Complaint Review: Primerica Life Insurance Company - PFS Investments - Pasadena California

What you may have missed here is the fact that if a product is approved for sale by Primerica representatives, then representatives may be appointed with the company that manufactures the product. The Basic Agreement defines "Primerica Companies" as "Primerica and other companies authorized by Primerica to enter into agreements with, or to offer products or services through, agents in the Primerica sales force." This is true for all agents, not just Mike.

So any Primerica agent can sell ING products, correct?

Well, what if that Primerica agent contracted directly with ING? Then what?

What you may have missed here is the fact that if a product is approved for sale by Primerica representatives, then representatives may be appointed with the company that manufactures the product. The Basic Agreement defines "Primerica Companies" as "Primerica and other companies authorized by Primerica to enter into agreements with, or to offer products or services through, agents in the Primerica sales force." This is true for all agents, not just Mike.

So any Primerica agent can sell ING products, correct?

Well, what if that Primerica agent contracted directly with ING? Then what?

What you may have missed here is the fact that if a product is approved for sale by Primerica representatives, then representatives may be appointed with the company that manufactures the product. The Basic Agreement defines "Primerica Companies" as "Primerica and other companies authorized by Primerica to enter into agreements with, or to offer products or services through, agents in the Primerica sales force." This is true for all agents, not just Mike.

So any Primerica agent can sell ING products, correct?

Well, what if that Primerica agent contracted directly with ING? Then what?

What you may have missed here is the fact that if a product is approved for sale by Primerica representatives, then representatives may be appointed with the company that manufactures the product. The Basic Agreement defines "Primerica Companies" as "Primerica and other companies authorized by Primerica to enter into agreements with, or to offer products or services through, agents in the Primerica sales force." This is true for all agents, not just Mike.

So any Primerica agent can sell ING products, correct?

Well, what if that Primerica agent contracted directly with ING? Then what?

Quoting Regena:

"Therefore, the larger the downline the more product sold, and thus, the more income a representative may earn." Thank you for admitting what was lacking from your prior misleading reports.

"_________ has never been found by any State or regulatory agency to be a "pyramid" and your continue reference to Primerica as such is false, misleading and derogatory to our company." Two
comments:

First only the buying and selling of Crimerica's junk term insurance product keeps Crimerica legal as the law currently defines it. But that doesn't make it right and the law can be changed (e.g. the proposed Business Opportunity Rule R511993 by the FTC which Crimerica fears).

Second Crimerica's metamorphosis website refers to
Crimerica as being "pyramid-like." So speak to your cronies as they're making the "false", "misleading" and "derogatory" statements about themselves.

Now for Crystal who posted onto another thread
(dated 10/2/2006):

"I just wanted to make sure everyone realizes that everyone in Primerica are INDEPENDANT representatives." Independent? (which you misspelled). Per your IBA contract, Crimerica owns your downline and clients. Furthermore Crimerica can dictate who you can sell the business to. That isn't independence.

"_________ has never been found by any State or regulatory agency to be a 'pyramid.'" Not yet because the way the law is written, as long as buying and selling of a product takes place, it's
legal (but those very few prosperous fat cats derive the vast portion of their income from their downline as you've finally noted).

"...your continue reference to _________ as such is false, misleading and derogatory to our company."
Not true here Regena because Crimerica itself admits to being "pyramid-like" (just check their metamorphosis website).

So then Regena what product is it that Mike is allowed to market through ING. WHat is the product that has been approved?

Stuart-

My statement that Primerica representatives are not compensated for recruiting is factual and accurate. Primerica representatives are compensated solely based on product sales. Therefore, the larger the downline the more product sold, and thus, the more income a representative may earn. Our agency system where agents earn commissions and bonuses on their own personal production, as well as earning override commissions on agents they supervise is a common form of distribution in the industry. Primerica has never been found by any State or regulatory agency to be a "pyramid" and your continue reference to Primerica as such is false, misleading and derogatory to our company.

Regena Wood
Home Office
Primerica Financial Services
Duluth, GA

Quoting:

"_________ representatives are not compensated for recruiting...." Misleading because the bigger the downline, the more income you're likely to derive (which is why I say that Crimerica is pyramid-schemed in nature).

Stuart-

What you may have missed here is the fact that if a product is approved for sale by Primerica representatives, then representatives may be appointed with the company that manufactures the product. The Basic Agreement defines "Primerica Companies" as "Primerica and other companies authorized by Primerica to enter into agreements with, or to offer products or services through, agents in the Primerica sales force." This is true for all agents.

"Mike's appointment with ING USA is required for him to receive certain commissions on an approved non-Primerica product." This would represent a conflict of interest and would make Mike
be in violation of his IBA contract.

Why would Mr. be accorded such special treatment?

I am a home office employee of Primerica and have been employed with Primerica for more than 15 years. My position within the home office affords me the knowledge to respond to this post on behalf of the company. The post by "GF" of Orange, CA is riddled with falsehoods. For example, Primerica representatives are not compensated for recruiting and they are not required to purchase or use Primerica products. Further, all representatives must hold the required regulatory licenses to offer Primerica's products and commissions paid to the representatives are based solely on product sales. Primerica representatives may only market products approved by Primerica, some of which are not Primerica products. Mike's appointment with ING USA is required for him to receive certain commissions on an approved non-Primerica product.

Mr. Humphrey has not been affiliated with the Primerica companies in over a decade. The allegations that Mr. Thawley, Mr. Holmes and Mr. Clause ?may be lurking in the bushes somewhere? is totally false and unfounded. None of these gentlemen are currently affiliated with the Primerica companies, and they haven't been for many years. The allegation that Primerica, World Financial Group, and Mr. Humphrey are "colluding and running a racket" is totally without merit, as Primerica and World Financial Group are direct competitors.

Regena Wood
Home Office
Primerica Financial Services
Duluth, GA