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 601 – 800 of 1182 Newer› Newest»Primerica cult members are brainwashed to believe that Primerica is the greatest business system in the world. They look at you when you say no and are shocked. They honestly think you're the crazy one! Hahaha
The truth is most (I would say easily 80%) Primerica reps are living well below the poverty line. In my old hierarchy there was not a single Regional Leader or below that made more than $24k in a year! I think the last figure was the average reps sold 4-6 life policies per year. With the average sale being $800 per policy a district leader would be luck to bring home $2k per year. Factor in business costs, time at meetings, and other stuff he or she is making minimum wage. They brainwash the reps to believe you have to struggle a little before you become a RVP. They truth is very few people make money and the big earners make their money off the back of the new cult members.
If you are being recruited I suggest you ask your recruiter to show you their YTD income on POL. Not printed out, but actually online. If you are talking to an RVP tell him to show you his baseshops YTD income. You will be blown away how little this guys actually make!
Facts to Primericans is like light to cockroaches!
I too was really close to falling into the Primerica scheme. This person who will remain nameless started working for the same company as us. He seemed like a pretty cool guy and honest. Within 1 month of getting to know us, becoming friends and inviting us to hang out and have drinks, he started talking to us about his "real" job, and that the only reason he was there working with us was to rescue young, talented, intelligent people and offer them a real opportunity to make some real money, really fast.
In about 4 months of brain washing he told us that he would be leaving soon and that he had a spot in "his office" for each of us. That we were cut out to be leaders and Regional Managers. He would call me at least 2 times a day trying to set up meetings, until the rest of us from work agreed to give it a try and go to their first interview.
6 of us went for that interview, a small lot in a shitty, run down office building. After feeding us what seemed like text book words out of their pamphlets, selling us dreams of millions of dollars, then came the bill. X amount of $$ for this, then pay us X amount of $$ for that, for a few months until you finally are ready to start making some money.
Out of the 6, only 2 decided to actually sign up and fork in the cash. I turned the offer down, telling him that I had already planned a trip with my family, and that after I returned I would do some more research and think about it. The conversation ended with a "ok, suit yourself", and he never called back. As soon as I turned him down, the so called friendship ended.
As for the 2 other friends of mine from work, they got so hyped on dreams of making money, and quitting their old jobs, that they got in a hole. Basically, they were spending all this money on primerica, seminars, etc.. and not making any money. No matter how hard they worked, or how many hours they put in. When they questioned our old Primerica recruiter, who by the way was using them to also gain their immediate family as customers, he simply said "In the first 5-10 years you might not see a difference, but sooner or later you are bound to start making the real money. Besides I never told you guys to cut back on your other job".
They had to quit Primerica or else they would've fallen into bigger debt. And guess what happed. That's right, our old friend, the recruiter stopped calling them back and simply turned his back.
Previous poster,
This is an extreme story about people quitting their jobs, but I have definitely seen it. I have also heard people tell new recruits it will take many years to get things going, but when you're making $150k a year it will be worth it.
As for them not calling you since the meeting..... Just wait! They will start calling again. Once you have been on Primerica's radar they will continue to call you. As long as the rep with your number is "in the business" you will get calls! Just wait! LOL
Your first search result link, no longer exists.
I have attended the presentation. I was pleasantly surprised. The honesty of the woman giving this presentation was basically inspiring. Some might argue she was motivating me to make money, maybe even make her money. This is no pyramid scheme. In corp environments aren't we all looking to get promoted? The incentive being to make more money, have more freedom. I was semi skeptical. At the thought of fronting money, then again I understand the reasoning for things like this. I've worked in the insurance industry, and truly you should be thankful they offer to cover your licensing fees, with freedom to leave the company even immediately after.
After reading many peoples opinions, first hand accounts, and dealing with the company and it's people myself, I must say honesty does sound louder than ignorance. This is a great opportunity for the right person. Make your own work, do your research, appreciate what you have, seek truth, take advantage only of your own potential. Enjoy the ride. Make sure this is for you.
Get a potential recruit to the office - sell them on filling out the IBA immediately ($99 + 25per month) - Get the new recruits top 25 list - get into the recruits market ASAP - Hire as many recruits as possible then repeat the cycle.
Products are very expensive compared to other term policies.
Reps have little to no true training. They are trained to recruit and sell Products.
You will be pushed to attend a lot of meetings. If you don't go to the meetings you will be called uncoachable.
If you want to get promoted you will need to try to recruit all of your family and friends.
You will be selling these expensive products to your family and friends.
You can try to recruit every friend, family member, cashier, hair stylist, etc. Recruit, Recruit, Recruit.
If you're cool with this go to the meetings!
OK... people who think Primerica is a scam are probably the people who don't need that type of financial advise. Do you realize how much time it takes to do your own research about Life Insurance, Mortgage Refinance Options, Retirement, College savings (all 50 state plans)... What Primerica does is it puts all the "decently-complicated" math behind savings together with easy to understand option.
"You can either stick with your whole-life insurance or go with ours." You can either stick with you mortgate and go with ours..." You should get the picture by now. For people looking to join the company, the full time position might not be for you, but I am making decent money doing it part time.
I have a masters degree in a very technical field. I actually like differential equaitons...
THE MATH THEY PRESENT IS 100% ACCURATE.
The problem with middle america is that not many people have the time to go indepth into their finances. The free Financial Needs Analysis gives people options. Whats wrong with getting paid if somebody likes your option compared to what you currently have?
Nothing if Primerica reps didn't try to sell Primerica as the Saviors of the Middle Class. They go in and claim to do what's right 100% of the time, the claim to have the best products, the present themselves as financial professionals, and they see the FNA as a financial plan.
The truth is:
1. Primerica Life is extremely expensive term compared to other companies. How do Primerica reps deal with that? They lie..... they tell the client about war clauses, non reinsurabilty, no terminal illness, not paying claims. ALL LIES!
2. The $mart Loan (mortgage) is completely misleading! The claim it is this great option for the client, but it's a joke. They compare the $mart loan to a 30yr conventional loan, but that's not an apple to apple comparison. The $mart loan is a high interest rate & heavily fee loaded 20yr loan. If you compare the $mart loan to a 20yr conventional the $mart loan looses 100% of the time!!! How do Primerica reps deal with this? Smoke & Mirrors and tons of double talk.
3. Mutual funds are heavily loaded. That says it all.
4. Uneducated Reps - these guys take a test and then decide they're financial experts. The truth is Primerica reps are trained (brainwashed) to sell their expensive & subpar products. What's sad is the reps are so brainwashed they believe they are doing the right thing and buying the crap themselves.
5. Nothing wrong with getting paid to help someone, but the pay is horrible low for the reps and the products are even worse for the clients. I Went from $500k 30yr Term with Primerica for $101 mo to $1 mil 30yr term for $79 per mo. Also starting compensation for an agent is 85%, compared to 25% - 50% with Primeria, so you make more money too. So the client is taken care of with a better product for less money and the agent gets a better commission.
So my questions is why are Primerica people so brainwashed they continue to believe their RVPs and not do some real research?
Let's stop the BS about how great Primerica is.
Thank you. You have just saved me a long drive to Burbank from Marina Del Rey and opened up my Saturday. I should have known that any company that wanted to meet me on a week end was a joke.
I just got a call saying if I want a job and was introduced to this company.I decided to research it because i was involved with a program called Vector which is a scam.Thanks for the info
I was ruthlessly pursued by a coworker. I did not know her at first and she suddenly befriended me. Needless to say once she found out that I would not be able to dedicate my every waking moment to Primerica (including doing Primerica's business) on our current job, the friendship ended. I felt used. Now she barely speaks to me in the hallway and it makes me extremely uncomfortable. Because of her attitude, I cancelled the insurance policy I brought.
Dyane67,
I have been in your shoes! I was full time with Primerica for 8 yrs and I thought I had some of the best friends in the world. When I learned how bad the products & pay was I decided to resign from Primerica. Those friends I thought I had all turned on my. It is just like being in a cult. When you're "in" everyone is your buddy, but the second you leave the cult you are treated like an outcast. Primerica RVPs tell their reps that people like you & I are "Negative" or "loosers", so they need to avoid us.
As for your policy my suggestion is to find an insurance brokerage house or shop online and replace the expensive Primerica policy. You can look at Banner, West Coast, Transamerica, Genworth, ING, State Farm, and many other companies. All of these companies offer the same coverage for a fraction of the cost.
Dyane67,
I have been in your shoes! I was full time with Primerica for 8 yrs and I thought I had some of the best friends in the world. When I learned how bad the products & pay was I decided to resign from Primerica. Those friends I thought I had all turned on my. It is just like being in a cult. When you're "in" everyone is your buddy, but the second you leave the cult you are treated like an outcast. Primerica RVPs tell their reps that people like you & I are "Negative" or "loosers", so they need to avoid us.
As for your policy my suggestion is to find an insurance brokerage house or shop online and replace the expensive Primerica policy. You can look at Banner, West Coast, Transamerica, Genworth, ING, State Farm, and many other companies. All of these companies offer the same coverage for a fraction of the cost.
I went to a Primerica meeting last night. We watched a rah-rah video. This video featured four presenters: The first mentioned church; the second mentioned God; the third alluded to Jesus. I missed the fourth presenter because I was in my car on the way home...Bye-bye!
Thanks! I've gotten a lot of calls like these from recruiters and I'm sad to say that very few of them are legitimate. I always just let them leave me a voicemail and then do my research before I call them back. The "scams" are usually pretty easy to spot, although maybe scam is a harsh word? But if you are looking for work and a company calls you with a very vauge description of why, please do your research first! YOU happened to save me a bit of effort this time! :)
you guys are rediculous..!! the reason you didnt do Primerca is because it just wasnt for you !! quit talking smack and by the way how much is your job paying you?? in primerica you get paid on what you do im in track to be making over $100K a year , and thats without a scam oh and by the way i only put $99 up front and they took care of my license so if you didnt get this far is again because it wasnt for you lames!
Ok I have read a lot of comments on Primerica and some of what I am reading is horrible. Every company has some bad apples, just look around where you work now. But that does not mean that the company is bad because of a few bad apples. Primerica is not a get rich quick scam, it is a compy that provides and opportunity for you to take control of your life and provide you a income doing so. The products are good and competitive with other in the market. You MUST WORK, so those who did not experiance the income did not do the work. These are services that people need and purchse everydday. You are talking about licensed indivdiuals who have been approved by the state and morgage companies to conduct business. If it does not fit you, then don't bad mouth the company based on one bad experience. The gentalmen who brought me in this buisness made $400,000 last year and has the good to show for it. I alone made and additional 40K last year working this business. So some people may not be using good ethical methods to recurit, but some of us are. Its not a scam it a business for hard working people who what to take control of their life. For those who dont contiune to rent out your life for pennies on the dollar and live to your best ability.
Freddy & Eva,
More conditioned cult member talk. I was probably making more in trailers than you two are making in Primerica right now and I know the business well! The truth is you two are just repeating the hype you hear in your meetings.
Primerica products are not competitive! They are far from it!
Primerica reps have no real education! You guys are trained/brainwashed to sell the same expensive crap to every client.
Primerica reps receive horrible pay compared to the rest of the industry.
Primerica does what's right 100% of the time for Primerica, NOT the client!
The reason you want people to stop talking is you are loosing recruits & sales to boards like this! You will not come on here and spread lies and get away with it. Primerica recruits people so the trainer can get into the recruits warm market! This is where he/she has the greatest chance to sell the crappy products.
If you are a client I suggest you shop around. Don't believe the lies the Primerica reps tell you. There is nothing special about the Primerica products!!! Nothing!! Except they get a commission and you get ripped off.
If you are thinking about joining do so knowing you will make a small commission, sell crappy expensive products to your friends & families, you DON"T own your own business, and join the MLM cult. If you want to join a company similar to Primerica join Capital Choice. Better & cheaper products for the client, Better pay for the rep, you own your business from day 1, and it built the way AL Williams/Primerica used to be.
To Freddy & Eva - If you believe so much in Primerica do this. Show me your last 3 life cases (age, height/weight, term, face amount, tobacco use, medical condition, DOB, male or female, and current premium) I will post alteast 10 companies that blow PFS away. If you provide the last 3 $mart loan (loan balance, LTV, rate, payment, debt free date, any acceleration, total closing costs) I will post atleast 5 different mortgage companies that will pay off the house faster, cost less per year in payment, and less in closing costs.
Of course I have asked this dozens of times and don't expect to hear back from you.
Face it Primerica reps are so brainwashed they run off at their mouth, yet provide no facts!
How can you sleep at night knowing you are giving people advice & claiming to do the best thing when you never really even researched it!
I look forward to continuing to beat every Primerica policy I see and making their cult members look like clowns at agent confrontations.
Oh yea
Isn't it funny how every Primerica rep loves to talk about people with jobs. You're a looser, lazy, renting your life away, don't care about your family, etc... This is one of the brainwashing techniques used by RVPs to keep their freshmeat recruits coming to the meetings.
In the over 12 yrs I was with Primerica the numbers never changed only the people. The average Rep sold 4 policies per year with one of those either charging back/NTO/or declined. So the average income is between $750 - $1000 per year. (We are talking about everyone those that make a couple million a year and those making $0. That is the company average). If you figure you spend $300 year on Callatlanta/POL you are looking at $700 per year. Then look at your time, gas, buying brochures & business cards you are making nothing.
Don't beleive the hype. If you are being recruited ask your recruiter to get on POL go to the competition score board, then select state, recruiters level, last month YTD cash flow, then you can look for your recruiter name and income. If he or she isn't on the list he/she is making less than the last person on the list. Most people are recruited by people making NO money! Of course your recruiter won't want you to know this information! It's hard to sell the dream while your living a lie!
So... I'm currently looking into Primerica because I'm young and have no real debt i.e. can afford to. Otherwise, there's no way in hell I would be. Things about it do freak me out, such as the wanton enthusiasm and harassing calls about recruits, but I'm looking upon that as both a pro and con. Can people at Primerica be intense? Yes. Oh freakin' yes. Also, I agree with one blogger who commented on how it seems as if there are a lot of Primerica agents defending the company with the same cheesy lines. I just passed my Life Insurance exam, and am still looking into the company to see if it will lead me anywhere. I've talked with people who have worked in the past for Primerica, and have no negative feelings toward the company (one currently does pharmaceutical sales, and if you know anything about that, you know it's big $$$). Regardless, make your own opinions. If you have to provide income for yourself/family now, I wouldn't suggest Primerica. I see it as something that will either flourish or leave me with a learning experience (I'm hoping for both). As I said at the beginning of this blog, I'm pretty financially secure, so I can stay afloat if this turns out to be a classic blunder.
personally i find all the pro primerica ppl to be quite rude by bashing everyone who doesnt agree with them wether or not it truly is a scam i cant say but as a person i feel that after all the unprofessional like behavoir ive sen in their comments makes me never wish to do bussiness with their company and im sure theyll just bash me later for it but it only proves their own ignorance but if they believe all the hype they are being told hey i got a great job opertunity for them lol
I was browsing and came across something and want to share. I am a female, young, and was wishing that in despite of this negative world, negative people, hatred, hurt, pain, that an indivual can endure during their lifetime, that there is some type of silver lining that would cease to exist somewhere. That all hope is not gone, that ignorance, greedyness, selfishness, is not the only type of people/organization that lives in this world.
That there is something or someone fighting for our rights, for our freedom, that we dont have to live like animals, just trying to survive. That we have to steal food, clothes, money just so that we can get by this 24 hr day. That I dont have to work for a corporate america that demands demands demands so much time out of me that when I actually do go home I'm so tired and stressed that I'm dying little by little. Little by little I'm being sucked into a big black hole that I'm fighting to get out off. Fighting to live another day, fighting to eat, fighting to have a home, fighting not to get laid off because then where else do I have to turn to. My family, my mother, my father sprits are dying because a human body can only take but soo much. This world is trying to work us to death, this world is the one who started the brainwashing.
They have mannipulated us, toiled with us, and stole from us our very most precious gift from us, our time. Why is it that people say Primerica is a scam because its a multi-level marketing company? I dont understand, if that logic is true then wouldn't McDonalds or Burger King be a scam as well? They are a multi-level marketing company as well. The owner from those business aren't there giving you their products, are they? My friend that is not a scam it is simply a definition of Business Ownership. As an individual who wanted so much more out of life because I just know that there is some good out there that is fighting for the injustice that we have endured as a victimized group of people who put all our trust in our government
Someone had to make a stand. Someone had to take all the crap. Someone had to be responsible. Someone had to not only speak but put into action that we need to make a difference and take back control of our lives. who is it going to be? YOU? someone had to be fed up with how bad life has really turned out and himself/herself had to be victimized themselves. This was the change is needed that I also been searching for. I wished for something that was out there, that all hope is not lost, that there is some hope and if I found that some hope that I would take the chance to make my voice be heard, that I will be the one if given the opportunity to make that dream a reality, I'm not the victim anymore, I'm not a failure, I'm not a loser, I'm not going out without a fight. I have my dreams and they will not die or fade away because I said so, not because the world says so but because I say so, but because right now I was given an opportunity for chance to live again. A chance to breathe, a chance to succeed.
Do you think the mcdonalds owner really cares whether or not the fry guy gets a raise? for all we know he can be easily replaced. The reason why Primerica wouldn't work for someone is because they don't know what theyre fighting for. They're not fighting the right fight. There not the right person for this business and it was clear to see that because they no longer are a part of it. A person may say your being brainwashed into believing you can make millions. And all i can say is you're the one brainwashed into believing it's impossible. If and If there was someone who came to me and said I am a business owner and have the power to help you become like I am and will guide you in every step of the way, will not give up on you unless you have given up on yourself, why would I not see what he has to offer. You have to have mind over matter but if you dont have a heart of love over the mind than you will not be able to determine whether or not this is something you should at least look into. I now once longed for something to help me, to teach me, to show me how the wealthy stay wealthy, the tricks and why It seems like I'm stuck, why I cant get out of this rut, Why no matter how hard I worked and devotion I have inside of me it just was never enough.
I come today from my heart that no matter where you go in life, there are negatives and positives about every subject. Don't take advice from broke people. If you like getting told what to do, how to do it, when to come into work and when to leave then this is not for you. If your a lazy person and has no motivation to do well for yourself or make your family proud, then this is not for you, If your someone who thinks they know what they're talking about then this is not for you, we like to KNOW well I do at least. I can only also say this, Primerica is that silver lining. Dont be scared by the name its just a title for a bunch of ordinary people who got sick an tired of these government scam artists who call themselves legal government agencies and took the fight to make a change, to make a difference. They are normal people trying to spread the word that we can make a difference and this is how.
Thank You
P.S. please be careful though of who some people who are in the business. They are those people who don't last in this business because they try to get over on people and I don't know how of those who join, but that why they don't lasat and its sad because then they give Primerica a bad name of the deed they did. Talk to you're RVP, always. They got your back, and if not maybe you need to find a different base shop. Make sure your in an environment where you feel totally in control and if you feel at any point that your not or ur upline is telling you something different please report it so then they can handle the situation. We do not want anyone in Primerica who is not being straightforward, further actions will be taken, and they will be dipatched from the company. Primerica is serious, and will not tolerate any of that crap. We are are a group of people going on strike. will you join the fight?
nacham10m,
Step away from the kool aid slowly! You are a typical Primerica person who believes the crap your RVP is telling you. It is CONVENTION TALK! You are insane and you will feel like a fool when you realize how you have been played. It took me almost 12 yrs to figure it out, but I finally did. I was the top Recruiter, Income Earner, life producer, Securities, and $mart producer for almost 10 yrs in my state at the SRL level. I lived the dream and I felt just how you did, but then one day I learned the truth.
The products are very expensive!
The $mart loan is horrible. It is a very high interest rate 20yr loan that cost more than a 20yr loan! (Both in annual payments and interest)
The mutual funds are heavily loaded.
Let me ask you a few questions:
Do you believe that if a product has the same benefits and is 40%-70% cheaper the person should go with the more costly product?
Do you believe that a person should take a loan that cost more to pay off, takes longer to pay off, and has 2 to 3 times the typical closing costs?
Do you believe a clients should purchase an investment with a 5% loan when he/she can go and get the same or better investment for 0-2%?
Do you believe that a financial professional can provide what's best for their client if they only have 1 option for insurance, 1 option for mortgages, & 1 option for investment?
Now as a rep:
How do you feel knowing you are intentionally selling your family and friend products that are extremely expensive compared to the rest of the industry?
How about the lies that you own your own business?
How about the deceptive recruiting tactics?
How about the lack of knowledge you receive? You're trained to sell products, but you have no training in what is best for your clients.
Further more....
What is wrong with competition?
My suggestion to everyone reading this blog is this.
Potential Primerica clients:
Shop around! Don't fall for the Primerica rep trying to tell you they provide the best product. That is a lie! Take your products and compare them.
Life Insurance - Take the Primerica policy and call an insurance brokerage. Tell them you want a term policy that is whatever term you Primerica quotes is for. You will be shocked. I cut my premiums over 50% and doubled my coverage for a longer term! Don't fall for the Primerica lies about War Clauses, being forced to convert to whole life, non insurability at the end of the term, terminal illness rider, etc.. If they claim other companies rip people off it's a lie. They have the same if not better term life products as Primerica. Just do your research.
Mortgage - Take the $mart loan and compare it to a 20yr loan. You will be shocked how much cheaper it is and it will be paid off faster than the $mart loan.
For Reps:
Know you don't own your business for a very long time!(Passed RVP)
Know you are receiving compensation that is a fraction of the rest of the industry.
Know you are selling expensive products to your family and friends.
Know you must recruit people to get promoted. You will become the person everyone avoids! The Amway MLM cult memeber who never stops harrassing people to come to meetings or "see their exciting business opportunity" or help me with training to do an FNA BS.
Know to get your RVP promotion you have to give up 1 regional leader, 2 division leaders, 3 district leaders! So half of your hard work goes away in one fail swoop. Of course Primerica cult members sell it as a good thing, and that some day your time will come, but use some common sense and see through the BS.
I personally will never be involved with a Multi-level-Marketing company again, but if you like that idea go look at Capital Choice.
You own your business from day 1
Your promotions are based on your own production and/OR team production!
You never give up a single recruit!
Compensation is nearly double what it is in Primerica!
You are not a captive agent so you can get the best options for your clients.
So at Primerica you sell expensive & not competitive products to family and friends. You are going to harass people to come to meetings and to do FNAs all while making a fraction of the compensation of other real financial companies.
Primerica is a self consuming business. You hire fresh meat, brainwash them, sell them expensive products, sell their family expensive products, get the to find other fresh meat, and repeat the cycle. Sooner or later you will figure out that it's not about finances but about getting more suckers to join & buy!
Look at the numbers Primerica has been at 100k reps for 20 yrs yet they hire 15k-30k new reps each month. Huh???? Do the math!
