;
  • Report:  #575

Complaint Review: Primerica Financial Services - TX, NJ, CO, CA

Reported By:
-
Submitted:
Mon, July 19, 1999
Updated:
Sat, December 11, 2004

Primerica Financial Services
Various TX, NJ, CO, CA, U.S.A.
Phone:
Unknown
Web:
N/A
Categories:
Insurance Companies

Primerica Financial Services operates on a "pyramid" recruiting

scheme (although they call it "multi-level recruitment".) You must pay a fee to be "hired" by the company as an agent! Unlike working for other insurance companies, you get dinged for all minor expenses all the way down the line, and if your upline is dishonest, you could suffer losses from this, too. I switched from Primerica to another insurance company and have made much more money.

You make your money more from recruiting your down line and taking a share of their earnings.

IT reminds we a bit of ANMWAY!



162 Updates & Rebuttals

Jim

Hometown,
Pennsylvania,
U.S.A.
Paul, get real will ya.

#2Consumer Comment

Fri, December 10, 2004

The policy that PFS wanted to sell me was double the price of one that I got with USAA. And, in writing, USAA guarantees all of my money back at the end when I terminate the policy at maturity or a percentage if I go earlier. Now why would I spen an extra K to purchase with a company that tells me to "invest the difference." You do the math of 1K over 20 years at 5% (That's low according to them) and see how much more I would have. You gotta shop around and not buy the first policy you see. BTW, my "best friend" who's the regional VP still doesn't talk to me.


Paul

Cape Coral,
Florida,
U.S.A.
A different Paul, but a similar answer

#3UPDATE Employee

Thu, December 09, 2004

Scott... At least you're being honest about being an agent of another insurance company (or at least former agent). You need to go back however and re-educate yourself on Primerica's term rates. They have dropped every year for the past 10 years or so, and will be dropped again coming this June. I also challenge you to read all of the fine print in that ROP ("Return of Premium") plan. As they often say in Primerica, it's not what they tell you that you need to worry about, it's what they don't tell you - read the policy - all of it, not just what your agent or a PFS rep will point out to you. PFS works and does the right thing 100-percent of the time. And Compliance deals with the ones who don't eventually.


Scott

Austin,
Texas,
U.S.A.
Answer me this Paul.

#4Consumer Comment

Sun, December 05, 2004

The theory with Primerica is to buy term. and invest the rest. Then why would a smart person trying to get into insurance sales pay $199 fee to sell some of the most expensive term on the market to their friends and family? The biggest hurdle in our business is to find people to buy our products and if you are selling term. insurance with no cash value then why pay a higher price than you have to. Also if you do not have a return of prem. plan that gives all there prem. back in 20 or 30 years are you truly doing your friends and family a good job? When you say "if you can make it here you can make it anywhere" tells me that you do not have the most competitive plans on the market and people should take there license and buy fresh internet leads and find a brokerage house to write this business. At least when I started Met all those years ago they paid me a salary each week to help me learn the business. Then after a year of getting my butt kicked by brokers with better rates I had to make some decisions that if I wanted to keep doing this and what was the best deal for my clients. My view..Primerica is to Life Insurance like NASE is to Health Insurance.


Paul

Brooklyn,
New York,
U.S.A.
It always amazes me that when negatives are posted here, most of the time they are wrong or half-truths.

#5UPDATE Employee

Fri, December 03, 2004

This is especially true when the writer is a former member of Primerica. Remember, that fact that they could not make it in no way means that you won't. It can also mean that there are sour grapes in the posting. And most importantly, many negative posts are by agents of other insurance companies who don't like us because we are replacing thousands of their overpriced and high-commissioned cash value policies day-after-day. So read on and make up your own mind and decide if you have the ability to make it here. I am specifically responding to Ron because it is important to distinguish fact from hyperbole. >>>>I've heard many reps refer to Primerica as the largest company in the world or even call Citigroup the largest company in the world, both are false. Citigroup is a world recognized company and it's the largest 'financial services company' in the world. Citigroup is a huge conglomerate of banks, loan institutions and investment firms. Primerica is just one of those subsidiaries. While no company is without its' issues and challenges, Ron, you are correct in that Citigroup is the world's largest financial institution. We are not the largest company. I want to know the names of the representatives that are misrepresenting Primerica and Citigroup. >>>>I hope some day, for Citigroups sake, they discontinue their affiliation with Primerica. Ron, why? Because you did not make it?? >>>>Here's some ?'s to ask during the presentation. It's really effective if you interrupt during the presentation, because those in the audience will benefit as well. Ron, I welcome any and all questions at my presentations. So bring them on!! (However, I hope you are not advocating disruptive behavior!) >>>>1. If they say Primerica or Citigroup is the largest company in the world, ask them to explain that. Do you mean in terms of gross revenue or sales or what? Ron, this contradicts your first statement. No Primerica representative can say this. Citigroup is the largest 'financial services company' in the world, as you said above. So what is the problem here? If you know of Primerica representatives that are saying this, I want to know that so I can report them to Compliance. >>>>2. If they say you will own your own business, ask them this. "So are we going to be independent contractors which would mean I can sell products outside Primerica or are we captive agents, which means we can only sell products through Primerica? You'll probably get an answer similar to this. UH, Duh, uh, I we. LOL.. You may get an answer like you're an independent contractor through Primerica, which is false. The word independant is not synonimous with Primerica. You can't sell anything else except Primerica affiliatied companies, Ron, here are the half-truths, innuendos, and why I think you are really an agent of other insurance companies. Let me try to rebut each of your points. We ARE independent business owners. In addition, as you stated, we are captive agents. You state two truths but you put them together when they should not be put together. A captive agent is simply a term that means that you can sell only the products of your sponsoring company. A non-captive agent like you see in the corner insurance store can sell the products of many companies. Both can be independent business owners. Your mixing of independent business owner with captive agent is disingenuous at best. >>>>which believe me severly hinders your chances to make any real money. There might be quite a bit of truth in your last sentence about selling just Primerica that severely hinders your chances to make any real money. That is true if you remember that whole, universal, and other forms of rip-off cash value insurance products make for the agent a ton of money at the expense of the client. So, Ron, you would rather rip-off your clients to make a buck instead of providing low-cost term insurance. Ummmm. >>>>3. Ask them if you own your own clients. After all they did tell you that you'll own your own business right? The fact is you don't own your own business or your clients. Once you leave Primerica, none of the clients can go with you and you're not contractually allowed to induce your clients to leave primerica. Primerica severely limits you by making you a captive agent. Actually most of this is true (half truths again). First an untruth, you do own your own business. Period. No matter what you say. And the statement proves to me that this is obviously written by an independent agent who is attacking Primerica. That is because independent agents do keep their clients even when they change insurance providers. As for not taking your clients with you, if you are making money selling Primerica to clients, why would you want to leave a money-making endeavor? Again Ron, you show who you really are. >>>>4. Ask them what are you gauranteed to make in income your first year and how will you obtain clients? They probably will say that's up to you that the money you make is based on your effort. RED FLAG, they are already backing away from assiting you get ahead. You then suggest to ask them what are you guaranteed to make. This one I don't believe. Any endeavor that GUARANTEES a profit is a fraud. We don't guarantee anything except that you have the ABILITY to make a lot of money. RED FLAG???? What you say is a red flag and what you posting is disingenuous. >>>>Ask them about getting clients. The only way you get clients is by tapping into your friends and family and then recruiting them or their friends. According to Primerica, I believe Reps are not supposed to be using Resume sites to pull resumes, but they still are. Yes, we are a warm market system. Yes, we do have representatives that try the cold market. In addition, we have representatives that go to job fairs. I will check compliance to see if there is probation against resume calling from job sites. If so, I want the names of those agents for Compliance. >>>>5. This ? will make the room shake. Ask them what percent of people ever make it to the 6-figure income they rave over. It's less than 2%. They may say that's much higher than many other companies, but then ask what's the turnover ratio. It's over 90% of sales force every year. That's outrageous. Any company with a turnover ratio that high will have the market tapped in no time, which means those reps currently in Primerica better start seeking a new career fast. Yes, there is a high drop out rate. But the same is true in AVON (I am an AVON rep also). I suspect that is also true in any other MLM organization. And yes, only a small percentage make the 6 figure amounts, and I will get accurate figures to post if you are interested. However, lets look at reality. In any corporation, how many in the organization make the big bucks? 75%? Nope. 40%? Don't think so! 25% Nope. 2%? Ummmmmmm? >>>>There are so many questions that you can ask them, I could go on and on. You really should consider another avenue. Everyone looks for their pot of gold, but Primerica is not it. Trust me please, I know first hand what Primerica does. The memebers are strictly in the business to recruit others to sell insurance and recruit more people. You'll notice that the trips are primarily won through recruiting and insurance sales. This the easiest to answer. Supposed you started a real estate agency. You haired 2 agents. Each did pretty good for the year and earned you $6,000 each in commissions (yes, that is a commission business just like Primerica). That's $12,000 for the year. I don't think most of us can live on that. So how to make more money? The obvious answer is: hire more agents to sell more houses. So you hire 10 more and they earn you the same (for this example) $6,000. Now you are making $60,000 plus the $12,000 for $72,000. Not bad. So you setup another office and hire 10 more agents. That doubles your income. WELL GUESS WHAT!! RECRUITING FOR YOUR PRIMERICA BUSINESS IS EXACTLY THE SAME. The larger your business (or as we call it, your Base Shop) the more money you can make. So don't knock recruiting, it is how small businesses grow. And finally, yes, Primerica is smart to reward you if you build your business. I don't know, but that sounds like the right thing to do as opposed to corporations that just give you a pat on the back (or more likely today, a knife). I have shown that most of what is here (and most of what is in all these threads) is not accurate, ex-members venting negatively, and agents of other insurance companies trying to turn people off about Primerica. So to all reading this, PLEASE be very careful. We are ranked A++ by Standard and Poor's (very strong) and they know what they are talking about unlike some of the postings in this thread. This is not an easy business. You have to get several licenses to sell all the various Citigroup products. And sales in and of itself is hard. So don't listen to the diatribes of those who did not make it. The $199 fee (which pays for several hundreds of dollars of training) will be refunded to you via the scholarship program run by your up-line. So to try Primerica can be basically free. If you have the ability to make it here, you can make it anywhere (my apologies to Frank). You cannot contact me directly as there is probation imposed by the webmaster, but I will answer any additional, rational questions about Primerica posted here.


Ron

Middletown,
Delaware,
U.S.A.
Here are some questions to ask during the meeting

#6UPDATE EX-employee responds

Mon, November 22, 2004

I was an rep with Primerica for two years, regrettably. I sat through and conducted many of the trainings and seminars. I've heard many reps refer to Primerica as the largest company in the world or even call Citigroup the largest company in the world, both are false. Citigroup is a world recognized company and it's the largest 'financial services company' in the world. Citigroup is a huge conglomerate of banks, loan institutions and investment firms. Primerica is just one of those subsidiaries. While no company is without its' issues and challenges, I hope some day, for Citigroups sake, they discontinue their affiliation with Primerica. Here's some ?'s to ask during the presentation. It's really effective if you interrupt during the presentation, because those in the audience will benefit as well. 1. If they say Primerica or Citigroup is the largest company in the world, ask them to explain that. Do you mean in terms of gross revenue or sales or what? 2. If they say you will own your own business, ask them this. "So are we going to be independent contractors which would mean I can sell products outside Primerica or are we captive agents, which means we can only sell products through Primerica? You'll probably get an answer similar to this. UH, Duh, uh, I we. LOL.. You may get an answer like you're an independent contractor through Primerica, which is false. The word independant is not synonimous with Primerica. You can't sell anything else except Primerica affiliatied companies, which believe me severly hinders your chances to make any real money. 3. Ask them if you own your own clients. After all they did tell you that you'll own your own business right? The fact is you don't own your own business or your clients. Once you leave Primerica, none of the clients can go with you and you're not contractually allowed to induce your clients to leave primerica. Primerica severely limits you by making you a captive agent. 4. Ask them what are you gauranteed to make in income your first year and how will you obtain clients? They probably will say that's up to you that the money you make is based on your effort. RED FLAG, they are already backing away from assiting you get ahead. Ask them about getting clients. The only way you get clients is by tapping into your friends and family and then recruiting them or their friends. According to Primerica, I believe Reps are not supposed to be using Resume sites to pull resumes, but they still are. 5. This ? will make the room shake. Ask them what percent of people ever make it to the 6-figure income they rave over. It's less than 2%. They may say that's much higher than many other companies, but then ask what's the turnover ratio. It's over 90% of sales force every year. That's outrageous. Any company with a turnover ratio that high will have the market tapped in no time, which means those reps currently in Primerica better start seeking a new career fast. There are so many questions that you can ask them, I could go on and on. You really should consider another avenue. Everyone looks for their pot of gold, but Primerica is not it. Trust me please, I know first hand what Primerica does. The memebers are strictly in the business to recruit others to sell insurance and recruit more people. You'll notice that the trips are primarily won through recruiting and insurance sales. STAY AWAY FROM PRIMERICA.


Ron

Middletown,
Delaware,
U.S.A.
Here are some questions to ask during the meeting

#7UPDATE EX-employee responds

Mon, November 22, 2004

I was an rep with Primerica for two years, regrettably. I sat through and conducted many of the trainings and seminars. I've heard many reps refer to Primerica as the largest company in the world or even call Citigroup the largest company in the world, both are false. Citigroup is a world recognized company and it's the largest 'financial services company' in the world. Citigroup is a huge conglomerate of banks, loan institutions and investment firms. Primerica is just one of those subsidiaries. While no company is without its' issues and challenges, I hope some day, for Citigroups sake, they discontinue their affiliation with Primerica. Here's some ?'s to ask during the presentation. It's really effective if you interrupt during the presentation, because those in the audience will benefit as well. 1. If they say Primerica or Citigroup is the largest company in the world, ask them to explain that. Do you mean in terms of gross revenue or sales or what? 2. If they say you will own your own business, ask them this. "So are we going to be independent contractors which would mean I can sell products outside Primerica or are we captive agents, which means we can only sell products through Primerica? You'll probably get an answer similar to this. UH, Duh, uh, I we. LOL.. You may get an answer like you're an independent contractor through Primerica, which is false. The word independant is not synonimous with Primerica. You can't sell anything else except Primerica affiliatied companies, which believe me severly hinders your chances to make any real money. 3. Ask them if you own your own clients. After all they did tell you that you'll own your own business right? The fact is you don't own your own business or your clients. Once you leave Primerica, none of the clients can go with you and you're not contractually allowed to induce your clients to leave primerica. Primerica severely limits you by making you a captive agent. 4. Ask them what are you gauranteed to make in income your first year and how will you obtain clients? They probably will say that's up to you that the money you make is based on your effort. RED FLAG, they are already backing away from assiting you get ahead. Ask them about getting clients. The only way you get clients is by tapping into your friends and family and then recruiting them or their friends. According to Primerica, I believe Reps are not supposed to be using Resume sites to pull resumes, but they still are. 5. This ? will make the room shake. Ask them what percent of people ever make it to the 6-figure income they rave over. It's less than 2%. They may say that's much higher than many other companies, but then ask what's the turnover ratio. It's over 90% of sales force every year. That's outrageous. Any company with a turnover ratio that high will have the market tapped in no time, which means those reps currently in Primerica better start seeking a new career fast. There are so many questions that you can ask them, I could go on and on. You really should consider another avenue. Everyone looks for their pot of gold, but Primerica is not it. Trust me please, I know first hand what Primerica does. The memebers are strictly in the business to recruit others to sell insurance and recruit more people. You'll notice that the trips are primarily won through recruiting and insurance sales. STAY AWAY FROM PRIMERICA.


Ron

Middletown,
Delaware,
U.S.A.
Here are some questions to ask during the meeting

#8UPDATE EX-employee responds

Mon, November 22, 2004

I was an rep with Primerica for two years, regrettably. I sat through and conducted many of the trainings and seminars. I've heard many reps refer to Primerica as the largest company in the world or even call Citigroup the largest company in the world, both are false. Citigroup is a world recognized company and it's the largest 'financial services company' in the world. Citigroup is a huge conglomerate of banks, loan institutions and investment firms. Primerica is just one of those subsidiaries. While no company is without its' issues and challenges, I hope some day, for Citigroups sake, they discontinue their affiliation with Primerica. Here's some ?'s to ask during the presentation. It's really effective if you interrupt during the presentation, because those in the audience will benefit as well. 1. If they say Primerica or Citigroup is the largest company in the world, ask them to explain that. Do you mean in terms of gross revenue or sales or what? 2. If they say you will own your own business, ask them this. "So are we going to be independent contractors which would mean I can sell products outside Primerica or are we captive agents, which means we can only sell products through Primerica? You'll probably get an answer similar to this. UH, Duh, uh, I we. LOL.. You may get an answer like you're an independent contractor through Primerica, which is false. The word independant is not synonimous with Primerica. You can't sell anything else except Primerica affiliatied companies, which believe me severly hinders your chances to make any real money. 3. Ask them if you own your own clients. After all they did tell you that you'll own your own business right? The fact is you don't own your own business or your clients. Once you leave Primerica, none of the clients can go with you and you're not contractually allowed to induce your clients to leave primerica. Primerica severely limits you by making you a captive agent. 4. Ask them what are you gauranteed to make in income your first year and how will you obtain clients? They probably will say that's up to you that the money you make is based on your effort. RED FLAG, they are already backing away from assiting you get ahead. Ask them about getting clients. The only way you get clients is by tapping into your friends and family and then recruiting them or their friends. According to Primerica, I believe Reps are not supposed to be using Resume sites to pull resumes, but they still are. 5. This ? will make the room shake. Ask them what percent of people ever make it to the 6-figure income they rave over. It's less than 2%. They may say that's much higher than many other companies, but then ask what's the turnover ratio. It's over 90% of sales force every year. That's outrageous. Any company with a turnover ratio that high will have the market tapped in no time, which means those reps currently in Primerica better start seeking a new career fast. There are so many questions that you can ask them, I could go on and on. You really should consider another avenue. Everyone looks for their pot of gold, but Primerica is not it. Trust me please, I know first hand what Primerica does. The memebers are strictly in the business to recruit others to sell insurance and recruit more people. You'll notice that the trips are primarily won through recruiting and insurance sales. STAY AWAY FROM PRIMERICA.


Ron

Middletown,
Delaware,
U.S.A.
Here are some questions to ask during the meeting

#9UPDATE EX-employee responds

Mon, November 22, 2004

I was an rep with Primerica for two years, regrettably. I sat through and conducted many of the trainings and seminars. I've heard many reps refer to Primerica as the largest company in the world or even call Citigroup the largest company in the world, both are false. Citigroup is a world recognized company and it's the largest 'financial services company' in the world. Citigroup is a huge conglomerate of banks, loan institutions and investment firms. Primerica is just one of those subsidiaries. While no company is without its' issues and challenges, I hope some day, for Citigroups sake, they discontinue their affiliation with Primerica. Here's some ?'s to ask during the presentation. It's really effective if you interrupt during the presentation, because those in the audience will benefit as well. 1. If they say Primerica or Citigroup is the largest company in the world, ask them to explain that. Do you mean in terms of gross revenue or sales or what? 2. If they say you will own your own business, ask them this. "So are we going to be independent contractors which would mean I can sell products outside Primerica or are we captive agents, which means we can only sell products through Primerica? You'll probably get an answer similar to this. UH, Duh, uh, I we. LOL.. You may get an answer like you're an independent contractor through Primerica, which is false. The word independant is not synonimous with Primerica. You can't sell anything else except Primerica affiliatied companies, which believe me severly hinders your chances to make any real money. 3. Ask them if you own your own clients. After all they did tell you that you'll own your own business right? The fact is you don't own your own business or your clients. Once you leave Primerica, none of the clients can go with you and you're not contractually allowed to induce your clients to leave primerica. Primerica severely limits you by making you a captive agent. 4. Ask them what are you gauranteed to make in income your first year and how will you obtain clients? They probably will say that's up to you that the money you make is based on your effort. RED FLAG, they are already backing away from assiting you get ahead. Ask them about getting clients. The only way you get clients is by tapping into your friends and family and then recruiting them or their friends. According to Primerica, I believe Reps are not supposed to be using Resume sites to pull resumes, but they still are. 5. This ? will make the room shake. Ask them what percent of people ever make it to the 6-figure income they rave over. It's less than 2%. They may say that's much higher than many other companies, but then ask what's the turnover ratio. It's over 90% of sales force every year. That's outrageous. Any company with a turnover ratio that high will have the market tapped in no time, which means those reps currently in Primerica better start seeking a new career fast. There are so many questions that you can ask them, I could go on and on. You really should consider another avenue. Everyone looks for their pot of gold, but Primerica is not it. Trust me please, I know first hand what Primerica does. The memebers are strictly in the business to recruit others to sell insurance and recruit more people. You'll notice that the trips are primarily won through recruiting and insurance sales. STAY AWAY FROM PRIMERICA.


Claire

Atlanta,
Georgia,
U.S.A.
Primerica - history and answers

#10UPDATE Employee

Mon, November 22, 2004

Primerica representatives may not present themselves as financial planners. To be a "financial planner" often requires having your CFP and a series 65 or 66 license. It is a controlled title - like calling yourself a doctor. That is why Primerica specifically declares that we are not financial planners. As with any career, there are those who are truly gifted and others that just know the basics. Some are truly financially astute and very knowledgable and others are just starting. Finances are complex - you are not going to master them in 3 months of training. Think of it this way - anyone can make a cake but not everyone can make a Danish 7 layered cake. If you are a client - if you ever wish more clarification than your representative can provide - ask them to bring along a more seasoned rep that can answer your questions. Never invest in something that you are unclear on or uncomfortable with. It is YOUR money and YOUR future. I have been in the financial industry since 1991. I have my series 7 and 63. I am a registered paraplanner and am half though completing my CFP. I am licensed for life, accident and sickness, and long term care coverage. And I am delighted to be associated with Primerica. I am a client of USAA - so I know their offering. I was an employee of a major stock broker ( I left by my choice and can not list their name per terms of employment). I have an Uncle who works for Merrill Lynch and a good friend with Edward Jones. I have had accounts over the years with T Rowe Price, Merrill Lynch, Charles Schwab, Vanguard, Fidelity, Smith Barney, National Discount Brokers and later Ameritrade as well as bank and credit union accounts. My Father-in-Law is a banker and I have relatives in real estate. I have several dear friends who are financial planners and financial advisors. I know what products are out there. The products that Primerica offers to middle class Americans are very competitive in the market place. I have been shopping around for insurance for my family. I am a cynical Generation Xer so I don't take anything at face value. Primerica beat the other products on both price and terms of the policy. When you look at the bottom line on the mortgage - the total you pay over the life of your loan - Primerica home loans and refinanced loans are very effective. I am proud that I saved my mother in law over $90 K in interest over the life of the loan. And regardless of whether I stay with PFS or not - I married her son for life. I will have to face her in 15 years, 20 years, etc so I will be there to hear about it if I had advised her poorly. So I did not. The commissions paid on mutual fund purchases are industry standards - read the prospectus. They tell you what the fees are - the mutual fund sets the commission rates. The rates are set regardless of what fund family invest in so there is no advantage for the brokers to recommend anything other than what is best for the client. Generally commissions on a trade are 5% -- hmm real estate agents make 6-7% And investments are held in a brokerage firm which is insured by SIPC - it protects the value of your account incase of the insolvency of the brokerage firm - it does not protect you against market fluctuation. The analogy is that SIPC is for the brokerage industry what FDIC is for the banking industry. www.sipc.org from www.smithbraney.com "2004 Citigroup Global Markets Inc. All rights reserved. Member SIPC. Smith Barney is a division and service mark of Citigroup Global Markets Inc. and its affiliates and is used and registered throughout the world. " The products are sound. Yes we offer proprietary insurance products - Travelers is a A++ rated firm - why would we not represent them. Would you go to a nationwide agent to by Allstate car insurance ? www.travelerslife.com We offer mutual funds from multiple mutual fund families including Fidelity Advisor, Oppenheimer, American Funds, Franklin Templeton, and others in addition to Smith Barney funds. ++++++++++++++++++++++++++++++++++++++++++++++++ From The www.citigroup.com website ---- Primerica www.primerica.com With more than 100,000 full and part-time representatives, Primerica is the largest financial services marketing organization in North America. Primerica offers consumers an array of financial services and products, including term life insurance underwritten by Primerica Life. The company also markets other Citigroup Products, including Smith Barney Mutual Funds, Travelers Insurance Company annuities, and CitiFinancial loans and mortgages. +++++++++++++++++++++++++++++++++++++++++++++++++ If you want to research more - you can go to http://www.sec.gov/edgar/searchedgar/webusers.htm to research citigroups sec filings and see proof of their finances. Another independent website is www.hoovers.com, which is where I researched information about Primerica before joining. ++++++++++++++++++++++++++++++++++++++++++++++++ Primerica is a subsidiary of Citigroup. It can trace its history by to American Can ( a company on the original DOW) where it was the financial division that was later spun off and called Primerica - just as Ford created Ford motor credit. Primerica was a quiet company that was largely a holding company for other more public companies - eventually to include Travlers insurance and Smith Barney. https://www.travelerslife.com/html/History_Of_Citigroup.jsp for the full history Primerica consists of several independent companies - why ? are we trying to hide the truth? Are we concealing our practices? No - regulatory requirements has produced multiple divisions. There is the life insurance division - Primerca Life. There is the investment division - Primerca Financial Services (PFS) Investments. There is the mortgage division - PFHMI Primerica Financial Home Mortgage Inc. ++++++++++++++++++++++++++++++++++++++++++++++++ Am I happy with everything I see at PFS - no. But I have never been happy with everything at any job either Do I think that all my coworkers are briliant financial planners - no. But I think that everyone of them are responsible and ethical people who will assist families with their financial struggles. There are bad eggs in every bunch - don't through away the whole farm because of it. And to conclude - know any real estate agents? Who paid for their license? Know any lawyers? Did their company pay for their BAR exam ? No, they did. Ask your hair stylist who pays for their classes and licensing. Any firm wherein you are self employed - real estate, law, insurance, long haul truck driver, hair stylist - you will pay your own licensing fees and basic marketing costs. It is part of being self employed. That is what the introductory $199 is for and there are additional licensing costs as you gain more licenses. You are not an employee of Citigroup. You do not have employee benefits. You have a chance to earn based on your work - based on your skills and efforts. Not based on whether your boss likes you, your age, your appearance. You do not have monthly quotas. Want to take a vacation - fine. You do not need anyone's permission to take off the Friday after Thanksgiving or Christmas Eve. You can represent the products you like and are most interested in. You do not HAVE to sell mutual funds, life insurance, variable annuities, you can run your business however you like. True there is only so much one person can do alone - which is why Primerica encourages recuiting. But you can advance with recruiting a very very small number of people- you just need the right people. If you are from Primerica and you are running off your friends and family - STOP IT. If all you can talk about is the office - STOP IT - get a life. Primerica is HARD WORK. It requires a lot of study to master financial principles. I encourage a voracious reading appetite. To succeed requires a perserverance and strength of will that few have. It requires discipline and effort and exceptional time management and organizational skills. Most people will not do what it takes to succeed. 95% of new restaurant fail within the first 3 years. This industry is no different. For those of you working in Primerica, you have reasons to be proud of what we do. So go "DO IT!" And BTW for anyone that was unable to make this work for them - you have 120 days to request for your independant business agent fee back - it will be returned to you less an $40 processing fee. Forgive me for being so long winded - but many items of confusion were worthy of response. And for those who wonder why I was reading this page - I could not understand why I was getting push back from some clients simply when I mentioned I was with Primerica so I wanted to research why. Be sure I was with the right company. And I AM. There is alot of misinformation out there and people are talking about us. Hmmph must be doing something right. Best wishes to all regardless of how you decide to proceed with you life. For me I will follow the advice of Robert Frost and take the Path less traveled.


Jeff

Muskegon,
Michigan,
U.S.A.
Primerica will push their SMART loan. It has a higher interest rate than the competition but they will try to deceive you to believe that it is less expensive

#11Consumer Suggestion

Sat, November 20, 2004

Scott, First of all you need to be clear about what this Primerica rep is what he is not. He is NOT a financial advisor in the sense that he does not hold any securites licenses and he is NOT a Registered Investement Advisor. He IS trained to sell term life insurance and will also try to get you to refinance your mortgage. On the subject of term life insurance, you definitely need some if you have none. It is protection for your family in the case of an untimely death. However, you should compare Primerica's product with the competition. After you get his quote you should check Relaiquote.com or Accuquote.com for comparable products. You will almost certainly find that Primerica is more expensive. In the case of your mortgage, Primerica will push their SMART loan. It has a higher interest rate than the competition but they will try to deceive you to believe that it is less expensive because you will pay off your mortgage faster. They accomplish that by having you maake bi-weekly payments instead of monthly payments. What they do not tell you is that you can pay off your CURRENT mortgage faster with bi-weekly payments and it is not a feature unique to Primerica. Primerica also adds on high closing costs and extra fees right into the mortgage balance so that you are unlikely to notice them. My advice is to shop around for term life insurance and say no to the SMART loan.


Scott

Yukon,
Oklahoma,
U.S.A.
answer this for me please

#12Consumer Comment

Sat, November 20, 2004

i am not an employee (am not thinking of being one). i had a financial advisor come over, he looked all my finances over, i filled out an application, he then said he was going to do an analysis and would get back to me. He also said to come to a meeting on this last thursday, but i couldn't go.... what are some questions that i should ask? is it a bad thing to get started with them(not employment)?


Scott

Yukon,
Oklahoma,
U.S.A.
answer this for me please

#13Consumer Comment

Sat, November 20, 2004

i am not an employee (am not thinking of being one). i had a financial advisor come over, he looked all my finances over, i filled out an application, he then said he was going to do an analysis and would get back to me. He also said to come to a meeting on this last thursday, but i couldn't go.... what are some questions that i should ask? is it a bad thing to get started with them(not employment)?


Scott

Yukon,
Oklahoma,
U.S.A.
answer this for me please

#14Consumer Comment

Sat, November 20, 2004

i am not an employee (am not thinking of being one). i had a financial advisor come over, he looked all my finances over, i filled out an application, he then said he was going to do an analysis and would get back to me. He also said to come to a meeting on this last thursday, but i couldn't go.... what are some questions that i should ask? is it a bad thing to get started with them(not employment)?


M

Englewood Cliffs,
New Jersey,
U.S.A.
I WORKED FOR "PRIMERICA" AND IT IS A SCAM!!!!!

