Primerica Financial Services a scam?
Over on my consumer awareness site, Pink Truth, I have put together a few articles about Primerica Financial Services.
Like Mary Kay, Usana, and Mannatech, Primerica is a multi-level marketing company (MLM). The big difference, however, is that these other companies have a tangible product for sale, and many of the abuses come from loading participants with inventory they won’t ever be able to sell.
Primerica sells insurance (mostly life insurance), mutual funds, mortgages, and debt consolidation services. It appears that “debt consolidation” is the cash cow for the company, and it’s questionable whether consumers are really better off with the Primerica products than without. (i.e. The representatives are incentivized to push these products, even if it may actually cost the consumer more money!)
Primerica is a subsidiary of Citigroup, so many think this gives them instant credibility. Not for me. All it means is that Citigroup executives figured out how lucrative MLM is for the owners of the scam.
Here’s where Primerica enters the territory of being a scam:
- Overpriced products pushed to low- and middle-income people who probably have little to no experience with these financial services. They won’t realize the products are overpriced.
- Most of the sales are made by unlicensed representatives, meaning they aren’t well-trained about the things they’re selling.
- The representatives are generally paid lower commissions than at other companies. This is because Primerica is paying up to six levels of people about the salesperson. This is a hallmark of multi-level marketing. The seller gets a small payday so that many in the upline can get paid too.
You can find more information about Primerica on Pink Truth.
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- United First Financial: Don’t believe the hype
John
Look it up.
Fitch Downgrades Primerica Life Insurance Company IFS to ‘A+’
25 Nov 2008 12:59 PM (EST)
Fitch Ratings-Chicago-25 November 2008: Fitch Ratings has downgraded the Insurer Financial Strength (IFS) rating of Primerica Life Insurance Company (Primerica Life) to ‘A+’ from ‘AA-’, reflecting Fitch’s downgrade of Primerica Life’s ultimate parent, Citigroup Inc (Citigroup) yesterday. The rating has also been removed the Rating Watch Negative. The Rating Outlook is Evolving.
Primerica Life’s rating is linked to the ratings of Citigroup in accordance with Fitch’s group rating methodology. However, the Evolving Outlook associated with the IFS rating of Primerica Life Insurance Company (Primerica Life) reflects Fitch’s view that Primerica Life is no longer core to the operations of Citigroup Inc, and its rating could be raised or lowered in the event of divestiture. While there has been no direct public statement from Citigroup that Primerica Life is for sale, Fitch views recent public commentary by senior management around the company’s strategic direction to indicate a material probability that the company’s insurance assets, including Primerica Life, will be divested over the near to intermediate-term.
CB
I believe the age requirements for almost any state is min 18 years old. You need to check your state Department of Insurance. You can not sell insurance unless you are licensed.
here it’s called a Province. and Here the avail. for work age is; 16.
Child was applying for a clerical JOB, not sales!
As for selling insurance …there is a difference between selling, and PAYING for TRAINING, with the catch that parents and friends would have to become a part of this training equation rather rapidly.
That by all accounts was not a “Job interview”!
Primerica called my kid in for an interview, not the other way around.
In all, it was illegal. I should have allowed for the “Trainers” to come visit us, and I should have phoned the authorities on them.
CB GET A LIFE! GOD FORBID YOUR SON WENT TO AN INTERVIEW HE WAS NOT INTERESTED IN.AT 17 HE WAS NOT QUALIFIED TO WORK WITH PFS ANYWAY. AND BY THE WAY I FOUND TRAINING EVEN IF I PAID FOR CAN GIVE YOU AN EDGE WHEN COMPETING IN THE MARKETPLACE
SJ: Look whose calling the kettle black!
You should get a (more honest) life.
When a person APPLIES for a job, then is called for an INTERVIEW by a company, that company quickly turns the “interview” into a training plug – that is wrong!
Wake up people. The 72 steps is brainwash for the feeble minded. You’ll fair better becoming a shoe salesman.
If he wanted to be trained in Economical / Financial stategies etc. He’d choose a reliable and legal Course in his University.