I love Primerica because I get to replace all of their crappy products and show the clients how idiotic their reps are! My advice is to shop around!
all i want to say is that after i wrote my message about this topic i got emailed by an someone who basically bashed Primerica and to be very honest if i wasn't planted in the business and have a trainer like i do i would have believed the crap that this guy was telling me about a company that he clearly didnt know. He told me how i was a fool and will feel like a fool told me things of the business such as he was in it for 12 years and later found out the truth that the product Primerica does is very expensive and that you really don't own your own business and was really really convincing. Man ohh man i responded to him and ansered all 10 questions that he was trying to ask me to make me feel like a fool and guess what ... he had nothing, not a damn word to say back to defend his so called case, then later i found out who this guy is representing, he is promoting capital choice, it doesnt matter everybody is trying to knock primerica down because they are so great at what they do. Did you know that when primerica was first starting and they were becoming successfull and the other industry was loosing competition they through so many things to try to knock them down, they even sent an investigator who lived in Primerica for 6 months, 6 months to see the in and outs of the business, and did you know that after the investigation he then later joined in the company!!! what more can you even say about the business. if you dont believe me please look up the history of primerica and its roots but you will never fully know until you meet these guys for yourselves, and you can if you really want to, but that just shows that this guy who was so convincing says the same crap! to other poeple who dont know and they take his word for it because it seems like he knows what he's talking about and if he did i wouldnt have able to shut him down. This company is legal and rated number 1 in the Dow Jones in financial services just like Mcdonalds is rated number 1 in the Dow Jones in the food section,and nike in the sneaker industry so why do people still go after the numer 30 rated company....it just doesnt add up...why else do you have to lose, its free where else can you and get free education, free advice, and a free personal needs analysis to help you and see what you can do to put yourself in a better financial situation.
Let's hear the 10 questions and answers.
I'm very curious how people address issues with Primerica.
I went to an interview and almost joined Primerica. They did the FNA and I bought the investments and insurance. I was also in the process of doing the mortgage. I found another blog and followed the persons advice and did some shopping around. I cut my life insurance costs in half compared to the primerica policy, i spoke with a trowe price agent and got the same investments for less fees, and i went to my bank and got a loan that was 1.5% less and paid off faster than the primerica loan.
You seem like the typical primerica rep. Thank god my nephew learned the truth before he became like you. Wake up and smell the coffee.
Also if you are the type of rep that joins primerica than I know I never will do business with them again. How about some professionalism or do they not teach that in your rah-rah meetings? Yes I went to one of those meetings when the Vice President guy tried to recruit me too. You fuckers are one crazy ass cult selling bad products! You should be ashamed of yourself.
Nacham,
I am the person who posted those questions on the other blog. First off I never email you anything, secondly you never responded on that blog to those questions, and finally I am not part of Capital Choice. I personally do not like MLM companies at all, but if someone is attracted to the stuff then Capital Choice is a better option than Primerica all day long! The client has the option to owner better product, the agents make more money, the agents never give up replacements, promotion is based on your efforts not recruiting, and you own your business from day one.
Before I post the questions to give you a chance to actually answer those questions I want to address your last sentence. You mentioned free advice, education, and FNA (financial needs analysis). Let's look at that - 1) Free advice - there is no advice you are selling products! You are not, nor is ANY Primerica rep a real financial professional. 2) Free Education - Again you are selling what education are you bringing? You simply repeat what you are told in meetings. You have completed a 40 hr course taught by Priemrica. Can you be any more biased? 3) Free FNA - it is a selling tool designed to sell those horrible products! What's wrong with you. Look at the first page of disclosure page it says very clearly THIS IS NOT A PLAN.
Now on to the questions you claimed to answer. (Yes you lied! Don't try that crap here.)
PS - If anyone is thinking about working for Primerica here are a few questions that should open your eyes.
Here are the questions: (I look forward to your reply)
1. RVPs say you are building your own business, but in reality you do not own your baseshop or even clients until you achieve RVP and then qualify for ownership. Doesn't this seem like a lie to make people believe they are going into business for themselves?
2. You already mentioned this about being tricked into joining, but - If Primerica is such a great business opportunity why do we need to lie to hire people? Regardless of how you spin it Primerica is a MLM company. (Not a pryamid scheme) Why do baseshops not tell the truth? We want you to join our business where the only requirement is to not have a fealony and have $99. We want you to do a top 25 list so we can sell/recruit your warm market. We want you to bring people to the Opp (overview) meetings. We will dance around answering questions directly.
3. Why do I have to alienate all of my family and friends will calls about "helping" me with the business I am starting. The truth is your trainer is trying to set up appointments so he/she will get paid.
4. Why do we present the FNA as a financial plan? (Or game plan)The FNA is a salestool.
5. Why are Primerica life so expensive when compared to other term policies? Don't except the war clause, 9-11 lie, forced conversion to cash value, terminal illness, waiver of premium, and so on. Check around Primerica life has nothing special when compared to other companies. It is just most expensive.
6. When you write a life policy and it is rated why do you not get paid on the rating? I mean your client is paying more money doesn't it make sense you get a larger commission? Primerica is the only company I have found that rips off their reps when it comes to ratings.
7. Why is the writing agent fined $25 for every declined, not taken, and lapsed policy?
8. Why do we compare the $mart loan to a 30yr loan? Isn't it fair to compare it to a 20yr conventional loan? If you did you would see how bad the $mart loan is! You will get the simple interest smoke and mirrors, but crunch the numbers you will see a 20yr conventional beats the $mart loan 100% of the time.
9. Everyone talks about getting trailers on all investments they do, but you will get $0 of trailers, forever, until you get to the Regional leader level. Why not tell people that!
10. Compensation - look at life insurance. You get paid less % for people under 25 and people over 55. Why? They are still spending the same amount of money! Also look at what happens if you sell a 20yr product to someone 42yrs old over $150k, you make even less money. Forget about the Rep 25%, Srep 35%, Dis 50%, and so on. You are paid all different types of pay so it is nearly impossible to figure out. The truth is that the pay is a fraction of what a real life agent would make.
When you join Primerica you are simply providing a warm market for your RVP/trainer. It is all about FNAs & Opp Meetings. The truth is if Primerica offered truly the best products I would still be there, but 100% of the time they are beaten by many companies. How can we sell products to our family & friends when we know that we are providing a substandard product and horrible financial advice? Ask questions now before you realize 5 - 10 yrs down the road you have been played the fool.
I just recently got involved with Primerica. I have had nothing but positive experiences, in fact the guy who owns the office I was recruited into actually paid for my background check and my schooling so that I could learn what i needed to get liscensed!
That's $100 out of HIS pocket for a liscense that I can immediately take to another company and get paid if I want to stay in the corporate prison hating my boss and loosing my family because I am being forced to work so many hours.
You want false security, go work for corporate america where you can be fired at any moment without cause (it's called being laid-off!). If you want to get paid WHAT YOU ARE WORTH, that is direct correlation between what you put in and what you get out, get into commission based sales. I am not even telling you to go with Primerica, go sell cars, or houses, heck go open your own financial firm!
Look into what it takes to get into these fields and look into what it would cost to get the training to get a professional liscense. They are not making money off of what you pay for training!
DO NOT TAKE MY WORD FOR IT! GO DO YOUR OWN RESEARCH AND LOOK AT IT FROM AN ENTREPENEUR'S PERSPECTIVE!
i went to a primerica interview early this afternoon. it's a saturday, my team isn't playing till 4, why not right?
all i gotta say is wtf...i walked out of that interview feeling utterly confused. why was i selected? did every single person in there just bullshit me? is this a scam? my instincts told me primerica was NOT to be trusted.
like someone else said, thank god for the internet. i'm not opposed to working hard for your money, but i don't want to impose on my friends and family. and i'm an IT/science guy, not a salesman. in my mind, sales is a step down on the ladder, so it's not really a skill i want to call my profession. no offense sales people!
Thanks for the info - you just saved me about 10 bucks in gas and 3 hours of my life.
Maldo,
You have no idea how much more you were saved. Imagine your reputation and integrity being ruined!
Congrats on doing your research!
Alright for anyone saying this is a pyramid scheme lets look up the technical definition of a pyramid it is basically when somebody gets paid to sign somebody else up. So lets look at primerica first there is a $99 fee but it is mostly for licensing and background fees and 85 to take the state test in MS but I got that back since I passed the primerica online exam simulator also since I am a district leader with the company I did not have to pay to get my securities license which runs somewhere between 400 to 500 depending on the time of the year. So in other words I paid 99 for a life license class,books,test and securities books, and test try going outside this company and see how much that will cost your hmmmm probably somewhere between 800 to 1000.People get over this gotta pay money to work with a financial company crap because you cant just fog up a mirror and work here you have to be licensed but anyway in this business you dont get paid for bringing anybody in only and only if they produce do you make an override commission off them hmmmm sounds very similar to this thing called real estate where a broker makes an override off his agents hmmmm sounds very similar to employees making money for a mcdonalds store and the owner making more than any of them and guess what HE NOT EVEN THERE!!!!! IT is called being a business owner dummies some people are fit for it and some or not
i work for primerica and i have made 40,000 my first year and it is NOT A SCAM
Primerica is intended for those who want to earn extra income. Meaning if you currently have a full time job and want to earn some extra money with a part time job then primerica is an option for you. If you currently out of work or looking for a full time job then primerica is not for you. If you get good at it and move up in the chain and want to become a regional vice president in the company then you must work full time for them other wise it is just a part time position. If you got spare time in the evenings or on the weekend then give it a try other wise stick you your 9 to 5 job and hope for a raise get or part time job working at wal mart to help supplement your 9 to 5 job. Primerica is ment to supplement your income.
Primerica reps say the same thing every time! It's not a pyramid it's not an MLM it's just like a realestate office... Blah, Blah, Blah.
I spent most of my adult life with Primerica and made lots of money, so I will not deny that that you can make some decent money if you have a go getter attitude, don't take no for an answer from everyone you know, and don't care about trying to recruit every person you meet.
I won't say that Primerica is a scam, because it is not! It is definitely a MLM just like Amway or Monavie. I know Primerica reps love to argue that point, but there is no way around it, you're joining a Multi-Level-Marketing company. In MLM companies it is all about recruiting anyone with a pulse and getting into their warm market. That's Primerica to a T.
Now when you look at products you will see that they are very uncompetitive and expensive. The truth is 100% of the time the client is better of shopping around for better life insurance, a better mortgage, and better and cheaper preforming investments. The reps are trained to sell products & recruit you, if you are looking for a knowledgeable financial professional look somewhere else.
I have been applying for bartending jobs on Craigslist by emailing them my resume. Somehow this company? (or someone who works for it) must have posted a fake bartender job opening that I applied for and acquired my phone number from my resume. WTF!!! Whoever says this isn't a scam is completely delusional.
Hey guy's, I realize there are many negotive people leaving comments about primerica, but I know they have been given the wrong information or they are primerica's competition. I have been with Pfs for a little over a year. I am a division leader and I have heard many more negotive people in the past year. I know you don't know who I am but I am a christian man and I believe that God lead me to this company. To be honest with you, primerica has changed me and my wife's life. I haved developed many skills with this company that has effected every area of my life. Our office in Hattiesburg Mississippi is one of the top offices in the company. In our office we realize that to be successful it takes 100% hard work and determination, 100% from you and 100% from the opportunity your pursuing. I will put my hand on the word of God and swear that this company is a great company. For you negotive people, man up! or Women up! stop letting others make decisions for you in life! If your sick and tire of not accomplishing something great in life, Continue to search for the truth, not the negotive crap! You will find what your looking for! We have been a company for 33years, started in 1977, in 7 years we beat prudential and new york life combined in term life production, we are the only company that sales 1 life product (term life), we are the biggest saler of term life in the U.S, we have over 6 billion dollars in our investment portfollio, we have 8 times the amout we are suppose to have in our cash reserves required by law, we pay on an average of 2.6 million dollars a day in death claims, over 5k agents making 50k + in income, over 2,500 making over 100k in income, 63 making over 1 million, the rest are part timer's making a full time transition we the get fully trained. Are you good enough to win here? Set 8 appointments a week, you'll do 5 financial game plans, close 3 life insurance app's, and close 1 loan.(stay in the right market)(contact and agent for instructions) If you have never played with these numbers you should shut your mouth. I have! The guy out there that doesn't get time to spin with his family, or the women who can't stay home with her kids and actually give them the mother they desire, be brave and try something different! Your past few years will look the same if you don't! It might not be primerica but it's sure not here listing to all this negativity!
Give us a rest previous poster! You continue to preach this Primerica rhetoric that we have heard for years.
I was with Primerica and now I own my own firm. I am not your competition. I have a dozen term companies that offer better and cheaper term. I have 30 lenders that offer better loans that $mart, and I can offer the same investments for a fraction of the fees Primerica charges.
You are clueless when it comes to Primerica! If you think it is that Primerica is so great why not cut out the convention talk and let's work with some real numbers.
Life insurance
Post Age, term, face amount, monthly premium, height & weight, and tobacco or nontobacco. Let's see who has the best product.
Mortgage
Post your most recent $mart loan and let's see how it compares to the real financial world.
Loan Amount, LTV, Rate, Payment biweekly, biweekly acceleration, when will the loan be paid off.
What you learn will shock you. If not you are already to far gone for any of us to help!
Oh yeah.. stop lying to clients and people that you recruit!
Hey Hey Kool Aid!
omg i was reading another blog on a similar site where you cannot be Anonymous and the post was from about a year ago and the name was " git her da ass" --sound like a legit poster dont you think?? omg and on this site his name is JACK DA STRIPPER!!!--sooo legit. working man for sureee....
wonder who is posting on this site
I love how the only negative comments made against this company are all how the posters were unwilling to work hard and therefore unsuccessful. A recruiter is optimistic and willing to let anyone see themselves in this company to better themselves and because society has told you that is wrong then it is a scam?
I love that when reading blogs about this company that not one negative comment is about the actual services they provide.
--why dont you blog other financial providers and see how the blogs are about their policies and how the company screwed them over bc the agent just wanted to make money.
the thing most people need to understand is not everyone will win the lottery. Stop trying. And people need to understand that You can work in your job(just over broke) and try to work up the pyramid to be the vp but honestly its all a game of politics and you probably wont get that position their son with little or NO experience will (like in tommy boy).
So take the opportunity and see yourself grow for your hard work. Or waste hours and dollars scratching away at those lotto tickets. Or hours at work for the extra promotion to just get laid off.
Rebecca,
Let's jump right into this. First off let me say that I worked with the company for almost 13 yrs. I was one of the top RLs in the company, spoke on EPN, spoke at the last 2 conventions, won every trip, lead the leaders bulletin for recruits, cash flow, premium, $mart, and so on. I loved Primerica and thought I would be there forever. Then one day I started learning the truth.
See I am one of those people who believes that when he says "I do what's right 100% of the time" I should really do what's best for the client. The more I learned about real finances I saw Primerica for what it was. A huge recruiting machine that is taking advantage of the uneducated recruit and selling them & their family crappy & expensive products. See Primerica is successful for one main reason. They recruit, brainwash those recruits to believe they are doing whats right 100% of the time (I was brainwashed!), then sell them the products and sell them to their family. Hopefully get a recruit or two and repeat the cycle. You can make money in Primerica, but it all comes down to manipulating people into selling and recruiting!
Let's look at the products:
Term Insurance - At one time Primerica (MILICO sold by Al Williams) was a dominate force. They were untouchable. Now Primerica term is a joke. It is 40-70% higher than other term carriers. How do Primerica reps get around this? They lie about services. They tell the client that you are guaranteed insurability at the end of the term, the talk about a war clause, they tell you they only offer a terminal illness rider, forced conversion to cash value, and so on! All of those things are ABSOLUTE lies! You can check with West Coast, ING, American General, Prudential, Farmers, Genworth, SBLI, Banner, State Farm, AlState, just to name a few. All sell better priced policies that are equal to or better than Primerica.
Mutual Fund - They sell extremely heavily load mutual funds! 5% in this market is INSANE!!
Variable Annuities - what a joke. Some of the most expensive and confusing VAs on the market. By the way the Prime Elite is only sold by Primerica because it is a crap product and metlife agents would never sell it.
$mart - Another misleading products. They call it a 30yr mortgage that has the magical powers to be paid off in 20-22yrs. (Through the equity builder) THe truth is that it is a very high rate and very expensive (closing cost) loan. 100% of the time the client is better going to his/her bank and getting a 20yr conventional loan. 100% of the time the $mart loan is not the best product for the client.
If you would like to provide some of your life clients info or put a $mart loan up I would be glad to show you a comparison.
I just replaced a policy written on a preferred male 5 years ago (30 at the time) who is paying $80 per month for $500k 25yr term. I can give him $2.5mil 25yr term for the same price. (He is 35 now). That should prove my point right there!
Thank you for this blog.
I'm so unhappy to read it but it saved me time which I'll use to sleep.
I got the same phone call and the same flattery. It could be no less then a script. I did wonder why the guy kept on saying, "try something new and make more money!", over and over. That's really why I started to wonder what was up.
If scripts don't say cult I don't know what does.
I only read about half this blog but I've noticed a few things.
1. The pro primerica posters seem very carbon copied, even using exact words and phrases in thier seminar video. Also they seem to love helping the world and people but seem very nasty as far as name calling and putting people down.
2. I'm sure it's legal but it's true it's not for everyone.
3. What really made me want to post was that they don't try n hire you as much as sell you the job...but take a look at the money payout they show:
"Over 5000 $50,000.00 earners
Over 3000 $100,000.00 earners
Exactly 62 $1,000,000.00 earners
Over 17 $2,000,000.00 earners
A couple $5,000,000.00 earners"
for over 100,000 or more reps, these numbers account for less than 9%....
That was eye opening! It's also the reason that my job search will continue.
As a Primerica agent, I know all too well the complaints brought against my work. As suck I would like to address a few that are of particular interest. First of all, Yes, Primerica has a lot of independents that do not make a lot of money a year. Frankly, a lot of people don't want to quit their day jobs and use Primerica to supplement their income. Hence, they work as hard as necessary to make that little extra a month. Secondly, a commonly misunderstood concept is this idea of a pyramid scheme. I'm not as researched in this field as I can be, but there is one thing I know about pyramid schemes that is certainly not true of Primerica. In a pyramid scheme, if you surpass your recruiter in either level or work time, your recruiter will still get a cut of your earnings. However, in Primerica, if you surpass your recruiter in level then they are no longer able to overhead your pay, because they are not working as hard as you. Again, i'm not as well researched as I should be, but i'm fairly new to Primerica. Finally, having read through several sites about the "Primerica Scam," I noticed that many claim that a Primerica Agent stated that our products are the best in the market. First of all, I want to apologize for such rash actions. I know that there are products that are better then our own. My goal, as I cannot speak on behalf of all Primerica Agents, is just to help persons become financial independent. I have many friends that are suffering during this economic recession and I want to see them in a better place, they are my reasoning for joining Primerica. Again, I speak only on my behalf and my own understanding. I hope that in some way I can shine some light, but if all I have done is helped to widen the gap, well I do apologize for that.
To the previous poster,
Congrats on such a well spoken response. I will tell you that when I was with Primerica I loved it and thought I would be there until I died. One day I learned the truth. Not only could I offer far superior products, but make more money than my RVP and even SVP.
My advice to you is to keep your eyes and ears open and don't shy away from other financial jobs that might come available. Primerica is not the only game in town & I will tell that there are many companies that will allow you to create an override system while allowing you to get truly educated in finances.
I do agree with you that Primerica is NOT A SCAM, but the recruiting tactics give people that impression. If Primerica would just crack down on these jokers who post on craigslist, troll the resume sites, go name grabbing and then calling people at work, and just operate in a sincere way these types of blogs wouldn't exist.
Just realize the hype you hear about other companies is 99% BS. (I do totally agree with the BTID philosophy! So I'm not a cash value guy preaching that crap!)
there are 4400 different primerica locations around the world, 1% of them focus on the business side of the company, and the other 99% focus on the sales side. i come out of an office that is in the top five of the 1%.we do not consider ourself to be in the financial services business,but in the opportunity business. even if we were direct sales (which the other 99% of locations are)its funny how people are affraid of commissions. bcuz its really all based on how hard your willing to work. its only fair that if u dont go to work,u dont get paid. at this point ur beting on yourself to deliver, rather then primerica. the system in place has been working for 32yrs,were obviously doing something right.so for those who dnt like commission or dont like to go to work, primerica may not be for u. but what is for u i ask?? working for somebody els for the next 40yrs of ur life? makeing someone els wealthy rather then urself. the way i see it, if i can work that hard for somebody for 40yrs, why not work hard for the next 5 to 10yrs for myself (our office has a 5 year game plan to get you in,and out.)why wouldnt i? because 5 or 10 years is going to go by weather i like it or not. primerica does work, and to me, i would say it all depends on which office you come out of. i am just glad that i got blessd with the office i did. and for those who call it a pyramid. ?? lol hello!!! what do u think coporate ammerica is????? lol everyone at the bottom is everyone! tax payes! whos at the top??? umm the president. figure it out people. EXAMPLE, if i work over at the home depot as an employee, mister c.e.o will never take the time to come down the "pyramid" and teach me and show me what it takes to run and manage such a coporation such as itself. why??? ill tell u why, cuz then he would have just trained his own compitition.riight?? no with primerica, there are soo many brokers, coaching and training there new recruits to become brokers as well. why? well that i cant tell u. but there is an insentive ;). primerica is IS! built on a "pyramid" structure, only an upside down one. i can go allllll day with my thoughts on peoples nagavties thought and why not to do primerica, but until they offer to pay my bills...shhhh!
thanks- Future RVP
primerica is not in the finacial services business!!!!!!!!!!!!! its it the opportunity business! com on poeple!
thanks- future RVP
Future RVP
I wish you the best of luck, but I encourage you to educate yourself and not just listen to what your Primerica buddies tell you.
I will tell you that I have went down this road with Primerica and can tell you that there are a lot of things you don't know.
I wont argue the facts about products and pay, but I can tell you that Primerica isn't the only game in town. There are companies that offer better pay for you, better products for the client, and the ability to develop a down line.
PS - without sounding run rude, but it does not come off very professional the way you are typing. (There are so many misspelled words and bad grammar it just looks bad) Please please please do not become another one of those Primerica reps who could care less about facts and only care about the hype!
They called and set up an interview for Monday with me. I decided to research it because it just seemed off to me, in addition to this I am in the medical field not into finances but they were willing to take me anyway. ?????? I am going to just call and cancel. Thanks for saving my time.
Well, I have a little something to add to the "discussion" that has been taking place here. I have seen a lot of people throwing insults back and forth; "brainwashing", "money hungry", "stuck in a box", etc. Some have remained professional, and stated simply what they have experienced, and their decision. Here is my take on it, and I hope you may all develop get a better understanding of what Primerica is.
For a long time, America has been looked at as "The Land of Freedom and Opportunity". Primerica falls directly into this statement. Primerica simply offers a CHOICE. The choice to be your own boss, to help people, to make it whatever you CHOOSE to. The other choice? Work in the limited boundaries set forth by a corporate dominated America.
