell the same crap. After all, that is the ultimate goal. Recruit people under them so they can make money off of everything you sell and advance to Godhood or as they call it RVP. It's such a pile of bunk.
Go to one of their meetings and see the people that are actively selling. They are generally young people just getting started in life and don't know which way to go or older directionless people chasing the pot of gold at the end of the rainbow. I've said it before, do some research. They tout the wealth you can obtain by selling Primerica. They don't tell you that the average Primerican makes $12,000-$14,000/year working 60 hours per week or that only 1.5% of all Primericans make that six-figure income they brag about. I might add that that 12-14k/yr is gross and does not count expenses you must pay to be a Primerican. If you still think your chances are good of making a respectable living, less than 5% make over 50k/yr. Go to Las Vegas and drop a nickel in the slots. You might come up big.
Having said all this, you need to know that I have nothing to do with Primerica. Furthermore, I could care less if you but overpriced products. I neither gain nor loose anything by you buying or not buying anything from Primerica. My point of view is from the outside. I am an expert on the fact that again, I have two family members that sell this crap and have seen what it does to their family lives and financial situation. Not pretty. Family no longer exists once you become one of them. Funny I say that when one of the points they harp on is being your own boss and making your hours. The hours are true but not if you want to make that big 12-14k/yr. As far as being your own boss, read the contract. They own you and everything you do. You are not your own boss.
In conclusion, don't waste your money. Go to someone with credentials that has been educated and has experience in financial planning. I once heard a Certified Financial Planner say, “Look at the car, house, and clothes your planner has. If they are not nice, they cannot manage their own money. How do you expect them to manage yours?" At 12-14k/year, the Primerican is probably living with Mom and Dad. I could go on and on but we all have better things to be doing. Good luck.
My name and address are fictional because I don't need this getting back to family. My wife will kill me for making more unrest in the family about this garbage.
We "Primericans" always giggle about this view of our company because, MOST people can't even explain what a pyramid is none the less of what's good or bad about it...with that being said, let me explain this compensation, you call a pyramid;
You may know a Real Estate Agent or are familiar with the Real Estate industry and the Broker-Agent relationship, I do as I was looking at this as a career option versus Primerica.
We operate the same as the Broker-Agent system in Real Estate. Let me explain, when a real estate agent graduates from real estate class and passes their test, by law they must, "hang their license" under a broker for a 2 year minimum.
The Broker takes all the responsibilities, legally, and monetary.
Gets a list of all the houses in his chosen area. The Broker(also an agent) can sell any of the homes they choose and collect all of the commissions from the sell in and around 9% of the sell value.
However, the broker CAN NOT do it all, so to create leverage for himself the broker will hire agents, therefore sending his agents out to sell all the homes on the list. (Are you following so far)
The agents that work for the broker, go sell the homes, but the agents are on contract levels percentages based on their experience, like anything.
When an agent sells the home, for the broker, the agents gets for example 3% of the home sell and the Broker gets the remaining 6%.
This is called an "Override" Even though the Broker was not there for the showing, and closing of the home, the Broker still gets 6% for 2 years straight on each new agent hired.
Now imagine yourself as a Broker and having 20 to 30 agents under you selling homes for you and you, as the Broker, overriding all of them.
So, answer this question, who would you rather be;
The Broker or the Agent and which one do you feel you are currently at your job?
What we know about that system and why it DOESN'T work is simple, those agents will never have a chance to the broker in the same office. The only way for an agent to become broker is to leave after the 2 years of being Overrided and becoming a broker effectively creating competition with the one who trained them. Which in turn bidding wars begin between the two and each will take less contract % to get the opportunity to sell the homes.
We do not work in that manner exactly except in the "override" area and we encourage a new associate to create leverage for their business asap, and new associates can actually pass the person that hired them which does not allow an override,.....this would NEVER happen in real estate. that's why we believe that their system has flaws and does not encourage advancement.
Believe it or not, your managers override you. All business are built on the so called "pyramid scheme"
I just googled
"corporate pyramid structure chart"
and here is what popped up;
http://www.pbdwest.com/pub_docs/Org_Chart.pdf
Looks like a pyramid to me.
It is the most federally regulated industry in the United States and if you do things illegal, you could see some jail time, along with losing all your licenses.
Primerica has a "system" that creates an income stream, if worked properly, can put 40 years of work into 10.
Its a "chance" a "Shot" for YOU to GIVE YOURSELF an income, 99% of you cant even dream of, which sadly enough is your problem.
You cant dream, nor even know what you want.
If you could get a chance, a shot, to earn $50,000.00 a month, what would get in your way?
We never said it would be easy in Primerica, and we'll all tell you its not a "get rich quick" scheme, no such thing. Success of any sorts doesn't come without its challenges, fears, tears, blood, but success is worth it when you define it for yourself and not let others tell you to chase their idea of success.
Its tough, its hard, its difficult, most of us will tell you we want to quit 15 times a day..lord knows I do.
99% of you will quit, so we go thru the 99% to find the elite 1% that will do whatever it takes to give themselves that shot. We'll take them from a W-2 mindset to an Entreprenuel mindset.
Primerica is for everyone, but not everyone is for Primerica...we understand this.
If your not in control of your time and money, then someone else is........
We understand by blogs like this; that if people are not laughing at our dreams and goals, there not big enough.
How big is your thinking?
The writer of this blog expresses his ignorance and irresponsibility when he said, "I discovered that it is a Multi-Level Marketing Company---a pyramid scheme."
You insult every entrepreneur involved in MLM in the world by such and ignorant statement. MLM is a COMPLETELY legal business model that is taught in many business schools in the US (check the U. of Illinois in Chicago and the prof. Dr. Charles King). To suggest that an MLM structure MAKES it 'pyramid scheme' is stupid...that is like saying "OH! Retail merchandising is a pyramid scheme!" or "Direct sales is a pyramid scheme." A PYRAMID SCHEME is what B. Madoff did...and it is criminal, pure and simple. MLM is NOT criminal; otherwise, Citigroup, Microsoft, and many other well known corps would NOT have divisions that were organized as Multi-level marketing. There is a REASON that two of the most successful entrepreneurs in the US (Donald Trump and Robert Kiyosaki) BOTH endorse network marketing as one of the premier means for an average "joe" to amass a fortune. Many corporate giants in the US use this model because it works, and it is profitable, and there is NO money spent on marketing/advertising (which comprises over 50% of the normal retail business model).
No, I do NOT work for Primerica...dont know much about it...but I DO believe in MLM because I am making a good living in a wonderful company that utilizes this model.
DO YOUR HOMEWORK BEFORE YOU PAINT WITH SUCH A BROAD BRUSH AND INSULT SO MANY PEOPLE.
Ok, I work at a job now and just peeking at Primerica. At my job i'm a manager. I have a boss(the owner)and I have employees. That's a pyramid. Primerica may be a pyramid but not a pyramid scheme.
Also, at my day job I get many job offers from companies for upselling(in a good way). Does your waitress tell you about the daily specials? Do you think she's trying to scam you? Maybe she's telling you that you can save some money on your food?
And say you saw a person at the bus station everyday on your way to work and eventually got in a conversation with them averyday. Say you thought they were a nice person. Then one day they were complaining about their job and wanted to put in their 2-weeks notice. Would you not say 'Hey I know of a place that you might be interested in.'?
Everyone that i've met with primerica has been very nice and has answered any questions i've had. I'm more of a 'facts' type person and not so much a 'rumor' or 'gossip' person.
Usually people that swear are frustrated and not thinking clearly or they don't understand and can only think of an f-bomb to describe the fact that they belive what they are saying.
With the way our economy is now, you'll be suprised to see that people that have been in debt themselves and got out of it in this way want to let people know of this oppertunity. If someone complained about a taco they had I would tell them about a taco I had that was really good and suggest they should go there sometime.
They don't HAVE to recruit. They can stay at the bottom of the pyramid and just help others by doing FNA's while earning income. But, like at my day job, I make more money as a manager than I did as an employee.
I don't want to come across as bitchy or rude, but you cats who are posting "supportive" comments about Primerica are either brand new workers for the company or are just real dumb. This is one of the biggest rip off's to bubble out of the recession. Any company who CHARGES YOU to work for them is a rip off! Check the Better Business Bureau, contact your local department of labor.. there is a lot of information about Primerica! Now, if you have no ambition, live at home with your parents, have no debt or bills - this is a GREAT job for you! For the rest of us who need an income.. keep a'movin'!
PRIMERICA IS NOT A SCAM. IT IS A FINANCIAL SERVICE COMPANY THAT HELPS PEOPLE REFINANCE THEIR 1ST AND 2ND MORTGAGES. I JUST HELPED MY MOTHER-IN- LAW REFINANCE HERE SECOND MORTGAGE. SHE IS SAVING $260 DOLLARS A MONTH AND PAYING IT OFF IN 8 YEARS. HER ORGINAL SECOND MORTGAGE WAS FOR 30 YEARS AND THEY DIDN'T INFORM HER OF THIS UNTIL SHE SIGNED THE PAPERS. SHE NEVER TRUSTED BANK OF AMERICA AGAIN SO IT TOOK HER A WHILE TO WARM UP TO THE IDEA THAT I COULD HELP HER. AFTER I SAVED HER MONEY AND LOWERED THE YEARS LEFT TO PAY, SHE STARTED TO CRY IN MY ARMS. SHE IS 61 YEARS OLD AND WILL BE COMPLETELY OUT OF DEBT BY AGE 69. THE ONLY THING I REGRET IS NOT DOING IT SOONER. WE ALSO HELP PEOPLE GET THE RIGHT KIND OF LIFE INSURANCE. TO SPREAD LIES ABOUT AN INSURANCE COMPANY IS ILLEGAL. IF YOU FAILED IN PRIMERICA ITS BECAUSE YOU ARE LAZY. THIS BUSINESS IS ABOUT WORKING FOR YOURSELF. MOST PEOPLE BECOME LAZY WHEN THEY WORK FOR THEMSELVES AND NOT FOR THE ASSHOLE MANAGERS AND BUSINESS OWNERS THAT THEY COME IN EARLY FOR OR STAY LATE FOR WITH NO INCREASE IN PAY. IF PRIMERICA WAS A SCAM THE GOVERNMENT WOULD SHUT US DOWN. BUT WHAT THEY DID WAS REMOVE THE CEO'S OF CITIGROUP AND REPLACE THEM WITH THE PRIMERICA CEO'S. WE ALSO HELP PEOPLE WITH THEIR CAR ISNURANCE. WE HAVE A COUPLE INSURANCE COMPANIES WE GO THROUGH SUCH AS TRAVELERS, PROGRESSIVE, SAFECO INSURANCE, THE HARTFORD, ETC. DO YOU REALLY THINK THESE COMPANIES WOULD DO BUSINESS WITH A COMPANY THAT WAS A SCAM. WE ALSO DO LONG TERM CARE INSURANCE THAT ALLOWS SICK PEOPLE TO HAVE SKILLED NURSING CARE AT HOME. THAT IS ONLY SOME THINGS THAT WE DO. WHEN THIS COMPANY STARTED THE INSURANCE COMPANIES THOUGHT THEY COULD PUT US OUT OF BUSINESS BY SPREADING LIES ABOUT US. THAT IS ALL I THINK THIS IS. YOU HAVE BEEN MISINFORMED BY OTHER INSURANCE AGENTS BECAUSE WE HAVE MADE THEIR POCKETS LIGHTER. WE ARE A THREAT TO THEM AND GUESS WHAT? WE WON'T STOP UNTIL THEIR IS A OFFICE EVERY 5 TO 10 MINUTES APART. THIS IS ONLY A 32 YEAR COMPANY. WE ARE STILL A SMALL COMPANY IN THE INSURANCE AND MORTGAGE COMPANIES EYES. I HAVE ONLY BEEN WORKING WITH THIS COMPANY FOR A COUPLE OF MONTH AND I HAVE HELPED 2 PEOPLE WHO WERE ABOUT TO LOSS THEIR HOUSE. THEIR KIDS WERE GOING TO BE HOMELESS. THEY TOLD THEIR FRIENDS AND NOW I HAVE APPOINTS WITH THEM TO HELP THEM OUT. WE ARE SUPERHEROES AND SAVERS FOR MIDDLE INCOME AMERICA.
Primerica is an MLM (Multi-level Marketing company), but an MLM is NOT a Pyramid Scheme or scam.
Read below what the IRS, Federal Trade Commission and the Direct Sellers Association say about MLMs and Pyramid Schemes:
http://www.irs.gov/businesses/small/article/0,,id=141724,00.html
http://www.irs.gov/businesses/small/article/0,,id=141724,00.html
http://www.dsa.org/forms/CompanyFormPublicMembers/view?id=7F30000061E
http://www.dsa.org/ethics/
these people have you sign up for their business. its 99$ to start and then they deduct 25$ every month. you have to basically go around and try to sell life insurance to friends and family... most of the time you wont be able to sell it because everyone usually has life insurance. so you kinda get screwed!!! and if you want to cancel it you have to write them a written request and sign and date and have your account info... and send it in. do not sign up for them because alls it does is take money from you... it doesnt qualify you for the insurance unless you give them more money. please i ask of you do not sign up for it. thanks for reading my complaint and i hope i save you the trouble.
REad this...
I search the web and all i can fine is bad shit about this company
read please
My husband and I purchased a term policy with Primerica over 20 years ago. At the time, we were told the premium would increase when we reached a certain age. What we weren't told, is that the premium to keep the same coverage we have had would suddenly increase over $1200.00 per year!
So much for the theory of investing the difference!
We are 46 years old, and God willing, plan to live another 40 years. We've paid over $8000.00 to this company, but now we can't afford the quarterly payment, which has increased over $300.00!
Oh, they offered to exchange our policy for their Custom IV 10 Term Insurance, and only increase the quarterly premium by $50.00+. So, what happens when we turn 56 years old? How much does the premium jump then? Or will we even have coverage at all after that?
Just when you get to the point you may need them, they increase the premium so high you can't afford to keep the policy. I'm going to be looking for another company, while I'm still young enough, and healthy enough to find one. We feel as though we were taken advantage of for the last 20 years. They took our money, and are now forcing us to move elsewhere.
Do you have a resume posted online? If so, you have probably, sooner or later, received an email from Primerica.
It takes a bit of digging before you find out that Primerica is a multilevel marketing organization. They're not really offering you a job... just an "opportunity", of course to make lots of money. It is certainly misleading, and in our own experience, there was NO correlation between the resumes posted and the "job" offered.
The first tip-off is that they want you to come to an introductory meeting, where there will be lots of other "interviewees". When have you ever been contacted by a company for a legitimate job and told you will need to come on a Thursday evening to a meeting with a group? One person who wrote in saying he works for Primerica, says these agents are acting on their own, in violation of company rules (see the post below).
However, the Atlanta Better Business Bureau's website records 65 complaints about this Primerica in the past 3 years. The BBB says the complaints are resolved, so if you do go, and want your money back, call the BBB. See http://www.atlanta.bbb.org/commonre...tml?compid=6985
And you want to try to sell (what we think are) overpriced products to your friends and family, go on to the meeting. But don't say we didn't warn you!
Just a quick comment. I went to a Primerica meeting last week because my friend is doing this work part-time, and was very excited about it. My impression of the Primerica business is that it unfairly exploits disadvantaged, lower income people, and that it is a pyramid scheme that should be illegal. People should learn other ways to make an honest living. Just my two cents, and you can blast away because I don't frequent this board but was interested to see if anyone else out there felt like this business was a dishonest way to make a living. (http://www.deferred.com/wwwboard/messages/8454.html)
Hello all. Fair warning about 'Primerica':
**Before I proceed, I like to thank this website and the many unfortunate people who wrote in their experiences. At the very least, it helps people avoid mistakes (like me), so I sincerely thank each and every one of you**
I just attended a meeting tonight and to my surprise it was me along with approximately 60 other people. My Primerica rep had somehow convinced me it would be a 1-on-1 interview but acrouse it wasn't (Red flag #1). I consider myself a very nice person and as one of their schemes, they sought 'nice people who look to help others' but in this case, financially.
After the hour or so long presentation which featured a VP speaker named Cody Pack, (must be the arrogant one everyone is mentioning)you were seriously left brain-washed. In my case, I believed the $199 fee to be 'licensed as a Primerica rep' would land me a job ASAP and allow me to make a fortune and help others at the same time. Ha.....wishful thinking.
They 'claim' you do not need to have ANY financial experience whatsoever (Red Flag #2) in order to be a rep. All they talk about is expansion and the need to hire new recruits at Primerica.
WHAT THEY REALLY WANT IS TO EARN A COMMISSION BY SIGNING YOU, AND THEN GETTING YOUR REFERRALS TO JOIN IN.
Its a well-sought plan that has gotten a lot of people and almost got me tonight. After attending the meeting, my Primerica rep was more than excited to have a followup meeting as soon as possible. I could tell he sensed I was questioning some of the presentation which is very scant on info how you actually earn money (and acourse the concept of NO actual salary being involved). To be honest, I could sense fear in my rep and it was another red flag. Like others have stated, I asked some questions that he could not answer and decided in many cases to flip them around and ask me a question. Again, I think we have a little brain-washing going on!
I cannot believe in this day and age that people still do this to others. Be forwarned.
My advice? If a Primerica rep contacts you through email/phone/or etc, tell them to take a hike!
Catersville
Georgia
I was involved with Primerica for about 1 1/2 yrs. and went no where. Yes, it does take a lot of committment but to go and recruit people just for the sake of getting promotions is not right. You're told by RVPs you are the next up and coming RVP and going to make a boatload of $$! When I joined I was told by my RVP if I were to go full time I was to get not only my life license but my securities as well. This past fall put the final chapter in my Primerica episode as I went to a heirarchy event. My RVP was with one of his uplines spouse and completely shunned me from introducing me to her. But he made sure to introduce her to 3 of his newly appointed recruits (ages 19,21 and 23!!) whom at the time weren't even licensed but were full time staff!! So much for his strict rules for full time agents!! They're all full of hot air, so if you don't want to become someones mule, don't do it!
I am so glad that former Primerica reps are speaking up to the real truth of what Primerica really does to people. I especially like what PFS Truth had to say in April 2008. My husband and I joined the business about 2 years ago and slowly rose up the ranks as Divisional Leaders. We were asked to speak at meetings to motivate new people to come into the business. We followed what our RVP told us to do to the letter. Everything was fine as long as we were making money.
We were told that if we were going to become RVP's then we should like Chargebacks. We were told to tell people that term was the best policy to have. We weren't allowed to sell any other product outside of what Primerica had. We were not allowed to advertise (our) business because head office wouldn't allow it. We were told, "we were in business for ourselves but not by ourselves."
None of what they said to us was true. We were not running our own business. All we were was a means for our upline to make more money for them. If you are a new person showing up for a business opportunity then you really don't know things until you hang around long enough. The person who invited you in the meeting doesn't tell you anything until you get to the office and they show you a film. They most of the time come across as being your friend. Inviting you to their house introducing you to their other family. Giving you supper etc...
This is done to let your guard down. You think to yourself if this person invites me to their home then maybe I should trust them. They act like your friend because they have an invested interest in you because of your warm market.
I'm not bashing Primerica people, rather stating the truth. We didn't leave Primerica because we weren't making money either. We had a better offer! An offer that would enable us to tell people the truth from the beginning. As things were revealed to us we couldn't continue working for an organization who deceives people. There are alot of others who are working with Primerica who really believe they are doing the right thing.
All I can say to the Primerica supporters is that if there is smoke then there is fire. Primerica is not the victim here and doesn't not need people like you to shout out others who think there is something wrong with Primerica's methodologies.
I wonder how many current Primerica reps have read their IBA Agreement??? So my advice would be to read your IBA Agreement before you shoot your mouths off to others saying that their negative. TELLING THE TRUTH IS NOT NEGATIVE!!!
Everything PSF Truth wrote is the Truth! I don't even know who this person is but I can tell that they know how Primerica doesn't business. By the way, CITI Group has not been in business for 30 years. Primerica has been formerly named A.L. Williams. So don't push the Citigroup stuff cause you all know that Citigroup is doing really terrible right now. Especially regarding the class action lawsuit against Citigroup for deceiving investors. Do your research people! As far as I can see anyone who disagrees with facts are just trying to be wrong and strong.
Many of you are simply uninformed about how the company actually works. For a fact it's not a pyramid scheme so those blogs can be discredited. There's a $99.00 which is a franchise fee and the person who hired you gets none of it or it would be illegal. If you bought into a Mc Donalds, you pay a huge franchise fee so I guess that makes Mc D's a scam and a pyramid according to your logic.
The person claiming to be a Regional Vice President is lying, we aren't even close to the most expensive Term insurance especially considering what you get with ours vs other companies.
Many of these blogs spew lies, I've been in the company for almost a year. It's run like a modified brokerage agency. New recruits make money off the person who hired them as you make money not doing any work. New agents arent licensed nor do they do the paperwork or presentation. So they get paid to be eye candy until they become a licensed agent, and that was the easiest money I made.
Our insurance is tops, and find me one person that was put in a worse situation after being refinanced by Citicorp Trust Bank as were the only ones providing Simple interest biweekly loans to consumers. If our loan doesn't beat our prospective client's we can't propose the plan.
Please don't comment on a business you've never been involved in and know nothing about. We are competition to companies that rip people off so naturally some of you have had your business replaced by Primerica agents. Stop lying. It's difficult to find people who complain about our products and services because we educate the consumer so they don't get ripped off again, it's always the business op. and we have all these experts who have no idea how Primerica actually works. You can probably find a site that says aliens are running our government but that doesn't make it true.
Reality, you couldn't talk to one family I've sat down with where they wouldn't sing our praises. And if we're a rip off, HOW IS IT THAT WE WERE THE ONLY FINANCIAL SERVICE COMPANY TO PROFIT IN THE 3rd quarter and accounted for 62% of the largest firm on Wallstreet's revenue. We are the most successful financial service company in the world right now.
Also, why is it that an IT guy can't spell high school level words? Not one of you could challenge me on anything you say because you've never been involved. Not being arrogant, it's annoying to see this garbage and lies. I've done nothing but break my back to help families and I've saved people from losing their house. I've also worked with families that I knew wouldn't land me a commission but I didn't get into this company for the money. It does pay well if you have a work ethic. Most people aren't self motivating and need to punch a clock. That's great, I don't look down on that so don't lie about a company you know nothing about. I have every tax write off of any corporation out there and I control my income.
Bottom line, the reason Primerica is a scam is because you don't make money in the company by selling their PRODUCTS, you make money by bringing other people into the company to work under your umbrella. The person who recruited you into the company makes money off of your sales, and you make money off the people you bring in.
Any company that rewards it's employees (or "business managers" I should say) based on their recruiting powers and not their belief in the product is a scam to me. I'm not interested.
Primerica reps are trained to overcome objections and manipulate people into think they are the only company that truly helps middle income Americans and provide the best products. How do I know this? I was one of the top managers in my area who trained my baseshop to do this for 12 yrs.
Now Primerica reps are going to say I’m lying and that I am just an angry rep who had my policy replaced by PFS. Here are the numbers based on policies I have replaced this week. Numbers do not lie!
Policy # 1
Husband & Wife $900,000 on each 20yr LEVEL Term. (Written 4 yrs ago) Primerica cost was $138 per month. (28yr Standard/29yrs Preferred Old)
Policy Replaced by ING 20yr LEVEL Term - $900k face amount each. (New ages 32standard /33 preferred) total cost $73.50
Savings compared to Primerica $64.50 per month
Policy # 2
Husband & Wife….. $250k each 20yr LEVEL term written 3 years ago. Ages when written 40 & 41, both Standard Non-Tobacco. Primerica’s total premium for this coverage was $88.36
Replaced Primerica policy with West Coast Term 20yr LEVEL Term. New ages are 43 & 44. Both Standard Non-Tobacco. Total cost of premiums $43.97
Total savings compared to Primerica is $44.39 month
I am working on a pricing grid to show the differences in cost & proving that Primerica policies are VERY expensive.
When I trained my baseshop I would tell them to use this response to objections like this. “Price is only an issue in the absence of value” & “if price was the only factor we would all be driving Yugos”. Then we would focus on “bells & whistles” of the Primerica policy.
Primerica reps will say the following:
1. We have an amazing terminal illness rider
2. IBR (Increasing benefit rider)
3. Banding (combining both policies to buy insurance at a lower cost per thousand)
4. Waiver of Premium
5. No War Clause
Here is the truth!
Banner is the only insurance company I know that has a war clause. EVERY insurance company I now represent has NO war clause.
Terminal Benefit Rider (TBR) – All insurance policies I have seen have this rider! Actually Primerica’s is the worse I have seen. Primerica is 40% of the face amount or $250,000 while all the other TBRs I have seen is 75% or $500,000.
Waiver of Premium – Common for all policies
Banding – A joke. Look at the examples above. Banding just makes a very expensive policy a little expensive.
IBR – Increasing benefit rider. This gives you the ability to buy more insurance at the obtained age. Sounds great, but it is smoke and mirrors. The cost of the policy is very expensive from the beginning then you continue to buy expensive insurance (10% a yr) for the next 10yrs. The client is better off getting the insurance from the beginning and saving the money.
See this is why I left Primerica. We no longer offer the best products PERIOD! When Art Williams started AL Williams they were the champions of the middle class. They we able to destroy almost all companies with their pricing. Now the roles are reversed. Primerica Term Policies are more expensive than State Farm, All State, Prudential, Farmers, ING, Banner, West Cast, SBLI, Transamerica, American General, and many more.
The truth is Primerica used to be the dominant force in the Term life industry, now they are the companies who Art Williams used to beat!
I am honoring my No Compete clause of my IBA, but I am still seeing 3 – 5 Primerica life clients per week. So far I have beaten EVERY, I mean EVERY, policy I have seen. I feel like such a sleaze ball for what I have done to countless people including my family & friends!
If these Primerica drones would stop lying I would stop posting, but I can not allow these lies to continue.
If you are considering working for Primerica or buying their products just do this. The truth will shock you.