It’s not his fault Primerica called him in for a “Bait and Switch” (which, by the way, is illegal here) scheme to get his friends’ and our information in order to gain access to more contacts!
Stop lying, or I should rephrase; defrauding people.
WOW! SUCH HATE FOR SUCH A SMALL MATTER. SOUNDS LIKE YOU HAVE AN ANOTHER ADGENDA. DID YOU GET INVOLVED IN PFS & FAIL OR ARE YOU JUST “THAT” KIND OF PERSON WHO ALWAYS MAKES A MOUNTAIN OUT OF A MOLEHILL!I CAN’T SEE THE HARM BEING DONE HERE.
LOL!
No. No hidden agenda. Just your run-of-the-mill Federal Auditor, voicing out.
FYI: Anytime someone tries to gain implicit access into A RESIDENCE through a MINOR, by circuitous means just to make a sell,
is not a small matter.
It’s
1. Exploitation of a minor.
2. Fraud.
Both illegal in this country and if prosecuted = fined/jailed.
No small matter.
Your Truth vs. My Truth, doesn’t work with us here.
I get it. Just your typical Gov. employee trying to abuse your authority.You have not shown any evidence that was or is the intention of PFS. You should not be jumping to conclusions and making slanderous acusations unless you have real evidence that the intent was other than honorable.PLEASE GET A LIFE!
Hi to everyone. How is everyone doing?I have to say that there is a lot of BS or hot air on this blog. See the problem with the internet is that is not regulated. Anyone on this site that is putting Primerica, I must say is not very bright. And you Tracey Coenen, is the worst one. Who do you thiink you are giving advice to people about something that you don’t know much about. You mentioned that they can’t pay you enough to go to a meeting. Why don’t you talk to someone that’s has done it instead of shooting off your mouth. Youu have no right to take away an opportunity or dream from anyone. What if you came across someone that is at there wits end, is offered this opportunity with primerica, and accidently comes across this stupid blog and listens to your crap. Lets say that by listening to your BS and think that now they have nothing else on there plate and decide to end there life all because of your opinion. How would you feel? Do you care, probably not. I’m a representative with Primerica, and no it’s not perfect, but there is not any other opportunities knocking on my door, so this is where I’m staying. You know the old saying, “if you have nothing good to say, then maybe you should say nothing at all”. Get all the facts straight. God put us in this world to make a difference, not just in our lives or our families, but in our communities and the other people that God puts in our path. So my suggestion to you is keep your comments to yourself if your not sure of the big picture. For all of you people that are thinking about it but not quite sure, just 1 question for you,is there anyone else out there that is offering anything else to you that will help you live the life that other people only dream of? Stop with this negative crap and get on with your life. Oh yeah you know what they say about common sense right, it’s not very common. You guys grow up and have a nice day. God Bless. I’ll keep all you guys in my prayers ok.
Here is something for the pro Primerica agents to think about. many of you are new to the company and industry. Have no noticed you don’t see many of any “cash value” agents exposing Primerica’s product, compensation and or business model? It’s mostly former agents. many of the former agents are still in the industry. Think about it for a moment. For many of you the Primerica experience is the only one you know. Even if you disagre with some fo the things posted, do some research and then come back with a rebuttal. Contrary to what you beleive, Primerica is not a threat. You can be beat across the kitchen table be it for product or recruit. Some of us know, because we were once where you are..We know both sides. You only have on reference.
Primerica is a ripoff. Any Pyramid scheme is an exploitation for the rich to grow from.
I would like to know this other company founded by Art William’s brother mentioned earlier in such a good light. I was getting ready to make an appointment for my first “kitchen table.” Even after listening to weeks of motivational CD’s of RVP’s I still have reservations about surreptiously prying out my friend’s friends phone numbers. Privacy issues and identity theft are such big items nowadays.
Are there any experienced Primerica agents out there who discovered that their initial “warm market” was turned into a “cold market” via these agressive sales tactics? I’ve just signed-up and I’m worried about turning off 40 years of accumulated friends. Or do you find that by staying in Primerica you end up replacing one type of friend with another?