I have worked several jobs since I was 16. I switched jobs so often, because I was always looking for the better offer, and fell victim to "The Grass is Greener" syndrome, only to find that I was still at the mercy of my bosses. I got a raise when THEY decided I should get one, and it was the amount THEY selected. My hours were set by THEIR choice, what THEY thought I needed to work. When I wanted a vacation, THEY decided if I could go. I have had so many cancelled vacations, it's not funny. Countless dollars spent on hotel reservations and airline tickets I had to lose, without THEM caring at all about my loss, and no chance of reimbursement. When the slow season started, THEY chose to layoff, or cut my hours, because THEY were spending "too much" money on labor. Is it any wonder that I was never satisfied with my work situations? On the other hand, for a lot of people, this represents to them a regular paycheck, and takes the guesswork out of what they can afford. It offers stability that they crave. Does this mean that workers of Corporate America are "brainwashed", or "stuck in a box"? No. They just have a different way of thinking, and based off of their needs for that stability, they have made the CHOICE to remain in that workforce.
Now, look at Primerica. Here, I have the opportunity to make my own hours, to make however much I want to make, and gain financial freedom, to do what I love (which, by the way, is Customer Service and helping people). The key word: "OPPORTUNITY". I did not say that they guarantee me these things. All of Corporate America was started by people that took a RISK to start a business, and put in a lot of hard work to make it a success. Why would I think I could not do the same? It is NOT an easy or cheap road to start on. You get as much out of it, as you put in it. When I met with my first Primerica rep, I was skeptical, doubtful, and had my eyes closed. Do you know what opened my eyes, and made me excited? That this person was successful, this person was able to quit their set schedule and wages, and gain their financial freedom, this person was not in it just for the money, but he was in it to HELP PEOPLE. Fact: If you do this business just to make a lot of money, you may succeed, but it's going to take a lot more work and much longer road to get there. If you do this to HELP PEOPLE, the money will come. For me, the money is a fringe benefit. My real reward is satisfaction that I helped families that needed and asked for my help.
So, my CHOICE? I CHOOSE to take the road that is less traveled, and bumpy as hell, to make my dreams come true. No scam, no brainwashing, no box to be stuck in, just a choice, the same as all of you make everyday. I wish you all good luck and happiness with the choices you make. Oh, I almost forgot, there was a comment made on here by a waitress that said a customer of her's, one that worked in the financial field, said Primerica reps were "Bottom feeders". Well, no offense, but, if I were in the position he was in, to lose business because of someone else, when my goal was to make money, I may tell you the same thing to make you stay away from them. Think about it.
Shaun,
Thanks for posting! I can agree with you on some of the things you have said, but you seem to miss some of the big stuff. Let's have an open debate here. Like you I was with primerica for a very long time and I exploded to the level of SRL (senior regional leader) and was the top income earner in my state. I was one of the first 10 RLs to make $50k a year. I was one of the first 5 RLs to make $100k a year. So yes there is money to be made there! The problem is that I thought I didn't know what I thought I knew. I listen to convention rhetoric and half truths.
First Primerica loves to say "We do what's right 100% of the time". That is my biggest issue with the company. Let's see how true that is.
For Clients:
Primerica life is some of the most expensive term insurance in the industry. Primerica reps are told that price should be the issue because other company rip people off with the follow things. Forced conversion to cash value, No Terminal Illness rider, separate policy fees, War clauses, no guaranteed insurability at the end of the term. All of those statements are false for 99% of the term carriers out there! Fact!
$mart loans - very deceptive. PFS reps are trained to compare a $mart loan to a 30yr loan. It's a joke! The client is better off 100% of the time going for a 20yr conventional loan. The payments will be cheaper, the client will pay less in fees, and they loan will be paid off faster than smart.
For the Agent:
You are selling expensive products, but telling your family they are the best.
You are making a fraction of the income you would somewhere else offering better product for your clients while making more commission for family.
PFS reps do not get 12b1s EVER on investments written prior to RL. That is a huge rip off!!! The PFS rep is loosing tons of money over his/her life time. No other company hurts their agents like this!
You are not permitted to invest your money at NAV. Again it sounds trivial, but all other brokerage firms offer this as a professional courtesy except for Primerica.
PFS reps get very little training. It is all about convincing the reps they are selling the best, the other companies are ripping people off, and getting people to meetings.
PFS reps are constantly hounding their family and friends to either do FNAs or come to meetings. Trust me people are sick of hearing about your "amazing" business"
PFS reps DO NOT own their own business! That is a lie. You must earn that right and it typical takes until you get to SVP to do that.
PFS agents sign a 2 yr no compete clause. Rarely discussed when someone fills out the IBA.
For the recruit:
You are lied to to get to the meeting. Most recruits believe they are going to a job interview!
Recruits have no idea how bad the products & training are so they sell these things to their family and friends with all of the zeal of a bible salesman. One day, when they learn the truth, they will feel like idiots.
Recruits pay $300 a year for a website!!! WHAT? It's a joke! The reps should not have to pay for things that other company do for free! (Don't try the licensing overcoming objection with me. It won't work I know they % of people who actually get their securities licensed paid for!)
All in all Primerica is a business. It's a great & very profitable business for Primerica and some RVPs. The reality is that most reps give their RVP their heart and soul and get nothing in return.
Primerica is not an army sent by God to help middle income Americans! Get real. They are salesman selling expensive products to family and friends under the guise of doing "what's right 100% of the time".
Those are the facts. Stop lying to people and you will stop getting negative press. They lies your RVP tells you about all of us being whole life agents is brainwashing. I have never sold CV and I never will. Every product I sell is cheaper and at the minimum equivalent to PFS term. I don't sell ARMs, Interest Only, or other crappy loans.
Again go to your RVP and convince him/her to just do the right thing and tell the truth!
I supect pretty much everyone defending Primerica to be affiliated with them somehow. And anyone claiming to be an "everyday person" who works for them probably is much higher up than that, trying to curb the negativity they deservedly have coming their way.
This is some "Death of a Salesman" sh*t. F**king vultures.
I bet they're the same people sending out fake Paypal and bank e-mails claiming there was a large transaction, was it you? just click on the link so they can steal your password and login. And take all your money.
Cut from that same cloth. Liars and thieves trying to turn us into the same thing.
Think of the trickle down effect they must have forseen at the start of this company. The mission statement must be as such: "we lie to you, so you must lie to the next person". There's no use getting caught up in technicalities here, whether something is "legally" a scam or not should have no bearing on the moral or overall assessment of this soul-less company.
I wonder how much the people from primerica get paid to post good things all day?
That link went to wikipedia and it proceeded to explain that pyramids are unsustainable and ILLEGAL. It also says that there is no product being offered, you get paid to recruit.
You do realize that it is in financial services, which is the most heavily regulated industry in the country, meaning that it can't be illegal. Secondly, it's a part of the largest company in the world, I'm sure they would have figured out that it's an unsustainable pyramid scheme before they spent over $1 billion on Primerica. Lastly, Primerica sells insurance, investments, loans, and mortgages. Hmmm... last time I check those were four of the most profitable industries in finance. What a scam!!
You are a fucking moron. There are only three choices: recruiting people to work for you, being recruited by a company, or being self-employed. "Help Wanted" recruits people, just like phone calls to people who may have a decent resume out there, regardless of the field.
Have fun being a broke, corporate, 9-5 sheep that will beg the company and the government for benefits when they fire your ass at 67. That's because you won't be retiring from the work force because you'll never have any REAL WEALTH working for someone else. The key is ownership and Primerica certainly gives you that opportunity.
Most people in the country are so ignorant, that they deserve to be broke and miserable. And that's why Primerica is so successful because they manage the finances of people who have no idea what the fuck they are doing with their money.
IF YOU USE MONEY EVERY DAY THEN IT SURE AS HELL PAYS TO LEARN ABOUT IT. It's no wonder all the idiots are in debt.
Previous Poster,
Congrats on representing your company so well!
As for the "Fucking Moron Statement" - The Help Wanted violates company guidelines, as are the calls for the resumes. The home office clearly states that you are not permitted to contact people who post resumes unless those resumes are given directly to the PFS office. Also if you don't mention Primerica, if you don't mention commissions only, if you make it seem like a job, if you exaggerate income potential you are violating company policy.
As for ownership - what percentage of the company actually has ownership? It is less than 2% of the entire company the last time I checked.
See it is easy to attack people and be an arrogant ass online, but the truth is when you look in the mirror you see the facts no matter how much kool aid you have been drinking.
You are going to meetings after meetings, lying to people to get them into "the business", selling crappy products, and so much more all while making little to no money. Just keep telling yourself that you are going to be a big time RVP and make tons of money. Keep telling yourself this is the price you pay being so broke right now. Keep telling yourself that everyone who doesn't join your cult are losers.
The facts are sir is that you are, to use your own words, are a "fucking moron". You know very little about your company, the products, the industry, or even what it takes to be a good person. You are so clouded and programmed that you can't see the facts in front of you. I bet next you are going to convince yourself that the IPO of Primerica is a good thing. The truth is that Citi had no other options and needs to dump your company!
I worked for Primerica for a small amount of time. They are a good company. However, their coporate ladder is a little different to climb. The job is all commision based and your success is based more off of who you hire rather than the business you bring in. Your ability to move is based of of dollars and those under you. To generate that amount that you need to move up. You have to hire, there is no way a person can do everything on their own. However, though those who you hire are part of your office. So overall the company is a good bet if you can stand their structure.
Thanks for this. I got a call from them 2 years ago when I was job-hunting, and almost got roped into going on an interview. They just called yesterday for my husband (who is currently job hunting). I don't remember what kind of voicemails they left 2 years ago, but now it's a "recruiting manager for my company". They don't even say the company name.
Got a call from a local rep today talking about opening offices or blah blah blah....all i heard was SCAM! I would rather buy speakers off a van than work for this company.
Here my story, last Monday I went to Ross to buy a pair of shoes. While I was looking for a pair of shoes in the shoes department, a man approached and started talking to me. He started the conversation saying, “This pair of shoes are very cheap, are not they.” I replied, “Yes they are.” Then the man asked me, “Where do you work?” I said, “At school” he asked, “What school?” I answered, “RCC” then he asked, “What kind of work do you do there?” I said, “I attend the library.” As soon as I said that, the man asked me if I wanted to make extra money working for Primerica. I told him that I was looking for a part time job and that would be a great opportunity. So he gave me his business card and told me to show up to the meeting the next day (Tuesday) Luckily, I did not go because I had to study for my Chemistry test. Yesterday, I called him to let know the reason I could not go to the meeting. He said that there was not any problem at all because he could schedule a new appointment for me on Friday at 1:00 PM. I told him that Friday would be all right because I did not have class that day, so he scheduled the appointment. Today, he called around 2:00 PM asking me if I was ready for tomorrow. But to be honest, that call rise me suspicion, so I decided to Google the name of the company which was on the business card he gave me. The name was Primarica. The first thing I found out was “ Primerica scam” So I started reading the article and then I found this article with precious information about the company. If It had not been for this article, I could have fallen into the unscrupulous claws of this man. Thank you, I really believe in your story. People; please be careful when someone approaches you. You do not know the really intention of that person. I learned my lesson and hopefully you too.
I don't think the company is a scam. The scam was the way you were approched concerning the businesses opportunity. Other companies have done this. Trilogy Financial does the same thing but does not offer any business opportunity. Amway was the same way. It's a good company but too many people misled others. It was the distributor support groups that misrepresented the opportunity.
I want to say thanks to the person who stard this blog. I read the comments before the REP called me back and was armed with the right questions that I would not have asked if I didn't read this blog. The REP fell apart fast with the questions I asked. All I have to say is: THANK YOU THANK YOU THANK YOU !
I want to say thanks to the person who stard this blog. I read the comments before the REP called me back and was armed with the right questions that I would not have asked if I didn't read this blog. The REP fell apart fast with the questions I asked. All I have to say is: THANK YOU THANK YOU THANK YOU !
Previous poster,
I have posted a lot on this blog lately with a series of question to ask prior to joining Primerica. It is nice to see someone actually used them!
Can you post a more detailed comment about what you asked and what the PFS rep said.
My whole point with Primerica is that if they were honest there is nothing wrong, but the majority of the information is withheld.
1. Why do they call it a job interview?
2. Why don't they mention the $99 plus $25 per month
3. Why don't they explain that you don't own your own business?
4. Why is the 2 yr no compete clause not mentioned?
5. What do they not explain the charges backs and fines ($25 per case) for all life policies not taken, canceled, lapsed (within 1 yr), etc?
6. Why don't they address the fact that any investments written Prior to the position on Regional leader you will NEVER NEVER NEVER get a single trailer (12b1)?
I can't wait to hear about your encounter with the PFS rep. I can assure you that someone else will benefit from your post.
Thanks!
some narrow minded ppl should work for other ppl. if you can't think for yourself then maybe a 9-5 is for you. mc donalds is hiring when you need a little money in your hand.
If a man can make a million- dollars, then why can't the next man.if you can't cut it just say that no one will be mad.
OK PEOPLE PLEASE LISTEN TO ME ...I UNFORTUNATELY WORKED FOR PRIMERICA AND THEY ARE THE LOWEST OF THE LOW,BOTTOM FEEDING SCUM IN THE INSURANCE INDUSTRY.
THERE MAIN FOCUS IS RECRUITMENT..THEY RECRUIT YOU FOR THE PURPOSE OF RECRUITING SALES FOR THEMSELVES. THEY WILL ''HIRE'' YOU (NOT MAKING ANY $$ UNTIL YOU ARE LICENSED TO SELL INSURANCE)AND PUSH YOU TO BRING IN AS MANY PEOPLE AS YOU CAN WITH THE FALSE PRETENSE OF MAKING MONEY OFF THE PEOPLE YOU RECRUIT. THINK OF IT THIS WAY ...THEY SUCKER YOU IN AND ASK YOU TO BRING IN AT LEAST 5 PEOPLE TO THE NEXT MEETING AND PRESSURE YOU TO OFFER (PUSH!) INSURANCE ON YOUR FAMILY AND FRIENDS, WHILE DOING THE SAME TO THE PEOPLE YOU HAVE BROUGHT /RECRUITED TO THE MEETINGS IN THE HOPE OF LANDING MORE OF THEIR OWN SALES. THE IDEA...YOU BRING 5 PEOPLE... THOSE 5 WILL BRING 25...THAT 25 WILL BRING 125 AND SO ON AND SO ON, HENCE INCREASING THE CHANCE OF THEM SELLING YOU AND YOUR FAM/FRIENDS INSURANCE.THE ONLY WAY TO ACTUALLY MAKE MONEY WITH THIS COMPANY IS PUTTING IN ALLOT OF TIME AND EFFORT *AFTER* GETTING YOUR INSURANCE LICENCE AND WORKING ESSENTIALLY INDEPENDENT RECRUITING YOUR OWN SALES AND BUILDING YOUR OWN TEAM,AND THEN THE MONEY YOU ACTUALLY MAKE IS ONLY A SMALL PIECE OF THE PIE WHEN YOU BAKED THE WHOLE THING !.(YOU DO THE WORK,THEY MAKE MOST OF THE $$)
IF SELLING INSURANCE IS SOMETHING YOU WOULD LIKE TO DO DON'T WASTE YOUR TIME WORKING FOR THIS COMPANY,YOU WILL MAKE FAR FAR MORE MONEY AND MAKE IT MUCH FASTER WORKING FOR A LEGITIMATE INSURANCE COMPANY OR EVEN BETTER STARTING YOUR OWN FIRM.(ITS EASER THEN YOU THINK..TALK TO YOUR BANK)
DON'T LISTEN TO THE PEOPLE HERE TELLING YOU ITS NOT A SCAM AS THOSE PEOPLE ARE MOST LIKELY WORKING FOR PRIMERICA.
DONT BE A SUCKER! AND IF YOU ARE YOU PROBABLY DESERVE IT ...DUMB ASS !
If you are considering working for Primerica or are being called in for an interview here are some questions from someone who spent over almost 13 yrs with the company.
If you Primerica reps want to answer please do so, but stick to the facts!
1. RVPs say you are building your own business, but in reality you do not own your baseshop or even clients until you achieve RVP and then qualify for ownership. Doesn't this seem like a lie to make people believe they are going into business for themselves?
2. If Primerica is such a great business opportunity why do we need to lie to hire people? Regardless of how you spin it Primerica is a MLM company. (Not a pryamid scheme) Why do baseshops not tell the truth? To join the business the only requirement is to not have a felony and have $99. They want you to do a top 25 list so we can sell/recruit your warm market. (in most cases before you’re licensed so the trainer can do the sales not you) They want you to bring people to the Opp (overview) meetings to hire more people to repeat the cycle. They will always dance around answering questions directly.
3. Why do I have to alienate all of my family and friends will calls about "helping" me with the business I am starting? Why can’t the new recruit tag along with all of the trainers appointments and learn the business so when they get licensed they can go see their own family & friends. The trainer should have plenty of appointments to take the recruit on without going through the recruit’s warm market. The truth is your trainer is trying to set up appointments so he/she will get paid.
4. Why is the FNA presented as a financial plan? (Or game plan)The FNA is a salestool! (Just look on page 1 of the disclosures on the FNA. PFS reps don’t want you to know that!)
5. Why is Primerica life so expensive when compared to other term policies? Don't except the war clause, 9-11 lie, forced conversion to cash value, terminal illness, waiver of premium, and so on. Check around Primerica life has nothing special when compared to other companies. It is just most expensive.
6. When you write a life policy and it is rated why do you not get paid on the rating? I mean your client is paying more money doesn't it make sense you get a larger commission? Primerica is the only company I have found that rips off their reps when it comes to ratings.
7. Why is the writing agent fined $25 for every declined, not taken, and lapsed policy?
8. Why do we compare the $mart loan to a 30yr loan? Isn't it fair to compare it to a 20yr conventional loan? If you did you would see how bad the $mart loan is! You will get the simple interest smoke and mirrors, but crunch the numbers you will see a 20yr conventional beats the $mart loan 100% of the time.
9. Everyone talks about getting trailers on all investments they do, but you will get $0 of trailers, forever, until you get to the Regional leader level. Why not tell people that!
10. Compensation - look at life insurance. You get paid less % for people under 25 and people over 55. Why? They are still spending the same amount of money! Also look at what happens if you sell a 20yr product to someone 42yrs old over $150k, you make even less money. Forget about the Rep 25%, Srep 35%, Dis 50%, and so on. You are paid all different types of pay so it is nearly impossible to figure out. The truth is that the pay is a fraction of what a real life agent would make.
11. Why is the No Compete clause avoided? When you resign/quit Primerica you will not be able to contact any clients or recruits for 2 years effective the date your termination is effective. Even if you find better products for your clients!!! (Most of which would be your family & friends!!!!) Isn’t that something that should be mentioned up front?
When you join Primerica you are simply providing a warm market for your RVP/trainer. It is all about FNAs & Opp Meetings. The truth is if Primerica offered truly the best products I would still be there, but 100% of the time they are beaten by many companies. How can we sell products to our family & friends when we know that we are providing a substandard product and horrible financial advice? Ask questions now before you realize 5 - 10 yrs down the road you have been played the fool.
Primerica is not a scam according to a US Federal government report. However, as I observed, Primerica's approach in recruiting potential clients to eventually become part of its multi-level marketing scheme is the one that tarnishes its integrity as a legitimate business. Its recruiters tend to use several tactics such as job offering and quick interview deviating from the convential process of just inviting people to attend a business opportunity meeting.
fuck primerica and fuck all you pro primerica anal licking scum...i hope you get ass cancer and die. oh and have a great day ;)
This person didn't when completely throw, yeah it sounds like a scam but it's NOT. Primerica Helps people with their Financial. And very simple "How you know if something is going to work for you, If you don't try it"?!?!
I worked in the insurance agency when Primerica was still A L Williams. They would hire anything or anybody to sell, the proof is they tried to recruit somone I worked with, who had the IQ of a flea, and even she was smart enough to say no. Even if Citi does have connections, they aren't so high on the list of honest dealers anymore. The one time I did fall for one of their attempted recruits the people there looked like they were still under the influence of an Herbal Life meeting, and just about as realistic as people who used to attend those. Stay away from them. Only morons are going to buy from any Primerica agent, and they'll be dealing with a fellow moron who can't get a job doing anything else. Not something to trust your money or your career with.
I'm from Primerica and licensed, keep in mind this ain't a FULL time position, I know a few people who are really pushing to get ahead with the company, they get paid and yes they do have their 1099 forms, don't forget a reg job recruits for their benefit, here a person recruits for their benefit too, and yes finally our base shop has a 25k-40k per month or premiums putting and replacing other products from other companies without thinking twice. WE DO NOT GET PAID FOR RECRUITING!!!
WE GET PAID FOR SELLING that's logical, right?
Look up -Commission- Real Estate get paid the same, duh!!
Arthur,
Spoken like a true Primerican. Keep using deceptive recruiting tactics, selling expensive products, receiving little to no training, telling people they are in business for themselves when it's a lie, and so on!
You Primerica reps keep repeating the same crap over and over.
I'm not going to speak technical terms here on how a pyramid works but this is from past experience. Let's say this company gets 5000 people to believe that they are going to make millions and sucker you into one of their "reserved interviews" and you attend they ask for a start up fee of 99.00 to run a back ground check. I can run a background check for 19.95 by the way. Then they get you to pay other fees for schooling, seminars and 25.00 per month for license fees.. etc etc.. That's 620,000 that this company has made just on 5000 recruits before the employees even start working. I guarantee half these people pull out and don't press the issue of a couple hundred spent. Most likely they will shake their heads and say lesson learned. I did. But this type of marketing company will not care they had already made a ton of money on selling you a bunch of bull. This step is then repeated over and over again. They don't even need to sell insurance to anyone. All they need to do is get suckers like you and I to pay the start up fees and to refer them to other suckers who will pay the same fees. That is why they are billion dollar business. It's that simple that's why it is called a pyramid scam. But trust me they will argue differently. I know it cost money to make money but they couldn't even give me a job description. I still have no clue on what the hell this company does.
Dont become a Primerica rep! I was a rep for a year and I always owed them money, because clients will drop their life insurance!! Whatever you make in this company, you will have to pay back!!! Make sure your client will keep their life insurance for at least 12 months! if not, you will have to pay back!!
This situation is pretty much exactly like the one I experienced. I was flattered that the Rep was complimenting me and impressed by my resume (I am an entry-level with no experience in the financial field). He wanted to set up an "interview" with me. I had been looking for work for months so I was content to have found some potential. I went to the meeting and realized (unfortunately not until later that afternoon after everything sunk in) that it was more like a Recruiting session. I saw it as a great opportunity at first and decided to try something new. They told me I would be talking with one family per week and having to have others work under me to get more money (I wasn't aware of the term MLM before this, but they like that. Means they can take advantage of the ill-informed). So I signed up, had nothing better to do, no job, what did I have to lose? They charged me $99 for a sign up fee which I suppose covered a background check. There's also an optional monthly $25 fee for online access to their site which they recommended. After this, I went home and let the information soak in and think if I made the right decision. Something about the place and people in it seemed "off". I would say sketchy and misleading fits it best. It is a commission based pay and for some people it works, for others, we prefer a stable job with benefits. But why were they in such a rush to get me signed up and get my account number? (CitiGroup doesn't even have a good reputation and they are the parent company). I admit, the flattery and my being naive, almost got me in a bind. I had gone to a meeting the next day to make sure I was making the right choice. My uneasiness was even stronger when I parked in the lot. The 'meeting' was just a man going through his cell phone list, calling people and setting up interview dates with them. Then he gave some time for everyone else to do the same with their contacts. Everyone around me was about my age and didn't seem any more knowledgeable than I in finance, and I am pretty simple in that area (Common Sense, don't spend more than what you have). They seemed like they were kids that just got out of high school or single, irresponsible parents. And they claim God, Business, and Family is their structure, but that is hard to believe from their disorganization. The building wasn't very clean. Being presentable and vacuuming the carpet says a lot about your company. I admit I felt a little scared sitting in the room with them.