#15Consumer Comment

Tue, November 09, 2004

Ii was with this company for a short period of time while in college and quickly learned it is a scam. Once on the inside they told me the best methods to recruit people- be vague and exciting, dont answer any direct questions, just build excitement and tell them you "own your own business" goal is to get them to the open meetings where the professional speakers use the same speeches and lines every time to get people to sign up and fork over 200 dollars. THEY TELL YOU YOU WILL BECOME A MILLIONARE, BUT THAT IS A FLAT OUT LIE. it is ashame because they exploit the most finanically unstable, needy and desparate people looking to make money. Truth is they HAVE YOU SELL "TRAVELERS LIFE AND ANNUITY" and by the way give you no office, phone or even desk! If you want to be forced to recruit your own friends and family through lies and false promises and ask people in mcdonalds if they want travelers life insurance, than primerica is just the scam job for you.!!


M

Englewood Cliffs,
New Jersey,
U.S.A.
I WORKED FOR "PRIMERICA" AND IT IS A SCAM!!!!!

#16Consumer Comment

Tue, November 09, 2004

Ii was with this company for a short period of time while in college and quickly learned it is a scam. Once on the inside they told me the best methods to recruit people- be vague and exciting, dont answer any direct questions, just build excitement and tell them you "own your own business" goal is to get them to the open meetings where the professional speakers use the same speeches and lines every time to get people to sign up and fork over 200 dollars. THEY TELL YOU YOU WILL BECOME A MILLIONARE, BUT THAT IS A FLAT OUT LIE. it is ashame because they exploit the most finanically unstable, needy and desparate people looking to make money. Truth is they HAVE YOU SELL "TRAVELERS LIFE AND ANNUITY" and by the way give you no office, phone or even desk! If you want to be forced to recruit your own friends and family through lies and false promises and ask people in mcdonalds if they want travelers life insurance, than primerica is just the scam job for you.!!


M

Englewood Cliffs,
New Jersey,
U.S.A.
I WORKED FOR "PRIMERICA" AND IT IS A SCAM!!!!!

#17Consumer Comment

Tue, November 09, 2004

Ii was with this company for a short period of time while in college and quickly learned it is a scam. Once on the inside they told me the best methods to recruit people- be vague and exciting, dont answer any direct questions, just build excitement and tell them you "own your own business" goal is to get them to the open meetings where the professional speakers use the same speeches and lines every time to get people to sign up and fork over 200 dollars. THEY TELL YOU YOU WILL BECOME A MILLIONARE, BUT THAT IS A FLAT OUT LIE. it is ashame because they exploit the most finanically unstable, needy and desparate people looking to make money. Truth is they HAVE YOU SELL "TRAVELERS LIFE AND ANNUITY" and by the way give you no office, phone or even desk! If you want to be forced to recruit your own friends and family through lies and false promises and ask people in mcdonalds if they want travelers life insurance, than primerica is just the scam job for you.!!


SCOTT

Austin,
Texas,
U.S.A.
HUMMMM.......

#18Consumer Comment

Mon, November 08, 2004

http://www.worksite.net/110804.htm#15 FORMER EAST BAY INSURANCE AGENT TO DO JAIL TIME AND PAY RESTITUTION AFTER INVESTIGATION BY STATE DEPARTMENT OF INSURANCE Suspect fled to Florida, brought back to California to stand justice for stealing money form senior citizen and family BENICIA - On October 27, 2004, Herbert Amos Jones, 47, of Bethel Island, California, pled guilty in Contra Costa Superior Court to one felony count of grand theft. Jones, a former California-licensed insurance agent and regional vice president of Primerica Financial Services (PFS), was arrested as the result of an investigation by the California Department of Insurance's Investigation Division (CDI). Jones was sentenced to time served in county jail (44 days), two years felony probation, and ordered to pay $25,000 in restitution to PFS, which had already reimbursed the victims for their losses. "This case reflects the growing problem of financial elder abuse," stated Insurance Commissioner John Garamendi. "California insurance agents and brokers are put on notice that preying on senior citizens' hard earned - and usually very necessary funds - will not be tolerated." Jones was arrested in Florida in September 2004 and extradited to California for prosecution by the Contra Costa County District Attorney's Office. CDI's investigation disclosed that Jones, who surrendered his insurance license when fled the Golden State, convinced a 69-year-old woman and her 38-year-old daughter to invest $25,000 with him. Jones diverted the mother-daughter funds, failed to secure valid proof of the investments, then submitted incomplete, falsified documents to the daughter in an effort to hide his crime. The investigation also revealed that the daughter's U.S Postal Service pension plan was cleaned out, causing her additional tax penalties. PFS' restitution to the victims included reimbursement of those penalties. CDI is concerned that there may be other, unsuspecting victims who had business dealings with Jones. Consumers should call the CDI Hotline at 800 /927-HELP(4357) if they suspect they may have fallen prey to Jones' scam.


Joseph

Home Office,
Washington,
U.S.A.
Let's Qualify All of This - insurance has many faults, not just Primerica.

#19Consumer Comment

Sun, October 31, 2004

I am considering Primerica as an alternative to "working for the man". After reading through all posts to this board, I must say I am dissapointed at both sides for the berating of each other, rather than focusing on the issues: 1) The INDUSTRY of selling insurance has many faults, not just Primerica. 2) There are "bad representatives" in any sales-based industry, including the financial industry. 3) C from Illinois, while some of your points are valid, they are NOT the "means to the end" for Primerica. There are good, hardworking people who genuinly want to help families get out of debt and are professional salespeople. If there was not, why would customers post their GOOD experiences on a board designed for BAD ones? 4) Companies in the financial industry ALL make money (lots of it) in one form or another. What appears to be higher interest rates with one, might be extra fees for another. (C, I know you will attack me here, so let me get it out of the way, I am not 100% educated in this industry yet, but who is? I was just using logic) 5) The "pyramid scheme" attack is invalid. Any sales organization (or MLM) recruits salespeople. A pyramid scheme would pay an individual for the recruiting portion as well as on the results of the salespeople in the "downline". Primerica is using the MLM business model for organizing it's salesforce. But it does not pay for recruiting, rather paying for the results of the sales people in your organization below you. Sounds kind of like a regular sales office where the Sales Manager gets paid some commission based on the results of his/her sales team, doesn't it? SUMMARY: There are many more points to cover on this opinion board. I do not have the time here to continue however. In summary, I feel that Primerica is being attacked for the SAME reasons almost all (Allstate, Prudential, Charles Schwab, Eaton Vance, etc...) organizations that ask people to invest or spend their hard earned dollars towards and end that produces good or bad results are attacked. You can find this type of board on almost any company somewhere on the Internet. This is because we are all human, and along with that comes the mistakes, misrepresentations, and those things we "failed to disclose properly" as salespeople. I am an honest salesperson, but yes I have made mistakes. You cannot expect that companies in business with the intention to make money will not have a method or methods of doing so incorporated into their product. Most companies, Primerica included, provide value for their clientele and employees to some level. Quit talking about investing $199, and start talking about FACTUAL REPRESENTATIONS that make a difference!!


J

Sherman,
Texas,
U.S.A.
I was expecting a good tradional interview being that Primerica is a subsidy of Citigroup, but that was not the case.

#20Consumer Comment

Sat, October 16, 2004

Thank You For All Responses... I am a college senior with a double major in Business and Economics. I saw Primerica Financial Serives opportunity and thought I should find out more about it. I went on an interview and like others have said the interviewer did not really look at my resume or really care about any credential I have achieved or any part-time work I have done. I was expecting a good tradional interview being that Primerica is a subsidy of Citigroup, but that was not the case. Still interested in the opportunity to own my own business and deal with financial services I went to their business breifing they had the next day. I am a Christian, but I did not expect to walk in listening to Christian music blaring in the office with people singing along and so on. I also, brought my roommate along who has worked with IBM as an intern for the past 4 summers so I could have another brain thinking about his opportunity cause I was already skeptical. Then after seeing some of the individuals that came in my roommate and I just did not feel like we fit in. For the most part they seemed like people who could not cut it in the outside world and are looking for a place to feel good about themselves. After the meeting some of the higher up people in the office wanted to talk to me, so they took me into one of the offices and asked if I was ready to sign the paperwork and pay the $199. I was like I have some questions and they were perturbed by that. Then after they somewhat answered my questions they again insisted that we both sign up barely even knowing my roommates name and we were like sorry we got to think about it more and then the one lady seemed to get really pissed off and just took the applications up and said bye. That really ruined it for both of us. In Primerica's defense there were about 2-3 agents there that were intelligent enough to be doing the job but the other 20 I would not trust to handle monopoly money. That is a true story that has happened to me over the past few days and am glad I am not the oly one who hada weird feeling about this company. So, that all leads to if you can get another job do it, but if not then work with Primerica because there is some money to be made there if you do it right.


Jim

Hometown,
Pennsylvania,
U.S.A.
when the parent company has problems following the law, so do the underlings

#21Consumer Comment

Fri, October 15, 2004

Ok. Not only am I retired from the Army, see my comment above, I am a Disabled Veteran who has a handicapped parking permit. I've had two knee replacements, so I qualify. Now, most of the time, I park as far out in the parking lot as I can, cause the walk does my knee replacements good. So go figure this. Primerica has four reserved spots at their office, right in fornt of the door, in Hazelton, PA. But wouldn't you know, the Regional VP who has GET VPS as his plate, doesn't have a plackard and chooses to park in the blue zone. Gee, I guess when the parent company has problems following the law, so do the underlings. BTW, I left my ex-best friend, who hasn't called since I took my business elsewher (USAA since everyone like to throw around company names on this site) a note today telling him that since I don't park in his reserved spots when I visit my wife in the building, I'd appreciate if he wouldn't park in mine. I'm sitting here by my phone anxiously awaiting his call to say he's sorry and will abide by the law in the future. LOL! BTW, this is really a great site, not only for information on PFS, but other rip-offs as well.


Roger

Baltimore,
Maryland,
U.S.A.
Sorry Ed PFS is the company. You are an independent representative.

#22UPDATE EX-employee responds

Fri, October 15, 2004

Sorry, Ed but you're wrong. You don't own your own company (Read your IBA). PFS is the company. You are an independent representative. PFS home office: Owns your clients Owns your recruits Owns most of the residual premiums Can change products, etc at anytime for any reason. Can only offer products PFS wants you to, whether it's best for the client or not. By any stretch of the imagination this is not ownership. Also, PFS provides financial advice, but here's the catch: Very over-priced term insurance Loaded mutual funds Ridiculously High Interest rates on SMART? Loans The question is are you this upfront with your potential clients and recruits? Do you explain these facts, or do you dance around it, or are you aware of these facts?


Josh

Regina,
Saskatchewan,
Canada
I have been reading some of these articles and well to be honest, some definitely have merit...

#23UPDATE Employee

Fri, October 15, 2004

I have been reading some of these articles and well to be honest, some definitely have merit... but too many things said in this forum is all circumstantial or hyped up emotions... First off, I would like to break down some things with you... To be licensed as a person to sell life insurance or segregated funds you need; -A book to study (called a Life License Qualification Program) in this it teaches the several different types of insurance and segregated funds and how they work. (Usually about the size of a mid to large sized phone book... so there is a decent amount of information you need to retain in order to take and pass the exam) -40 hours of training -pass a LLQP (restricted) exam and City Bylaw exam -yearly renew of your E & E -yearly renew of your 'life license' -every 2 years you need 20 hours of in class training -a sponsorship -With-in two years of being licensed the person will have to take their second LLQP exam which will then make them an unrestricted rep. These are the rules... whether you are sponsored with Primerica or any of the other financial institutions, these are the rules. In Primerica, to get all of the above, it will cost you under $350 when all is said and done (and that is definitely a high figure) I won't try and quote other organization's prices to get the same thing, you can find that out yourself. (But I can almost guarantee you couldn't do that for that price anywhere else... but hey, prove me wrong) No matter what institution you are apart of, you must adhere to the rules and restrictions set out by the life council, fed. and provincial government's laws. If you act in a manner against any such body, your sponsorship and or license will be either suspended or canceled. If an office does this, they will be shut down. Remember, this is all the generic rules... period! To hold a mutual funds license or anything else, similar rules are enforced as well. Has there been many Primerica Reps that have abused there position out of greed and self-centeredness! For sure! Yes, there are offices that have not followed all the rules set out by the governing bodies and yes they have been shut down. Yes people... many many people, have come on board and then quite soon after. These are all true. Things that are not true... you do not need to meet a certain quota of sales or recruits. You are not a professional in anything to do with mortgages and in certification for $mart Loans... they tell you that! In fact, if you advise any person in anything to do with mortgages or anything else financial that you don't have a license for, then you stand to get your sponsorship canceled! Never ever EVER have I EVER heard of someone ever telling a client to make a decision that is not in the best interest of that person. And every time that I was out being trained, I was always told that if the person is doing everything right, then GREAT! The Financial Needs Analysis will tell them that on paper. A Primerica Rep. is in no means an expert on everything financial... we know some basic concepts about money that most people don't know that we think everyone should know. We don't believe that a person needs life insurance for their entire life nor should have their savings plan wrapped in with their life insurance. There are reasons why we don't believe this helps the consumer. We don't believe that the banks have their client's best interests at heart because their primary way to make money is to keep you in debt. If you disagree, and can argue something legit, then by all means! This has been my experience, the man who hired me, all of our co-workers, and of course myself all see this business as a ministry. I solidly believe that our products are competitive and help out the consumer. We sit with many many families and teach them concepts about money. We bring in 3rd party material that teaches people about concepts. We teach people about what products they have, what they do, and how they work. Never have I had to 'sell' anything. All I had to do is show both sides. We show families who think they are doing great with their current plans, which in actuality they are going to be broke 10 years after they retire. These are the numbers and figures, the client can do those themselves... you can't argue with the numbers. So if I can show someone how I can rearrange where they are currently spending their money and use it more efficiently, is their anything wrong with that? So if I can show a person on paper, the numbers, that they can get out of debt sooner, realize 'THEIR' financial goals (not mine!), and protect their loved ones in the case of a premature death with out spending any more money... that would make me happy. And if I got paid to do that, that would make me happy as well! I can't speak for any of your experiences, but I have seen how we can help families. I have seen how you can bring people, with out using pressure sales tactics, into the company. I don't work for money; I work to help out families. So please, in your generalizing of Primerica, please don't include me in that. I work with kids with mental and physical disabilities. I work in ministry and in the next month I will be moving from a nice home on the outskirts to live in the inner-city... to live in ministry! I help people for a living... I am not in this to make money, there is no 'shifty sales pitch'... and yet, I'm still successful... I'll end off with two points... -High turnover rates are created when either you do not provide what your employees need, or you provide too much freedom. 80% of people are not disciplined enough to actually be self-motivated... 20% are the Bill Gates, Donald Trumps, etc. The people who do not need the structure of a job to keep their financial security in check. That means we will have an 80% turn over rate because to be successful, you need to be that 20%. -Think of this... If you owned a company worth ONE TRILLION DOLLARS (that's McDonalds, Wal-Mart, Star Bucks, Microsoft, a few successful oil companies and who ever owns this web space all put together... well actually that comes close to a half of a trillion dollars... but we can say it equals a trillion for arguments sake) If you owned that kinda company, in that kind of level... would you ever even think about touching something that you thought could be illegal in any way shape or form??? If you owned a trillion dollar company, you would be very good at making good financial decisions... so investing money and time into a company that was illegal would probably not be in your best interests. I hope my opinion helps at all in this, and of course, this is all just my opinion. At the end of the day, I still am going to be doing what I'm doing, this forum will not be changing how I life my life. God Bless.


Josh

Regina,
Saskatchewan,
Canada
I have been reading some of these articles and well to be honest, some definitely have merit...

#24UPDATE Employee

Fri, October 15, 2004

I have been reading some of these articles and well to be honest, some definitely have merit... but too many things said in this forum is all circumstantial or hyped up emotions... First off, I would like to break down some things with you... To be licensed as a person to sell life insurance or segregated funds you need; -A book to study (called a Life License Qualification Program) in this it teaches the several different types of insurance and segregated funds and how they work. (Usually about the size of a mid to large sized phone book... so there is a decent amount of information you need to retain in order to take and pass the exam) -40 hours of training -pass a LLQP (restricted) exam and City Bylaw exam -yearly renew of your E & E -yearly renew of your 'life license' -every 2 years you need 20 hours of in class training -a sponsorship -With-in two years of being licensed the person will have to take their second LLQP exam which will then make them an unrestricted rep. These are the rules... whether you are sponsored with Primerica or any of the other financial institutions, these are the rules. In Primerica, to get all of the above, it will cost you under $350 when all is said and done (and that is definitely a high figure) I won't try and quote other organization's prices to get the same thing, you can find that out yourself. (But I can almost guarantee you couldn't do that for that price anywhere else... but hey, prove me wrong) No matter what institution you are apart of, you must adhere to the rules and restrictions set out by the life council, fed. and provincial government's laws. If you act in a manner against any such body, your sponsorship and or license will be either suspended or canceled. If an office does this, they will be shut down. Remember, this is all the generic rules... period! To hold a mutual funds license or anything else, similar rules are enforced as well. Has there been many Primerica Reps that have abused there position out of greed and self-centeredness! For sure! Yes, there are offices that have not followed all the rules set out by the governing bodies and yes they have been shut down. Yes people... many many people, have come on board and then quite soon after. These are all true. Things that are not true... you do not need to meet a certain quota of sales or recruits. You are not a professional in anything to do with mortgages and in certification for $mart Loans... they tell you that! In fact, if you advise any person in anything to do with mortgages or anything else financial that you don't have a license for, then you stand to get your sponsorship canceled! Never ever EVER have I EVER heard of someone ever telling a client to make a decision that is not in the best interest of that person. And every time that I was out being trained, I was always told that if the person is doing everything right, then GREAT! The Financial Needs Analysis will tell them that on paper. A Primerica Rep. is in no means an expert on everything financial... we know some basic concepts about money that most people don't know that we think everyone should know. We don't believe that a person needs life insurance for their entire life nor should have their savings plan wrapped in with their life insurance. There are reasons why we don't believe this helps the consumer. We don't believe that the banks have their client's best interests at heart because their primary way to make money is to keep you in debt. If you disagree, and can argue something legit, then by all means! This has been my experience, the man who hired me, all of our co-workers, and of course myself all see this business as a ministry. I solidly believe that our products are competitive and help out the consumer. We sit with many many families and teach them concepts about money. We bring in 3rd party material that teaches people about concepts. We teach people about what products they have, what they do, and how they work. Never have I had to 'sell' anything. All I had to do is show both sides. We show families who think they are doing great with their current plans, which in actuality they are going to be broke 10 years after they retire. These are the numbers and figures, the client can do those themselves... you can't argue with the numbers. So if I can show someone how I can rearrange where they are currently spending their money and use it more efficiently, is their anything wrong with that? So if I can show a person on paper, the numbers, that they can get out of debt sooner, realize 'THEIR' financial goals (not mine!), and protect their loved ones in the case of a premature death with out spending any more money... that would make me happy. And if I got paid to do that, that would make me happy as well! I can't speak for any of your experiences, but I have seen how we can help families. I have seen how you can bring people, with out using pressure sales tactics, into the company. I don't work for money; I work to help out families. So please, in your generalizing of Primerica, please don't include me in that. I work with kids with mental and physical disabilities. I work in ministry and in the next month I will be moving from a nice home on the outskirts to live in the inner-city... to live in ministry! I help people for a living... I am not in this to make money, there is no 'shifty sales pitch'... and yet, I'm still successful... I'll end off with two points... -High turnover rates are created when either you do not provide what your employees need, or you provide too much freedom. 80% of people are not disciplined enough to actually be self-motivated... 20% are the Bill Gates, Donald Trumps, etc. The people who do not need the structure of a job to keep their financial security in check. That means we will have an 80% turn over rate because to be successful, you need to be that 20%. -Think of this... If you owned a company worth ONE TRILLION DOLLARS (that's McDonalds, Wal-Mart, Star Bucks, Microsoft, a few successful oil companies and who ever owns this web space all put together... well actually that comes close to a half of a trillion dollars... but we can say it equals a trillion for arguments sake) If you owned that kinda company, in that kind of level... would you ever even think about touching something that you thought could be illegal in any way shape or form??? If you owned a trillion dollar company, you would be very good at making good financial decisions... so investing money and time into a company that was illegal would probably not be in your best interests. I hope my opinion helps at all in this, and of course, this is all just my opinion. At the end of the day, I still am going to be doing what I'm doing, this forum will not be changing how I life my life. God Bless.


Josh

Regina,
Saskatchewan,
Canada
I have been reading some of these articles and well to be honest, some definitely have merit...

#25UPDATE Employee

Fri, October 15, 2004

I have been reading some of these articles and well to be honest, some definitely have merit... but too many things said in this forum is all circumstantial or hyped up emotions... First off, I would like to break down some things with you... To be licensed as a person to sell life insurance or segregated funds you need; -A book to study (called a Life License Qualification Program) in this it teaches the several different types of insurance and segregated funds and how they work. (Usually about the size of a mid to large sized phone book... so there is a decent amount of information you need to retain in order to take and pass the exam) -40 hours of training -pass a LLQP (restricted) exam and City Bylaw exam -yearly renew of your E & E -yearly renew of your 'life license' -every 2 years you need 20 hours of in class training -a sponsorship -With-in two years of being licensed the person will have to take their second LLQP exam which will then make them an unrestricted rep. These are the rules... whether you are sponsored with Primerica or any of the other financial institutions, these are the rules. In Primerica, to get all of the above, it will cost you under $350 when all is said and done (and that is definitely a high figure) I won't try and quote other organization's prices to get the same thing, you can find that out yourself. (But I can almost guarantee you couldn't do that for that price anywhere else... but hey, prove me wrong) No matter what institution you are apart of, you must adhere to the rules and restrictions set out by the life council, fed. and provincial government's laws. If you act in a manner against any such body, your sponsorship and or license will be either suspended or canceled. If an office does this, they will be shut down. Remember, this is all the generic rules... period! To hold a mutual funds license or anything else, similar rules are enforced as well. Has there been many Primerica Reps that have abused there position out of greed and self-centeredness! For sure! Yes, there are offices that have not followed all the rules set out by the governing bodies and yes they have been shut down. Yes people... many many people, have come on board and then quite soon after. These are all true. Things that are not true... you do not need to meet a certain quota of sales or recruits. You are not a professional in anything to do with mortgages and in certification for $mart Loans... they tell you that! In fact, if you advise any person in anything to do with mortgages or anything else financial that you don't have a license for, then you stand to get your sponsorship canceled! Never ever EVER have I EVER heard of someone ever telling a client to make a decision that is not in the best interest of that person. And every time that I was out being trained, I was always told that if the person is doing everything right, then GREAT! The Financial Needs Analysis will tell them that on paper. A Primerica Rep. is in no means an expert on everything financial... we know some basic concepts about money that most people don't know that we think everyone should know. We don't believe that a person needs life insurance for their entire life nor should have their savings plan wrapped in with their life insurance. There are reasons why we don't believe this helps the consumer. We don't believe that the banks have their client's best interests at heart because their primary way to make money is to keep you in debt. If you disagree, and can argue something legit, then by all means! This has been my experience, the man who hired me, all of our co-workers, and of course myself all see this business as a ministry. I solidly believe that our products are competitive and help out the consumer. We sit with many many families and teach them concepts about money. We bring in 3rd party material that teaches people about concepts. We teach people about what products they have, what they do, and how they work. Never have I had to 'sell' anything. All I had to do is show both sides. We show families who think they are doing great with their current plans, which in actuality they are going to be broke 10 years after they retire. These are the numbers and figures, the client can do those themselves... you can't argue with the numbers. So if I can show someone how I can rearrange where they are currently spending their money and use it more efficiently, is their anything wrong with that? So if I can show a person on paper, the numbers, that they can get out of debt sooner, realize 'THEIR' financial goals (not mine!), and protect their loved ones in the case of a premature death with out spending any more money... that would make me happy. And if I got paid to do that, that would make me happy as well! I can't speak for any of your experiences, but I have seen how we can help families. I have seen how you can bring people, with out using pressure sales tactics, into the company. I don't work for money; I work to help out families. So please, in your generalizing of Primerica, please don't include me in that. I work with kids with mental and physical disabilities. I work in ministry and in the next month I will be moving from a nice home on the outskirts to live in the inner-city... to live in ministry! I help people for a living... I am not in this to make money, there is no 'shifty sales pitch'... and yet, I'm still successful... I'll end off with two points... -High turnover rates are created when either you do not provide what your employees need, or you provide too much freedom. 80% of people are not disciplined enough to actually be self-motivated... 20% are the Bill Gates, Donald Trumps, etc. The people who do not need the structure of a job to keep their financial security in check. That means we will have an 80% turn over rate because to be successful, you need to be that 20%. -Think of this... If you owned a company worth ONE TRILLION DOLLARS (that's McDonalds, Wal-Mart, Star Bucks, Microsoft, a few successful oil companies and who ever owns this web space all put together... well actually that comes close to a half of a trillion dollars... but we can say it equals a trillion for arguments sake) If you owned that kinda company, in that kind of level... would you ever even think about touching something that you thought could be illegal in any way shape or form??? If you owned a trillion dollar company, you would be very good at making good financial decisions... so investing money and time into a company that was illegal would probably not be in your best interests. I hope my opinion helps at all in this, and of course, this is all just my opinion. At the end of the day, I still am going to be doing what I'm doing, this forum will not be changing how I life my life. God Bless.


Josh

Regina,
Saskatchewan,
Canada
I have been reading some of these articles and well to be honest, some definitely have merit...

#26UPDATE Employee

Fri, October 15, 2004

I have been reading some of these articles and well to be honest, some definitely have merit... but too many things said in this forum is all circumstantial or hyped up emotions... First off, I would like to break down some things with you... To be licensed as a person to sell life insurance or segregated funds you need; -A book to study (called a Life License Qualification Program) in this it teaches the several different types of insurance and segregated funds and how they work. (Usually about the size of a mid to large sized phone book... so there is a decent amount of information you need to retain in order to take and pass the exam) -40 hours of training -pass a LLQP (restricted) exam and City Bylaw exam -yearly renew of your E & E -yearly renew of your 'life license' -every 2 years you need 20 hours of in class training -a sponsorship -With-in two years of being licensed the person will have to take their second LLQP exam which will then make them an unrestricted rep. These are the rules... whether you are sponsored with Primerica or any of the other financial institutions, these are the rules. In Primerica, to get all of the above, it will cost you under $350 when all is said and done (and that is definitely a high figure) I won't try and quote other organization's prices to get the same thing, you can find that out yourself. (But I can almost guarantee you couldn't do that for that price anywhere else... but hey, prove me wrong) No matter what institution you are apart of, you must adhere to the rules and restrictions set out by the life council, fed. and provincial government's laws. If you act in a manner against any such body, your sponsorship and or license will be either suspended or canceled. If an office does this, they will be shut down. Remember, this is all the generic rules... period! To hold a mutual funds license or anything else, similar rules are enforced as well. Has there been many Primerica Reps that have abused there position out of greed and self-centeredness! For sure! Yes, there are offices that have not followed all the rules set out by the governing bodies and yes they have been shut down. Yes people... many many people, have come on board and then quite soon after. These are all true. Things that are not true... you do not need to meet a certain quota of sales or recruits. You are not a professional in anything to do with mortgages and in certification for $mart Loans... they tell you that! In fact, if you advise any person in anything to do with mortgages or anything else financial that you don't have a license for, then you stand to get your sponsorship canceled! Never ever EVER have I EVER heard of someone ever telling a client to make a decision that is not in the best interest of that person. And every time that I was out being trained, I was always told that if the person is doing everything right, then GREAT! The Financial Needs Analysis will tell them that on paper. A Primerica Rep. is in no means an expert on everything financial... we know some basic concepts about money that most people don't know that we think everyone should know. We don't believe that a person needs life insurance for their entire life nor should have their savings plan wrapped in with their life insurance. There are reasons why we don't believe this helps the consumer. We don't believe that the banks have their client's best interests at heart because their primary way to make money is to keep you in debt. If you disagree, and can argue something legit, then by all means! This has been my experience, the man who hired me, all of our co-workers, and of course myself all see this business as a ministry. I solidly believe that our products are competitive and help out the consumer. We sit with many many families and teach them concepts about money. We bring in 3rd party material that teaches people about concepts. We teach people about what products they have, what they do, and how they work. Never have I had to 'sell' anything. All I had to do is show both sides. We show families who think they are doing great with their current plans, which in actuality they are going to be broke 10 years after they retire. These are the numbers and figures, the client can do those themselves... you can't argue with the numbers. So if I can show someone how I can rearrange where they are currently spending their money and use it more efficiently, is their anything wrong with that? So if I can show a person on paper, the numbers, that they can get out of debt sooner, realize 'THEIR' financial goals (not mine!), and protect their loved ones in the case of a premature death with out spending any more money... that would make me happy. And if I got paid to do that, that would make me happy as well! I can't speak for any of your experiences, but I have seen how we can help families. I have seen how you can bring people, with out using pressure sales tactics, into the company. I don't work for money; I work to help out families. So please, in your generalizing of Primerica, please don't include me in that. I work with kids with mental and physical disabilities. I work in ministry and in the next month I will be moving from a nice home on the outskirts to live in the inner-city... to live in ministry! I help people for a living... I am not in this to make money, there is no 'shifty sales pitch'... and yet, I'm still successful... I'll end off with two points... -High turnover rates are created when either you do not provide what your employees need, or you provide too much freedom. 80% of people are not disciplined enough to actually be self-motivated... 20% are the Bill Gates, Donald Trumps, etc. The people who do not need the structure of a job to keep their financial security in check. That means we will have an 80% turn over rate because to be successful, you need to be that 20%. -Think of this... If you owned a company worth ONE TRILLION DOLLARS (that's McDonalds, Wal-Mart, Star Bucks, Microsoft, a few successful oil companies and who ever owns this web space all put together... well actually that comes close to a half of a trillion dollars... but we can say it equals a trillion for arguments sake) If you owned that kinda company, in that kind of level... would you ever even think about touching something that you thought could be illegal in any way shape or form??? If you owned a trillion dollar company, you would be very good at making good financial decisions... so investing money and time into a company that was illegal would probably not be in your best interests. I hope my opinion helps at all in this, and of course, this is all just my opinion. At the end of the day, I still am going to be doing what I'm doing, this forum will not be changing how I life my life. God Bless.


