Complaint Review: Primerica - Nationwide

I am a PFS agent and I am very pleased with Primerica and Citigroup. We are one of the top financial services firm in the Nation. I have been with this company for 4 years and have been a client of Primerica for 5 years. In response to the person who suggests going to buy a $20 book, he is correct. However, the average person doesn't 1)have time to read it because he/she is working 3 jobs to make ends meet and 2)is so far in debt that bankruptcy is the next step. I was one of those people 5 years ago when a PFS agent came by and created a complimentary financial needs analysis report on me and my family. Once I reviewed it, the agent helped me complete a budget, started me on a debt acceleration program, and took a look at my existing income protection programs (life insurance). The agent didn't suggest I cancel anything and buy Primerica's nor did I have to buy any products. He just showed me how to get out of debt faster and I didn't spend any money. Now the only debt I carry is my house and car and I will be done with paying for those next year. And later, I used the money I saved to invest in my children's future (which I had never had money to do before). What is wrong with this picture? Absolutely NOTHING! Maybe you or your friends unfortunately talked with a PFS agent who was not trustworthy and knowledgable. All companies have untrustworthy employees. You cannot label the whole company as a Rip-off. On the subject of us being Multi-Level Marketers, I don't have to recruit anyone to get paid. I am a professional who holds several licenses - life and property & casualty insurance, mortgage broker, pre-paid legal, I am Series 6 & 63 licensed and licensed to sell Annuities. I am not an ex-felon or dishonest person. Before you label a company or product as bad, please do your homework. And finally, I didn't join the company just to get licensed, I also wanted to help families reach their financial goals and I wanted to make some money doing it. I enjoy the freedom I have and the confidence that I have a strong and stable company supporting me. Thank you...

This email is a rebuttal to RipOff #6069.
It was sent by C.D. at [email protected].

Primerica almost got me too! ..the 'con' was enticing *Thank you Rip-off Report *REBUTTALS *EDitor's Comments (#6069)

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

Their email: [email protected]
Their name: C.D.

Their relationship to the company: Consumer Suggestion

Rebuttal:
This guy is a riot. He sends the *exact* same thing -- I'm talking cut-and-paste -- via e-mail to people who have filed rip-off reports on Primerica.

Primerica is not allowed to sell the "opportunity" for $199 so they say it is for training (and in some jurisdictions for the optional business acceleration system, keeping the 'optional' part very quiet). When you achieve your license AND take your upline on a pre-determined number of appointments with your warm market, then your upline is pressured to return your licensing fee (which you have paid for) in the form of a scholarship.

What a great deal - sell of your family and friends for a couple hundred bucks.

The rest is typical Amway-style MLM rhetoric. I have already corrected him on his line:
".i was excited because the cost of our opportunity doesn't prevent anyone from getting involved".

Well, that violates anti-pyramid laws in every state in the Union. You are not allowed to sell an MLM opportunity, period.

Next, Primerica will hire anybody who can fog a mirror *who isn't a wanted felon*. Think of any reputable business...even janitorial and clerical positions require some sort of skills above a criminal background check. Not Primerica. You pay the money, you prove you're not incarcerated or a wanted criminal, and you're on.

As far as misleading the public, most PFAs don't even know they're doing it because they've had no real training -- only what the company spews at its "opportunity" meetings. So many are blissfully unaware that they are ripping off clients, not helping them. Read the posts here, and on numerous other boards to see proof of the rip-offs in the form of numbers posted by third parties, which show what a horrible deal most PFS products
are. I have yet to see a single person challenge that proof. But a week later, people like our friend here are back on the board posting their cultish rhetoric and demanding to see proof. It's a tough job debunking them when the average PFSer is barely literate and can't listen, but it's rewarding.

Again folks, buy a $20 book, tune out your RVP for a single week, and you will learn so much more than you ever would have in Primerica.
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They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: Anthony Dorsey

Their relationship to the company: Supporter

Rebuttal:
well... i have no idea what the heck some of these people who don't work for us and are not a client are saying...first, about the $199 dollars, i got involved with primerica before they changed the cost to $199....i was 18 years old and it was the summer of 1997....to get my license in New Jersey it cost me $260 for the state required class, $80 to take the state
test, and $365 for my license ( THAT $ WENT TO THE STATE!!!)