I told the rep I am no longer interested and this is not the route I want to take in my endeavors. They tried to talk me back into it by being very friendly and buddy-buddy (don't get me wrong, they were nice people, but pushing it for people I just met) but I could feel they weren't being honest and it was awkward.
It is about a month or so since and I still do not have my refunded money and I have a surprise $25 debit from my account. This I assume was for the online deal but was told it was optional, so no consent was given for them to deduct money from me. I think it's a load of steaming meekrob. I think that you should be honest in all that you do, especially business. Using Christianity is an attractive idea for a business because people want to work for a good company, but that doesn't mean they use Christian principals. Primerica has a stink and I caught a whiff, but fortunately, ran in the other direction. I can read people and catch on quick to others motives; and their's = money, you are their meal ticket to more of it. For those of you considering PFS, hide your checkbooks and run!
Sincerely,
Wendy
I attended one of the Primerica meetings last evening. My Christian brother invited me to it. It is not a scam. But it functions on a pyramid concept because those above have to do less work actually selling a product if they simply recruit many who each of whom sell only a little. Unfortunately, those who sell the little are perhaps the losers.
One bothersome aspect for me was that my Christian brother seemed only interested in recruiting me and showed no interest in explaining the company's products to me as a potential customer. My only interest in this company would be selling its products, not recruiting individuals, because my care is in finding the best financial fit for individuals and families. Problem? I do not know much about how the company performs a financial analysis. Would I be qualified to do that or would I find myself recruiting individuals to this company. Also, I am at a financial low. Do I have the money to make the kind of investment this business would require-business cards, etc. I recently completed an intense study in Human Resource Management and still feel mentally sore from the study (I did well btw). Do I want to approach studying a whole new field of knowledge at this time? How does this fit with my dreams and the things I having been planning for years? Will it usurp the time I have allotted to those dreams?
I am supposed to call with my answer this morning (I demanded that time) but perhaps have other questions.
There are things that I have started but not completed. Those things have involved heavy financial investments. I need to complete them or lay them to rest. How can I begin another venture without first doing so? At the same time I am at the stage where I am open to diversification and independence. So I am considering taking this opportunity as one of a diverse number of opportunities out there. In this economic climate diversification seems best, even as it relates to earning a living. And I will only take up part of the time I have alloted to working.
To Primerica representative I would say know the varying human personalities. Some people are repelled by hypes and are rather convinced by plain and indepth information. So prepare for a diverse audience. After the meeting I told my christian brother that my post-meeting talk with him during which I asked some hard facts that probed into what happens after the hype has wared off was more convincing and influential for me than anything I had heard at the meeting (which in fact had the opposite effect).
Previous poster,
RVPs love it when they get a "christian" recruited. The truth is a little more disturbing than what you have seen so far.
First off Primerica convinces (I'm not saying brainwashing, but pretty close) their recruits into believing that every other financial services rips people off. When PFS reps are presented with a cheaper product (which is about 90% of all term insurance) they simply lie to their recruits to make them think Primerica is the best.
Here are some facts for you. Don't take my word for it ask your "christian brother", the RVP, or even call the Primerica home office.
1. You do not own your own business. Even as a RVP you do not have ownership rights!
2 When you do an investment before you achieve the level of Regional Leader (one step before RVP) you will NEVER, EVER receive a trailer.
3. You are charged a $25 fine per policy that is not taken, lapsed, or declined by the company.
4. You sign a 2 yr no compete clause that becomes active the day you resign from Primerica. (So even if you have better products for your clients you can't tell them!)
5. You can not move up the promotion table without recruiting.
6. The Term insurance is some of the most expensive term on the market. (Don't let them tell you that they have IBRs, Terminal Illness Rider, No War Clause, etc.. That's BS - 99% of all companies do the same thing now!)
7. The compensation is ridiculously low! Avg compensation for a newly licensed rep is 50% at a company where you get a salary and they pay for your supplies. If you are independent contractor the stating compensation is 85%.
8. The FNA that they love to sell as a plan isn't one. Look at the disclosure page on the FNA and it says that in plain English! It's a sales tool designed to sell the expensive products.
9. The mutual funds are heavily loaded.
10. The $mart loan is deceptive. It looks great when compared to a 30yr loan, but when you compare it to a 20yr loan it looses 100% of the time!
See the fact is simple. You CAN NOT do what's right 100% of the time when you represent 1 company.
When you are with Primerica you do what's right for your RVP & Primerica 100% of the time... NEVER the client!
Most of the information on the internet about Primerica is opinion, not the common practice of all offices. My husband has been doing it for 4 months now. Have we pulled in a lot of money yet, no, however, it's not the fault of the company. Each individual is responsible for working hard. If your looking for a hand out, this is not the company for you. If you want to work hard and earn money and financial freedom, not just a paycheck, then yes, it is the company for you. My husband paid $100 to start and was reimbursed every penny. He also paid for his insurance liceseing. Reimbursed for every penny. His manager rents their office out of pocket but they are there every day and it's rented monthly under a long term contract. Sure, like any company, there are people who are not honest and are hoping to take every short cut they can. However, if you follow their rules and policies, you will be ethical and you will be successful. It's just a matter of choice. Do you want to work hard and honestly for your future or are you going to depend on the upstanding companies like Citi, GMAC, Fannie and Freddie and (my personal favorite) the government? Primerica is a legitimate and good company. They market just like any other company does. They appeal to what we want. Money. There have been many changes in the company in the last few years and it's much more representative friendly. It's set up just like Tupperware, Mary Kay or any other company like that. Again, if you want to work hard, it's great. It all depends on YOU.
The best thing I heard came from someone from another country, legally working here, in the good 'ol USofA. "Americans can make a million dollars so easily. They are just too lazy to work for it. They would rather depend on a company to make the millions and settle for pennies themselves." So, what is wrong with Primerica again? You have to work hard? Gee, is the foreigner right?
I still think that some people dont understand how a business works.Most people will work for somebody and very few will establish a business. Now, look at all the wealth in the world is control by a few, these are the owners of corporations such as Microsoft, Oracle, Apple, Nestle etc! They hire people to work for them in different areas in the company, when some one looks at real estate, primerica, amway, subway, mcdonals etc, are usually people that come from a JOB mentality and not business minded so that why you get the negative comments, best regards.
hmm i have an interview today ill think on all that was said but some good pts.... one rep isnt all of them, phone calls are annoying, reps be upfront you are better off (i like free stuff theres no hidin unfortunately things aren't like that), im looking for stable job sounds borin but it pays the bills, this blog is definitely opinionated(not sayin its bad) made me aware of things i hadn't known thxs :)
Same story for me. Already canceled the interview. Thanks for confirming my suspicion.
Thanks
As a few people have pointed out, Primerica is an A+ accredited business with the Better Business Bureau. Do some research on bbb.org and look up some large corporations as I did. Primerica had 163 complaints in the past 36 months. Verizon had over a thousand in the same period. Staples? Almost 800. GMAC? 547. Bank of America? Almost 9 thousand. Heck, Primerica has a better rating than Sears. SEARS. 17418 complaints against Sears in the same time frame.
Before anyone asks, no, I do not work for Primerica. But as someone who's worked for several companies in my lifetime(including almost 9 years @Verizon, which was beyond stressful, but was the best opportunity I had where I live) I'll be going to an open house tonight with an open mind. Yes, I was told by a friend, because he knew with my work experience, I've lived the best and worst in customer service, and he knew I was having trouble finding a new job. I've never worked commission, so it could easily not be for me, and I can walk away. But I'm not going to know until I listen.
The people here spewing their vitriol here is crazy. That's the Internet for you, I suppose...slandering people anonymously.
Thank you for the insight. I almost fell for the same thing. I got a phone call and they said that a friend referred me to Primerica. The recruiter would not disclose who it was so I thought that was suspicious. I went to the first interview and when I left I began evaluate. Something was making me uncomfortable. I also noticed that the recruiter knew things about me that I never told her, such as the school I attended, where I worked, and what I earned my degree in. I decided to do some research and so far I do not like what I have found. I think that first interview will be my last.
There's nothing wrong with Primerica. If you have tried it out and didnt make any money it's because you did nothing. You have to go out and do stuff in order to get paid. As far as the fees you pay 99 up front. Once you pass your test you get $84 of that back. Anybody getting into business for themselves has to work extra hard to build their business. The money just dones't come to you. Thats the problem with most americans. Their lazy and dont want to do the hard work. They would rather work for coorporate america. Look how well thats going. As far as a pyramid. Pyramids are illegal. Primerica is regulated and is licensed in 50 states. And if you have had a bad experience, not all offices are like that. If you went to one Goodyear and had a bad experience are you just going to stop going to goodyear? No your more than likely going to go to another one and see how it goes there. Its no different than this you may have gotten involved with the wrong office. Another thing, the company has won multiple awards. Check your fact's before you come on and start bashing the company.
Previous poster,
A few question if you dare to answer them about your company:
1. Do you think the deceptive recruiting tactics are okay. Is it okay to call people and trick them into thinking they are going to a job interview.
2. Is it okay to sell some of the most expensive term insurance in the industry while brainwashing your reps into believing it's the best.
3. Is it okay to not mention the 2 yr no compete clause?
4. Is it okay to lie to your reps to make them believe they are starting their own business when they do not own the business at all?
5. Is it okay to not tell the reps that they will NEVER get a penny in trailers on ANY investment written prior to Regional Leader. EVER!
6. Is it okay to lie to reps about the $mart loan? 100% of the time the client is better off going with a 20yr conventional loan. The $mart loan is a scam and extremely expensive.
7. How do you feel selling such heavily loaded mutual funds?
8. When you sell your Primerica Legal protection do you know that it is less expensive and more features with Pre-paid legal. (The company that you sell it for)
9. Do you think it is okay that you pay $25 per month for something that should be free and is free with other real financial firms.
10. Is it fair to new recruits that your take them out "training" and make sales while they aren't licensed just so you can make money off their market.
11. Do you think it makes sense to have an army of uneducated reps out selling expensive products to their family and friends? Seriously don't you want to do what's best for the people you love & care about?
The truth about Primerica is they breainwash their reps and convince them they are the only company doing what's right. In fact they actually are out selling expensive & uncompetitive products to their family & friends while making a minimal commission.
Just remember that at Primerica you do what's right for your RVP & Primerica 100% of the time NOT your client!
Shop around and avoid this kool aid drinkers!
I jsut got a call today about this exact thing. I was called at work and dont have a resume out there. After researching I am definately not going to go. They must read this stuff verbatim.
Just wanted to thank everyone for their comments. I have an interview scheduled for tomorrow that I will NOT be going to.
Let me tell you how I was approached. I was at WORK last week and was confronted by a woman wanting to know if I knew anyone who was looking for a part-time job because she needed someone that could possibly transition in to full time. I am currenty looking for a part-time job so I told her I was. She asked me a couple questions, like how long I've worked at my current employer and what I did before that. We swapped numbers and that was that. She followed up with me two days ago and asked a couple more questions but was VERY vague when discussing what the job was,what the company was, etc... I was skeptical about it after thinking about it, especially after the unconventional approach for a job.She also told me that she was looking for a few people to help her run her office. So, I decided to research the company in preparation for my interview and was not at all pleased to see that the second search listed for them is Primerica Scam. I gave it the benefit of the doubt anyway and went to their website first. Then I came to this one and more like this one and was SHOCKED at the number of complaints about this company. I spoke with family and friends about it and ALL of them said to not get involved. Also, no company I have EVER worked for ever made me pay any up front fees to start.Every company I've worked for has paid for all of my training, etc...And to those of you who work for Primerica, I don't want to say ALL of you, but MOST of you sound the same and are very rude to skeptical people. Not the kind of people I'm looking to do business with anyway. YOU ALONE are making me RUN the other way as fast as I can. So to this "opportunity" I say no thank you. Again, thank you to all of you who posted your experiences!! Good luck to everyone, whether working or looking for work.
I submitted a resume on CL and was just called to come in for an interview. I have contacted a friend of mine from a few years ago who was (at that time) a Primerica agent to solicit his advice of the company. Ultimately, I will go and determine for myself if this is a good part-time career choice for me. I am curious whether this Primerica rep I will be interviewing with will be knowledgeable and forthright with me when I ask the hard questions and ask how much money will upfront cost plus seminars and classes cost me and how do I make a plan to at least recoup those costs within the first 3 months. If I cannot, I'll have to determine if I should continue sinking my money into something that won't make me a profit in a reasonable amount of time--like any entrepreneurial venture.
I don't wish to bash Primerica because frankly, I don't know much about them. I have had experience with multi-level marketing companies though. It wasn't a positive one, but I'll keep my mind open and hopefully can get as many questions answered (honestly) before making my decision. I will say this though, I will take 2 weeks to decide. If I am pressured to sign up sooner than I am comfortable with then that is a red flag that no one should easily dismiss.
If anyone out there can shed any light on all of the costs and what's mandatory to attend and what is not, that would be helpful. THANKS!
I notice that many people are saying they KNOW of people who are making thousands of dollars with Primerica, but I haven't seen one person who posted that they have a very successful business and are making thousands of dollars.
Are you out there and if you are, will you be willing to let us know exactly how much money you ARE making and tell us how we can join up with your team--for those of us who are interested?
Ok let me start off by saying I stubble across this page,well trying to look for the location of a primerica in Arizona.I have a story similar to this I was checking my MySpace one day an got a message from a guy who asked are you looking for a job I reply yes depending on the hours an the job he wrote me back an he said well their hiring part an full time an what the job is you will l be helping families make an save money an they train you know experience is needed.I wrote back an said how old do you have to be an he said 18 an he gave me his number to call to talk more about it,Waited a couple days an wrote him back an said I will call him I wanted to know more information so he called but my boyfriend answered the phone an told me someone had called for me this guy was not at all trying to brainwash me he was just really strange an shuddered allot an he did not give me any information he just said come tomorrow at one p.m. an he gave me address but he told me the wrong one an gave me another one he said just bring your ID address business casual in my head i thought that it he asked me to bring my resume or at least my social security I thought oh its nothing so I went to Google maps a typed the address in an its just a house not a business so I was feel more skeptical so I told my boyfriend an he said it seemed strange that i should look into it more the next day i get a call at 11am an he is giving me the address i told him that i it is located at a house because it popped up on Google maps that it was he said no you should look it up again an he did not give me much information again an he was in a hurry so I said I wanted to set a different interview date an I have a interview again next week he wrote me on MySpace saying i should go to the Website an look for the actually address on there but i found nothing an he said sorry i he got me in trouble this guy seems not professional at all anymore like he wants to know me on a personnel level an it its strange that he found me on MySpace an i am going to just cancel the interview it doesn't feel right for me an this has nothing to do with the company primerica more with the man who called me so that is my story I never gave any personnel information so that is something we should all never do.
Like the Wendy's jingle says "You know when it's real." Same thing happened to me today. Got a call out of the blue and got the whole talk. I agreed without much thought. I decided to some research and came across this blog and others warning others about this establishment. Needless to say I canceled the interview right away. Thanks for the warning.
Primerica is actually going to me announced as the worlds largest Life insurance and debt consolidation company amongst other things in one week at the World stock exchange. It will be THE place you do MOST health/life/debt/security etc business...something like Wal-Mart. You can get anything from Primerica but for much less money out of your pocket and you will also gain a better benefit.
You Primerica idiots believe everything you are told by your RVPs!
You sell some of the most expensive term on the market.
Your sales force consist of uneducated drones.
Your life insurance is only guaranteed for 20yrs. (regardless of the term)
You preached the $mart loan for year and now have disowned it to do conventional loans. (Hypocrites!!)
You lie to new recruits making them think they own a business
The mutual funds are heavily loaded
You pay $25 per month for something that other carriers provide for free
I could go on and on, but you guys truly are delusional.
I am investing in Primerica stock, but I will tell you why. It is the idiots that represent Primerica that will drive the share price up. They will continue to buy the expensive crap products and sell them to their friends & family. They refuse to believe the facts even when they slap them in the face.
Keep drinking the Kool aid your RVP appreciates your ignorance.
They seem to be more legitimate than amway, But the mere fact that they start the meeting with the same amway talking points put me on the defensive immediately.
Show me your product, talk that up. Don't ask me what I would do if money was no problem, or where I would travel to. Like that even matters.
And if recruiters are lying to job seekers by claiming it is an office management job, then that is plain wrong.
I just received a similar call. like you, i was skeptical, so i only gave him general answers to all his questions and yet he was still thrilled! so i asked him what web site his "associate" found my resume on and he said monster.com. problem is i don't use monster and never have in the past.
i decided to schedule a meeting with him with no intention of going on that day and time. when i didn't show, he called and asked why i wouldn't be meeting with him. i told him if he wants to scam me, make up a better story.
he wasn't happy, but i had no problem sleeping that night
I went to one of the meetings today and since the first day I thought this is too good to be true, if that was the case a lot of people would be debt free by now. Anyways I went and everything sounded fine to me and I must admit my friend and I almost fell for it. I decided to do some research since things just didn't look right to me and I found this, I had the same experience you had with the only difference they asked me if I wanted a job in my school. But everything seemed weird to me that a job would just come down from the sky. Anyways I wouldn't suggest anybody to actually take a risk with them or even waste his/her time is really not worth it.
wow the ignorance... Ive been told that there are several companies posing as people out to rip the competition with malicious lies. why is everyone anonymous..are you one of them? ill tell you this I'm not being paid for my opinion or to drop knowledge. But all you haters out there are sadly miss informed. Check it out for yourself instead of listening to a bunch of people who will be in the same position 5-10 years from now. Our products are sound but may not be for everybody as is the case with many companies. When you associate PFS with being a Pyramid you simply do not know what you are talking about. We never claimed to have the cheapest products (in price) but the value you get for what you pay is sound... there are many companies out there that offer similar services if you feel that's for you go with them...some will and some wont.. some like MC Donald some like Wendy's....variety, and we are not going to get where we are supposed to be by tearing down each other....listen the fact is everybody recruits that is just a fact of the business world. If you don't recruit them Xerox will or MC Donald's will so that should not even be an issue...what makes PFS a cult? because we are happy all the time we have fun and we like helping people first b4 we help ourselves? Is it because we help people break out of the matrix while some refuse to be set free; so the choose to smear us instead? Harriot Tubman was interviewed once and the interviewer asked "how do you feel that you have freed over 900 slaves" and she responded "i would have freed much more if they knew they where slaves" very powerful statement. And it shines the light on the ignorance of the day...Just because its different it must be wrong. PFS is different that's for sure. The fact of the matter is People are afraid of change and that is in all the industries you look at. But if you want to stay in the rat race you will continue with your job (cause in order for the world to run we still need people at the gas stations at the MC Donald's at the bank; it just does not have to be you. There are other options and opportunities other than working for a job. You know what we can call your JOB a pyramid...but that might go way over your head... you get paid per hour while your managers supervisors CEO presidents share holders (not in that particular order) Gets paid off of your work and whether there or not gets paid. so they go on the vacations while you work the holidays and that will never change unless you change; your position and your mind. There is nothing wrong with working a job; if your investing on the side, if you learn how money works. But if you are simply a 9-5 drone i feel sorry for you. the people who ultimately become successfully financially free are investors and business owners...read Robert kiyosaki's rich dad poor dad or cash flow quadrants. These very successful people say that if you cant afford to open your own business that network marketing is a very good option and that products are secondary but that training and development is key.
I'M not saying that PFS is the only financial services company out there but it is a damn good one. Don't even take my word for it check it out yourself. Just because we try and change your programing that you have had for so long does not mean its a cult. Schools do the same thing. I would be brave and say that the world and its system is the cult but you are to brainwashed to see it cause its been 20-79years of mass media brainwashing. We are not looking for everybody only the few that are looking for us just like Neo....So we can set them free. Yes we are going public a company cant do that without first being interrogated by the securities commission. And PFS has been winning awards hand over fist and we continue to grow...Oh ya people have said I have tried PFS and it didn't work out for me. this is not something you try this is something you do as if there where no other option. notice i said as if. Let me ask this How many times have you or anybody you know got a membership to the gym at Jan 2nd then quit a few months down the line when you saw it was not as easy as you thought it would be. Or have started school then dropped out... Is the gym bad because you didn't get the results you wanted? Does school not work because you didn't choose to graduate? no! You simply failed you... you quit as you always do....quit. quitters are losers and how many times will you loss b4 you make a change for you and your families. I'm not selling you PFS I'm tackling the mindset that the masses has. Because if more people believed in themselves and believed they were worth change and much more than they were getting we would not be having this blogging session. I know know a lot of these posts are bogus. The facts remain we have a market we go after so does every other successful business and we recruit like every other business. and we are legitimate which has been proven. We will never sell all the products or claim to be the cheapest but our products are good proven by the countless thousands of people we help each year. So it really comes down to preference. What do you prefer. Cause honestly the fraud thing has gotten old....I guess you still call us fraud when we are on the us stock exchange and when we are sponsoring events or when you see our commercials. But the fact don't change the middle market is in Cris's and we are here to help and we can help you open a business that is legal moral and ethical...read the article by rip off report.com if you really want to make an informed choice.
http://www.ripoffreport.com/Financial-Services/Rip-off-Report-Inves/rip-off-report-investigation-9cp7d.htm
Simple!
Primerica ISN'T a scam!
They do sell overpriced prodcuts to the recruits warm market.
The reps are for the most part undertrained when it comes to financial knowledge.
Primerica life insurance is only guaranteed for 20yrs. So if you have a 25,30,or 35yr Primerica it is only guaranteed for 20yrs. (Primerica is the only life insurance company in the industry to do that now. It was common practice 10yrs ago though. Other companies have changed, but not Primerica)
The Ripoff report is a joke. The Owner Ed Magedson is well known for using rip off report for extorting companies for money. It is well known that many companies paid Ed Magedson very well to make an announment very familiar to the one made about Primerica.
Primerica fought long and hard to defeat the Business Opportunity law from passing. This would have ended the companies deceptive recruiting tactics.
Don't believe anything I say do some research yourself. Primerica reps who post on here are clueless and no knowing about the company they represent. I hate to say this, but they are brainwashed!
See you cult members at the top!
So I'll guess we will take your anonymous word for it. After all you know the educational level of all our rep. Get out of here and u can remain in the state your in and that's stupid
Is it true that primeamerica policies are not guaranteed past 20yrs? If so that is BS!!!