Ed

Paterson,
New Jersey,
U.S.A.
THX FOR YOUR HELP

#27UPDATE Employee

Fri, October 15, 2004

to all you: i am from New Jersey and i do work with primerica and the reazon i am here is because, this site has come to my attention by one of the people that i was recruiting and i wanted to know more about it, and i find it interesting because many of you have your own point of view as the people who actually work with the company, i respect them all but whatever it was your experience has nothing to do with the success that some one can have here, all we talk is about an opportunity, some people are bad apples and others are good apples so far i consider myself to be honest and thanks to that i am growing in this busenes and perhaps my english is not really good i am trying to do the best i can, because everything in life only comes the way you see it, what i mean by this, is that i am learning from mistakes of others, and not make false statements because whatever you tell people it comes back, and work in primerica is not easy is really hard and i know hard work, and what i got so far from this company is that i learned that if i don't plan my future i will regret it when i became old, regardles i invest in this company or not or i get the insurance or not, or a mortgage or what ever this company offers, is that i give people education and choices some people take advantage and some people don't, that is all about choices for the comsumer most of us are not college educated and for some people that's a big deal, what do you know? the question i have is: what financial corporation is calling you to save money for your retirement, your kids education having a good insurance a better mortgage? just name one company, if you are making average $40,000 a year. not even $100,000 a year, did you make their list of wealthy people to call? i bet not. for the record i was making over 100k washing windows in new york city before primerica, and no company call me! i am living in this country almost ten years and i come here looking for an opportunity so far primerica has giving me this opportunity to dream and why not some day became financially independent and what this mean is not to have to worry about money, money will be there if you work hard enough the reward is worth it, there are people that may state something that is not true yes we have them, but that does not mean everyone is a bad apple, personally i believe in the conceps of the company in helping people and i wasn't that lucky in working with my uplines they are good people but as some people say there are bad apples and good apples, so if there is something that make sense to you, but you are not lucky with your uplines that does not mean you can do this busenes as i always tell to my teammates learn the good and the bad and do what's right for you, this whole debate is about work and some reps misleading other people, when i get a posible candidate i tell them that this is a business opportunity and is on commision bases so peolpe can have a better idea of the offer, i'm very sorry for those people that were mislead and i apologize for that, i don't take resumes out any websides because i believe this people is going to be mislead because we don't offer a salary posittion and people posting resumes are looking for a JOB, as i say there are people who are not going to release all the information but that does not mean that the company is a scam besides that, all of us are here on a free will we are a voluntary army no one is obligating us to do this busenes, for the ones with a bad experience sorry and i really mean it, and for the ones that are just starting with the company you will find out it your uplines are lying to you sooner or later but if you work hard enough the reward is there perhaps it could be a decent life for you and your family or a really good life ether way this whole thing is up you and you alone, no one can tell youdo this or do that if you don't want to but if you have the desire you are in right place but remember is up to you is not up to your uplines is only up to you. i know some people is going to come after this but the true is whatever you do today is going to dictate your future in the years to come, wheter you work in this company or on a diferent company only your attitude will help you to get through, and i would like to finish with this PRIMERICA IS NOT FOR EVERY ONE. for the person that can get all the benefits as an employee please make sure you are maximazing your 401K, and find out how much money you will need to leave off at retirtment age for at least 25 years. it's not about getting benefits is about knowing what to do with them and how to make them work for you but i rather work in building something of my own than work for some one else, and yes i give up my over 100K salary and i am working full time in Primerica. for the ones that are going to question my previos income i was making 47K base on 40 hours a week and 18K by training people for the company, and 50K cash working for other companys and only in the summer 50K cash in the summer is a lot of money. please do not get me wrong i am not saying you new people should give up your full times please do not do that talk to your uplines about it.


Aaron

Altamonte Springs,
Florida,
U.S.A.
Scam or not, some things to notice.

#28Consumer Comment

Tue, October 12, 2004

Now I have not personally been in contact with anyone with Primerica Financial Services but I do know a few things. This is regarding if you are contacted for possible employment. A rule of thumb, and is preached from the Better Business Bureau is regarding if you are required to pay a fee to begin employment. Any legitimate business that is seeking you for employment will never ask for a fee to start. If you require a liscense or such from a governing agency, it is professional for you to directly pay them, not the company you are applying for. Such actions are higly suspicious and you should be wary about the company. If the company truly wanted you for employment they would pay any fees, then expecting a monetary return i.e. selling loans and the such. This rule applys for any sort of employment, and is the same with potential modeling jobs that require fees for building your portfolio and keeping copyrights on those same photos.


D

Madison,
Wisconsin,
U.S.A.
Who has been helped by Primerica?

#29Consumer Comment

Thu, August 12, 2004

Aside from their less than appealing recruiting practices and recommendations for loan consolidation and insurance...how many people have they actually helped? How many people have they provided a financial plan for that are now debt free due to the plan they generate in the FNA? My big question is, how many people have gone into debt free retirement with the huge nest egg they were promised?


Jim

Hometown,
Pennsylvania,
U.S.A.
Just some thoughts.

#30Consumer Comment

Wed, August 11, 2004

Recently I had teh opportunity to deal with this comapny as a potential client. Here's my experience. They made me a whopping 4.5% in my SMith Barney Funds last year. I did better other places and have since moved my money.My agent, "friend," hasn't called me since. I had applied for a term policy for myself and my wife. They took 30 days to request medical records after the application (I have the proof) and 6 weeks to set up my physical. I found another company thathas a better rating at AM Best, that had a policy in my hands in 15 days. That included the physical, was less in cost, had the same ADB and guaranteed insurability clauses. And yep, the cost was less than half of PFS. I am involved, as is my wife, with businesses that have multi level structures. However, neither of them involve any up front fees that are not fully refundable with your first purchase of product and you even get Specialist discount on them (Natures Sunshine, since everyone is into nameing names). I am a retired Army Officer who chooses to spend his money wisely and as such, does his homework. This site is good for giving information. Yep, it's pro and con, but then, most of you graduated at least high-school, so I figure you got a braina nd can figure things out. Then again, I did deal with recruits. Bottom line, I look at this site on a regular basis. And not jsut at this company, but have found it useful for may of the compnaies that I buy from or look at for products. You wanna defend you point, that's your right. I applaude you for doing so. That's why Baskin Robbins has 31 flavors, cause not everyone likes Vanilla. After all, that's why I served and a lot of young people are serving today in our Armed Forces. To protect your freedom to say what you want. But in the end, you gotta sort it out and decide for yourself.


James

Taunton,
Massachusetts,
U.S.A.
Definition of a Pyramid Scheme

#31Consumer Suggestion

Wed, August 11, 2004

While it's been amusing reading the comments here, I wish to address the misnomer of "Pyramid" which is term people mistakenly apply to any hierarchical or tiered organizational structure. Please note that I am not a Primerica representative nor do I do business with them or any of their affiliates. Yes, a Pyramid-scheme is illegal as defined by the FTC (Federal Trade Commision) which keeps a close eye on all multi-level marketing companies. A "Pyramid" is formed when money is paid out to participants SOLEY on adding representatives to the company. There is very little to no products being sold. In other words, you get paid based on how many people you get to sign the dotted line. These illegal organizations are short lived as they get top heavy quickly (due to bonus structure) and collapse within 2 years allowing the top tier to run with the money. The following companies (and many more) are completely legal under FTC guidelines in that 1) They sell product and 2) There is no or little bonus for signing people up: Primerica, Amway, Herbal Life, Usana, Melaleuca, Shackley, Watkins, Avon, Mary Kay, Nuskin, Home and Garden, Party Lite, and many more. This is not to say that some may be performing in less than ethical business practices, but for the sake of argument, the are NOT "Pyramids". Our government is more of a Pyramid-scheme that these companies.


Kasey

Dallas,
Texas,
U.S.A.
Clarifcation on a few things

#32UPDATE Employee

Tue, August 10, 2004

I would like to clarify a several misrepresenations I have read in this report. The $199 you pay is for an Independent Business Application. Anyone conducting their own business, which is what this is, has to fill one out. This money DOES NOT go to Primerica, it goes to the state. The actual charge for the IBA is $542 and Primerica pays all but $199 for you, and if you deceide Primerica is not for you, that $199 is fully refundable at anytime. NO ONE gets paid for recruiting people. You make money AFTER you get your license. The test is hard and that is what PFSU is there to help you with. The test is taken at a center opperated by the state with the same test all health and life insurance agents must take. The test cost $65 which also goes to the state. Once you pass your test Primerica refunds you the money you paid for it. Like with any company, their are levels and things you must accomplish to reach those levels. The reason you are encouraged to recruit before you have passed your test is so that when you do pass your test, you are in a higher percentage commission bracket. Spouses are encouraged to attend meetings, not forced. This is so that your spouse can know and understand what you are getting involved in. I believe that the poeple making "ripoff" claims about Primerica are uninformed and making accusations without all of the information. I also believe their are people that go out there and misuse Primerica and give the rest of us a bad name. It infurates me that uninformed people would make such strong comments against Primerica.


J

LIC,
New York,
U.S.A.
Thank you so much for being here.

#33Consumer Comment

Thu, April 15, 2004

My goodness. Thank you so much for being here. I received a call this morning from Primerica and, thankfully, decided to call him back later. It gave me time to research. I may not have researched as much if I hadn't found so much negativity or if he hadn't sounded so unprofessional and stupid. I called him back and was overly skeptical. He wouldn't even tell me that the job was in sales! I asked specifically what the position was. He told me about one of the meetings they have about the company. It really reminded me of when I was 18 and called in for a job that turned out to be some nasty pyramid for selling knives. I left the meeting laughing to myself after telling someone I didn't believe in accepting a job where I had to PAY to work. Absolutely ridiculous. I just wanted to thank the informed writing this site and also the morons rebutting. It's been extremely informational. Now I have another great "guess what happened to me THIS TIME when I was looking for a job" anecdote.


Mark

Lubbock,
Texas,
U.S.A.
Need a Mediator, This isn't the Forum

#34UPDATE Employee

Tue, March 02, 2004

I was rather humored by this forum thread. This forum is the "rip-off". Who would want to be responsible for the behavior, attitudes an "opinions" expressed here?!! This is all this thread is ... "opinion". The only one "winning" is the web site. Perhaps the "intent" was good, but what this "thread" has become ... is not. Sincerely, Mark Baker A Minister of Jesus' New Covenant http://www.jesusnewcovenant.com


Mark

Lubbock,
Texas,
U.S.A.
Need a Mediator, This isn't the Forum

#35UPDATE Employee

Tue, March 02, 2004

I was rather humored by this forum thread. This forum is the "rip-off". Who would want to be responsible for the behavior, attitudes an "opinions" expressed here?!! This is all this thread is ... "opinion". The only one "winning" is the web site. Perhaps the "intent" was good, but what this "thread" has become ... is not. Sincerely, Mark Baker A Minister of Jesus' New Covenant http://www.jesusnewcovenant.com


Chris

Tooele,
Utah,
U.S.A.
stop and breath

#36Consumer Comment

Thu, March 06, 2003

I am a PFS rep. from Utah. no I am not making all the money in the world but what other opportunity do I got. And sorry to all the nit picky addicts out there if my spelling isn't correct. I personally beleive the company does 100% good 100% OF THE TIME. What it comes down to though, does the rep. do 100% good 100% of the time. Which of course you are going to find some bad apples. along with everything else. Whenever I sit down with a family and show them a possible solution(sale) I advise them to shop around to possibly find better deals. MY JOB IS EASY, YOU GOT NUMBERS, I GOT NUMBERS, LETS GO AHEAD WITH THE BEST NUMBERS, what's so complicated about that. cost is cost, payment is payment, just do the math, if the rep cant do it find one that will With everybody out their saying that our loans and insurance are more expensive, who knows it may be until you compare,(and remember that cheaper isnt always better), but the fact is when you sit down with a "professional" whose interest do they usually have, are they feeding your kids or they feeding theirs. and same goes for us. My parents have had a mortgage for MORE than 30 years but did the lender ever care to show them HOW to pay it off faster, NO. D id the professional who gave them their IRA show them they could get better than 3% rate of return and instead of having 40K they could have closer to a million, NO. Do most insurance salesman, I mean professionals actually show you the coverage that you needed in case something did happen and offer you the program that costs the least, not unless their doing extremely well financially. I have never heard of anybody having to much money when someone passes away, it is usually far to less. People are in this world to make a living, and some dont always make the best choices. the option is there for you to compare and decide. what primerica does is show the average family concepts and plans to do things a little bit better that other institutions dont care to show or that they already didnt know. That is the difference we make. EDUCATION Good luck in whatever you do in life,


David

Orlando,
Florida,
You are Wrong!

#37UPDATE EX-employee responds

Mon, November 25, 2002

M: There has never been and is not now a clause that says if you leave Primerica you canot work for a competitor. Your entire post has been discredited.


David

Orlando,
Florida,
You are Wrong!

#38UPDATE EX-employee responds

Mon, November 25, 2002

M: There has never been and is not now a clause that says if you leave Primerica you canot work for a competitor. Your entire post has been discredited.


David

Orlando,
Florida,
You are Wrong!

#39UPDATE EX-employee responds

Mon, November 25, 2002

M: There has never been and is not now a clause that says if you leave Primerica you canot work for a competitor. Your entire post has been discredited.


David

Orlando,
Florida,
You are Wrong!

#40UPDATE EX-employee responds

Mon, November 25, 2002

M: There has never been and is not now a clause that says if you leave Primerica you canot work for a competitor. Your entire post has been discredited.


M

Houma,
Louisiana,
read your contract carefully because you are bound to them for two years after leaving the company. You CANNOT go to work for another Insurance Company

#41UPDATE EX-employee responds

Thu, November 21, 2002

REBUTTAL Beginning to Question I am an insurance agent and I would like to explain the REAL difference to you between Term Insurance and Whole Life. Term Insurance is very cheap, that I will admit because it is the simple truth. Yet, it only covers you for a specified amount of time. (Hence the term-Term Insurance) After that time is up, you have to renew and being that Life Insurance is based on your ATTAINED age, it is much more expensive. It is also renewable to age 80. After that guess what, you can't get Term anymore and you are 80. Look at that "Huge Premium". Whole Life Insurance is more expensive because it covers you for YOUR WHOLE LIFE. The premiums do not increase (unless it is Universal or Variable Universal Life Insurance), WHOLE LIFE accumulates Cash Value and you have RPU (Reduced Paid Up) options. You do not have that with Term Life Insurance. At least with Whole Life you are not throwing your money away. The only way to see a benefit from Term Insurance is if you die and then you don't even see it, your beneficiary does. Also, the only time you should offer Term Life is due to a financial hardship. Once they are covered they can convert to Whole Life. Another thing, which I feel is very important. You DO NOT receive a one time commission on Term Life, you get paid on RENEWALS. (lucky for you, eh?) The most important thing to remember is the premium is higher but, take a look at what the premium would be when your TERM INSURANCE comes up for renewal compared to that "Huge Premium" you pay in the beginning because you were that much younger before.....For instance, a 20 year term. Other Insurance companies have tried to replace some of my clients' policies but, when I talk to them about it and show them the difference, they normally keep their Whole Life policy. I have lost some, but choose not to dwell on it. Sooner or later, my clients will come back to me. Oh by the way, nice graph booklets you leave with your prospects. Too bad they are very hard to understand and read, but they are very colorful. Just for the record, my BREAD & BUTTER is my clients, regardless of the policy they have and that is what this business is about. If you don't service your account and your clients you won't be able to keep anything regardless, of the policy. ALL agents need to keep that in mind. We are here to do what is in the best interest of our clients or proposed clients. Our job is to show them what the hardship could be if they didn't have Life Insurance, regardless of Term or Whole Life. You do what is best for your client, but be honest because if they don't trust you, I don't care what you are trying to sell, they won't buy. That is what Insurance Agents need to get back to doing instead of looking at the Dollar Signs. My philosophy is "Life Insurance is to protect the loved ones left behind". Last but not least, I am an ex-employee of Primerica and when I did not pass the test with them (Because my recruiter gave me P&C instead of LH&A) and one year later ended up passing the test with another company, someone from Primerica called me and told me I signed a contract with them that bound me for two years and they could take legal action against me which could cause me to lose my license. I was nice enough to remind whomever it was that called me to try to scare me of the following: 1) I was never licensed through Primerica which never did bind me to a contract. 2) The only people that had the power to take legal action against me was the Department of Insurance (Commissioner). For those who are in Primerica and decide to leave the company, read your contract carefully because you are bound to them for two years after leaving the company. You CANNOT go to work for another Insurance Company that sells the same products as they do. Two years ago that is what it stated, anyway. I don't know if they have revised their contract or changed anything in it, but that is definitely in there.


Jave

Melrose Park,
Illinois,
He's going to try primerica....

#42Consumer Suggestion

Thu, November 14, 2002

My best friend has recently been contacted by Primerica. My friend is a very intelligent forward and honest person. He does not have specific qualifications for the job and really does not know what it is all about just yet. All he does know is that it's a job and he needs money. He had changed majors and transferred schools at last minute and his current job, delivering food just is not cutting it. He is not looking to become rich and I think his honesty would be his best asset for actually helping people. I checked Primerica out on this site and have seen so much mixed information I dont know what to think. So Im going to give him the money for the training as a gift. Although I'm sure if he makes money he will insist on paying me back. Anyway, he being the type of person he is, will not stick with this company if one he isnt making money and two if his job affects his conscience. So I figured I would let people know whats going on and what happens with his encounter with Primerica.


Chantal

New York,
New York,
Utter Lack of Professionalism

#43Consumer Comment

Tue, November 05, 2002

I was recently contacted by a representative of Primerica, and went online to research the company. I stumbled upon your website by accident, but it helped me to decide not to attend my "interview". I was struck by the sheer nastiness and the lack of professionalism demonstrated by the various reps on your page. I am a sales manager and cannot believe that anyone who works for a company would post such vicious personal attacks on someone who has a problem with their company. They should be taking the time to address the very real concerns that are being aired. Primerica seems much like Amway to me, but even if I had been interested in joining, the replies posted by the reps would have convinced me otherwise.


Chantal

New York,
New York,
Utter Lack of Professionalism

#44Consumer Comment

Tue, November 05, 2002

I was recently contacted by a representative of Primerica, and went online to research the company. I stumbled upon your website by accident, but it helped me to decide not to attend my "interview". I was struck by the sheer nastiness and the lack of professionalism demonstrated by the various reps on your page. I am a sales manager and cannot believe that anyone who works for a company would post such vicious personal attacks on someone who has a problem with their company. They should be taking the time to address the very real concerns that are being aired. Primerica seems much like Amway to me, but even if I had been interested in joining, the replies posted by the reps would have convinced me otherwise.


Chantal

New York,
New York,
Utter Lack of Professionalism

#45Consumer Comment

Tue, November 05, 2002

I was recently contacted by a representative of Primerica, and went online to research the company. I stumbled upon your website by accident, but it helped me to decide not to attend my "interview". I was struck by the sheer nastiness and the lack of professionalism demonstrated by the various reps on your page. I am a sales manager and cannot believe that anyone who works for a company would post such vicious personal attacks on someone who has a problem with their company. They should be taking the time to address the very real concerns that are being aired. Primerica seems much like Amway to me, but even if I had been interested in joining, the replies posted by the reps would have convinced me otherwise.


Chantal

New York,
New York,
Utter Lack of Professionalism

#46Consumer Comment

Tue, November 05, 2002

I was recently contacted by a representative of Primerica, and went online to research the company. I stumbled upon your website by accident, but it helped me to decide not to attend my "interview". I was struck by the sheer nastiness and the lack of professionalism demonstrated by the various reps on your page. I am a sales manager and cannot believe that anyone who works for a company would post such vicious personal attacks on someone who has a problem with their company. They should be taking the time to address the very real concerns that are being aired. Primerica seems much like Amway to me, but even if I had been interested in joining, the replies posted by the reps would have convinced me otherwise.


rico

mississiauga,
Ontario,
they are bloodsucking leeches

#47Consumer Comment

Sat, November 02, 2002

people at primerican claim to be helping people with their financial health. are they really helping families who dont normally invest their money in mutual funds to invest without know ing that almost half will be taken away depending on their tax bracket??? or the fact that they recommend people to buy term insurance because they claim that it is the cheaper way the get insured. i thought all insurance is term insurance??? they all work the same way.


L

Erlanger,
Kentucky,
Blah blah blah Allison

#48Consumer Comment

Fri, October 25, 2002

Allison, you are so full of crap. You certainly have a lot of praise for a company that you "apparently" have never even heard of before until recently. You don't fool anybody, because your ramblings scream that you are a Primerica rep trying to pass yourself off as a satisfied customer. If the best thing you have ever done in your life is join Primerica, then your life must really suck. You are also a really bad liar.


allison

detroit,
Michigan,
doesn't anyone pay attention? *EDitor's Warning, more drivel below

#49Consumer Comment

Wed, October 23, 2002

I came to this site hoping to do some research on Primerica just to see what people were saying and I was expecting both positive and negative and instead I have read nothing of substance when it comes to the negative views of this company. Apparently no one really was paying that much attention to what Kendra had posted in the above rebuttals. C-apparently doesn't understand the term "apples to apples". Did it ever occur to anyone that she could have meant,possibly one term policy to another term policy? I don't claim to have a masters degree in anything, but I know from my own family experience that you really should compare term to term, ok so what if you are going to pay a higher premium with one company over another, if it means having a better quality policy as far as how long a person has to wait for the claim to be paid out,c'mon there are companies out there that will make a beneficiary wait to receive the claim, sometimes up to 6 months, not all but a good majority will make you wait. Is a lender going to wait for the claim check to come in so they can get their payments, NOT, just ask my cousins wife who died and left 5 kids behind, all school age, if it weren't for me and my husband helping the family out, they would have been homeless, we had to scrounge for the money to help them out but we did it. As far as making extra principle payments to the mortgage, my husband and I did try that and the lender said they wouldn't accept the extra money towards principle. We wanted to be set up with a bi-weekly program through Bank One who our loan is with now and they wanted to charge us a set-up fee, plus a monthly service fee. As far as honesty is concerned, you can't blame the whole company for one agents less than honest tactics..because one agent is dishonest that means all the agents with the company are bad? Oh, hey C-I notice that you have an issue with high commissions. Have you ever known anyone to finance a car or a house for that matter? What about the commissions a car salesman would make or a mortgage broker would make. A friend of mine last week was bragging to me and my husband about how his commission was $6,000.00 on a 150,000 mortgage purchase. Don't talk high commissions when it comes to a simple thing as an investment, no matter what company you will do business with, you will pay for the service somehow, either in the back end or the front end. Nothing is for free. As for Primerica, my husband and I asked a lot of questions of the Primerica agent the other night when he came over and we feel we are a pretty good judge of character and are able to tell when we are being had and he gave us the answers that we were looking for. My husband and I did a lot of research on the web,read books, talked to other financial service institutions and not one of them was able to give me and my husband a better plan than what Primerica gave us. Iam happy to say that mortgage will be paid off in 17years,not to mention the fact that the rate is lower than what we previously had which was 8% Even though the negatives out weigh the positives, I have made-up my mind that I am very glad that me and my husbands name was given to this agent as a referral, it was a very informative appointment and I got the results that is in our best interest. I had never heard of Primerica before until just before the agent called and I think that it was the best decision my husband and I ever have made in the 10 years that we have been married. I would like to say that I think people that have nothing good at all to say about a particular company have absolutely no life and therefore are compelled to rain on other people's parade. I still don't understand what the negative fuss is all about. Seems to me that all the negative bashers need to get a life and wake up and smell the coffee.


Mark

Friendswood (Houston), TX,
Texas,
After the seminar I knew I would find a dossier on this site.....

#50Consumer Comment

Thu, October 17, 2002

I attended the Primerica Seminar today. I'm always suspicious when the tactics used to get you to come to something like this are at the very least somewhat deceiving.....taking interest in your resume and talking about a company that will be opening 25 offices in your area and making it sound like an interview. The presentation itself was long on emotional cues designed to appeal to the mostly unemployed or underemployed audience and very short on real substance or anything resembling a legitimate business plan or proposal.....and the MLM component was pretty darn obvious.....the speaker even used Jesus and his disciples as some sort of weird analogy to Primerica referring to how Jesus recruited disciples to spread the gospel. At the very least if one were truly interested in improving thier financial condition and needed help I would refer them to an independent certified financial planner who has no vested interest in selling you a specific product, but instead is paid to help you develop the basic strategy and then leaves you to shop for the components that are best for you. I walked out after the presentation. Of the 25 or so other people there I don't think any of them bothered to sign up and followed me out the door. I'd advise anyone else to do the same.


L

Erlanger,
Kentucky,
Kendra, what a complete joke you are..hahahaha

#51Consumer Comment

Thu, October 17, 2002

You go Paul. I couldn't have expressed those thoughts better myself. At least, Kendra, you didn't use all CAPS in your current ramblings. Just like I thought, you still didn't explain with numbers, etc, why paying a higher interest rate can be better for me. But then, I don't think you have the financial know how to do so. And for your information Kendra, I always make extra payments every month on my mortgage, so I can reduce the debt quicker and pay less interest. I do know how mortgages and interest rates are calculated. I didn't need a high school drop out Primerica Rep to tell me about bi-weekly payments and how "interest rate doesn't matter" . I can make extra payments for free without your high interest refinance scam. If the rate doesn't matter, then why not offer the lower going rate that all other institutions offer? Also, I just refinanced and got a 15 year fixed at 5.75%. With a little extra payment each month, I bet I pay it off in 10 years. So once again, explain to me, in numbers I can understand, how refinancing with you at 9.0% and paying other people's debts can benefit me. I agree with Paul, that every time you get on her and pout and whine and yell and get emotional, you make your ban of Primerica minions look worse and worse. Try to be a litte more professional next time if you want us to take you and your company seriously. I'm waiting for less emotion and more numbers.


Paul

Chapel Hill,
North Carolina,
Kendra-interest rates.

#52Consumer Comment

Thu, October 17, 2002

Every mortgage I've had the bank has gone out of its way to offer me a biweekly payment plan. And every real estate agent and loan officer has reminded me that making extra payments would reduce the time of my loan and the total interest paid. I was also offered 15 year mortgages in each case. Go to Lendingtree.com and the 15 year will be an option. Banks are happy if you choose 30 year and don't make extra payments. But it is impossible to shop for a loan and not realize the cost of not making extra payments. Primerica has nothing special to offer. I never accepted the biweekly plans because they charged a fee for something that can be done for free. The majority of loans allow you to make as many extra payments toward principal as you like without paying a fee for a special program. Even with a prepayment penalty (and prepayment penalties are becoming very uncommon anyway) you can make extra payments as long as you don't pay your loan completely off too early--usually 5 years is the cap. The point is that almost anyone borrower can make extra payments. I pay extra every month. I track the mortgage online with my lender to make sure that they are not charging me interest on principal that I have already paid (although it is a rare bank that would dare to break the law so flagrantly). I check it against an amortization schedule I set up in Excel. Excel is great: I can alter the amount of my extra payments and see what their effect is on the lifetime of the loan and total interest paid. So since any borrower can make extra payments Primerica loans have no special benefit. Worse Primerica loans have higher rates on average. They say these don't matter but they do. Here's why: They say that by paying a higher interest loan off eary you'll pay less in interest than you would have with your lower rate loan over 30 years. This is true. However, since almost anyone can make extra payments then it is better to have a lower rate and pay off early. With a lower rate and extra payments you will pay off even earlier (since less of your extra payments is being spent on high interest) and pay much less in total interest. I would be happy to send an Excel file to anyone wanting to see a comparison between the two scenarios. It is pure logic and arithmetic. So Kendra, it is very misleading to say that interest rate doesn't matter. You only hide its cost by paying early. But you don't tell people that anyone can pay early and thus should be concerned about interest rate. Paul


Paul

Chapel Hill,
North Carolina,
Kendra-interest rates.

#53Consumer Comment

Thu, October 17, 2002

Every mortgage I've had the bank has gone out of its way to offer me a biweekly payment plan. And every real estate agent and loan officer has reminded me that making extra payments would reduce the time of my loan and the total interest paid. I was also offered 15 year mortgages in each case. Go to Lendingtree.com and the 15 year will be an option. Banks are happy if you choose 30 year and don't make extra payments. But it is impossible to shop for a loan and not realize the cost of not making extra payments. Primerica has nothing special to offer. I never accepted the biweekly plans because they charged a fee for something that can be done for free. The majority of loans allow you to make as many extra payments toward principal as you like without paying a fee for a special program. Even with a prepayment penalty (and prepayment penalties are becoming very uncommon anyway) you can make extra payments as long as you don't pay your loan completely off too early--usually 5 years is the cap. The point is that almost anyone borrower can make extra payments. I pay extra every month. I track the mortgage online with my lender to make sure that they are not charging me interest on principal that I have already paid (although it is a rare bank that would dare to break the law so flagrantly). I check it against an amortization schedule I set up in Excel. Excel is great: I can alter the amount of my extra payments and see what their effect is on the lifetime of the loan and total interest paid. So since any borrower can make extra payments Primerica loans have no special benefit. Worse Primerica loans have higher rates on average. They say these don't matter but they do. Here's why: They say that by paying a higher interest loan off eary you'll pay less in interest than you would have with your lower rate loan over 30 years. This is true. However, since almost anyone can make extra payments then it is better to have a lower rate and pay off early. With a lower rate and extra payments you will pay off even earlier (since less of your extra payments is being spent on high interest) and pay much less in total interest. I would be happy to send an Excel file to anyone wanting to see a comparison between the two scenarios. It is pure logic and arithmetic. So Kendra, it is very misleading to say that interest rate doesn't matter. You only hide its cost by paying early. But you don't tell people that anyone can pay early and thus should be concerned about interest rate. Paul


Paul

Chapel Hill,
North Carolina,
Kendra-interest rates.

#54Consumer Comment

Thu, October 17, 2002

Every mortgage I've had the bank has gone out of its way to offer me a biweekly payment plan. And every real estate agent and loan officer has reminded me that making extra payments would reduce the time of my loan and the total interest paid. I was also offered 15 year mortgages in each case. Go to Lendingtree.com and the 15 year will be an option. Banks are happy if you choose 30 year and don't make extra payments. But it is impossible to shop for a loan and not realize the cost of not making extra payments. Primerica has nothing special to offer. I never accepted the biweekly plans because they charged a fee for something that can be done for free. The majority of loans allow you to make as many extra payments toward principal as you like without paying a fee for a special program. Even with a prepayment penalty (and prepayment penalties are becoming very uncommon anyway) you can make extra payments as long as you don't pay your loan completely off too early--usually 5 years is the cap. The point is that almost anyone borrower can make extra payments. I pay extra every month. I track the mortgage online with my lender to make sure that they are not charging me interest on principal that I have already paid (although it is a rare bank that would dare to break the law so flagrantly). I check it against an amortization schedule I set up in Excel. Excel is great: I can alter the amount of my extra payments and see what their effect is on the lifetime of the loan and total interest paid. So since any borrower can make extra payments Primerica loans have no special benefit. Worse Primerica loans have higher rates on average. They say these don't matter but they do. Here's why: They say that by paying a higher interest loan off eary you'll pay less in interest than you would have with your lower rate loan over 30 years. This is true. However, since almost anyone can make extra payments then it is better to have a lower rate and pay off early. With a lower rate and extra payments you will pay off even earlier (since less of your extra payments is being spent on high interest) and pay much less in total interest. I would be happy to send an Excel file to anyone wanting to see a comparison between the two scenarios. It is pure logic and arithmetic. So Kendra, it is very misleading to say that interest rate doesn't matter. You only hide its cost by paying early. But you don't tell people that anyone can pay early and thus should be concerned about interest rate. Paul


Paul

Chapel Hill,
North Carolina,
Kendra-interest rates.