When Travelers Group , our parent co., merged with Citibank, they realized a Regional Vice President was like a McDonalds franchise ( THE MORE WE HAVE THE MORE PRODUCTS THAT CAN BE DISTRIBUTED TO THE PUBLIC) anyone who understands business knows this!!! since our company doesn't know who will be a Vice President when they join, we don't want to give them any
reason not to , i.e.- high start-up costs... the company came out with $199 across the country...i was excited because the cost of our opportunity doesn't prevent anyone from getting involved, however i was upset because i had to pay $700 some dollars a few months before..(by the way, of course the $199 goes to Primerica every time, the send the money to the appropriate states... duhhh?)....and if you are licensed the full
$199 is not required...it says so in the IBA... However, it's my license and i get to do what i want with it...the licenses i have are the same as any other person in the industry....I KNOW WHAT IS GOOD OR BAD..some of you think you know all about us...IF YOU ARE NOT LICENSED THEN YOU DON'T HAVE A CLUE ... Second, i don't just "hire anyone who can fog a mirror"...
Primerica is a highly regulated business, the NASD, SEC, and other various State and Gov't agencies constantly watch us.... Primerica does not hire people that have a criminal record, and our Office of the General Council does backround check to ensure this... However i feel it it a sin to not share our opprtuniy with everyone, just like it would be a sin to find the cure for cancer and keep it to myself....LET PEOPLE SPEAK FOR
THEMSELVES!!! the worst that could happen is they have training in money management, they are licensed, and they make some money.... if it's not for them after 6 months to a year they can quit, AND THAT' THEIR CHOICE.... we are not allowed to post ads, UNLESS APPROVED BY THE COMPANY, on the internet because we are regulated...if wrong or misleading info is displayed i am held legally responsible and so is the company...also, misleading info would be hurtful for the public... it was stated that
primerica hides the truth???? maybe i missed something but they never stated what we were hidding??? obviously primerica must be doing a good job of this because i don't even know what that person was talking about........this company has been in my family's life since 1984 and has changed our life and the lives of so many others in a positive way...i'm saddened to hear of such horror stories, but please allow people to make up their own mind... no one EVER erected a statue of a critic.....i love
people and they are not stupid, just misinformed....

Anthony,

It is quite obvious that one of the tests for your state licensure is not critical thinking. This is yet another black mark for Primerica...their agents can't think their collective way out of even very small bags. You just spent quite a bit of time on this diatribe telling us all that you discovered things about Primerica you never knew before. Then your final statements to us at badbusinessbureau.com, LLC was to keep these horror stories to ourselves so that people can make up their own mind. Do you have ANY idea how stupid you sound? Since when has anyone ever been able to make better decisions with less information. It is no wonder we get so many complaints about your company

Pursuant to your comment about statues of critics: you are dead wrong! Ever hear of Samuel Clements (Mark Twain), Thomas Jefferson, Benjamin Franklin, Christopher Columbus, Copernicus, and the list could go on for pages. All were critics, all have statues erected to them, and why, because they said something is wrong with the status quo...they criticized, and did more, they took action on their convictions. If pinheads like you had their way, we would be speaking either Dutch or German, the USA would still be a colony of Great Britain, the world would still read at night by candle light, people would still be taking the less interesting route to India, and we would still believe the sun revolved around the earth.

If you are the best minds that Travelers Group and Primerica have to offer, we definitely do not want you handling my money and advise all our readers to run as fast as you can, in the opposite direction, when you are approached by Primerica. Oh, and you are wrong about one final thing...some people are stupid, some people are gullible. In all the exchanges we have had with Primerica agents, we can generally say, you are stupid. Frankly, there is one thing that is even more scary than a stupid person with money...a stupid person with someone else's money. You do not get our seal of approval, and you can't argue your way into our good graces. We want to see results.

[email protected]

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This email is a rebuttal to RipOff #6069.
It was sent by Adolph at [email protected].

Primerica almost got me too! ..the 'con' was enticing *Thank you Rip-off Report (#6069)

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

Their email: [email protected]
Their name: Adolph

Their relationship to the company: Devotee

Rebuttal:
Holy cow, folks; take it easy on Primerica. Just look at the free
information I found on their web site! Who would EVER have thought of these money-saving issues without their help? My only regret is that now I'll be obliged to begin smoking and buying lottery tickets to implement the full extent of their program. ***Sigh***...No more $2.20 Latte Macchiatos for me now too, I guess.