I just wanted to say that the so called “serious flaw” in our system does not work as you think. We got into shop to earn months ago and our left side just exploded…making it impossible to ever catch up to the points being accumulated. However, as we began to grow on our right side we started getting paid and they just subtracted the points we were paid for and we started accumulating again. GREAT SYSTEM> So to whomever thought they had discovered the FLAW…I say “Who is crying now? You could have been making so much money by now as this system has grown from 5000 people to 80,000 people in only 9 months. $450.00 is not alot to try to get ahead as we have all lost thousands in the stock market
All of you guys bashing Primerica are closed minded and obviously refuse to acknowledge that the company has been successful. Had it not been able to produce sufficient income for its reps in the early days of it’s creation it would have fizzled out! Im not going to spend much time arguing this with any of you (especially tracy) im just going to say is that it works whether you want to see that or not. I feel bad for those of you who are to pretty to even look at it. And for all the people who have had a bad experience with it i apologize. Some reps just dont know how to conduct themselves so they treat clients poorly. And some just and dont have what it takes to succeed.
I keep hearing that Primerica requires recruiting. Why does that matter? That doesn’t make this a bad company. Tracy, you keep talking that Primerica agents are underpaid. You obviously don’t work there so why does it matter to you how much we’re paid. That’s our business and if we’re ok with it then you’re opinion doesn’t matter. As for our products being overpriced: sometimes they are higher than the competition. In that case, we don’t sell it. I have personally told a client that they would be saving money by not buying from me and therefore should keep what they have. When you consider the loan business, Primerica’s home office will reject any loan application that doesn’t help the client. As for anybody that is worried about this being a scheme, this website means nothing. Anybody can type anything on the internet. You could google search “I hate Christmas” and get results. The only thing I will say to you come ready to work. You will not get paid just for showing up. Anybody down on Primerica either doesn’t know what they are talking about, missed out on their opportunity, or wanted something for nothing and didn’t work. If you are willing to put in the effort, you can have great success with this company.
Dave once you give your warm list over to Primeica they will own them if the buy any products. ASK your RVP or read your contract. If I were you I would go on appointments with your trainer with his/her clients and then once you get licensed work your own warm market list. Just make sure you know your contract. It’s very easy to get in with Primerica, but if by chance you want to leave you must know what you can take with you.
I am researching this site and others to find out about Primerica because a old friend of mine contacted me after years of us not seeing each other to offer me a job with this company. As I was reading the above comments I saw Colin’s question about the training fees and that is so. I was advised that I would have to pay a one time anuaul free of $99.00 for the current literature plus a $25.00 monthly fee for training. Also it would fall into our financial responsibilities to cover any expense that pops up such as potential clients luncheons, gas for client visits, phone expense (we need to use our own mobile while on the road), etc. With what I have seen so far I am already in the NO THANK YOU area! It is sad that not only do you need to hustle the people you know but once you get a client you have to push them to refer their close friends and family to also try this program because they work solely off references or “word of mouth” as they call it. I don’t know if it is or isn’t a scam but I will say that as far and time and money goes, you invest a lot of time and the rewards don’t start showing until you get rep’s under your belt because that is how they make money off of what you sell!
This may be for some people but personally I consider my time valuable and I am not here to make someone else money! Nor do I want to rely on some “word of mouth” system of getting money!
Just thought you should know and thank you for the information posted on this site!
It is sad to see that so many of you people are blinded by your 9-5. If this is the best for you to live and let people decide on how you live your life, where you can live, what type of house you can live in, what type of car you drive, where your kids can go to school just to list those well do it.
Instead of grabbing an opportunity that can make your life and that of your family better, you look for flaws in the system. Well good luck with the downsizing that all the companies are going through right now.
If you are not willing to invest time and money into yourselves you deserve to be out of a job and struggling. you deserve to be frustrated and wondering about your unclear future.
