Please be sure to read the other Rip-off Reports on Primerica
here on the Rip-off Report.
SEE REBUTTAL BELOW THIS REPORT
Primerica Financial Services is a company that promotes itself to be a family first business that strives to improve the life stlye of the middle income family. They claim to do this by decreasing the difference between ones monthly income and expenditures. Their main avenue for doing this is to replace various types of whole life insurance with term insurance, which is cheaper. Then taking the money saved to invest in some form of equities. That is the basic cover story.
If one beleives this and falls within certain perimeters, the real objective is to get this beleiver to join the company.
The perimeters that they look for are, hunger, greed, emotional dependency, a willingness to bend or overlook some laws and/or the companies own rules, followers (they call it the ablity to be coached), the ability to lie well, people with cult like blind faith, people who have failed in other business or professional endeavors, people with low self esteem and/or the inability to speak up for themselves and most of all, people with large warm markets or the ability to seduce a general cold market.
This is the core group that comes into Primerica and are told that if they recruit someone, they will override that person for life (earn commissions from someone elses labor).It is never revealed to one that the company has a "promotional exchange policy" until sometime after the person joins. Promotional exchange is when one receives a promotion, one gives up from one to three or sometimes four people that they have recruited to the regional vice president who now gets that commission. There are about five or six promotion levels to get to regional vice president depending what hierarchy one is in. This means that a regional vice president could theoretically a regional vice president could take as many as eighteen people form one. Each regional vice president is an individual contractor for Primerica, like holding a franchise. As such they run their business as they wish.
There are company rules and policies but there is no enforcement of the various regional vice presidents. In fact when the company finds out that they have a rogue within their mist, they actually cover up for them because of the money that they bring in. This puts a lot of the honest regional vice president's business in jeopary. These rogues prey upon the weekness of their core people mentioned earlier. They incriminate the core into shady and sometimes criminal activities.
By the time the dim witted finds out what they are involved with, they are traped fearing that if they leave they will be exposed for wrong doing or they will loss all of the people that they have recruited. Most of these core will stay between two and five years trying to "improve their life styles" and then leave the company in debt. Most do not even formally resign from the company, they just leave poorer while the hierarchy is that much richer. The amazing thing about it is that they could get some help from the various federal and state agencies if they could drop the shame of being taken and had the courage to report what happened to them.
REBUTTAL TO REPORT BELOW
Subj: Rebuttal to Report
Date: 7/9/00 6:11:02 PM US Mountain Standard Time
From: [email protected]
To: [email protected]
Primerica is an entity of Citigroup one of the worlds largest financial insitutions. Agents must be licensed to make money and it is no different than your local State Farm or Met Life agent as to how you make your income. They get licensed by the state and make money off commissions the same way Primerica agents do. The difference is in the type of life insurance product sold. Primerica agents also help people w/ loans, investments and many other services all requiring state licenses. These people are hard working people and they are doing right for the general public. Yes, you can recruit others but you do not have to recruit one single person to make money. Pyramid schemes only work if you do get a downline and that is not true of Primerica. The reason why you are making more money at another insurance company is because you are more than likely selling whole life/cash value policies which have higher commissions due to the ripping off of your clients with higher premiums for less product.
I have an entire notebook of why and how other insurance companies are ripping people off and I am so glad I switched to Primerica Life Insurance. I got 3 times the coverage for the same price as my old insurance company and the old company would not give me any of my cash value back b/c I was under the 3 yrs but they said they would appy the cash value to keep my policy for another 6 mths. Ripped me off. That was USAble Life--Rip offs!
Most importantly, Primerica has more of their clients claim money than any other life insurance company so what good is it if your company can't pay out its claims to all its clients? Isnt that a bit deceitful? Yes, I did extensive homework on this subject and I hope your attempt to disillusion people has been unsuccessful. Its sad that your comments seem to center around you making more money instead of doing the right
thing for people. Whole life/cash value policies hurt people, takes advantage of people and that is why you make more money. Your'e a typical insurance agent selling the wrong thing and more than likely, your'e the one ripping people off. By the way--Its Amway, not Anmway.
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