Quote:
>>>>>"Easy Ways to Save.
check off one or more of the following:
Skip one pizza per week.
Brew your own coffee instead of paying for "designer" coffee.
Take a sack lunch instead of eating fast food at lunch time.
Cut back three lottery tickets per week.
Dine out one night per week less than you do now.
Reduce the amount you smoke by half a pack of cigarettes per day.
Go to the library instead of buying paperbacks.
Pay off a high-interest $1,000 credit card balance now rather than making minimum payments"<<<<

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

Their email: [email protected]
Their name: C.D.

Their relationship to the company: Consumer Suggestion

Rebuttal:
Each office has little freedom to act independently. While some RVP's are "slicker" than others, each must follow strict guidelines and push products (Voicetel, tapes) and above all, recruitment, in order to remain profitable. An prominent RVP couple was recently fired -- who knows why -- but it shows that Primerica doesn't have any tolerance if it's not done "their way". This couple's client base, downline, everything they
worked to build, is GONE. Check your IBA. It's in there. You don't own anything.

It does cost to join. You may be delaying a payment, it may work a little differently, but it's $199 to join. If you already have your license to sell insurance, it's $199 to join. Your upline is encouraged to give you a "scholarship" if you complete your training, but that $199 goes to Primerica every time.

Any training is simply training to pass an exam to SELL. It does not help you make good financial decisions. It does not help you become skilled in tax law, investments, or insurance. It allows you to sell. And what you sell hurts the consumer. Read the other rip off reports - get your feet wet, and listen to someone other than your upline, before you say you are
helping people.

What makes them different from everyone else? The fact that they hire anybody who can fog a mirror to con their friends, family, and church members -- and those they find in public records at the courthouse -- to buy inferior products all while misleading, deceiving, and twisting numbers to hide the truth.

While you're checking your IBA, read about the part that prohibits PFAs from posting to the Internet. If nothing else, they have figured out that when the agents talk, it usually doesn't help their image.

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

Their email: [email protected]
Their name: C.D.

Their relationship to the company: Consumer Suggestion

Rebuttal:
Each office has little freedom to act independently. While some RVP's are "slicker" than others, each must follow strict guidelines and push products (Voicetel, tapes) and above all, recruitment, in order to remain profitable. An prominent RVP couple was recently fired -- who knows why -- but it shows that Primerica doesn't have any tolerance if it's not done "their way". This couple's client base, downline, everything they
worked to build, is GONE. Check your IBA. It's in there. You don't own anything.

It does cost to join. You may be delaying a payment, it may work a little differently, but it's $199 to join. If you already have your license to sell insurance, it's $199 to join. Your upline is encouraged to give you a "scholarship" if you complete your training, but that $199 goes to Primerica every time.

Any training is simply training to pass an exam to SELL. It does not help you make good financial decisions. It does not help you become skilled in tax law, investments, or insurance. It allows you to sell. And what you sell hurts the consumer. Read the other rip off reports - get your feet wet, and listen to someone other than your upline, before you say you are
helping people.

What makes them different from everyone else? The fact that they hire anybody who can fog a mirror to con their friends, family, and church members -- and those they find in public records at the courthouse -- to buy inferior products all while misleading, deceiving, and twisting numbers to hide the truth.

While you're checking your IBA, read about the part that prohibits PFAs from posting to the Internet. If nothing else, they have figured out that when the agents talk, it usually doesn't help their image.

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

Their email: [email protected]
Their name: Not Necessary

Their relationship to the company: Consumer Suggestion

Rebuttal:
I haven't been with Primerica very long, but I can say this. Every office acts independently of each other and treats the employess and clients differently. There are a couple offices that have a real Cult feel and attitude. They stir up fear in me when I hear them talk about their office. My office in particular is pretty laid back. We do the FNA, lay it on the table, explain everything as best as we can, and then let them
make the choice. Take it or leave it and take as long as you want to decide. So far my office has had almost 60% success.