#55Consumer Comment

Thu, October 17, 2002

Every mortgage I've had the bank has gone out of its way to offer me a biweekly payment plan. And every real estate agent and loan officer has reminded me that making extra payments would reduce the time of my loan and the total interest paid. I was also offered 15 year mortgages in each case. Go to Lendingtree.com and the 15 year will be an option. Banks are happy if you choose 30 year and don't make extra payments. But it is impossible to shop for a loan and not realize the cost of not making extra payments. Primerica has nothing special to offer. I never accepted the biweekly plans because they charged a fee for something that can be done for free. The majority of loans allow you to make as many extra payments toward principal as you like without paying a fee for a special program. Even with a prepayment penalty (and prepayment penalties are becoming very uncommon anyway) you can make extra payments as long as you don't pay your loan completely off too early--usually 5 years is the cap. The point is that almost anyone borrower can make extra payments. I pay extra every month. I track the mortgage online with my lender to make sure that they are not charging me interest on principal that I have already paid (although it is a rare bank that would dare to break the law so flagrantly). I check it against an amortization schedule I set up in Excel. Excel is great: I can alter the amount of my extra payments and see what their effect is on the lifetime of the loan and total interest paid. So since any borrower can make extra payments Primerica loans have no special benefit. Worse Primerica loans have higher rates on average. They say these don't matter but they do. Here's why: They say that by paying a higher interest loan off eary you'll pay less in interest than you would have with your lower rate loan over 30 years. This is true. However, since almost anyone can make extra payments then it is better to have a lower rate and pay off early. With a lower rate and extra payments you will pay off even earlier (since less of your extra payments is being spent on high interest) and pay much less in total interest. I would be happy to send an Excel file to anyone wanting to see a comparison between the two scenarios. It is pure logic and arithmetic. So Kendra, it is very misleading to say that interest rate doesn't matter. You only hide its cost by paying early. But you don't tell people that anyone can pay early and thus should be concerned about interest rate. Paul


Tony

Portland,
Oregon,
stupid

#56Consumer Comment

Thu, October 17, 2002

Kendra I have been laughing so hard as I read through your posts. Tell me you can't possibly be this stupid! Really, be honest. Are you really an anti-PFS shill? It certainly seems like it. Your most recent posts takes the cake! And you know what, I have been in this field for over 20 years. In the dozens of times I have heard from Primerica agents, not one of them understands what they are talking about. Chalk another one up. You have been duped and deceived by Primerica's take on loans. Now bear with me. Ask Primerica to set up a loan for you, that doesn't increase the payment amount per year. In other words, just increase the frequency of your payments. That is what you claim is the driving force behind your mystical, magical loans, right? The fact that they are "simple interest" and therefore the more often you pay, the better it works? Now, when they do, make sure you are paying the SAME AMOUNT PER YEAR. We just want to see what increasing the frequency of mortgage payments does. Guess what Kendra? Before you go blabbing on and on here, take a deep breath and listen close. With that scheme, you might, MIGHT shave a couple months off a 30-year loan. That's it. You, just like every other Primerica agent I have encountered in the field, believe this utter trash they are trying to pawn off on you. Kendra, I have not met a single consumer who wouldn't have been better off keeping their existing mortgage in force. If they wanted, for some reason, to pay it off more quickly, it would have been 100 times more advantageous simply to pay an additional principal payment on their existing mortgage every once in a while. The reason? THE INTEREST RATE. And Kendra, if you don't understand that, then you have no business, NONE, being in this industry. Because it is people like you that RUIN people's lives. Whether or not you think so, whether or not they think so. Your irrational thinking can RUIN people's lives. The fact that the company is explaining finance in terms that a 9-year old can understand speaks volumes about your training.


kendra

chandler,
Arizona,
MR.C AND MR.L ARE LIKE 2 PEAS IN A POD...2 BIG DORKS

#57Consumer Comment

Wed, October 16, 2002

For your information as far asy my son goes, he doesn't need a baby sitter, and not only that I take him to the classes because he chooses to go, not because I don't have a sitter(which, by the way is not an issue for me) First of all Iam not even going to sit here and argue with you about the interest rate because, you would end up losing every time, cause if you think the rate does matter, then how come you are still paying on a scheduled interest loan? does the term "scheduled interest" mean anything to you? Or how about "simple daily interest"? Who is the dork? Oh, by the way I have known of several clients to obtain a 30 year fixed with Travelers that did receive a 7.3 interest and still the house was paid of in 17 years without adding to the payment and before they made their first payment....if you really even had a clue as how mortgages are really calculated then you would not even be debating about the interest rate. Even when I worked at the bank, the loan officers would agree that the banks were screwing the borrower left and right with the "30year 7% interest rate, let's keep mr. and mrs Jones in their little 30 year note" Why should the banks care how long they pay on the note, they are making more money on a scheduled interest loan then Travelers are on our loans!!! Go ahead and continue to be suckered more and more by your bank..after all it is your money. As far as my son is concerned where I take him is really none of your business...as i said before he's extremely intelligent..probably knows more than you and c put together.


Paul

Chapel Hill,
North Carolina,
To Kendra

#58Consumer Comment

Wed, October 16, 2002

Kendra, you do not do a service to your fellow PFAs. You really make them sound pathetic, uneducated and sleazy. The following are my basic issues with PFS. Please respond to them without emotion. And please have some etiquette and not use CAPS! I have never worked for Primerica but have had several friends who have. It is not impossible to be successful at it but it is not simply a function of hardwork and competence. It is also a function of market saturation, economy dynamics, probability, etc. The point is that many people fail at MLM, not because they were lazy, but because the system itself in a given environment is flawed. The Bureau of Labor Statistics has plenty of public data on MLM success rates. They also have available studies which reveal that 90% of the workforce prefers being an employee to being an owner. There are many reasons for this, some which do not apply to Primerica. The real issue is not the small probability of success as a PFA, but the consumers perspective. PFAs are poorly trained in personal finance. They only know basic Citigroup product information, rules of thumb about money and debt, and how to sell. Even if they do train themselves well enough with the intricacies of estate planning, portfolio hedging, etc. they are compelled to sell on Citi products. Herein is the agency problem in which there is a temptation to sell either an inferior product or an inappropriate product. Small mistakes in planning can be very costly. Debt reduction plans are simple. So simple that a trip to the library and the will to write down a plan are all anybody needs. They do not need a PFA for this basic, free information. Specific product issues: Mortgages/refinances. Interest rates dont matter. This was quoted to me by the PFA who visited tried to refinance my home. From this and other sites and my friends, Interest rates dont matter is a common phrase. This is very misleading, if not outright deceptive. The agent claims that by paying the loan off the borrower will pay less over the lifetime of the loan. This is true. By making extra payments one will pay less overall. The mechanism for making the extra payment is the biweekly plan. This is a gimmick used by many lenders. It is fine except for the fees attached to it. What no lender tells a client is that, with rare exception, anyone can make extra payments, anytime. On my first mortgage and now on my current mortgage, I pay extra each month and end up making 4 additional payments per year. There was no plan. I simply send extra money each month. I check every month to make sure that it was applied to principal and that they have stopped accruing interest to it (it is of course illegal for them to do so, but it never hurts to check.) Anyhow, since anyone can make extra payments and reduce their total mortgage cost then wouldnt they want to do so with a lower interest rate? If I have the choice between making an extra payment on a 5.5% mortgage and an extra payment on a 9.25% mortgage, I will clearly choose the 5.5% one (9.25 was the actual rate offered me. I was very insulted given my current 5.5% regular 30 year, perfect credit, income, etc. Did she really think that I was that clueless???). It will be paid off even earlier with less total cost in the end. The math here is so simple yet PFAs continue to be deceptive about it. To give legitimacy to my analysis I am currently in a financial econometrics PhD program. Term life insurance. Most people agree that term beats Whole life 95% of the time. But from a survey of 9 people offered term from Primerica/Travelers, PFS charged 38% (mean) more than other quotes. These were absolutely equivalent, level plans, with senior guarantees of renewable coverage. Being able to renew coverage is an odd selling point for PFS. When someone is 70, especially if they have been financially planning, they do not need but a fraction of their normal life insurance, if that. With any sort of planning, a 70 year old with a dependent will have no debt and will have enough money set aside for burial and maybe for supplemental income to the dependent. A 70 year old with no dependent should not buy any life insurance. Salomon Smith Barney. This family of funds is not necessarily worse than any other family in performance. However, they charge one of the highest loads. It is, like all PFS products, priced too high compared to equivalent products. Managers of load charging funds perform no better than those without loads. So why pay for the load???


L

Erlanger,
Kentucky,
I'm behind C 100% and Kendra, ..Give me a break.!

#59Consumer Comment

Wed, October 16, 2002

Kendra, you are an idiot. I can't believe you take a 9 year old to these rah-rah sessions. Quite frankly, I think the only reason you take him there is because you don't make enough money with Primerica to afford a baby sitter, and you try to pass it off as an "educational" experience. Give me a break. Your child is just that....a child...And he is going to believe what ever you tell him, regardless of whether or not it is true. I went to see one of your reps once because I was under the impression they actually knew more than me and could help me invest my money. Keep in mind, I am financially stable and didn't need to refinance or consolidate my debts, because I have no debt. This moronic rep tried to get me to refinance my 7.2% interest rate into a 9.0 % rate. Also she wanted me to assume my mother's hot tub debt (which is in my name but she pays on it monthly) and role that into the refinancing figure. I asked her why if she is suppose to help me reduce debt, then why is she telling me to take on someone else's debt unnecessarily. Her lame brain response was that I could develop a payment plan with my mother and come up with some interest rate and she could pay me directly. Now how totally stupid is that? Or maybe Kendra, why don't you ask you little Mensa prodigy why he thinks this financial advice was ethical or sound. Explain Kendra, if you are educated enough (and I agree with C that your ramblings make no sense and contain no logic, not to mention most of your gibberish is hard to understand. I,too, don't know what "concilation" means...hahaha), what benefit does refinancing at a higher interest rate get me, and why would I want to assume another person's debt? And for god's sake, don't tell me interest rate doesn't matter, because it does. I'm waiting for an intelligent response.


C

midwest,
Illinois,
I'm through with you KENDRA

#60Consumer Comment

Mon, October 14, 2002

"SO IAM NOT THE ONLY ONE WHO IS NOTICING THAT YOU STILL HAVEN'T PRODUCED ANY PROOF THAT YOU SO ALLEGED THAT YOU PERSONALLY HAVE BEEN RIPPED-OFF" You have showed your inability to both read and comprehend. The information was there and was published for half a year. You missed it. Your loss. Until you come up with something specific that I said, that is factually incorrect, then you lose this debate. Everything I have said was backed up. The ball was in your court and you missed. "ALSO, FOR SOMEONE THAT HAS SAID SO MANY NEGATIVE THINGS ABOUT PRIMERICA, YOU SURE HAVE ATTENDED A TON OF OPPORTUNITY MEETINGS. SO MY QUESTION TO YOU IS WHY WOULD YOU ATTEND SO MANY OF THESE OPPORTUNITY MEETINGS AND NOT TO MENTION" I was invited to all of them, in different offices in different states, by different people. Was it not you who said "if you have a problem with one office, try another"?. Is three offices enough, Kendra? Four? Five? Should I keep going? "AND TAKING UP CHAIR SPACE AT THESE MEETINGS IF YOU HAD NO OTHER REASON TO BE THERE OTHER THAN TO BE AN UNDERCOVER INVESTIGATOR FOR YOURSELF, " I thought I was supposed to visit offices until I found an ethical one. I'm still looking, but I guess I shouldn't take up any more "valuable space" at an opportunity meeting!! (by the way, it was standing room only at the last two). "JUST BECAUSE YOU AND EVERYONE ELSE COMES ON HERE AND CLAIMS THAT THEY WERE RIPPED-OFF, DOES THAT MEAN WE SHOULD HOLD WHAT IS STATED TO BE TRUE AND SHOULD WE ALSO BELIEVE THAT IT IS ALSO GOING TO HAPPEN TO EVERY INDIVIDUAL WHO MIGHT BE WANTING SOME OBJECTIVE RESEARCH RESULTS?" No, because if one post spoke for everybody, there would be no need for a forum like this, now right Kendra? I think you should feel free to read the other 130 or so, and do your own research as well. As far as holding what I said as true, it's up to you. Unfortunately you're in the difficult position of being here too late after the evidence had been posted for several months. "OH, BY THE WAY C- NOT THAT IT WOULD BE ANY CONCILATION TO YOU," I don't know what "concilation" is. "BUT IF MY SON WHO IS 9 YEARS OLD CAN SIT IN A FEW CLASSES AND LEARN AND EVEN UNDERSTAND ABOUT BASIC FINANCES THAN WHO ARE YOU TO RAIN ON SOMEONE ELSE'S PARADE?" You're taking your son to multi-level marketing meetings? "NOT TO MENTION, HE WILL BE A LOT FURTHER AHEAD NOW THAN MOST OF THE ELEMENTARY STUDENTS OUT THERE, AND MOST OF US AS PARENTS KNOW THAT MOST 9 YEAR OLDS REALLY DON'T HAVE TOO MUCH OF AN INTEREST IN LEARNING ABOUT MONEY(OTHER THAN SPENDING IT)," What does this have to do with deceptive practices by your company? "ARE YOU STILL GOING TO SAY THAT WHAT MY SON IS LEARNING IS GARBAGE?" If it's anything like what I..ahem..learned, yes. "MY SON WOULD VERY MUCH LIKE TO HEAR YOUR RESPONSE!! ONE BIT OF INFO ABOUT MY SON, HE HAS BEEN TESTED INTO THE GIFTED CATEGORY AND IS THE TOP STUDENT IN ALL OF HIS CLASSES AS FAR AS LEVEL OF INTELLIGENCE IN THE FOLLOWING AREAS: READING, GRAMMAR,VOC., SPELLING AND MATH," Well, the apple doesn't fall far from the tree. "SO IF I WERE YOU I WOULD NOT UNDER ESTIMATE A 9 YEAR OLD CHILD WHO IS ACCEPTIONALLY INTELLIGENT AND VERY MATURE ESCPECIALLY GIVEN HIS AGE!!" So since a smart 9-year old attended a MLM presentation, that legitimizes the MLM? OK I'm lost. Kendra, know what? Your obtuse generalizations make no sense, your writing style is difficult to follow, and your libel has gone too far. Until you produce a specific sentence or sentences which I stated as fact and which are incorrect, I'm done with you.


KENDRA

chandler,
Arizona,
ONCE AGAIN C-YOU STILL HAVE SHOWN NO PROOF OF YOUR PERSONAL CLAIMS!!!

#61Consumer Comment

Thu, October 10, 2002

C I REALLY AM BEGINNING TO WONDER ABOUT YOUR CREDIBILITY WHEN IT COMES TO MAKING CLAIMS ABOUT PRIMERICA AGENTS RIPPING PEOPLE OFF. EVEN OTHER PEOPLE ARE NOTICING THE SAME THING, SO IAM NOT THE ONLY ONE WHO IS NOTICING THAT YOU STILL HAVEN'T PRODUCED ANY PROOF THAT YOU SO ALLEGED THAT YOU PERSONALLY HAVE BEEN RIPPED-OFF AND THAT UNTIL YOU DO PRODUCE SOME TRUE CLAIMS, ALL THAT YOU HAVE BEEN STATING IS NOTHING, BUT A BUNCH OF BOGUS CLAIMS. ALSO, FOR SOMEONE THAT HAS SAID SO MANY NEGATIVE THINGS ABOUT PRIMERICA, YOU SURE HAVE ATTENDED A TON OF OPPORTUNITY MEETINGS. SO MY QUESTION TO YOU IS WHY WOULD YOU ATTEND SO MANY OF THESE OPPORTUNITY MEETINGS AND NOT TO MENTION, CONTINUALLY SAYING NEGATIVE THINGS ABOUT THE COMPANY, AND TAKING UP CHAIR SPACE AT THESE MEETINGS IF YOU HAD NO OTHER REASON TO BE THERE OTHER THAN TO BE AN UNDERCOVER INVESTIGATOR FOR YOURSELF, BECAUSE THAT IS REALLY ALL THAT YOU ARE ACCOMPLISHING IF EVEN THAT. JUST BECAUSE YOU AND EVERYONE ELSE COMES ON HERE AND CLAIMS THAT THEY WERE RIPPED-OFF, DOES THAT MEAN WE SHOULD HOLD WHAT IS STATED TO BE TRUE AND SHOULD WE ALSO BELIEVE THAT IT IS ALSO GOING TO HAPPEN TO EVERY INDIVIDUAL WHO MIGHT BE WANTING SOME OBJECTIVE RESEARCH RESULTS? OH, BY THE WAY C- NOT THAT IT WOULD BE ANY CONCILATION TO YOU, BUT IF MY SON WHO IS 9 YEARS OLD CAN SIT IN A FEW CLASSES AND LEARN AND EVEN UNDERSTAND ABOUT BASIC FINANCES THAN WHO ARE YOU TO RAIN ON SOMEONE ELSE'S PARADE? NOT TO MENTION, HE WILL BE A LOT FURTHER AHEAD NOW THAN MOST OF THE ELEMENTARY STUDENTS OUT THERE, AND MOST OF US AS PARENTS KNOW THAT MOST 9 YEAR OLDS REALLY DON'T HAVE TOO MUCH OF AN INTEREST IN LEARNING ABOUT MONEY(OTHER THAN SPENDING IT),BUT THEN AGAIN, IT ALL STARTS BACK AT HOME, IF THE PARENTS AREN'T EDUCATED ENOUGH TO TEACH THE KIDS HOW ARE THE KIDS SUPPOSED TO KNOW ABOUT MONEY IF THE PARENTS HAVE LITTLE OR NO EDUCATION IN FINANCES AND THE LAST TIME I CHECKED THE EDUCATIONAL SYSTEM DID NOT TEACH MY CHILDREN ANYTHING ABOUT FINANCES. ALL THEY SEEM TO HAVE TAUGHT IS HOW TO GET GOOD GRADES, AND HOW TO GET A JOB, BUT WHAT THEY DON'T TEACH YOU IS WHAT YOU SHOULD DO WITH YOUR PAYCHECK AFTER ALL YOUR MONITARY BILLS HAVE BEEN PAID. DON'T GET ME WRONG, THERE IS NOTHING WRONG WITH THE FACT THAT THEY ARE TEACHING KIDS HOW TO GET GOOD GRADES, ETC, BUT ALL OF THAT IS NOT A GUARANTEE THAT THEY WILL KNOW HOW TO MANAGE THEIR OWN PERSONAL FINANCES WHEN THEY START BEING ON THEIR OWN. THE EARLIER YOU START THEM THE BETTER OFF THEY ARE AND WILL BE WHEN THEY GET OLD ENOUGH TO HAVE A JOB OF THEIR OWN AND ARE MAKING THEIR OWN MONEY. I WOULD BE VERY INTERESTED IN HEARING WHAT YOU HAVE TO SAY TO ALL THIS MR.C, AND MY SON SAID THAT HE WOULD BE VERY INTERESTED TOO! ARE YOU STILL GOING TO SAY THAT WHAT MY SON IS LEARNING IS GARBAGE? MY SON WOULD VERY MUCH LIKE TO HEAR YOUR RESPONSE!! ONE BIT OF INFO ABOUT MY SON, HE HAS BEEN TESTED INTO THE GIFTED CATEGORY AND IS THE TOP STUDENT IN ALL OF HIS CLASSES AS FAR AS LEVEL OF INTELLIGENCE IN THE FOLLOWING AREAS: READING, GRAMMAR,VOC., SPELLING AND MATH, SO IF I WERE YOU I WOULD NOT UNDER ESTIMATE A 9 YEAR OLD CHILD WHO IS ACCEPTIONALLY INTELLIGENT AND VERY MATURE ESCPECIALLY GIVEN HIS AGE!!


C

Midwest,
Illinois,
Kendra pay attention!

#62Consumer Comment

Tue, October 08, 2002

"You live in such an unrealistic world that I don't even think you realize it yourself!! You yourself have claimed that Primerica agents rip people off?" And I proved it. You just weren't paying attention for the six months that the proof was online. "How is that they are ripping people off if they are more than willing to sit down with the average person who pays income tax and start them on an investment for a minimum of $25.00 to start and minimum of $25.00 per month via Smith Barney How is that a rip-off? Are any of the other competitors willing to do that?" You claim that selling someone a commissioned product is "HELPING" them?!? Kendra, I walked into my credit union a month ago and they had a QUALIFIED financial advisor lay out some investment options for me in much the same way you claim you do. The difference? They didn't charge me high commissions to do it! "How is it a rip-off that if Iam able to save an individual approximitely $20-$30 per month and give them more coverage on them and/or their family. That doesn't happen with everyone that I have met with,but still, when it comes down to the bottom line as far as any term policies,you have to compare apples to apples. How is this a rip-off?" You have got to be kidding me. 'Apples to Apples' from a company whose only insurance comparison model is comparing a term policy to a cash value policy with similar coverage? Talk about a dream world. Lady, you need to wake up. "How is it a rip-off if someone refinances with us that the company can take a thirty year mortgage and knock an average of 7-15 years off the life-time of their loan before they ever make the first payment?" I can not believe you, as a so-called financial analyst, just said that. BEFORE THEY MAKE THE FIRST PAYMENT??? Kendra, my G-d, the only way you accelerate a loan is by making EXTRA payments per year. You are doing ABSOLUTELY NOTHING before a payment is made. I can not believe you believe this. And by increasing the interest rate on the loans (which Primerica does. I've seen your rate sheets) and by charging a prepayment penalty, and by duping the customer into thinking that their deferred taxes and escrow fees are a SAVINGS, you are screwing them, ROYALLY. "C- You have been just like the gentleman Scott said notoriously bashing the entire company for some alleged lies that people were told by some agents. If that is the case then the agents need to be held accountable not the enitre pool of agents." Kendra if you do not post point-by-point the specific lies you calim I have told, then you will be guilty of libeling me by making falsely factual statments and passing them off as true. I challenge you to post any false information which I have passed off as factual. It has not happened. "Also C- you have yet to show any proof that the company has some wild numbers game when it comes to our mortgages." No, sweetie. You have yet to see them because you were asleep at the switch for six months while the proof was posted here.


kendra

Chandler,
Arizona,
C-Have you ever been ripped-off by anyone in your life?

#63Consumer Comment

Tue, October 08, 2002

C- You live in such an unrealistic world that I don't even think you realize it yourself!! You yourself have claimed that Primerica agents rip people off? How is that they are ripping people off if they are more than willing to sit down with the average person who pays income tax and start them on an investment for a minimum of $25.00 to start and minimum of $25.00 per month via Smith Barney How is that a rip-off? Are any of the other competitors willing to do that? How is it a rip-off that if Iam able to save an individual approximitely $20-$30 per month and give them more coverage on them and/or their family. That doesn't happen with everyone that I have met with,but still, when it comes down to the bottom line as far as any term policies,you have to compare apples to apples. How is this a rip-off? How is it a rip-off if someone refinances with us that the company can take a thirty year mortgage and knock an average of 7-15 years off the life-time of their loan before they ever make the first payment? C- You have been just like the gentleman Scott said notoriously bashing the entire company for some alleged lies that people were told by some agents. If that is the case then the agents need to be held accountable not the enitre pool of agents. Also C- you have yet to show any proof that the company has some wild numbers game when it comes to our mortgages. Why don't you scamn the papers onto this website? I would still like to talk with you personally over the phone if they post my number this time. If they post my number and I don't hear from you by the end of October then all of what you have been stating I will assume that none of it was true? Correct? By the way, here is my number for anyone else that alleges they have been ripped-off (***) ***-**** (EDitor's Note: Phone number removed! Salesmen are not allowed to solicit business on this website without prior permission from the EDitor.)


C

Midwest,
Illinois,
Why I'm Here

#64Consumer Comment

Sat, October 05, 2002

Scott, First, your point about my multiple posts. Yes, I have responded to a number of RipOffReports. Keep in mind that each RipOffReport had been submitted by an individual upset with the company. I even submitted my own single RipOffReport after I had proof in my hands that the company attempts to swindle customers (what I had suspected for a long time). I used to reply to the lies, the same lies OVER and OVER and OVER, which PFS agents had come here to post. It's usually the same drivel that they're taught at opportunity meetings. So even though I've replied over and over, it was to clear up the same misconceptions that PFS agents kept posting, over and over. Now it is rare that I reply to anything other than a direct attack on me, like those from KENDRA BONDS who has yet to point out something SPECIFIC that I've said which is innaccurate. Should that day ever come, I will retract my statements and apologize to KENDRA for questioning her. I won't hold my breath. As for my being angry with the company, I'm not anymore. But I do feel like this is a good public service, a few minutes a day that I can use to help other people avoid a potentially disastrous scam. If my tone comes off as angry (however that happens on a forum like this) it is because I don't like seeing good people re-stating false information learned at Primerica, as FACT. It does irk me that Primerica trumpets that they teach regular people about finance, and use that statement to recruit and sell products. The problem is, what is learned at Primerica is mostly GARBAGE. I've sat through many painfully long opportunity meetings, read enough literature, and gotten enough proof positive in my mailbox to see that PFS does more harm than good when "teaching" people about finances. Just because they throw in a few worthwhile tidbits can not justify the wrondoing being spread. As the saying goes: "First, do no harm."


Scott

Latham,
New York,
Credibility in Doubt

#65Consumer Comment

Fri, October 04, 2002

I too, have located this site merely by looking up information by typing in the keyword Primerica. I have to say, it has been enlightening to hear both sides of this debate, but I have made one observation. Several negative comments about Primerica were submitted by C - Medwest, IL. When I see that name coming up over and over again, I'm reminded of voter fraud where the same person votes 2 -3 times, dead people vote, etc. I think C's opinion would carry more weight had he/she said what was necessary to say only once. For my part, I think what you get out of a company, either as a client or employee, is what you put into it, either by way of self-advoacy or self-motivation. I wouldn't expect anyone whose in the business of making a profit off of me, to be less than truthful. I think I can tell when I'm being had and when I'm being played fairly with. I would not knock Primerica, or any other business, based on a single representative's behavior or sales tactics. Rather, I would target that person (or business site). Anyway, thanks for the entertaining morning reading this stuff.


K.E.

Omaha,
Nebraska,
Interesting!

#66Consumer Comment

Fri, October 04, 2002

I really am glad that this site exsists! I was contacted last week by a lady from this group. Interestingly enough, I was recommended by my pizza hut delivery driver who said that I was "a self starter, motivated, and driven". Remind me to tip him well for the nice words. At any rate, she asked me if I had heard of Primerica. Well, yes but of course the brain refused to function at the time and remind me of this site. However, I had red flags going off (thank GOD). While she was explaining this, and about the "interview" being in the evening, I thought back to my unfortunate time with Trek. Their interview was in the evening too, interesting. Oh, this is a GROUP orientation? Hm...Trek was too. I flat out asked her if it was a MLM. Toss in a huge pause and she told me she had no clue what it was. Interesting again. By now bells and whistles are going off in my head but I was kindof willing to "keep my options open" and see what they were talking about. Glad I ended up filling in at work. Then I came here. Reading the reports and seeing such negativity from the rebuttals, I'm glad I didn't go in. While I respect the Insurance industry, it just seemed so fishy (for lack of a better term). Thanks to you guys, both the good posts and the bad, for letting me know that I was right for following my gut. I don't need to lose anymore money!


C

Midwest,
Illinois,
dear KENDRA ..lowly tricks PFS used to try to sell its awful products

#67Consumer Comment

Thu, October 03, 2002

Hi KENDRA,

Perhaps you misesed the documentation that I posted to the web, and left up for almost six months? See KENDRA, it consisted of documents I received from PFS after attending one of three FNA meetings with PFS agents, from different offices. It proved the lowly tricks PFS used to try to sell its awful products to me.

Are you suggesting that, if someone has an interest in working for PFS, that they go from office to office to office until they find one that's "ethical"? Well excuse the heck out of me, but I don't think anyone should have to do that. I visited four offices in two states and every one of them played the same song and dance and to be honest, I'm not sure if there's an "ethical" office within 500 miles of my house.

I don't believe we'll be talking on the phone, KENDRA. If your speech is anywhere near as incomprehensible as your posts, I'm not sure I want to hear it.

By the way KENDRA, you have constantly been posting that I make these WILD accusations about the company. You challenge me to "back everything up", as in your last post.

The only things I really bring up are:

-the tricks played to sell mortgage refinance loans

-the high turnover in PFS when compared to the rosy "opportunity" painted to recruits

-the tricks played to lure recruits to a meeting

Now, before YOU continue your wild accusations, first re-read the posts you are concerned about and ask if *I* was the one who posted them. There are quite a few on this board who post, and there are people on both sides of the debate that make unfounded statements.

I try as hard as possible not to be one of them. Of the three topics I listed, I have documents for the first two (my own refinance papers for the first one, and the 'employment' figures for the second). For the third point, I have e-mails and message board posts from tens if not hundreds of people promised a "management position" with PFS, along with other underhanded tricks used to get them in the door.

So KENDRA before you tell me to "back up" everything I say (because I think I have), will you please make a specific, point-by-point listing of all this supposed stuff that you don't believe I have quantified with proof. Thanks.


C

Midwest,
Illinois,
dear KENDRA ..lowly tricks PFS used to try to sell its awful products

#68Consumer Comment

Thu, October 03, 2002

Hi KENDRA,

Perhaps you misesed the documentation that I posted to the web, and left up for almost six months? See KENDRA, it consisted of documents I received from PFS after attending one of three FNA meetings with PFS agents, from different offices. It proved the lowly tricks PFS used to try to sell its awful products to me.