It is so comical to me how you retarded people got fooled by the real pyramid scheme that is Corporate America. they decide how much you are worth and they decide your entire life. Bet you never seen that way have you. You are working for $10/hr, if even that, to make someone else a millionaire. How smart!! You are about to get laid-off just so that the shareholders and the heads of the company can keep on getting their millions.
Besides if what they ask you to invest in yourselves is a problem for you and you can’t attend those meetings there’s a problem. What you have been doing was not working. It was wrong and your finances are not on point. Now you call Primerica a scheme or a scam or w/e because they offer you the chance of making money on your efforts not based on your time. Sorry to break it down to you all, but every rich person makes most of their money based on their efforts not their time. They make what they are worth because they took the time to invest into themselves. A lot of the bigs started with nothing. Faced Bankruptcies, went through deep depression. But the difference between them and you is that they had a vision for themselves and they knew that staying in corporate america would not allow them to have what they want.
So all of you dull, disillusioned, dead bit, “I have no more dreams left in me because Corporate america doesn’t allow it”, mean to tell me this is a scheme or a scam still. By the way sorry to break it down to all of you but the layoff spree is not over and watch your tails.
That’s the same way Ray Crock was called a scam when he was about to start his Franchise called McDonald’s. Now everyone is wishing they could buy a McDonald’s. well cry me a river because you no longer have the funds for that. your parents and grandparents should have jumped on the opportunity when it was just $5000 per branch (if they could of course.)
People are talking bad about the recruiting aspect. Every business recruits. This is how they get people. one Question for you all: if you were opening a business who are the first people you would talk to? There is no scheme about that… Unless you are 18yo, you cannot join the company. you will not be allowed to get licensed. All of saying nonsense about minors being used and agents not licensed check your facts. A warm market will never turn cold. Friends don’t let Friends retire broke. if I’m able to help you get out of your problems why wouldn’t you refer me to the people you value. Don’t you think they would appreciate it more than if one day you retire successfully and they still have to work through retirement? Right now a lot of people are in the dark about their retirement. We are the light at the end of the tunnel. But if you this blog and these comments are the way you think, you will for ever be stuck in the tunnel.
Primerica is not perfect for a fact. There are people in the system that make it look and sound bad. This cannot be avoided: it’s human nature. But once the company discovers that their guidelines are not respected they take actions.
Listen people stop that nonsense and open your eyes. Just because the company allows you to dream again doesn’t make it bad. If you could just wake up and smell the coffee. Even CEOs are losing their Jobs. What makes you think you are safe as a W2. They don’t give a Squat about you. Where as in our company, unless you decide to be unlawful and a risk for the company, you are on a 1099. Meaning you are the master of your destiny. You get paid for what you do and what you are worth; not for what we decide you are worth. Now just like in every business there is a lather to climb. but you will surely get to the top of that lather if you do what is right. There is no discrimination in our company. You do what you have to do, you will make it.
Now Primerica is not for everyone but their services are for everyone. Listen to the big financial advisers on TV. you know who I’m talking about. we market exactly what they advise. “BUY TERM AND INVEST THE DIFFERENCE.” people it is simple and we are great at what we do.
Let me just leave you with that question (that is if you don’t own what you do and even if you do): Are you happy where are and are you really, truthfully, completely secure?
I know I am
Let me sum up The One’s long post for you. “It is OK to make money off of family and friends.” Primerica is the new Amway.
I’ve put some thought into this. I really don’t give a crap if anybody else agrees with me that Primerica is a good company. I have seen what it can do for people and I’m making money helping others. If you don’t think that what we do is right then that’s ok. I’m gonna keep making money and doing the right thing and you can keep complaining about your life and wonder why you’ve got nothing.
Lots of hot air…lets talk about “buy term and invest the difference”…so, hows that difference working out for you ? Think of all the people you hoodwinked into cancelling their permanent life insurance (you know, the kind with cash value and guarantees)and squandered “their difference” . The worst part is the fact that less than “one percent” of all term policies actually result in a claim ! Helping people with no insurance at all is certainly not a crime…but replacing a product with real value and one that will definitley pay a claim because your client WILL die one day is just plain BAD ADVICE ! Any jerk that thinks you don’t need insurance after age 65 should not be in the business in the first place !