Get Primerica’s best quote then take it to an Insurance Brokerage company. (Look in the yellow pages.) Tell them you want to beat the quote you have from Primerica. Ask for ING, Genworth, Banner, West Coast, Transamerica (if you smoke), Nationwide, Metlife, Lincoln, American National, etc.
The $MART loan will be beaten by a conventional or FHA loan 99% of the time. Just check with a mortgage broker or your bank. You will be able to do a 20yr loan with lower closing costs, lower rate, no prepayment penalty, lower monthly payment, & paid off faster than the $MART loan.
One reccomendation I would have is to actually go to the interview. The worst thing that could happen is you decide it is not right for you after you ask the important questions. I would not leave it up to your friend or your mom to decide. You will find that the real world may be filled with opportunities that dont fit in a neat little cubicle with a 1 hour lunch. I would also add that before you label something a scam go check it for gods sakes.
I am so glad that former Primerica reps are speaking up to the real truth of what Primerica really does to people. I joined the business about 2 years ago I was sick of being captive and having such a limited product line that paid me poorly and was simply not competitive in today’s market. In other words I got tired of handling price objections from people who went on the internet to compare.
Term insurance rates have dropped once or twice per year with each carrier I rep and at PFS only once every other year and they are still high.
My income and referrals skyrocketed since I went with an independent firm. I have grown my agency into over 13 states now.
I liked Primerica’s concepts, I just got frustrated with the products that went with it. Too much control and limitation over me and what I could do for the customer. No health, disability, fixed indexed annuities, tax prep, etc. and limited product choices for clients.
My wife has not worked since 2004, about a year after I left for independence, and we have no debt except our house now.
Third party sites to validate the competition are:
bankrate.com
term4sale.com
insure.com
It pays to shop around.
Unfortunately, this is a scam. I personally have never been involved with this company, but I was approached about getting into it by someone once. I started doing some research and found all kinds of bad things about them.
There is some interesting reading at http://www.ripoffreport.com/reports/ripoff10157.htm
Once I saw this, that was enough to convince me that I didn't want to have anything to do with them.
This passage also came from a rebuttal to another Primerica REP, Kevin from Oklahoma, but in order for all to view, I've created a new posting. Some of what you read may be directed directly to Kevin. If you are a Primerica Rep, you might want to replace Kevin's name with yours as you have fallen into the same trap. If you haven't read Kevin's posting please do so. He is speaking from inexperience, just as many of us have before.
I did not read the passage comparing Primerica to the holocaust, and even though I loathe Primerica, there's obviously no real comparison. Perhaps one can find an occasional similarity, for instance, many Jews were not aware they were being led to the gas chambers, but in fact thought they were going to a shower house. The comparison is that many new Primerica reps perceive Primerica as the shower house, when in fact it's the gas chamber. You are led to believe that Primerica is the answer to you and your family's prayers. That you will find happiness through your association with Primerica. The Jews were taken from there families, raped and murdered. Their road was tragic, unconceivable to most, and in the end, after months of false hope they were executed. They had no chance. The difference with Primeca though is that for a while you do in fact find happiness. You feel an overwhelming sense of importance. In fact Sigmund Freud said it best: that we as humans seek one thing more than any other. We seek a 'feeling of importance.' Can any one reading this deny that you do not seek this? Kevin's lengthy passage led me to believe he does and now he thinks he's found found it. Let me make this very clear for you, IT WILL BE SHORT LIVED. You my friend unfortunately cannot see this clearly, YET, and it's not your fault. In no way is it your fault. I speak from personal experience, Kevin. From one educated man to another, please heed my warning and take steps to exit Primerica now, before you learn for yourself, what I learned the hard way.
Let me explain further. Yes there are many people in Primerica who truly want to do good for others. BUT, let's be realistic, everyone who joins Primerica does so for a reason. The majority of those who join do so for financial gain. AND everyone who has ever been recruited into Primerica has been led to believe that they can be wealthy working for Primerica. That is far from the truth. A very large percentage of people who join never make enough money to be wealthy. You can definitely make some money, no doubt, but it's the way the money is made that drives the ethical people away. A pretty good friend recruited me into the business a couple of years ago. I fell for it hook, line and sinker. I was in a similar situation as you, and I was looking for a greater sense of importance. Not to mention I thought owning a Primerica business would be the way to go.
I, like all the rest before me and after, was recruited the same way. Led to believe that I was 'THE CHOSEN ONE.' Someone who could be a great PFS leader and make an impact on the middle class family. DING DING DING DING. The alarm should have gone off right then and there, but it didn't. Here I was, as financially uneducated as a slug, no real business sense and I was being told I was the one. Plus the opportunity meeting I had attended was in a hallway next to an elevator. We actually had to get up when people used the elevator. DO YOU GET MY POINT?
Everyone they recruit is told the same thing. But those who have been in then business for any amount of time know without a doubt, they are telling the potential recruit a BOLD FACED LIE. I WAS THERE. I AM AN ETHICAL PERSON WHO FOUND THIS OUT AND MADE THE DECISION NOT TO STAY. You PFS REPS are brainwashed, as a PFS'r I know you hate that word, but it's true, they are brainwashed into thinking that what they are doing is actually right. They are taught to justify their techniques of recruiting everyone and anyone. They say and I quote, 'How can we discriminate or differentiate between those that are capable of being successful and those that are not?' 'We just have to recruit everyone we can and let the chips fall as they may.' What an incredible line of Horse ----.
I was at a seminar once and heard Cheryl Bartlett, NSD from CA speak. She for word said, you need to recruit everyone and follow up with them until they BUY, JOIN or DIE. Yes that's exactly what she said. Does that familiar Kevin? Didn't you tell the Rep on the phone that you weren't interested and that were joining the Air Force. Weren't you surprised to get ANOTHER call from him the very next day?
In reality, once you tell them not to call, they're not supposed to and can be fined for doing so. The point here is, you were surprised by the phone call, the REP that called you planned to call you again even though you had told him not to. He basically disrespectfully disregarded your request and called you ANYWAY. How does that make you feel? That's what Primerica Reps do, remember I was one and I did it.
I have lost the respect of friends and family members because I believed I was doing what was right. I thought Primerica was so good that I was willing to harass others to push the business. YES that's right, harass. And I really didn't realize what was occurring, right in front of me. I have since regained the respect I had once lost, but only after apologizing and explaining what I had learned and how Primerica was in deed leading thousands down a path of no return. I believe that I am a very ethical person with morals and good values.
Primerica literally forced me to be someone I was not and before I knew it I was in the same boat as the rest, traveling down swollen rapids, any minute about to be capsized by an unforeseen wave.
I'm not putting anyone down. I'm writing this to make you aware of what you are not aware. I know you have heard this before; People don't know what they don't know. This works two ways.
New Primerica recruits don't know what they don't know. Are you aware of what a chargeback is? Are you aware that if you ever leave Primerica that the RVP will hunt you down to claim any money you had charged back to you when clients cancel their accounts. Are you aware that you will be required to spend Saturday mornings or some other chosen morning to give up each week? Not to mention you'll be made to attend the Opportunity meeting every week. Are you aware that if you miss a meeting you will be chastised and if you continue to miss the meeting you will be viewed as a non-conformist and an outcast. Are you aware that the same thing will happen to you if you miss a 'Star School' or Fast Start School'. Are you aware that the RVP can change the schedule around his time or schedule meetings on a whim and you had better make them if you are a team player? Are you aware that you'll be forced to pass off high interest loans to your clients as if they were good, all the while knowing they could search elsewhere for a better deal? Are you aware that the FNA is really nothing else but a colorful packet purposefully geared to do two things; recruit you and sell insurance to you? Are you aware Primerica recruits in order to get to your warm market and to recruit them and sell insurance to them? If you fall off, so what, at least they've tapped into the people you know and haven't really lost anything.
HAVE YOU THOUROUGHLY READ THE IBA (CONTRACT)? AGAIN, HAVE YOU THOUROUGHLY READ THE IBA? IF YOU HAVEN'T YOU NEED TO, TRUST ME. Only after I had left Primerica and was faced with a chargeback balance did I realize just how helpless and defenseless I was. The IBA is a well-protected document and often times RVP's won't let anyone take them from the office to review it before making their decision. The IBA was written, edited, rewritten and reedited by Primerica's lawyers to ensure Primerica is protected. Let me repeat, to ensure PRIMERICA is protected.
The company does not care about the individual reps, but of course it's own interests are of great concern. I left Primerica over a year ago and I still get mail from them asking me to repay a chargeback.
Here's another tad bit of information. There is a book out there called the ABC's of Financial Planning. It came out, coincidently, this time two years ago during our annual convention in Georgia. We were introduced to the book because on page 212, if my memory serves me, there was a blip about Primerica. The authors praised Primerica for being the only company to meet all 15 of their standards of a viable business. The first thing we all thought was, WOW, did I make the right decision or what. Here were two guys basically telling me that I was in the right place at the right time and that my decision to join Primerica was the best decision I had ever made. How fortunate was I.
Right after we learned of the book, thousands of PFS reps lined up to buy the book and sales sky rocketed. Let me let you and everyone else in on a little secret. Believe me or don't, I have the inside truth. I learned later on that one of the two authors was a personal friend with some of the higher ups in Primerica and the inclusion of Primerica in this book was done solely to boost sales of the book.
What a marketing ploy or should I call it a scam? What better way to make a Million and a half bucks +, quickly and painlessly. Let's market our book to 100,000 plus Primerica reps that will buy anything that they think will boost their business. They're sitting on some beach somewhere, sipping margaritas and laughing it up. How ingenious you say, I say they couldn't have acted anymore selfishly if they tried. Guess what. I bought one of the books. How was anyone to know though?
I could go on and on and on. I personally delved deep into the Primerica products and learned things that many are not aware of. Things that would scare clients away if divulged. I'm not asking you to take my word, you and I do not know each other so what real right do I have to tell you what to do. You will soon find out for yourself what I'm talking about and you too will realize that you were promised a Pipe Dream that for many will never come true.
I wish all you the very best. Those with ambition are rare. Do not think for a second that you made a wrong decision by joining Primerica, just an uninformed decision. Primerica Financial Services are the ones to blame for the practices they continue to promote.
If you are in the process of being recruited by a Primerica "Personal Financial Analyst", here are some questions you should ask your recruiter, as part of your decision making process.
Don't be afraid to ask these questions as part of your research before making a decision.
Ask them to answer these questions directly and to provide documentation to back up their claims.
Do not accept anecdotal answers. If your recruiter won't put their answers on paper, ask them if they have anything to hide.
REMEMBER: In all likelihood, THEY are trying to entice YOU to join them. This means they have an obligation to give you straight answers, instead of answering your questions with another question (a common sales trick).
Be sure to read everything you are presented with, especially the "IBA"!
The "IBA" is a contract between you and the company.
Like any business contract, you should let a lawyer review it with you before you sign it.
Don't enter into any "business venture" lightly - your time and money are on the line!
MOST OF ALL - USE COMMON SENSE - IF IT SOUNDS TO GOOD TO BE TRUE, IT USUALLY IS!
"OPPORTUNITY" RELATED QUESTIONS:
1) How much do you make working for PFS?
2) How many people do you over-ride (through all generations), and what is their individual average annual income from earned commissions, net of chargebacks?
3) What percentage of your company's total sales force earn the "six-figure incomes" that you say are possible in the business?
How long does it take the average person to earn a six-figure income in this business, or is it true, as presented in the opportunity meeting disclaimers, that "only the super-achievers" can earn this kind of money?
4) What percentage of your total reported sales force earns over $50,000 per year, net of chargebacks?
Is this calculated on a calendar-year basis or on a rolling 12-month basis?
5) If I'm interested in becoming a financial planning professional, and I wanted to take courses to become an accredited financial planner (CFP, PFP) with a professional designation, would Primerica pay for these courses?
6) If I told you today that I was interested and wanted to learn more about the business, would you take me on 10 of your own personally-booked appointments (booked with contacts that you have personally generated, without my assistance) to see if I like the business?
Would you do this without me paying $199 for an IBA, and without me providing you a list of my friends and relatives, also known as a "warm-market list"?
If I decide to join, will you train me by bringing me on your own personally-generated appointments, so that I can use my "warm market list" for myself when I am licensed?
7) Please show me your day-planner for the past 6 months and please show me your gross sales figures for the same period, including chargebacks.
Please show me your business-related expenses over the same period (ie: car, gas, food, etc), so that I can have a reasonable idea of what I can expect to spend to generate income.
8) How many Primerica agents quit each year, and how is this expressed as a percentage of the sales force?
How does this compare to the industry at large?
Can you provide third-party evidence to support your claims?
9) How can I become a Regional Vice-President without recruiting people to go and recruit more people?
10) Why should I show up to the same Amway-style "opportunity meeting" week after week?
11) Is this Multi-Level Marketing?
(If they say it is NOT multi-level marketing, or use the famous "Do you like Multi-Level Marketing" script, they may be breaking Federal/State/and Provincial laws). "Network Marketing" is just another way of saying "Multi-Level Marketing".
12) One of your leaders has been quoted as saying that "The Secret of PFS is to keep 'em coming and going.".
Is it true that this business is often described by your leaders as "a numbers game" and that "...if you throw enough SH** against the wall, some of it will stick"?
Am I one of these numbers?
CONSUMER/PRODUCT RELATED QUESTIONS:
1) Why does Citibank offer VISA cards to customers who just consolidated their debt through Primerica with a $MART LOAN?
Doesn't this seem hypocritical to you?
2) If Cash-Surrender/Cash-Value/Whole-Life insurance is as bad as you say it is, why does Primerica make millions of dollars of profit from its sale each year, through their wholly-owned subsidiary, National Benefit Life, as reported in Best's Review?
(PFS agents in New York state are licensed through National Benefit Life.)
3) What percentage of your sales force are professional financial planners, ie: CFPs?
Why are there so few? Is there no value in becoming a certified professional?
4) According to your company web-site, (www.pfsnet.com), hidden under "important disclosures" the FNA is "not a financial plan" and PFS reps are "not financial planners".
Do you let prospective customers know that you are not financial planners and that they should seek the advice of a professional planner if they wish to obtain a financial plan?
5) If "Buy Term and Invest the Difference" makes sense for most people, wouldn't people benefit most by buying the CHEAPEST term available from a top-rated company, and investing the difference?
6) Why would I re-finance my debt with you at a higher interest rate when I could go to an independent mortgage broker and get a lower rate and similar prepayment options?
7) Can I purchase no-load mutual funds or index funds from you?
8) Can you provide me with a written financial plan detailing advanced estate planning and taxation issues?
9) Is it true that "Personal Financial Analyst" is just a proprietary term developed by your company, and is not a professional designation?
10) I've heard many of your agents suggest that banks and insurance companies have been ripping off consumers for years. How do you explain the fact that your sister companies include a company that finances consumer debt at interest rates as high as 28.8 per cent (Citifinancial/ex-Associates) , a whole-life/cash value insurance company (Travelers and NBL), and one of the worlds largest banks (Citibank) who make BILLIONS from consumer debt each year?
11) Are you willing to put all of your answers in writing, and subject them to the scrutiny of Federal/State/Provincial regulators?
::::::::::::::::::::::::
COMING SOON! - SCANS OF RECRUITING SCRIPTS AND OBJECTION HANDLING MANUALS - SEE HOW EVERYTHING YOU'VE BEEN TOLD IS PRE-PLANNED AND SCRIPTED!
This is an email I wrote to a friend who tried to get me into primerica. I did this because I care.. and it is based on my expierence from doing research and speaking with my prospective VP... Please excuse any grammar/spelling errors, as I did check them, but I'm at work and don't have all the time in the world to do this. Some personal elements have been edited/deleted. References to Pat is the VP's name,. Keep in mind that this letter is informal as it is written to a friend. and to you Primerica Scum that will reply... [ insert nasty phrase] you. If you find this usefull feel free to reply to it. Good luck to you all
Friend,
Before you call me crazy please read the entire email.
I have decided not to go through with primerica, hope your not insulted. A few things I kept in mind regarding my decision were the following:
Primerica has a 50% employee turnover rate (as per Pat) with to me means AT LEAST 50%
Primerica makes most of its money using a warm market approach meaning it markets to friends and family, which is why there is more of a focus on recruiting than sales. I will not sell something or try to recruit someone from my own flesh and blood, (or close friends whom I love) until I am 100% sure of what I am offering them. How could I possibly be sure of what I am offering them in the short time span of 3 months.
A warm market approach also makes it possible to sell products at less competitive rates because 'warm' people do not mind paying a little more to help a family member 'start a business.' So Primerica can only guarantee its warm market by having a constant stream of new recruits.
With a 50% turnover rate there is a high probability that Primerica representatives to not have the best reputation within the market.
Pat makes 300K bux (as per him telling me in our interview) a year, but between himself and all underneath him are responsible for generating 1 Billion Dollars in Revenue (revenue numbers came from him as well). That really is not a lot of money, infact its peanuts at a rate of a .3 % commission.
If I took any job at which the rate of sale was .3% commission, where I also had to pay for my marketing, people would say I'm nuts!!!!, how could I possibly generate enough volume to make a living? Hmm ok I'll recruit people to be stuck in the same boat as me, who are then forced to recruit others. Oh and btw sales are generally 3 per month per Primerica Agent (as per Pat). Here-in lies the pyamid. While the direct sellers do make more, this number is still very significant. Plus for those who refuse to recruit their friends/family, the commission on their DIRCECT sales suffers becase your salse generate a higher commission only when you have people under you.
As far as insurance sales please be aware that you can be charged a 'charge-back' if your customer cancels the policy. With the great possibility of Primerica agents having a not so good reputation (sometimes even referred to as 'unprofessional agents who seemed more concerned about recruiting me,' the possibility of a customer not keeping their policy is increased. If you were then paid up front for your sale, you will then be charged a 'charge back' which if you cannot pay, you may be charged intrest (This goes for the insurance sales industry in general, not just Primerica, and Pat did inform me that there are payment plans available so an agent never gets a charge back (ie. they get there commission monthly when the customer pays their premiums))
Now lets look at the insurance classes: We pay 200bux for everything and Citigroup pays 400 for a total of 600 (again as per Pat). How many employees does Primerica have?? I think the number was about 100,000 (easily), ok so at a turnover of 50% thats
500,000 employees trained at 400$ of company money (providing pat was truthful, and if he wasn't then thats the end anyway) for a grand total of
200 MILLION DOLLARS WASTED on lost employees!
Now I would much more prefer to work for a company that is wasting 200 million per year training people that will leave.. So look at this, is also give an idea of just how much money this company is making from us selling to our family and friends. And getting other suckers to do the same. Then instead getting more than .3 % commission (which seems inconsistent with the numbers they you/class showed me but is consistent with Pats salary), would pay a higher commission and focus on sales (ie BUSINESS) rather then finding other people to come in so that they can sell an unknown product to their flesh and blood.
With Primerica you are not even close to working for yourself! You are working for the people higher in the pyramid. That is what a pyramid is, and the only way to get the $$ is to get higher up (keep in mind pat is making 1/3 of 1% on all his revenue even at his level) and get the volume, and in many cases screw the people below you, ie the people that you are trying to give an opportunity to make money.
Oh and keep in mind, that if you want to generate sales you have to spend money on your own marketing promos (mailing lists, phone minutes, travel time, gas, wear and tear on the car to make your money)
Events that raised a red flag in the process so far:
1. Focus on recruitment as compared to business
2.'Bring your family and friends' -- f*** that I'm not bringing someone else my own flesh and blood nor selling them a product I could not possibly know as the best... in a 3 month period
3. Dont give them details?? *** very important! Why because like the people that put commercials on TV, the Primerica Peps (for Pep-ralley) are professionals at selling the dream, while your just a grunt trying to make an honest buck, but dont know your could really be hurting people and damaging important relationships in the long run. [Personal Deletion]
4. Pay to get a job (not such a bad one, bc there is a license to get), but still....wtf, I paid for my BA degree to get me a job.
5. Not once was I asked my job qualifications. Why (as per pat) the money spent on training (remember the 200 million wasted above) is far outweighed by the money profited by the company (or fat cats at the top of the food chain)
6. There is more I could write but I am frankly sick of being so disgusted at a company. I did about 8 hrs of research on this, found someone that used to work for Primerica
7. Would you hire someone that showed up in shorts? (I was curious if they would want me if I did that)
8 *** When I met with him as soon as I started sounding skeptical, Pat right away tried to sell me on my military association (reservist). Stating how they have a great policy that is affective even during times of war, and how they donated all this money to the USO, (which I already knew b/c I did some homework). Why the hell are you trying to sell me??? Just answer my ******* questions.
9. And as far as consumer prices on the actual products I could not get a direct answer except that 'each product is tailor made to the consumer' Ok fine, how competitive are they with the rest of the market,. b/c if I am selling something I want it to be competitive so that I can say its better than what's out there, and be successful with the sale. I could not get an answer b/c each product is 'tailor made'.
10. I could not get a clear answer on a syllabus for the course I would be taking... WTF, Im paying for a course I want a syllabus. Ever take a college course and not get one?? I havn't and I spent 4 yrs of my life taking college courses.
11. Half of recruits fail the licensing exam (as per pat). So how effective can this training be??? Ok lets assume all these guys bullshit their way through it because they are lazy?? Well then I would still prefer a company with a better employee screening policy b/c that 200 million wasted on training indirectly as a new guy comes out of MY PAY, as you can be certain that it doesnt come from the $$ made by the higher ups.
So anyways you have my reasons now... I know I'm doing everything that Primerica guys say will happen and that your not supposed to listen to... Gee wonder why they say that?
This is a pyrmaid scheme, just like the knife selling people that knock on your door, just like the big catelog that convinces you to buy for yourself. The only winners are the fat cats, (and at .3% commission thats lame) and the REALLLY fat cats. The pyramid crap is hidden within the term Multi-Level-Marketing, and legal because of the fact that you do indeed have a product to sell. The is that Primerica is selling the dream to new recruits so that the big boys have a perpetual warm maket to sell to. Its ingenious by the people at the top, but its is unethical, immoral, and BARELY legal. Actaully there are many groups fighting to get the laws changed and outlaw such business tactics (my research was limited in this respect).
[ 3 lines with personal information deleted ],
Aside from that, I see these business practices as grossly un-ethical. I know that in class and stuff, I am not one to run off at the mouth, but thats b/c I generally try not to unless there is something meaningful to be said.. well guess what here is something meaningful. Have you ran this idea past anyone who's input may be meaningful?? I did and thats what sparked my research.
Anyways.. nothing personal, hope you still want to workout saturdays (not the first sat of the month though. And to reiterate, I felt it was my obligation to share what I have learned on the Primerica shannanagan. I think your talents could be better used... much better.
Here is some interesting and accurate information for those who are considering Primerica as a client or as a career. I was with Primerica for many years and left a few years ago to work for a real “insurance brokerage” house.
All of these quotes were run today (4/26/2009). I have a friend who is leaving Primerica and he provided all of the Primerica quotes for me. Both positive & negative arguments on this website seem to lack the numbers for people to decide, so I decided to provide the numbers. In some cases Primerica is not the most expensive & in other cases they are. What is important is that People know what they are getting into.
Don’t let the Primerica people start this – “We are financial coaches not sales man crap.” If you deal with a financial planner or advisor they will do everything Primerica agent will do with more experience and better products. None of this “We provide a FNA crap either”. Primerica is not the only game in town and there are DOZENS of companies that will help families out with better products and education.
All quoted premiums are monthly. No waiver of premium.
30yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $19.79
American General $20.13
Banner $20.56
Genworth $21.00
Transamerica $21.44
Metlife $21.51
West Coast $21.66
Prudential $22.28
AXA Equitable $23.54
Primerica $26.60
Standard Non-Tobacco
SBLI $36.98
Transamerica $37.41
Banner $37.84
Primerica $38West Coast $38.06
Genworth $39.38
AXA Equitable $39.57
MetLife $39.74
Standard Non-Tobacco
Transamerica $58.41
SBLI $61.12
American General $63.44
ING $63.44
AXA Equitable $64.15
Primerica $66.03Prudential $67.73
MetLife $71.00
40yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $29.15
ING $30.19
MetLife $30.51
Banner $30.84
American General $31.06
Genworth $31.28
West Coast $33.03
Prudential $33.98
Transamerica $34.34
Primerica $38
Standard Non-Tobacco
SBLI $53.51
MetLife $57.51
Primerica $59.62AXA Equitable $59.66
Transamerica $59.72
West Coast $59.72
Banner $61.69
American General $61.91
Genworth $61.91
Prudential $65.25
Standard Non-Tobacco
SBLI $110.71
Transamerica $111.34
AXA Equitable $111.60
ING $115.06
American General $115.94
MetLife $120.29
Banner $124.69
Prudential $127.53
Primerica $130.15
50yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $43.72
Banner $45.06
American General $45.28
Genworth $45.28
Transamerica $46.38
ING $46.81
West Coast $47.03
AXA Equitable $47.05
Prudential $48.38
Primerica $60.09
Standard Non-Tobacco
SBLI $78.30
West Coast $79.63
Transamerica $79.84
Banner $81.16
AXA Equitable $81.68
American General $83.13
Genworth $83.78
Primerica $98.33
Standard Non-Tobacco
Transamerica $163.85
AXA Equitable $164.82
Prudential $176.63
American General $182.22
SBLI $184.66
Banner $185.28
ING $186.16
Genworth $194.03
MetLife $200.39
Primerica $227.53
60yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $111.80
AXA Equitable $113.52
ING $113.53
Banner $115.94
American General $116.16
Genworth $116.38
Transamerica $119.22
West Coast $119.66
Prudential $126.00
Primerica $148.68
Standard Non-Tobacco
SBLI $209.89
AXA Equitable $210.78
West Coast $211.97
Transamerica $222.03
Primerica $227.08American General $239.09
Banner $241.50
Genworth $241.72
ING $248.06
MetLife $255.74
Standard Non-Tobacco
AXA Equitable $365.54
Transamerica $367.28
American General $387.63
Prudential $400.50
Banner $438.16
MetLife $454.41
Genworth $479.72
Primerica $490.44
Now Primericans please tell me how you can say you do what is right 100% of the time when the proof is right in front of you. I drank the sweet kool aide with Primerica longer than most ex-Primerica reps on this forum. The truth is your client is ALWAYS, I would say I am 100% accurate sating that, going with another carrier when it comes to protection. Any seasoned & educated financial professional can break apart each product sold by Primerica.