Kaleel,
I agree with you about the education level of ALL of your reps, but let's ask you one simple question:
Do you admit that Primerica life 25-30-35 year policies are only guaranteed for 20yrs? If you do agree (because those are the facts) do you think that is a fair product for your clients?
See when your in Primerica anyone who doesn't agree with you (or should I say your RVP) then they are stupid. I have been where you are now and I can tell you that one day you will be the one to feel stupid. Maybe you should verify some stuff before you make yourself look like a fool.
Here are 9 points about Primerica life: (why not verify them. If you disagree please tell me why & what proof you have)
1. Expensive. Typically 30-70% more expensive than other equally or better rated companies. This means you are getting significately less coverage for your dollar!
2. Not Guaranteed - (funny how PFS reps never address this!) Regardless of the term you buy 25,30,35 year term is only guaranteed for 20yrs!!!! There’s no way to spin it so PFSers just avoid mentioning it. (that is called lying when you tell someone they are buying a 35yr level term when we know that’s not the case!)
3. Crap Terminall Illness right - it is only 40% of the face amount up to $250k. Other companies are 50-75% of the face amount and up to $500k-750k. Where is a family better off?
4. Waiver of Premium is on the primary policy owner not the spouse. (something NEVER mentioned by the PFSers)
5. Spousal conversion is VERY expensive. Spouse must convert at their obtained age not the original policy age!
EXAMPLE - Husband & Wife, both 34 yrs old, purchase a Primerica life insurance policy with the husband being the primary & wife as a spousal rider. 20 yrs later the husband dies. The wife WILL get the death benefit from her husband, but decides she would like to keep her own life insurance. With Primerica the wife mus tdo a spousal conversion, BUT, but she will charged the new rate based on her attained age. So she is going to pay the rate of a 54 yr old! Yeah that seems like the right thing to do; right? With other carriers she has her own policy and any changes in her life (Death of the spouse, divorce, etc) does not effect her policy.
6. Preferred Status is only good for renewals if you reach the end of term prior to age 55. If after age 55 you will be rated Standard!
7. Primerica rates are all Unisex. So it is much more expensive for women. Other companies offer male & female rates which allows women to get cheaper premiums.
8. Primerica has only 3 Non-tobacco, 1 tobacco, and 3 table ratings. Other companies have 4 non-tobacco, 2 tobacco, and 6 table ratings. Transaltion better premiums because the company has more options for you.
9. If your agent checks the Standard Non-tobacco box on the life application and you qualify for Preferred the company will not give you the better rate. Whatever is checked on the application is the best rating you will get. With other companies the underwriter uses the Paramed, Blood & Urine, and other things to determine what the best rating would be for the client. If I check the application at Standard and the client could qualify for Preferred best the policy will be issued at Preferred best!!! That is the way it should be.
Please don't be like every other Primerica rep who runs and hides when someone presents them with the truth. Be man or woman enough to admit if you are wrong & if you claim I am wrong prove it. I will be glad to provide evidence directly out of the Primerica life insurance policy and comparative quick quotes.
I look forward to your reply.
im goin to in interview on sat, im gonna ask the rep dude all the questions about higer prices and the 30 year policy and the terminal illness right. I cant lie the money is tempting but i really dont want to whore my family/friends out especailly if some other dbag is gonna profit since im not licensed
Previous poster,
Thanks for your post. I look forward to hearing the response to the questions. I can promise you that he will say one of the following things:
1. The person who posted these questions is just an agent with another company who is upset that Primerica is replacing all of their life policies. We are the only company who does what's right 100% of the time. (By the way - I have NEVER had a policy replaced by a Primerica policy. Everything point I posted above is 100% correct & factual)
2. The person who made these claims is just a disgruntle ex-agent who couldn't succeed in Primerica. There is a good chance that they will call me a looser, whiner, quiter, etc..
If you want proof let's pick the easiest thing to prove. The policies are only guaranteed for 20yr. So if you have a 25,30,35 yr term it is only guaranteed for 20yrs. (Primerica is the only company still doing this! Every other company guarantees their policies for the full term now!!)
Ask him to show you a 25,30,or 35 year term policy. Turn the the page that has the Schedule of Premium. Let's say it is a 30yr term policy. In the premium column you will see that the premium remains the same for the full 30yrs. So it looks like a guaranteed policy! Now look over at the Maximum premium colum.. surprisingly the Maximum premium starts going up after 20 yrs. So in plain english you just proved that the policies premiums are not guaranteed past 20yrs.
Pretty easy to prove!
I look forward to hearing what happens at the "interview". (Of course they called it an interview and implied that it's a job or a position. This is also in violation of the company's policy! They are supposed to tell you that it is a business opportunity!! I'm sure the PFS person forgot to do that.
Man, You're A fuckin idiot. do i bit more research. Maybe put a bit of time into dedicated work in this area. You're obviously a lazy dumbass unwilling to actually make any effort in life. Good Luck.
Previous poster,
You are a total brainwashed idiot. You don't even know how the company you work for works. Typical Primerica idiot comes on here and makes no points.
Why not read the post above yours. You need to grow up and get out of your cult.
Primerica is an individually owned buisness. Which means you own the buisness. Lets suppose you spend $99 for the background check and $71 for the life test. Thats $170 dollars out of pocket. If you do what they ask, then who ever recuited you will reemburse you. But lets say like most people you don't do anything with the buisness for what ever reason. Then for $170 out of your pocket you now have a license to do buisness in the state you live. Also you are entitled to around 400 more tax deductions then you were before, and with a state license the IRS can't dispute it. For the average person thats a hell of a tax return at the end of the year for a $170 dollar investment. For me thats about $15,000 I will get back for uncil sam over the next 3 years. So if you got involved and did nothing its still a pretty good pay day.
I'd be a little wary of any company that requires a cash investment up-front, but doesn't promise at least a minimum salary.
Working on commission is hard enough, without having to pay to do it.
Financial markets are very tricky and hard to understand, as we've all seen lately. Not sure about a company that packages salesmen as "financial advisors" to sell products to families, when neither salesman nor family likely understands the product. Primerica sells life insurance, but how many of their recruits could explain "fixed-income derivative markets" to me? The answer should be "all of them," since that's part of life insurance, but I doubt that's the answer I'd get.
Is it credible to be owned by Citigroup? Not really... we're clawing our way out of a recession right now because of banks like Citigroup. That name, and this industry, aren't known for truthful advertising or concern for purchasers of investment vehicles.
If you could do this for free, it might be worth it. You wouldn't lose anything but your time. It's not worth laying out cash for.
Primerica tried to hire me too, years ago when I was still working retail, how does selling Vitamins in a mall make me the 'perfect candidate' to sell life insurance.
I understand it isn't a scam, and their service isn't all that bad, and they want people to understand that it's a business opportunity, but their willingness to hire 'anyone' and there, shall we say, less then forthrightness, is what gives them a bad name.
Be upfront about what it's about instead of cold calling people and staging fake job interviews.
Quit using Amway style indoctrination, about 'being your own boss', and taking 'control of your own destiny' and being a 'free thinker'.
I've put my time in and I now work a '9-5' with a real fortune 500 financial company in a 'cubicle' with 'a boss breathing down my neck'. Instead of promises of riches, they give me a nice fat pay checque every two weeks and promote hard work with promotions and more pay. They don't encourage me to hassle to recruit my friends either ;D
your mom talked you out of it hahaha, your funny pyramid scams are illegal you really think the state will allow licenses issued? check out on FOX BUSINESS CHANNEL, i know YOU REGRET IT SUCKA!!!
How do you Primerica reps feel selling 25,30, & 35yr life insurance policies that are only guaranteed for 20yrs? Do you reps even know your doing that?
Primerica is an ingenious system that takes uneducated people and sell them on the idea of making tons of money. Who care what kind of crap they sell to your family & friends someday you are going to get that ring! (You reps need to realize that $100k in the financial field is pretty easy to achieve)
Primerica isn't a scam, but 99% of the people in the company are clueless how the industry even works. They sell crap products because their RVP tells them they are the best. THe truth is Primerica products are sub-par at best. The life insurance is some of the most expensive in the industry, not guaranteed past 20yrs, crap terminal illness riders, horrible spousal conversion, etc..
For those who are wondering or made comments of about having to pay a fee up front.. if oyu think about it if you went to school to become a doctor you paid a fee for learning the trade also if you were to get your real estate lisence or your cosmetology lisence you have to pay a fee to take the exam.. The only thing Primerica is asking you to pay for is your background check because how can a company who is working with people and their finances hire someone who went to jail or prison for fraud, identity theft etc. Also they ask you to pay 1 time for taking the exam to get lisenced if you fail then they pay it.. if investing about 200 dollars so you can make a living is sacrificial to you then you might want to look else where like maybe mcdonalds or burger king. Most companies now are requiring a Bachelores degree or some form of college in order to hire you.. just a thought investing in your future to be financially stable doesn't sound wrong to me.
Sarah K,
I understand what you are saying but let's dig a little deeper.
1. Why do Primerica reps continually solicit people for fake jobs? I mean if you rea calling someone from a resume site or a cold contact at their employer shouldn't you mention that it isn't a job & that it's a MLM company that requires you to pay $99 upfront & $25 per month. If you were honest with people on the front end this wouldn't happen.
Now let's look at the business opportunity:
2. Why not tell people they do not own their own business right off the bat. Tell them they must get promoted to RVP & then qualify. (A very small portion of RVPs actually own their solution numbers)
3. Why not tell people about the 2 yr no compete clause & explain it to them.
4. Why not tell potential recruits & new reps that Primerica will fine them $25 per life case that is not taken, decline, or lapsed.
5. Why not tell your new recruits that they will never see a penny in 12b1 trailers of any securities sale they write prior to Regional Leader.
6. Why not tell people that the FNA is nothing more than a sales tool. It is designed to sway people towards Primerica products. It is not a financial plan!
Now for products:
1. Life Ins - very expensive, only guaranteed for 20yrs regardless of the term, horrible spousal conversion, horrible terminal illness rider, etc... If anyone wants to do a comparison look at www.term4sale.com.. you can run quotes there. (Primerica will only show up for 10,15,20 yr terms... since they do not guarantee there premiums over 20yrs Primerica will not show up for 25,30,35 yrs)
2. Investment - heavily loaded & most reps are trained to sell either Legg Mason & VanKampen.
3. Mortgages - littered with fees & the rate is still not competitive.
4. Prepaid legal - same product offered through Prepaid Legal except more expensive.
5. Variable Annuities - expensive product & mediocre returns. The Prime Elite series is some of the worse annuities on the market.
6. Debt Watchers - total joke. This is the same product offered through Equifax except Primerica charges more money.
7. Auto INsurance Pricing - this is a nice service and is all about shopping around to get the best deal. Of course Primerica doesn't want you to do the same thing with any of the other products. Seems a little hypocritical.
The point is Primerica's system is to take uneducated recruits and get them to sell their expensive & uncompetitive products to their family and friends. I know I will rub the PFSers the wrong way here, but they are clueless when it comes to real finances.
Yes I agree with Buy Term & Invest the Difference.... the problem is Primerica sells some of the most expensive term. (30-70% more expensive) So they preach doing what is right 100% of the time, but the truth is they do what's right 100% of the time for the company.
Dear Primerica reps - why not just be honest. Cut out the cult crap and lying to people. Your products are expensive & outdated, but you continue to lie to your family & friends. Realize that the company you love so much could care less about you. You are simply another person who is bring more suckers to the table.
My advise to everyone is to shop around! Never trust anyone person with out going out and checking options somewhere else. I don't care if it's Primerica, Wells Fargo, ML, or another other company. SHOP AROUND!!!
Thank You Thank You Thank You. I was approached by my neighbor the other day about buying some life insurance. I had in the market of obtaining some for my parents. She told me that since she was not yet licensed that she would have to get her "mentor" from the company to come and talk to me. We made an appointment for today. When I got there instead of her discussing packages and rates I was ambushed with promises of riches if I would join their organization. The lady was a pro. I wasn't her first and would not be the last person she would try to rope into this scheme. After she finished her presentation she wanted an answer on if I would be joining up. I new 1 minute in that I wasn't interested, but tried to be polite and say that I would have to think about it. Then that nice helpful woman became aggressive and confrontational. She started putting words into my mouth and pretty much said that I would never amount to anything and that this is my only chance at a better life. It's a good thing that I am head strong because some weak chick would have just let this go on for awhile. I simple told her that I was not interested and walked out. PLEASE PLEASE PLEASE don't get caught up into this. I know times are hard, but pyramid schemes are still out there.
Thanks for the blog,
I was called the same way. First I thought why i have been called, this never happened before that a employer calls a person to be hired; and it is so suspicious when the person is not a master in anything. That person is me.
After reading this blog and comments and doing more internet and phone a friend research, i have planned to go to the interview. Figured it out it is completely a scam. They try to brainwash you as they are doing the best business. you will earn the amount of money that nobody has earned yet. You will get trainings and bla bla bla. you will hear too many examples of other people's success. They will just keep talking without listening to make you bored, out of patience and when you fail to resist your patience they will sell you, you can not say "NO." If you say know you have to hear more words and speech. They will humiliate you saying that you are not a qualified person and you do not have skills to become a great person. then again the ackward speech begins for you. You lose your control and become their victim sorry i mean member. I paid that day to be hired actually to escape from there and never looked back there again.
Don't be fooled, if they say you don't want to be with primamerica because you don't have guts and skills; let them say. you know what you have, be in it.
I hate primamerica and all other legal crimanals who play with our conscience and life.
RESEARCH
Google Jesus, IBM, Obama, or anything and you will get both good and bad feedback. I suggest that people research & differentiate between opinions and facts.
MARKETING
Now for those that were "coerced" to come in for a job interview, I do not agree with that method. Some offices unfortunately advertise their Primerica business that way & me being a Primerica rep, do feel that's deceitful. Every now & then we get some bad apples, which feel the need to promote "their" business in such a way that could leave a negative affect on others.
"PYRAMID/SCAM"
To be honest with you, I came from the corporate background before joining this company, and my perception of this company was " this is a pyramid". It was the idea of "someone at the top, making all the money". What I found out is, that's 100 percent true!! In fact the Government, Corporate America, and most structures work the same way. Here is the difference in MLM (multi-level marketing); you truly do have the opportunity to advance to the top with HARD WORK, motivation, determination. Think of this type of "word of mouth advertising" (by recruiting ppl), like the billion $ business, FACEBOOK; one told one that told another and so on. Some say we are a scam, but we are in the Financial Services industry. That requires State & Federal licenses. We recently went public on the NYSE which also legitimizes our company.
MONEY
Let's deal with two concerns. The first one is the "start-up" cost to join this business; its a $99 dollar investment. The reason most individuals have a problem with this concept, is because we recruit "employees" to a "part-time opportunity" to make extra income. An individual who wants to purchase a franchise such as McDonalds, AppleBees, or Jamba Juice; their mindset is "business ownership". The correlation between the two is that both individuals want to make money, however in most cases their mindset is different. My point is, if you are looking to join this business, understand it's a part-time or full-time BUSINESS. Not just a part-time opportunity to make money. To that end, you will have to INVEST in your business to grow this business or any business. Think of how much advertising costs these big corporations spend a year, millions of dollars. We spend money on gas, brochures, business cards, & optional seminars. There is no comparison in terms of cost, but very similar across the board when it comes to HARD WORK!
OUR CRUSADE
If you research the company's history or read the book "COACH" by Art Williams (the founder of A.L. Williams Co.) it will give you insight on how our company got started. It wasn't started as a "great business ideal" like most businesses start. It was started as a crusade to correct the injustices of the life insurance industry. Think of the crusade, "M.A.D.D." (Mothers Against Drunk Drivers). We have grown to become a credible 33-year-old company, which recently went public on NYSE as of April 1st 2010 (ticket symbol "PRI").
JOB or BUSINESS?
No Primerica is not a job; it’s a business, or what my husband likes to call a meritocracy. Whatever you put in is what you will get out of it. Its your opinion, rather or not you feel a job with the "stability" of a consistent check is better than the opportunity to work hard and get paid for your efforts through commissions. However I will say that in this recession, I know more people who have put long years (in excess of 15+) into their jobs/industry just to end up either laid off, or reduced hours (such as fur low days), with limited or no options. I also come across people whose jobs have not been affected by the economy, but they still have tons of debt, no savings, and no money to retire. Is the corporate system broken? If there is no financial education, in most cases unfortunately it is.
To the poster at 9:08,
First & foremost I was a rep with Primerica for over 13 yrs and I was one of the most successful reps in my state. The reason I say that is so that you realize I am not someone who went to an office a few times then developed my opinion.
First off Primerica isn't a scam. The majority of offices are very pushy, the products aren't that great, and the majority of reps are uneducated in finances, but they are not a scam. Sounds like to me you dealt with a horrible office.
Consider yourself lucky that you did... In Primerica you will only succeed if you continue to recruit people to tap into their markets. Their business model is ingenious, but it does come across as cult-like.
I will address the products in my next post.
I would suggest you contact Primerica Home Office in Duluth GA and report the office & person attempting recruiting you. That is ridiculous how you were treated.
I will say though that 99% of the Primerica reps out their are good people "believing" they are doing the right job for their clients. (Unfortunately you will see in the next post how wrong they are) This is where the cult-like vibe comes from. Regardless of the facts that are presented to devoted Primerica reps they refuse to believe those facts. Sooner or later they will learn the truth and feel like fools for believing the hype for so long.
Anonymous Poster from 2:58pm,
I read your entire post and I commend you on being a supportive partner in Primerica. I hope you take the time to read my entire post and validate it yourself. My wife & I were like you & your husband for over 13yrs and we loved Primerica. One day we finally realized how we had been mislead & we made the decision to resign from Primerica and go to work as independents. This way we were able to do the right thing 100% of the time, not just tell people we were doing the right thing. (This was not an easy decision since we were making $100k per year with Primerica for 9 yrs!)
Please read my response to your post & my points for you to follow up on.
Research - This is EXACTLY what I trained my Primerica reps to say to people when they questioned Primerica based on anything they read on the internet. What you do is teach your reps to discredit everything they read then the rep doesn't verify anything said.
Marketing - I agree with most of your statement, but you have been led to believe that it is your business. SO you have been deceived too. You do not own your Primerica business! PFS reps are captive agents selling expensive products at a very low compensation. No matter how they dress it up the IBA you sign gives the company 100% protection & nothing to the rep. Selling it as owning your own business is extremely deceptive. (Even the majority of $100k earning RVPs don't own their solution numbers! Scary huh?)
Pyramid/Scam - Again this is exactly they way I taught my reps to overcome objections. The reason Primerica gets this label is the recruiting tactics used. The whole "own your own business", interview, and the crazy way Primerica reps act lead to people looking at it like a scam. PFS reps refuse to address the facts and talk in double speak.
continued in next post
- continued -
Money - I agree with you on the $99. People are silly when they complain about this, but if you think you are going to a job interview then they pop the $99 fee on you I can see where people get upset. When people are getting recruited into Primerica they should be told this is a MLM company! PERIOD!! Now the rip off is the $25 per month that Primerica charges. I know you have been trained to look at it as a business expense, but this is something other carriers offer for FREE. Primerica makes $30 million a year off of this stupid fee alone!!! Primerica also loves to nickle & dime agents on their cost items. You are trained to believe this is okay, but the truth is EVERY OTHER carrier provides this stuff for FREE!!
Our Crusade - This is the biggest joke I hear Primerica reps talking about. First off Primerica today is NOTHING like AL Williams!!! Back then they focused on providing the client the best products & took care of their sales force. Now it is the opposite. Primerica sells some of the most mediocre term & expensive term in the industry. Some of the most heavily loaded Mutual Funds & Annuities, and one of the most fee littered mortgages around. They charge the client tons of money, but pay the reps very little. (yes even the RVPs) Primerica's focus is to take care of the big earners ($500k and up) and the company. I will explain more in the next post.
JOB or Business - Neither! It is a MLM company that you own nothing in! Look at the IBA you will see the PFS rep is never protected. PFS reps are captive agents only!
My next post I will point out issues with Primerica that you can verify, but you seem like a smart enough women to step back and look in on the company you & your husband love. I will tell you that once all of the facts come together & are verified, and you truly are a good person, you will feel as taken advantage as we were.
Remember your RVP might feel like your best buddy now, but start asking some questions and you will see him turn on you. Remember Primerica RVPs want you to be a drone & in the dark. That is why people are indoctrinated to "be coachable" and "follow the system".
Please verify what I post and reply:
(Your RVP/field trainer will tell you that I am a looser, whiner, quitter, or someone who couldn't make it in Primerica. The other thing they might lie about is saying that I am another agent pissed because Primerica is replacing all of my business! Both are lies and something to try to discredit me! I only believe in Buy Term & Invest the difference & I have never had a policy even come close to being replaced by a Primerica policy. Also I have replaced every Primerica policy I have ever written and always saved the client money!)
So what’s wrong with Primerica insurance?
1. Expensive. Typically 30-70% more expensive than other equally or better rated companies. This means you are getting significately less coverage for your dollar!
2. Not Guaranteed - (funny how PFS reps never address this!) Regardless of the term you buy 25,30,35 year term is only guaranteed for 20yrs!!!! There’s no way to spin it so PFSers just avoid mentioning it. (that is called lying when you tell someone they are buying a 35yr level term when we know that’s not the case!)
3. Crap Terminall Illness right - it is only 40% of the face amount up to $250k. Other companies are 50-75% of the face amount and up to $500k-750k. Where is a family better off?
4. Waiver of Premium is on the primary policy owner not the spouse. (something NEVER mentioned by the PFSers)
5. Spousal conversion is VERY expensive. Spouse must convert at their obtained age not the original policy age!
EXAMPLE - Husband & Wife, both 34 yrs old, purchase a Primerica life insurance policy with the husband being the primary & wife as a spousal rider. 20 yrs later the husband dies. The wife WILL get the death benefit from her husband, but decides she would like to keep her own life insurance. With Primerica the wife mus tdo a spousal conversion, BUT, but she will charged the new rate based on her attained age. So she is going to pay the rate of a 54 yr old! Yeah that seems like the right thing to do; right? With other carriers she has her own policy and any changes in her life (Death of the spouse, divorce, etc) does not effect her policy.
6. Preferred Status is only good for renewals if you reach the end of term prior to age 55. If after age 55 you will be rated Standard!
7. Primerica rates are all Unisex. So it is much more expensive for women. Other companies offer male & female rates which allows women to get cheaper premiums.
8. Primerica has only 3 Non-tobacco, 1 tobacco, and 3 table ratings. Other companies have 4 non-tobacco, 2 tobacco, and 6 table ratings. Translation better premiums because the company has more options for you.
9. Finally the one that I think is the biggest scam with Primerica. If your agent checks the Standard Non-tobacco box on the life application and you qualify for Preferred the company will not give you the better rate. Whatever is checked on the application is the best rating you will get. With other companies the underwriter uses the Paramed, Blood & Urine, and other things to determine what the best rating would be for the client. If I check the application at Standard and the client could qualify for Preferred best the policy will be issued at Preferred best!!! That is the way it should be.
Primerica Business Issues
1. You don't own your own business.
2. 2 yr no compete clause that is hardly ever disclosed.