Something you PFS people need to think about is the convention and trips were canceled. PFS is in Citi holdings to be sold or wound down. You guys are independent business people. You need to get off message boards and handle YOUR business..You need to start asking questions.
To all Primerica losers. Just look at your gross income and subtract your out of pocket expenses and if you can’t recognize you make less than minimum wage then your still a loser and you deserve to be the servants to the rich at the top of your pyramid!! You would make more working at Mcdonalds and be a lot happier.
It is hard to get the PFS agents to see the light. They have no prior experience before they sign up and are utterly convinced that they are trained. Well they are trained on recruiting tactics and as sales people of their limited products but other than that good luck.
Actually they cannot have trained professionals because they have a conflict of interest on anyone trained to give objective advice. Their products are no better than average and they cost too much.
The company reported a net income payout of 544 million for 2007.
Although the bulk of the money goes to their cult leaders, we’ll be nice and simply divide 544 mill by 100,000 agents. That totals a bit over 5K a year. If we divide it by only 50K agents then that’s $10,800 a year and 25K agents $21,800 a year.
I think that a person at Mcdonald’s does make more and they know it too but they are always taught to not focus on their current results and just keep dreaming about the millions they ‘could’ make.
They think they are doing good because the shaft they use is 3 inches smaller than the other guy (sorry about the analogy but it fits).
I mean who the hell wants to pay top dollar for a term policy that’s not even guaranteed to be leveled past 20 years?
Sure any term is cheaper than whole life but in my opinion their term is the ripoff of all terms and that is what they don’t want to see.
Look at that broke person there talking about all the desilusioned 9-5 people who make more than him/her. Without 9-5 people you could not sell your crap to anyone buddy!
They are just fed all this pycho babble, they live a life full of contradictions and most of them quit anyway.
It is great to have an army of blind sales people and their cult leaders know that. They are way outdated and are a non-core asset which is winding down right now.
When your owner calls you a non-asset winding down it means you have no future. Also they love to talk about other’s making money (always someone else) as if money made a business ethical and good. If that’s the case drug dealers would be recruiting and wearing suits too.
They are set on a path of wishful thinking and unless they submit to the cut-throat system, few to none will make it.
If they make a few bucks they think tomorrow will get better. That’s nice but still you have to realistically look at your products and your business contract. If those are limited then you know everyone else has a better deal and you are there just to sell to your family because they trust you.
That is why they are given scripts rather than knowledge because it is all about the warm market that trusts you. Yet they cannot compare, carry or issue anything from any other providers.
So how good can they be if they have to hold their allegiance to the company instead of a consumer? Of course they will argue that but if you meet with one ask them to bring you verifiable quotes from companies YOU check out.
That way they don’t show you only the companies they know they can beat.
Those people need to wake up and realize they are being used.
It always amazes me when I run across posts like these that so much time and effort go into attacking Primerica and Primerica agents. The arrogant and condescending language about the intelligence and integrity of people you don’t even know is appalling.
If you don’t like Primerica and their business model, that’s fine; and your entitled to your opinion.
I only wish everyone would have the experience I’ve had with Primerica.
I have been a client of Primerica for about a year, I have been an agent for about 10 months and will be promoting to Division Leader this month. I was so impressed with what it did for me that I wanted to learn more and be able to help others.
Since becoming a client of Primerica:
1. I have saved more money for retirement than ever before.
2. I have less debt than ever before.
3. I have a specific plan that is working great for my finances.
4. I am 100% satisfied with Primerica products.
Since becoming a Primerica Agent:
1. I have made a nice part-time income and gained some tax advantage.
2. I now have my securities license and life license and didn’t pay a dime to get it. Primerica paid for it all.
3. I have learned a lot about mortgages, life insurance, investments and finances. I would join the Primerica team all over again just for this benefit.