Why do you think so many ex-Primerica agents are so upset when they leave? The rhetoric your RVPs spew is that we are cry babies, quitters, loosers, whinners, etc.. The truth is that we feel like we are ashamed that we sold this crap to our family & friends. The numbers don’t lie!
I APOLOGIZE FOR THE LAST POST. I DIDN’T REALIZE IT WOULD BE SO DIFFICULT TO READ!
Here is some interesting and accurate information for those who are considering Primerica as a client or as a career. I was with Primerica for many years and left a few years ago to work for a real “insurance brokerage” house.
All of these quotes were run today (4/26/2009). I have a friend who is leaving Primerica and he provided all of the Primerica quotes for me. Both positive & negative arguments on this website seem to lack the numbers for people to decide, so I decided to provide the numbers. In some cases Primerica is not the most expensive & in other cases they are. What is important is that People know what they are getting into.
Don’t let the Primerica people start this – “We are financial coaches not sales man crap.” If you deal with a financial planner or advisor they will do everything Primerica agent will do with more experience and better products. None of this “We provide a FNA crap either”. Primerica is not the only game in town and there are DOZENS of companies that will help families out with better products and education.
All quoted premiums are monthly. No waiver of premium.
30yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $19.79
American General $20.13
Banner $20.56
Genworth $21.00
Transamerica $21.44
Metlife $21.51
West Coast $21.66
Prudential $22.28
AXA Equitable $23.54
Primerica $26.60
Standard Non-Tobacco
SBLI $36.98
Transamerica $37.41
Banner $37.84
Primerica $38West Coast $38.06
Genworth $39.38
AXA Equitable $39.57
MetLife $39.74
Standard Non-Tobacco
Transamerica $58.41
SBLI $61.12
American General $63.44
ING $63.44
AXA Equitable $64.15
Primerica $66.03Prudential $67.73
MetLife $71.00
40yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $29.15
ING $30.19
MetLife $30.51
Banner $30.84
American General $31.06
Genworth $31.28
West Coast $33.03
Prudential $33.98
Transamerica $34.34
Primerica $38
Standard Non-Tobacco
SBLI $53.51
MetLife $57.51
Primerica $59.62AXA Equitable $59.66
Transamerica $59.72
West Coast $59.72
Banner $61.69
American General $61.91
Genworth $61.91
Prudential $65.25
Standard Non-Tobacco
SBLI $110.71
Transamerica $111.34
AXA Equitable $111.60
ING $115.06
American General $115.94
MetLife $120.29
Banner $124.69
Prudential $127.53
Primerica $130.15
50yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $43.72
Banner $45.06
American General $45.28
Genworth $45.28
Transamerica $46.38
ING $46.81
West Coast $47.03
AXA Equitable $47.05
Prudential $48.38
Primerica $60.09
Standard Non-Tobacco
SBLI $78.30
West Coast $79.63
Transamerica $79.84
Banner $81.16
AXA Equitable $81.68
American General $83.13
Genworth $83.78
Primerica $98.33
Standard Non-Tobacco
Transamerica $163.85
AXA Equitable $164.82
Prudential $176.63
American General $182.22
SBLI $184.66
Banner $185.28
ING $186.16
Genworth $194.03
MetLife $200.39
Primerica $227.53
60yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $111.80
AXA Equitable $113.52
ING $113.53
Banner $115.94
American General $116.16
Genworth $116.38
Transamerica $119.22
West Coast $119.66
Prudential $126.00
Primerica $148.68
Standard Non-Tobacco
SBLI $209.89
AXA Equitable $210.78
West Coast $211.97
Transamerica $222.03
Primerica $227.08American General $239.09
Banner $241.50
Genworth $241.72
ING $248.06
MetLife $255.74
Standard Non-Tobacco
AXA Equitable $365.54
Transamerica $367.28
American General $387.63
Prudential $400.50
Banner $438.16
MetLife $454.41
Genworth $479.72
Primerica $490.44
Now Primericans please tell me how you can say you do what is right 100% of the time when the proof is right in front of you. I drank the sweet kool aide with Primerica longer than most ex-Primerica reps on this forum. The truth is your client is ALWAYS, I would say I am 100% accurate sating that, going with another carrier when it comes to protection. Any seasoned & educated financial professional can break apart each product sold by Primerica.
Why do you think so many ex-Primerica agents are so upset when they leave? The rhetoric your RVPs spew is that we are cry babies, quitters, losers, whiners, etc.. The truth is that we feel like we are ashamed that we sold this crap to our family & friends. The numbers don’t lie!
It's a scam!
They use people to be their free advertisement! My friend is currently "brain-washed" and she is in denial... she's putting so much into this and spending her time and money to attend the meetings and seminars(which she has to purchase her own ticket in order to attend) instead of getting a "real job"... they are using her! it's wrong! Primerica should be ashamed!!
ps. I've been to the seminars also to support her, but it's all b.s to me... all they talk about is how wealthy they are!
I hate to do this, but I noticed another error in my positing. I do not want to give Primericans anything to complain about. Fair is Fair. Here are the corrected numbers:
30yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $19.79
American General $20.13
Banner $20.56
Genworth $21.00
Transamerica $21.44
Metlife $21.51
West Coast $21.66
Prudential $22.28
AXA Equitable $23.54
Primerica $26.60
Standard Non-Tobacco
SBLI $36.98
Transamerica $37.41
Banner $37.84
Primerica $38
West Coast $38.06
Genworth $39.38
AXA Equitable $39.57
MetLife $39.74
Standard Tobacco
Transamerica $58.41
SBLI $61.12
American General $63.44
ING $63.44
AXA Equitable $64.15
Primerica $66.03
Prudential $67.73
MetLife $71.00
40yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $29.15
ING $30.19
MetLife $30.51
Banner $30.84
American General $31.06
Genworth $31.28
West Coast $33.03
Prudential $33.98
Transamerica $34.34
Primerica $38
Standard Non-Tobacco
SBLI $53.51
MetLife $57.51
Primerica $59.62
AXA Equitable $59.66
Transamerica $59.72
West Coast $59.72
Banner $61.69
American General $61.91
Genworth $61.91
Prudential $65.25
Standard Tobacco
SBLI $110.71
Transamerica $111.34
AXA Equitable $111.60
ING $115.06
American General $115.94
MetLife $120.29
Banner $124.69
Prudential $127.53
Primerica $130.15
50yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $43.72
Banner $45.06
American General $45.28
Genworth $45.28
Transamerica $46.38
ING $46.81
West Coast $47.03
AXA Equitable $47.05
Prudential $48.38
Primerica $60.09
Standard Non-Tobacco
SBLI $78.30
West Coast $79.63
Transamerica $79.84
Banner $81.16
AXA Equitable $81.68
American General $83.13
Genworth $83.78
Primerica $98.33
Standard Tobacco
Transamerica $163.85
AXA Equitable $164.82
Prudential $176.63
American General $182.22
SBLI $184.66
Banner $185.28
ING $186.16
Genworth $194.03
MetLife $200.39
Primerica $227.53
60yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $111.80
AXA Equitable $113.52
ING $113.53
Banner $115.94
American General $116.16
Genworth $116.38
Transamerica $119.22
West Coast $119.66
Prudential $126.00
Primerica $148.68
Standard Non-Tobacco
SBLI $209.89
AXA Equitable $210.78
West Coast $211.97
Transamerica $222.03
Primerica $227.08
American General $239.09
Banner $241.50
Genworth $241.72
ING $248.06
MetLife $255.74
Standard Tobacco
AXA Equitable $365.54
Transamerica $367.28
American General $387.63
Prudential $400.50
Banner $438.16
MetLife $454.41
Genworth $479.72
Primerica $490.44
I just start with primerica any one know anythink about RVP Cody Pack in Cartersville georgia. i am scare i want to try it but i know this Cody is full of shit.
I just don't know obut him?
please help.
Hello everyone, this is my first year at Primerica, and I was just wondering... what is a Pyrimid... oh wait, that's right... every business in the world is a Pyrimid (in other words, you work for a supervisor which makes more than you, the supervisor works for a manager which makes more than him, he works for the boss which makes more than him, and so on and so forth...)
This is more like a business of helping people, the reasons people don't make much when they come in is primarily because they don't do the job, they look at it like they say a part time job, but, if you can't talk to people and go out every day, for at least an hour or 2 and do this job, than your not going to make enough... if you want to see what a real scam site says... look at this Website and before you just look at the website, actually read the whole thing...
http://chriswondra.com/2007/11/24/primerica-mortgage-a-consumer-report/
and through this... you know, Rip off report.com... thank they can be trusted on things...
http://www.ripoffreport.com/reports/0/010/RipOff0010157.htm
go to these, and then post a new blog... good luck for all you Primerica Agents, I'll see you at the top....
I'm not putting anyone down. I'm writing this to make you aware of what you are not aware. I know you have heard this before; People don't know what they don't know. This works two ways.
New Primerica recruits don't know what they don't know. Are you aware of what a chargeback is? Are you aware that if you ever leave Primerica that the RVP will hunt you down to claim any money you had charged back to you when clients cancel their accounts. Are you aware that you will be required to spend Saturday mornings or some other chosen morning to give up each week? Not to mention you'll be made to attend the Opportunity meeting every week. Are you aware that if you miss a meeting you will be chastised and if you continue to miss the meeting you will be viewed as a non-conformist and an outcast. Are you aware that the same thing will happen to you if you miss a 'Star School' or Fast Start School'. Are you aware that the RVP can change the schedule around his time or schedule meetings on a whim and you had better make them if you are a team player? Are you aware that you'll be forced to pass off high interest loans to your clients as if they were good, all the while knowing they could search elsewhere for a better deal? Are you aware that the FNA is really nothing else but a colorful packet purposefully geared to do two things; recruit you and sell insurance to you? Are you aware Primerica recruits in order to get to your warm market and to recruit them and sell insurance to them? If you fall off, so what, at least they've tapped into the people you know and haven't really lost anything.
HAVE YOU THOUROUGHLY READ THE IBA (CONTRACT)? AGAIN, HAVE YOU THOUROUGHLY READ THE IBA? IF YOU HAVEN'T YOU NEED TO, TRUST ME. Only after I had left Primerica and was faced with a chargeback balance did I realize just how helpless and defenseless I was. The IBA is a well-protected document and often times RVP's won't let anyone take them from the office to review it before making their decision. The IBA was written, edited, rewritten and reedited by Primerica's lawyers to ensure Primerica is protected. Let me repeat, to ensure PRIMERICA is protected.
The company does not care about the individual reps, but of course it's own interests are of great concern. I left Primerica over a year ago and I still get mail from them asking me to repay a chargeback.
Here's another tad bit of information. There is a book out there called the ABC's of Financial Planning. It came out, coincidently, this time two years ago during our annual convention in Georgia. We were introduced to the book because on page 212, if my memory serves me, there was a blip about Primerica. The authors praised Primerica for being the only company to meet all 15 of their standards of a viable business. The first thing we all thought was, WOW, did I make the right decision or what. Here were two guys basically telling me that I was in the right place at the right time and that my decision to join Primerica was the best decision I had ever made. How fortunate was I.
Right after we learned of the book, thousands of PFS reps lined up to buy the book and sales sky rocketed. Let me let you and everyone else in on a little secret. Believe me or don't, I have the inside truth. I learned later on that one of the two authors was a personal friend with some of the higher ups in Primerica and the inclusion of Primerica in this book was done solely to boost sales of the book.
What a marketing ploy or should I call it a scam? What better way to make a Million and a half bucks +, quickly and painlessly. Let's market our book to 100,000 plus Primerica reps that will buy anything that they think will boost their business. They're sitting on some beach somewhere, sipping margaritas and laughing it up. How ingenious you say, I say they couldn't have acted anymore selfishly if they tried. Guess what. I bought one of the books. How was anyone to know though?
I could go on and on and on. I personally delved deep into the Primerica products and learned things that many are not aware of. Things that would scare clients away if divulged. I'm not asking you to take my word, you and I do not know each other so what real right do I have to tell you what to do. You will soon find out for yourself what I'm talking about and you too will realize that you were promised a Pipe Dream that for many will never come true.
I wish all you the very best. Those with ambition are rare. Do not think for a second that you made a wrong decision by joining Primerica, just an uninformed decision. Primerica Financial Services are the ones to blame for the practices they continue to promote.
I started Primerica a little while ago and im about to get lisensced soon to sell life insurance, ive been to trainings and seen my trainer help other people as ive gone to the field with him and seen these things for myself, yes u dont start to make money right away but if you work ull get paid...the best advice i can give everyone is to stop reading anything negative or positive about primerica but to try it out for yourself and go to the source and find out what it really is...something ive learned about primerica is that you cant judge it based on anyones experience, so you have to try it out for yourself and give it a REAL CHANCE, before you make any judgements...i mean half the people that say primerica is a pyramid dont even know what a pyramid is..they dont even realize that every business is set up like a pyramid..Primerica actually gives you the oportunity to get to the top unlike any other business or job..try this out for yourself before you come up with any conclusions...
For a FAIR ASSESSMENT from SOMEONE WHO USED TO WORK WITH THIS COMPANY FOR NEARLY A YEAR, please visit my note on Primerica on facebook that is open to the public here:
http://www.facebook.com/note.php?note_id=17292684219
Ok my link didn't work for people who are not friended to me on facebook so I'll just rewrite in here:
Yes, it is true that they are NOT a scam. Everything about Primerica is perfectly legal. But ethically and morally, they are at the lowest of levels. Primerica is perfectly fine for the clients who buy their products. Indeed, there has been clients who have saved money and have progressed to a better financial standing from their services. But for the agents who work for Primerica, I can only feel pity for you. As an agent, here is what you can expect:
- Expect to have to recruit your friends and family. And those who do not come on board with you either as a recruit or a client you will be told to avoid because they are negative.
- Expect to be persuaded away from school and your career path, because to them, this is the best career you can possibly have, and you don't need a degree to succeed. (They do everything they can to make you and your family dependent on them for income).
- Expect that if your team leader is not leading by example on the scoreboard in terms of how many policies he/she has sold, he/she will steal your new recruits and sell through their warm market even if you were the one who put all the work into recruiting them and you are classified as a field trainer.
- Expect to have to recruit your clients.
It is NOT normal, logical, rational or even financially beneficial to ever, EVER "recruit" a client to whom you're selling insurance. ESPECIALLY when you just begun selling insurance yourself. It's irresponsible, has nothing to do with providing insurance, and borders on immorality.
It's a method used solely to create a down line and does not consider supply and demand or market saturation, and has absolutely nothing to do with selling insurance. Think about it.. if all insurance agents tried to recruit all their clients, there would be no clients and certainly no referrals. Everyone would be selling insurance, and that's exactly what Primerica wants their agents to do. It makes no sense, because once you've "recruited" your client and they're now an agent, you’ve just taken your client out of the market and put yourself at a disadvantage to sell insurance. Your market will never increase.
And this is where it gets really tricky, because Primerica will tell you "OVERRIDES!!!" (as in if you recruit someone and they make sales, you get a tiny percentage of that sale). But think logically. A new insurance agent cannot exist on overrides. They're minuscule and it takes years and years to build them up. You need referrals to succeed, but you CAN'T get referrals from your new "client" because once again, your "client" is now an agent and has no interest in referring anyone to you - why would they? They’re now after the same market as you. And the purpose for this is:
MULTI-LEVEL MARKETING. This system is a genius system that Primerica has implemented to target middle to low income clients. And the best way to do this is to multi level market and recruit ANYONE and everyone possible, and tap into their warm market. It benefits the Directors and head honchos of the company, and indeed the company makes great profits in this system. What better way to target middle-low income people than recruiting the high school drop out without a job or the college drop out with nothing to lose, or the college student who is easily persuaded and doesn't know what they want to do, and offer them false hopes and ideas of possibly making millions and become "financially free"? Very smart, and very unethical. The ones who get screwed over are the representatives who become brainwashed by their “hoo rah” meetings and focus on recruiting people instead of selling products, NON-competitive ones at that.
And here is why their TERRIBLE products seem too good to be true. Primerica will market their insurance using apples to oranges comparisons to the clients. They would quote rates on their TERM life insurance vs. existing WHOLE life or UNIVERSAL life policies. When comparing TERM vs. TERM, Primerica has one of the highest priced products out there.
In the language of Primericans, if you are still considering Primerica, then consider this:
If you wanted to sell your house, but every time you met with your realtor they talked more about becoming a realtor than selling your house, would you continue to use that realtor?
If every time you went into a 7-11 to get a slurpy they tried to get you behind the register, would you keep going to that 7-11?
If every time you went to McDonalds for a $.99 hamburger they tried to get you to buy a franchise, would you go back?
No, no and NO. And that's how your "clients" will feel. That's precisely the problem with Primerica. If you want to sell insurance (and it is a lucrative field for some), position yourself with a company that will actually let you do your job: sell insurance. The first rule of selling insurance is "do what's right for the client." Recruiting the client is NOT what's right for the client OR for the agent. You end up with a pissed-off client or a new agent under you - either way you lose.
So, if you're considering a career in insurance and you consider yourself to be intelligent, moral and ethical, and Primerica calls... HANG UP. Take it from what I’ve experienced as a former agent (a good 7 months, could you believe that?)
I am so glad that former Primerica reps are speaking up to the real truth of what Primerica really does to people. I especially like what PFS Truth had to say in April 2008. My husband and I joined the business about 2 years ago and slowly rose up the ranks as Divisional Leaders. We were asked to speak at meetings to motivate new people to come into the business. We followed what our RVP told us to do to the letter. Everything was fine as long as we were making money.
We were told that if we were going to become RVP's then we should like Chargebacks. We were told to tell people that term was the best policy to have. We weren't allowed to sell any other product outside of what Primerica had. We were not allowed to advertise (our) business because head office wouldn't allow it. We were told, "we were in business for ourselves but not by ourselves."
None of what they said to us was true. We were not running our own business. All we were was a means for our upline to make more money for them. If you are a new person showing up for a business opportunity then you really don't know things until you hang around long enough. The person who invited you in the meeting doesn't tell you anything until you get to the office and they show you a film. They most of the time come across as being your friend. Inviting you to their house introducing you to their other family. Giving you supper etc...
This is done to let your guard down. You think to yourself if this person invites me to their home then maybe I should trust them. They act like your friend because they have an invested interest in you because of your warm market.
I'm not bashing Primerica people, rather stating the truth. We didn't leave Primerica because we weren't making money either. We had a better offer! An offer that would enable us to tell people the truth from the beginning. As things were revealed to us we couldn't continue working for an organization who deceives people. There are alot of others who are working with Primerica who really believe they are doing the right thing.
All I can say to the Primerica supporters is that if there is smoke then there is fire. Primerica is not the victim here and doesn't not need people like you to shout out others who think there is something wrong with Primerica's methodologies.
I wonder how many current Primerica reps have read their IBA Agreement??? So my advice would be to read your IBA Agreement before you shoot your mouths off to others saying that their negative. TELLING THE TRUTH IS NOT NEGATIVE!!!
Everything PSF Truth wrote is the Truth! I don't even know who this person is but I can tell that they know how Primerica doesn't business. By the way, CITI Group has not been in business for 30 years. Primerica has been formerly named A.L. Williams. So don't push the Citigroup stuff cause you all know that Citigroup is doing really terrible right now. Especially regarding the class action lawsuit against Citigroup for deceiving investors. Do your research people! As far as I can see anyone who disagrees with facts are just trying to be wrong and strong.
I don't want to come across as bitchy or rude, but you cats who are posting "supportive" comments about Primerica are either brand new workers for the company or are just real dumb. This is one of the biggest rip off's to bubble out of the recession. Any company who CHARGES YOU to work for them is a rip off! Check the Better Business Bureau, contact your local department of labor.. there is a lot of information about Primerica! Now, if you have no ambition, live at home with your parents, have no debt or bills - this is a good bs oportunity for you! but for the rest of us who need an income.. keep a'movin'!
Ok, I'm going to type this report so an uneducated Primerican can understand it in their own language.
This is their typical phone script or approach to someone they do not know.
'Hi I wurk wit the largist finasial compiny in the wurld PRIMERICA who is assosiated with citygroop. I jist started with thim but my upline seys I will be riich in only a cople of yeers. He seys he makes a huge 6 figire salery but still shops at VALUE VILLAGE AND DRIVES A 82 FORD HALFTON WITH FARM PLATES. He told me to tell all mi frends to jone cause if they stay at theer jobs thiy wil remane looosers fore tha rest of theer misirable lives. I'm going to qit mi job next weeck cause im goinng to reetir in 2 yeers anyways with PRIMERICA. We hold 'OP' nites every week for all the loosers wit jobs to com and sea wat we are all abot and so thiy can join hour CRUSADE and save the wurld. Whho hoo PRIMERICA rules im going to be rich and all myfrends thet dont join wil no longir have the pleesure of having me as thir frend cause I dont assosiate with LOSERS THAT DONT JOIN MY GREAT BUSINESS OPPOTUNITY WITH PRIMERICA.'
I for some reason have run into these morons about 10 times in the last year. I have explained my stories in previous reports on how they flagged me down in Home Depot and the gas station presenting their 'opportunity'. Each one of these idiots just looked like they cashed their welfare cheques and walked into a Primerica office and were offered an 'opportunity'. Since they never hire anyone with any education (cause these people just tell them to go stick it up their ass), they are going through all the bums of society presenting this stupid pipedream of their's.
I live in Edmonton, Alberta, and Primerica's name has about as much credibility as the pile of shit I just left in the toilet. I hope some authorities or officials look into the clowns and close down these 'offices' cause they are misleading people beyond belief and it is just sad to see people stoop to such a low level.
primerica is not a scam PEOPLE DO YOUR HOMEWORK AND DO YOUR RESEARCH
THERE IS MILLIONS OF PEOPLE WRITING ABOUT PRIMERICA, PLEASE PEOPLE READ AND DON'T WASTE YOUR TIME.
wow...amazing how many people have been brainwashed by the primerica jokers...
sure...you CAN make money with this...IF you get enough people "under" you (like Amway or any other pyramid scam)...
it is NOT like car sales or real estate...in car sales, if you sell, you get your commission...you don't have to get people "working for you"....
I just got the same infamous phone call in response to my resume'.. a gentleman looking for Leadership/Management in my city (emy first clue was that he had to ask where I live).
If Primerica isn't a scam, why do they make that impression on us "clock-huggers" even knowing that we scare easily? Shouldn't you recruiters be more honest? If you were more honest, you might possibly recruit smarter people who could in turn change the public perception of Primerica.. no one would make "nine-year-old cousin" comments. Primerica has a reputation as a scam because this: This guy asked me what I do. I told him, so obviously, he knows I belong to the "clock-huggers" club. I said nothing to imply that I am of lesser intelligence. Why then, wouldn't he be honest with me right then - offer up that the "leaders" he is looking for would be require to sacrifice much and still maybe wouldn't make it? Instead, he chose to risk it. So here I am, thank you Google. I think I'll pass, Primerica.
Give me a call when you change your wicked ways.
The fact that anyone felt compelled to use insulting language toward anyone on this board or anywhere else as a way to defend Primerica is the reason I have decided not to go to the "group meeting" tonight. I've been through Amway, Pampered Chef, Avon, and several other recruitment based business models. I was unable to bring myself to recruit anyone, and felt very guilty after using the techinques that were taught for getting people involved. Now, Pampered Chef and Avon are selling products that are useful to the people who like to buy them... i have nothing against those companies and enjoy their products. Their prices are high, but the quality sometimes justifies the purchases. It didn't justify trying to get other people to sell it so I could make a commission off their sales. Amway.. well, their products were sometimes very nice as well, but much too overpriced for my day job to justify the expense. Those "uplines" who were successful touted people above them in a way that bordered on diefication. Seeing your upline as godlike is a sure sign of a cult. The comments here and my experience in my 15 minute interview and in the phonecall made me uneasy. The simple fact that when I said "I do not want to do sales or marketing, but I could work as a manager of personnel" was answered in a vauge way that led me to believe it was an office management job, made me suspicious. Normal jobs provide a basic income for a service provided to the employer. This is obviously a business opportunity. However, based upon the information that is in the posts above, it is not a business that is well suited for someone who has strong analytical skills, and a conscience. Yes, you can make a lot of money in this kind of "business". However, you are not making nearly as much as the company that gets you to pay a fee every month to be in business with them. If you are good at sales, you could try to pursue using the business as a sales only model. However, with a company that constantly encourages expansion through recruitment, you will have to believe the rhetoric to expand the business.
I will personally stick with the old, skill for a fee model and continue to look for someplace that needs my talents. The just happen to be heavy skepticism, ability to see major flaws, and inability to lie when asked a direct question.
It is disheartening when I have talked to the people who crash and burn because they put all their energy into this type of business without the inherent skills and personality to make it successful.
Dreams of success matched with disinformation and group manipulation tactics, lead to broken hearts and dreams.
The best road to financial stability is to follow 3 rules.
Never borrow money. It is better to beg, barter, or go hungry than to borrow money.
Save every penny you do not need to spend to stay alive.
Learn to enjoy life, and you will not need money to pay for your happiness.
As i have seen people post Primerica is supposedly a pyramid scheme. That is completely incorrect. For one if it was Primerica would ahve already been shut down. Second of all, Multi-level marketing is everywhere you go. Multi-level marketing is not a scam. The thing that confuses people is that so many people have used multi-level marketing within scams.
Primerica among many other legitimate marketing companies use muti-level marketing. Let me ask you something... Do you rok at a job that has
Employer
Manager Manager
Supervisor supervisor
Employee, Employee, Employee
What does that look like to you??
Every company runs some sort of pyramid, unless your working for yourself by yourself.
A Pyramid scheme is one that does not actually pay the people at the bottom of the pyramid, either alot or at all, due to all the money being pushed up to the top of the pyramid.