3. You never make a single penny in trailers on securities sales written prior to Regional Leader. EVER!! (something that most reps don't even know) <- Primerica is the only broker/dealer to rip off their reps like that.
4. No E&O insurance. <- SCARY!!! Read your IBA you are not protected by Primerica since you are in independent contractor you are on your own!!!
5. Compensation is extremely low. The average street comp on term insurance is 85% + bonuses. Primerica starts you at 25% then you might get lucky to make it to RVP. Some of their compensation is at 95% + bonuses, but check out the quick quotes & you will see that most sales now RVPs make around 60% because of their new banding. (Clients are still paying insanely high rates for the insurance, except the agents make much less than the industry average)
6. Break point on Prime Elite Annuities - This is unheard of and only Primerica does it. Basically the the PE series charges more fees in their VA than other VA carriers, but they use breakpoints to cut commissions to their sales force. (Chris Howard threatened to walk and take his hierarchy because of this, but low & behold a few weeks later John Addison came up with another bonus pool for the "big baseshops" and they he was happy again! Funny how that happens)
7. FNA is sales tool that is designed to sell Primerica products. It even says so on the disclosure page, but Primerica reps treat it as a financial plan.
8. $mart loans are some of the most heavily loaded mortgages in the industry. Of course the pay for the reps are horrible! They are even worse no because they cut out the overrides & fixed the comp. The $mart solution center is telling the reps is has to do with HVCC which passed this past year, but that is a lie. They are cutting compensation because the reps don't know any better and keeping them in the dark and uneducated allows them to peddle probably one of the worst fixed rate mortgages in the lending industry.
I know that my post comes across and hateful, but those are not my intentions. I loved Primerica and thought I would be there forever. The problem is once I learned the facts I felt not only was I deceived but I deceived my client (friends & family) too.
See I am one of those people who believe in doing the right thing. How could I represent a company that uses it's reps to take advantage of their warm markets.
I left Primerica & now I do the right job 100% of the time. (I have also doubled my income compared to Primerica!)
Seriously if the non-guaranteed life insurance doesn't get you I don't know to say.
Funny thing bout this company is they are legit. I received a call from them yesterday at my parents house phone. I haven't lived with my parents for years and have my own mobile line, so in calling them back, asked how they acquired my parents contact number, and didn't call me direct on my mobile. I was interested to hear they had a faxed copy of my resume that existed somewhere from 5 years ago.
The woman who was recruiting me was pleasant, but pushy, to talk to, and tried to convince me that I'm perfect for this job and would excel in the position. I told her that my trade is welding and am currently a nuclear welder who also attends college to finish my bs in environmental science. She told me I'd make more money doing this and shouldn't waste my time finishing college. That was the point where I hung up the phone.
There seems to be a few people leaving comments that actually work for Primerica on this blog site. I say kudos to you for making it work for you. As for me, I'm not investing money into a job that does not guarantee any recovery of initial investment or salary/commission return.
One more thing. To the fellow or ma'am working for Primerica, remaining anonymous and bashing blue collar workers or 'structured' employment such as food or service industry employees...you can come work with me, or others like me, who weld cracks inside live nuclear reactor pressure vessels, buss tables, collect trash and whatnot, because without us, your bluetooth headset, quad core computer and prepackaged food you buy wouldn't exist.
Thanks,
Rob
Well said Rob!
What happened to you happens to people everyday. Primerica reps make it sound like they are just out honestly recruiting people, but 99% of the time they use deceptive recruiting tactics.
In Primerica's defense they do have guidelines the prohibit recruiting from Resumes, but since Primerica agents are independent contractors they just ignore it.
Here are the facts:
1. The Primerica reps MUST recruit to get to the next level. That is why they are so pushy and will resort to ANY tactics to get you to join "their team". These people are so brainwashed that they are going to be the next RVP that they will do anything they have to do get there. (of the 678,000 people hired over the past 3 yrs they have only increased their licensed reps by 3400 people! What does that tell you)
2. They need to recruit in order to sell more products. They hire you and get into your market to sell products. The reason they do that is because their products are so expensive and mediocre that they can not compete on the open market. If you go into a recruits warm market the chances of them shopping around is very low. This is the secret of Primerica.
I can say all of this because I was with Primerica for well over 10yrs and opened my own office, ran those meetings, trained the reps, etc.... One day I realized how brainwashed I was and got out and started working independently.
Consider yourself lucky you saw through it quickly!
To all of you reps defending Primerica how can you not see this happening over & over again? Seriously when you go out "prospecting" don't you realize you are acting like a fool? Step away from the kool aid for just a second and look at everything openly.
Ask about the point above... I think you will be shocked at what you learn
It seems to me that almost everyone that writes is 'anomoymous' like they're afraid to stand up with their God given name and state their feelings. My name is Larry B. and Primerica works for me. It is my own business I think like a franchise. I do have a person working for me that I have recruited,but that person is also his own franchise. When I go into someones home it is because I've been invited and they have a need to bail out of the situations that they are in. Our goal is to educate the client, show them where they can save money and how to do it. Call it 'bill' rearrangement if you will, and for this service we don't charge a dime. Yes I work on commission, but the company pays me for what I do and not for what I don't do. That's the reason why it is so difficult to give up the hourly job. It's secure, you get paid for what you do and you get paid for what you don't do. It's a fact, don't deny it.
The hourly job that we all have had can also be called a pyramid. You work and all the dollars that the company makes goes UP. The foreman gets more than you do, the section manager gets more than the foreman, the general manager gets more than the section manager, the regional vice president gets more than the general manager, the vice president and the president get more than anyone; and don't you sometimes wonder what they do to make that kind of money. In Primerica you will know exactly what you have to do to make the money that you want to. Primerica is about helping people, about showing people how to help themselves. If someone from Primerica helps you with something for the good of lining his own pockets then that person is the scam artist; NOT ME. Unfortunitly there are bad people in every organization. Yes it cost me to join if you will, $124.00 to be exact and then $25.00 per month for the services of knowledge. I know that I have spent that kind of money and more on less. How about you????? Listen open minded to what Primerica has to say and make up your own mind constructively. I think if the answer to go to work for Primerica is NO then you have no right to call it a scam. If however, you purchase something and are not satisfied with the product for devious reasons, then yes it is a scam. BUT, REMEMBER the end result lies entirely in YOUR HANDS.
If you're out of a job and not doing anything anyway then try Primerica, If you want something part time then try us. [we all know that sometimes part time turns out to be ful time] why because we've applied ourselves. Life is what you make of it. Are you honest, hard working and want to support your family and loved ones or are you a SCAM ARTIST??????
Larry B,
Thanks for your post! Let's see if I can finally get a Primerica rep with the honesty & ability to answer one simple question. I have made many points in the past and have yet to hear a response.
You stated - "you purchase something and are not satisfied with the product for devious reasons, then yes it is a scam."
Based on that statement how do you feel about the 25,30,and 35yr term life products you sell?
Since those products are only guaranteed for 20yrs isn't it "devious" and dishonest?
Just curious if 1 Primerica rep can articulate to me how they feel it is okay to sell like products that are only guaranteed for 20yrs while pretending like they are truly 25,30,&35yr terms?
Thanks for your time I would love to hear a reply.
Larry B,
I debated even bring this up, but I couldn't let it pass.
You stated - "It is my own business I think like a franchise. I do have a person working for me that I have recruited,but that person is also his own franchise."
That is not the truth! You are misleading yourself and every person you recruit. It is not your business. The IBA states that all business, clients, brochures,and anything else belongs to the company. Upon your resignation or termination you are required to return everything to your RVP. (Yes this includes the items you purchased yourself). Also to take a step further if you are terminated or resign your 2 yr no-compete clause becomes active immediately. You are not permitted to contact any reps, clients, etc..
So you claim to own "your own business", but that is a lie. You are an independent contractor captive agent to Primerica. You OWN nothing!
This is one of the main issues people have with the company. It is the constant misleading of the facts.
As I have stated many times I will only post when someone lies about Primerica. (Either for or against Primerica)
Primerica is a MLM company exactly like Amyway or Herbalife. I know you hate to hear that, but it is the truth. You MUST recruit to move forward. Because of the system Primerica is able to market expensive & mediocre products to those recruits family. Is it a scam? No! On the other had are you misleading people? Yes!
Cut the lies about owning your own business and doing what's right for the client 100% of the time. There are people like me who have been in the company for a very long and have forgotten more about Primerica than 99% of you reps will ever learn. Facts do not lie.
Scroll up and read the points about Primerica life, Primerica shareholder svcs, the IBA, and the $mart program.... I look forward to a reply! Be the first to actually many up and answer the questions without the MLM double talk and games!
I worked for Primerica for 2 years. It is a great company if you are good in sales. I believed in the products and still do so I was able to sell very well. The only problem is they don't help you find contacts. You have to do that on your own. I wasn't good at "drumming up business". I got licensed in everything they have to offer and did make money. I also spent a LOT of money going to seminars. The seminars are optional but they do PUSH you to do anything that will keep you in the sales pushing attitude. If you love sales and are good at it this company is right for you as a part time or even full time employment. If you aren't don't waste your time.
To the [2] PRIMERICA USED TO BEE'S.
To tell you the truth anybody at any time can find an excuse to not like something. At this point I happen to like what I do for people interested in Primerica. No everybody can't be helped, simply because we choose to live the way we do and don't want help. Others that do want help can't stay with the program and fall off the wagon. And, maybe Primerica is not a business, but don't bust my bubble. I've been in business for myself and yes I do know the difference in what you're saying.
As for not being able to help everyone 100% you,re right, for some of the reasons mentioned above and if we as individuals are honest in what we do sometimes we just can't help others, so in my opinion why force it. But, that's me.
I just sold a young lady a 20 yr. term policy to replace a whole life policy. She had a $60,000.00for about $70.00 a month. I sold her a $150,000.00 term policy and she pays about $49.00 a month for 20 years, no increases. If she wants, the first year is free, and then any following years she can increase the face amount 5% compound for about $1.00 a month or she doesn't have to, but the first year increase is still free. At the end of 20 yrs. she can continue on with the policy with no medical approval. She also understands that if she continues on at the end of 20yrs there will be in increase in monthly payment in accordance with her age. I have been up front with this person, she understands everything and has consented to the policy. WHY AM I BEING DISHONEST. Yes there are probably people in Primerica as well as your own feild of employment that are dishonest, but that doesn't make you or I dishonest.
That's all fella's I have to say. I just don't feel like being negative at this time.
Hope you don't think to ill of me.
Larry B.
Larry,
First we agree that BTID is the way to go. I do believe there are certain situations where cash value makes sense for the client, but 99% of the time I believe term is the way to go.
Also I agree with you about the 20yr term policy and explaining it to the clients, but my question is how do you feel about the 25,30,35 yr term policies that Primerica sells. Don't you see how dishonest that is for Primerica to do that to people???
I was you at one time. I loved Primerica until I started seeing things for what they were. Primerica doesn't put the client first or even the agent first.. It is all about profits.
Just do some research on the points I made above.
You should know that you can become an independent business owner with a brokerage house and have access to superior term policies for a fraction of the cost your clients are paying Primerica. You as the writing agent will actually make nearly what your RVP is making if he wrote the sale himself.
The whole point I'm trying to make is to educate people. If a person is considering buying Primerica life & they come on line they should learn what questions to ask. 100% of the points I have made about the products & the opportunity are correct.
I have said MANY times Primerica is filled with some of the nicest people in the world, but the RVPs take advantage of this and do not educate the reps. I think, based on your postings, that you are a good person and want to do the right job for your clients & your family. Just look into what I am saying.
I truly wish you the best! It sounds like a client would be lucky to have you as their Primerica rep.
So if this is a pyramid scheme then why would this company break away and go independent from citigroup after all that bs with AIG and what not? Also if why would they be one of the only financial companies to go public (3/20/10) in a recession... lol and cult like?!? sorry but if u want be financially independent and life that great life you have to work hard and dedicate yourself to it. Im 24 years old and do not work with this company but my dad does. After 14 years he is a senior vp for the state of texas. I guess to put things simple he can do whatever whenever and never has to worry about a thing. Your personal work ethic will either make you sore in this company or you wont make shit if u dont want to work, my dad is living proof.
So let me ask you one question even a 24 yr old can answer.
How would it make you feel to buy a 25,30,35 year term policy only to find out later that it is only guaranteed for 20yrs. (What that means is after 20yrs the company can raise your premiums)
Primerica does EXACTLY that. Also they are the only term carrier to still do this kind of crap to their clients.
Thanks for the article. I just received the exact same call. I have no use for MLM. I grew up in an AMWAY household. Several of my relatives used all the same catch phrases these Primerica fools are spouting 30 years later.
“Think outside the box (cubicle)”
“Old system Vs new system”
“Drone mentality.”
“Work the system, instead of the system working you”
Blah blah blah
Don't get me wrong, some of my family made decent money at it, but IT IS NOT A JOB.
It is a self employed sales opportunity.
That said, when I sale something for a company they keep part of the money, fair enough. Your so called managers and assistant managers and so on, provide support. I.e. they usually do something for the business to justify their expense.
Auto dealerships spend millions on advertising, generating leads for me. They carry all financial risk and insurance needed.
A Real Estate Broker employ’s me as an Agent, he provides the office, tons of advertising, huge insurance policies, access it thousands of records and leads which I would have to pay money to get if I was an independent.
Etc, etc.
Why would I want to give a portion of my income to someone higher up the ‘pyramid’ that does absolutely nothing to help me make more money?
I have no time for a group unethical enough to call me and offer me a "job,” when what they are really offering is a service. I don't find the company as a whole objectionable, but misleading recruitment is a huge warning sign.
Aloha from Maui! Everyone seems to have a very sensitive issue of Primerica and it is funny how I see both side. I am a Primerica Agent, has been for a while. I am a license agent. Wonderful thing about this company is they push you to be the best that you can be. I took the course for Life Insurance and passed the exam. That was my 1st step of knowing that I can continue my studies. I took my real estate license and passed, I took my an appraisal classes and studied appraisal in real estate. Overall what I am trying to tell you about me is that Primerica opened my eyes that I don't have to choose the 9-5pm job, but still I could if I want and still do sales in insurance, real estate and just keeping your mind to explore and do what you want. Now I didn't make much money with Primerica because I am not a person who try to recruit but I used my talent to try to help people with insurance they need or long term care. On real estate I help people who need to sell or buy. How much you want to work is up to you and that determines your paycheck. I do not consider Primerica as a scam, the same to any insurance company or real estate company. Some people are not into sales base on commission. I keep taking my CE course and keep my license active every year because someday I might just do it full time. I am more into real estate so if anyone wants to invest in Maui, Hawaii please let me know. Hang loose!
Wow.. Maui, you live in heaven!!
Thanks for your approach to Primerica. I was with Primerica for a long time, but we both have to agree that a lot of Primerica reps, a very large percentage of them actually, do a lot of unethical recruiting. That is the reason this blog was started. Still to this day they continue to "recruit" people by making it seem like a JOB. That's the number one issue I think a lot of people with negative experiences with PFS.
I'm just curious how you feel about Primerica life insurance. Are you aware that Primerica 25,30, and 35 year life insurance policies are only guaranteed level for 20yrs? So the premium can go up after 20yrs regardless what the term length is. When I learned this I felt uneasy about selling those products and only sold the 20yr or less products.
I just was curious what your take on that is. Do they teach the reps this? If so what do they say? I will tell you that I am working with a term only insurance brokerage house and Primerica is the only company I know of to not guarantee their premiums for the full length of the term. (25,30, 35 yrs)
Mahalo
Primerica needs to provide some spelling and grammar seminars. What I see from everyone defending Primerica appears to be written by a fourth grader. There is not a chance in hell I would take financial advice from someone who cannot even form simple and grammatically correct sentences. There is even a spell check on this thing that underlines misspelled words in red. So far, the only word it keeps underlining is "Primerica." This should have been your first indication that this company sucks.
I am also almost certain that everyone defending Primerica is quoting from the same stupid brochure too. It all sounds exactly the same. Just a bunch of smoke being blown up a bunch of unsuspecting, gullible people's asses who just don't know any better.
Any company that has to sell the job to you (not you sell yourself to the job) is clearly a waste of time. If I have no education or have no relevant qualifications for a job but someone is actively trying to recruit me for it, red flags are going to be going up all over the place. There is a reason so many people hate this company.
It's also pretty messed up to even get involved in your family's finances. I was extremely offended when my cousin tried to stage a meeting at my place to go over all my finances so he could help me get out of debt. I just told him to google my job salary (gov't pay scales are public info) and he will see I don't have any problem with debt and to mind his own damn business.
All you people need to put down the Kool-aid and see this for what it really is. Also, learn how to spell and operate the "Caps Lock" key. It will make for much smaller headaches while trying to entertain myself by listening to you trying to rationalize your waste of time job. Yes, it is just a job. And yes, all you cult followers have been cracking me up for over hours while I read through this. Thank you for lowering yourselves to this level for my entertainment purposes.
Hi. I work for Vector Marketing, which is a similar structure to PRIMERICA. I guess you could call it a pyramid scheme. but whenever you see something with a pyramid scheme, it doesnt mean scam, it means a very efficient way to make money.
they are not a scamming you unless they are literally taking something away from you.
they even do what they promise they will! and even companies that don't DO what they say they will arent realy scamming you!
I will say this about all of it. I got “The call” last Friday. The woman was a collage of abrupt, but friendly and also abrasive. I got a kick out of her.
She asked me if I was "Tired of Working Hard to Make Someone Else Rich", and also sent me an email title: Are You Tired of Working Hard to Make Someone Else Rich? after I declined the interview. At first I agreed to visit with her to get her off the phone and to ponder the whole thing over the weekend. Pondering brought me to this blog, 2nd line down on my Google search box when I searched Primerica; NOT Primerica scam. For what it’s worth, if that says something, it says something.
Sure, sales are a part of the economy and someone has to do it. Primerica is too big to exist as a scam. BUT… the more I read this statement from my own personal solicitor: “Are You Tired of Working Hard to Make Someone Else Rich”? I became more and more infuriated. My answer to that question is as follows:
No, I am not tired of helping someone else get richer.
It is these very people like ‘her’, who backed out of their corporate jobs, and usually because they are not good at their corporate jobs or were just square pegs. In the dot come era they quit those and ran off to sit at home at the computer and reel in the money while in their pajamas. They bragged about all the money they were reeling in and bought things they couldn't afford right off the bat. To showcase an example -- Reality TV - From the mouth of tacky neuvo riche Tamara on The Real Housewives of Orange County: “My husband’s Tequila import business is slowing. We now have to sell out 2-million dollar house because of the economy”. Good luck on that one - this guy probably didn’t function in a real job - how’s he going to get one now after years of pushing tequila from his computer? I understand this man is living in an apartment now in Santa Ana (I’m just kidding; sort of).
People stay in real jobs for a reason. If the company is solid, they have income stability. Maybe less than the Tequila pusher but in the end, they have a steady income, paid vacation, medical insurance, a home that is probably well on its way to becoming mortgage free, and a retirement plan and if they’re even luckier; like me they have a pension plan.
No thank you very much, “Mary from Primerica”, I will not help you help me get richer than everyone else.
For those of you on the well-regarded unemployment plan -- do you really want to give up a "sure thing income" while you look for real work -- for finance plan whoring for your agent?? 1099 -- I don’t think Unemployment sees that as unemployment.
Also consider this; especially young females. Do you really want to go knocking on doors and sit in stranger’s living rooms or at their dining room tables going over their finances?? Just don't drink the coffee they serve or eat the food they may offer..... you never know....
I’m sure the job is legit but who wants to DO it???
I will say this about all of it. I got “The call” last Friday. The woman was a collage of abrupt, but friendly and also abrasive. I got a kick out of her.
She asked me if I was "Tired of Working Hard to Make Someone Else Rich", and also sent me an email title: Are You Tired of Working Hard to Make Someone Else Rich? after I declined the interview. At first I agreed to visit with her to get her off the phone and to ponder the whole thing over the weekend. Pondering brought me to this blog, 2nd line down on my Google search box when I searched Primerica; NOT Primerica scam. For what it’s worth, if that says something, it says something.
Sure, sales are a part of the economy and someone has to do it. Primerica is too big to exist as a scam. BUT… the more I read this statement from my own personal solicitor: “Are You Tired of Working Hard to Make Someone Else Rich”? I became more and more infuriated. My answer to that question is as follows:
No, I am not tired of helping someone else get richer.
It is these very people like ‘her’, who backed out of their corporate jobs, and usually because they are not good at their corporate jobs or were just square pegs. In the dot come era they quit those and ran off to sit at home at the computer and reel in the money while in their pajamas. They bragged about all the money they were reeling in and bought things they couldn't afford right off the bat. To showcase an example -- Reality TV - From the mouth of tacky neuvo riche Tamara on The Real Housewives of Orange County: “My husband’s Tequila import business is slowing. We now have to sell out 2-million dollar house because of the economy”. Good luck on that one - this guy probably didn’t function in a real job - how’s he going to get one now after years of pushing tequila from his computer? I understand this man is living in an apartment now in Santa Ana (I’m just kidding; sort of).
People stay in real jobs for a reason. If the company is solid, they have income stability. Maybe less than the Tequila pusher but in the end, they have a steady income, paid vacation, medical insurance, a home that is probably well on its way to becoming mortgage free, and a retirement plan and if they’re even luckier; like me they have a pension plan.
No thank you very much, “Mary from Primerica”, I will not help you help me get richer than everyone else.
For those of you on the well-regarded unemployment plan -- do you really want to give up a "sure thing income" while you look for real work -- for finance plan whoring for your agent?? 1099 -- I don’t think Unemployment sees that as unemployment.
Also consider this; especially young females. Do you really want to go knocking on doors and sit in stranger’s living rooms or at their dining room tables going over their finances?? Just don't drink the coffee they serve or eat the food they may offer..... you never know....
I’m sure the job is legit but who wants to DO it???
I have to say it is sad to read comments like these. You have a company that has besically been a victim of this type of criticism since its birth. I am a district leader with this company on a part time basis. It gives me hope everyday. I am a school teacher. I teach algebra at my dear ole highschool. We, me and my fellow associates, receive a pay decrease this year because of the lack of funding. The word is there are more to come next year. Secure career yeah rite. I can't tell you how crippling it feels to not be in control of your income. I can't go to work be the best teacher in the school and make up for the income. See I am a teacher and your worth is measured by your seniority not if you are a great teacher. I get the same pay as the driver's ed teacher or that of the P.E. teacher and I teach Algebra.
See, I have read alot of comments for and against primerica. However, I don't know if people understand what this company was truly built for. Above everything this company stands for, the first is Financial Independence. This is why we offer a great(I would say the greatest) business opportunity. Did you hear that Business? If you do not understand that you need to ask more question. This is the reason for recruiting. Every business recruits. If you do not want to recruit than tell the preson that up front. They will glady answer your prayers of being self employed. Meaning if you get sick you have to say home and you don't make money. However, if you are part of a team and teach the team to build a team, than we you get sick you still make money.
However, this isn't about money its about helping people. If your more interested in making money over helping people, we don't want you as a teammate anyway. The money is a by-product. We do what's right 100% of the time. Now I know it might be some that ruin it for the whole but more than most do what's right.