4. I have been exposed to new ideas and personal development concepts that have enhanced every other area of my life.
I will defend Primerica and the principles it stands for and I’m not ashamed of that. I would suggest anyone to give Primerica their best shot. At the same time, I can’t defend the actions of every Primerica agent or what every RVP has done…
Primerica’s Past…
A.L. Williams
- http://www.nytimes.com/1986/05/11/business/crusading-for-term-life-insurance.html
- http://www.highbeam.com/doc/1G1-9048947.html
- http://www.highbeam.com/doc/1G1-8923197.html
- http://www.highbeam.com/doc/1G1-9085699.html
- http://www.highbeam.com/doc/1G1-14632736.html
- http://www.highbeam.com/doc/1G1-13433813.html
- http://www.highbeam.com/doc/1G1-4189489.html
Hey, I just went to does meetings that are so infomous. I went in said to myself maybe this is only a presentation to give out information. Most of their qoutes were in fact out dated. Guy made a large amount of money, when?!!! Before the resesion, may 2007.I was okay…what ever.
I asked the guy who wanted to recruit me basic questions.
Q.Do you offer w-2s?
A.no, i dont know, maybe, I will ask.
(that guy was there at least three moths and still did not know, probably has still not seen a cent)
Q.Do you guys have a balance sheet?
A.What is a balance sheet?
(honestly I thought the presentation was to dangle money infront of the new recruits and make them join)
Q.Why is every one a Regional Vice President?
A.???
(I noticed that there were only two tittles, something leader and rvp. After that there was nothing else. Yeah every one can become a president, in their own little world)
They make everything sound “good”,(to people that are ignorant, and unintelligent)
What I noticed that was really disturbing was the spokeslady made a comment about family seeing you drunk and throwing up, and everyone was truly amused and were giving each other high fives….ghetto..
After some remarks, the lady began passing checks to people that work there and telling the audince how little they worked.Also they kept mentioning that if you dont do this you are intelligent, or ignorant. I felt that their main concern was to make people feel dumb to later tell them that they are smart for joining.
anyways, I am going there for the second time to see more in depth what they have to offer. I feel that I might learn something about finances, but I will say that I dont intend to create a business from there, but to use it as another means of learning about finacing.
Okay, today is the second day on this.
I went to the interview, let me tell you it was informal. They chose a location at the mall wich was too load to hear them.
The guy who first ask me to join was not allowed to speak, not because it is a rule, but because the other guy would give him a look like, “are you dumb, for saying that comment”
the guy used to be a mechanic, but because he did not know how to sell him self in the work force he bought into selling polocies, he has been in this for ten months and has not seen one penny. For him it is a full time job and it looks like it is taking a toll on him. He had drowsy eyes and a look like I am tired of this. Anyways…
First they acted like I was dumb and did not understand what they were saying, which in reality they could only explain it in kids terms, probably how others explained it to them.
I kept telling them I understand, (can you move on with your presentation), but they kept persisting. anyways it looked like I was doing the interview, and not the other way around. Lets say that they ended the conversation prematurely, because they were infact running out of answers.
THIS
Continuing….
THIS IS INFACT A PYRAMID, DISGUISED AS AN INSURANCE CAREER BROKER.
HOW THEY GET YOU IS BY GETTING PEOPLE TO BUY INTO IT AND MAKING THEM PAY 25 DOLLARS A MONTH (equaling 300 dollars a year, plus exams which are 99 dollars each, which you need three)
IT WILL!!! TAKE YOU A YEAR TO ACOMPLISH THE LICENCE,
TOTAL PRICE: 600 DOLLARS PER MEMBER
YOU DO GET COMISSION FOR RECRUTING!!! OTHERS!!!
nOW YOU TELL ME IF IT NOT A PYRAMID!!!!
last posting
I saw the business plan of primerica,
there are six levels, and in order to get to the top levels you need to recruit for the lower levels. the top of the pyramid is RVP and the bottom is representative.
you get 25% of commision if you sale a policy, (keep in mind comission is only 2% of the policy) reality you get .05% of the policy you sell the rest goes to the RVP.
I ask can i just do it in a two man team, his respond was No!!!