With Primerica everyone starts at the bottom as they learn, but they can give them selves promotions in order to move up and start making more. You can not do that in a pyramid scheme.
I recomend you going to your local Primerica office and take an hour and watch their orientation, or at least let them go theough the initial presentation. It has changed my life already and I have seen it change others as well. If you feel like they are too pushy, I hope you can find one that is not. If your a face book user, look for my group 'Go From The Financially Challenged to the Financially Independent Group' I talk about some of the things that I have already learned with Primerica. If your in Calgary, I can hook you up with the best office, who do not push you to start the business, but focus on teaching you what everyone need to know about controling their finances.
i am actually considering a job as a part-timer in the primerica scheme of things. the people that are saying this isnt a pyramid scheme: unfortunately.. it is. that DOES NOT invalidate them automatically. i personally am going to turn down the application, because it's not the line of work i wish to pursue. however, for someone willing to take a risk and work your ass off, and/or with lots of friends who would be up for working their asses off, this is one pyramid scheme you can work to your advantage. and yes, like above posters have said.. it's not gonna be a join-and-you-get-millions deal. you're gonna need to put serious hours into it. that said, if you can put those hours into it, you'll be sitting on a cash cow the size of a small state in a decade or two.
for the record, i am by no means a financial expert. to be honest, i cater for a local chain, and the office-leader's wife did an order with us. if there are people with overly large acronyms behind their name that allude to fifteen college degrees, they're probably the best authority.
Ok people, here's what I got. Primerica is trying to be the best business they can, but with their own interest in-mind. If you decide to take the "Job Opportunity," you may or may not make money. You're own time and resourcefulness will be the deciding factor. Personally I felt that their office and mannerisms in general were very cliche and, just wierd. But, try it if you want to find out for yourself.
Next time I get a call from them, I plan to let them really have it. jk..No, but really, it's just a decision to be made from your own conclusive research and presonal goals.
Take me for instance: I like acting. Whether or not acting will ever make me rich, I'm going to do it regardless. Money is nice, but you gotta be happy making it in my book.
Anyway, just weigh your options, there are many other opportunities if you're really looking. God bless.
Im glad that I stumbled on to this website. I am a college student and while waiting outside my class today a PFS agent came up and started talking to me. He explained little about the company and also sounded really interested in the little information I was giving him about myself. He seemed brainwashed and acted like a chiled. He couldn't understand that my email address consists of my last name @ so and so.com. He thought it was my first name and kept calling me by it. He also gave me his home and office number on a piece of paper I had been writing on and asked me to attend a "meeting" tomorrow night. Glad I found other stories like this. Theres no way I will be going now.
I love Primerica.
Thank you for this blog....I recieved a call from PFS and wanted some background info. so I wouldn't go into the "interview" knowing nothing about the company. I do not believe it is a scam, although I do believe most people do not want to pay fees to a company that supposedly employs them. It is exactly like a car sales man or real estate agent trying to "make the sale" and thats why people have a bad taste in their mouth so to speak about their so called job interview. People want honesty and if they were honest up front on the phone they probably won't get as many interviews so they have to lure you in.. It might be for some people....and some people may be successful...but if it is not for you that doesn't mean you don't think outside the box, you don't like money and you don't want a change in your current career, you might just want one with more security than one that is 100% commission based.
If an agent is telling you that you are being hired to work for Primerica, walk the other way and try another office, those offices are no good. Primerica does not 'Hire' anyone, they give you an opportunity to start your own business, but most importantly give everyone the chance to learn neccesary information that they can use in their own life without even needing to continue with Primerica.
Primerica does makes things easier for people to carry on with their financial plan by providing them with a plan and refering them to the best companies.
If you want to run your own business, go for it and get started if not, then at least come down to Primerica and learn the information that is taugt to everyone. The business training and training for everyone else is the same to start and then increases for the business minded people.
Who ever out there said they worked at Primerica for ten years and loved it untill the last year, did you ever find anyone in those ten years who was paying over 800 dollars a month else where for the correct policy, when they could have been paying only 200 dollars with Primerica. Not every case is the same, but if you were a great Primerica rep, then you would not be saying that its no good. I've done resaerch as well, and at least in Canada, its not like that.
People do not listen to everything said on here, some of these people do not fully know everything about Primerica. I can honestly say, if you ar saying bad things, you do not know everything about Primerica.
I just have a simple quote for those of you who rant on and on about Primerica being a scam.
"You can make excuses or you can make money...you can't make both"- Donald Trump
I don't work for Primerica but I do own a profitable online business and I can't tell you how many people said it was a scam and telling me I was wasting my time and money. Thank God I didn't listen to them.
Let me make it clear that I don't work for Primerica but I am a business owner. You have to remember that Primerica is a business opportunity not a J.O.B. And if you want to start a business, any business, it does take investment. I am sure that building a Primerica business is by far less expensive than opening a franchise or something similar. Owning a business is not for everyone but that doesn't mean it is a scam.
The original scenario described is exactly what happened to me back in about 1992. Except I actually went to the "interview" and discovered 35 other folks were invited at the same time. We were subjected to the "pitch" -- I left at the first break, absolutely furious at being conned.
I just came from one of their Pre-Interviews and I kept waiting for the boom and then 1 and 1/2 hours later, there it was--$99.00. What a rip-off and waste of time. I left after that power point, but there were 6 others still there--$600.00 for 1 1/2 hours--not bad, and oh, all of them were "Vice Presidents!!!!!!"
Unfortunately I am sorry to hear that you, as well as many of your commentors, feel this way about Primerica Financial Services. I on the other hand feel like I am obligated to tell another side of the story for those who are truly looking for an honest opinion from someone who happens to work for Primerica.
Please note that I'm going to make this as short as I possibly can becuase I do realize that no matter what I say most of the people that read this will never change their opinion about Primerica.
"Buy term and invest the difference." Sound familiar? Many financial advisors, even the ones on CNN MSNBC ect, strongly recommend this to clients and their families. Term life insurance is much cheaper compared to any other kind of insurance. Primerica also recommends this to it's clients. See not only do we help families save money, but we also want to stabilize them for the future. Plain and simple, Primerica's term life insurance has one clause in which it will not cover someone's death and that would be suicide within the first two year's of owning the policy. After that second year is over though the insurance covers absolutely everything. Primerica insures "accidents", acts of war, and even out of country incidents. Primerica is one of the best term life insurances out their on the market. As a matter of fact, Primerica was one of the very few companies to cover the death benefits of those who died in the terrrorist attack back in 9/11.
As far as the S.M.A.R.T Loans are concerned, I can't possibly see anything wrong with it. Look around and investigate since most of you readers are looking for some info on Primerica. Even in the economic crisis that we are in now, I can guarantee you none of the families with the S.M.A.R.T. Loan are losing their homes. Primerica strictly does fixed loans. There is never a premium change or an increase in interest rate. I don't know if many of you will believe me on this but it's worth mentioning. One of my uncles had 23 years left to pay of his mortage with payments of about $1,000. Long story short without getting into details because of legal confidentiality, I was able to lower his house payments to $970 and lower his year's left to pay off to 14 years. This is all possible because of how Primerica calculates it's interest. We don't charge interest on what you bought the house for. (Ex. You buy a house for $100,000 they always charge you interest for that amount no matter what the new balance is). Instead we only charge interest on what the balance is as you begin to make payments. We put more money towards the principal of the home rather than using the money to pay interest.
See at Primerica we want to help families get out of debt not stay in debt. Go to any bank and I can guarantee you know bank offers this type of loan. If anything they'll help lower your payments but they will set you back to 30 years.
I don't really know what else to say. All I can say is that not only has it changed the lives of many of my clients, but also my own life and my families. Just be open minded to Primerica. Trust me I was one of the skeptics. But it's worth it to just stop and listen to what they have to say and explain to the public.
Oh and about the $99 it goes to the state of California which is for a Life Agent License. Typically it costs about $1000 give or take but Primerica pays the rest of that amount. Kind of like investing in people I guess you can say. And yes once you pass your license you have to pay $60 for fingerprinting but Primerica refunds you that money back.
I do understand that not all Primerica offices are the same but as far as the one I am in is concerened no one starts off as a "Vice President" as I've been hearing. You start off as a Reprensentative then the levels to come are District, Division, Regional Vice President, and Senior Vice President. You get promoted as you do more work, learn more about the business, and get more licenses from the state.
Oh yeah and another thing is if Primerica was a scam, don't you think they would have been on "60 MINUTES" a long time ago?
As far as the guy posting price quotes for Term Life Insurance, why don't you dig deep into the actual policy where it has all the clauses such as no coverage for acts of war, harm by others, ect. I believe quality is the word. Primerica might be a bit more expensive then the ones you mentioned but at least Primerica's term insurance actually comes through at the time of a death.
More than 2 years ago I was looking for term life insurance... I remembered I had a friend that worked for Primerica.. He came to my house explained to me the costs the savings and also he suggested me to invest and save money... He never offered me to work for them, he was very simple.. I got my life insurance with a saving account.. I told him that i was interested in doing his job... He brought me to his office, met his RVP who opened his office about 8 years ago.. I was very skeptical because you have to work a lot of hours to sale and only commission.. I told him that i was going to think about it and that i would call him when i was ready.. Three months later i joined.. now I'm a rep from Primerica.. Is not a scam nor a pyramid.. Here is the problem many Primerica (shammed to say it) offices are into getting more people in to the company to make their office bigger and get more bonuses.. These offices are not working to help people instead to make more money.. These offices can be called scamms because they are not providing what we supposed to be providing... My Primerica office is to provide financial services and to give advise on how to save money to people who are struggeling not to recruit... If the clients are happy with what they see they are welcome to join and help others.. In my first year i made over 40k, i'm happy.. Its my business.. Its hard.. I put alot of hours... but will never regret joining.. I help people and that satisfies me.. If you ever want to join a primerica, join because you want to help people...
To the previous poster who addressed everything from the $mart loan, to the $99, to the MLM pyramid aspect of the business, and the life business. Congratulations you were trained VERY well. Is the Chris Howard "Overcoming Objections CD" still floating around? He would be proud of your responses, but the facts are alittle different.
See I spent the majority of my adult like around PFS and I used to use the same answers when "doing battle" with non-pfsers. Then one day I saw the truth and was shocked at how stupid I had been. I believed everything I was told and even got to the RVP position and put on a ring. One day I realized I was so far off base. The truth is Primerica isn't "evil", but most baseshops have people so under trained they can lead people to make poor decisions.
If you are a client, potential client, New recruit, potential recruit, or someone who drank the kool-aid for so long and finally want the truth here it is. (I was in the last group!) I will address the other posters remarks one by one.
1. BTID (buy term & invest the difference). Your right on the money! In 99% of the cases your client is better of going with a Term policy... but ONLY, ONLY, ONLY if the client is investing the difference! If not the next term cost can be outrageous! So I agree with PFS here. My issue is the cost. Primerica is one of the most expensive companies. Period! PFS reps are trained to mislead & lie to people buy saying the EXACT crap the other poster said. (War Clause, accidents, out of country, etc...)
The truth is that NONE, NONE of the large term carriers have a war close. NONE of them will not pay the claim if you die of an accident or if you are out of the country! Primerica is not special!!!! They just lie to their clients when they start asking questions! The truth is 9 out of 10 times you are better going with a larger & better ranked company. Don't focus on the small monthly savings but how much more money can you get with a better carrier. Say PFS is $60 month for $200k and ING is $50 a month for the same coverage. Why not get $60 of ING which would probably equate to tens of thousands or even hundreds of thousands of dollars more for your family.
So how are you doing what is right 100% of the time when you know your clients could be better serviced some where else & you as an agent can make more money? (Starting comp in the industry is 85% while even a RL in PFS only make 75%)
-- So the previous poster just lied. I am not blaming them because they just repeated what they were told at meetings and fast start schools. How do I know this? I used to say & do the same thing! I also love that a greenie would have the nerve to actually make it seem like other companies aren't going to pay out the claim. I personally use Banner, ING, Genworth, Prudential, West Coast, many others when providing term coverage for my clients. All are better rated and significantly cheaper than Primerica life!
-- Truth is your better of shopping around. Even State Farm & Prudential beat Primerica Term prices!!! (So sickening I bet Art loves what has happened to his company!)
2. Next we address the $MART loan. First PFS agents no next to nothing about mortgages! Trust me I lead the leaders bulletin for $MART from 1997 - 2004 and I didn't have a clue when I finally learned about real mortgages.
Okay here is the most important rule when it comes to getting a mortgage. (my personal rule). NEVER NEVER NEVER get anything other than a fixed rate loan! PERIOD! 2nd rule is NEVER NEVER NEVER allow a prepayment penalty.
With that being said let's talk about $MART. It is a joke. It is a 30yr Loan sold with special powers of being able to be paid off faster than any other loan. How? With this magical thing called Daily Compounded Simple Interest and the Bi-weekly mortgage ("Equity Builder"). The truth is that it is nothing more than an expensive 20yr VERY high interest rate, with EVEN higher closing costs and a insane prepayment penalty. The $MART loan NEVER makes sense over a conventional loan. NEVER.... again NEVER!!!
Here is a simple test. Take the $MART loan proposal and go to your bank, credit union, or any mortgage broker. Tell them you want a 20yr conventional fixed rate loan. No prepays and agree to only pay 1% origination or broker fee. That's it. Trust me people will do this all day long. Compare that to the $MART loan. See PFS reps say it is about when will I be debt free and how much will I spend. The truth is with a conventional vs. $MART scenario you will be shocked. The conventional will be paid off faster, cost less to do, have no prepay, and you will spend less than the $MART loan!) Now PFS reps will say something about PMI & consolidating debt here. Yes you can consolidate debt on a conventional loan! (It is called a "cash out refi"). As for the PMI if you are over 80% ltv you will pay it, but still it will be cheaper than the $MART.
Previous poster. How would you feel is you could have done a 10yr - 12yr conventional loan for your uncle for the same price as the $MART? I'm just suggesting you do your research instead of doing what I did & listen to my RVP and take it for the word of god.
--- If you are looking at doing a $MART loan take this test. Take the Conditional Loan Worksheet from the Primerica rep and call your bank and 1 mortgage broker. Tell them both that you have a proposal from PFS. Tell them you want a 20yr conventional loan with no prepays and are only will to pay 1% comp to the broker. You will be glad you did and you will see exactly what I am talking about.
Truth is $MART is the main reason I left PFS. I feel like it is so misleading for the clients & I have actually apologized to all of my relatives I sold the product to! Don't take my word for it or the PFS reps word for it.
DO YOUR HOMEWORK AND SHOP AROUND!
3. The $99 cost to come to work with PFS. The other side of the coin is PFS charges $25 a month for their "POL" or website. Another scam, but I will get into that when someone posts a response telling everyone how great the $25 a month is & you get your securities license, GoSolo, and other crap like that!)
Okay in the State of GA we tell people it cost $600 to get licensed. (So of course CA is higher) You pay $99 and we pay the rest. Well again that is a lie. The cost to get a license in most states is around $100 plus the cost of class, another $50 - $100..... So don't believe this crap for a second.
You are paying $99 to join the company. PERIOD! By MLM standards this is VERY VERY VERY cheap so I won't slam this, but don't make up some crap about PFS paying more than you do. Lets do some simple math to prove that point.
If Primerica hires 15,000 new recruits per month (very low numbers) and according to PFS Reps the company pays all of this money to get them licensed. Well lets say the average is $500 per recruit. Well that would come out to around $90 million just for those new recruits alone in 1 yr!! Stop and ask yourself how true is that.
4. The poster is correct about not starting off at RVP. The leadership levels are Rep, S. Rep, District, Division, Regional, RVP, SVP, NSD, & SNSD....... Also the previous poster said, "You get promoted as you do more work, learn more about the business, and get more licenses from the state."... The truth is the ONLY ONLY ONLY was you will get promoted is to hire tons of people, the convince them to hire tons of people. What does that mean. Alienating every person you know, try to get everyone to a meeting, never backing down, and selling these expensive products.
I can say all of these things because I was the guy doing it!!!! I am ashamed of myself for what I have done to friends & family!
So here it is in a nutshell. I spent most of my professional career working for Primerica. I was considered a successful leader with Primerica and I loved it. I truly believe that Primerica was the best company and offered the clients the best products, but then my world came crashing in on me! I found out that I was doing anywhere near what was best for my clients. I learned I was unintentionally misleading people about the loan & insurance policies. See I said everything the previous poster did and in the end it wasn't true!
Here is the best advice I can give you.
Clients or Potential Clients - Shop around! Remember your PFS rep isn't in it for you. He or she is trying to sell you a product. There is tons of pressure from his/her office to sell the products!
Call a couple insurance companies & compare apples to apples! A $10 a month difference doesn't sound like alot, but compound that over 30yrs or look at how much more coverage you can get somewhere else. Either way your family will be better off.
On refis or buying a home.. Call your bank!! Don't let some PFS rep lie to you. Compare apples to apples.. Get that 20yr conventional loan pricing and you will be shocked! Also check with a mortgage broker. Always DEMAND no prepayment penalty. (At no cost to you!!!!)
REMEMBER IT IS BUYER BEWARE!!! Your PFS buddy is there to make money! If Primerica would be more competitive they would be an amazing company, but their not. They use their recruits and the recruits family for business, this was they limit the number of people shopping around!
AGAIN SHOP AROUND!
Having had experience in the commercial real estate sales business, I am offended that PFS reps repeatedly draw comparisons about how their business is similar to other sales jobs. IT IS NOT. Granted, both are commissioned but it ends there. In real estate sales, you work in a team environment where often your boss will give you a base salary in order to sustain you until you are able to build your book of business. By contrast, Primerica reps simply are looking for people to sign up with their names referenced as the recruiter to build their pyramid. Also, the biggest distinction is that the person making the largest commission is the person who recruited those who actually make the sales. In real estate and other sales positions this IS NOT THE CASE. Being pimped by your boss who is taking most of your money until you become a "regional vice president" and offering no base salary draw down or benefits of any kind is not my idea of being your own business. Neither should it be yours.
If you people are so doubtful of it then you need to go to a meeting where that specific Primerica is actually doing BIG business. As for the people not making money, GET AWAY FROM THE LAZYINESS IN YOUR MIND AND WORK! If you put half the effort into Primerica as you do a 9-5 job you will be successful in just a couple years. If anyone goes into debt working with Primerica it's because they don't understand the opportunities in front of them and aren't willing to work to get there. So when you say it's a pyramid scheme do some real searching because any RVP will tell you, this is not a scheme it's the best opportunity anyone could ever give you, the chance to OWN YOUR OWN BUSINESS. If that's not what you want then work a dead end job for the rest of your life. It's that simple. And yes Citigroup "owns" Primerica but not entirely, the Primerica's that are actually making money are breaking off from Citigroup and owning their own businesses. With a company this big, where anyone that wants it bad enough can be a millionaire, in less than 10 years you can make over 100k A YEAR. And if you stay for 15 years or longer you could be making MILLIONS EVERY YEAR! HOW IS THAT A SCHEME? And with the company paying out almost $1,000,000,000 to it's employees last year alone, YOU TELL ME HOW THAT IS AN F*IN SCAM PEOPLE, USE YOUR FREAKIN HEADS HERE. WEIGH THE DIFFERENCES: Become Financially Independent and have an opportunity to Own Your Business OR
Work yourself to death and never make enough money to even retire or leave your kids and family if something were to happen to you. PRIMERICA CAN SAVE SOMEONE FROM MAKING A $1,000,000 MISTAKE JUST BY INVESTING SOME OF THE MONEY THEY ALREADY GENERATE AND PUT OUT IN BILLS EVERY WEEK. Think about that the next time some yutz tells you it's a scam.
Previous Poster,
I am sure you are one of the top part-timers in your baseshop! Also I am sure that your are being groomed by your RVP right now and you're the next one to get promoted out to RVP.
Here is my question:
What is your 1099 look like? See that is the important thing! If you think your going to get to $100k in 10yr you are in the very small percentage of people. As for getting to $1 million in 15 yrs you are delusional.
Again here is the truth:
Primerica IS NOT a scam! (Yeah I'm saying it properly) Primerica IS NOT, again IS NOT, a scam! Primerica is an ingenious business model that makes money off the hopes and dreams of people just like you and me. See the truth is your RVP, SNSD, Jon Addison want you to go out and recruit the world so you can get rich. You sell their products to everyone you know and the recruit does the same thing. Here is my problem.
The products SUCK!!!! Life insurance is some of the most expensive term insurance in the industry. The mutual funds are load with a 5% load! (Insane!!) And the mortgage ($MART) is just short of criminal. Read up 2 posts and someone explains all of these products in detail and why they are bad.
See the truth is Primerica is successful because people like you and me join thinking we are not only making a positive impact on our families lives (by making money), but also helping people who are being ripped off by the industry. Then we with Primerica turn around and do not provide the best products and services. Alittle hypocritical huh?
See Primerica could be an untouchable company if they were just competitive, but instead they are greedy and want to rip people off. Truth is Primerica products are over priced and us (the agents) are under paid! (Even RVPs are underpaid compared to the rest of the industry)
Finally if you are looking at Primerica and think you are "owning your own business" think again. Read your IBA. You do not own your own business it belongs to Primerica! This is an out right lie. Even when you get to RVP you do not own your own business. If you don't believe me READ the IBA!
This is my issue with Primerica. People are so desperate they fall for this crap! You are being lied to. Primerica says they are the best, but the truth is they are middle of the road at best, If you shop around you will ALWAYS ALWAYS ALWAYS be better of than if you did business with Primerica.
As for the "Personal Coach" Primerica provides. These guys know little to nothing about finances. He/She has been trained by some RVP and a few meetings and all of a sudden become a financial expert!
Trust me SHOP around!!!
If you're considering joining Primerica then do your research. If you still join no big deal, just don't be one of these Kool-aid drinkers who tell everyone Primerica is the best while every other company is ripping people off! How they can still do this when it is proven Primerica products are no where near the best I will never know.
Best luck,
Someone who stopped drinking the Primerica Kool-aid
Thanks for the info!!! Best of luck to you!
Hi
I got almost the same call that you have posted. I got the call just about 20 min ago and trying to find about their activities. The lady told me about the appointment today at 3:30 pm. I am OBVIOUSLY going to cancell the appointment. Oh..and the lady's office is very close to my house.
Thanks for your help and good luck in your job search.
It's me from VA
Well, I am a PFS for over a year. Yes primerica takes time to make money the way you want it, but it relies soley on your ambition to do so. No, we are not business cults, we just say it how it is. Want to make more money, BUILD A TEAM. Just becuase we emphasize on it doesnt mean its a business cult. Retarded people like the ones saying "its a scam" do not know how it is in the sales business. Ask any car salesman how they work, surprisingly its like PFS....... WORK if you want to be paid. For the stupid people that say its a pyramid scheme... God fuck you and your a fucken moron. Sigh... so annoying with that phrase...
Pyramid scheme... You work for a warehouse right. say ups. Well, you have ceo's at the top, followed by vp's, second to the top, then you have managment, third from the top, then you got your pawns,employees,. Is that so fucken hard to see, everything is a pyramid scheme you fuck tards. This pisses me off so much when people do not realize it. Kids need to grow up. You do not like PFS, then do not do it, no need to blah blah about it being a scam since it is not. The PFS need to get lisenced legally through the state, meaning THEY HAVE TO TAKE A STATE TEST. For the fuck head that said my nine year old selling shit. Dipshit, if she passes the state exam then she can.
And trust me the state exams are not all that easy and cheap. For a real estate agent to get thier liscense its about 300... as for pfs life license, Produce license, its 103.
To end this FUCK YOU PEOPLE saying its a scam since it is not. It really takes a lot to actually make this your career and pfs is not for everyone no doubt. only for the people with ambition.
Primerica sells, life, mortages, auto and home insurance, PLPP, and stocks. All need some type of training before you sell the product. And 90% of the time, we beat other offers out thier.
So, please people, if your not interested, then say your not to the rep, that is all, no need to blab on about it being a scheme or scam which is not. Fuck heads that like to make a big deal about an interview like no other is no reason to do so.
O, and the exprimerican is a fag by the way, retard doesnt know his facts for being in primerica. First off, 99 to start with 25 a month, optional dipshit. You do not need to do 25 a month.... As for the classes, paying watever you just said is a lie.. idk what is your problem saying all this bullshit about it... yes, you take the test, and yes it costs 103 or whatever it is in your state, but you get REIMBURSED for passing. Doesnt take a genuis to know that after you talk to a divison manager.
As for the mortage license, Yes it costs about 300 after everything.. but you get it all back after three smart loans... you get 50 REIMBURSED for the first loan, 100 for the second and 150 for the third. HOLY SHIT yet again this EXPRIMERICAN fag doesnt know what he is talking about and saying bullshit for no reason.
And last but not least, the securites license, Which is the most expensive. but you can pay the 25 a month striaght for a year and take the exam free instead of paying 725.... 25x12=300 for retards that cant add like the EXPRIMERICAN. what do you think is better 300 or 725.. Doesnt take a genuis for this one....
God fucken retards yet again posting stupid bullshit. I like the way people research, when you can get the truth threw a primerican and not some stupid website you find on google. Internet is all good and shit, but it can only go so far.
Sigh, I have to post another fucken comment to fix EXPRIMERICAN the fag, comment.
First, we say its LIKE owning your own business since you work when you want to... and you can never be laid off since it is your license and no one can take that away unless you are illegally doing something with it.
Underpaid? What? we start off with ok commision until we get promoted within. 15% to start off with then its 25% 35% 50% 60% 75% 90%. ninety is for rsvp. But not think about it you close a life app with an older person paying about 100 a month for 200,000 coverage, that is 100x12=1200 i dont know why its twelve but it is. so 90 of 1200 is 1080.. for doing half an hour worth of writing and asking question. mortgage is a bit more complex not going to get into it. As for securites license for stocks...
say you get a low 25 a month from a client. it pays 25 cents a month to you. but the idea is to get say 10 - 20 people that pay that, yes its low, but for the first year of gettin 25 cents a month actually builds to about 25x12 300 now 300 is your base instead of 25. so 3 dollars. and so on, your cash flow a month say after five years with just have ten to twenty would be about 100-200 a month. People get the picture when they say ive been with primerican 20 years, and im at were am at now because of it. It is because they have that 25 a month base to build to about 5000 base which gives about 500 a month to a near 50000 base. Get the picture. The longer the client is with you both of you will be happy.
