- Report: #76311
Complaint Review: Primerica Financial Services - Duluth Georgia
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Primerica Financial Services
www.primerica.com Duluth, Georgia, U.S.A.
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Primerica Financial Services Recipe For Success? Primerica only benefits very few at the expense of the masses. Duluth Georgia*UPDATE: Primerica offers a good business opportunity & stands behind its products & services- - Company Executives have told Rip-Off Report that Primerica pledges to resolve complaints & address any inquires from the past, present & in the future.
The Primerica Recipe
Blend 264,000 recruits per year with generous promises of financial freedom. Add a gallon of media hype and a dash of flashy show-biz. Stir in generous portions of group psychology, an occasional free tee-shirt and contests to win trips to exotic places. Bake at a high temperature, fluff occasionally and sing verses of I've Got You, Babe.
Primerica is a multi-level organization. Like virtually all multi-level organizations, only a very few (less than 1%) ever make it. The company infuses pictures of untold wealth into the minds of its recruits. They parade the company heroes as a constant reminder of what can be accomplished with hard work. They spend millions of dollars in a psychological campaign to keep the group worked up and disoriented, so that they won't notice how few actually do make it.
No matter how you slice this pie, in order to be successful in Primerica, you must recruit your friends, family and everyone you see on the street. You must promise them the possibilities of the same untold riches that were promised to you. You must believe that it is a long, hard journey to the promised land. You must sell-out to it.
How Does Primerica Really Work?
Primerica doesn't lie to their people. They just don't tell them the truth. Yes, Mary, if you sell-out to hard work, if you recruit your friends and family, if you accept that you will not break into the big money for 3 to 5 years, you can make it here.
Primerica is masterful at playing the Law of Large Numbers. Now there is nothing wrong with the Law of Large Numbers. What is wrong is that Primerica uses it to the benefit of very few at the expense of the masses.
With approximately 264,000 new recruits each year, you'd think that Primerica would have thousands upon thousands of licensed representatives. They don't. There are (approx) 110,000 life insurance licensed reps, and the number is growing very slowly in comparison to the number of recruits. You'd also think that there are tens of thousands of people making the big bucks, right? Wrong!! What does exist is a mass of believers, many of them ethnic minorities (a favorite target), of which only 20% will pass their licensing exam, some smaller number will earn over $2000 in the first year, and the vast majority will quit.
There are approximately 1,800 people in Primerica earning over $100,000 per year. There are approximately 650 people earning over $150,000. And these numbers are growing at a snails pace. In the group-dynamic, there are always those few who rise to the top. But the Law of Large Numbers says that there is virtually no chance for the average person.
How The Few Make So Much
If you're intellectually dishonest, have no concern for the welfare of others, are a student of group dynamic (more like mass hysteria), don't mind telling people over and over and over again that they can succeed when you know they can't (won't), have a passion to be somebody that transcends family and friends, are willing to work 25 hours a day for 3 to 5 years to get to the level of Regional Vice President, you are top-level material.
Work the crowd. One top-level Regional Vice President can earn hundreds of thousands of dollars by executing this group-dynamic, group-hysteria. Watch this:
Recruit 50 to 100 people into your office.
Conduct several meetings a week, where you continually stir them up with promises of untold wealth.
Teach them how to market Primerica's products to their friends and family.
Continue a level of recruiting that will maintain your desired level of people at the low end of the scale.
Sit back and count your money.
A typical Primerica life insurance policy has an annual premium of $960. The typical member, at the level of Senior Representative (few go farther), will earn $407 on that sale, while a Regional Vice President will earn $697 in overrides - on that sale. And he never had to leave the comfort of his office!! Now multiply that by a rate of one sale per month for, say, 50% of your members and you'll have a nice payday.
100 members x 50% = 50
50 sales x $697 = $34,850 in monthly override earnings
$34,850 x 12 months = $418,200 a year
That's The Law of Large Numbers at work.
What are the average member's chances of achieving this income?
Do the numbers.
264,000 recruits a year. Year after year.
Only 110,000 licensed reps
1,800 earning $100,000 or more
650 earning $150,000 or more
I'd say the chances are pretty slim, maybe less than 1%.