Q. why?
A, he could not explain and said if i wanted to talk to his RVP, I was like No thanks. (if you do a two man team you break the cycle and then destroy the point of Primerica and on the way earn great money)
I felt you could only be half less good as the guy on top of you, which if he sucked you would have to carry his weight.
i just got a call at my part time job i am very young and got asked to work for a vp at primerica what do u think
I think I am in love with you Tracy! Your explanation and comments describe exactly what I’ve been thinking. I wish there was a way to legally NOT ALLOW MLM’s in America, or at least ones that don’t help a potential independent sales agent make at least more than 25% commission on their sales. I cannot believe how PFS preys and sucks uneducated and naive people to churn money in for them.
PFS is right- they at least help people start thinking about things, but while their clients are at least getting insurance or saving some money (even though they can get better products elsewhere; so really it’s not 100% of the time) the PFS reps themselves are starving, borrowing money, losing cars, houses, and most importantly, the respect of the people around them.
Greed has taken over the world- and it’s very evident at the number of people who grasp onto the straws of PFS.
I am NOT for communism AT ALL, but in this case, China has done something good. PFS can’t exist there and hurt all the people that may potentially waste years and relationships for chasing a dream that only happens for a select few.
Start gambling, you have a better percentage of making it rich that way!
For whoever said that “PFS doesn’t cost money- the only thing you lose is your time” Ummmm… Time IS money. All that time potentially making more money elsewhere, how much did that cost you?
For all PFSers who say going to college is a waste, how many years and time (unpaid) have will you have to waste before you realize that maybe, just maybe, you should have kept your original dream and not let greed and lust overtake you?
For all the PFSers who say “Every insurance company has bad stuff said about working for them on the internet” well, like I learned in elementary school, if you hear something negative over and over, it’s most likely true. I wish there was a way to measure HOW many PFS complaints/bad stories/bad experiences there are compared to other companies, because I’m certain that PFS is the worst of the worst companies to work with in the insurance sector.
What really gets to me is that I feel that PFS has helped more people (the people that used to work for them) then they can ever help.
Aahg. I meant PFS has HURT more people, their reps, then the number of people they can ever help.
Has anyone else noticed that about 90% of the sites attacking Primerica are either sponsored by Financial Companies (like this one ING) or owned by a Financial Company. A friend of mine that is a lawyer out in Hamilton Ontario actualy pointed it out for me after i asked him to do some actual credable research about the company after being approached by a Regional Vice President. Listen people the internet and media IS NOT a credible source for information. Get the facts, don’t let these sources manipulate you.
Nice try Sergio, but this site isn’t “sponsored” by ING. I simply have an advertisement for one of their products here.
Sergio, your lawyer buddy figuring out that sites that talk about financial matters usually get served up financial ads is groundbreaking research.
The primerica company I am part is located her ein San Diego and they are a fine group of people- We help- We laugh- We cry- We watch the padres lose- We are part of a wonderful team that does good for people.
Wow, Tracy’s a douchebag…
Wow, “guy”, what an eloquent argument.
Its funny how you all say the few at the top making the millions while the little guy at the bottom doesn’t make nearly as much. Well isn’t that in essence the same as any of the Furtune 500 companies in America. Show me just one company that has its low end personel making more money than the top executives. It just doesn’t happen. Its the basis on business management.
Brent – There are two big differences:
1. Corporate America is not pay to play, but MLM is. You have sign up fees and all sorts of other fees to be “qualified” to receive any compensation. In the real business world, workers don’t buy their jobs.
2. In corporate America, those who put in full-time effort get full-time pay. In MLM, even if you’re profiting, you’re almost guaranteed to NOT make a living wage. And the vast majority lose money.
Quote from “truth”:
“HOW THEY GET YOU IS BY GETTING PEOPLE TO BUY INTO IT AND MAKING THEM PAY 25 DOLLARS A MONTH (equaling 300 dollars a year, plus exams which are 99 dollars each, which you need three)
IT WILL!!! TAKE YOU A YEAR TO ACOMPLISH THE LICENCE,
TOTAL PRICE: 600 DOLLARS PER MEMBER
YOU DO GET COMISSION FOR RECRUTING!!! OTHERS!!!”