Are you suggesting that, if someone has an interest in working for PFS, that they go from office to office to office until they find one that's "ethical"? Well excuse the heck out of me, but I don't think anyone should have to do that. I visited four offices in two states and every one of them played the same song and dance and to be honest, I'm not sure if there's an "ethical" office within 500 miles of my house.

I don't believe we'll be talking on the phone, KENDRA. If your speech is anywhere near as incomprehensible as your posts, I'm not sure I want to hear it.

By the way KENDRA, you have constantly been posting that I make these WILD accusations about the company. You challenge me to "back everything up", as in your last post.

The only things I really bring up are:

-the tricks played to sell mortgage refinance loans

-the high turnover in PFS when compared to the rosy "opportunity" painted to recruits

-the tricks played to lure recruits to a meeting

Now, before YOU continue your wild accusations, first re-read the posts you are concerned about and ask if *I* was the one who posted them. There are quite a few on this board who post, and there are people on both sides of the debate that make unfounded statements.

I try as hard as possible not to be one of them. Of the three topics I listed, I have documents for the first two (my own refinance papers for the first one, and the 'employment' figures for the second). For the third point, I have e-mails and message board posts from tens if not hundreds of people promised a "management position" with PFS, along with other underhanded tricks used to get them in the door.

So KENDRA before you tell me to "back up" everything I say (because I think I have), will you please make a specific, point-by-point listing of all this supposed stuff that you don't believe I have quantified with proof. Thanks.


C

Midwest,
Illinois,
dear KENDRA ..lowly tricks PFS used to try to sell its awful products

#69Consumer Comment

Thu, October 03, 2002

Hi KENDRA,

Perhaps you misesed the documentation that I posted to the web, and left up for almost six months? See KENDRA, it consisted of documents I received from PFS after attending one of three FNA meetings with PFS agents, from different offices. It proved the lowly tricks PFS used to try to sell its awful products to me.

Are you suggesting that, if someone has an interest in working for PFS, that they go from office to office to office until they find one that's "ethical"? Well excuse the heck out of me, but I don't think anyone should have to do that. I visited four offices in two states and every one of them played the same song and dance and to be honest, I'm not sure if there's an "ethical" office within 500 miles of my house.

I don't believe we'll be talking on the phone, KENDRA. If your speech is anywhere near as incomprehensible as your posts, I'm not sure I want to hear it.

By the way KENDRA, you have constantly been posting that I make these WILD accusations about the company. You challenge me to "back everything up", as in your last post.

The only things I really bring up are:

-the tricks played to sell mortgage refinance loans

-the high turnover in PFS when compared to the rosy "opportunity" painted to recruits

-the tricks played to lure recruits to a meeting

Now, before YOU continue your wild accusations, first re-read the posts you are concerned about and ask if *I* was the one who posted them. There are quite a few on this board who post, and there are people on both sides of the debate that make unfounded statements.

I try as hard as possible not to be one of them. Of the three topics I listed, I have documents for the first two (my own refinance papers for the first one, and the 'employment' figures for the second). For the third point, I have e-mails and message board posts from tens if not hundreds of people promised a "management position" with PFS, along with other underhanded tricks used to get them in the door.

So KENDRA before you tell me to "back up" everything I say (because I think I have), will you please make a specific, point-by-point listing of all this supposed stuff that you don't believe I have quantified with proof. Thanks.


C

Midwest,
Illinois,
dear KENDRA ..lowly tricks PFS used to try to sell its awful products

#70Consumer Comment

Thu, October 03, 2002

Hi KENDRA,

Perhaps you misesed the documentation that I posted to the web, and left up for almost six months? See KENDRA, it consisted of documents I received from PFS after attending one of three FNA meetings with PFS agents, from different offices. It proved the lowly tricks PFS used to try to sell its awful products to me.

Are you suggesting that, if someone has an interest in working for PFS, that they go from office to office to office until they find one that's "ethical"? Well excuse the heck out of me, but I don't think anyone should have to do that. I visited four offices in two states and every one of them played the same song and dance and to be honest, I'm not sure if there's an "ethical" office within 500 miles of my house.

I don't believe we'll be talking on the phone, KENDRA. If your speech is anywhere near as incomprehensible as your posts, I'm not sure I want to hear it.

By the way KENDRA, you have constantly been posting that I make these WILD accusations about the company. You challenge me to "back everything up", as in your last post.

The only things I really bring up are:

-the tricks played to sell mortgage refinance loans

-the high turnover in PFS when compared to the rosy "opportunity" painted to recruits

-the tricks played to lure recruits to a meeting

Now, before YOU continue your wild accusations, first re-read the posts you are concerned about and ask if *I* was the one who posted them. There are quite a few on this board who post, and there are people on both sides of the debate that make unfounded statements.

I try as hard as possible not to be one of them. Of the three topics I listed, I have documents for the first two (my own refinance papers for the first one, and the 'employment' figures for the second). For the third point, I have e-mails and message board posts from tens if not hundreds of people promised a "management position" with PFS, along with other underhanded tricks used to get them in the door.

So KENDRA before you tell me to "back up" everything I say (because I think I have), will you please make a specific, point-by-point listing of all this supposed stuff that you don't believe I have quantified with proof. Thanks.


KENDRA

chandler,
Arizona,
TO PRIMERICA BASHERS

#71Consumer Comment

Thu, October 03, 2002

HEY C-

YOU STILL HAVE NOT BACKED ANY OF THIS NEGATIVE CRAP THAT YOU HAVE BEEN STATING YOU KNOW HAS HAPPENED AS FAR AS THE LOANS, MUTUAL FUNDS AND WHATEVER ELSE YOU STATE YOU OR ANYONE ELSE YOU MAY KNOW HAVE EXPERIENCED, BUT UNTIL YOU GET THE FACTS STRAIGHT ABOUT THE COMPANY ITSELF(NOT THE AGENTS)ALL YOU ARE DOING IS WASTING THE ENERGY OF YOUR FINGERS WHEN YOU TYPE ANYTHING ON HERE, CAUSE YOU HAVE NO CLUE AS TO WHAT THE COMPANY IS ABOUT OR WHAT THE GOAL OF THE COMPANY IS. YOU CAN SIT THERE AND MAKE ALL THE SARCASTIC AND NASTY STATEMENTS YOU SO CHOOSE AND THINK YOU MAY HAVE AN IDEA(OR EVEN ORCHESTRATE A AN IDEA IF YOU SO CHOOSE)ABOUT WHAT HAPPENS OR WHAT THE COMPANY IS ALL ABOUT AND HOW WE OPERATE, BUT THE REALITY OF IT IS YOU DON'T. OH, BY THE WAY THERE IS NOTHING WRONG WITH DOING RESEARCH ON A COMPANY, BUT UNLESS YOU SEE FOR YOURSELF AND WORK WITH A GOOD OFFICE YOU WILL NEVER KNOW WHAT THE COMPANY ITSELF IS ABOUT. ASK THE PERSON WHO BROUGHT YOU TO THE MEETING QUESTIONS AND IF THEY ARE HESITANT TO ANSWER OR GIVE AN ANSWER THAT DOESN'T SOUND REALISTIC THAN ASK SOMEONE THAT HAS BEEN WITH THE COMPANY LONGER AND HAS HAD MORE EXPERIENCE, DON'T JUST ASSUME THAT BECAUSE ALL THESE PEOPLE ON HERE ARE WRITING NEGATIVE STATEMENTS ON HERE THAT IT IS TRUE, ON THE OTHER HAND NO COMPANY IS 100% PERFECT EITHER, BUT THE POINT IS C- YOU REALLY DO NEED TO GET YOUR FACTS STRAIGHT BEFORE YOU MAKE THE KIND OF COMMENTS AND STATEMENTS THAT YOU HAVE BEEN MAKING BEFORE YOU SUBMIT ANYTHING AT ALL.ALSO C- I WOULD BE MORE THAN WILLING TO TALK TO YOU OVER THE PHONE AND HEAR WHAT YOU REALLY HAVE TO SAY ABOUT THE COMPANY AND THE PRODUCTS AND SERVICES WE PROVIDE. C- I WILL ASSUME THAT IF I DON'T HEAR FROM YOU WITHIN THE NEXT COUPLE OF WEEKS THAT YOU CANNOT BACK ANYTHING UP THAT YOU HAVE STATED ON THIS SITE.
HOPE TO HEAR FROM ANYONE THAT HAS QUESTIONS AND CONCERNS.


Gary

Chicago,
Illinois,
Contact Donna Guilmette for a Full Refund

#72Consumer Suggestion

Tue, September 17, 2002

If anyone has been ripped off by this scam, you need to contact Donna Guilmette; 800 666-7837 x8514. I got all my money back.


L

Erlanger,
Kentucky,
Poor Poor Brainwashed Jeremy

#73Consumer Comment

Sat, August 31, 2002

Jeremy...The only reason all you 18 year old are such great "candidates" to be Primerica reps is because you aren't educated and worldly enough to know a scam if it hit you square in the face. Why in the world would Primerica want educated, experienced people who would, more than likely, question their tactics and misleading ways. People like you are perfect to be molded into a brainwashed zombie...young, uneducated, impressionable kid with no real-world working experience.

It makes no sense that a company, who's supposive main goal is to help people/families become financially independent, would hire 18 year old hot heads, who know nothing about financial matters, and try to pass them off as financial experts.

And the only better "audience" that you may attract is more impressionable 18 year olds like yourself, or relatives that feel sorry for you. Hopefully you won't lose all your friends in the process when they finally realize that you tricked them into some sub par products...mainly the high interest refinancing scam.

Just because Primerica isn't illegal doesn't make it ethical or moral. But then again, some 18 year old brain washed kid probably doesn't have too many ethics. It's all about the money regardless of who you hurt.

Finally, my reference to you being Letang and promoting yourself was sarcasm. This isn't a page full of haters, it's a page full of people who have sense, or have come to their senses, and are trying to save people from losing money with this company. The only reason you're ticked off is because the more we speak out against Primerica, the more it deters victims away from you and your shady company.


Jeremy

Phoenix,
Arizona,
Oops... left out some stuff.

#74UPDATE Employee

Sat, August 31, 2002

And as for that "leh-TUNG" thing: It's a joke. Batantly, I thought, but I guess not. It was for no one's amusement but my own, so I don't expect anyone out there to laugh.

As for cursing at my manager, he deserved it. I was not the only one that walked out that day (yes, DAY) because of him. Get to know him before you judge me.

I never said I was any kind of prodigy, and, yeah, they hire 18 year olds. Actually 18 year olds are ideal for them because they are fresh out of school and still in a learning frame of mind; they aren't overly educated as to think they know everything, so they don't immediately reject anything new; they reach an entirely different, and in often case, better audience; and their drive for success is astounding.

Something else. Primerica can't be a pyramid scheme. Pyramid schemes can't work. If you do the math you will find that even if Primerica started with one person, and that person got two people, and those people got two people, and so on, then you see that you don't even make it past 40 levels before you 've more than covered the population of the earth. Now, Primerica started with a lot more than one person, and has had quite a few more downlines than 40, so they must be doing something right.

And one last thing that I neglected to mention in my first post: Primerica doesn't do anything wrong. When they first came out, they scared the other insurance companies, so they were put under a 10 year investigation. This was no time recently. I don't know an exact year, but I do know that we are at the greater end of that decade without so much as a, "Could you change this slightly?" The investigators like what they see.

And L: I am not Letang. And even if I were, why would I promote myself here? That seems a bit counterintuitive,don't you think: promoting "myself" on a page of haters? You don't think too much before you type do you?


Paul

Roanoke,
Virginia,
To Jeremy

#75Consumer Comment

Fri, August 30, 2002

Jeremy,

First off, Mensa is silly. I was invited to join because of my GRE scores, but it is nothing more than a club for people who have scored well on a standardized test. Fine if you are interested, but it proves no point about Primerica.

Primerica offers sub-par products and services. For example, the $MART loan charges people a higher interest rate, but hides the real cost of that with prepayment schedules. They don't tell clients that they could make extra payments on a lower interest loan and do the same thing saving even more money overall.

They are poorly trained as advisors, expecially in the area of estate planning.

Debt reduction is great, but primerica offers little useful info beyond what is available online or in a public library.


Jeremy

Phoenix,
Arizona,
It's called "humor." You might have heard of it.

#76UPDATE Employee

Fri, August 30, 2002

Geniuses get fired from jobs ALL THE TIME. No one really knows why but, for some reason the smarter you are the harder it is to hold down a job. I'm not in college, because I am taking a year off. I don't have a memory that predates school so I wanted a bit of a break. This is all.


L

Erlanger,
Kentucky,
Oh Please ...the more you write, the more stupid you all look.

#77Consumer Comment

Thu, August 29, 2002

Hey Jeremy...If you and your whole family are such geniuses and all belong to Mensa, then why is an 18 year old prodigy such as yourself, not in college, but continues to be fired from telemarketing jobs, Best Buy, and movie theatres? And what's with the continuous referral to Letang and the correct photenic pronunciation of (leh-TUNG). I'm starting to think that you are probably him and you are trying to promote yourself. Leave it to Primerica to hire 18 year old lying juvenile delinquents who cuss out managers and can't keep a job. Like all you other Primerica reps, the more you write, the more stupid you all look. You don't need C and company to make you all look bad, you do a great job all on your own.


Jeremy

Phoenix,
Arizona,
To put it simply... Primerica is a God send.

#78UPDATE Employee

Wed, August 28, 2002

My family was in a lot of debt. My father is in marketing and with the recession a lot of businesses are cutting that first. So, with little work and 3 children to take care of, my father turned to his friend, Letang (pronounced leh-TUNG). We learned what we could in the shortest amount of time, for our house was about to be foreclosed on. Through Primerica we are now in one fifth the hole that we were originally, and it is steadily getting smaller.

This concept amazed me. Here was a company that claimed to get you out of debt, and then actually came through. I wanted to do this. So I went to Letang (still pronounced leh-TUNG) myself and saw if I could work for them. I was concerned because my work history isnt the best. I was fired from telemarketing, worked in a movie theater for a month, and then was fired from Best Buy for calling a manager a *expletive deleted*.

I couldn't get hired by Primerica, because they didn't really "hire" anybody. I could however get independently contracted though. All it took was a refundable deposit of $199. Emphasis on "refundable."

To give you an idea of who can be hired by them, I am an 18 year old boy. Letang (yup, leh-TUNG) was born in South Africa and when he came to the states he barely spoke a word of english. He also left a Primerica office that he was in because he felt that their practices were unethical. He now has his own offices and makes $20,000 a month. He really is one of the most delightful men you will ever meet.

I have met people in Primerica who are crooked. But that is everywhere, and just as with everywhere, they made it to the top by working hard. The just stepped on people on their way up. There are also people for whom Primerica does not work. Those people, I am being tought to tell them, that we can not offer them a plan that will help so we do not want to spend their money. To base an entire company off of one person (or in some cases one region) is wrong.

Another thing, they teach us to go out and make mistakes. This is not meant to deter you. I have been tought that one of the first things I am to say to a potential client is something along the lines of, "I am still learning, bare with me. Odds are I will make mistakes. I will be as honest as I can be, and help you with your situation to the best of Primerica's ability."

We are also encouraged to use the name Primerica as often as possible. We are told to mention Citigroup but not to push it. And if anybody's "friend" stopped liking them because they went a bit overboard (or even a lot overboard) with pushing Primerica was not a very good friend in the first place. That seems to me to be a rediculous reason to lose sight of why you were friends in the first place.

My father and brother are both getting in on this, too. And as for the comments before about the general level of intelligence for a PFS worker: My dad's IQ is 163-169, my brother's is 160-164, and mine is 170+. We are all mensans. Not to gloat. I actually being snobby about my IQ, but it is true.

To C: Sorry your experience was bad, but I swear to it's not all like that. The people I deal with are very much about helping others.

And Levy: Let Mike do what he wants. He's a smart kid. He'll be successful no matter what he does. It's just with primerica, he'll get there quicker.


Gpaz

san diego,
Florida,
Geez!

#79Consumer Suggestion

Mon, August 26, 2002

Im here to basically comment on the situation that i see happening. I have had Primerica come to my house and to be honest, im very glad they did. They were able to help my family save money and truly showed interest in helping us save. They even saw and recommended things that would help us better save money. We had our own invesments going on and they didnt once try to change that bec. they complimented us in doing so.
I think it all depends on who thier representatives are and how they reveal themselves.

Ive had the opportunity to sign up as an agent and have seen many improvements from the other agents that work there as well.

They teach us values and that this job requires a big heart to help families in need. I think thats what this company is all about, which is helping someone get out of debt and be financially independent.

NO matter what i think everyone in this world today needs to know how money works and should be taught with this knowledge how to save money.
What person in thier right mind would not want the opportunity to save money?

Even if i paid 199 . i say that is worth it bec.of the knowledge i gained to know how policies work, and i can help my friends and family understand thier policies. Im basically looking out for my family and friends.

For 199 you get alot. you get to work with the biggest financial service in North America. and gain knowledge and possible licenses in the Mortgage, life, home loans, smart loans.. etc..
To me thats the price of a good book nowadays in a store!!and theres no way you can lose from the knowledge gained.

I think alot of these people who have negative things to say have either had bad reps, or didnt look at the way you can change someones way of life by saving them money. If you see bad reps then that should motivate you to be a good rep and show families whats out there and teach them how to save and invest money.

Thats my motivation. I hope this response will change the way people look at this kind of business and that there are reps out there who actually care!
thanks


Angie

San Diego,
California,
It happened to me too!

#80Consumer Suggestion

Fri, August 23, 2002

Beth, I was in the same situation as you. I was called after posting my resume on the internet for a "Management Trainee" position. As a college student will little experience, I jumped at the chance to work for a "Fortune 500" company that was willing to train me for a management position. Sounds too good to be true, right?!

I got out of Primerica, but not before I subjected two family members to high pressure sales. I brought them in because I was told that I had to make appointments to practice the FNA's, and I made sure to tell my family members that there was no cost or obligation.

I was horrified when my upline used high pressure tactics to try and sell them expensive products that they did not need or want.

Also, the FNA's are designed to always show a shortfall to create a need and make the products easier to sell. I was deceived into a sales position, not anything that represented management.

It's no wonder that Primerica has over 100% turnover rate of reps. My advise to you is if you haven't started your insurance classes yet, demand a refund. If they refuse, save your $200 and order a stop payment on your check. Best luck to you.


Beth

Indianapolis,
Indiana,
Not so fast...

#81Consumer Comment

Thu, August 22, 2002

To begin with, I was unsure how to categorize my response to this thread... I'm a new recruit to Primerica and am seriously considering leaving the company.

But I wanted to clarify the statement that it is illegal to hold another job while practicing as an agent. It is not illegal at all. There is a company policy that prohibits Primerca reps from selling any other financial services, but that certainly isnt a ban on having day jobs. The person who said that Primerica presentations happen at night because that is when people are home was correct (shall I bring out my gold foil stars?).

I'd just like to share my story... My resume was picked up by Primerica from one of the job sites... I cant recall whether it was Monster or HotJobs. I was called and given their little spiel about a marketing opportunity with Citigroup (aka the world's largest company). And I was really, really excited.

Then I went to my first "interview." A few warning flags were immediately sent up... There was discussion about the company, about Sandy Weil, and there were legitimate questions about my background. But there was no discussion about compensation, job responsibilities, etc.

When invited to the second "orientation," I was wary but still jumped at the chance. Who could turn down a second interview with Citigroup? Not me. I was suspicious, but fairly convinced that a company the size of Citigroup had too much riding on their reputation to engage in some silly pyramid scheme. If they are the largest company in the world, why on earth do they need to run a pyramid scam?

By the time I finished the second orientation meeting, I had a better idea of exactly what was going on. They wanted me to sell insurance. Never mind that I'd been recruited for "recruiting and marketing"... I was supposed to pay for my own course and licensing to sell insurance.

But I agreed that from what I knew, Primerica did have a good product that could help people, so I agreed to come back for a third interview. I wrote out the check for $199 and dove headfirst into the company. Only now I'm having second thoughts...

First, there is the issue of my "warm market." I do not want to turn the names of all my friends and family over to Primerica. I dont want to generate leads... I dont want to sell anything! So I begin to wonder exactly how it is that I got roped into this thing at all...

The kicker? I found this site because people at Primerica were talking about it. HA!

I feel like I've been had, really... Like they know that they can't recruit people on their own steam so they hide behind Citigroup... While maintaining in the Disclaimers section of their website that Citigroup is not responsible for their actions. I wanted to research the company before my interview, and if I'd been able to research Primerica thoroughly, I'd not have shown up. Then they ask for personal references (but no employer references, which I find odd... what sort of company doesnt check employment references?), which I give... and now I worry that they are going to call all of the people I listed and try to set up meetings to present the FNA and possibly even attempt to recruit my friends, my family, even my former coworkers!

And I already gave them my $199 at a time when I really dont have extra cash to waste...

That's really all I have to say.


Bob

Clearfield,
Utah,
Wow

#82Consumer Comment

Wed, August 21, 2002

Gee I read all this and wonder. Does anyone know how to spell or use proper grammar? I know I will be severely attacked as I read all this, but with all the errors, who is really educated here?

Well, I went to my first Primerica meeting yesterday as a "guest" in Salt Lake City. I will certainly say this: I kind of felt that this was similar to an Amway meeting I was tricked into going to once. I went to this meeting with a friend of mine. I also had to fill out a ticket with my name and address and phone number on it for a "prize drawing". Needless to say, no drawing took place. Was my privacy just compromised?

I was somewhat surprised that my friend only discussed Primerica all evening and our usual friendship talk was out the window. Trying to discuss life and happenings with him on the trip to the meeting and after the meeting ended up in him diverting back to Primerica. He was a totally different person. His "boss" (I will call him that as I cannot remember what the next up is called -- "upline?") was pumped up to get me recruited.

He went behind my friend's back to get me to sign. I tried to move about and he kept stepping in front of me stopping me from going anywhere. I am somewhat surprised to hear his story of how he is making over 200,000 dollars a month but yet still has another job. I questioned this only to hear that he is recouping from money lost while in the military (yet they pumped up the military). I would seem to think that at over 200 grand a month, he would not need to recoup.

I seemed to think that this was a good deal, but reading most of these reports, I saw just what people in these reports were talking about. And now I am beginning to wonder.

I am wondering if I should go with Primerica or not. Let's see how many of you tell me how stupid and narrowminded I am.

I tend to back off now as I see what appears to me as my good friend seems to be "brainwashed" (I cannot have a good conversation with him anymore without him changing any subject to Primerica). It all looks good on paper but is it for real? It did appear to look to me like it was a pyramid recruiting scheme. I did not know you paid a fee to be hired. This was one thing I was not informed of. I did get the impression that the "upline" was stepping in on my friend all the time. I went home and discussed this with my wife, sister and brother-in-law. And what did they say? "Wow, sounds like Amway." I may go to another one of these meetings if invited to see if I am wrong in my thinking. I am sure being attacked by rebuttals and employees in this forum will certainly make me think twice about either way, but I just kind of wanted to say what first impression I got. Thanks.


Tiffany

Jacksonville,
Florida,
Misinformed

#83Consumer Comment

Sat, August 17, 2002

First, I am not an agent of Primerica. I stumbled on this site after using a search engine to find out about more information on the company. However, I am quite disturbed about how misinformed people are about insurance and investment products and cough up industry wide practices as a scam of Primerica.

To give you relevant background, I have worked for Prudential and Nationwide Insurance and my husband and mother work for State Farm. I am here to let you know that most of the compliants you have, have nothing to do with Primerica but how insurance and investments are sold despite the company the sales people represent.

1. Investments--such as mutual funds are not FDIC insured...period. At least not in FL. You can go to any bank, such as Compass Bank and their investment literature states that it is not FDIC insured. It is also stated in Nationwide's literature.

2. Just because it took two or three months for a term policy to be issued is not the fault of the agent and does not dispute the validity of a company. Each company have underwriting guidelines and if someone is over a weight ratio for their height or had something in their medical file that is questionable, doctors may have to be consulted and they may not do it in a quick fashion. I have had a client wait on a term policy for six months before. yet, Nationwide is a legitamate company.

3. It is typical for people to pay for their license's to work for an insurance company. That is not out of the norm for the industry as well. Your Series 6 license can cost you hundreds of dollars by itself. I have several insurance licenses and my company did not pay a dime of it. Most won't.

4. It does not matter what company you work for, if you are in sales, then they strongly encourage you to purchase the product...this is also true of Nationwide, Prudential, State Farm and Allstate...and we aren't just talking about a little term policy like Primerica... house,car,whole life, umbrella...if you are an agent, they expect you to be well invested in your own agency...not unusual.

5. Coachability...defined as a willingness to learn...also very much encouraged in the big four...they all have their own formula for success and want their agents to follow it, such as x-dating...which is cold calling people from paid mailing lists to find out the expiration date of their policies so the agent can follow up at a later time.

6. The recommendation of term life for children...it is also strongly recommended because life does happen and children do die or contract/obtain/diagnosed with diseases that could prevent them from getting life insurance as an adult. This is an industry wide practice.

7. The big four also tells you to talk to everyone you know including family and friends to switch their policies to your new company as an agent.

8. I worked on the $3 billion lawsuit against Prudential for training their agents in the 80's to have clients cash in their whole life policy and buy a variable life or universal life policy and described it as an investment product not insurance. Some people put all of their money in this new form of whole life policy only to find out later (some as late as 15 years) that they bought a life product and not investment product. Most of the insurance companies did this including Metlife,State Farm and John Hancock.

I am saying all of this to say you are screaming foul to a company not knowing the industry. Just like there are bad Nationwide, State Farm or Prudential agents (who are supposed to be the experts), there are bad agents in any company. I do not see anything except for a few things, in which I will do further research, that separates Primerica from any other Insurance company that is out there.

It seems to me most of the complaintants are just misinformed about the industry and blaming Primerica because of their unusual form of recruitment. Those who say they were PFC's, did you go out and work as an agent in the industry with another company? I am sure because of your postings, what I have stated will have no bearing on your opinions. However, I have nothing invested, I have not even talked with a representative of Primerica yet. But, I have 5 years in the industry and built an agency from scratch...there is enormous pressure on agents in all the companies to sell life insurance because it is the most profitable especially whole life. You can listen to financial "experts" such as Suze Orman, Clark Howard and Dave Ramsey...they will ALL tell you to get term and invest the difference you would pay in whole life in a mutual fund.


Myriam

Toronto,
Ontario,
PLEASE READ

#84UPDATE Employee

Sat, August 17, 2002

This is mainly a message responding to the useless people that have given an opinion on Child's Insurance. Child's insurance is simply a benefit/rider on any life insurance issued by Primerica, basically, if your kid dies Primerica will give you a check of $6.000 to pay for their funeral expenses.

If your kid ever gets sick and becomes an anti-selection (not insurable) by any company, he/she will automatically be accepted as a client in Primerica without going through a medical check. Please note that this benefit/rider is included in the premium for the life insurance of the parent, there is no separate premium which could rather be invested as I read someone wrote!!!!!
Please note that the negative reports posted in this site about Primerica are those of LOSERS who just couldn't work the system out, and of potencial customers who simply did not need the services Primerica offers.

Note that an average McDonnald's franchise owner has an annual income of $84.000 and an average RVP has an annual income of $102.00.
Realize that people posting negative coments about Primerica sound to be the kind of people that would rather spend a friday afternoon in a line to buy a lottery check and drink beer, than being working.

The sort of reply given to postings defending Primerica is "what are you doing at this site then", my answer is to let whoever reads this know that taking advise from losers is a waste of your time...going to an opp-night in not.
I also read someone said that these meetings were at night because we have other jobs at day...!!!! by law you cannot have an other job if you are exercising you licence as a agent.

Also note that 80% of agents in Canada working for any company have term insurance but yet they sell Universal or Whole Life knowing the theft that represents, the resting 20% have Whole Life for small amounts of money just to tell their clients they have this type of insurance themselves, but in the other hand they own term insurance for millions of dollars.

Pyramid system recruiting is defenetely not ilegal and hundreds of companies work this way.
I love working for Primerica and being able to go out for lunch with a client, had I sold them Whole Life or Universal I'd be ashamed to do so, as a matter of fact I wouldn't even grab lunch with them.

Any agents for other companies who have posted opinions on this page defamating or misrepresentating Primerica Services are subject to have their lisences revoked
(Chapter 15, pg 11) of the manual for agent's licencing in the common law provinces.

In regards to the $200 (of which a 100 is refundable) is purely to pay governmet fees.As an inmigrant in this country me and my family have spent just over $10.000 issuing government papers...now that's a ripoff!!!!!.

WELCOME TO CANADA, any paper issued has a F**king fee in this country, the $200 ARE NOT A FEE TO GET HIRED, that is hilarious!!!!!!
Primerica is by far a ripoff, we are not godsent, we are just not for everybody.


C

Midwest,
Illinois,
old news

#85Consumer Comment

Fri, August 16, 2002

Just an example of the venom spewed by a PFS agent.

I took the link down (it had been up for several months -- where were you?) because I kept getting e-mails from PFS agents who couldn't stand to see the truth posted. The geocities address meant I had a Yahoo! e-mail address with the same username. That mailbox became flooded with angry letters, people like you, who name-called and said things just like you are saying. Unfounded things. And some even sent e-mail viruses.

In the meantime, if you'd like to know any particular terms of PFS loans which I have seen, feel free to ask.


K

Dallas,
Texas,
Illustrating my point...

#86Consumer Comment

Thu, August 15, 2002

So the first thing you do in response to someone looking for info is call him a shill? Real effective way to show someone your side of the story, C. If there is a shill here, it's you. Don't act like you're offering us some kind of service by bellyaching and moaning on a complaint board. Your only service is to your own ego. Your attacks against me are childlike. Time to grow up.
April, my particular beef with your responses (not so much the last one, strangely enough) was the amount of venom contained therein. Just seemed a little over the top with the anger.

Coincedentally, due to reasons totally unconnected with rumors of scams and the like, I have actually gone in another direction rather than PFS. That being said, there were valid concerns raised here and solid endorsements from Primerica's defenders as well. If this site offered me no REAL information, it DID offer me some perspective. You'll not see another post from me on this subject.

By the way, shill, your little pic or graphic or whatever it is showed a broken link. Fix it.


April

Waldorf,
Maryland,
K; your kidding, right?

#87UPDATE EX-employee responds

Tue, August 13, 2002

We are reading the same report, right? Then if that were the case you would see they what you just wrote about me was a bunch of crap. First off, I rebuttaled and told the people the truth about what really goes on at PFS, I was in fact an agent. I called them on their Enron scandle, the lawsuits, etc. That ticked their so-called high paying reps off, so I was verbally attacked. I defended myself and everything I've said. I can back my facts up, they can't, what else can these poeple do, but attack others that disagree with their unethical practices.