People are so negative on this type of sight. Yeah we stay positive we have to as you can tell. We are up against alot of opposition. You see I didn't say competition because their is none. I will back that up any day any where product for product feature for feature we have the best product.
Yes we are Primerica. We help protect families from getting ripped off by cash value life insurance. We teach people how their product works. We teach them how to get out of the insurance business. We give our clients a complementary financial game plan that shows them a more efficient way to get out of debt, save for retirement, and/or college for the kids. And after we do all that, we offer our clients a opportunity to make additional income or build a business that pays them if they work. We understand that all careers are learned. This is why the person that didn't graduate from highschool can make it here or the person that graduates from the best medical school goes on to do his clinicals, which is basically were he slaves for free, then to become a doctor and notices he just created himself a J.O.B. Meaning if he is not at the hospital he doesn't eat. However, he to can make it in Primerica.
Now there is only one problem with all of this. It involves a little thing that most try to avoid and that's work. Yes you have to work here. It's not easy. However, if it was I wouldn't be here because it wouldn't be worth it. Its just like the gym alot of people sign up but only a few put in work. I don't understand how people want something for free. They want to show up and just be and RVP. I bet if this was a salaried job we would even be having this conversation. It would be the norm than and everyone would love us.
JB,
I hate to be rude, but do you hear yourself? You have been indoctrinated in Primerica for so long you can't even see it. You claim that people want to avoid "WORKING" that is the problem with Primerica. You really need to step back and look at what you are saying. Get away from the hype and look at facts.
You say "We do what's right 100% of the time" - well let's look at the facts.
Primerica Life
* Is the only company that sells 25, 30, and 35 year term products that are not guaranteed. Primerica policies are only guaranteed for 20yrs.
* Primerica's waiver of premium only covers the primary
* Primerica life insurance is extremely expensive compared to other term carriers.
* Primerica's terminal illness rider is one of the lowest terminal illness riders in the country.
Business Opportunity:
* Primerica securities licensed reps do not receive any trailers on any investments written PRIOR to regional leader. (Primerica is the only broker/dealer to rip their reps off like this) - I bet that little fact is left out of the opportunity. (PS - the recruits Regional Leader & RVP make the trailers FOREVER! I'm sure that's why they don't tell you)
* You are fined $25 per life case for any policy lapsed, declined, NTO, etc... This is in addition to the chargeback. Something most reps should be told.
* Primerica has a 2 yr no compete clause that becomes effective when the recruit is terminate. (Something else rarely mentioned to new recruits. You DO NOT own your own business in Primerica)
* You need to give up your most productive "legs" to get promoted to RVP. (1 regional leader, 2 div leaders, or 3 district leaders) So all that hard work just given away. (Primerica convinces you this is a good thing because you give away one time and get from them on out. It is BS and a huge rip off to the rep) (Is that mentioned to recruits)
I could go on & on, but you should realize that you are no working for the company you think you are. You are selling expensive, nonguaranteed products, to your family & friends. While you are doing this you are making a fraction of the money you should be.
See you could sell truly do what's right 100% of the time and make more money. Primerica reps are brainwashed by their RVPs to believe this crap.
Let me ask you a simple question:
If you were say paying $100 per month for a 30yr (non-guaranteed) term $1 million policy. For the same $100 per month you could get a GUARANTEED 30yr term $2.25 million policy. (Both companies have the same ratings!) What would you choose??? This is my EXACT personal life insurance policy that drove me to leave Primerica. I got sick of lying & misleading my clients! (Most of which were family & friends)
(Not to mention. Waiver of premium on both spouse & primary, double the terminal illness rider of Primerica, cheaper premium, actually guaranteed for the full term)
Do some research! You will be shocked at how poorly Primerica competes! 100% of Primerica is not the best option for the client! (It is only right 100% of the time for your RVP & the home office!)
Questions to ask Primerica’s Upline Reps/Management before starting Primerica scheme
1) If I am in business “for myself not by myself”, Why do I have to sign 3 non-compete contracts and do not own my book of business?
2) If I am in business for myself, why does Primerica allow my RVP to take 2/3 of my book of business (my best two downlines) if I grow my business to pass my upline’s commission?
3) Why does Primerica charge an additional $25 over and above the commission chargeback if a client cancels. lapses, or denies a policy within the first year? Other insurance companies do not do this.
4) Why does Primerica charge $25 per month for online services to client accounts that other insurance companies do not charge?
5) Why are Primerica products the most overpriced products in the industry but pay the lowest commission rates as compared to other insurance carriers?
6) Why must I offer my upline my warm market leads before I am licensed and able to marketd to those potential clients myself? Why do I not get to sell to those leads and keep those commissions myself?
7) Why will I not get paid for any 12b-1 fees on any investment business I sell until I am Regional Leader? Who gets that fee?
8) Does Primerica charge reps additional fees for their investment licenses, training sessions, things not covered by the initial $99 per month?
9) How many people are recruited into Primerica per month? How many people do I need to recruit into Primerica in order to make $50k/year $100k/year?
10) How does Primerica expect reps to get new leads to build their book of business?
Ask your upline these questions and watch them start squirming, getting defensive, and saying that you are not coachable and ask too many questions. These are legitimate questions that they do not tell you upfront that you need to know. This companies business practices should be against the law!
Questions to ask Primerica’s Upline Reps/Management before starting Primerica scheme
1) If I am in business “for myself not by myself”, Why do I have to sign 3 non-compete contracts and do not own my book of business?
2) If I am in business for myself, why does Primerica allow my RVP to take 2/3 of my book of business (my best two downlines) if I grow my business to pass my upline’s commission?
3) Why does Primerica charge an additional $25 over and above the commission chargeback if a client cancels. lapses, or denies a policy within the first year? Other insurance companies do not do this.
4) Why does Primerica charge $25 per month for online services to client accounts that other insurance companies do not charge?
5) Why are Primerica products the most overpriced products in the industry but pay the lowest commission rates as compared to other insurance carriers?
6) Why must I offer my upline my warm market leads before I am licensed and able to marketd to those potential clients myself? Why do I not get to sell to those leads and keep those commissions myself?
7) Why will I not get paid for any 12b-1 fees on any investment business I sell until I am Regional Leader? Who gets that fee?
8) Does Primerica charge reps additional fees for their investment licenses, training sessions, things not covered by the initial $99 per month?
9) How many people are recruited into Primerica per month? How many people do I need to recruit into Primerica in order to make $50k/year $100k/year?
10) How does Primerica expect reps to get new leads to build their book of business?
Ask your upline these questions and watch them start squirming, getting defensive, and saying that you are not coachable and ask too many questions. These are legitimate questions that they do not tell you upfront. This companies business practices should be against the law! All of you low level primericans (below RVP) are being taken for a ride along the "Pie in the Sky Express" Your uplines want you to build your downlines, once you fiqure out that you are being ripped off, you leave the company. You don't own your book of business so guess who gets it. (Your RVP). If you build a business that overcomes your RVP, he gets to take 2 of your best downlines, so regardless they get the business that you have worked so hard to build. I feel sorry for you people that believe this scam.
Just wanted to put in my two cents although it seems like most people are either set completely on the positive of this company or on the negative.
Primerica as a company is not a scam. Their company is listed as A+ on Better Business Bureau and has been accredited with them since 1980. (I found this out by looking them up on BBB.org not by listening to a Primerica rep.) They have had complaints over the last 3 years, 172, which is a reasonable number considering the size of the company. All complaints have been addressed by Primerica. So as a company they are not out to scam you for your money.
Now on to their hiring practices. It is somewhat of a pyramid scheme, although I do agree that it works the same as other sales type positions. The problem with this company is they will take anyone. They aren't necessarily trying to 'scam' you but their marketing is done through new agents instead of through advertising. They try to get as many agents working for them as possible so that they are opening up new markets (when you work for them you have to build your own customer list).
They also give incentives to other agents to train and hire you, hence the pyramid feel. If you are an outgoing person, the kind that can start up a conversation with someone in front of you at the checkout or who won't feel weird calling up old friends to try and sell them a product, then Primerica COULD make you the money they talk about (as long as you put in the effort). If you are like me and too shy to be able to sell in this sort of environment, or any to be honest, then know enough about yourself to walk away after learning what the company is about. But do know that they do give you training and provide you with all the information that you need about their product so if that is your only worry...
This is not a good fit for everyone, it is a good fit for the salesmen (and women) among us, everyone else will end up struggling and blame the company. The company doesn't care if you fail or succeed they just want warm bodies to talk about their product (which as I stated earlier is a good product and I found out a decent price when I compared it to quotes from big name life insurance companies online), it is up to you to know if a job like this would suit you.
^^ you say it's a good product, but Primerica is the only company selling 25,30, and 35 year term products that are only guaranteed for 20yrs. So after 20 years the premiums can go up. Every other term carrier I know of offer guaranteed premiums for the full term that you sign up for. If you want to talk price Primerica Life Insurance is some of the most expensive term insurance on the market.
All of these facts are very easy to verify.
If you think it is okay that people buy expensive term that is not guaranteed past 20 yrs then Primerica is a great choice. (and the only term choice)
^^ (to person saying that after 20 years Primerica's premiums can go up)
I appreciate your comment, I just posted what I had been able to find online through good sources...aka Better Business Bureau and by doing quote checks with any life insurance carrier I could think of.
Anyways, you say that the 20 years thing is easy to verify but I haven't seen anything about that in my research. Unfortunately there seems to be 2 kinds of 'reliable' places to find info, first Primerica's own website (as well as the websites of other life insurance providers) and they all supply very little info asking you to talk to an agent (that goes for big name providers too). Second places such as better business which provides no info on how the contract works just that Primerica obeys the terms in their contract. So if you could please post a good source about this, aka something recent and from someone reliable, I would be most appreciative.
I am trying to research options for life insurance for my family and I, and I have to say that it is one of the most confusing and frustrating subjects. Mostly because you can't trust ANY company to give you 100% of the story and you can't believe most of what you read on the internet.
I totally agree with you about how confusing buying life insurance it.
I will give you the absolute best place to verify my information.
Call Primerica Life Insurance directly and ask them. The number is 800-257-4725. That should make you feel like you are getting the information from a reliable source.
I know your Primerica rep might seem like a trustworthy person, but let's face it he/she is a salesperson. They only make money if you buy their stuff!!! Also most Primerica reps are very uneducated when it comes to the industry. First I will tell you exactly to ask the Primerica corporate office:
Ask - I am considering a Primerica life insurance policy for my family I would like to know the following:
1. If I buy a 25,30,or 35 year term is my premium guaranteed to not go up for that full term. If they say yes ask could they send you a Schedule of Premiums for a 30yr term. On that schedule of premiums you will see the "Premium" column is in fact level for the full 30yrs, but if you look at the "Maximum Premium" column you will see that after 20yrs the number goes up every year. This proves it is not guaranteed for more that 20 yrs.
Now Primerica reps will always say we have "NEVER" raised premiums, but it's not guaranteed. Now compare Primerica life to any of the other large term carriers you will see that they guarantee the premiums for the full length of the term. (for less premium, better features, etc)
Also if Primerica tries to tell you that you should talk to an agent don't back down and say okay. Tell them you want an answer & proof. I can guarantee you that I am 100% correct. (I was with Primerica for a long time until I realized I was ripping off my family & friends)
Some other things to also consider:
1. Price - I can't put a link her because it violates the TOS of this blog, but google term4sale. You will be able to run plenty of quotes. Remember you can not compare Primerica unless you run 20yr terms of less. (They only show guaranteed premiums so Primerica doesn't show up after 20yrs)
2. Waiver of premium is only on the Primary with the Primerica Policy.
3. Primerica has a much smaller terminal illness rider than most other carriers.
I could go on & on, but I will save you the hassle. If you look on here there are two other people who used to work with Primerica that are whistle blowers. (ExPrimerican & PrimericaisBad)
Don't take anyone's word for it do your research. You will realize Primerica is a real company, but the products they sell people are pretty uncompetitive.
Hi everyone, I have the same situation as most of you guys. I received a phone call from primerica for the job opportunity. I got charged $99 for background check, but the person told me that I could get $200 scholarship after I finished 6 training sections. And Primerica will pay the tuition fee for you to get your own life licence. The tution fee is very expansive, if the company can cover the tuition fee, why need us to pay $99 first to check our background!? After I went to couple training sections, I don't even know how do they count the 6 training sections. I called the person and asking about the $200 scholarship, he didn't say anything, just asked me to go to his office and talked about it. I asked him twice and he didn't tell me anything over the phone. So I decided to go to his office tomorrow. AND TODAY I noticed that primerica took another $30 from my credit card, and I don't even know what kind of money is that. Now I don't see that I can make money from this company, what I see is just spending money in this company. Does anyone have the $200 scholarship back? Does anyone know how to get the money back from primerica? HELP PLZ! thanks!
Thank you for this awesome blog,
i just had my interview today for PRIMERICA. During the interview the guy was explaining how PRIMERICA can reduce debt for middle class family, and help their retirement. it was too good at first, then PRIMERICA rep told me about how i need to get a state licnese, which will cost $99. Then he told me company will pay for the rest. So i asked him the cost to obtain a state license. He told me around $1000. This is too good to be true. Company is willing to pay $900 for some random recruit? This part was skeptical. So after the interview i got home did some research. I called the rep, i told him i did some research and i didn't feel comfortable working in the company because i researched that this company runs with PYRAMID SCHEME. Then he asked me where i research, i told him google. Then he tells me its not a SCAM. well funny thing is i wasnt even thinking whether it was a scam or not. Why would he randomly tell me its not a scam, when i told him i dont feel comfortable working in a company like this? SCAMMMMM
I cannot believe all of the people actually defending this company...hey if you dont mind paying $40,000 to make $40 be my guest.
Is Primerica technically a scam? no, because it's a real company and there are some...granted a select few...who can be successful. My problem is the lack of honesty with the recruiters.
I was talked to by a "regional manager" as i was leaving my job. She said her company was expanding in the area and needed to hire part time managers and full time managers. She said part time managers make $45,000 a year and full time managers make $125,000. It sounded fishy but i gave my home number. i get a call the next day inviting me for an interview.
I researched primerica and read all the stories of how people were ripped off and i decided not to follow up the call. She doesn't know a thing about my work history or my qualifications and they want me for a manager? and after alot of reading i learned there's really no "managers" and that the amount of money you need to invest is ridiculous. it's a pyramid scheme and in order to be successful at all you need to devote your whole life to it for years in order to see anything positive.
I have to add my two (or ten) cents to this conversation.
Bottom line- Are you willing to work CEO hours with CEO responsibilites if it means that you will make CEO money?
Here's my story (By the way- I live in Michigan).
I began working for a well-known mortgage company about four years ago. SImilar to Primerica, they paid for my licensing. They also asked me to recruit my friends and family (after all- a good salesperson knows good salespeople, right?). Nobody accuses them of being multi-level or pyramid scheme. Yet, we got paid for bringing in people. Strange how people decide to differentiate... After about six months of being required to put in 80 hours a week with a base salary of 24k a year plus commission, I decided enough was enough. For the hours I was putting in, I could do something with a higher commission structure.
So, I worked for Cydcor. Multi-level marketing, commission based, etc. I had some success, but hated the manager. People don't quit businesses, they quit people.
Then, I began working for EMS. Same thing.
Shortly after, I found Cause Marketing Solutions. I made really good money working there, but each office is different, and I found that the particular one I worked for made it difficult to build a team (and ultimatly, get promoted to a higher-level). This one actually had a very nice office, but chose to hire felons, drug addicts, and the bottom-of-the-barrel type people.
By the grace of God, my friend recruited me to Primerica. Just as each of the other companys had good and bad offices, this company was no different. I, luckily, am at a very good one: drama-free, felon-free, hard working people who honestly want to do the right thing. Some of them are part time, and retain their 9-5 jobs. Others, like me, work full time.
Dear reader- look at it this way.
Employees work a set schedule and have limited responsibility. They make limited money, as well. They don't have to think for themselves. The managers get paid very well to do that for them.
CEOs work many many more hours than thier employees. Their responsibilities are immense, and the income is much much higher.
Let me ask again- Are you willing to work CEO hours with CEO responsibilites if it means that you will make CEO money?
Yes, you will have to think for yourself. You will have to disregard the input of less successful family and friends (who are unable or unwilling to think for themselves).
The choice is yours.
I have to add my two (or ten) cents to this conversation.
Bottom line- Are you willing to work CEO hours with CEO responsibilites if it means that you will make CEO money?
Here's my story (By the way- I live in Michigan).
I began working for a well-known mortgage company about four years ago. SImilar to Primerica, they paid for my licensing. They also asked me to recruit my friends and family (after all- a good salesperson knows good salespeople, right?). Nobody accuses them of being multi-level or pyramid scheme. Yet, we got paid for bringing in people. Strange how people decide to differentiate... After about six months of being required to put in 80 hours a week with a base salary of 24k a year plus commission, I decided enough was enough. For the hours I was putting in, I could do something with a higher commission structure.
So, I worked for Cydcor. Multi-level marketing, commission based, etc. I had some success, but hated the manager. People don't quit businesses, they quit people.
Then, I began working for EMS. Same thing.
Shortly after, I found Cause Marketing Solutions. I made really good money working there, but each office is different, and I found that the particular one I worked for made it difficult to build a team (and ultimatly, get promoted to a higher-level). This one actually had a very nice office, but chose to hire felons, drug addicts, and the bottom-of-the-barrel type people.
By the grace of God, my friend recruited me to Primerica. Just as each of the other companys had good and bad offices, this company was no different. I, luckily, am at a very good one: drama-free, felon-free, hard working people who honestly want to do the right thing. Some of them are part time, and retain their 9-5 jobs. Others, like me, work full time.
Dear reader- look at it this way.
Employees work a set schedule and have limited responsibility. They make limited money, as well. They don't have to think for themselves. The managers get paid very well to do that for them.
CEOs work many many more hours than thier employees. Their responsibilities are immense, and the income is much much higher.
Let me ask again- Are you willing to work CEO hours with CEO responsibilites if it means that you will make CEO money?
Yes, you will have to think for yourself. You will have to disregard the input of less successful family and friends (who are unable or unwilling to think for themselves).
The choice is yours.
^^ Previous poster. You talk about CEO hour for CEO pay, but you are kidding yourself and everyone else. Primerica pay is the lowest in the financial services industry! That is not something that is made, up but a fact. Another thing you seem to fail to mentioned that very few people actually own their own Primerica business. Furthermore those that do own the business can only sell their Primerica business to other Primerica people. You can not open your own financial firm and keep your book of business. You do not get ownership when you get to RVP an the IBA specifically states that you do not own your own book of business.
You are being a typical Primerica rep lying to and misleading people.
Why not tell them some other facts like:
* Primerica is the only large term carrier who does nor guarantee their products for a full term past 20 years. That's right if a Primerica client owns a 25 - 30 - 35 year life insurance policy then the premiums can go up after 20yrs!
* Why not tell your potential recruits that Primerica is also the only company that "steals" trailers from their security reps under the level of regional leader. This is not something that happens until the recruit gets to Regional Leader, but forever. So EVERY sale a new securities license rep writes under the level of regional leader looses those 12b-1s for EVER!! Since those trailers go to the recruit/rep upline RL & RVP the don't seem to care too much.
How about manning up and being honest with yourself, your clients, and your teammates! Half ass posts where you neglect to mention facts is the same as lying.
I just had a call...like many before me have mentioned. I made an appt. after talking for a very brief time. I then went to my computer to look up the company.
Thanks to this blog, I have called and canceled my appt. The main reason: I specifically asked if the job involved sales...reply - no, we are looking for managers. If he lied in the first phone call...how can I believe anything else he has to say.
Primerica is actually a great company backed my reports in business week, usa today, bloomberg, nyse. Anyone that thinks were not legit is out of there mind. 50 million dollar earners and thousands of $100,000 earners later we have over 6.3 MILLION CLIENTS. I think people rely way to much on google. Food for thought 50% of internet articles are false. If you want to bash the company at least get information from credible sources not some guy or insurance agent made b/c we do whats right for people.
^^ Here's another statistic for you. 99% of Primerica reps are drinking the kool aid so heavily they can't see what's right in front of them. I know I know... if you just keep believing someday you will be an RVP & make all this money. Look at your 1099-misc from last year and divide that by the number of hours you have spent in meetings and at your family/friends houses peddling your crappy products. Truth be told you would have been more profitable working at McDonalds!
I have seen this question all over the internet and none of you Primerica idiots ever answer it.
How do you feel selling non guaranteed 25-35yr life insurance policies to your friends. When they could go somewhere else and get better products, fully guaranteed, and less premium.
Take another swig of you kool aid then get back to us.
lulz @ all the Primerica reps posting comments in here.
How can I company be a scam and at the same time sell stocks in wall street!!! How can I company be a scam and wall street spend approximately 10 million dollar in order to check them out and pass everything and had an IPO in April of 2010. Primerica is for people with vision and with people that are not afraid of commission because you know you will be paid for you effort.Primerica is for people that have business mind not an employee mind. Primerica is not for everybody in fact Primerica is only for a few portion of the population.
Adriana,
You forgot a few:
Primerica is for people who want to harass the hell out of their family and friends until they comes a meeting or do a FNA.
Primerica is for people who really don't have the desire to learn about finances, but want to pretend to be important.
Primrica is for people who want to sell the crappiest, unguaranteed, term life insurance on the market. (Their 25, 30, 35 year term is only guaranteed for 20 yrs)
Primerica is for people who want to spend $25 per month for services that other carriers offer for free.
Primerica is for people who want to sell expensive life insurance, mortgages, and heavily loaded mutual funds.
Primerica is for people who want to get ripped off their 12b1 trailers forever until they get to Regional Leader.
I have had several opportunities like this, not only with Primerica but with many other insurance companies like Prudential, etc. I even took the bait with one insurance company, not Primerica, several years ago. What I found out was not that anything like this was actually a scam like many have been saying. This kind of sales requires a certain type of person, one which I was not.
I tried it out - gave it the old college try. I worked my rear end off and hardly made any money. I could NOT survive on that. I was broke. Bottom line, I left because I needed a steady paycheck so I could build a budget.
Most people do not understand the sales business, so it is easy to mistake it as a scam. It takes HARD work to make it and, trust me, if I had the financial stability to stick it out longer I am sure I would have succeeded. But I needed a steady paycheck. I needed the stability more than the potential to make great income.
So, bottom line, if you are financially able to pay some $$ up front (which you will have to because of licensing, etc), sustain yourself until it takes off and are willing to work super hard - you just might do well. However, as with any company, you need to believe in the company you work for. If you feel as though Primerica's (or any other insurance company's, for that matter) sales or interview tactics are unethical, then steer clear. Be smart everyone. It is tough out there.