Not to hard to figure out.
Yes we all know, thier are some bad apples in a tree, meaning you do have your bad sales people who are in it for the money when selling. All you have to do is ask for thier managers number nicely and talk to them about it. I personally do not attack people with all the shit we do, its annoying to me and i would not like to do it to others.
Yes if you look at your 1099, being in a small percentage to build up to 100k in ten years is a slow process. But think about it you dumbass. In ten years you do not put up with supervisors on your ass about everything. stupid 10 cents to a dollar raises in a year.... You basically are your own boss. And then cmon now 100 k a year, Who the fuck cares if it takes 10 years... your making 100k without doing anything now, the cash flow just comes in a month now say about 8666 a month to make 100k a year. GO on fucken vacation with your family or do something nice like pay off a relatives house or car. To bad we do not have generous people out thier, but once i hit 100k a year in a few years, ill be helping family first. then who knows donate some here or thier. I am not a greedy fuck like others.
To end this, Yes EXPRIMERICAn is a fag for the third time who doesnt know what the fuck hes talking about. Sigh, what a fucken disappointment. PFS didnt work for him. Do not be a fucken baby about it. LIke i said in my two other posts, if you do not like it or not interested then tell the rep so. Even ask to be on the DO NOT CALL list if you do not want to be hassled by them. Sorry for the people who do. Hopefully this info will help you out. Peace out.
Well said Primerica rep. I could not have said it any better than you did. It is amazing that there are such professionals out there in Primerica. I bet your RVP is very proud of you.
To anyone else I apologize for those of you who read the previous post. This is EXACTLY why I can't stand Primerica. They hire the scum of the earth to work for them. The ONLY requirement that needs to be met is no felonies. Could you imagine the previous poster coming to help your family or friends. SCARY!!
As for the PFS products they might beat 90% of the cash value policies, but going term vs. term Primerica will be in the higher if not highest premiums. The mortgages are very misleading & expensive, and the investments are load with 5% on A shares.
Finally I have to point out that the previous poster stated that $100k year is $8666 per month. Isn't it a little scary that Primerica allows these people to represent them? I can only imagine what Primerica home office must be thinking as they read the previous posters comments. (Primerica Home Office... intervene PLEASE tell your very uneducated reps to stop posting on these boards. They do nothing to help your company!)
In case the previous poster missed the simple math $100k per year is actually $8333 per month. (Isn't basic math a requirement in PFS?)
For those of you considering a position with Primerica the previous poster speaks louder than any information we could ever give you. If a company would hire someone like this would you want to work for that company?
Hi everyone my name is April and I currently in Primerica. People these days are so focused on hearing gossip about Primerica Offices, they just think that everyone must know what they are talking about without actually seeing for themselves. If you think about it many businesses or resturants also get complaints and they may have locations all over the U.S. For some examples clothing companies, fast food resturants, cell phone company stores..what my point is that you may have a bad experience at some, or one depending on the people running or working in that store location.
If you research us on sites that actually matter like business acredited sites, our ratings are amazing, with the BBB, we have an A+ rating, which means are clients are extrememly happy. Its funny that people just look at these rediculous sites that are only made for people that are easy to turn off, and made by people that havent even given the company a chance..or like the person who wrote this site, he didnt even go to the interview, he was just turned off by reading things people write instead of seeing for himself. Oh, and to let everyone know Pyramids are where people buy into a company, and the uplines get the money they paid to get in. I have heard of a company where you have to pay $500 to get in, and the money does nothing for you, it just benefits everyone that started before you!..thats a pyramid for you! No one in Primerica that has a higher position than the person starting gets any money from a person signing up. Also pyramids are illegal, and Citibank would never do business with a company that is do illegal things!
Well I hope what I wrote will let you see a bigger picture of different companies all over the world, and I wanted to let you know Primerica is the #1 rated life insurance company in the nation, and we pay billions in life insurance every year so that familes dont have to struggle financally after losing a loved one. Thats not even half of what Primerica does for people! Everyone should study other life insurance companies that dont care about their clients, just themselves! Well thank you for your time in reading this, I wish everyone the best of luck in life!
No wonder some of these people thought Primerica is a scam. If they spell and write the way they do now, there is no way they will succeed in business. Primerica is a business.
April,
I don't want to turn this into a bashing session so let's just get to the point.
You are absolutely correct Primerica is not a pyramid scheme. That's why I can't stand people calling it a scam. Primerica is a business that benefits Primerica.
I will give PFS credit where credit is due. They work quickly with clients to resolve issues, but the problem is that the clients don't know what they don't know. They are buying expensive products sold to them by inexperienced reps.
As for Primerica being the #1 life insurance company in the nations the facts do not work when you see the truth. Here is a link to the Top 15 Term Carriers in the country.
http://www.budgetlife.com/top15.htm
I know write policies for 10 of these carriers and they are 100% of the time cheaper than Primerica. Also they all have Terminal Illness Rider, no war clause, guaranteed insurability after the term, basically they are the SAME as Primerica, but just cheaper!
April you are not to blame for your lack of knowledge. See when you are a captive agent and in a MLM insurance company all you are brainwashed into thinking you are selling the best product. If you knew the truth you wouldn't stay with the company. As a matter of fact the compensation with Primerica is very poor; even as a RVP! See the street comp for a life agent is 85% on average. If you are a general agent you will get between 100% - 120%. So you provide better services for your clients and make more money! As for the overrides you can create your own system and pay the street comp and you keep the 35%. Or you can set it up any way you want!
Just take some time and learn about the industry. You have the power to really help people if you can get away from the rah-rah talk and get to the facts. You will be surprised what you learn!
This is for the post on top of this one. No you are wrong. I just tried your "top 15 best life insurance" Every quote i got is MUCH more expensive then what i have now..... I pay 40 a month for a 25yr standard non tobacco 30 yrs term. The lowest out of your "Top fifteen" was 350... What the fuck is that... seriously, did you even try the quotes yourself before you make your self look stupid to just your explanation of how primerican is expensive... Go figure....
For the last time, it is not a brain washing business. God retarded people do not listen. Yes they chant about how to recruit, recruit,and more recruit. But just as i said in my past posts, you want a bigger pool of income, recruit. That is as easy as it gets... Not to hard to understand that.
As for this street comp... what is that. Can not find anything on what you just post on compensation for "street". As for metlife and statefarm insurance goes, we actually have a better compensation then they do.... And I am pretty sure everyone knows both of those companies. Well, let me correct myself, statefarm gets paid more due to thier lies about whole life being the best solution for life insurance. When it is not.... anyone can tell you that now a day. So state farm gets away with selling very high priced whole life for a better pay.
To the young guy with Primerica with the potty mouth:
You are the exact reason why Primerica reps are the joke of the industry. Can you not carry on a open exchange without using explicit language?
First let's address you then we can address the other guy.
So your a 25yr old NT 30yr standard term. If the cost difference of $130 dollars per year is very significant. Another issue is do you have a need for life insurance or were you told by your trainer that you should own it to sell it? Imagine what that would look like at 50yrs old? You can see how Primerica gets very expensive over time compared to those other companies.
I went to a couple meeting a few years ago and almost joined. I have to agree with the "cult" thing. You are too young to remember this but I went to a convention in Atlanta and it was like 50,000 Branch Davidians.
After I decided not to work for Primerica I went with Captail Choice, founded by Art Williams brother-n-law, and learned quickly how different Primerica was compared the to real financial firms. The "street" commission is the commission that a carrier gives to the agent for a commission. Average is around 85% from the carrier and another 15% - 25% from the brokerage house. Basically it is how much money the agent will make.
Finally you sound like every Primerica agent in the world. Cash Value, blah blah blah, I agree that it oversold and most people are better off with term, but not 100% of the time! You have to stop repeating the meeting rhetoric!
To the other person who used to be with Primerica:
Just remember we all started somewhere! I can not find a lot of flaws in what you are saying, but Primerica does open up the door for those agents who stop following the migration of the sheep with Primerica and break out to learn what is best for not only themselves, but their clients.
I do agree with your statement about undereducated people giving advice, but I will make 1 exception. If a Primerica rep sits down with a family who has no insurance & no savings. Although those of us professional know Primerica is far from the best option for the family Primerica is better than nothing!
And a final thought:
I got a lot of enjoyment reading these postings and find it very humorous that I almost went down this Primerica path. When I read posting from the 25yr old before me I realized that Primerica lacks the professional agents to really compete in the real financial world. I do not consider Primerica my competition I just consider them my market. In my 8 year career as a CFP I have seen hundreds of Primerica clients and I can honestly say I have always found better products, better funds, and most importantly a real financial expert that can help them out.
Young man please take this piece of advice and stop cursing, stop using homophobic statements, and just focus on learning. Like most of us at 25yrs old we thought we knew it all, but at 45yrs old you realize you're nowhere close.
See Primerica is a great company, but not for everyone. I do agree the use people's hopes and dreams as a tool to get them excited & to sell their product. I have no problem with Primerica, just people like you who "wear" the Primerica jersey.
Here are the numbers! Why don't you both SHUT UP!
As much as I dislike Primerica this foul mouthed kid has given me a new desire to replace more of there policies!
By the way Larry I loved the quote, "Primerica isn't my competition they're my market", I love it! Hope you don't mind, but I will be using that this week. I am replacing about 6 Crimerica (what we call them in Orlando) per week. Primerica is paying my kids way through the University!
Keep selling those policies Crimerica Termintes I love you!
PLEASE Crimerica don't become competitive, I love helping your reps get those charge backs!
(This is a cut & paste from a previous post of someone else's)
30yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $19.79
American General $20.13
Banner $20.56
Genworth $21.00
Transamerica $21.44
Metlife $21.51
West Coast $21.66
Prudential $22.28
AXA Equitable $23.54
Primerica $26.60
Standard Non-Tobacco
SBLI $36.98
Transamerica $37.41
Banner $37.84
Primerica $38
West Coast $38.06
Genworth $39.38
AXA Equitable $39.57
MetLife $39.74
Standard Tobacco
Transamerica $58.41
SBLI $61.12
American General $63.44
ING $63.44
AXA Equitable $64.15
Primerica $66.03
Prudential $67.73
MetLife $71.00
40yr old Male $250k 30yr term
Preferred Non-Tobacco
SBLI $29.15
ING $30.19
MetLife $30.51
Banner $30.84
American General $31.06
Genworth $31.28
West Coast $33.03
Prudential $33.98
Transamerica $34.34
Primerica $38
Standard Non-Tobacco
SBLI $53.51
MetLife $57.51
Primerica $59.62
AXA Equitable $59.66
Transamerica $59.72
West Coast $59.72
Banner $61.69
American General $61.91
Genworth $61.91
Prudential $65.25
Standard Tobacco
SBLI $110.71
Transamerica $111.34
AXA Equitable $111.60
ING $115.06
American General $115.94
MetLife $120.29
Banner $124.69
Prudential $127.53
Primerica $130.15
50yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $43.72
Banner $45.06
American General $45.28
Genworth $45.28
Transamerica $46.38
ING $46.81
West Coast $47.03
AXA Equitable $47.05
Prudential $48.38
Primerica $60.09
Standard Non-Tobacco
SBLI $78.30
West Coast $79.63
Transamerica $79.84
Banner $81.16
AXA Equitable $81.68
American General $83.13
Genworth $83.78
Primerica $98.33
Standard Tobacco
Transamerica $163.85
AXA Equitable $164.82
Prudential $176.63
American General $182.22
SBLI $184.66
Banner $185.28
ING $186.16
Genworth $194.03
MetLife $200.39
Primerica $227.53
60yr old Male $250k 20yr term
Preferred Non-Tobacco
SBLI $111.80
AXA Equitable $113.52
ING $113.53
Banner $115.94
American General $116.16
Genworth $116.38
Transamerica $119.22
West Coast $119.66
Prudential $126.00
Primerica $148.68
Standard Non-Tobacco
SBLI $209.89
AXA Equitable $210.78
West Coast $211.97
Transamerica $222.03
Primerica $227.08
American General $239.09
Banner $241.50
Genworth $241.72
ING $248.06
MetLife $255.74
Standard Tobacco
AXA Equitable $365.54
Transamerica $367.28
American General $387.63
Prudential $400.50
Banner $438.16
MetLife $454.41
Genworth $479.72
Primerica $490.44
Well, doing research on just four out of your list... Which one are you even representing?
Well doesnt matter...
First off what the hell is up with all the restrictions on american general? I really dont think all your quotes are accurate.. seeing how you pasted(good job rehab?)
American General really tries to sell thier whole life not term.. they go on and on about whole better than term.. pretty annoying with charts and shit. Well, i did my quick quote. 25yr male never smoke 250k 30 yrs 43.56.. So obviously your quote is wrong good luck selling bs? From a different website that compares it says 54..
http://vitalterm.lifelinkcorp.com/vt/1stquote/results4_wDet.asp?S=0&E=0&C=0
this is with premiums paid back. at the bottom
Next is Banner, They do not give quick quotes. Had to get it through a differnet site that compares.
well same shit as the first except the lowest age is 23yr male 250k 30 yrs. 41.00 pretty sure a few bucks for a 25 yr . then we have
Genworth is 37 for a 23 year old male 30term 250k what you have posted is a lot cheaper for an older person. So obviously your wrong... the older you are the more you pay everyoen knows that. Coping someone else's quotes is stupid to do since that shows your lack of research to find the right answers. Good job on that buddy. Your prices are wrong and you must sell some bs life shit since your quotes are off. I even chatted with a metlife representative and ssked them what i can get for your price that you posted of 21.51 for a 30 yr 30 term.
Thier answer " we can get you to pay 21.79 for 100k coverage at 30 yrs term" HAHA so funny showing how your facts are shit. Sigh, i guess the arguments of compairing go on.
I just came to this website because my daughter mentioned taking a part time position as a financial analyst with Primerica. After reading the responses from the Primeamerica rep I can tell you that my daughter will not work for a company like that. PERIOD.
Son I really am praying for you that God steps in and helps you with your problem. You should be in therapy not in working in finances.
You are rude, crude, and an embarrassment to your family, this country, and Primeamerica.
Even if Primeamerica is the greatest company in the world if they allow people like you to work for them my family wants nothing to do with you!
Clean up your mouth & grow up!
-Sue from PA
Eh for the person telling me not to use Explicit language.. Everyone else using it? and you tell me not to use it? Fuck off everyone swears here and thier. As for not knowing much for a 25 yr old, Im pretty sure i know plenty about comparing primerica with others since, my research still continues after four years on seeing other companies. I dont mean any disrepect to you, but you shouldnt judge just becuase of age differences.
And just becuase I am with primerica doesnt mean im representing right now, I talk like this when people say stupid quotes when thier facts are wrong.
Plus im finishing school in a year for my Bach. And im making 78k a year already from primerica. No need to tell me I dont know much. Since I am living the dream.. I go on vacations almost every two months for two weeks. I have a family, I do not scam families, and i do agree primerica is only for the people who want to try. As for cult, My training site doesnt say all that amen shit. I would tell people to literally leave if that started up.
What will i look at 50? idk but i know i will be financially set to retire at around 50 with my three floor house, full pool in the back with diving board. All i need is my wife and children.
I stated earlier that we do beat over 90% of the time. So, I have seen life insurange where whole is better. Dont get me wrong i told them what they have is great.
Thanks for the street definition.
EH, Sue. That is fine that you run your daughters life. Just becuase i use fowl language, doenst mean she will never use it or hear it. Good job on keeping her in the closet.
I am good to my clients as well as workers. I always bring lunch every other day, I am a nice person behind all this blah blah blah shit.
And funny how you mention god. Which has nothing to do with these posts. I go to church every sunday with my family. I do my prayers. So no need to preach for me. Go on with your life. HAHA
Therapy? Lady get your shit right, reading posts can have any tone.. You must not read much online. But, I am pretty fair minded, and i only rely on the best of everyone and teach others the right and wrong of finances. People go on about anyoen can do finances in primerica, which is not true. People forget about the licenses you have to take in order to sell products. Cmon dont make me repeat my self. Thier is Continuing Education online everyoen six months. Where you have to study finances and loans and insurances. After you study you have to take a test, that is hard and lengthy. If you fail, you can not sell the product. Is it that hard to understand that not anyone can do finances in primerica. What am i going to do with you Sue! Well not much since I can see that you run your daughters life. must be in your teens still, if not i fell bad for her.
And so the Ranting begins!!!
Please people do not get mad at my posts, i just say the truth and that is all. And i will continue to do so. I konw people get bad experiences as do we all. But please to not rant and rave about primerican based on my actions or choice of words. SInce i am making about 80,000 a year with primerica and going to school still.
Haha!
I am with Primerica and there is no way this idiot is with the company. If so he is a brand new rep running his mouth. I have been with the company for almost 15 yrs and I have never met someone as vulgar as this moron.
CEs every six months? Yea right!
$80k a year, sure!
If you really are with Primerica prove it by posting your solution number. I will gladly contact the home office to see that you are terminated from the company. You are an embarrassment to our company.
There is alot of truth on this website & a ton of lies. Primerica is not the cheapest company. Yep I said it Primerica is not the cheapest company, but we do provide alot of value for our clients. The pricing above is correct on the Primerica side, but I can not really verify the other companies. Regardless I am there helping the clients and they are not. I can easily explain an additional cost of $10 per month.
Sue I apologize for our young rep here. See our greatest strengthens are also our greatest weakness. The system that would allow your daughter to come to work is the same system this idiot above came through. See Primerica believes that you have to give people a chance to succeed, what they do with that is up to them. Unfortunately our dirty mouth 25yr old rep doesn't have the maturity or intelligence to shut his mouth. If you will tell me where in PA you live I will personally find a RVP that can come out and show your family what Primerica is really all about.
Ex-Primerican I understand how you feel and I am sorry that things worked out the way they did. The truth is some baseshops are worse than others. I know that you can find cheaper & comparable wholesale products, but let's be honest how will those clients find you. See Primerica does have a place!
This idiot above has taken the discussion in a direction that is not advantageous for anyone. I hope that he realizes that he sounds like an idiot and just stops posting.
The 25yr old Primerica rep please post your solution number & I will make sure someone talks with you.
I am reporting these posting to the office of general consul tomorrow in a hopes that we can get you squared away.
Again everyone I apologize that has had to endure the vulgar ramblings of our over zealous agent.
Thanks & God Bless.
MT
Sunny SoCal.
"20% of the people do 80% of the work"
haha. post to the general consultant? well you can try and i am pretty sure nothing will come of it. my solution number starst with m***3 not going to give it to you all... no point in that. And as i said, for my vulgar use, i am not representing for primerican at the moment. Do i have to repeat myself yet again? I am just saying the facts. That is all. No need to apologize for everyone. As thier comments is as bad as mine. Yes i might have sunk to other peoples level. But the world is a cruel place. and I am not new as i said before...
I am not an embarassment seeing how i always go to the BTS. meetings twice a week and so on and so forth. Running my mouth to idiots is not a bad thing. This is a DAMN BLOG!!! express your thoughts the way you want to. And maybe for the fourth time i said primerican beats about 90 percent of life insurance out thier. Meaning i know primerica is not the cheapest. I have done my research. Like the other person pasting all these companies that supposible beat primerica. That is a lie. More than half of those qoutes are lies. But some are true and cheaper.
I dont know what state your from, but you should know all states have different criteria to meet... All prices are differnt from all states as well as the people. No need to say Im an embarrasment.
How about you pass along your solution number?
I know how primerica works, I've been through the system and I still am in it.
And you can try to post to the general consul seeing nothing they can do. This is an opinoinated column thoughts and experiences from people all around the world. They literally have no jurisdiction. cmon now try not to sound like i am the bad guys. Just becuase i correct other peoples mistakes on quotes they are posting. And if i do it in a grottest way, Well sorry.
These are just my opinoins for the most part and like i said I am not representing Primerica. I wouldnt act like this in person.
To all,
I have not read all of the posts, but I do have an opinion. I like the ones that are balanced. To all who think it is a scam,I guess it is. As many have pointed out, just like a car salesmen. He has to sell you a car and get you to like the offers that the Government Motor company is presenting to you. Off his sales, the people above him make some money off the sale of the car too. Sounds like a pyramid scheme to me. Shoot, even UAW worker's that NO longer work for the auto industry are still making money off of cars that are sold today. What a scam Unions are.
If this company is such a scam, why then does the BBB give it an A plus rating. I do not think that ripoffreport did a good job for a A plus rated business from the BBB. All one has to do to check out the legitimacy of a company is to check it out through the BBB. I did and I could not even find any complaints. But I will look further.
I am also considering taking the job.
Why is it that because a primerica representative approaches you it is called "preying" on you? If you want someone to do better in life or have a better life, don't you want to help them?
Today, with this administration, we want them (Obama) to help us, not us help ourselves. For some people this kind of job does not suit them, for others it does. Nothing is perfect, except for Jesus the Messiah. Unfortunately people will not read this until the very end of the post and will probably not have given the light that I posted here.
This company offers to hope to people to become financially successful. Sounds like Obama, but a much better offer. I can do this without the help of the Government, because I can think for myself. I do not need the government to think for me.
We all make our own choices. I am truly considering doing this. I am losing my job in a month. I also own another part time business. I want to help others, and if I take this business opportunity I will use it to help others. That is the mind set I have in taking this opportunity.
It looks as though many do not want to help others this way. They would rather have the government do it for them.
Also, people, if you believe it your business, do not post Anonymous. There is nothing to hide is there?
G-d BLess,
For Messiah Alone
Good Luck donald. I hope the best for you. I wonder how long it took you to read all posts. Becuase thier is a lot of them. I really enjoyed reading your comparison with obama admin. funny stuff but if you think about it, kinda true.
It saddens me to know that there are so many LAZY - Want to have it all handed to you on a Silver Platter - Would rather give my time to someone else's cause NUT CASES out there. YOU PEOPLE SICKEN ME. You make me Absolutely SICK to think that I am one of you. Becasue you would rather be POOR and because your MINDS are so CLOSED and uneducated you write something off as a scam. The products and services that are provided by PRIMERICA SAVES families and SAVE lives IF you are Motivated and STRONG enough to follow the plan and DISCIPLINE enoough to know think like the people who already know how to get to the top. The peoblem is most of you are comfortable being broke and living like SLUM PIGS. You make it ok in your minds by convincing yourself that GOD did not mean for your to be well off that GOD only meant for you to have just what you need. Some of you are even selling yourself on thinking that GOD wants you to struggle through life. IDIOTS. All of you SIMPLY IDIOTS. You are wrong for bad monthing something and calling it a scam just because you are exspected to WORK YOUR ASS OFF for yourself and have your hard work determine who you really are and what you are really worth. YOU would rather let someone else tell you what you are worth and dish out portions to you. If you get into this business and you work your ass off not only can you make millions but you also help keep families off the street, out of the poor house and make this world a better place. IF YOU DO IT RIGHT. The problem is you people want something for nothing unless you are giving it all to THE MAN who is sitting back laughing at you because he is getting all the GOLD and you are settling for the brass. YOU WILL NEVER HAVE ANYTHING MORE THAN BRASS.
IDIOTS!!!
I would like to thank all of you for the various perspectives. My brother was recently laid off after 15 years and contacted by a Primerica Rep. Since I'm a recruiter for a fortune 500 Insurance Company he turned to me for input. I simply googled "Primerica" and your site came up quickly. For some individuals an opportunity to work commission base is ideal! For others - (my brother and myself) they feel uncomfortable without that security. I will provide him your blog for reading and he can make his own decision to puruse or decline. Thank you again for providing your work/interview persectives.
Thanks for the post. I recieved a phone call earlier today, I let my message machine get it. It sounded fishy so I researched it before calling them back. Now I know, I am not calling them back!
Even if its not a true scam, its not something that I am interested in doing.
It really is sad that you will exspect your brother to make an educated decision such as this without any education. Primerica IS NOT A SALES COMPANY. Primerica is a crusade to change peoples lives and put them on the right track to retire without starving, living being dependent on other or end up at the mercy of the state. Yes Primerica has great Life insurance products, Securities, Debt Solution and mortgage products but our main focus is to EDUCATE people on how to be ready for the day after tomorrow. Our goal is to make sure that if you wake up tomorrow and go to work and loose your job, you have taken the steps to make sure that you are ready - prepared and have a written backup plan to survive and know that your family is provided for without be taken to the cleaners in the process. To give families the BEST possible - more economical products to make sure their lives are sustained and do it without additional out of pocket money. We do it using exactly what is already being spent and in most cases can do it for LESS. If your brother is going to make a decision he should get all the facts not just what people less educated than him or no more educated than him have to say. Even me. Go get the information first hand - do some REAL research and make an Educated decision not a half baked one.
Listen people MY GOD America is in the condition it is in because we as Americans can not think for ourselves. One guy got mad because the focus was on recruitnig.. SO WHAT if you have the passion ans the heart to do the right thing and Really help families all the rest will be gravy. NO selling NO recruiting just use the resources get out there and change the world. The concept and the purpose of what th founders of this company intened was to HELP Americans who where being taken advantage of and it can still do that. It is just like going to church - you are not going to agree with everything that is being said or done but if the ultimate goal is the ultimate goal - why are you complaining. COST - one person was upset that he was ask to pay money, what company can you start for free and if you can then that is THE SCAM. YOU will sell your soul to an employer but you are not willing to invest $100 dollars on yourself and your own future? You wouldn't spend $100 to educate yourself and be able to SAVE your friends and family from this crashing economy? Another person got ticked off about being told they were being called to an interview and it wasn't an interview???? What makes it NOT an interview. You are being interview to see if you will be a good fit and have what it takes to really make it in business - in this business. When you interview for a traditional job what exactly is the purpose?? To see if you have what it takes to do the job? To see if you will fit in? OMG people open your minds see the real reason and mission behind something and make it be what it should be. THE WORLD needs this thing. People need to be prepared and they need to be educated. One person said she didn't do it because her friend knew nothing how is she going to teach me? EDUCATION - HELLO. You didn't know anything before high school, college, Just because a person didn't know yesterday doesn't mean they don't know nothing next week. I can't believe this is where we are in the world. AND WE WONDER WHY things are falling apart.