Appearently, you misread or read some of the rebuttals. So, rebuttaling and attaching myself isn't doing you anything. The only thing I can tell you is if you do go with PFS, good luck! We've tried to inform the consumers of the scams going on. If you want to find out information on your own, search keywood Primerica or Citigroup. Most lawsuits filed, scam, scandles, etc are posted on one site or another. I've seen tons upon searching. There's your facts, hope you can see the real side of PFS before you loss money.


C

Midwest,
Illinois,
Primerica's biggest detractor

#88Consumer Comment

Tue, August 13, 2002

"I must say that Primerica's biggest detractor here, C, is quite possibly the best sales tool that PFS could have. C, your statements have yet to be supported by numbers and your responses to those who dispute your statements lack any real info. You give one-word and short sentence answers, reduce yourself to name-calling and really do yourself an injustice with vague rebuttals. What you offer by way of "information" leaves very much to be desired. "

It's easy to tell you're a Primerica shill. Have you not read my scanned-in proof of deceptive Primerica loans? Have you not read the scenarios I posted, which were originally posted by people just like you (except they didn't work for PFS), which show how PFS manipulates numbers in order to deceive?

Speaking of name-calling, I would like to see your references to me "reducing myself to name-calling" as you put it. It sounds as though I have a chronic problem. The only 'name' calling I do is calling someone a shill when I see it, and that's not hard to pick out of a crowd.

Why don't you tell me what additional information you require to settle down? By the way, you certainly haven't offered much in the way of numbers, just personal remarks directed at me. Why are you even here?


K.

Dallas,
Texas,
On the fence... I've seen a couple of them in here that sound more like religous fanatics than financial consultants, or advisors, or whatever you call them.

#89Consumer Comment

Tue, August 13, 2002

I was sent an email by PFS and it was suggested that I may have what it takes to be successful in this business. I attended a Company Overview where it was explained who the company was and tha they were a subsidiary of Citigroup.

They touted the success and credentials of Sandy Weill and honestly, the whole thing seemed really "win-win". After the overview, I was asked if I would like to schedule a formal interview so I could learn more about the company and see what it is they actually do. Alright, I'll bite. The agent I spoke to was a very nice lady and we went over how the FNA works and she showed me the costs of the licenses and explained how people get paid in this company.

Basically, what I gleaned from the conversation was that you get commisions by getting people to make changes to their financial expenses and additional loot from recruiting more sales people. It's not what I had in mind at all but they were very adamant that everyone working in that office was doing extremely well (they WOULD say that though, wouldn't they?). To thier credit (and contrary to some other poster's experiences), I was NEVER pressured to join up. They were more informational than anything else.

I've learned in my experiences that if it sounds "too good to be true" it probably is. So I took the whole thing to my wife (she's no doubt the financial brains in our operation) and she was very sceptical. Her words were, "This sounds too good. It looks shady." I, on the other hand, was just about ready to sign up. She wanted more info so we went to the website. Lots of it was more of what they told me at the overview. We couldn't make a decision. So I went on the hunt for any negative press about the company and came to this site.

I came looking for info on lawsuits filed against them, investigations into their practices and any other reputable info that would expose inconsistencies. I've gotten very little of that. Instead, I see a lot of bellyaching from people who will offer no solid numbers to show me a real scandal. Now, that's not to say that I'm sold on PFS. I'm not. But SOMEBODY show me some real data!

I must say that Primerica's biggest detractor here, C, is quite possibly the best sales tool that PFS could have. C, your statements have yet to be supported by numbers and your responses to those who dispute your statements lack any real info. You give one-word and short sentence answers, reduce yourself to name-calling and really do yourself an injustice with vague rebuttals. What you offer by way of "information" leaves very much to be desired.

A fellow detractor named April was extremely hostile and had nothing but insults to offer employees who posted. I could have done well not to even see the bile that spewed from her keyboard. You're entitled to your opinions but the low-brow approach the two of you have chosen is not really what I was looking for in the way of useful data and in my opinion has damaged your own character more than that of the company you've tried to expose. By no means do I mean these statements in any malicious way, but you may consider how you are reflected in the words you choose to post with.

As far as the employees go. I've seen a couple of them in here that sound more like religous fanatics than financial consultants, or advisors, or whatever you call them. But one thing I can say is that the data the employees have submitted (numbers-wise and experience-wise), while numbering fewer than the detractors (of course this is a complaint forum) have averaged much more substance than the average complainer.

I'm still not quite convinced about PFS and this site has made me think, I'll admit. I do believe in the old saying "garbage in, garbage out" and think that there are some detractors who did not work hard enough to make the money they envisioned when they signed up. I also think that there are people here who approached friends and family and unfortunately saw them as a means to their ends, and are upset because it cost them the trust they once had. And there are some people here who have obviously put in the effort and for one reason or another, it was NOT the financial freedom that they envisioned and feel that the company is at fault somehow (they COULD be right!) As it is right now, I'm still looking for that gem of info that will sway me one way or the other.

Somebody help.


Mandi

Austin,
Texas,
Still on the fence

#90Consumer Comment

Thu, August 08, 2002

My boyfriend is by trade, an IT professional that was laid off several months ago. He has had no luck finding another job in the IT field, and with funds running low, signed on with Primerica a few weeks ago. He was in a mad depression until recently. Now that he can go to the office and interact with others, he is much happier. I was his first SMART loan applicant.

The other night he returned with Primerica's recommended loans for debt consolidation. One thing that struck me as being odd is that in calculating the consumer debt, they rolled in my truck, which I have only 18 more payments on. I currently have a 6.9% rate on the truck note. How can paying, I believe it was around 8.9% on a 20 year loan, be more beneficial to me than just sticking with the car payment I already have?

Another thing I found odd, is that he truly believes this is going to help me pay my mortgage off faster and "save" me tons of money. I don't see it. My current mortgage is 6.5% for 25 years. If I just pay extra on it, I could have it paid off in 20 just as easily, and my current lender also offers the bi-weekly payment option.

I'm happy that he is excited about being out in the work arena again, meeting people and socializing, but I think that the products Primerica are offering, at least the debt consolidation, is not really beneficial, at least in my case. I'm sure there are people out there over their heads in debt that can't discipline themselves when it comes to spending and saving, that this plan would help, but for me, I think I'm better off right where I am. I just can't seem to make him understand that because he is being brainwashed by his up chain to think that interest rates don't matter.


Oniel

Los Angeles,
California,
I hope this will help others make a wise decision!

#91UPDATE EX-employee responds

Wed, August 07, 2002

I was a Primerica sales representative for about six months. In that time I obtained Two licenses, and am kind of proud about that. Deep down inside I feel as though I don't desirve them. My training consisted of a short video, and the equal of about 40 to 45 hours of actual class time, that consisted of very little actual training.

I was pumped at first, since is I was only 18, and marveled at the oportunity of "Ownining my own buisness", and "Helping my familiy become completely debt free".(in those six months I did go on well over 20 "apointments", keep in mind I had a part time job, and was a fresh-men in college!)

What I soon realized, and still to date regret, was the type of person I was becoming. The way I was told to conduct buisness was simple...I set up apointments with people that *TRUST* me, and they would "help me" get started. Keep in mind that I was to avoid using the name PRIMERICA, and focus on the name CITIGROUP, and avoid talking for more than a minute with a *potential* client.
In the end What realy HIT me was the fact I heard an up line(person directly above me) tell me that I had no other "real" chance of succeding in life except! with PRIMERICA. I still have a lot of "respect" for the people that introduced me to Primerica, and a kind of admiration for those willing to persue there dreams, no matter how obvius it is they often wiggle there way out of answering questions, and avoid telling the TRUTH!!!

Although I think the products are good, at least in theory. It is obvius that the whole idea of pressuring a relative, or loved one to get into even more debt was not for me! Heck I dought it really is for anyone that has a true "will to succede", and, "The motivation to help families become financialy independent".


Neil

Fort Worth,
Texas,
The problem is with recruiting practice

#92Consumer Suggestion

Tue, August 06, 2002

Some of the confusion over these posts is that people are mixing the product (insurance) with the recruiting process. The problem is with the recruiting process.

The insurance product may be fine but there seems to be a lot bad salemen out there and that too can be traced to their recruiting tactics. I was offered to come to one of those "inteviews" because my resume seemed a good fit. There is nothing in my resume that comes even close to an insurance salesman position unless the only requirement is a pulse. And since the hook people into this during the meetings (not wanting to tell anyone the truth up-front) you have a lot of un-quallified people selling insurance to try and get their "investment" back.

Someone needs to take this to one of the TV watchdog groups to have them expose this group for what they are - scammers who prey on people who are looking for a job and are usually in financial straights because of their unemployment.

Very unethical business practice if you ask me.


Joseph

Lenexa,
Louisiana,
Common Sense

#93UPDATE Employee

Tue, August 06, 2002

I've been reading through some of the accusations and negative comments about primerica as well as the comments from supporters.

I've just started with Primerica, and have heard all of the skeptics out there and the supporters. The one question I read earlier that stuck out in my mind and have been asked several times by my family and friends is, "Why do you all only work at night?" I loved the comment about everyone having dayjobs, and putting on this false image of making lots of money. Well, you're partially correct, but at the same time very misinformed on the subject.

Commen Sense: When does the majority of people in America work? In the day time! When are most couples (or singles) at home? In the EVENING. You see common sense will tell you that the evening is the perfect time to do these FNA's. Because important imformation will be given and received during these FNA's. Also, if the client is willing to work hard to get out of debt through Primerica's plan adapted to their financial needs, everyone involved needs to be there to make that decision.

Common Sense: Would you give up your job right now to work for primerica or any other company where your paycheck is not guaranteed, and your security is gone? Of course not, I didn't, I still haven't. Yes, I do have a day job. Why? I'm learning the ropes as I go to overview meetings and work with my uplines. Primerica encourages people to start off part-time. At least my uplines did, so that you can go at your own pace and basically not get discouraged. Simple enough?

Also to the person who made the reference to Hitler and Capone. Hitler nor Capone shaved 22 years off of my debt nor saved over $8,000 while doing it. Oh and by the way gave my wife and I a lower quote on life insurance (term-life by the way) than the competitors we were looking at.

Just some fat to chew on. Have a nice day.


Kevin

Minneapolis,
Minnesota,
Threats of Slander changes...hmmmmm.....

#94UPDATE EX-employee responds

Wed, July 24, 2002

Another thing to think about...with all the Primerica people talking about Slander and Libel....(hardly veiled threats)....is it any wonder Primerica has a bad reputation? Is it standard practice for Primerica to make threats to those people who dare speak against it? Again, are these the type of people a person would want to entrust their life savings to? Food for thought...

-D


Kevin

Minneapolis,
Minnesota,
The more I hear about Primerica the more I worry

#95UPDATE EX-employee responds

Wed, July 24, 2002

I've got a good friend who has been pulled into this marketing scheme along with his family. It is true that Primerica encourages people to do buisness with family and friends....DEFINATELY not ethical. That should have been a warning sign...unfortunatley my friend has already lost a friend because of this.

I did one of their "financial health consultations" and was subjected to high pressure sales tactics (trying to convince me to dump my current broker in favor of primerica). He told me total half truths about annuities and made it sound as if I was signing my financial doom if I did not go with his plan.

I am believing more and more that this organization is a MLM scheme and am waiting for someone to investigate it. There is DEFINATELY something fishy with this company! By the way, if these Primerica folks are supposed to be so professional and ethical what's with all the above personal attacks? Is this the type of person we can expect Primerica to be involved with? Yikes.


Kevin

Minneapolis,
Minnesota,
The more I hear about Primerica the more I worry

#96UPDATE EX-employee responds

Wed, July 24, 2002

I've got a good friend who has been pulled into this marketing scheme along with his family. It is true that Primerica encourages people to do buisness with family and friends....DEFINATELY not ethical. That should have been a warning sign...unfortunatley my friend has already lost a friend because of this.

I did one of their "financial health consultations" and was subjected to high pressure sales tactics (trying to convince me to dump my current broker in favor of primerica). He told me total half truths about annuities and made it sound as if I was signing my financial doom if I did not go with his plan.

I am believing more and more that this organization is a MLM scheme and am waiting for someone to investigate it. There is DEFINATELY something fishy with this company! By the way, if these Primerica folks are supposed to be so professional and ethical what's with all the above personal attacks? Is this the type of person we can expect Primerica to be involved with? Yikes.


Kevin

Minneapolis,
Minnesota,
The more I hear about Primerica the more I worry

#97UPDATE EX-employee responds

Wed, July 24, 2002

I've got a good friend who has been pulled into this marketing scheme along with his family. It is true that Primerica encourages people to do buisness with family and friends....DEFINATELY not ethical. That should have been a warning sign...unfortunatley my friend has already lost a friend because of this.

I did one of their "financial health consultations" and was subjected to high pressure sales tactics (trying to convince me to dump my current broker in favor of primerica). He told me total half truths about annuities and made it sound as if I was signing my financial doom if I did not go with his plan.

I am believing more and more that this organization is a MLM scheme and am waiting for someone to investigate it. There is DEFINATELY something fishy with this company! By the way, if these Primerica folks are supposed to be so professional and ethical what's with all the above personal attacks? Is this the type of person we can expect Primerica to be involved with? Yikes.


Kevin

Minneapolis,
Minnesota,
The more I hear about Primerica the more I worry

#98UPDATE EX-employee responds

Wed, July 24, 2002

I've got a good friend who has been pulled into this marketing scheme along with his family. It is true that Primerica encourages people to do buisness with family and friends....DEFINATELY not ethical. That should have been a warning sign...unfortunatley my friend has already lost a friend because of this.

I did one of their "financial health consultations" and was subjected to high pressure sales tactics (trying to convince me to dump my current broker in favor of primerica). He told me total half truths about annuities and made it sound as if I was signing my financial doom if I did not go with his plan.

I am believing more and more that this organization is a MLM scheme and am waiting for someone to investigate it. There is DEFINATELY something fishy with this company! By the way, if these Primerica folks are supposed to be so professional and ethical what's with all the above personal attacks? Is this the type of person we can expect Primerica to be involved with? Yikes.


C

Midwest,
Illinois,
wrong again

#99Consumer Comment

Wed, July 24, 2002

:Now on to you C. First I think you and April should exchange phone numbers you make a perfect pair. A match made in internet heaven. Is that what they call cybersex? Anyway I am digressing.

Cute. You show the average intelligence of a PFS agent.

:Before you call someone a liar you should make sure they truly are lying.

I'm sure.

:In your first statement I almost thought you might be actually admitting that Primericas debt consolidation loans are good. Better be careful you might just admit to something you say you are against.

I don't think Primerica debt consolidation loans are good. I think debt consolidation loans in general CAN be ok if they are used properly. In the absence of anything else (read: anything better), Primerica debt consolidation can work. You are trying to be cute and witty, but you wind up looking kind of uneducated.

:As far as closing costs. Yes closing costs were included in my loan. I have been a loan officer for many moons and have yet to see a loan without them.

I just closed a loan with none. Since you are so familiar with FHA loans, you might have heard of FHA streamline loans. Not only did mine not have any costs upfront, it didn't even have them "rolled into" the loan. PFS tries to make people believe "you won't even notice it".

:The fees and charges were not out of the basics charged by many lenders including others I worked with.

How many discount points? 3? From what interest rate did you "buy down" (snicker)? If you had bought down a rate for 3 points from a reputable lender, you would have been saving some real money.

:Also you stated I could not pay off a 20 year note by accelerating it. WRONG! If I put additional $$ to the biweekly that I have saved I can get it done in 7 years!

WRONG. I said you could not get out of a 20 year loan in 7 SIMPLY BY SWITCHING TO A BIWEEKLY SCHEDULE.

Now take a deep breath and think for a second. Don't try to formulate some witty comeback. Just think:

If you accelerate a 30-year loan by switching to bi-weekly, the period is reduced by about 8 years, or 26%. How could you apply the same principle to a shorter loan, and have the term accelerated by 65%? Simple - it isn't.

ANY loan can be accelerated by paying additional principle. I can accelerate a 15 year to two months if I pay enough principle. But what you're claiming -- accelerating that amount simply by paying biweekly ONLY -- is ridiculous.

:C you sound like an insurance salesman. Maybe you should stick to what you know. Selling insurance. You must be broke considering all the posts I see here from you. Or do you make money everytime someone posts? Now that sounds like a Ponzi Scheme.

That's funny.

:It has been a pleasure dealing with you ignorant people. I hope you find your way in life. maybe we should compare where we are at in 7 years my plan to yours. Do you have the B****?

Let us know how you're doing. I don't think very many people at all have actually been seen through to retirement by PFS. With agent turnover at >100%, it's probably likely that your agent will be gone come this time next year.


C

Midwest,
Illinois,
wrong again

#100Consumer Comment

Wed, July 24, 2002

:Now on to you C. First I think you and April should exchange phone numbers you make a perfect pair. A match made in internet heaven. Is that what they call cybersex? Anyway I am digressing.

Cute. You show the average intelligence of a PFS agent.

:Before you call someone a liar you should make sure they truly are lying.

I'm sure.

:In your first statement I almost thought you might be actually admitting that Primericas debt consolidation loans are good. Better be careful you might just admit to something you say you are against.

I don't think Primerica debt consolidation loans are good. I think debt consolidation loans in general CAN be ok if they are used properly. In the absence of anything else (read: anything better), Primerica debt consolidation can work. You are trying to be cute and witty, but you wind up looking kind of uneducated.

:As far as closing costs. Yes closing costs were included in my loan. I have been a loan officer for many moons and have yet to see a loan without them.

I just closed a loan with none. Since you are so familiar with FHA loans, you might have heard of FHA streamline loans. Not only did mine not have any costs upfront, it didn't even have them "rolled into" the loan. PFS tries to make people believe "you won't even notice it".

:The fees and charges were not out of the basics charged by many lenders including others I worked with.

How many discount points? 3? From what interest rate did you "buy down" (snicker)? If you had bought down a rate for 3 points from a reputable lender, you would have been saving some real money.

:Also you stated I could not pay off a 20 year note by accelerating it. WRONG! If I put additional $$ to the biweekly that I have saved I can get it done in 7 years!

WRONG. I said you could not get out of a 20 year loan in 7 SIMPLY BY SWITCHING TO A BIWEEKLY SCHEDULE.

Now take a deep breath and think for a second. Don't try to formulate some witty comeback. Just think:

If you accelerate a 30-year loan by switching to bi-weekly, the period is reduced by about 8 years, or 26%. How could you apply the same principle to a shorter loan, and have the term accelerated by 65%? Simple - it isn't.

ANY loan can be accelerated by paying additional principle. I can accelerate a 15 year to two months if I pay enough principle. But what you're claiming -- accelerating that amount simply by paying biweekly ONLY -- is ridiculous.

:C you sound like an insurance salesman. Maybe you should stick to what you know. Selling insurance. You must be broke considering all the posts I see here from you. Or do you make money everytime someone posts? Now that sounds like a Ponzi Scheme.

That's funny.

:It has been a pleasure dealing with you ignorant people. I hope you find your way in life. maybe we should compare where we are at in 7 years my plan to yours. Do you have the B****?

Let us know how you're doing. I don't think very many people at all have actually been seen through to retirement by PFS. With agent turnover at >100%, it's probably likely that your agent will be gone come this time next year.


C

Midwest,
Illinois,
wrong again

#101Consumer Comment

Wed, July 24, 2002

:Now on to you C. First I think you and April should exchange phone numbers you make a perfect pair. A match made in internet heaven. Is that what they call cybersex? Anyway I am digressing.

Cute. You show the average intelligence of a PFS agent.

:Before you call someone a liar you should make sure they truly are lying.

I'm sure.

:In your first statement I almost thought you might be actually admitting that Primericas debt consolidation loans are good. Better be careful you might just admit to something you say you are against.

I don't think Primerica debt consolidation loans are good. I think debt consolidation loans in general CAN be ok if they are used properly. In the absence of anything else (read: anything better), Primerica debt consolidation can work. You are trying to be cute and witty, but you wind up looking kind of uneducated.

:As far as closing costs. Yes closing costs were included in my loan. I have been a loan officer for many moons and have yet to see a loan without them.

I just closed a loan with none. Since you are so familiar with FHA loans, you might have heard of FHA streamline loans. Not only did mine not have any costs upfront, it didn't even have them "rolled into" the loan. PFS tries to make people believe "you won't even notice it".

:The fees and charges were not out of the basics charged by many lenders including others I worked with.

How many discount points? 3? From what interest rate did you "buy down" (snicker)? If you had bought down a rate for 3 points from a reputable lender, you would have been saving some real money.

:Also you stated I could not pay off a 20 year note by accelerating it. WRONG! If I put additional $$ to the biweekly that I have saved I can get it done in 7 years!

WRONG. I said you could not get out of a 20 year loan in 7 SIMPLY BY SWITCHING TO A BIWEEKLY SCHEDULE.

Now take a deep breath and think for a second. Don't try to formulate some witty comeback. Just think:

If you accelerate a 30-year loan by switching to bi-weekly, the period is reduced by about 8 years, or 26%. How could you apply the same principle to a shorter loan, and have the term accelerated by 65%? Simple - it isn't.

ANY loan can be accelerated by paying additional principle. I can accelerate a 15 year to two months if I pay enough principle. But what you're claiming -- accelerating that amount simply by paying biweekly ONLY -- is ridiculous.

:C you sound like an insurance salesman. Maybe you should stick to what you know. Selling insurance. You must be broke considering all the posts I see here from you. Or do you make money everytime someone posts? Now that sounds like a Ponzi Scheme.

That's funny.

:It has been a pleasure dealing with you ignorant people. I hope you find your way in life. maybe we should compare where we are at in 7 years my plan to yours. Do you have the B****?

Let us know how you're doing. I don't think very many people at all have actually been seen through to retirement by PFS. With agent turnover at >100%, it's probably likely that your agent will be gone come this time next year.


Levy

scottsdale,
Arizona,
Someone's Thinking ..Primerica and its dirty scamming..

#102Consumer Comment

Wed, July 24, 2002

THank you C,
I used to be a part of the Big Lie(Primerica). I am thouroughly sickened.

I need some suggestions on how to get my friend out of Primerica...he is stuck beleiving its the greatest thing to happen since life began...

Please, if anyone has suggestions on how to help me out, please post your comments below so other victims will know too.

I am desperate, I cant break his bubble and I don't want to see him go down the tubes with Primerica and its dirty scamming..

Thank you

-Levy


April

Waldorf,
Maryland,
Albert from Colorado, Give me a break, you have no real clue, do you?

#103UPDATE EX-employee responds

Tue, July 23, 2002

Lets get something straight right now, It is quite obvious that I am more educated then you will ever be, and I will ALWAYS be more successful in my life then you could ever be. I am successful because PFS was SHUT DOWN by the government when I was an agent there. That was the best thing that could ever happen. I have always been a twinkle in my father's eye you freaking lowlife F*****.

You want to bust C's b***s for rebuttaling, saying he rebuttals too much, therefor he oviously has too much time on his hands, Funny, you rebuttal on many PFS reports signing your name A. Now, who's calling the kettel black?

As far as the facts for PFS go, I know exactly what goes on their, like I said I was an agent with them. Appearently your having trouble reading, their complaining about the $199, not $100. For someone who claims to have read their disclosure, you sure do seem clueless.

Let me help you in terms you might understand. PFS reps are just that, they are trained to lie, to mislead and to cover up the true facts, otherwise they wouldn't get a real sale, unless selling to someone as nieve as yourself.

You want more facts about the precious PFS. Fine. PFS of course is the subsidiary of Citigroup. Citigroup is now being investigated into the cover up scandle of Enron. FACT. Citigroups stocks have lowered more increasingly in 2002. There doesn't look like much of a relife anytime soon for them, especially with them being involved in the Enron scandle. FACT. At no time did I state that you were the one claiming they were FDIC insured, I clearly stated that someone had and it was not true. FACT. Citigroup/PFS is a negative impact on our economy, and when everything is said and done, don't rebuttal with your whinning and I'm sorry I'd didn't listen before. Because that is exactly were your will be, like I said, who's the DORK now.

Also, if you were involved in a lawsuit, then your attorney would have clearly stated to you, to not open your mouth about any of it. But you did, so I'm wondering. You really need to get it together before you open your mouth and look stupid.


Alfred

lakewood,
Colorado,
Factless and Stupid! ..Why would I want to pay some DORK $100

#104Consumer Comment

Mon, July 22, 2002

First let me address the "SHILL" as C might say, April.

First let me say I know my Primerica representative is not a financial planner. Why would I want to pay some DORK $100 of dollars to do something I can do myself. SO yes I am aware and have read that disclosure.

Secondly you fool, what idiot ever told you that investing in mutual funds and stocks was guaranteed and FDIC insured. I have been investing over 25 years. In fact you probably weren't even a twinkle in your daddy's eye. My representative never told me there was a guarantee or it was FDIC insured nor did I say that.

So you see April, I really think your the DORK and have proven it by not stating the facts similar to C.

Now on to you C. First I think you and April should exchange phone numbers you make a perfect pair. A match made in internet heaven. Is that what they call cybersex? Anyway I am digressing.

Before you call someone a liar you should make sure they truly are lying.

In your first statement I almost thought you might be actually admitting that Primericas debt consolidation loans are good. Better be careful you might just admit to something you say you are against.

As far as closing costs. Yes closing costs were included in my loan. I have been a loan officer for many moons and have yet to see a loan without them. The fees and charges were not out of the basics charged by many lenders including others I worked with.

Also you stated I could not pay off a 20 year note by accelerating it. WRONG! If I put additional $$ to the biweekly that I have saved I can get it done in 7 years!

C you sound like an insurance salesman. Maybe you should stick to what you know. Selling insurance. You must be broke considering all the posts I see here from you. Or do you make money everytime someone posts? Now that sounds like a Ponzi Scheme.

By the way I learned about term insurance by doing my own research, prior to speaking to Primerica. I am currently pursuing legal actions against the DORK who sold me the policy. By my estimate and per my attorney the estimated costs I lost due to having a guaranteed cash value. $2.35 million. Projected of course in the mutual funds I invest in.

Yes I will probably die after the policy expires but my investments should exceed what I need for coverage at that time and my long-term care policy will cover my other needs.

It has been a pleasure dealing with you ignorant people. I hope you find your way in life. maybe we should compare where we are at in 7 years my plan to yours. Do you have the B****?


April

Waldorf,
Maryland,
Albert from California; read what I have to say and we'll see who's the Dork!

#105UPDATE EX-employee responds

Sun, July 21, 2002

This information is exspecially for you. You want to boost about PFS this Pfs that. I worked as an agent for them they ARE a pyramid scam. Sorry you don't care to hear that, guess you won't want to read the rest of this rebuttal. Maybe you should have read Primerica's Disclosures.

Let me give you the basis of these disclosures. These people you trust with your finances like your FNA, PFSs disclosure reads: "Representatives are not financial planners, investment advisors, financial consultants or other specialist who provide financial advise and whose compensation may be unrelated to sales." In other words, you take the advise of someone that wings it and really has no clue what their really telling you.

Want to know what they really think of your hard earned money, well you'll find that in their Subsidiary of Citigroup Disclosure, that reads: "Primerica and it's affiliates are subsidiaries of Citigroup, not Citigroup itself, and is responsible for it's obligations to it's customers. Insurance and securities offered through Primerica companies are not deposits. There is no bank guarantee. They are not FDIC insured. Securities may lose value." In other words, Ha-Ha we have your money, we've told you you'll get screwed. Even though we tell people we're FDIC insured, we're NOT.

So tell me, who's the Dork? I know for a fact that the information you and everyone else is given is not the right information. The reps and agents are taught to mislead, distort, and misrepresent the real facts. The fact of the matter is, sooner or later you WILL get screwed by PFS, and we've warned you. Do you really know how many people have filed complaints against PFS and Citigroup? You're the one that needs to get the real facts. The people complaining have and know these facts, we've just done our duty as citizens to try to help others before they get screwed. Check them out better yourself, you'll see.


C

Midwest,
Illinois,
Liar

#106Consumer Comment

Sat, July 20, 2002

:I am a client of Primerica. I recently refinanced my home and consolidated debt.

I never said anything about debt consolidation. The mortgages without debt consolidation are awful to anybody with half a brain.

:My interest Rate you ask.

No I didn't.

:6.74 percent, simple interest loan for 20 years.

Liar. Even one of your most ardent supporters recently said your lowest rate was higher than that. And that rate is only possible on refi's without debt consolidation. If you roll your car loan and credit card bill into there, it's higher than that. Liar.

: Paid off in 7 years by acceleration that cost me NOTHING!

Loans of 20 years are not paid off in 7 with biweekly payments. If you applied an extra payment per year, the schedule would be about 14 years, on a 20-year loan. Do you lie for a living? You might be a PFS agent instead.

:My credit union wanted to charge me $5/pymt with a $300 fee.

And Primerica only wanted to charge you how many thousands in closing costs, a prepayment penalty, and a higher overall interest rate (real interest rate, not your made up one).

:I have an additional $805 in pocket each month(and NO that does not include my Taxes and Insurance, another lie you tell herein)

LOL! You *SAVED* 805 per month?? LOL. Tell a more reasonable lie, or post proof of this one, and someone might believe you. Otherwise, you're on your own.

:and I now will have not only my retirment fully funded

super. You might be the first consumer ever seen to retirement by PFS.

:Get with the program DORK! If you are going to attack and b**** and moan about a company you better wise up and get the facts straight.

I post proof. You post lies. Who's facts are straight?

:What year is it you complaining about? Oh I know your type. You will claim that because of your site here that they changed. What a DORK!

Huh?

:As far as those of you looking to work with Primerica. If you are honest like my representative and can work hard go for it!

I think most reps are honest. Unfortunately, they're also ignorant. They know what they are taught, which is bogus.

:I have been a business owner for many years. It is rewarding and challenging. What Primerica represenatives do is no different than the average insurance salesman, mortgage broker, real estate agent.

Correct. They are salespeople. They are not financial experts (in fact, less so than the average insurance agent, mortgage broker, or real estate agent -- although I haven't seen many PFS agents selling real estate). If you want to take advice from a salesperson, nobody's stopping you.


:If you feel uncomfortable with their experience ask a manager to get involved. I did and I received the response I was looking for.
My life insurance prenmium dropped by $150/mo. with triple the coverage.

Ah, another cash value policy replacement. Well, if their calculcations are correct, you will die long after the policy expires.

:So C. Go get your facts straight and quit breathing our precious air supply.