Then you quit only to be replaced by someone just like you, and the cycle continues.
Bob
Brookfield, Connecticut
U.S.A.
Click here to read other Rip Off Reports on Primerica
Blend 264,000 recruits per year with generous promises of financial freedom. Add a gallon of media hype and a dash of flashy show-biz. Stir in generous portions of group psychology, an occasional free tee-shirt and contests to win trips to exotic places. Bake at a high temperature, fluff occasionally and sing verses of I've Got You, Babe.
Primerica is a multi-level organization. Like virtually all multi-level organizations, only a very few (less than 1%) ever make it. The company infuses pictures of untold wealth into the minds of its recruits. They parade the company heroes as a constant reminder of what can be accomplished with hard work. They spend millions of dollars in a psychological campaign to keep the group worked up and disoriented, so that they won't notice how few actually do make it.
No matter how you slice this pie, in order to be successful in Primerica, you must recruit your friends, family and everyone you see on the street. You must promise them the possibilities of the same untold riches that were promised to you. You must believe that it is a long, hard journey to the promised land. You must sell-out to it.
How Does Primerica Really Work?
Primerica doesn't lie to their people. They just don't tell them the truth. Yes, Mary, if you sell-out to hard work, if you recruit your friends and family, if you accept that you will not break into the big money for 3 to 5 years, you can make it here.
Primerica is masterful at playing the Law of Large Numbers. Now there is nothing wrong with the Law of Large Numbers. What is wrong is that Primerica uses it to the benefit of very few at the expense of the masses.
With approximately 264,000 new recruits each year, you'd think that Primerica would have thousands upon thousands of licensed representatives. They don't. There are (approx) 110,000 life insurance licensed reps, and the number is growing very slowly in comparison to the number of recruits. You'd also think that there are tens of thousands of people making the big bucks, right? Wrong!! What does exist is a mass of believers, many of them ethnic minorities (a favorite target), of which only 20% will pass their licensing exam, some smaller number will earn over $2000 in the first year, and the vast majority will quit.
There are approximately 1,800 people in Primerica earning over $100,000 per year. There are approximately 650 people earning over $150,000. And these numbers are growing at a snails pace. In the group-dynamic, there are always those few who rise to the top. But the Law of Large Numbers says that there is virtually no chance for the average person.
How The Few Make So Much
If you're intellectually dishonest, have no concern for the welfare of others, are a student of group dynamic (more like mass hysteria), don't mind telling people over and over and over again that they can succeed when you know they can't (won't), have a passion to be somebody that transcends family and friends, are willing to work 25 hours a day for 3 to 5 years to get to the level of Regional Vice President, you are top-level material.
Work the crowd. One top-level Regional Vice President can earn hundreds of thousands of dollars by executing this group-dynamic, group-hysteria. Watch this:
Recruit 50 to 100 people into your office.
Conduct several meetings a week, where you continually stir them up with promises of untold wealth.
Teach them how to market Primerica's products to their friends and family.
Continue a level of recruiting that will maintain your desired level of people at the low end of the scale.
Sit back and count your money.
A typical Primerica life insurance policy has an annual premium of $960. The typical member, at the level of Senior Representative (few go farther), will earn $407 on that sale, while a Regional Vice President will earn $697 in overrides - on that sale. And he never had to leave the comfort of his office!! Now multiply that by a rate of one sale per month for, say, 50% of your members and you'll have a nice payday.
100 members x 50% = 50
50 sales x $697 = $34,850 in monthly override earnings
$34,850 x 12 months = $418,200 a year
That's The Law of Large Numbers at work.
What are the average member's chances of achieving this income?
Do the numbers.
264,000 recruits a year. Year after year.
Only 110,000 licensed reps
1,800 earning $100,000 or more
650 earning $150,000 or more
I'd say the chances are pretty slim, maybe less than 1%.
Then you quit only to be replaced by someone just like you, and the cycle continues.
Bob
Brookfield, Connecticut
U.S.A.
Click here to read other Rip Off Reports on Primerica