It really is sad that you will exspect your brother to make an educated decision such as this without any education. Primerica IS NOT A SALES COMPANY. Primerica is a crusade to change peoples lives and put them on the right track to retire without starving, living being dependent on other or end up at the mercy of the state. Yes Primerica has great Life insurance products, Securities, Debt Solution and mortgage products but our main focus is to EDUCATE people on how to be ready for the day after tomorrow. Our goal is to make sure that if you wake up tomorrow and go to work and loose your job, you have taken the steps to make sure that you are ready - prepared and have a written backup plan to survive and know that your family is provided for without be taken to the cleaners in the process. To give families the BEST possible - more economical products to make sure their lives are sustained and do it without additional out of pocket money. We do it using exactly what is already being spent and in most cases can do it for LESS. If your brother is going to make a decision he should get all the facts not just what people less educated than him or no more educated than him have to say. Even me. Go get the information first hand - do some REAL research and make an Educated decision not a half baked one.
Savingtheworld,
You have to be be kidding around; Are you really with Primerica? If so from one rep to another stop posting! Please!
Your postings are filled with ramblings, comments are abrasive & mean, & in all honesty do not put our amazing company in the best light.
My husband and I have been with Primerica for 5 years now and I can tell you it was the best move for our family. We are not big recruiters, but we feel like we make a positive impact for our clients and make a wonderful part-time income. In Primerica you will meet some of the loveliest people, don't think all of us are like the you guy before me, who really want to help people.
If you are talking to a Primerica rep please give them a chance to explain everything to you. We are a member of a the Meyer Maniacs in Florida and love the fellowship and sheer enjoyment of being part of Primerica. For those of you who are upset about the interview calls I totally understand why you feel the way you do. Primerica has strict rules and we are not permitted to lead people into believing it is a job, it must me an opportunity. If you feel like someone has wasted your time I encourage you to contact the home office in Duluth, GA and they will reprimand that office.
Cheers & see you at the top
Mary & Walter
You are entitled to your opinion but that is all it is just like the rest of the opinions here. I am entitled to mine. So I have more dedication and passion than you do and as for not putting the company in the best light you just insulted a customer. Primerica did something for my family that makes me want to give my two sense and I do it in my own way. My question is how do you criticize some one in the same breath you are telling them not to be critical. I love it. You have nothing to be proud of you have a GREAT opportunity and by your own admission are SITTING ON YOUR ASS. Get up and get out there and get with it. People like you are sad. You have nothing to say to me until you have really done for 200 families what my rep has done for mine. YES I rabble but it is only because I know what these people have done for me and it makes me angry to read this gabarge. So say what you want your opinon is your right
First I used to work with Primerica and I am biased because I think they are great. (I got promoted at my 9-5 and there was a conflict of interest) I know there are bad apples in every bunch, so even Primerica has their share of these knuckle heads. Look at Savingtheworld, he attacks everyone with and not with Primerica! That doesn't make sense.
This blog has lost focus because of children who can not act like adults. If you would like an open forum to voice your opinion and get your point across check out.
http://chriswondra.com/2009/05/11/the-primerica-opportunity-a-guest-post/
or
http://chriswondra.com/2007/11/24/primerica-mortgage-a-consumer-report/
That blog is for adults so Savingtheworld please do not join us until you can clean up your mouth & grammar.
I recently had Primerica agent contact me. When he described the company, he would only use terms such as "it is a Financial Services Company". He would not provide me the name of the company itself as if Primerica was some secretive organization like the Masons or the Illuminati. He kept pressing me for information about myself and wanted to gain entrance into my home. As he would not take no for an answer, the conversation came to an abrupt end. A friend, who was just recruited, overheard the conversation and later wrote to me and provided me with the name of the company and told me to look it up. It appears to me to be a typical multi-tiered marketing scheme where a few people make a lot of money by doing nothing more than recruiting a lot of people to recruit other people. Somehow, the product gets lost in the interim and becomes relatively insignificant. There probably isn't anything illegal about but if one's values go beyond the value of making money, then there is reason to be concerned about the ethics of this type of business.
Got my point across got your attention GODD - BAD - Or Indifferent
Thank you
I just wanted to say thanks for the heads up! I too have my resume online right now and I literally just a few minutes ago got a phone call from Primerica. I had never heard of them so I was looking online and found your story..thank you for your personal insight into their company!
all of you are lazy and are idiots. if you work hard you will get paid. end of story!!!
the end of the story will be when you wake up and stop working with primerica. then you will be the one who feels stupid and idiotic.
you have neither the experience or intelligence to understand the negative impact you have on peoples lives.
Ok seriously if your saying that we are actually screwing people over then you were obviously not that great at what you did, and you obviously did not get the training I am getting. On top of what Primerica taught me I did my own research and found that this is a good way to go. There are other ways, if your smart enough to do it with out getting hosed and paying huge fees!!
I was in the shoes of most of the people I talk to , I had debt way over my head, I had no protection for my family, and I had no investments started. By doing what I learned and what I teach I am now set to retire at age 50 at the latest! The income protection I have set up for myself, will take me till I am financially independent and beyond (age 60) with no increasing costs, but I can cancel it at the time I become financially independent (before It runs out) because at that time I will be able to cover and funeral expenses with the money I have saved I will already be debt free and I will have enough money so that my kids will be able to be supported at that time if they should need it! As for my debt, I had over $70,000 in debt, most of which was payday loans, but there was car loans and student loans in there as well. I would have never had that paid off, but by what I learned, I can have it payed off in approximately 4 years, just by following the plan that Primerica taught me.
As for investments I found out all I had to put away was 100 dollars a month, so I started it and then came up with a $5,000 tax refund the first year and put that into my investments, I have done the mathamatical calculations and have even brought it to the attention of other investors and they agree with me that if I continue on the track am going I can be financially independent by at the latest age 40. I started this at age 21!!!
All Primerica does is teach you principles of how to gain control of your money and make it work for you as the banks make it work for them on a daily basis!!!
If your a good Primerica agent you would know this and you would not doubt it!! As long as you go to a competant office (something tells me not the one that one guy is at ~~) You will be set up for Financial Independence as long as you stick to the plan and stay on track!! We will guide you and teach you, but its up to you to put the plan in force!!!
Commenting on the SMART Loan program!! The SMART loan is only one way you can take care of your debt! and all though you may start off with a high interest rate the average in the long run actually comes down alot if you truely follow the guideline set out and pay bi-weekly the same amount you would pay monthly! ....eg.
You can take a 30Year loan and pay it off in like 9 years in stead, I did the calculation myself and had it checked by an experienced accountant and financial advisor! all in all you save a boat load of money in interest payments, because for one you pay it off sooner and all the extra money put down on the loan goes directly to principle, not onto interest. Think about it... (numbers are made up, but the idea is correct in the example below) If you are currently making MONTHLY (12 payments/year or $24,000/year) payments of $2,000 dollars on a loan of $200,000 and interest rate of 10%.
By doing as Primerica teaches, you pay $1,000 bi-weekly (52 payments per year or $52,000/year, and only supposed to be paying $24,000 per year you ar now putting down $28,000 directly onto principle on top of what you would normally.
Think about it, if you are charged 10% per year in interest on the $200,000, you are paying $2,000 monthly, only $4,000 go to principle and $20,000 goes to interest. If you pay bi weekly on the $200,000, paying $1,000 bi-weekly(52 paymnts/year) you pay $32,000 directly to principle and $20,000 to interst. The first year!!
Would you not rather pay more onto principle of the loan instead of in interest?? This is what allows you to pay it off sooner and pay less interest which would average out to be way less than 10% over the entire term of the loan!!
Why pay more interest and be in debt longer than pay less interest and be in debt for a shorter priod of time???
Talk to a qualified Primerica agent that actually knows what their talking to and youll get quality advice!! there is at least one office in Calgary that has that knowledge! Despite that every Office does have access to the same information!!
Tell me something People!!! How do other businesses that you deal with on a daily basis promote their business!!!!
They do it the same way!!
- Through word of mouth or personal reference!
- Telus and other companies calls people up and and tells you about promotions!!
- Telus and other companies put out brochures and other media advertisements!!
The only difference is they don't go to peoples homes and make it easier for people (people do not have to leave their home) and go to teach these people!! No one is required to start their own business with Primerica!!! The business opportunity is offered only so that those who would want to can take part in the action and teach others!! The information you learn and teach is not bullshit and is not a scam!!! If it was Primerica would not be in existance still and would not be actually helping those people who stick to the plan 100%!!
It only does not work for those people who get off track and do not stick to the plan!!
If you don't want people to come into your home go to their office and learn there!! They will do that!! If you don't want to share the information with your family because you believe it is bullshit, then fine, go on believeing it, but when those who do follow it 100% fly past you and end up retiring early and better off than you, then who will be laughing???
NOT YOU!!
Just sit down and listen to it for yourself it takes only about 15 minutes and see if it makes sense to you!! Do not take my word for it and do not take the word of any other person on here!!
I just wanted to say that just because something is an MLM, doesn't mean its a pyramid scheme. Primerica is a legitimate company and while it isn't for everyone, it can work out very well for manymany people. I understand you're trying to educate the public on a possible 'scam' but try to do a little more research on the subject before simply calling it a scam as it could detract people that could honestly do well there and help people. I was skeptical at first as well, but the more I learn, the more I feel that Primerica, at least the branch I am affiliated with, is a decent company trying to help people save money. I know it's hard to believe, but some people actually care about helping their customers.
Primerica Has changed mine and my families lives forever. It Is a CULT!! A cult of driven, positive and hard working people who want nothing more than to become financially independent and win for their families. People are BRAINWASHED to become humble and happy Millionaires. I thank God Every Day that my parents were open minded and wanted to change the lives of their 5 daughters. My parents are both Primericans and Have worked very hard to give us the best and Now I am a full time college student and so is my 19 year old sister. My 13 year old sister is learning to play guitar and dance. My 10 year old sister is a 4th grader who reads at a 6th grade level and is about to enter a regional reading competition. The youngest is 6 she is crazy, and carefree. Our parents Quit their jobs, both were making about 60 thousand a year with full benefits, they are both full time in Primerica and make about 13 thousand a month. and they have only been in for a year. Our family has come light years from who we use to be and i can't wait for our future! So if your offered the opportunity, just give it a look who knows might change your life... if not your exactly where your at right??
Primerica is NOT a scam, it's not a Pyramid Scheme, or even a cult. It's a real company that utilizes a multiple commission structure like Realestate,Car sales, Mutual Fund brokerages/Financial services. Virtually any sales force is structured in this way.
Of course when you just research a company like PFS on the net and you put the word "scam" after it, it's going to come up. That does not mean that it is, it just means that MOST PEOPLE don't understand any other business model outside of the four walls and a time clock they come from.
It's a commission only sales company with in the free enterprize system. It's an Entrepreneurial opportunity. Just because it's different from your job does not qualify it as a scam or make it wrong. Most people also don't understand the process of being in business for yourself. You are a work creator not a work processor.
It may seem like someone in Primerica is making little to no money for a period of time but the one's that stick with it and get good at the sales process, will make more than any job will ever pay and have a business ownership and can will or sell the business.
Even the website "ripoffreport" which used to slam Primerica, did an investigation lasting almost a year. The recanted what they said about PFS and said that "Primerica is a legitimate opportunity worth concidering".
See what happens when you actually learn about something?
I think everyone has the right to earn a living any way they wish...within legal limits. However, I believe I was mislead by Primerica. I asked if I needed to put any money into this new opportunity. The rep replied absolutely not. I understand paying for certifications but Primerica should be upfront about this. This is where the problem is. It misleads people who are desperate or greedy. The greedy buy in and possibly get ahead. The desperate get screwed. I was approached at my daughter's school, not looking for work. Our children attend school together. I am always open to new opportunities but not at the expense of my families stability. If you got it like that...go for it. I just feel bad for the people who can't afford to do this and are sold some sort of unrealistic dream to lure them in. I thought about attending this "meeting" this coming Thursday evening just to prove my point but I don't think I should waste gas money. I am not a 9-5 person but I am not greedy either. It also takes some in betweeners to make the world go around and to spread common sense.
I love how someone is going out to the rescue for this Primerica joke. My friend is actually thinking of joining it, and since I'm a business major here at Michigan State University, I decided I would use what I know to help the fella out. The website IS registered with Citibank, but, I guess it's just a way to mask higher interest rate loans and whatnot. If this were a legitimate opportunity, then there would be blogs flourishing with positive testimonials and whatnot.
I'd like to start off by stating that I am not a Primerica representative nor in any way affiliated with the company. I have however, been approached with this opportunity and have spent time doing my due diligence. PRIMERICA is NOT a scam. PERIOD. I am not going to sit here and rave and rant about the company. I'm simply going to state ONE fact, that in hopes that you possess common sense, will dismantle all slandering comments about the company. Here you go: In order to provide any services and/ or products that this company markets you must be LICENSED by your respective state. Some products require Federal Licensing as well. ... So, with that being said, if this was a "scam" why would it require state/federal licensing? Either the state/federal gov is slow (Primerica has been around for 30+years)or they're in on it.... or maybe, just maybe Primerica is a legitamite business.
I agree Primerica is not a scam, but the recruiting tactics of the independent reps (and RVPs) are some of the reasons why Primerica is labeled a scam.
When you come into Primerica you have 2 purposes. 1) Is to keep recruiting people in "the business" 2) Get your RVP in front of as many family members & friends as possible so you can do FNAs and sell products.
Although there is nothing wrong with this the new unlicensed rep in training makes nothing. Typically the RVP (or field trainer) wants to do atleast 6 qualified FNA appointments before the new rep is considered trained. Since there is such a turn over in Primerica people leave very upset that they made little to no money while their RVP made all the money on their family. Again this is a reason why people feel like it is a scam.
Finally if you stick with Primerica long enough you will eventually learn that the products are mediocre at best. Life insurance is expensive compared to other term companies, mutual funds are heavily loaded, mortgages are horrible (of course Primerica reps claim it is the greatest loan in the world), you pay for everything you do (meetings, sales literature, the ability to check on your business online, etc..), finally the biggest deception comes in the form of "your own business". In fact you are a very underpaid contractor until you get to the RVP contract. Then your compensation is bearable. As an RVP you still do not own your business, so I feel that is very deceptive since every new recruit thinks they finally have their own business.
Primerica isn't a scam, an illegal pyramid scheme, or anything else. It is a MLM company that uses the recruiting machine to drum up business and sell noncompetitive products. It is no different from Amway, Monavie, Herballife, or any over the other 1000s of MLM companies out there.
You can make a lot of money with Primerica, but understand you are not a financial expert. Not even close! You sell products for Primerica, that's all. Products that are no where near the caliber they claim them to be.
Primerica is about recruiting, selling to that recruit & their family, getting into that recruits market to get more recruits, and keep drilling deep & wide until that leg dies. Then repeat the system!
Ingenious system if you stay focused on the facts. Primerica is a recruiting MLM company that just happens to sell financial products instead of juice or soap. If you are in it recruit, recruit, recruit. Trust me your RVP, SVP, NSD, & SNSD know this and already figured out the products are nothing special (in some cases crap).
Go recruit Primerica! Tell the truth when you recruit and it is amazing how well you will do!
Sounds to me like the Primerica Rep did everything right you just had a negative attitude. He was truthful and honest with you when you asked him about your resume. He took his time to come meet you because he thought you were serious about working and your attitude was "I'm just going to mess with this dude"???? Sounds to me like you are too immature to work for Primerica. Financial Services is a serious thing. Primerica deals with families and their money and security. They don't need immature, negative minded individuals representing the company. Pyramid schemes are illegal. However, everything looks like a pyramid. Every company has a CEO at the top and hourly employees at the bottom and if you draw that on a piece of paper it looks like a pyramid too. The Government looks like a pyramid from the President on down. Primerica is compliant with federal government regulations and if they were not legitimate they would be out of business sooooo fast. The guy that wrote this article is probably a poverty mined person who doesn't really want to work anyway, never been educated, and just lazy. He sounds like a selfish self-centered person who is unprofessional and has no respect for someone who is taking their time to come help him make extra money. Primerica, when recruiting new reps pays all the expenses for their new reps and the only financial obligation to that new recruit is to pay for their background check. Primerica pays for all of their training and licenses. How can something like that be a scheme when they are paying for everything and not asking you for any money. They aren't making any money unless they train you and teach you how to make money. That is the only way a Primerica rep makes money off a new recruit. No family needs someone like him involved with their money and finances.
I spoke with somebody that actually works for them and according to him they have people that their job is to surf the web for sites like this and defend their company. They believe that this will confuse some people and think that these are all actual people that are happy with their jobs.
This "opportunity" will eat a person alive. If you think you have no time for anything right now then sign up with them and it is a guarantee you will be divorced and be a horrible parent to your children.
A few points Primerica reps make about every person who does not agree with them:
1. Everything is a pyramid! Just look at your job. There's a CEO, then some VPs, then Upper managers, the Managers, then Asst Managers, etc... God this get's so old! Primerica is a Multi Level Marketing company! It is Amway of the finance industry. I love this idiot who compared Primerica's structure to the US government! What a moron!
2. If you question Primerica's business model you are either - Lazy, stupid, meant to work a 9-5 job, poverty minded, I could go on forever.
3. If you question their crappy and expensive products you get either some lie about how much better Primerica policies are compared to the rest of the industry or they give you the "Price is only an issue in the absence of value." If price was the only issue Yugo would be the most popular car in the world.
4. If you question the deceptive recruiting tactics you are called a looser, whiner, no ambition, etc.
The truths about Primerica is this:
1. The recruiting tactics are horrendous! The company has policies to avoid this, but the sales for doesn't follow those policies. Ask anyone who is contacted by a Primerica reps and they will tell you that they are making it seem like a job interview! They also use the position of RVP as a real Vice President of the company. A RVP is someone who has recruited alot of people and is nothing more than a salesperson! Also when someone is contacted by Primerica the reps avoid using the company name. They focus on Citi and avoid telling you it is Primerica. If you ask about a position again you get another misleading answer, you will be told that it is either to difficult to get into, there are many different positions, or they use a financial coach or analyst title (not allowed by Primerica anymore).
2. You are going to be asked to sell products to your family and friends. Not that bad if they were good products, but see the truth about products in the following entries.
3. You will be asked to recruit everyone you know. This is how the RVP gets a lot of business before you quit. It is a known fact with RVPs to get into the market fast so they can make money before the person quits. You will be pushed to do as many FNAs as possible before you are licensed. They call it training, but it is about making money for your manager! You will not see a dime of that money!
4. Products are horrible. Life insurance is very expensive compared to even mainstream term companies. Call your state farm or allstate companies and you will get a better policy for less money. Mortgages are a joke! Call your bank and you will get a better deal 100% of the time. (Don't fall for the equity builder crap. Get a 20yr fixed rate loan from your bank and it will be cheaper and alot less fees). Annuities are provided by Metlife and designed for Primerica. Again these are some of the worse VA (variable annuities in the market). Mutual funds are ok, but for A shares there is a 5% loan. Pretty ridiculous in this market! You can get a better deal at every brokerage. Only advantage to Primerica is the very minimal month investment amount allowed. (Used to be $25 per month) In all honesty that is the only good thing about Primerica.
5. You pay for everything! You need presentations, access client info online, run FNAs, business cards, go to training meetings (builders schools) you pay for them!
6. You do not own the business. Read the IBA you do not own your Primerica business until you have achieved the RVP contract and promoted out a VP and met the premium requirements. Even if the RVP is wearing the 100k ring he might not own the business! SCARY and a lie not told in the meetings!
7. Pay is horrible. Life pay is not good at all. Entry level compensation for life insurance agents (1099 agents) is around 85%. Entry level at Primerica is 25%. Even as a RVP compensation is 95%, so the newest licensed agent can make almost as much as a RVP! Sick huh? Securities pay is difficult to explain, but something very disturbing RVPs keep quiet is that below the Regional level securities licensed reps do not get trailers. EVER! So all of the investments you do from Rep - Regional leader, those trailers are given directly to your RVP! Shocking huh? Thieves! Mortgages pay is horrible too, but I will spare you the numbers.
8. Lack of training. Primerica reps receive very little formal training. The training consists of motivation for recruiting. As a matter of fact Primerica RVPs make fun of people who want to learn. They make them out to be stupid. They love people who jump in with no questions. If you ever question the products or ask why the rest of the industry has better products you are shunned, called a whiner, a looser, a quitter!
You are going to work with a mlm company that is using peoples hopes and dreams to make their upline money. You will be asked to bust your butt, but with the promise that while you're not making alot of money now you will in the future. They bleed you dry! Use up your warm market and move on. Can people make it at Primerica? Yes! but the person you have to become to make it is not the person I want to become. I now work for another financial services company that does everything that Primerica does without the cult type meetings and atmosphere. I have better products, better pay, I still build a team (who make more!), and most important I am not lying to every person I meet.
If you are with Primerica why not try to change the company's image. Tell the truth. Stop lying. When you recruit tell the person you are a mlm company, 100% commission based, the new recruit will be asked to come to 1 meeting & 1 training per week, they will have to get POL for $25 per month, they will buy their own brochures, the will not receive investment trailers for a while, they will not own the business until they meet some very strict requirements, you will ask them to contact every person they know to invite to a meeting or do a FNA, it will cost them money to submit an IBA, their first 6 FNAs will be "training" appointments so they will not make any money of those sales, you will be asked to complete a top 25 right away, the only way to get better pay is to recruit more people, the FNA is a sales tool NOT A FINANCIAL PLAN (as written on the 1st disclosure page of the FNA), and so on. These are facts, not someone trying to put down the company!
I love Primerica because I can replace every policy I find! The problem is that Primerica is treated like some kind of secret society where only the winners migrate too! You are a sales force selling crappy products not an army sent by Jesus to saved the world!
Wake Up
Hey everyone.
little backround. father of two husband, have a 65 year old father that has more strokes and heart attacks than i have fingers. on to this. i am currently a full-time student in the IT field as i read most of you are. and also a rep for PFS i have been with them for just under 3 mo. part-time already i have maid a little over $5,000 this last month. which took me about 16 hours of talking to people. and guess what i'm still skeptical and don't really trust it because i haven't seen an end result yet. all i know is that the money is real and if you don't do work anywhere your not going to make any money. so if someone you know or you have a friend of a friend that says they're not making any money ask them if they are licensed and then ask them if the have completed any sales... i agree if you just go to the meetings it's fn' corny and i felt like i was going to a cult i'll admit but money talks and bull shit walks so the next time you hear of them actually compare the business models. "normal job" head honcho 3 or more ppl below him then your staff which keep desending down like a pyramid. "PFS" head honcho-how ever many reps he has under him-times the square root of pie(infinity) same concepts besides at a normale job you have set schedule and wadge/salary. PFS have your own hours make more than you work. for those of you who think it's a scam/pyramid/bs have you actually tried it, and worked at it? for those who don't think it's a scam and aren't doing it maybe you should broaden your horizons. for those of you who are doing it and not making any money your not working. and closure i'm making money so what you do with your time and efforts is up to you. i'm happy, what about you. and if you are with a 9-5 job thats "normal" great you have fun. but i promise i'll be having more fun.
3 months with Primerica & made a little over $5,000 last month. Let's break that down.
As a District Leader you would need to have done $14,000 in personal bonusable premium to generate $5,000 in cash. ($14,000 x 75% advance x 50% District pay = $5250) So if the average Policy was $1000 annual you had to write 14 policies. That alone would take a lot more than 16 hours. If you included some securities or mortgages into that might make it a little easier, but the pay is not very good until you get to Regional Leader.
The question is can you continue that? The most I made before RVP in a month was just shy of $18,000. Which is alot of money, but that was a couple good annuities.
I'm not trying to say it is not possible, but eventually you will run out of warm market, then what?
Primerica isn't a scam, but I can promise you there will come a day you see it for what it is. When you cut out all of the meeting BS, kool-aide drinking, and your uplines hype Primerica is a company that direct sells subpar products to your family and friends. End of story.
You can get cheaper & better life insurance.
You can get a better loan that cost less, pays off faster, and without all of the prepayment penalty and the bs equity builder.
Mutual funds are expensive and under preforming. Look at the cost of an A share.
Pay with Primerica is a fraction of that compared to the rest of the industry.
You might set your own hours with Primerica, but you will be told you can only succeed if you attend meetings, make conference calls, etc... You will spend easily a couple hours a week going to meeting at a minimum.
If you are okay with selling crappy products, getting little to no education about financing, alienating all of your friends and families about coming to meetings or doing FNAs, talking to strangers about a "new business opportunity" (typical MLM speak), and so on you have found a home.
If you join Primerica that is fine, but do so only after doing your research. No matter what Primerica Reps say on here the facts are simple. The RVP or trainer wants to get into your market and make money. If you make it great, but it is all about what you can do for them! You are a cash cow! If you want proof tell your RVP/Trainer that you would like to get licensed before you see your family & friends. When they tell you they need to split the sale ask why. They make a great override. You will see your new Primerica buddy turn quickly. Also you should be able to write your own insurance!
Look if you are going to an interview or just working with Primerica and want to see the truth tell your trainer you would like to see their 12 month rolling income on POL. You will be shocked at what you see! Trust me it will not be what they are telling you. If your direct upline is a RVP ask them to show you their tax returns from last year. Do not get caught up on the ring, the big car, or the big home. Ask questions and ask for proof.
Anyone can lie to you about their income!
Buyer Beware.