The other thing I want to mention is that it does not cost to join. You need to have your securities and insurance prducers licenses. That is the law, which Primerica follows to the "T". The checks for such go to your respective state, not to Primerica. Primerica does offer classes to help you train for the state tests, but you can go anywhere to learn. You don't have to take their classes. However if you do pay to take their
class and past the test they give you your money back for the state test and their class.

They are a financial company offering CitiGroup services and yes they are out to make money. What makes them so different than everyone else? I am taking my state tests for both licenses this October and I haven't ever written a check out to Primerica. Why are people saying you have to pay to get in? I didn't.
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They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: C.D.

Their relationship to the company: Consumer Suggestion

Rebuttal:
The question is not whether people can make money in Primerica. It is whether Primerica actually can make a positive difference in people's financial lives, and the answer is a resounding 'NO'.

These people that you apparently know, who have done well at Primerica - I don't doubt that they made sales of products, and received commissions from them. I do believe (in fact, having seen the operation, I *know*) that the people "helped" were actually ripped off. Primerica will twist and distort the numbers to make people feel as though they are getting a
good deal, or that they are fighting the "evil" insurance companies or banks. Then they buy the product out of emotion because the Primerica agent has gotten them so worked up they don't think clearly. Inner City Press has lists of lawsuits filed to show that Primerica and Citibank prey on less educated people, many in the inner cities, as well as many who don't speak English well.

Check www.deferred.com/wwwboard under the "biweekly" post of about 9/13. Get out a calculator and follow along and see how a lday was duped into a Primerica loan. It was a rip off, yet for several weeks she believed what the Primerica agent told her. Then she got suspicious and it was shown to her that a) she is paying more per month with her current loan because of the bi-weekly payment scheme and b) had she put this amount toward the
loan she gave up, she would be out TEN YEARS sooner than with Primerica!

You don't have to "know" that you got ripped off to be ripped off. The old lady who had her driveway "resealed" by the roving scam artists may still think she got a great deal! Weeks later she sees what really happens on the news and she understands. They put "watered down" sealant on her driveway, telling her that it was cheaper than anywhere else, but really she paid more than normal. It's like Primerica's "watered down" insurance that's supposedly such a great deal, but is really more expensive than quality insuarance (term or otherwise) that can be found from many, many companies. Or the rip-off loan that the lady got stuck with (and now must pay $5000 to get out of.

So, you can make money with Primerica, as you can with any pyramid scheme aka MLM (Amway, Excel....). But in the process you will be ripping off your friends, family, and church members. One of Primerica's own websites goes so far as to suggest going to the local courthouse and getting "prospective clients" by digging through public records!

One last thing - after a lot of talk about ridding your life of evil credit card debt, guess what Primerica does? Here's a tip -if you're having an FNA done on you, give a middle initial different than what you normally use, and that you've never used before. Then, see how many Citibank credit card applications come in the next few weeks with that initial. It's astounding, and proof that this is a huge moneymaking machine for Citibank, at the expense of its clients and agents. They don't give a d**n about reducing your debt! They hope you stay in it forever,
so the Primerica agent can come along again and get you another debt consolidation loan.

They do not get paid when you successfully follow a debt consolidation plan, so it simply *does not matter* to them. They get paid UPFRONT in the forms of fees and commissions so they have no vested interest in seeing you succeed financially. "Wham, bam, thank you ma'am" ought to be
their motto because they make a sale and get the hell out of Dodge.

As I have concluded before, consumers would be far better off by investing $20 in a solid personal finance book. If they follow along, reading and picking up the concepts that really drive finance, they will be far more knowledgable than the Primerica agent that just tried to cheat them.

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

Their email: [email protected]
Their name: Kyle

Their relationship to the company: Consumer Suggestion

Rebuttal:
It seems to me after reading all the information here, that people would rather bash a company with an opportunity than face the reality that they are just too scared to venture out. I know SEVERAL people who do very well with this company, as well as extremely morally sound individuals.

People are all too often to look at one bad apple and say they are all rotten. I would encourage people to truely take a look at all financial institutions as well as consumer reports before trusting some loud-mouthed individual who thinks they have all the answers. What I have noticed is people who truely have a desire to make an impact in people's financial life and will work hard, have a genuine opportunity in this company to be
successfull. Don't let other people dictate your future. Experience life for yourself!