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We are interested to find out if Primerica is a scam or not?
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9 comments:
Well, I can say that I just allowed my license to lapse and have been "terminated" from Primerica, after 4 years of inactivity. After I received my "termination" letter, I received a bill containing a "chargeback fee" that I now apparently owe them. I haven't the slightest clue what it is for, or how I acquired such a fee, but I find it very odd that after 4 years, they are suddenly charging me money. There is money to be made in Primerica and it isn't a "scam", however it is an MLM company, and as such, there is a great deal of pressure to recruit others to join the company under you and sell as well. What the company teaches financially is sound advice, however, if you are looking to learn it, or teach it for that matter, check out Dave Ramsey's material. From all I have read about it, Primerica reps earn lower commissions than those at other agencies, and given the extreme pressure to recruit, it isn't always as upfront about things as it should be. I'd just say, Buyer Beware on this one. Unless you are truly the type of person who is likely to have great success in a multi-level-marketing company, stay away.
I have been a represenative of Primerica since January 1999, I have also been a client since the same date. I have every product that Primerica markets and have made money as a rep, Primerica is not an employer! Primerica offers an oppertunity to own a business, like all business's if you work the business will make you money, if you don't work you won't make any money! You do not have to recruit a single person to make money in Primerica! Primerica offers 6 lines of business that will generate income if you "WORK" these busines lines are highly requlated by State and Federal governments which require you to obtain licenses to conduct business! Simply put if your lazy and expect to receive income for not working stay in your job its easier to hide there, if your work ethic is such that you are an achiever than give it a shot the worst you will get is an education on how money works. We Primerican rep's make a difference every day by helping educate families on how to eliminate debt, and save for retriement. Which of your creditors has steped forward lately to do the same?
Primerica is the best opportunity bar none in North America. I love it, I am free to make all the money I want, I have no boss and I spend as much time with my family as I want. What else could you ask for? In addition, I get to help people and get a good financial education. No job, no boss and a great retirement package. I don't rent my life to a job and I make more money then all the people in my neighborhood. People who put Primerica down are just ignorant and will be poor and dependent the rest of their lives.
You know what's interesting!!
when they came to my home, I asked the rep. from Primerica to leave me a copy of the policy so I can review it, she refused, she said you will receive a copy after you sign it!
They won't let you have a copy so you can read it on your own or review it with a lawyer.. sounds kinda fishy doesn't it? :)
I would be concerned about a Rep that would not allow me to review a policy, as well. However; the company's business policy (just like any other company) is that once you Life Insurance Policy has been issued you actuallt have 20 days to review and make a final decision. I am curious to know had the initial premium been paid. If an agent leaves a policy with you and never received it back, then the agent has to pay a fee for not returning the policy!
I am a financial advisor with a more reputable firm than primerica. I also live on a farm so last week i bought a new pair of work boots at TSC and the guy looking for the right size working there mentioned that he worked at primerica. Why would a client want to have a part time advisor? I do on the other hand want to thank you primerica agents for selling complete garbage that is very easy to show why a client should consider products from other companies. Being the honest person i am i feel as though i owe you guys something for doing so. I figure as a kind gesture i will continue to run my business and service clients full time so that you guys dont have to and will have time to work at TSC.
All I have witness over the last 20 years as life insurance agent and that AL WIlliams/Primerica does NOT sell life insurance they cancel every policy they come across and replace it with one of the most expensive non convertible term insurance in North America. Term insurance is a good and often much need product, however the reality of the stats term seldom if ever pays a claim as the premium eventually are too cost and the policy dies before the client. Buyer Beware!
Lies, Lies & more Lies ...is what a friend of mine recently went through with Primerica people in Canada. She said she did not want to cancel anything or buy anything new and was assured she wasn't. But she was sold a policy and they attempted to cancel the other policies she had. Problem was that they also lied on the disclosure forms about what was being replaced. I know there are likely good, ethical, knowledgable people working for them but these lies are typical of what I have heard. Part timers should not be planning people's Financial lives...Investments or Insurance. Recently I spoke to the Insurance Ombudsman and they said for people to get a copy of the info or illustrations but they won't leave them. Why not??
I love the fact that "anonymous" works for a "more reputable firm" that he doesn't mention the name of! I don't see any "actual" clients in here compalining, just reps from other firms that can't compete! Show me any reputable financial source that says anything other than what we teach. If you "advisors" from the other "reputable firms" are so awesome why is everyone so broke? Obviously, they must not be dealing with you and your "firm"! You guys make me laugh!
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