Hello
I've been reading some of the false info being written here by people basing decisions off what others think. I've been in Primerica for 3 months and am at the District Leader position. When people say Pyramid scheme, I wonder if they understand how every corporate business model in America is built. The higher up the ladder you are, the more you make. Second, I dont understand how what we do is a scam, since we offer complimentary financial needs analysis. Third, all reps must be licensed through the state in order to sell our products. We must pass the series 6 and 63 license exams just like any other agent in the market. Our BD is PFSI, our company as been around for 32 years. I don't understand why people get offended when someone offers them an opportunity. Primerica covers $1400+ of classes and licensing fees for its agents. I also read someone doubting our SMART loan. We don't have PMI, we don't charge fees, ask your buddy that has 3000 whatever why he/she put people in variable mortgage loans. The only real product we "sell" is term life insurance. To the fellow that said we rip people off, you should do some more research on term vs cash value life insurance and see who really is duping our fellow Americans. People need to research credible sources, not what some Joe says on the net in a yahoo blog. Look up Susie Orman http://www.youtube.com/watch?v=sGDgYLCpnDo&feature=related or how about you read cnnmoney.com on what we offer compared to the industry http://money.cnn.com/2009/05/26/pf/expert/universal_life_insurance.moneymag/index.htm?postversion=2009052612. Primerica is a great business opportunity, not a job, not a 9-5, not a cubicle jockey.
Some of you need to let go of the welfare and food stamps and understatnd what it means to "work" for yourself...........Primerica works if you work easy as that,
Why is it Primerica reps keep beating the same drum over and over? Let's focus on something that matters.
Show numbers that prove Primerica is the better company.
1st show your 3 most recent life cases. Include Age, Standard/Preferred/Tobacco, Face Amount, Term, Premium (monthly or annual), Waiver of Premium?, Child Rider? - Put those numbers on the table and let's see where the client is better off.
2nd do the same thing with the $mart loan. Show the following. $mart loan balance, Appraised Value, Rate, term, bi weekly payment, any additional amount to principal bi-weekly, how many years & months until the $mart loan is paid off.
Let's see what happens when we compare apples to apples. Finally we can see where the client will be better of.
As for the rep who mentioned the FNA. The FNA is nothing more than a sales tool, period! If you think you are putting together a plan wake up! If you look at the first sentence of the disclosure pages with the FNA you will see it says, "THIS IS NOT A FINANCIAL PLAN". How do you explain that? I bet you sell the FNA as a financial plan though.
I was one of you at one time and I can almost guarantee that I had better recruiting numbers, better rolling 12, better premium/securities/mortgages, than most of you on here. I made it to your dream spot of RVP and even got the ring. Then one day I woke up and realized that I was doing a disservice to my clients. We loved to say at Primerica we do what's right 100% of the time, and that is the truth.
We do what is right for us (Primerica) 100% of the time. We sell over priced and under preforming products! We allowed uneducated reps to go out and see families. Luckily it is their own warm market so that prevents the clients asking too many questions.
One day you will realized, like I did, that Primerica is not what you think. I made alot of money with Primerica, but the truth is that I wasn't providing the service to my clients that I felt they deserved. I pray that you reps never meet me across a KT, if it ever does happen you will feel embarrassed and totally uneducated. If you compare term to cash value you might when, but term vs term Primerica is a joke.
If you are a client or a potential client of Primerica I suggest you shop around. There is a very good chance that the guy/girl that is meeting with you knows little to knowing about finances.
Proof will be the next series of posts by Primerica reps who will not even provide the proof to compete openly.
Next will be the personal attack about me being lazy, whiner, cry baby, loser, quitter, and what other insults they will throw out. They will however not actually post real numbers!
PS - Primerica reps don't embarrass yourself by posting fake numbers. I have access to the same quick quote you have (yea I still have friends in PFS) so I will double check your rates!
Nutter Butter,
I look forward to seeing if any of them respond to your challenge!
PFS Rep,
Your statement, "I also read someone doubting our SMART loan. We don't have PMI, we don't charge fees, ask your buddy that has 3000 whatever why he/she put people in variable mortgage loans" is very troublesome.
I know you said you have not been with Primerica that long, but PLEASE stop repeating all of the lies your RVP or trainer tells you. You are very incorrect.
1. PMI - Granted the smart loan does not have PMI, but the rates are so high it actually would be cheaper to go with a conventional loan (with PMI if the ltv is greater than 80%) or MI with an FHA loan. What you don't understand is that after 5yrs you can drop the PMI. All you need to do is have an appraisal done and it is gone.
2. Smart loan has no fees. WHAT? The last time I saw a smart loan there was a 1.5% origination fee, 1% discount fee, then there was a back in fee (this is why the rate is so high) of around 2%. Since the most lenders max out broker compensation to 5% the smart loan is charging around 4.5% for "broker fees" alone. Of course the sales for makes close only a fraction of these fees. The rest are all profit.
3. Smart loans have a 3yr prepayment penalty! This is ridiculous and unheard of in the industry. It is a hard prepayment penalty by the way!
4. Smart loans rates are insanely high! If you ask why the rates are so high you will never get a straight answer as to why. Simple it is about profit. If the Citimortgage would just make the rates competitive the smart loan would be the best loan in the country, but the truth is that it is nothing more than a 20yr loan with a very high interest rate!
As for a "variable mortgage loan" I think you are talking about an ARM (adjustable rate mortgage). I have to agree with you there, but I have been in the mortgage business for 4 years after leaving Primerica and I have never sold an adjustable rate mortgage. I believe that a client should do the shortest term they can afford. 10, 15, 20, 30 fixed only!
Typical Primerica reps going on blogs lying about their products. If you don't know what you are talking about please do not post. I have no idea if you are even telling the truth about the $1400 in licensing fees, so I keep my mouth shut! Something I learned only after I left Primerica!
Now that I am free of the Primerica mindset I know that I can take care of my clients and provide the best service. I can beat any smart loan, any life policy, and any investment a primerica rep throws at me! So continue to try to mislead your family and friends telling them you only do what's right! The day will come you will learn the truth and feel like a hypocrite just like I did.
Remember knowledge is power & your Tuesday or Thursday opp meetings are not training!
If one client gets enough information on here to shop around my job is done.
u do eventually make money. i have a friend who works for'em. u have to go thru an internship and pay like $99 and like $20/month until u get certified for w/e then u begin doing paying work. the internship takes 3 or months i dont remember.
DO NOT JOIN THIS COMPANY! i had a job interview with them last week and it sounded very fishy so when i got home i googled them and found out how it was a scam...so i left them a voicemail telling them how i am not going to continue with Primerica and they had the nerve to call me back...desperately trying to get me back!!! do not fall for it...real companies will not make you feel like they need you more than you need them.
I'm really glad I found this article. I had a "group interview" with Primerica last night and was wondering why they were so anxious to get EVERYONE of us to come in for a second interview. I was kinda sceptikal during the entire thing, this article just reassures me. Thanks, again!
As much as I dislike Primerica I have to disagree with the last poster. Primerica might have a large portion of uneducated reps, have subpar products, and so on, but I can not agree they are a scam. The business model of Primerica is ingenious. You take someone who is praying for their big break and introduce them to a MLM that promises great things. What happens is this excited rep goes out and sells products to all of their friends & family. They buy the product themselves! So the RVP just got a nice chunk of business that stands little chance of being replaced or even shopped. This is a cycle that is repeated and repeated.
Primerica is not a financial compnay! Ask any RVP and they will tell you that their goal is to recruit people. When you recruit someone the sales come! Period! This is a multi level marketing company at it's best. Yes they offer products, but they are no where near competitive. They offer a Mickey Mouse needs analysis that the reps sell as a financial plan when in fact it is a selling tool only! Just look at the FNA is say in plan english "NOT A FINANCIAL PLAN"!
Primerica is not a scam! The people who work as contractors of Primerica are like many cult members. They believe that the way to riches is through recruiting everyone they see. Primerica reps go to meetings weekly where they are told they are on a crusade, that they are the only good company, that 9-5ers are lazy, stupid, etc...If you don't believe me attend one of their meeting. Go up to 5 of the reps after the meeting and ask them 2 things. (1) How long long have you been in Primerica (2) How much money are you making? See the RVP who is speaking is making money, but will be shocked how little everyone else is! The RVP keeps telling them to bring people and sooner or later they will be RVPs too. This is how they make money now and potential overrides in the future.
I can not wait until some of these Primerica reps post the challenge mentioned above comparing products to products.
Again Primerica is not a scam! They just hire anyone & then do little training except for brainwashing.
As for them wanting you so badly; of course! You are an introduction to a new warm market! People who trust the new recruit and would never think they were getting sold crappy products.
Primerica has a great system in place! If their products were competitive and they trained their people it would be an unstoppable company. The problem is that these contractors know little to nothing about the financial industry. RVPs are a joke and it is sales position not a position based on financial knowledge! Don't be impressed with the RVP he or she just hired and sucked more people dry then the newest reps.
haaa your an idiot! Multi level doesnt mean its a pyramid scam.. two totally different things.. lets see how much do you make??? how much does the vice presidents make??? math is numbers do the math.. I D 10 T FORM necessary for you
Ok a friend of mine signed up with primerica no more than 2 months ago. When she told me about the company I imeediately thought "pyramid scheme". But being a good friend a kept my mouth shut and supported my friend. I even sign up for a life insurance policy and joined her at one of the meetings. I will say my friend has been a real trooper for this company. In the short amount of time that she has been there, she's sold over 7 policies and sold a couple people car insurance. So to make a long story a little shorter, when it came time for her to get paid her money. Her recruiters informed her that her $6000 should be depositied in her account within 2 weeks. Well 2 weeks quickly became about a month. She kept calling people regarding her money. That's when they finally told her the people that recruited her actually got the money because she didn't offically have her license at the time the policies were sold. They said that that was a new policy and her recruiters bosses didn't tell them about the change until after the fact. She was really pissed and so was I. I asked her since its your recruiter that has the money why won't they just give her her money directly from their accounts. She's been talking to them for the past couple days and the only solution they came up with was next she does a policy she can put it in her recruiters name....but even that sounded fishy to me because why would she need to do that if she has her licence now! I'm really feeling a big scam in the works. Please be careful when signing up with this company! Do some serious research.
Yea, it is a pyramid, haha. It is however completley legal and a great opportunity for people. As soon as people hear pyramid scheme they think amway and all those other retarted companies from the early 90's. That is a complete misconsception. Primerica is a great opportunity to start your own business. It is a great way to learn the financial business and how not to get suckered when buying inscurance. The main goal of the company is to help people save money. If they didnt do this than Primerica would not be the largest financial services marketing organization in the U.S.
It is definatley not for everyone, but i dont see the big deal that it is a pyramid. You get hired than you hire people to work underneath you than they do the same etc. Than they all make money, its actually a great system. A wonderfull platform for those who want to become self employed. For some people though they dont but the work into it and they dont succed even though they were promised success. What you put into it is what you get out of it.
I have to agree with the previous poster, that you get out of Primerica what you put into. I worked for the company for over 9 years until I left to work with a company who offered better pay & products. I am not one of those people who thinks Primerica is a scam. It just is not the greatest company in the world which is what most Primerica reps think.
Here are a few corrections on the previous poster:
"Primerica is a great opportunity to start your own business"
You do not own your own business. Yes you are a contractor, but Primerica owns your clients, your recruits, even the brochures you pay for! If you quit they want everything back which includes items you paid for. If you make it to RVP and meet the strict guidelines you will get ownership, but a large majority RVPs do not have ownership. This is a lie when Primerica reps say they own their own business.
"It is a great way to learn the financial business and how not to get suckered when buying inscurance"
You will only learn very little in Primerica other than how to sell their products. As an example their Life Insurance is over priced, Their mortgages are filled with fees/misleading/high interest rates, the mutual funds are heavily loaded, annuities are limited to only a couple products that are cook cutter annuities and childish compared to the rest of the financial industry. Unless you are one of the people who seeks out an education you will get little to none on finances in Primerica. You will be taught to recruit everyone, and learn a very little of basic financial knowledge.
If you do learn on your own you will learn how poor the products are and how little Primerica reps get paid compared to the rest of the industry. When you question Primerica products or system you will be shunned and called a looser.
"The main goal of the company is to help people save money."
Primerica products are some of the most expensive products in the industry. You can find better & cheaper life, mortgages, investments, etc... Primerica reps like to compare term to cash value, but when it is term vs term Primerica looses 100% of the time.
"If they didnt do this than Primerica would not be the largest financial services marketing organization in the U.S. "
Primerica is the largest because they recruit everyone! Period! If you want to look at numbers look at the volume smaller companies then Primerica do. They destroy Primerica even with a large sales force. Look at Banner, Genworth, ING, etc... How do they do that? Better products at a much better price!
"A wonderfull platform for those who want to become self employed. For some people though they dont but the work into it and they dont succed even though they were promised success. What you put into it is what you get out of it."
This is probably the best statement and the truth. Primerica is a wonderful system for Primerica and the NSDs. Primerica is a recruiting machine that is looking to hire people to get into their warm markets. This is how they sell expensive and non-competitive products.
See if you are considering Primerica just know what you are getting into. Don't fall for some of the lies so many of these reps (including myself) fell for. You are being used to get into your warm market for recruits and sales. If you want a real comparison take the products you were quotes with from Primerica and shop around. They difference could be astronomical to your family!
Don't believe me, but also don't believe the Primerica rep who is focused on recruiting you to sell you products and then go out to recruit & sell your family and friends. No matter how you try to dress it up Primerica is the Amway of Finances.
Still waiting for some Primerica rep to show some real numbers!
Show your 3 best $MART loans & 3 life quotes with all of the info.
Let's see where the client would be better off!
See you at the top!
Perhaps the man you spoke to on the phone wasn't very clear, but Primerica is a commissioned based sales job. However, you really should have went to the meeting because you did miss out on an opportunity. My husband was recently laid off, and we were invited to attend a meeting. I must admit that I too was skeptical; however, the presentation was very informative. Primerica provides valuable financial services to a multitude of customers, but you have to find your own sales leads. My husband and I have only been working one month, and we have already had financial success with Primerica. You can't call it a scam if you didn't even explore it or really know anything about it! Because you have to find your own sales leads, Primerica may not be for everyone because it is not a guaranteed salary. However, I would strongly encourage everyone out there to attend one of their meetings and see if it is right for you, because working with Primerica is something you can even continue to do part-time, once you have found full-time employment.
What is your definition of financial success. See it is those vague statements about Primerica that turn people off. If you have only been with the company for 1 month what success have you had? After paying $99 to join (since you said we I assume you both joined so that is actually $198.) and then paying $25 per month for "POL" (again since there is two of you so that's $50 per month) how much success have you had. Please explain!
I hate to come off rude, but your lack of knowledge is why Primerica is able to rip so many people off. Primerica products are horrible, their recruiting tactics are despicable, training is non-existent, and the pay is a joke.
If you have only been in Primerica for 1 month you should be smart enough and not full brainwashed enough to use some common sense. Ask yourself a few questions:
Why am I harassing every person I know to come to a meeting?
Why if they do not want to join your "primerica family" consider them loosers or lazy?
Have you shopped around to see where Primerica rank in products? If so you should already know better if not you will be shocked how bad they are!
Why do you pay $25 a month for something that should be free? Every other financial firm in the industry provides everything POL does for free!
Did you know that other firms allow their brokers to invest their own money & immediate families money at NAV? Why doesn't Primerica? Huh?
Have you been fed the lie about owning your own business? What happens if/when you realize Primerica is a joke and you want to go somewhere that really has your clients best interests at heart? You loose everything you have worked for.
Why do you pay for company brochures? They call them cost items!! What a joke!
Wait until the meetings get old and your husband is sucked into the cult atmoshpere and starts missing kids games, plays, family get togethers, etc... Trust me it will happen.
If he decides to miss the meetings you guys will be brushed aside.
If you are reading this join Primerica if you want, but realize what you are getting into! Don't come on here with the fluffy lies because there are enough of us who have lied that lie to call you out!
I am not saying your lying, since you have only been with the company for 1 month you don't know any better. All I am saying is your new Primerica buddies true colors will show one day. It could be 1 week from now or 10 yrs, but one day you will wake up and realize you are selling your heart and soul to be part of what is basically a business cult.
What most of you out here fail to realize is the job you are currently working at has the same pay structure as Primerica. You have the person owns the company or CEO, you have managers or supervisors, and you have employees. The CEO's get paid more than you do and get paid or profit from your work. The mangager make more than you do, and profit from your work. You do all of the work with your hourly wage or salary, and only get to look forward to you annual 2% pay raise a year when the cost of living is going up 4% or more a year, and you still can't pay your bills. In PFS if you work and help people you make money.
CEO
asst mgr asst mgr
dept mgr dept mgr dept mgr
employees employees employees employees employees employees
The average employee will never become the CEO of the company
THIS ME LOOKS LIKE A PYRAMID!!!
The previous response is exactly what Chris Howard's overcoming objections CD says to say when overcoming the pyramid scheme objection.
I do agree with you that people should not get caught up on the pay structure of PFS!
What they should be looking at is the:
Lack of training
Heavily loaded mutual funds
Expensive Term Life Insurance
Misleading & Expensive Mortgages
Charging $25 a month for reps for something that should be free
Lied about "owning your own business"
Horrible pay structure
Cult-like meetings
Harassing family and friends to come to a meeting or do a FNA
The FNA that is sold to clients as a plan while it is actually a sales tool. Even the FNA says it isn't a financial plan.
Still waiting to see what Primerica's best examples are. Let's see your 3 last life sales & 3 last mortgages.
I wonder why PFS reps wont put these numbers on the table.
I had the same exact experience you did except I actually went to the interview process and i was shocked by all the crap they were feeding people. i came on the internet to inform people that the business is bad news.
I saw them at a job fair (WA state) about a couple days ago, they made their business seem like the best. they signed me up for a group interviw right away. When i got there I realized it was a scam right away and I was amazed and shocked by all the people there who were thinking it was a dream job. The room was filled with 30 people and only one guy besides myself walked out early.
The first thing that got me to notice that the whole business was bad news was when they said that, "you all will be making $1,000 a day for every family you get to raise their insurance, so if you get 4 families, thats $4,000 in one day!" First off, no one makes that kind of money in ant job. If that were true then all people employed there would be richer than Bill Gates.
After their presentation they mentioned that every person that gets hired will have to pay a $100 one time fee and then $40 a month for every month that you are employed. After they said that I just didnt pay attention any more. An honest work place does not have the employees pay them money its suppposed to be the other way around. I also noticed that they only hire temporary work and nothing more. So you will be paying them $100 and $40 every month and you will only be there for no more than 3 months...its ridiculous.
They had us fill out this basic information handout with our name and address and all that. But at the bottom it said "check at least one item that you are interested about" and it had a list of insurances that they wanted us to pay them, such as life insurance, car insurance, home loans, etc. They had mentioned that the our job would be to call people with low payments on their insurance and raise it to a higher amount....but they wanted the WORKERS to pay them insurance as well...and thats when me and that man walked out. The lady followed us quickly and was like, "wait, i want to give you somethng before you leave," she wasnt conserned about why we didnt stay for the interview process, she didnt ask us why we were walking out in the middle of the session. all she did was hand us a pamphlet and a list of insurances and loans and told us if we or someone we know needs to switch their insurance to have them call her...
IT A HUGE SCAM
How can you say with authority that this company is fraudulent and a scam if a) you never even went on the first interview; and b) you didn't even get involved in this business on a personal level. What place of knowledge do you come from? Here you accuse Primerica as being a scam when you really know absolutely nothing about it. You write a blog with people agreeing with you based on your one phone call with a representative. This is ridiculous and even more ridiculous for others to just agree with you without any personal experience with the company or its products.
im sorry for your misunderstanding of this company, i recently took employment with this company. as far as my experience goes "its not a pyramid scheme {in which you must invest money to earn money}" with this company like anyother yo u start from the very bottom and it is determined to you how high you will succeed. they operate by being a compay that hires indepently liscensed agents, you are your own boss, work your own hours, make as much as you would like to make. "such as mary kay & avon". Its helping average americans learn how to manage and save for retirement the right way. that just a few of the many services they provide.
i must say that you are misinformed, i hope you do research this it is a great opportunity for average people to help out and earn a living doing the right thing.
god bless
"Its helping average americans learn how to manage and save for retirement the right way. that just a few of the many services they provide."
They sell over priced life insurance, misleading loans, 5% loaded mutual funds, etc...
Face it Primerica RVPs hire you and promise you the moon and stars, but the truth is they are using you to get into your warm market. Period!
If Primerica would just become competitive again they could dominate the financial services industry, but they will not.
Primerica makes a ton of money off of selling to you & your friends and family. Why do they have to compete?
If you like selling mediocre products to your family & friends, going to meetings every week, paying access to your client info (POL), having next to no formal education, selling loans that are disgustingly misleading, etc... Join Primerica!
I just had an interview with a recruiter today, and it did seem interesting. After the meeting, I was sent home with a brochure and a pamphlet, and I have a set list of questions to ask tomorrow. It is definitely not an ordinary job, it is the opportunity to be an entrepreneur with back-up. On the webpage Primerica states that you are not an employee but a contractor who owns his/her own business. I look forward to finding out more about Primerica, but I'm not going to lay all of my eggs in one basket. I'll still be searching for a full-time job.
All this negativity about a company that people think its a scam, a pyramid etc..... People do some research and not listen to opinions and hear say. There has been lots of companies out there that have the same structure that uses the franchising method, but have different services or products. This company has been around for 30 + years, affiliated with CITI Group which is on the stock market. There are complaints because of agents compromising there integrity, as for fees its not the company that takes that money its the government in order for you to be licensed to sign people up for insurances or financial needs. Check out the funds that they offer, its the only one at theses times that is giving us consumers a good return!!!! Remember this business is not for everyone but everyone can benefit from there services especially in this time of recession. Do your research and not just from blogs and forums!!!! Hard facts from newspapers, financial magazines or call the better business bureau etc. then make your decision from there not from a guy that heard from is mother's sister's brother's cousin's mailman's dentist's aunt what she heard. Remember one think who do you take financial advise from your brother that doesn't have a job or someone that makes 6 figure income a year??????
Yes i agree, i took financial advise from a friend that was always broke and in turn i was always broke. I was approached about this business before and had a bad feeling about the representatives and didn't join. Then my daughter got into it, i gave her a warning but also i had to do my own research about this company, it is legitimate and there "franchising" is not new in the world of business. Word of mouth referrals is how they advertise, their segregated funds are the ones that are making us folks that did invest in it a return. So in turn i joined with my daughter in this business. These reps that we joined with live by honesty, integrity and trust. Mind you not all reps are gonna be that way and thats what you have to be wary about it. But overall its a good business for people that want to help others and help themselves. Remember a job you take home the same pay every week and thats good, but if you want more then a business is the way to go!!!!! Whatever it is. So like everyone says research it and see if it is right for you>
Thank you for posting this. I got the same exact call from them last week.
Citigroup is one of the key "too big to fail" banks at the center of the economic crisis and pyramid schemes like Primerica are exactly the kind of behavior that needs to be re-regulated.
People need to remember that this kind of crap was illegal for decades until they repealed Glass-Stegall in 1999. This kind of scam was also very prevalent before the last Republican Great Depression. We need to learn from history and not repeat this same mistakes again and again.
Hay thanks for the info i was googleing the primerica to see what it was and found your website. hay any one from ohio looking at this Dave Korodia is going to be calling
While this is an old blog, I felt that because it comes up "tops" in a Google search, I would add to it.
Primerica is MLM, and is legitimate--but as others have observed is not for everyone, and very few actually make an independent living at it. The "secret" is to be a consummate sales person and manager--and use those skills to exploit a team. This is the world of high pressure sales.
This company started back in the 80s as A.L. Williams. I was talked into giving it a try back in the mid 1980s--and even completed the licensing classes. For most entrants, the game ends when you have exhausted all of your friends and acquaintances, and you are down to cold calling for prospects. Prospects are of two types--insurance and investment sales--and more importantly--new recruits to do the same thing.
Those with a very aggressive sales mentality might do well. I have known someone who did become a millionaire through A.L. Williams--but they already had experience in door to door term life insurance sales.
If that is the life for you, give it a shot. Otherwise, it is a complete and total waste of your time and money.
I was contacted today for an interview...and like most of the stories, the "VP" said most of the stuff already described. MY ISSUE is that the manner in which they are contacting ligit people seeking ligit careers...is that their approach is ENTIRELY bogus. Unlike Real Estate or Car Sales, you know UP FRONT what the situation is. These folks are DISHONEST in their approach to lure you to a meeting. Really, if you can't be UP FRONT about their "ligit" opportunity - what kind of impression is that. If they want to be considered a respectable company/industry...I suggest that they clean up their recruiting act. If it is so wonderful...BE UP FRONT. Hats off to the fast talkers and swindlers.
There are many scams out there. However, it is important to ask the right questions to determine what is a scam and what is legit.
Would Primerica be a subsidiary of Citigroup if it was illegal?
Would the network sustain over $1.5Trillion in assets if it were a scam?
What's the definition of a pyramid scheme? Look this one up, its very specific. Most importantly it states that there is NO product or service involved
So if Primerica handles Insurance; Investments; Debt Solutions; and Mortgages, just like Every Other Large lending institution (Like Citi; HSBC; JPMorgan, Etc), how could it be a pyramid scheme if it has a product/service to offer?
A few people mentioned in the blog above that Primerica charges for a background check (which is standard in a financial business; as convicts or ex convicts are not permitted to hold certain state licenses), but did you know that Primerica in turn will pay for your other licenses (such as your securities licenses) which the State charges a lot more for?
Is paying $100 for a background check so different than paying a $1Million franchise fee to McDonald's for the opportunity to do business? (I think there's a big diference...primerica is cheaper, lol)
But would anyone call McDonald's a pyramid scheme because there's a franchise fee? even though they ask people for $1 Million dollars upfront?
Is commission based employment illegal?
Is hiring agents for commision based employment illegal?
Are all commissioned based employment positions bad? Can you think of any real estate agents that are successful? Technology companies that are successful?
What keeps a business going through difficult economic times? is it the "back office" that handles files, etc? or is it the frontline sales team that brings in $$$ ?
What keeps a business successful? Ans:Income Generated From Sales/Services.
Aside from the CEO/CFO/COO who in a company will always make the most money, becuase they bring in the money? Ans:The sales team.