Yeah, you sound like a real prize.


Alfred

lakewood,
Colorado,
C from Illionois ids CLUELESS!!!!!

#107Consumer Comment

Fri, July 19, 2002

C- YOU DORK!
I am a client of Primerica. I recently refinanced my home and consolidated debt. My interest Rate you ask. 6.74 percent, simple interest loan for 20 years. Paid off in 7 years by acceleration that cost me NOTHING! My credit union wanted to charge me $5/pymt with a $300 fee. I have an additional $805 in pocket each month(and NO that does not include my Taxes and Insurance, another lie you tell herein) and I now will have not only my retirment fully funded but all three of my kids educations through the 529 plan that they set me up with. By the way this was started by Smith Barney in Colorado.

Oh yeah, All of my investments are with Primerica in NO LOAD funds! Did you get that? NO LOAD!!

Get with the program DORK! If you are going to attack and b**** and moan about a company you better wise up and get the facts straight.

What year is it you complaining about? Oh I know your type. You will claim that because of your site here that they changed. What a DORK!

As far as those of you looking to work with Primerica. If you are honest like my representative and can work hard go for it! I have been a business owner for many years. It is rewarding and challenging. What Primerica represenatives do is no different than the average insurance salesman, mortgage broker, real estate agent. If you feel uncomfortable with their experience ask a manager to get involved. I did and I received the response I was looking for.
My life insurance prenmium dropped by $150/mo. with triple the coverage.

So why am I on this site. Well I have reported other businesses to this site and I have received actions. But I never report it unless I have my facts straight.

So C. Go get your facts straight and quit breathing our precious air supply.

Sincerely,
A from Colorado


charles

quantico,
Virginia,
finally someone who is educated in the ways of bussiness speaks

#108UPDATE Employee

Thu, July 18, 2002

So many people speak of their or others experiences with Primerica and blame their failure on the company. Granted it wasn't for you, and thats ok. But when you set out to discredit a honest means of making a positive impact on entire families, providing education and products that everyone needs, well that tells alot about you. If you are a grillman, in the military, clean hotel rooms or work in corporate america you have to make a living doing something.

A oppotunity such as primerica allows people to get off life support (working for someone having the power to determine if you are going to make it through the next round of job cuts, I.E. your average 9-5 job)and achieve financial freedom. I am currently in the Marine Corps. I love my corps and serving my country and while i don't have to worry about job cuts, Being a Marine is very time consuming. To get to the point I just don't make the kind of money I need to take care of my family the way I Wan't to.

With Primerica I can set my own hour, have fun with people I enjoy being around, Change live, Get paid based on what I feel i'm worth(Not how much someone can afford to pay me) and offer the same freedoms to those tired of the daily grind looking for these same benefits. The hard work that comes with it, Well I think my family is worth it.

Micheal I really enjoyed your insight it was very informative and like the stance you took. Facts are facts and you truely exposed them to all who are not ingnorant and set in their defeatist mentality. Great reading.

People all I ask of you is to keep an open mind. There are scams out there but Primerica is not one of them. Prove all things; hold fast that which is good(1 Thessalonians 5:21). Find out for yourself what suits you. By the Way the $199.00 is for your seat in the School and Books. when you complete school and become licensed, It is refunded. It is just a commitment on your part to attend the certification required of you to become a PFA. So in truth you join the company for free. Or commitment to you is to train and give you guidance, so you can reach your goals of financial indepence in a career you love and benefits others.


Just

Far East,
California,
This is my opinion....

#109Consumer Comment

Sat, July 13, 2002

Primerica must be doing something illegal. How is it that all these reps know about your finances when they call you about a non-existant career opportunity?????


Just

Far East,
California,
This is my opinion....

#110Consumer Comment

Sat, July 13, 2002

Primerica must be doing something illegal. How is it that all these reps know about your finances when they call you about a non-existant career opportunity?????


Just

Far East,
California,
This is my opinion....

#111Consumer Comment

Sat, July 13, 2002

Primerica must be doing something illegal. How is it that all these reps know about your finances when they call you about a non-existant career opportunity?????


Michael

St. Louis,
Missouri,
Less than solid arguments

#112Consumer Comment

Tue, July 09, 2002

It's sad to see the less than solid arguments being made on both sides of this debate. There seems to be a lot of supposition on boths sides of the fence as to the actual figures and what they mean.

1. Having a 100% turnover rate in a company is nothing unusual. Having worked in a "customer care center" I can tell you that the drop out and turnover rate is presently 654% for the year. This typically occurs because we "hire" 40 people for positions, 30 show for training, 25 come the second day, 15 make it through training (3 whole weeks of paid sitting on your butt), 5 are let go before being put on the phone, and 5 of the remaining 10 quit or get fired within the first thirty days because of poor attendance or "finding a better job".

Which when McDonald's starts paying 7+ dollars an hour that's not hard to believe. Then you have the layoffs at the end of the year to take care of budget shortfalls which is followed up with a hiring freeze and then at year begin a new round of hiring. Even in our IT department there's a saying about hiring new programmers/staff "don't believe it until you've got their warm arse in the chair" because so many times we "hire" staff and they're either no-shows or short-timers waiting for that counter-offer.

2. Wow! A company selling a product at higher than the normal "market" value - really they should be ashamed. What's that all about anyway - making a profit? It seems to easy to forget all of the companies who sell low value items at inflated prices like AOL, MSN, McDonald's, SAM's club, FingerHut, Ebay, Target, Best Buy, Compaq, need I go on. Many, many companies out there are selling mortgages, insurance, legal services, steaks, knives, popcorn, and internet service for higher than "market" value because they know that the market will bare it - there are buyers. It doesn't make it ethical but it doesn't make it illegal either. Sometimes you get what you pay for and sometimes you just overpay (*cough*BMW*cough*).

3. MLM - hmmmm... I've never been quite sure about the distinction between MLM and Legitimate Business Tactic. MLM allows for revenue stream through recruitment - recruits pay fees, recruit others, and/or sell product. Legitmate Business Tactic allows for revenue stream through recruitment - referring employee gets paid $2000 for referring good potential employee after said potential employee has worked three months. Recruited employee generates revenue through sales, production, or further recruitment of like employees. Employers, we'll call them "legitimate" for the sake of argument, spend massive amounts of money attempting to lure prospective employees and hope that those employees will lure more. 1st there's the paperwork, the background checks, the human resources involved in doing that and performing interviews or face to face recruitment, then there's advertisements, documentation, training, possible licensing and/or insuring, legal fees behind all of the paperwork (making sure that the paperwork being signed is legal). An HR person once told me that if a staff member quit prior to their anniversary that the company stood to loose, depending on the position, $500 to several thousand dollars. Many large employers are trying to find ways to cut HR costs, promote internal employee promotion and get employees to do as much recruiting as possible. I have in the past been hired into/involved in several legitimate companies that required some form of cash to offset their HR costs. This either meant paying for my own training, uniform, background check, or some licensing/certification. To say that "legitimate" companies don't do that is disingenuous if not plain ignorant of the market.

4. Selling a dream. Again another novel concept. It's a wonder that Coca-Cola and BMW don't latch on to such ideas and milk them for all they are worth. The whole point in almost any business is selling a product that fits into a "lifestyle" or a person can identify a need for in their life. No products that I know of are going to purposefully point out their flaws, weaknesses, or failures in regards to another competing product. All products that I know of find gaps in other products that it can legitimately report it does well. Next time you go into Best Buy take a look at home design or cad software - on the back they usually have "comparisons" and no two comparison charts have the identical items listed. Likewise insurance, mortgages, etc. are all going to compare much differently when judging is done to completely different sets of rules or goals.

5. Successful company == legitimacy (NOT). Successful entrepeneur == profitable/sustainable (NOT). Every successful entrepeneur has a list of failures and those failures don't always end up being "past" ones but can be "potential" ones. Many successful businesses and business men can make severe mistakes sometimes even carreer/enterprise ending mistakes after years of "success". Some "success" stories might be success for the individuals but dismal failures for those others directly or indirectly involved. How many CEO's have we seen abandoning a sinking ship with multi-million dollar golden parachutes while the mail-room guy has to scrounge the $500 bucks to pay for bankruptcy filing after being layed off of a dot-bomb. Look at Enron, WorldCom and a host of other "legitimate" companies that "made people rich". Do your due dilligence, do the grunt work, put forth an effort when deciding who to put your money and/or work into. How many companies out here on the internet offer the "evidence" of legitimacy by making statements like "billion dollar asset company" or "feature in NewsWeek as 'Deal of the Century'". Well yes technically it's a "billion dollars" in Russian currency and of course it's all technically the "networks" money. And yes it was featured in NewsWeek but as an ad in the back and not a feature article.

6. Money for nothin' and your chics for free... well except in the case of article six subsection fifteen wherein the party of the first part... Anything worth having gains it's worth by the effort put forth in attaining it. You won't get rich quick sitting on your butt waiting for the cash cow to offer up an udder and if you happen to luck into getting rich that way you'll lose it two weeks from now. People who get rich and stay happy do so mostly by hard work and no major surprise attributes. It could be said that most of the major players in today's economy did nothing more than work at what they wanted to to, had fun in doing, and somehow that work paid off. Remarkable - Hardwork == satisfying and possibly economically beneficial.

7. There's a sucker born every minute and an a$$hole in every company. Everywhere you go there will be someone telling you how badly they were treated by company XYZ. It can be McDonald's or your local Church but there's always someone there with a sordid tale about the miscreants that were trying to rip them off or about a cousin or brother or a friend of a friend who was double dealt at some point. I once went to a "job interview" with a company that had a slick talking snakeskin boot wearing salesman trying to recruit "hip young go getters" to sell... photo sittings. I left two minutes into the "presentation" where he attempted to "offer" the additional training necessary to "optimize" sales for the low price of $99.99. A friend was similarly drawn into an interview with a different "recruiter" for the same company who gave the training free because it was what company policy dictated. The first recruiter was later seen "offering" training on magazine and door to door toy sales. The point is that not every person "representing" a company is truly representative of that company - especially when you get into areas of comissioned sales and self motivated/guided business. Another oddity is that some people will find other "vulnerable" people and attempt to use tools at their disposal to take advantage of said people. Sometimes those tools are legitimate products or services sold improperly or at a greater cost than necessary... Like when you go to get that $9,550 used mini-van but darn it was just sold and the only thing left in that style is the newer model $18,000 but still "reachable" LX model. Oh and although it's new you'll really want to "invest" in the "upgraded" warranty. Take it home and mull it over, just make sure to come back and fill out the paperwork and haggle some more over the ever increasing price.

8.True lies. People often fail to mention their current employment status or the past of the person who recounted a tale. Rarely will you hear "My cousin Bob has this friend who's cousin was sellin' Amway. Well the cousin got arrested for prostitution and check forgery and got on probation and started sellin' this Primerica stuff. Pretty soon she had her cousin and brother and everyone else "sold-in". Well then they never got the stuff they were supposed to get and everyone started complaining. So Betty said she had quit the company because they had ripped her off on the count of they didn't tell her she'd have to work so hard. So now everyone is out alotta money cuz of this Primerica crap" or how about the shiftless brother "My brother, commonly referred to from now on as 'the loser', can't seem to keep a job. I really thought Primerica was a good fit since he would 'be his own boss', but then they just screwed him out of his $199 and he quit trying to sell their crappy products". Many people who can't/won't find a fit in "normal" jobs go on to not find fits in "work at home"/"be your own boss" jobs - quelle surprise. Just because one is not a good employee doesn't mean that they will be a better boss or a self starter.

9. People who don't have fact often name-drop/name-call. It's much easier to argue an issue if you know nothing what-so-ever about an issue. Knowing nothing allows you the convenience of not having "facts" you presented thrown back in your face. Hence statements like "it's crap", "it's fake", "you're stupid", "any educated person knows", "you shill", or "Mr. White said" or "my cousin's brothers uncle (no longer referred to as 'Dad' after that fishing incident) who's an inside man said..." all works perfectly well in any argument that you would most assuredly lose had you had a clue.

Michael - moderately employable, unskilled, artist cum quality assurance manager cum programmer, who is obviously lazy, has and continues to hold the potential for miscreance, and may or may not be a shill for Amway/Primerica/McDonald's.


Larry

Chicago,
Illinois,
I am that

#113Consumer Comment

Mon, July 01, 2002

Dear C-,
My fiancee just attended her 1st class w/ PFS, and I can say that I am really fortunate to have taken the initiative to do some research about the company-as public record.

She (fiancee) told me that MY orientation was coming up, and that if I did'nt participate in the "corporate overview", (an apparent scheme to lure me into their mularky), she would'nt get the position.

Sounded shady to me, if I don't attend, she doesn't get the position? Why the h*ll does my presence have anything to do w/ "her" acceptance into a position.

Anyway, she won't be taking the position after all the negative "scheme" activity, not just on this site, but other reputable consumer sites.

Needless to say, I won't be getting a visitor from the PFS..(Lucky for him)


Lori

Lewisburg,
Tennessee,
Finance and Insurance

#114Consumer Suggestion

Sat, June 29, 2002

I have recently had an old friend approach me about Primerica. I have a meeting with her on Monday, and I am not looking forward to it. I just didn't know how to say "NO!" I was caught off gaurd. She has told me how all of my finances are messed up!

Her husband is quitting his job as a math teacher to be in the company with her and her family. These are really good people, and I would hate to think that they are trying to cheat me.

However, from everything I have read, both good and bad, I feel that the best thing to do is to invest with other companies and follow Dave Ramsey's advice in the book Financial Peace. After all the book is only 19.95, and it offers the same advice for investing and instructs people to buy term instead of whole and invest in mutual funds.

However, I think he would prefer you to get it from a company without a lot of hidden prices and from a company that doesn't try to get you to quit your current job to come and work for them.

After all I may be able to do math and figure an intrest rate, but I am much better at teaching fifth grade than I am as a financial advisor. (That is more than a little scary!)


Ken

Corpus Christi,
Texas,
TO SITTING BACK LAUGHING

#115Consumer Comment

Fri, June 28, 2002

The company must be doing something right if people are talking about them, so you say?

Well, people were also at one time talking about the heinous activities of Hitler, Stalin, and Al Capone and look what happened to them. Were they also "doing something right too"?

Where in the world did you get your logic from, the PFS Sales Division?


Michelle

Crestline,
Ohio,
Oh, and Andrew...

#116Consumer Comment

Thu, June 27, 2002

Most people don't think abot life insurance on children for the same reason, the odds are so low. But I think a lot of parents avoid the subject because to even think about it scares the h*** out of them. I know it does me.

But thank you for being open to a differing opinion. I hope one day when you are a parent (if you're not already), that you are blessed with beautiful, healthy & accident free children. Just be sure to cover them, too. you'll be glad you did.

Thanks again for taking the time to listen & being willing to admit that you might have been wrong. Not many people do that, especially on boards like this.

Take care,


Michelle

Crestline,
Ohio,
I *wish* I had made that up...

#117Consumer Comment

Thu, June 27, 2002

I wish I had made that story up, I really do. The mother has been a friend of mine for years, not to mention co-worker. It made me absolutely sick when I heard. A beautiful little girl gone, and no reason why.

The sad part is that this kind of thing DOES happen every day. EVERY day. I'd rather be safe than sorry. I could tell you right now that I would need more psychological care than my son's policy could pay for if anything happened to him. Yes, he has one, and no, it's not with Primerica--just in case you were wondering. I can't even imagine losing my child. But if, God forbid, something would happen, then I know I could completely meltdown & not have to worry about trivial things like money for a while. I may end up on suicide watch, but I won't be worrying about how to pay for everything.

And unfortunately, I know more people who have lost children than who have won the lottery.

The little girl's obituary is online (a new service being provded by funeral homes--I think kinda morbid, but hey, that's just me), and I would post a link, but there are far to many crackpots out there for me to post her family's name & location right here on this board. They've been through too much already. But if the editor(s) would like further validity of this story, then they can email me & I'll be happy to provide that link. I couldn't make up a story like that if I tried.

Again, please don't play roulette with *the chances of my child dying are...blah blah blah*. The Gerber policy is what, $4-$5 dollars a month (I don't sell Gerber, either.) That is not too much to spend to cover your child.

I pray every child gets to grow up safe & healthy. But I know better.


andrew

alexandria,
Virginia,
coincidence

#118Consumer Comment

Wed, June 26, 2002

I can't imagine the pain any parent feels after the loss of a child, and yes funerals are very expensive but paying premiums on a child is as shrewd a financial decision as scratch off lottery tickets.

I don't doubt the sincerity of your story but I have to say it makes one hell of a sales pitch.

*From The Primerica web site: Avoid life insurance on children Life insurance on children isn't necessary in most cases.*

Primerica states this as part of their tips for buying insurance, yet every agent from this company I've spoken with disagrees.I guess I have to admit I'm wrong.


Michelle

Mansfield,
Ohio,
Tragedy is an instant away...

#119Consumer Suggestion

Wed, June 26, 2002

I love the *chances of my child dying* statistics, very heartwarming. But as a former paramedic and current respiratory therapist, I can tell you the truth is hard and life shattering. In the medical field we see childrenn every day who die from illness or accidents. And not accidents caused by stupidity or negligence, real accidents that take the lives of loved & well cared for children.

A co-worker's 19 month old daughter went to bed one night a few months ago, and she never woke up. Her family was devestated. not only was there no money for a funeral (have you seen the costs of funerals lately?), had the family had any type of life insurance policy on the little girl, both of her parents could have taken some much needed time of work to help them heal. Instead they were pushed back into the workplace long before they should have been.

The kicker? The parents of this child had the opportunity to purchase a policy from Primerica only a month before she died. They turned it down, because like others here, they thought the *chances were small* that anything would happen to their daughter.

Another reason to cover your child while they are very young--in the event that they are diagnosed with certain illness, such as any type of cancer or other life threatening disease. Childhood illnesses may make it extremely difficult, if not impossible, for them to get coverage as adults. Policies purchased as children will USUALLY carry over into adulthood, covering that person regardless of medical history.

Sad but true. Even if it's not from Primerica, please protect your family.


Michelle

Mansfield,
Ohio,
Tragedy is an instant away...

#120Consumer Suggestion

Wed, June 26, 2002

I love the *chances of my child dying* statistics, very heartwarming. But as a former paramedic and current respiratory therapist, I can tell you the truth is hard and life shattering. In the medical field we see childrenn every day who die from illness or accidents. And not accidents caused by stupidity or negligence, real accidents that take the lives of loved & well cared for children.

A co-worker's 19 month old daughter went to bed one night a few months ago, and she never woke up. Her family was devestated. not only was there no money for a funeral (have you seen the costs of funerals lately?), had the family had any type of life insurance policy on the little girl, both of her parents could have taken some much needed time of work to help them heal. Instead they were pushed back into the workplace long before they should have been.

The kicker? The parents of this child had the opportunity to purchase a policy from Primerica only a month before she died. They turned it down, because like others here, they thought the *chances were small* that anything would happen to their daughter.

Another reason to cover your child while they are very young--in the event that they are diagnosed with certain illness, such as any type of cancer or other life threatening disease. Childhood illnesses may make it extremely difficult, if not impossible, for them to get coverage as adults. Policies purchased as children will USUALLY carry over into adulthood, covering that person regardless of medical history.

Sad but true. Even if it's not from Primerica, please protect your family.


Michelle

Mansfield,
Ohio,
Tragedy is an instant away...

#121Consumer Suggestion

Wed, June 26, 2002

I love the *chances of my child dying* statistics, very heartwarming. But as a former paramedic and current respiratory therapist, I can tell you the truth is hard and life shattering. In the medical field we see childrenn every day who die from illness or accidents. And not accidents caused by stupidity or negligence, real accidents that take the lives of loved & well cared for children.

A co-worker's 19 month old daughter went to bed one night a few months ago, and she never woke up. Her family was devestated. not only was there no money for a funeral (have you seen the costs of funerals lately?), had the family had any type of life insurance policy on the little girl, both of her parents could have taken some much needed time of work to help them heal. Instead they were pushed back into the workplace long before they should have been.

The kicker? The parents of this child had the opportunity to purchase a policy from Primerica only a month before she died. They turned it down, because like others here, they thought the *chances were small* that anything would happen to their daughter.

Another reason to cover your child while they are very young--in the event that they are diagnosed with certain illness, such as any type of cancer or other life threatening disease. Childhood illnesses may make it extremely difficult, if not impossible, for them to get coverage as adults. Policies purchased as children will USUALLY carry over into adulthood, covering that person regardless of medical history.

Sad but true. Even if it's not from Primerica, please protect your family.


Michelle

Mansfield,
Ohio,
Tragedy is an instant away...

#122Consumer Suggestion

Wed, June 26, 2002

I love the *chances of my child dying* statistics, very heartwarming. But as a former paramedic and current respiratory therapist, I can tell you the truth is hard and life shattering. In the medical field we see childrenn every day who die from illness or accidents. And not accidents caused by stupidity or negligence, real accidents that take the lives of loved & well cared for children.

A co-worker's 19 month old daughter went to bed one night a few months ago, and she never woke up. Her family was devestated. not only was there no money for a funeral (have you seen the costs of funerals lately?), had the family had any type of life insurance policy on the little girl, both of her parents could have taken some much needed time of work to help them heal. Instead they were pushed back into the workplace long before they should have been.

The kicker? The parents of this child had the opportunity to purchase a policy from Primerica only a month before she died. They turned it down, because like others here, they thought the *chances were small* that anything would happen to their daughter.

Another reason to cover your child while they are very young--in the event that they are diagnosed with certain illness, such as any type of cancer or other life threatening disease. Childhood illnesses may make it extremely difficult, if not impossible, for them to get coverage as adults. Policies purchased as children will USUALLY carry over into adulthood, covering that person regardless of medical history.

Sad but true. Even if it's not from Primerica, please protect your family.


Ian

Oakville,
Ontario,
Further disenchantments

#123Consumer Comment

Thu, June 20, 2002

Well I guess I checked off the wrong box on my other comment BUT I tried a number of their web sites to see where the president can be reached and the sites do not seem to work more often than not. On the one that did work I tried to search for the agent that set up the nonexistent meeting and he is not listed, nor is Ontario, nor is the area code 416 - yet he has an office with their logo on the door.

This company sounds like it is not able to keep up with its franchises. Be careful.


Ian

Oakville,
Ontario,
The meeting that never happened

#124REBUTTAL Individual responds

Thu, June 20, 2002

I was supposed to meet with a rep. in Etobicoke, Ontario last night - I was told to bring my own pen and paper (? not a well off company) and was advised that I was contacted because I was a person who could use a career change. I was interested in case my wife would fit the role.

I show up on time - lights out nobody there. Nobody cancelled and nobody called the next day to say sorry.

I am looking for the president's name and stumbled over this site. If they come on as unprofessionally as this - my suggestion is don't go near them.


Andrew

Alexandria,
Virginia,
Childrens Odds

#125Consumer Comment

Mon, April 22, 2002

Thank you for answering my question pertaining to the purchase of life insurance for children, I'm a bit ignorant on the subject of finances and Primerica reps ignored my question during orientation.

The risk of a child between 5 and 25 years old dying is less than .00123% on any given year, so I suppose the odds are in my favor.

I could invest the premiums, in say a couple hands of blackjack and probably earn the funeral expenses should the need occur (just kidding, I'm without children).

Kendra, you may want to consider consulting an attorney before making what appears to be a legal threats. As an agent for Primerica it...well it sounds kinda silly.


C

Midwest,
Illinois,
Bring it on...

#126Consumer Comment

Sun, April 21, 2002

The spoken word can be considered slander, Kendra. And if you think it's LIBEL, I have three words for you: BRING IT ON.

Everything I say is true. And nobody has answered the question I posed yet:

You may want to look at www.geocities.com/pfs_sux/loan.jpg.

That is documented proof of how Primerica misrepresents their ridiculous refi's.

In short, they compare the check you currently write - which includes P&I, taxes, hazard insurance, and PMI - to the check you would write to PFS - which includes P&I *only*. With PFS, your taxes and insurance would be separate checks. But as the document shows, they misrepresent this difference as an actual savings. It most certainly is not.

Why do they do this? It's becase their loans, even straight refi's to good borrowers, have extremely high interest rates. When that document was scanned, the market was at around 7% for that loan. Look at the PFS rate!! It's at 9%! Of course nobody would take that loan. But PFS's market consists of typically those uneducated in finance. They pull this little trick that I'm talking about, and hope that the borrower doesn't notice that their actualy monthly outlay will be LARGER.

Some PFSers will try to obfuscate this issue with the bi-weekly setup that PFS offers. Don't be fooled! The scanned document misrepresents the loan even prior to pulling the bi-weekly card.

Would you want to go with a lender that misrepresents - even quantifies - their loans that way? This is the first step -- to pretend to save the consumer money. Then they can use this false - but quantified - savings to sell [extra] life insurance and commissioned mutual funds. Do you want to be a part of that?


kendra

chandler,
Arizona,
do you have 3-5grand to bury your child?

#127Consumer Comment

Sun, April 21, 2002

CHILDREN NEED LIFE INSURANCE IN THE EVENT THAT SOMETHING HAPPENS TO THE CHILD, OF COURSE NO ONE WOULD WANT THAT TO HAPPEN, BUT IF IT DOES, DO YOU HAVE 3-5 GRAND SITTING AROUND TO BURY THEM?

PROBABLY, OR PROBABLY NOT. WITH OUR POLICIES, AT THE AGE OF 25 THEY CAN THEN TAKE OVER AND CARRY THE POLICY THEMSELVES AND KEEP THE POLICY UNTIL THEY HAVE ENOUGH MONEY IN A RETIREMENT FUND, WHICH IS CALLED BEING SELF-INSURED. ONCE YOU ARE SELF-INSURED THEN YOU DON'T NEED TO CARRY A POLICY ANY LONGER.

HEY C FROM THE MIDWEST, YOU NEED TO WATCH WHAT YOU SAY.

I BELIEVE THE THINGS THAT YOU HAVE SAID IN A COURT OF LAW WOULD BE CONSIDERED SLANDER. JUST A WARNING.


Jill

Sacramento,
California,
Don't Need a Brain to be a Primerica Rep.

#128Consumer Comment

Sat, April 20, 2002

I interviewed with Primerica today, thinking it was an office manager position. I was told that I basically don't need a brain to get the job, just the drive to be successful. I think that only works in the celebrity/model world. I know nothing about money or financial planning and this woman was already scheduling me for one of those orientations mentioned above. She didn't even look at my resume. If you're breathing and have the money you are hired. I would have respect for the company if they actually screened the people they brought in. My husband laughed when I told him that they were going to hire me as a financial planner. I am the last person to come to if you need help with money.


Andrew

alexandria,
Virginia,
What is the point?

#129Consumer Comment

Fri, April 19, 2002

Tim,
I wish I understood what point you are trying to make. Please consult a dictionary and try again.
I also have a question about insurance you may be able to answer. Why do Primerica "financial planners" recommend life insurance for children?
This is a serious question, I always believed the reason for life insurance was to replace the income of the deceased.


Gary

Spring,
Texas,
Another great Primerica Supporter Speaks (or at least tries to..)

#130Consumer Suggestion

Fri, April 19, 2002

Is Tlm from Bay City, MI for REAL???? It has to be a plant, right? Surely, no one from Primerica wrote this, right? I don't care how IGNORANT you might think Primerica supporters are, this guy takes the cake!!!!

And if he IS for real, well, there you go! So much for Primerica's recruiting efforts....


TIm

Bay City,
Michigan,
Primerica is Great

#131UPDATE Employee

Fri, April 19, 2002

Primerica is one of the best Companies in the world. We help people out of debt which is a huge promblem in America, Then secondally We also Help people get finical indepent which also huge thing for every body in this country. I would hate to see these people working when there sixty years old because people like you dis a great thing. A prymaid company i think not! ANY Company you look at is Prymaid company lets take a clothing department store for example.

Store Manger
Assiant Store manger
Area manger area manger area manger
Sales Assiocate Sales Assiocate Sales Assiocate SAles Assiocate Sales Assiocate Sales Assiocate
See my point. Term is the best L-Insuance there is whole life Insurance Is the Real Ripped Off.


Andrew

Alexandria,
Virginia,
Primerica Recruiting

#132Consumer Comment

Thu, April 18, 2002

In the fall of 2001 Primerica reps set up a recruiting table at the community college I attend. I stopped at the table they had set up and was surprised at how quickly they began discussing employment opportunities with my appearance being less than professional. I'm a 34 year old man with a thick beard and hair well below my shoulders, is that a citigroup image?

I was curious as to what type of position they could have for me so I accepted an invitation to a Primerica orientation, and promised to call Lileen if I couldn't make it.

The next day I decided not to waste their time or mine so I dialed the number and explained to Lileen I wasn't interested but thank you for the invitation. She didn't want to take no for an answer, even when I explained that I had no need to work due to a succesful career in my twenties. Now I had to find out what this was about.

After the testamonials from the top earners and "EXCITING OPPORTUNITY TO HELP OTHERS" speech from the "vice president of whatever region" I was ready to hit the door.

The speech concluded with "sign up now, if you have to think about it your not interested, we accept that, thank you for coming." Then why was it a struggle to get out? I was getting angry, the closer I got to the door the more people stepped in to tell me I needed to stay and take this opportunity.It was like a cult. And of course the "we are a division of citigroup the largest yada yada yada" was repeated over and over.

The Primerica office that attempted to induct me controls the Northern Virginia area.


L

Erlanger,
Kentucky,
The meetings are at night because the agents all have day jobs.

#133Consumer Comment

Thu, April 18, 2002

I'm convinced that all their meetings are at night is because they all have regular full time jobs during the day like you and me. The small amount of money that most of them make at Primerica isn't enough to pay their bills so they are forced to keep their real jobs with the medical/dental benefits and 401K plans. The meetings are at night so the agents have enough time to get from their real job to their Primerica gig. This explanation makes complete sense to me. They want you to believe that they are all making a fortune at Primerica, but in actuality, most of them are not.


Lena

Los Angeles,
California,
Get everything in Writing

#134Consumer Suggestion

Tue, April 16, 2002

It is important to get everything in writing to be able to compare with other companies. Listening to fast talk goes in one ear and out the other.

Companies that do muli-level marketing make big bucks off the backs of their salespeople. Everyone gets a piece of the pie.

It's scary to know that people without business/financial degrees are recruited and on top of everything are charged a fee to be hired. I don't understand why primerica representatives have to come over at "night".

Who wants someone to be pressured into buying insurance in the evening after a hard days work? I belonged to a company called Tri-Chem that sold fabric paints.

I did parties at people's houses and sold quite a bit of paint. How much did I make? Nothing. The money I spent on advertising, buying supplies, gas and so forth wasn't worth it.