The $25/mo is for an optional sales tool that provides various forms and applications in an electronic format. Most offices have a computer that has it available free of charge for representatives to use to complete Financial Needs Analysis for their clients, etc.
How long it takes to accomplish the license solely depends on how long it takes an individual to study and prepare for the state/federal mandated exams (Life Insurance, Loan Solicitor, Series 6 & 63 Investments Licenses). Representatives are NEVER encouraged to take a year to do so since the exams are standardized 100 question multiple choice similar to the exams that are necessary for ANY licensing requirement. The fees for the licenses do not go to Primerica, they are charged by the state or federal government depending on which license.
It’s true, you do not get paid to recruit. And you do not have to. You can be self employed and in sales for the rest of your life and never get to a level of sales management if you want to.
My comment about Primerica go with your heart and first mind. DON’T FOOL with it. Its a PYRAMID and RED FLAGS are every where.
Primerica is not a pyramid. That is simpleton speak.Here is the primary reason why its NOT a pyramid: The price of the product is fixed and the commission is split just like in any other sales organization.You as the agent cant mark up the price of Lifeinsurance! IN these other deals, the price of the product can be marked up to satisfy the upline’s needs. Primerica does NOT allow that, NO insurance company allows that! That takes it out of the pyramid category.Many people who are not familiar with Sales will make that “Pyramid” comment. ALL Insurance companies recruit and build sales teams. MGAs(Managing General Agencies) look for distribution channels to push their product to the marketplace or consumers. They will get a cut from the commission or split it with the Agent or Agency. Primerica is no different. Its a fine company, BUT they only sell Term Insurance. That is where my issue with this company begins.”Buy Term and Invest the Difference” is not the ONLY plan for clients. This will be the programming for new agents.If there is no other reference to off set this programming, then a new recruit will believe that every other agent out there is trying to RIP them off. Personally speaking, I would learn products with a different company so you can see all things NOT just Term Insurance.
Tracy, you are a very angry person. Have you been stung by a MLM. I have been…. Amway (and I’m still angry – at myself). I burned through about $3000 in my ealry 20’s that I did not have. I am not a Primerica rep, I came to this sit only to gain information. I had, what I thought was going to be an interview yesterday. The organization posted as a front “BLANK and Associates” and asked me to come in for an interview. Background research produced no website for them. I arrived at a very dissappointing (and smelly) office building with only a small Primerica sign as a list of tenents. Familiar with finanacial planning I could see that things just didn’t jive. I will probably accept their invitation to attend day two, but only because their was a smoking hot blonde there and I need to ask her to dinner.
LOL @ Kevin. Who knew that speaking the truth about a company equated being an “angry” person? No, I haven’t been “stung” by an MLM, but millions of people have. I’m just giving them a fighting chance… offering the information they won’t get from the recruiters but need to have in order to make an informed decision.
Anne Krall Says:
Have you figured out how to run a business with no overhead? I would love to hear your tips on that.
The best way to run a business with no overhead is to hire independent contractors (tell them they are business owners) and let them pay the overhead costs…………….. (I think Primerica is one up on you.)
Lol, I’m going to one of these meetings tonight just to humor a friend of mine. I invision myself walking out about half way thru the interview much like I did at the Cut co. meeting. At any rate this should be funny. Ima take notes on how many red flags I can find.
does anyone have a success story of someone they know that has concrete story of success with this company?
Alright, all arguments aside. I know it’s a MLM, can I actually make some cash on the side selling Primerica products to low-middle income families who know very little about financial products anyway?
You can compare its products to other companies all you want and all I will say is, fine there are cheaper and better products out there but these families don’t know any better so getting them on some sort of track is better than not.
My questions are: Can I advertise? How much do I have to pay? Truthfully, what are the commission amounts like? How quickly can I obtain these licenses? Can I branch beyond a warm market? How much does it cost the clients to switch over to Primerica products if they already have their own?