Are there people who do well in commission based businesses?
and people that don't?
Is the difference in their success the products they sell? or the skills they have?
Have you ever had a bad sales experience, where you just wanted to get away from the person?
Or a good sales experience in which you were happy to purchase a product? because the person was low-pressure and just there to help you?
Is being in business for yourself bad?
Do you think being a successful rep at Primerica is much different than being a successful Lawyer with a law firm? a doctor with a prestigious institution? An investment broker with a successful insitution?
How long does it take a lawyer to make a million dollars a year?
How long does it take a doctor to make a million dollars a year?
Would you agree that if you could make a million dollars a year within the next 10-20 years (making over $250K each of those years), it would be worth some effort?
or do you think its better to stick to only $27K--100K/yr til retirement?
How can someone know that Primerica is a scam if they haven't gone to the meeting, met all the successful people there, and had all there questions asked and answered thoroughly?
Is it possible to make a snap judgement about something based on half (or limited) information; that would be different if you had all the information?
Were you raised & taught to achieve great things? or just barely survive and be average?
Like all businesses are there those that will do well because of their own integrity and performance? and those that will not?
Will you know if you can succeed at something until you do it?
“Would Primerica be a subsidiary of Citigroup if it was illegal?”
Trained Primerica Rep response. The truth is Primerica is not a scam, just a company who sells crappy products by using their sales force’s warm market. By the way Citigroup does not exist anymore.
“Would the network sustain over $1.5Trillion in assets if it were a scam?”
You are using old numbers. Citi has taken some major hits. Look at Citi’s stock price alone. The price has dropped from $54 a share a couple year ago to $3 a share now! Wake up and use this lame technique on people who don’t know any better. Here you will get slammed!
“What's the definition of a pyramid scheme? Look this one up, its very specific. Most importantly it states that there is NO product or service involved”
Again Primerica is not a scam or a pyramid scheme. It is a company that sells very expensive products and claims them to be the best.
“So if Primerica handles Insurance; Investments; Debt Solutions; and Mortgages, just like Every Other Large lending institution (Like Citi; HSBC; JPMorgan, Etc), how could it be a pyramid scheme if it has a product/service to offer?”
Life products are some of the most expensive in the industry
Investment are heavily loaded
$mart loans are a joke and should be illegal. You lie to people about this product!
“but did you know that Primerica in turn will pay for your other licenses (such as your securities licenses) which the State charges a lot more for?”
Again a misleading statement. Yes they will pay for your securities license, BUT you must meet a lot of requirements. In over 10 yrs with PFS I would be willing to bet that only 10% of the reps would even qualify. Also remember you MUST pay $25 a month for this to happen. You are paying $25 a month for ever (or until you get to RL - $40, RVP $100, $100k+ - $140). So you are misleading people!
“But would anyone call McDonald's a pyramid scheme because there's a franchise fee? even though they ask people for $1 Million dollars upfront?”
You actually own the McDonald’s franchise. With PFS you do not own the business! Period… You might get to RVP then you can possible own the solution number, but the truth is that the majority of owners at SVPs and above.
“Do you think being a successful rep at Primerica is much different than being a successful Lawyer with a law firm? a doctor with a prestigious institution? An investment broker with a successful insitution?”
Is this a joke. You can not compare a Primerica rep to a lawyer! You are selling crappy products to your friends and families. Then when you hire someone who you go in and “rape” their market!
“Were you raised & taught to achieve great things? or just barely survive and be average?”
Typical Primerica attitude… If you are not with Primerica you are a looser. These guys make me so sick!
“Will you know if you can succeed at something until you do it?”
Of course come to Primerica so we can sell you expensive life insurance, put you in a crappy loan, sell you a heavily load mutual funds, etc.
Then we can go out and do the same thing will all of your family and friends!
Primerica is ALWAYS, ALWAYS, ALWAYS the more expensive option for your family. You will always find a better life policy, better mortgage, better investments, better legal protection, etc..
Primerica reps mislead people into thinking they are the best company. The truth is they are far from it!
Shop around you will not regret it!
Primerica Reps – Stop drinking the kool-aide! Open up your minds and realize that there is a world out there your RVP doesn’t want you to know about. If you learn the truth you will leave too. The facts are if you want to do what is best for your clients and best for your family find a better firm to work for!
PFS Rep I have a question for you. Does your doctor try to recruit you to become a nurse for him when you go in for a check up? Of course not. He is a legitimate professional with years of training, schooling, practice, etc. How can you expect a housewife working part time with PFS to be a legitimate financial professional and provide legitimate advice. You guys refer people to the talking head Suze Orman, but what credentials does she have as a financial professional? She is a celebrity, not a competent financial advisor. Also, please save us the whole term vs. perm argument. Just because your client base are typically low income suckers who cannot afford permanent insurance(which by the way will guarantee a payout) doesnt mean they are bad products. You say invest the difference right? Well how has that been working out for you lately? Great I bet... just like your income... sure... drink some more kool-aid. Do you know anything about estate planning? Particularly, how permanent life insurance can provide an immediate benefit that is tax-free not if you die during this time frame, but when? Will your term product be there to shelter a wealthy business owners estate from a 45% estate tax?
Save us the 9-5 argument. Any quality rep/agent will tell you that starting out requires you to work a lot more hours than 9-5 if you want to be successful. By the way legitimate companies pay you better and don't require you to pay to join the company. Save the "any business costs money to start" shpeel for someone else. Real companies will cover these expenses.
Funny story. I had someone from Primerica try to recruit me. I went into his cheezy office in a crappy part of town and listened to him with an open mind. After 15 minutes I could tell that I knew more about finances in my 6 months of experience than he did! How was this guy going to train me when I knew more than him? After the interview/sales pitch I invited him to my office to see how a legitimate well respected company operates. He declined. So much for being open minded I guess.
I really don't expect much from these bottom feeders. After all how can you expect much from a financial professional whose main purpose is not to provide quality advice and products, but to recruit you to their team and build up their downline?
I do not think the company is scam, but I disagree with many of their business practices. I do not respect their reps as knowlegable professionals. They are using you to sell your friends and family and to build their downline.
Ok ive been reading this blog and a lot of negative things said about it, and very few positive, well you might be thinking who the F is this, well im currently attending the classes to get my license (life Only), my recruiters are really annoying they call me everyday! well ive heard and read this is a scam and others that its not, well im not doing anything this summer so im going to give it a shot, although its taking a toll on my financial status, they want me to pay $25/ mo. for a program, $57/mo. on life insurance, $99 one time fee for app. and $60 for a test, not only that but i hardly get hours at work and they want me to basically miss work to attend this seminars, i have no idea how to say no because they are so freaking pushy, well so far what i noticed is that they want me to bring in more people every freaken week, and thats bs, this guys think im stupid lol, that they can brainwash me, but nah as soon as i see if its a scam fk that im quiting that, i already have money problems i dont need more bills on a monthly basis, so ill post something again later on as to see how im doing, but so far im still convinced it's a scam.
Ive looked into the primerica thing myself. its actually a real deal. they are saving my parents 500 dollars a month and getting them out of debt alot faster. idk what kind of scam would do that! but also ive started to work there now too. ive made a great deal of money and learned alot about financial services. most people say pyramid...but what job isnt a pyramid then. all places have a boss or someone who gets hired. primerica just uses the word recruit which throws most people out the door. what does the army do? they recruit and get ranked up. all jobs are pyramids no matter how u look at it. but a business who has been investigated and been around for 32 years is highly unlikely to be a scam. and for those who say its a scam and havent even checked it out or got all ur questions answered by a real representative then you probably dont have any say on if its a scam or not.
I would like to clarify a few things. I have been a Primerica rep for 10 years. This is not a pyramid scheme. Nobody is paid for simply bringing someone into the company. I have recruited several people and never made a dime from it, and I have recruited a couple of people and made a modest commision override. Primerica is structured like a brokerage, because that is what it is. The rep who recruits another person will make an override on commissions provided that he is at a higher commission level than the new person. That is how many types of brokerage offices work, e.g. a real estate office.
Of course the person at the top makes the most money, doesn't your boss make more money than you?
Primerica is 100% compliant with all federal regulations and most offices have a motto "We do what's right for the client 100% of the time." I'm sorry if you were led to believe that you would be paid a salary, I always tell people up front that they are paid a commission based on helping other people. It is possible to make a great deal of money in Primerica, but it takes hard work. It is not a "Get rich quick" scheme.
Thanks for posting this, I was just phoned from Jordan, he works at the Valley Park, Mo. location and when I questioned him about the job he was more than secretive, continually explaining to me that it would all be explained to me in this big introduction process that was being held Tues . After reading your blog I now can come home and relax after working all day instead of sitting through a major scam presentation. Thanks for the heads up and Kudos to you for keeping one more of us from falling victim to yet another scam.
Happy2Help
You are foolish to believe that Primerica is 100% free from any complaints! Also after 10yr with the company you should have enough experience to know that the way offices find recruits. Going to malls, shopping centers, calling managers, "friendship farming", posting Craigslist ads, calling online resumes, etc is a joke in itself.
Like you I put in over a decades worth of time before I woke up and realized Primerica was total BS. They sell crappy expensive insurance, loans that are nothing more than a very expensive & high interest rate 20yr loan, expensive PPL products, and expensive mutual funds. So the ""We do what's right for the client 100% of the time."" is total BS.
If someone is trying to recruit you into Primerica no that they are looking to get into your warm market! Period. Every product can be beaten elsewhere in not only price, but service.
Just shop around & you will be surprised!
Thanks so much for the story! You helped me map out my internet research of Primerica and see a more nuanced view of the company. I had an interview today, and was planning on going in aggressively--but I ended up just leaving a voicemail like you did. I think that was a bit more healthy. Again, thanks for the posting: it was helpful!
It's funny how all the brainwashed Pyramidica drones talk about being outside the box. If they are not careful they may find themselves outside living in a box. "you have an employee mindset", "go hug your timeclock", "it's commission base...like car sales." I'm going to go kiss my time clock, get comfy in my house, and sell some cars. This is a scam for the simple minded, Citigroup should be ashamed.
FIRST,
I do not represent either side in this matter. I am not a member of PRIMERICA.
A friend of mine asked me to look at this blog and I am just writing my final thoughts....
In an unbiased question posed to all...(as this is the first and last time I am on this site)...
What kind of people sit and read these blogs all day to help them decide on choosing any type of job or opportunity?
Are these the self-motivated and future leaders of people that any company is looking for?
or
Are they 30-40 year old people living in their parent's basement?
or
Is this the real reason they are out of work?
or
Maybe these are the same people who do soul searching and meet people from reading numbers off the walls in public restrooms?
Come on...let's get real! Whatever you do in life, you have to work hard at it to win!
My motto which has lead me to win..
"I WORK MINE SO I CAN KICK YOURS."
By the way, I told my friend to go for PRIMERICA.
Reading massive blogs of gossip is not factual information.
But most people in life listen to the wrong crowds and do whatever's popular...like how a majority of our country has been over extending themselves into debt and trying to live like someone they're not! ALL FLASH but NO CASH.
I told my friend to gather his own facts from real experiences and stop borrowing from some people who will probably never amount to much.
Business takes BALLS...
That's what I told my friend. Some people got 'em and some people have to ask their mommy for permission.
Any guy who has to ask for permission to be in business from his mother, wife, or girlfriend DOES NOT BELONG in BUSINESS!!!!
Oh, I apologize if I offended you!
Hey, I'm sure your mommy, wife, and girl also pays for your rent/mortgage and has more balls than you. Who is wearin' the pants in your family tough guy?
JUST BE A MAN and do it!
As for me...you are probably wondering who the f- is this guy.
If you are...you're probably that 30-40 year old guy who still lives with his or her parents.
Maybe you need to do more research.
By the way, my friend saved me over $100 a month from PRIMERICA in car insurance and that IS NOT A SCAM!
Maybe you can verify my savings with your mother! Go ask her!
Big Poppa,
You're an idiot! You have no idea what you are spewing and do not realize the damage you couple potentially do to people by telling them to work with Primerica.
First Primerica doesn't offer car insurance. They are a referral service and you could have done the same thing on your own and got better priced insurance.
Primerica Ins is very expense and a joke in the term insurance industry. You can get better coverage with almost every insurance company in the country.
Primerica loans are almost criminal. They sell high interest rate 20yr mortgages as magical 30yr loans! The costs on the $MART loan are normally the highest allowed by state law! Wake up
Primerica Mutual funds are heavily loaded and most are under preforming.
So before you run your mouth about business, insult people, and basically show your ignorance do some research.
By the way I am sure you are actually a Primerica Kool-aide drinker pretending like you another satisfied client. Primerica is a scam because they sell the recruits products and they tap into their family. The use people!
Oh yeah you don't own the business in Primerica. If you don't believe me just read the IBA.
Wake up moron & go recruit the waitress, cashier, and anyone else you can lie to about joining you Financial Amway company!
To be honest this is not a "scam" at all. It is a great oppurtunity for people who are willing to put in the work. yes it is commision based but teh money you can make is really good. i know some ppl will say "oh you have just been brain washed by the company" and thats def not the case. I have jsut seen it from teh inside, and and as for myself, I am building a great career with this company, and if you want to make a great living, and help families left and right. Build up your own team underneath you, and the money starts to roll in. Dont get me wrong, It is alot of work, and you have to put yourself 100% into it. everyone gets to teh point where they want to give up in this company, and if you push yourself through that then you will certainly become wealthy in more ways than just money. this is not a scam, if it was a scam then it certainly would have already been shut down!
Primerica reps are like cult members. They always say the same thing and never address the facts.
1. You do not own your own business in Primerica. Read the IBA it says is very clearly in there. You can only own the business when you become an RVP and meet some very serious requirements.
2. Primerica Life Insurance is very expensive. PERIOD
3. Primerica recruiting tactics are horrible. How many people are getting a call making it seem like they are going to a job interview?
4. Loans are very expensive and misleading! Just compare a $mart loan to a 20yr conventional loan.
5. Primerica reps are very inexperienced and under trained.
6. You are asked to spend $25 a month (in the beginning and then up to $110 per month as a RVP) for something that every other company provides for free!
7. You will be asked to harass every friend & family member to come to a meeting or do an FNA.
8. You will be going to meetings after meetings after meetings and if you do not go you will be shunned. You will see the cult atmosphere very quickly!
Understand Primerica is not a scam it is an ingenious business system. The home office makes a ton of profit selling expensive products to a built in market. It is the recruits & the recruits family & friends who pay the insane prices for Primerica products!
99% of you will put blood, sweat, your soul, and even your relationship with family & friends to chase a joke. If you want to work in real financial services company just look up a brokerage house in the yellow pages!
You will make more than a RVP & you will provide better quality products for your clients
It just seems insansely culty. And it's the only thing that works. Funny, I just got stood up by a rep. I'm down on my luck. I'm god damn Ph. D. in chemistry, and I'm having difficulty finding job ... or at least a job in my specialty and area. How can I question my work ethic and drive? I just don't want to move back to the shit small college town, I grew up outside of Manhatten.
If the products are great, and they do seem to be great for so many Americans, why this eerie cult atmosphere in the room. I understand pyramid scheme ... in many ways that is what research has become.
Maybe it's not for me. My biggest gripe about the position is that I have no real roots to the location I'm in. Building up a client base with friends who are more or less in the same boat as me (young, no equity, barely employed, no families) and no family of my own (nobody with a morgage) sounds just needlessly brutal.
I understand hard word, or even cold sales if need be ... but I know where I'm beat. I'll go back to concrete work if need be.
http://www.youtube.com/watch?v=7IYan1j-KQ8
Hi there,
Don't feel bad about being dumb enough to listen to the guy who called you. I was actually dumb enough to go the "interview". Although it was under false pretenses because he told me it was with a completely different company. Long story short, I was really saddened and outraged by the practices I witnessed. One of the most unethical things I'd ever seen. It was a pure brain washing job. NOTHING LESS! I was reminded of the movie Boiler Room. These people are really dangerous. I can't believe that in the wake of the biggest economic collapse in recent history that this was going on to any degree. Actually, I realized quickly that these were the people who'd helped cause it! It was really disturbing. How this is happening at all dumbfounds me. Thanks for your blog post.
You guys are lame. Primerica has been around since the 70s. if it was a scam, dont you think the feds would have already shut them down? you guys are stupid, i just got paid yesterday.. so much for some scam!
Poster above this post,
I do not think it is a scam at all, but the facts are the facts.
1. Primerica life insurance is very expensive. Whatever policy you wrote to get "paid yesterday" I can tell you your clients could have gotten more coverage from a better carrier! Fact (Just check Banner, Genworth, even Prudential)
2. Primerica reps are way under paid. Entry level compensation for life agents is 85%. Your RVP makes 95%. So think about that. You are busting your butt to make 25 - 50%. I think you're the stupid one!
3. You believe you own a business. Just read an IBA and you will be shocked. You own nothing! PERIOD!
The truth about Primerica is that it is a great business for the corporate office. A very small portion of the people make money. For a company is like a revolving door and people only make money rapping their recruits of their family and selling crappy products to their friends and family!
Those are the facts. If you join Primerica do so knowing you are not providing the best products for your clients, you are making a fraction of the street compensation for life agents/mortgage brokers/investment brokers, and you will join a business cult where you will be going to meeting after meeting and trying to drag every person you know (or met) with you.
And this guy calls us lame?!
What I gather from this blog along with all the comments about it, is that pretty much everyone is unknowingly admiting to knowing nothing about what they are chosing to comment about.
From the blog...yes I can see where you got the wrong impression of the company because you were in search of a "job" and it sounds like the person representing the company went about it wrong and maybe this certain person had the wrong intentions. At the same time...how could you possibly know, you didn't even go give him the chance so there is a posibility you missed out on a tremendous opportunity where you could have really excelled. But is it not this way with any company. Just because you go to a restruant one time and you get service from someone who either was trained wrong or just didn't care about their job...does that mean that every other server there is bad or that the company is a scam? No...
And most people commenting on this blog and thanking this person for posting it...
You got a call about an opportunity, you go online and instead of researching the company and seeing what it was really about you read a blog from someone that sounds like just a skeptical person.
Just to tell you my story...I am a Primerica Representative. I am also a single mom that was left with no help and having to work the 40-50 hour a week job to support us with low hourly pay I could not go to school to better myself. I am a positive, outgoing, extremely hard working person and knew that I could provide a better life for me and her without having to depend on someone else if someone would just give me the CHANCE. But that was the thing...nobody would.
My mom has been a part of Primerica for 18 years so I knew they were a legit, good company. Through out the years I had seen people...grown men, come in and pretty much be at her mercy and crying because they were in so much financial trouble and had no clue how to get out. And you know what...she knew they were already in trouble so she didn't charge them a penny and spent hours upon hours helping them and I seen it turn their lives around and be so much happier. But guess what...mom had to make some money to support her own family to as with any job. There is no advertising done in this company and when it comes to finances you don't trust just anyone. So thats where the references come in. So that is not using your friends and family to get rich. That's friends and family helping friends and family. If those friends weren't happy with what she done for them they wouldn't have told their friends.
Long story short...I liked what I seen and I wanted to help too and yes I made money in the process but I busted my ass to do so and now I can also provide a good life for me and my child and do so by helping others. I do have a concious and would never do anything that is not good for anyone. So don't tell me I am a "bottom feeder", freak, or whatever you negative, misinformed people are saying.
This job is not for everyone and it is commission only. But as far as being a scam...far from it. All my customers are thankful for what the company has done for them and refer me to all their friends for that reason and that makes me feel good. And being able to always be at my child events and not having to ask my "boss" if I can take off and being able to provide a great life for her is such a wonderful feeling.
I was informed about Primerica so i researched it. my dad has been part of a lot of MLM things so I kind of know how it works. It is legit and for paying to be apart of it which I believe was $100 was very reasonable.
The products/services they sell actually are pretty decent. are they the best. no. but they do actually promote the right things. I have a public accounting/financial background so I am in tune to the financial world. You don't have to take my word for it, if you see what they offer and research the advice of almost every financial advisor out there, you will see that Primerica actually does not try and screw people over. Companies like New York Life, Prudential, etc actually do try and screw you over, but most people believe what they say because they are on TV and have commercials.
anyway if your complaining about $100, you must be in some world of hurt financially. for them to let you pay only $100 to learn about personal finance, that seems like a good deal on its own. I think I paid over 30 grand for college to get a background of accounting/finance and I still didnt know anything about my personal finances when I graduated. I had to learn all that stuff on my own. But taking people who have no financial background, letting them only pay that so they can go to seminars/n get licenses is pretty great IMO.
so if you want to change your field to finance or marketing would you rather pay 20 grand for college or $100 for Primerica? It doesnt really seem that much of a risk. and if you say Primerica is not guaranteed money, I say neither is that degree you get..because I got laid off and a bunch of my other friends got laid off as well. So unless you got something other ppl don't have good luck in the job market.
I spent over 10yrs with Primerica and I can tell you first hand that neither the PFS reps nor non-PFS reps have the experience with Primerica to make the statements that are being made.
I left Primerica on not so good terms, not because of the company but because my NSD was a jerk. Once I left Primerica I learned more about finances in the next 2 yrs than I learned at Primerica in 10yrs. Here are some of the highlights. (This is not something I am making up it is something that is absolutely true)
* The recruiting techniques are grotesque. Any, ANY, any recruiting call that mentions the word "job" is against company guidelines. If the rep prospecting uses the word Job or positions it is wrong. This does not stop PFS reps though. This is the way we are trained.
* The FNA is NOT a financial plan. It is a product that is designed to sell products to the clients! What is in the FNA is not what is best for the client it is what is best for Primerica to sell to the client!
* PFS reps are inadequately trained. Reps will argue this point, but you will spend 80% of your time talking about recruiting, inviting guests, and so on. What little product training you get will be about how great PFS products are not how they compare to the rest of the industry. (PFS products are no where near the best!)
* Life Insurance is very limited & very expensive. At one time Primerica Life (Milico - AL Williams days) was one of the most competitive carriers in the industry today they are one of the most expensive. Reps lie about war clause, no paying death benefits, forced conversion, etc... but the truth is most term carriers offer better products that are equal for superior to Primerica for a fraction of the cost.
* Mortgages are a total scam! The $MART loan is almost criminal! Reps sell it as a magical 30 yr loan, but in reality it is a very high interest rate 20yr loan. Those are the facts. 100% of the time you are better off going to a 20yr conventional over a $mart loan. I am confident we will see a predatory lending lawsuit about the $MART loan. Why? Well Citimortgage sells a 20yr conventional loan that would blow the $MART loan out of the water. They could get away with this when it was CitiCorp Trust FSB, but I'm sure there will be a class action lawsuit soon for predatory lending. You can't offer one client a 6% rate for a 20yr loan and package it as a $MART loan and charge 8%.
* Mutual Funds are very expensive. Although PFS reps can offer many fund families most are trained to sell Legg Mason or VanKampen. Why? Because they make more money. Also Primerica securities licensed reps are not allowed to invest their own funds at NAV. (One of the only companies in the entire investment industry! WTF)
* Primerica Legal Protection Program - What a joke. You can contact Prepaid Legal directly (who underwrites the PFS version) and get the same coverage for a fraction of the cost.
* You are told you will own your own business. This is an absolute lie! Read the IBA it will clearly state you are an independent contractor. You can obtain ownership but only after you become a RVP and then meet even more requirements. Yes even RVPs do not own their business! Of the 5 RVPs I knew personally known of them owned their code number. (all 5 were making atleast 100k per yr. So they were not slackers)
* You will be pressured to focus on getting people to come to meetings and doing FNAs. When you ask about training or licensing you will be shunned and told builders focus on their team and learn as you go. Why? So your trainer can make money on your Family & Friends!
To sum it all up:
When I was in Primerica I loved it! I thought I would be there the rest of my life! Then one day I started seeing the dark side. Once I got outside of Primerica I saw it for what it was..... A business cult. Very much like Amway, Monavie, YTB, and countless other MLMs.
If I never left Primerica I would still be in that bubble thinking Primerica was the best company in the world, but thank God my eyes were opened. I now do a better job for my clients 100% of the time, I own 100% of my clients immediately, I don't go to meetings 2 or 3 times a week, I value you my time with my friends & family without trying to get them to a meeting or doing an FNA, and I make more money!
I know 99% of PFS Reps have the best intentions, but I hope someday they wake up and learn the truth!
Am I saying avoid Primerica? No not at all. If you are the type of person who doesn’t want to take the time to shop around and do what is best for your family then Primerica is a great option, but just don't fall for the BS that they are the best. If you shop around you will find much better Insurance, Loans, and investments at a much lower cost & better products.
If you don't believe me just shop around. Numbers don't lie!
The problem I see here is that neither side is looking at the bigger picture. The primerica supporters are looking at it as selling primerica services, building their primerica business, and not having to do the 9-5 thing. The primerica haters are looking at it as a scam that hurts everyone in the process.
Here's the secret that usually most people don't take advantage of in these scenarios because they don't think outside of the box:
Its called networking. In order to succeed in like, you have to network. You have 100,000+ people at your disposal that you can connect with through primerica and they will most likely take you in as a friend immediately(because most primerica reps are positive thinkers). You have a huge network that comes from so many backgrounds and careers, where one connection can lead you to the next.
For me, I have been trying to get my advertising and media company off the ground and I have met many people in Primerica that either ended up doing projects for me, led me to other clients, or even got some investors to bring forth an advertising campaign for them. I have even used the people I have recruited as a foundation to my own company. I have seen how they work and I know they work. If I were to just interview a bunch of people I never really seen work and go by the words that come out of their mouth then I would probably have a whole bunch of slackers on my hands( I know you know what im talking about, everyone who interviews for a job bullshits their ass off). So use it as a tool to get you ahead. even if you just stay for only a year, I bet you you meet enough people and build your team and use those same connections to do what you really wanna do in life, whatever that is. THIS IS ONE OF THE GREATEST NETWORKS YOU CAN NETWORK SUCCESSFULLY IN! EVERYONE HAS OPEN MINDS AND OPEN ARMS! THINK OUT OF THE BOX PEOPLE!
Post a Comment