What makes me mad is all you people that say it's not a SCAM.. BULLSH!T
I'm a college student who's had more than his fair share of trouble finding a job. I met with one person at this POS company she wanted to interview me. At the interview, she showed me a diagram of the pay scale. It looked like this; i was at the bottom, she was above me with a person above her. This was her explanation "For every dollar you make, I make 50c and every dollar i make this person above me makes 70c. Isn't that neat?" And guess what shape it was all in...ooh a PYRAMID! Then she told me i needed to sign a bunch of paper work, then asked if i was going to pay her there or not. This took me by suprise, but i told her i didn't have the money right then. She started pulling the paper work away from me, then told me there wouldn't be a problem as long as i signed everything. Gee, guess what the last page was, it was a contract stating that I had agreed i would pay $99 for an application fee within 30 days of signing it. I decided against it. I didn't have a job, and i didnt have money. This is as big of a scam as Vector/CutCo
What I dislike about Promerica's is their recruitment method. They are not offering me a job, they are promoting a business platform they wish me to buy into. BIG DIFFERENCE. Wish they could be honest and up-front about that in their initial calls.
The Company itself may very well not be a scam, at least not the actual insurance part but.. Look out how they sell this insurance. They sell it through "independent contractors" that way, when its proven that those "independent contractors" are indeed Pyramid schemes, they can just blame them, claiming its an isolated incident, and its no fault of their own. Primerica may itself have been in business for over 30 years, but how many of those independent affiliate contractors can say the same? This places call you or approach you, at random times it seems, for a "Job", which you have to pay them for (Isn't a person supposed to be getting a job so they can get paid?) They then try to convince you to form your own independent franchise, which the affiliate that hired you will more then likely receive a substantial percentage of not only your sales based commission, but your "termites" as well (yes that is what they call their "employees", "termites".) Honestly I think this is ridiculous. Every other insurance agent doesn't like Primerica for a good reason. Though the main parent company itself might actually be legit, its methodology of doing business not only permits but encourages its Affiliates to do very questionable if not illegal business actions, that if they aren't, strongly exhibit signs of a pyramid scheme. Anyone that gets a call from any place that represents these crony's better proceed with caution.
Jase
Your post is as ridiculous as the Primerica reps. Use some common sense. Primerica isn't a scam I will agree with you on that, but their products SUCK.
Let's stick to facts instead of the Independent Contractor angle which is 100% off track.
Here are real point:
Primerica Life:
* Extremely expensive compared to other term carriers
* Primerica life premiums are only guaranteed for 20yrs. So if a client buys a 30 yr term the premium is only guaranteed for 20yrs. (Primerica is the only company that does this now!!!!!!)
* Waiver of premium does not cover spouse
* Terminal illness rider is the absolutely worst in the industry
* Spousal conversion is horrible
I could go on and on about Primerica's crappy products, but no one here seems to care about actual facts so I won't waste any more of my time posting the truth.
I just had an interview with these people myself. I've been down on my luck with the downturn in the economy, and I'm desperate to get out of this retail job.
I was expecting an interview, but from the very moment I sat down, the lady told me about her life and how she's come to be starting her own branch of Primerica. She explained the whole finance thing, and I found myself having to throw in things about myself to sell myself like you're supposed to in an interview.
When I asked if it was commissioned, I got the no and pause response, then the explanation that i was paid for each family i help. which last time i looked, is called commission.
I didn't mind the idea of paying $99 dollars, since it was for licensing and background check (though the background part is weird, since no one has ever charged me for that). But I chose to pay with debit. She had me give here my debit number and SSN, and the part that has really bugged me since was she put this in and paid it through an 'application' on her phone. Her PHONE! There was a computer right there. Couldn't I go to the sight myself and do it? I didn't even see what this application was. But I didn't think about it until I talked with my mom later.
So far, the only good opinions I've heard about their recruiting is from people 'working' there. Not many from those not working there anymore. I won't trust wiki, since anyone can edit those pages. And I'm errily disturbed by how very similiar everyone's testimonials are to what I've gone through and what I've got ahead of me. Plus, I was never informed of a monthly fee for using their website programs.
So I reported my card stolen and I'm not going to contact them. I don't know if its a scam or legit, but when if you feel insecure and your gut says somethings not right...these days with all the people out there taking advantage of us desperate people, i don't want to take the chance.
Except now, I'm terrified cause she could very well have my SSN, plus she wrote down info from my ID.
As far as I'm concerned, I don't think you can mark anything as a scam unless you know for sure.
So unless you've done what they have asked you and they don't keep there end of the contract you have no right labeling Primerica" a scam.
YOU DIDN"T EVEN GO TO THE INTERVIEW!!!!!
If this was a scam I'm pretty sure that within the last 33 years of being in business, the government would have shut them down. And, they probably wouldn't be trading on the NYSE (that's the New York Stock Exchange for all of those people calling this a scam) Do your research!!! Don't just read the first couple of blogs you see that are listed "Primerica is a scam" from people who got "started" and were too lazy to do the work to make money, and now they are pissed off that someone didn't just give them something for nothing!!
If this sounds like you, and from reading this blog, it does, then welcome to the rest of your life on welfare!!
Every business is a pyramid. Show me one business where the guy at the top doesn't make more. YOU CAN"T!!!
Google any business. You'll find some idiot calling it a scheme.
the average primerica rep make about 6 to 8 thousand a year is a fact look it up is a joke.
Glad that this blog is here. I received a phone call today from them and I had no idea about this company. For some reason I thought I should research them online and find out a bit about them. Whether they are simply a non-traditional company or a pyramid scheme, I don't want to get involved with them. Luckily this info was here so I didn't get sucked into an interview! Thanks!
You should read this and see how this works:
http://20923830.linkbucks.com
Anyone who will need refund from Primerica, write an email to help_callatlantabilling@primerica.com in a formal writing style :). They responded rather quickly to my message.
Let's not get caught by the system---never ever sacrifice your important relationship. Thanks for sharing all the information!
Hello,
I want to clarify something here. I am not with Primerica but I have learned a great deal about it because my boyfriend joined the business recently. The money that one writer said he was asked to "donate" is actually the 100 dollar fee to get the State license, which would cost you 100's more elsewhere, and the 25 dollar monthly fee that grants you access to Primerica online(POL). This site, gives you all the tools necessary to run your business. It provides you with the classes to get licensed etc.. So you are NOT donating anything. You are investing into your business. Now, my boyfriend is also starting his own apparel company and had to pay for certain licenses and permits and stuff. Its the same thing. Another thing, once you are licensed by the state, you can use that license at another financial institution. Is that a deal? I would say so.
A business is hard work. YOU must build your client base. Primerica is the same way. The reps are not trained to harass anyone. They are trained to present the opportunity. If you join or buy the services, good! If not, then it is your choice. But please, do not think that these initial fees are being stolen from you! Its not true!!
I dont know much about this business a friend called me up and told me she had great opportunity for me to make some extra money. The min. I heard those words I thought SCAM. Guess what it is... I read all the comments some funny some just sad. I really enjoy the one that defend PRIMERICA. By using tactics that it isnt a job its a business opportunity. Or its nothing different then any other sale field. I am a car salesmen that is what I do currently. I dedicate my pay base on how well I do. But other then my year sales licence I dont pay for anything else. My product seminars are paid for by the manufacture. When we go to this training we focus on the product not how we can recruite others to join the dream. To me that right there is a SCAM.
Yeah the Sales world isnt for everyone not everyone has the ability to make people believe they are making the right decision at the time. But that is a whole other topic.
I just wanted to put my two cents in. Yes I believe it is a scam maybe just different then AMWAY. It sounds like you pay for alot of BS to do nothing more then recruite others to follow the same dream.
I dont know much about this business a friend called me up and told me she had great opportunity for me to make some extra money. The min. I heard those words I thought SCAM. Guess what it is... I read all the comments some funny some just sad. I really enjoy the one that defend PRIMERICA. By using tactics that it isnt a job its a business opportunity. Or its nothing different then any other sale field. I am a car salesmen that is what I do currently. I dedicate my pay base on how well I do. But other then my year sales licence I dont pay for anything else. My product seminars are paid for by the manufacture. When we go to this training we focus on the product not how we can recruite others to join the dream. To me that right there is a SCAM.
Yeah the Sales world isnt for everyone not everyone has the ability to make people believe they are making the right decision at the time. But that is a whole other topic.
I just wanted to put my two cents in. Yes I believe it is a scam maybe just different then AMWAY. It sounds like you pay for alot of BS to do nothing more then recruite others to follow the same dream.
Scam this scam that...really? What in life isnt a scam? Commission based...where you work your butt off with little to no earnings in the beginning but more than enough in the end. Thats if you are strong minded enough to stick through the tough times. Or you can work your butt off 40/hours a week for little to no earnings and watch the guy next to you, watch you do his share of work and make the same as you or maybe more if he was there first. Either way is a SCAM..."BUT YOU KNOW WHAT"...we all have the same opportunity and its an individual choice. If you realize that you will make the right one for you and your family. Be content and "do all that you can do, that is enough". BTW- I am with Primerica and I love it...I also homeschool my kids...and go to the meetings...and I take what I believe and leave the rest for the others...I will never beg anyone to do what I do or believe what i believe or work where i work...the money is good even in the beginning...if you work hard...the opportunity is there...you dont have to spend alot to make alot...but yes some of the hype can create the feeling to do so...YOU have to decide what DO you want...hype or no hype.....IT IS A CHOICE...not a CULT...and DEFINITELY NOT for 99% of you. Good luck to all of you. Contentment is all....Primerica or not?
Scam this scam that...really? What in life isnt a scam? Commission based...where you work your butt off with little to no earnings in the beginning but more than enough in the end. Thats if you are strong minded enough to stick through the tough times. Or you can work your butt off 40/hours a week for little to no earnings and watch the guy next to you, watch you do his share of work and make the same as you or maybe more if he was there first. Either way is a SCAM..."BUT YOU KNOW WHAT"...we all have the same opportunity and its an individual choice. If you realize that you will make the right one for you and your family. Be content and "do all that you can do, that is enough". BTW- I am with Primerica and I love it...I also homeschool my kids...and go to the meetings...and I take what I believe and leave the rest for the others...I will never beg anyone to do what I do or believe what i believe or work where i work...the money is good even in the beginning...if you work hard...the opportunity is there...you dont have to spend alot to make alot...but yes some of the hype can create the feeling to do so...YOU have to decide what DO you want...hype or no hype.....IT IS A CHOICE...not a CULT...and DEFINITELY NOT for 99% of you. Good luck to all of you. Contentment is all....Primerica or not?
Yup... your blog post is STILL so useful. I just received the most retarded call from someone named Lucy, saying she met me over a year ago and offered me a job. She kept insisting that she knew me and we had a great conversation and she is SO glad she saved my number (LIAR).
I asked her FIVE time the name of the company and the website because it didnt ring a bell at all. She dodged the question each time and was rushing to set up an interview with me. (FISHY)
So, I asked her for the website again after setting a time to meet with her (which I will not do) and she says "hold on hold on you caught me there! haha we have SO many websites. Let me find out for you."
So... wait - you're doing job recruiting and you don't know your company's own website? LOL.
Pathetic. Thank God for the internet, Google, and this blog!
I was searching for internships. They are so desperate to recruit people that they make you believe you are getting an internship. They made it sound so great. "This isn't your typical intern, you will be doing work just like us. We need people to run new buildings and you could be a vice president one day!" Tried making it sound so great. It's the same old story as everyone says. Don't waste your time.
about primarica to tell u da truth the company is about helping people with debt problems and help them save money. we are not here to rip people off. i started working there since jan7 n i still work there now.
i be workin wit primerica to! Theyz the best company around and everyone else be rippin people off. theyz only take smart people and teach u everything u need to know. everyone else sucks and r pissed because we replace everything. if u donnt have primerica u be ripped off.
hey to all of you Suzie Orman was a server when she was recruited by someone from financial services like Primerica and obviously she was trained and BRAINWASHED until what she become she is entrepenurial and millonaire is this primerica for you maybe not but for sure your president and the one who ones the company start the same way and now is hiring idiots low pay to manage it look up who start your company was an entrepeneur who believe in himself or herself sorry if your brain lacks of it MANY WILL BE CALLED FEW WILL BE CHOSEN.by the way i make $300.000 this year in bad economy,and i decide to try Primerica because I LOVE BUSSINES like FORD ZUCKERBERG McDonalds Donald Trump etc and i do love to hire idiots for my companies they kiss my ass for a low paycheck when they want a raise i kick their asses and find another cheaper one.
Okay, I've read a lot of these posts and I understand both sides. You have some that are saying "this is an opportunity to start your own bizness, not a traditional job. it's just like a realestate agent or a car salesman, it's not a scam...etc." then you have others who are saying "this is a scam. they just want your money, it's about recruiting not helping consumers..blah blah". here's what I think: This is definitely a MLM/Pyramid scheme HOWEVER, if you feel you have the ability to market yourself and the product effectively then go for it. Everyone doesn't have the gift of gab to sell a product and expand their clientele but for those who do, kudos to you. My biggest issue is that they're promoting it as a "job opportunity" and it's most definitely not what most would consider a traditional 9-5. They're calling people in for "interviews" without giving any other details because they already know most people won't go for it. For people who are seriously looking for work, it's extremely misleading. They should be honest upfront and say "we are primericare, we sell this, we need x amount of money from you to get you licensed so you can sell too, you need to recruit this many people, and your salary is based on commission." I can respect honesty. But they choose to be sneaky in hopes that you'll bite and that's what kills me. So all that to say that I don't necessarily have an issue with the company in general, I have an issue with their recruiting tactics. I don't like to see good people suffer because someone lied and said "you can get rich quick if you give me this to get you started".
I received a similar phone call today, but I told the guy that I was not interested in a commission-only job, and he said that it was not...so I'm not sure if this is something different or if he is just being blatantly dishonest...
Primerica is not the first "pyramid scheme" that I have come across - and there is one thing in common that I sense; self-motivated people who are willing to make honest sales can do well, but these types of businesses are overloaded with people who could care less about making an honest sale and are in it for easy money, which, ironically, does not exist, even in these companies; you can take the route of dishonest hard work or honest hard work, but neither path involves easy money.
It concerns me that so many people don't know what a pyramid scheme is.
A pyramid scheme starts with someone at the top recruiting people, and having each of those people recruit people, and on and on. "The essential idea is that a 'con artist' Mr. X, makes only one payment. To start earning, Mr. X has to recruit others like him who will also make one payment each. Mr. X gets paid out of receipts from those new recruits. They then go on to recruit others. As each new recruit makes a payment, Mr. X gets a cut. He is thus promised exponential benefits as the 'business' expands." See a full explanation here: http://en.wikipedia.org/wiki/Pyramid_scheme
In a pyramid scheme, every person recruited must gain more recruits.
A business with a CEO at the top and managers in the middle and workers at the bottom is not a pyramid scheme.
A restaurant with an owner at the top and managers in the middle and waiters at the bottom is not a pyramid scheme.
Every structure that is hierarchical is NOT a pyramid scheme. Please refer to the link.
There is some debate as to whether MLM is a pyramid scheme in disguise. http://en.wikipedia.org/wiki/Multilevel_marketing
Is Primerica a pyramid scheme or not? You be the judge, but please educate yourself first. You have to know what a pyramid scheme IS before you can identify one.
To all those that talk about the phrase "actual earnings also depend upon the efforts of your downlines" that is on the website, don't paraphrase it to make it negative. It might do you well to post fine print in its entirety: "Your earnings are dependent on your own efforts and abilities. Actual earnings also depend upon the organization size that you build, the number of sales and override commissions you earn and the efforts of your downlines." That says to me that while you CAN have a downline, IT'S NOT A REQUIREMENT!!! The first part says it all: "Your earnings are dependent on your own efforts and abilities." Yes, you can make more money with a downline, however, from what I've learned in the one meeting I've gone to anyone in your downline makes the same amount as if they weren't in a downline position. The COMPANY pays you a bonus for the efforts of your downline. Essentially, NO DOWNLINE, NO BONUS!!! So it comes down to YOUR OWN EFFORTS AND ABILITIES!!!
primerica is a joke. the same guy who keeps trying to defend it is a clown. the amount of people on this blog who can't spell even the simplest of words is astonishing.
Primerica is not a "pyramid scheme" or a "scam". If you research all the information you can find and actually READ it, you will CLEARLY see it is the real deal. If you are still not convinced that what Primerica has to offer is "legit"...may i suggest finding a local rep and sitting down and talking with them and asking as many questions as possible to satisfy your curiosity. Good luck in the future :)
Melissa,
Maybe you can answer these questions then.
* Why is Primerica Life insurance so expensive compared to other term carriers?
* Why does Primerica have uni-sex rates?
* Why isn't Primerica life term insurance guaranteed past 20yrs?
* Why is Primerica's terminal illness rider so low compared to other term carriers.
* Why does Primerica's terminal illness require you be diagnosed terminal nearly half as long as other carriers. (I believe it is 6 months with Primerica vs 1 yr everywhere else)
* Why does Primerica life require the spouse on a life policy to pay for their insurance at their current age should the primary die? (or they get a divorce) (no one else does this)
I could on & one, but you see my point. Primerica isn't a scam, but let's get real there are a lot of things reps "forget" to mention to their clients.
We had a friend that got roped into Primerica. We were looking to refinance and he helped us find a higher rate (they say they are basically mortgage brokers but they only broker for one company- Citibank) Since husband was a new citizen we went with the higher rate so he could be on the title. Ok - fine.
But after that he kept trying to get us to join his team. If we could join his team then he would make money off our sales. That is how a pyramid scheme works. I think people hear the phrase and think one thing but don't really know what it means. His boss "the VP" makes money because he gets business. Our friend wants to be a boss too but he needs 15 or more people that he himself finds under him. And they need to make sales. I dont envy our friend. He works 10 am to midnite 6 or even 7 days a week. How is that a good life? He doesn't have health insurance, he has to file(pay) all his taxes that he makes on his little wages. He has to find his own customers, hopefully from previous customers referrals. And basically run it as his own company. Pay his own gas and expenses. But I have a feeling he would quit and do something else (maybe even in the insurance or financial field) BUT he feels like he is so invested he just can't walk away. So if you are not a salesperson type of guy- and dont have a working spouse or savings saved up, then walk away. Good luck everyone!
ok im a fair person, I dont make decisions based apon wht someone says or feels, arent they called critics.
No one had a problem when fanney mae sorry for the typo and other companys did us all wrong.But I did my homework Primerica was the only compant who did not opt to do what those other companys did.From what I can see its this way if you want it you have to earn it, work for it,bust your hump,due dilligence.
Some people need to update there facts Primerica is not i repeat NOT owned by citi group they are a single entity on there own they bought there name away from citi and now there on there own. Check what there stock value is ever since they went public, its up what 70% since thry opened hmmm do your home work firt before you say something
I don't think Primerica could be a scam, since it's a spin off Citigroup. It's been around since 1977, and the authorities wouldn't allow something to be around for so long if it were a scam.
Primerica is a sales job that pays with commission. It gives you a chance to get an insurance license, as well as other licenses, entirely free.
Psychics on the other hand...now they're scam artists!
http://usminc.org/psychic.html
How Dumb are Americans??? There suppose to pay us!!! I am so sick of the scams so if it sounds to good to be true, well you know the answer, shame on them for praying on the desperate and the out of work. God Bless The Wicked for they need it!!!!!!!!!!!!
i have decided to go ahead and join primerica. i am between jobs and not doing anything anyway. from the perspective of an unemployed person it i can say this.... it is an opportunity to gain certifications in less than two months. not bad for $99... they povide the opportunity to get licensed to sell mortgages, insurance, and various investments. Also... they allow you to work on a part-time basis if thats what you prefer.... so if another job comes up i can still take it without losing my investment. I already have a $25,000 bachelors degree that has done me little good... whats another $99. Maybe they will teach me something that will help me and others.
i have decided to go ahead and join primerica. i am between jobs and not doing anything anyway. from the perspective of an unemployed person it i can say this.... it is an opportunity to gain certifications in less than two months. not bad for $99... they povide the opportunity to get licensed to sell mortgages, insurance, and various investments. Also... they allow you to work on a part-time basis if thats what you prefer.... so if another job comes up i can still take it without losing my investment. I already have a $25,000 bachelors degree that has done me little good... whats another $99. Maybe they will teach me something that will help me and others.
To all of you who have no idea what a business opportunity looks like.... Primerica is an independen company, they are no longer with citi and its a real opportunity. if it was a scam, it would not require for every representative to get a license for every product the company offers...
Before you start writing negative things about a company, or a product, get all of your facts straight.... And for those of you who never even done Primerica, it does not mean that it doesn't work!!!! it means you did not work it.... it takes a lot of effort to be successful and success does not come over night. You have to work hard to be successful in life, and Primerica is a great company, i dont even think there is nothing like it.... But good luck to all of you, who had the opportunity to be part of this great company and did not take advantage of it, because you listened to what someone else said... Tha is sad that most of you rely on others in order to make a wise decision.
I am a new recruit for Primerica. Testing the waters. I first met my trainer at the restaurant I was working at back in November. He called me a couple time in December and left voicemails. I never returned the calls. A couple of months passed and I didn't hear from him. And then he showed up at my restaurant just to talk to me. I figured since he hadn't stalked me from December to March (which would have totally turned me off from the beginning) I would listen to what he had to say. He invited me to the tuesday overview, and since I wasn't really sure what to expect, I got nervous when I walked into the waiting area. "Scam" I thought. But everyone there was so nice. So warm and welcoming. Now, I am probably the least educated person I know when it comes to finances, investments, insurance and the such so pretty much everything that was said went over my head. And the human condition of fearing the unknown caused me to step back a bit. But I am such a people person, and the idea of getting out of my restaurant was so appealing that I jumped on board. I am just a couple weeks into it, and still a little reserved. I don't like the idea of using my friends, but someone put it a good way. Primerica doesn't do the telemarketing thing. They seek people out. And then it's just networking. It's like a ripple affect. My circle of influence is limited. You know people that I don't know. You could hook me up. You may not like what I have to offer but your sister might. And Primerica peeps will be vague at first but they are honest. They wont lie. I think the vagueness is because they truly want to get to know YOU as a person before they try and sell you something. And yes, some of it is scripted, and general. But I think all that fades with time as the relationship between the client and the rep grows. Anyways, that's my opinion thus far.
this seams like a scam to me. they were realy pushy, 5guys told me diffrent things that didnt matcxh what others said, they thought i said yes to working but i said no and got mad that i said no. they want me to leave my current job for them,, and one guy just didnt know how to act and i could tell he was new cuz how he coukdnt controle his face to make me seam calm with him. i know how to read faces i have done alot of reacher into it and these people lied alot to me. i wont join unless i can pay my money out of the first pay check i get not up front, then i will say its not a scam
It seems that most of the people who are calling Primerica a scam are only saying that because: A.) That's what someone else told them, B.) They don't like the idea of paying their own licensing and background check fees (seriously, it's only about $100. I consider that a decent enough risk for a potentially high payout), or C.) They didn't like the fact that they don't get paid immediately. For some, that reasoning might be wise. For me, who currently makes minimum wage doing a job that I should be paid at least $3+ more an hour doing, who at this job, and with some hard work, could potentially make in a single day what I currently make in three months, this sounds like a worthwhile risk. just do your own research, and don't settle for the first bad experience you hear about or bash report that you read. That's what I plan on doing.
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