The girl who recruited me made money off of my sales. The bottom line is never sign on the day the offer is proposed, take the time to look at all the fine print and compare with other companies.


T

Vancouver,
British Columbia,
Need Answers

#135UPDATE Employee

Tue, April 16, 2002

I have just started the licsensing process with Primerica and have only been with them for a month. So far I am all for it considering once I get licsensed I will be already making about $5000 a month, and thats just me. I also have a few people that I hired myself. To me, the work involved seems very easy.

I am 21 years old and went to school for 2 years to become a Telecom Tech. I worked in that industry and saw that I was getting nowhere fast (considering how bad high-tech companies are doing these days).

I decided to go full steam ahead with Primerica, and so far I am doing awesome. So what I need is input from people that have been in my position, or are still in my position. I would like to hear how well (or bad) they are doing.

All I can say right now is........because of Primerica my future looks bright. The system is easy...just follow it and become successful.


mike

fresno,
California,
...one sides BS

#136UPDATE Employee

Sun, March 31, 2002

hey C...the line about "it doesnt matter how much your interest rate is, what matters is how long you pay that interest rate" is the facts of all facts.....i wasnt positive if you had ever seen a loan go through and no im sure of it!!!...if i showed you all the fees of a scheduled interest loan and everything about a simple interest loan...you could not compare...its obvious why the market doesnt do the simple interest loans...because people like you wouldnt be making yourself rich off poor people just happy they qualified with a company!...when apples are compared to apples a simple interest loan blows away a scheduled by the mear fact of the TOTALS PAID OUT on the loan...at the end of 30 years would you rather have a house and 300 + grand invested for retirement or just a house....hmm i think im going for a house...dont try to pull the smoke and mirrors over anyones' head C. its obvious you are either in the market to decieve innocent people into "reputiable schemes" or arent involved anymore...my job working with PFS is to get the middle income family im working with OUT OF DEBT so the faster i can get the house paid off and life insurance dropped (when assets meet the policy) then i can focus all their attention and money towards retirement and the GOLDEN YEARS instead of just paying off the house in the GOLDEN YEARS...please leave the debate you have no facts to say anything...again all this place is is a whiners.com ...see ya mike


whale

yuba,
Oklahoma,
Did someone mention the training ?

#137UPDATE EX-employee responds

Sun, March 31, 2002

Did someone mention the training they would get at Primerica. Well, every week you will go to a meeting and have a pep rally of sorts about the great opportunity you have. You will be told how easy it is to become financially independent. You will constantly hear all the catch phrases such as "rule of 72, interest rate doesn't matter, financial independence, recruit to sell and sell to recruit, financial needs analysis, largest company in the world, J O B bad, etc." over and over and over. You'll attempt to ask questions about the business and you will get all the same indirect answers.

After you sign up and pay the $199, you will go out at night with the upline and listen to him make a sell. The nights you are not with him, he is attempting to sell to your referrals(using your good reference of course).

In a few more weeks, you finally get your insurance license and guess what? Your referrals have been used already. And your referrals he didn't sell to don't ever want to talk to you again for giving him their name to start with!!

Then, to top it all off, the downline and the RVP start pressuring me to buy the life insurance. I showed them my existing policy and how much cheaper it was than Primerica. They told me I could not be a good salesman if I did not own the products I was selling.(Hey, I even had my insurance license and they said I should buy from my upline and not from myself). Instead of getting me training and referrals, they were kept pressuring me to buy from them.

I was nearly hooked. You get to believing all this BS until you realize your old friends and relative don't want you around anymore. This isn't the kind of career I want.

I bet if we compare income tax returns, I made double what most of these jokers did for the year. I'll stay with my evil job, steady income, insurance benefits, 401k, pension, paid holidays, and paid time off. Gee, I love my job more already.


whale

yuba,
Oklahoma,
Did someone mention the training ?

#138UPDATE EX-employee responds

Sun, March 31, 2002

Did someone mention the training they would get at Primerica. Well, every week you will go to a meeting and have a pep rally of sorts about the great opportunity you have. You will be told how easy it is to become financially independent. You will constantly hear all the catch phrases such as "rule of 72, interest rate doesn't matter, financial independence, recruit to sell and sell to recruit, financial needs analysis, largest company in the world, J O B bad, etc." over and over and over. You'll attempt to ask questions about the business and you will get all the same indirect answers.

After you sign up and pay the $199, you will go out at night with the upline and listen to him make a sell. The nights you are not with him, he is attempting to sell to your referrals(using your good reference of course).

In a few more weeks, you finally get your insurance license and guess what? Your referrals have been used already. And your referrals he didn't sell to don't ever want to talk to you again for giving him their name to start with!!

Then, to top it all off, the downline and the RVP start pressuring me to buy the life insurance. I showed them my existing policy and how much cheaper it was than Primerica. They told me I could not be a good salesman if I did not own the products I was selling.(Hey, I even had my insurance license and they said I should buy from my upline and not from myself). Instead of getting me training and referrals, they were kept pressuring me to buy from them.

I was nearly hooked. You get to believing all this BS until you realize your old friends and relative don't want you around anymore. This isn't the kind of career I want.

I bet if we compare income tax returns, I made double what most of these jokers did for the year. I'll stay with my evil job, steady income, insurance benefits, 401k, pension, paid holidays, and paid time off. Gee, I love my job more already.


whale

yuba,
Oklahoma,
Did someone mention the training ?

#139UPDATE EX-employee responds

Sun, March 31, 2002

Did someone mention the training they would get at Primerica. Well, every week you will go to a meeting and have a pep rally of sorts about the great opportunity you have. You will be told how easy it is to become financially independent. You will constantly hear all the catch phrases such as "rule of 72, interest rate doesn't matter, financial independence, recruit to sell and sell to recruit, financial needs analysis, largest company in the world, J O B bad, etc." over and over and over. You'll attempt to ask questions about the business and you will get all the same indirect answers.

After you sign up and pay the $199, you will go out at night with the upline and listen to him make a sell. The nights you are not with him, he is attempting to sell to your referrals(using your good reference of course).

In a few more weeks, you finally get your insurance license and guess what? Your referrals have been used already. And your referrals he didn't sell to don't ever want to talk to you again for giving him their name to start with!!

Then, to top it all off, the downline and the RVP start pressuring me to buy the life insurance. I showed them my existing policy and how much cheaper it was than Primerica. They told me I could not be a good salesman if I did not own the products I was selling.(Hey, I even had my insurance license and they said I should buy from my upline and not from myself). Instead of getting me training and referrals, they were kept pressuring me to buy from them.

I was nearly hooked. You get to believing all this BS until you realize your old friends and relative don't want you around anymore. This isn't the kind of career I want.

I bet if we compare income tax returns, I made double what most of these jokers did for the year. I'll stay with my evil job, steady income, insurance benefits, 401k, pension, paid holidays, and paid time off. Gee, I love my job more already.


whale

yuba,
Oklahoma,
Did someone mention the training ?

#140UPDATE EX-employee responds

Sun, March 31, 2002

Did someone mention the training they would get at Primerica. Well, every week you will go to a meeting and have a pep rally of sorts about the great opportunity you have. You will be told how easy it is to become financially independent. You will constantly hear all the catch phrases such as "rule of 72, interest rate doesn't matter, financial independence, recruit to sell and sell to recruit, financial needs analysis, largest company in the world, J O B bad, etc." over and over and over. You'll attempt to ask questions about the business and you will get all the same indirect answers.

After you sign up and pay the $199, you will go out at night with the upline and listen to him make a sell. The nights you are not with him, he is attempting to sell to your referrals(using your good reference of course).

In a few more weeks, you finally get your insurance license and guess what? Your referrals have been used already. And your referrals he didn't sell to don't ever want to talk to you again for giving him their name to start with!!

Then, to top it all off, the downline and the RVP start pressuring me to buy the life insurance. I showed them my existing policy and how much cheaper it was than Primerica. They told me I could not be a good salesman if I did not own the products I was selling.(Hey, I even had my insurance license and they said I should buy from my upline and not from myself). Instead of getting me training and referrals, they were kept pressuring me to buy from them.

I was nearly hooked. You get to believing all this BS until you realize your old friends and relative don't want you around anymore. This isn't the kind of career I want.

I bet if we compare income tax returns, I made double what most of these jokers did for the year. I'll stay with my evil job, steady income, insurance benefits, 401k, pension, paid holidays, and paid time off. Gee, I love my job more already.


C

Midwest,
Illinois,
so tell us...

#141Consumer Comment

Sun, March 31, 2002

So tell us, shill....how come all attrition rate has been over 100% annually in recent years? I guess all those 100,000 people are just lazy?


Keith

Ridgely,
Maryland,
Give Me A Break!!!!

#142UPDATE Employee

Sat, March 30, 2002

As I read through all of these BS rebuttles and responses to rebuttles bad mouthing Primerica Im just wondering how many of these people have been personally involved with them.

And all of the former reps out there who are mad because they didnt make any money ask yourself a question.

Why didnt I make any money its probably because you didnt do any work. Primerica never states that they are gonna make you rich while you attend 2 meetings a week and wait by your mailbox for a check to come thats ridiculous.

What they do say is that if you work hard and treat this just like any other job that you want to succeed in you can and will become extreemly successful and with success comes wealth. So for all you Primerica haters out there I am one of many proud and extremely satisfied representitives from and for Primerica and I am also a client and they saved me a good bit of money every month.

Reese MD USA


Vaslov

Dallas,
Texas,
Knowledge is the Key to avoid being Ripped-off

#143Consumer Suggestion

Fri, March 29, 2002

I am not here to promote or condone Primerica. I am simply a warm referral provided by a work acquaintance. All I am seeking to do is to enlighten myself on a company I know nothing about. If one is petty enough to only read the bad things about Primerica, or conversely, to only read the good things about Primerica, one is guilty of making an uninformed decision. This is what I have an intolerances for - those who badmouth (or, if I may coin a phrase, "goodmouth") just for the sake of hearing their own voice.

I am glad that there are "whiners" out there; but I am also aware that they do not represent the entirety of those who have had dealings with Primerica. Through my research, I have found that there are those who have had good and even great experiences with Primerica, both as clients and as independent representatives.

The biggest reason that I began to look into the viability of Primerica was the way it was presented to me. My direct quote to my wife was, "Didn't that remind you of Amway?" (this is also not an Amway bash!). So, after some initial digging, my main concern is that this individual, who wants to become my "Personal Financial Coach" is not a financial planner; see the following direct quote from the Primerica website's disclaimer page (link included):

"Representatives are compensated through commissions or referral fees on the sale of financial products offered by the financial product companies they represent. Representatives are not financial planners, investment advisors, financial consultants or other specialists who provide financial advice and whose compensation may be unrelated to sales." -http://ww2.primerica.com/public/home/disclosures.html

Now, not all people are bad nor are all people good; but it seems to me that an incentive structure set up this way coupled with someone who is not trained as a financial planner (investment advisor, financial consultant or other specialist) can lead to some bad information being given. I do not know what kind of training Primerica gives, so I may be stepping out on a limb with this, but IF the training is sub par, and IF bad information is given unknowingly, then both sides are hurt: Primerica is hurt in its reputation and the client is hurt in the pocketbook.

I just want to know that if I decide to "invest" the figure that we came up with in our session, how is that going to be handled? Is there a professional financial advisor, or portfolio manager assigned to invest these funds; what type of fees will I be assessed (believe me, if this is just mutual fund investing, there are plenty of no-load funds out there) and what other services might be "sold" to me (mortgage, life insurance, etc).

From my investigations, this does not appear to be something that I want to become involved with either as a client or as an independent consultant. If I want to provide financial advice, I will pursue my MBA as planned, and take a knowledgeable step from there. However, I have not yet seen the results of the FNA, and will give the gentleman my full attention keeping an open mind with the knowledge I have gained from my research.

A side note, as it appears there are people out there who find this important:
I am a college graduate, with a B.S. degree (and yes, I'm well aware that the B.S. usually doesn't stand for Bachelor of Science ;).
I have been out of school for just over 5 years.
I do know the meaning of hard work, and feel I am an honest individual (for the most part, nobody is perfect). I worked my entire way through college.

In the time that I have been working after college, my income has gone from the 30's to over the 90's thousand per year. This is not said to be bragging, this is said so that people understand that with hard work and perseverance that you can succeed. I currently work 50 to 60 hours/week, and this is slowly dropping as I reap the rewards for my hard work.

I hope what I have said here proves to be of value to some of your. I would like to hear more stories from both sides, please post your comments. Thanks for your ear!


Justin

Beaufort,
South Carolina,
Christian, Please!

#144UPDATE Employee

Fri, March 29, 2002

Christian:

Why wouldn't someone want to debate you over our loans? I enjoyed it. I proved over and over you do not have all the facts. You still, obviously, cannot tell us what our best rate is so all this BS about how much you think we are above the market rates should be taken with a grain of salt.

Good to see you again!


C

Midwest,
Illinois,
You seem...

#145Consumer Comment

Thu, March 28, 2002

You seem to be looking at this from the... ahem...employee side, saying the system works. So you closed a loan and got paid for it. It's amazing you found somebody uneducated enough to go for the loan. PFS's loans (through Travelers or the predatory lender CitiFinancial) are absolutely notorious for being offered 1-2 points ABOVE the borrower's current rate and 1.5-?% ABOVE the market rate for a similar loan that could be had through a reputable lender.

Trust me, you do not want to get into a debate about your loans with me. I know how they work and I know exactly how you twist numbers and mince facts (via biweekly payments, your "simple interest" bullsh**, and your "The rate doesn't matter; it's how much you pay and for how long" line.). What people need to understand is that if they join PFS, they will be forced to market these awful products and misrepresent their value to the public in order to make a sale, as well as attend sales training aka "training" as well as bizarre cheerleading meetings just like at Amway. But hey, if you're comfortable doing that, all the while saying "we do what's right 100% of the time", then have at it.


mike

fresno,
California,
...one sided BS

#146UPDATE Employee

Wed, March 27, 2002

C-Illinois
...regarding the "pouring their lives" and all that into a company..thats total BS...i go to the meetings because my manager asks me too...to be honest with you i realize what is happening...the rejects that go to these meetings (100,000 people above) every week and are not encouraged and whine about all their problems are the same ones that are whining about their everyday jobs. at some point i have to ask those individuals...why are you here? Primerica was made for people that want to change their lives and want to work HARD to do it...(do things when others are watching TV or on a vacation) i am a firm believer in this system because, for example, i worked approx. 3 hours on a home loan with my manager last week and i earned between 600 and 700 dollars...hmm and it all started because i got off my lazy butt and picked up the phone and acted on the motivation talks...words can only go so far..eventually your going to have to take action...thats what separates people like me from people like you....if you had the trainers that i have (2 and 3 respectively in the company-a former beer truck driver and an X forensics officer) that came from average jobs and wanted to find the desire to be financially independant..and made something of themselves you wouldnt be a complainer i guarantee you...they have the attitude of "if we can do it, we are going to do everything possible to make sure you can too!" the only thing stopping you is YOU!..........


C

Midwest,
Illinois,
Sure, Mike

#147Consumer Comment

Mon, March 25, 2002

"All this being said if there is a person out there that is reading this and has doubts about Primerica...it is what you make of it"

Sure, Mike - if you want to ignore reality. I'm sure that the 100,000 people who leave PFS every year would not agree with you. Many of them pour their lives into this MLM but can't make it. The system fails them - it's not what they make of it because they all want to succeed and work themselves bloody trying to get there. It's the system that fails.

Thanks for the personal attacks. While untrue, they really show the vicious side of those with Primerica. It's not the rosy picture they paint at the flopportunity meeting.


mike

fresno,
California,
one sided BS

#148UPDATE Employee

Sun, March 24, 2002

the comment made to primerica agents getting on the computer to look for Ripoff Winers.Com is not necessarily true...if you go to search the web and type in Primerica, it pulls a list of hits the search made for Primerica.

One of those hits happens to be this site. I couldn't help but laugh when i started reading C-from Illinois' report...sounds to me like the kid/guy whatever is bitter because he wants to spend more time on this site whining that he does going out and making an honest living for him (probably no family because of the lack of owning up to the truth...no one wants a Mr. Notmyfault for a husband) to the point...

Ive worked for Cutco Cutlery for the past 2 years and made very good money doing it and was trained very well...i remember at one time reading something like this about them and came to the realization that its not necessarily the company you work for but what you make of it...(explain) if your going to be lazy and look for handouts in a commission environment...(ie. real estate, insurance, car dealerships etc.) your in the wrong business and your setting youself up to fail.

All this being said if there is a person out there that is reading this and has doubts about Primerica...it is what you make of it. Primerica/AL Williams came into the market 25 years ago and started shedding light on how "NYmetslife" and "DA rOCk" as well as others had been screwing thousands of people until Primerica started exposing them...

reality of the situation is that the big boys dont like losing and therefore they slap a "not legit" sticker on Primerica...dont know about the average person out there but that drives me...

No Primerica may not be the career job for me (havent checked it all out yet, but IM giving it every opportunity to)...everyone is so bent on making the quick buck...my manager has never said it would be easy ...but what if!!!!!!!!!!! what if i made 20k in a month after ive been in the business 2-3 years...what IF!!!!!!!!!!!!


James

Toronto,
Ontario,
Get away from WMA Worl Marketing Alliance Security of Canada INC

#149REBUTTAL Individual responds

Sun, March 24, 2002

My friend Cindy pushed me to join WMA as her downline with promising I can earn money easily.
I joined WMA Canada with deep regreted because the Financial Advisor Grace Wong (email:gracewma[email protected]) who are really uncoorporate at all when I complain about why I haven't got any news about my application after 3 months I paid $130 for registration. She either hung up the phone or just told me to call her back after.

At the beginning I already doubt about this company, but my friend, Cindy insisted me to believe in this company. After I tried to cancel my registration, but the head office support told me that they can't give my $125 back, even if I don't even ever want to work for this company again because how could recruit your client (could be your friend or your family) if you know that this company is unbelieveable & sucks.


C

Midwest,
Illinois,
So tell us..

#150Consumer Comment

Sat, March 23, 2002

So tell us,
as a proud and happy representative of Primerica, why did you find a site called RipOffReport and look for reports on your own company?

By the way, selling people junk they don't need does not constitute 'helping' them.


Bill

Bloomfield,
Connecticut,
Primerica number 1 in my book

#151UPDATE Employee

Fri, March 22, 2002

I'm going to say this being an agent in Primerica and working the field for two years now I have seen good and I have seen bad. Bad as in when best friends and other family members sell their friends and family members all types of cash value policies and these people trust them. I've been in the field and I have yet to see one cash value product benefit the client.

Medical insurance versus ownership
I would rather take ownership in the company then health benefits any day!!

I don't know how long I'm going to last in this company as for as being an independant contractor, but when I started at age 26 and from what I learned now I will retire successfully and my family is protected. Could I ask for anything more?

Primerica is the best company and one that changes many peoples' lives for the best. Like every company, you'll have some people who had misfortunes! I don't like MCI Worldcomm, but you better believe ther are tons who do!! I like Cingular and many do to, but I know there are ones that don't.

It's like an old saying "opinions are like____holes everyone has one" and when was the last time you seen a statue honoring someone with the best opinion (never). Only pioneers were and who know one day you may see one of Art Williams and Sandy Weill.

I wish everyone the best of luck in whatever they do in live and if som of you are in sales and writing these negative comments about Primerica, you must not being doing to great, because critism never helps(Dale Carnegie)and watch the slandering.


C

Midwest,
Illinois,
Funny Primerica lines

#152Consumer Comment

Thu, March 21, 2002

That line is right out of a Primerica recruitment meeting also!

According to your logic, I guess based on all the people talking about Enron, they must be doing something VERY right.


Totally

st. louis,
Missouri,
Sitting Back Laughing!!!

#153Consumer Suggestion

Wed, March 20, 2002

I'm sure the reason some of Primerica's clients or
representatives are even on this website is to
just laugh at all of this silly crap being said
about Primerica. I was always told that if people
are talking about you, you must be doing something
right. So I guess Primerica is doing something
unbelievably right by the looks of all this
dull, disillusioned, negative crybaby crap that
is being written about the company. Maybe the
agents from the other companies have had their
life insurance plicies replaced so many times by
a Primerica rep that they're just a wee bit
bitter!!


Rusty

san jose,
California,
Soon to become a Primerica representative but backed-off

#154Consumer Suggestion

Mon, March 18, 2002

I was called by a Primerica Agent last month about an excellent job opportunity. Since I am a recent college graduate, I thought this is such an excellent opportunity. I attended my first and second orientation last month.

During the orientation, I was quite unsure about what the speaker was trying to say (i.e. keepign America debt-free, owning your own company... "crabs-in-the bucket"). There was so many orientation which made me realize that these speakers were so unclear about what we were suppose to do or what the job requires us to do.

On the second orientation, the same crap was discussed again; something was coming out of the picture, but it wasn't clear, yet. These so-called agents were asking a certain amount of dollars to get the certificats and training. Not only that, there were orientations every night. Recruited people were coming in from everywhere and from different back grounds.

I provided my resume (which I was told was pulled out from Monster.com), but the recruited took it hesitantly. There was really no formaly interview, and the questions were directed from the questionnaire that applicants filled out.

During the second meeting, we were told more about how wonderful Primerica is. The first set of amount we were requested to pay was $199- )up to $300 depending on the type of license given), which covers us for a license, since the finance industry was regulated by the SEC. On the other hand, these Primerica people seems to not care about the license too much, because they said they only do it, because the state requires them, too. One of the classes is also done through a video, where potential representatives just watch this thingy and get their license. Other classes that are given, however, are about successful recruiting, personality profiling, etc.

On the second interview, I thought about backing out and just thinking about. When I said that I should think about it, one of these "Primerica" people said that I should write or give the payment that night, because they are in the process of choosing a candidate.
(As idiotic as I was) Worrying about such an opportunity to miss this awesome opportunity, I took care of the paper work and paid the $199 for the background check and the classes.

For the next few days, a Primerica person and her companion came to our house and gave us
an insight on how we are doing financially. When this lady found out how much we're making, she offered us to buy a term life insurance for $215k for my fiancei,$150k for me, because she said this will cover us if something happens in the future if we haven't reached our goal of $5 million dollar savings before we retire.

She was so insistent that despite the fact that I refuted buying the life insurance, after an hour of desputing and asking questions, my fiance and I finally bought the Primerica life insurance.
In the back of my mind, I know that this Primerica person made money out of me by forcing me to buy a life insurance that I really don't need. What are my chances of dying between now and 20 years?. According to her, she bought a $1 million dollar life insurance each for her and her husband (is she a big fat liar).

If you're asking about the $5 million dollar goal, it could be achieved if we keep saving $650 per month; all of our debts would have been paid at that time, too.

The goal of Primerica is "to keep people debt free." In reality, these numerical figures ($5 million, etc.) are so unrealistic, because things do come up in life. My fiance and I may not have the same type of income in the next 30 years, right? We may buy a new house; on the other hand, Primerica will be there for the rest of our life to sell us more crap (tuition help for our kids), mutual funds, IRA's-- things we usually get from companies that we will be working for.

I also think that if people need any of these life insurance, mutual funds, IRA's or any financial needs, people will actively seek for them. Banks and companies offer them and they'll probably give you more time to think about what you are getting yourself into.

Also, "Primerica" may do good for you or it may not do you any good. Primerica requires you to talk to your potential clients at night time, thus taking away your family time (if you have any), and it requres you to go to Saturday and Thursday early meetings as well.

Primerica also doesn't provide you medical insurance, because you're a so-called independent contractor; you also do your own taxes. Their crown of glory as representative is tax write-offs.

You are also requested to look back at people you haven't talked to in years and possibly sell them financial products (mutual funds, insuracne, IRA's, etc.). In short, you also make money out of your friends and families. When you recruit your husband and friends about this excellent opportunity, you get %30-90 commission depending on how many people you recruited.

However, these people will realize that you haven't told them what kind of opportunity you're really putting them into. Let's also not forget, the comission you're getting is coming out of your own friends and relative's pockets. Can it kill trust? Yes it does.

Does this opportunity sound enticing, still?


C

Midwest,
Illinois,
And yet again

#155Consumer Comment

Sun, March 17, 2002

Yet again...you are a satisfied customer, yet you've been searching a site called RipOffReport looking for reports about the company?

Give us a break, shill.


JJ

St. Louis,
Missouri,
Primerica is Legitimate!!

#156Consumer Comment

Sat, March 16, 2002

I laugh at all of this negative information about
Primerica. I am a client of the company and I am
very satisfied with the services I have recieved.
When my representative sat down with my wife and
myself we were spending $200 a month for $100,000
on myself and $75,000 on my wife in the area of
life insurance.

We had a savings type policy that we had been paying on for 10 years and had only accumulated between us $3,500 dollars within the policy.

My representative showed us based on questions he asked that we needed $300,000 on myself and $150,000 on my wife for only $79 a month for a 25 year level term policy.

We then took the $3,500 from our old policy and with the $121 a month savings invested that in a mutual fund IRA and in 5 years have earned over $16,000.

I was concerned about what would happen after the
25 years was up but with this policy I am
guaranteed insurability at the end of the 25 years.

Please tell me how that is a rip-off. Maybe these
people that complain about Primerica are the same
people that are always expecting a free ride and
don't want to work hard, so they don't make it at
Primerica and of course it couldn't be their own
fault so they blame the company. That is the
problem with most of the people in the world.
They are afraid to take responsibility for anything.

Also what I've learned over the years is that you
can't judge an entire company by a few bad seeds.
This is one satisfied client. Thank you Primerica!!


C

Midwest,
Illinois,
Saves Families??? HA!!

#157Consumer Comment

Sun, March 10, 2002

I'll tell you how Primerica saves families. They sit down, coax families into "thinking big" thus generating artificial need. Then they oversell term insurance, refinance them through a near-predatory lender while manipulating numbers to make it look like a good deal, then get them to invest in mutual funds all of which reward the agent handsomely with commissions. If you wanted to save families, you'd tell them some true principles of finance and avoid conflict of interest that comes when selling them proprietary, fee-laden high-commission products.


Russell

fredericksburg,
Virginia,
primerica is still an mlm scam and should be shut down

#158Consumer Suggestion

Sun, March 10, 2002

regardless of what company backs primerica its still considered a pyrmaid scam and it should be shut down because pyrmaid scams are illegal in the USA!


Russell

fredericksburg,
Virginia,
primerica is still an mlm scam and should be shut down

#159Consumer Suggestion

Sun, March 10, 2002

regardless of what company backs primerica its still considered a pyrmaid scam and it should be shut down because pyrmaid scams are illegal in the USA!


Russell

fredericksburg,
Virginia,
primerica is still an mlm scam and should be shut down

#160Consumer Suggestion

Sun, March 10, 2002

regardless of what company backs primerica its still considered a pyrmaid scam and it should be shut down because pyrmaid scams are illegal in the USA!


Michael

bonita springs,
Florida,
Shame on you

#161UPDATE Employee

Sat, March 09, 2002

Shame on you for taking pot shots at the largest company in the world beacuse you cannont compete. you may vary well make more money in you other company selling trash value polices robbing people. an investment is an investment and insurance is insurace never confuse the two. I would like to have your name so that i could report you for slander and liable. w/ no fact do you back your alligations. show proof. i can show how proof how Primerica saves families. And a correction your statement the way we become the biggest financial service company in the world is by doing what is right for people. You could have your liscense revoked by what you are doing on here. Making false aligations w/ no proof. Because if you can show me the company that helps people and you can make more money than Primerica please show me because i will be right behind you. untill then i will work for the largest company in the world. and continue saving people's lives.
thank you


#1620

Fri, November 30, 2001


Do you think it would be smart to risk this reputation in an illegal system? ** EDITORS REBUTT below

#1630

Tue, February 06, 2001

This email is a rebuttal to RipOff #575.
It was sent by Armee Y. Velazquez at [email protected]

Beware of Primerica Financial Services ! (#575)

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: Armee Y. Velazquez
Their phone number: 1-787-853-4069
Their relationship to the company: Owner

Rebuttal:
For your information, "piramid" systems are illegal in the United States. Primerica happens to be a subsidiary of a Powerhouse named Citigroup, which happens to be the largest company in the world. Not the largest financial company, but the largest COMPANY in the world in terms of assets. You may find more information about our company in business magazines such as Business Week, Forbes, Fortune 500, House of Business, etc.

Citigroup's CEO, Sandy Weill has just been elected member of the Federal Reserve Board due to his contribution in the financial services industry.

Do you think it would be smart to risk this reputation in an illegal system?

Common sense, answer is NO!

: : : EDITOR'S NOTE to the above REBUTTAL : : : : : :

Common sense? ..You would think the answer would be NO!
Armee, wake up! ....I don't know the particulars about this company, but I can offer this to your REBUTTAL.

IN SHORT........FOR EXAMPLE:

SEARS DEPARTMENT STORES: It was proven that Sears took used batteries traded for new ones on any one day, then about one week later those used batteries would show up on SEARS store shelves, refurbished, being sold as new!
The President of the company said, "We would never do this." On camera, however, the President of Sears was shown the employee manual that supported that written procedure!

One could say the same thing you said above: "Do you think it would be smart to risk this reputation in an illegal system? Common sense, answer is NO!"
...WRONG!

Let me remind you of a few others: Tobacco companies, Firestone, Auto Dealers, Home Builders, ..Armee, these are all BIG companies. Why would they risk it all?

HOW DO THEY GET AWAY WITH IT?
ANSWER:

1.. They have the money for the Lawyers to help them wiggle their way out of legal predicaments they get themselves into ripping off the consumer.

2... The politicians' pockets are lined with these big companies' money, so many times the interpretation of the law ends up on their side. I think they call it lobbying.

3.. How do you think big companies get so BIG!? ...Ripping off the consumer is one big way.

Armee, I know all BIG companies out there are not guilty of these and many other rip-off tactics I have not mentioned here. Most companies preach behind closed doors on how to rip-off the consumer. Some companies choose to look away and let their sales people do what they have to, to screw the consumer. This may be the case with Primerica.

Armee, why don't you give us something more substantial? Why are there so many horror stories on the Rip-off Report and all over the Internet regarding Primerica?

Do you think that that many people are just disgruntled members and that there is no substance to their reported experiences of improprieties and rip-offs involving Primerica? I think not. I'm sure NOT!

Put the word Primerica in our search engine and you will see all the other Rip-off Reports about Primerica.

Your rebuttal, Armee, is superficial, ...and we wonder if you, directly or indirectly, might not be a beneficiary of these rip-offs reportedly perpetrated by Primerica..

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