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We are interested to find out if Primerica is a scam or not?
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16 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!
The average income of an insurance agent in the industry is $48,866 according to salary.com
The average income of a primerica insurance agent according to Primerica's own website is $6,220. Seems like a great opportunity!
It's so unfortunate, people have been lied to by corporate America for so long, Americans don't know any better. I can say that I have finally noticed how it works. Now that we are about to kill big business profits by genuinely helping people, they will stop at nothing to throw Primerica under the bus. I will admit I was skeptical at first as everyone is, thats because I didn't know any better I've always gone by what commercial companies have been told me all my life. I now see that Primerica is a company that makes its clients and workers smarter in the decisions they make about finances rather than telling them what to do whether its good or bad. When was the last time a bank or your credit card company called you to see if you are saving enough for retirement or if you have a chance to get out of debt quicker? THEY WON"T!!!!! The faster you get out of debt to them, the less profit they make! If we can take you from 10 years in debt to 2 years, we are going to do it, but we don't want you to be in a hole either. So each plan is fit to each person or family no one plan for everybody in a city state or country.
Listen, the only reason you will hear bad things about Primerca is because big businesses want to stop you from saving money and killing their profits! Stop following the crowd and be a leader!
I have no financial qualifications, but yet primerca has attempted to recruit me on more then one occasion. The last time some tried to hire me, he told a story of how a high school janitor was able to 40,000 are year with primerica part time.
If the story is true, this is a person who sweeps floors all day also is also handling someone financial future.
So In truth I would never want to be associated with Primerica
Primerica is somewhat of a scam.I have been to some of their meetings.At first I was all for,fill out my application.I even ask some of my friends if they were interested in starting their own business and they said that they were not interested in Primerica because of how they treat people.After I have been attending the meetings,I started to become really skeptical about this company.
My sister even signed up for Primerica and she did not make any money off of it.I have done my research on this company and I'm not too suprised on how they scam people out of their money.And I don't know any insurance company that takes people's saliva and test to see if they are approved or not.So shady to me.
Someone at my church introduced me to Primerica and I'm not paying $99 plus $25 for my website.People don't have that kind of money these days.Why would somebody who doesn't have any type of experience on finances or have a college degree tell me or somebody else on how to save our money.
Think long and hard before you deal with Primerica. My 17 year old son's 'friend' told him he had a good job interview for him today. My son came home after an hour telling me he doesn't have to go away to college in six weeks. That the company told him he can make loads of money.
After hearing all their promises, my son's idea was to stay home, attend a local college part time & work for Primerica full time.
Can you imagine people that would 'scam' a kid into believing this! He is only 17 years old, I saw the contract papers he signed, and he also gave them the $99 to run a so called background check on him.
I worked long and hard for my son to get good grades and to be accepted into good colleges & just paid a large tuition to the college last week.
Honestly, I was trying to stay calm and talk some sense into my son, but I became hysterical crying.
I couldn't believe what I was hearing. Also the fact that these people would have a person, under the age of 18, sign a binding contract!
I waited for my husband to get home and we drove to the office. I admit, I was loud, demanding my son's money back & the original papers that he signed. I was told to 'keep it down,' I didn't.
I kept repeating how they took money & made promises to a 17 year old. Reminding them that you have to be at least 18 to sign any kind of contract papers.
I told them I was sure it was a pyramid scam, & how I was sure that my son's friend got a commission for having my son sign up and give $99.
The man there kept saying he didn't sign up my son, and would have to find out who signed him up.
Long story short, he said the man was out on an appointment & I should come back tomorrow morning for my son's money and the contract papers my son signed.
We shall see what happens tomorrow.
Also, from the comments on web sites, I know that you have to approach and annoy family members and friends to make deals for this company. There are many risks involved with the investments.
How can people live with themselves knowing they can destroy a family member or friend financially. My son has his whole future ahead of him, and they could have destroyed that.
I guess I can go on and on, but how desperate is a company that they would con a 17 year old?
I can assure you that if they don't have the papers, and my son's money tomorrow morning, I will press charges. Please BEWARE!
1. Part-time making $3000/month let’s say...how can you be a reputable financial advisor and be a janitor by day (not literally knocking on the janitorial profession)? Between servicing existing clients and then working on marketing strategies to find new ones (not to mention paperwork and prep work)...this is a full time job! Do you guys do on-going servicing and at least yearly reviews for clients? Or do you just take the money and run? Because if you're an established professional and have hundreds of clients, I don't know how it's respectable.
2. If you want to be a "financial advisor", you need clients...not recruits. I had a friend who accepted a PFSL offer and said they wouldn't let him go get his training/schooling for his mutual funds and life insurance license until he had 1 client (himself) and a recruit. This business model in my opinion is simply unprofessional. In the meantime, he was pressured to book appointments with his friends and family so his TRAINER could service them and "provide solutions" (and make all the commissions because my friend was not licensed and qualified to provide financial advice let alone get paid for it). Good leaders lead by example. I don't know how a PFSL agent can have 1 or no clients but recruit 30 people who do a good job, make some good money possibly, and then call yourself a "financial advisor" at the end of the day. This model tarnishes the financial services industry.
3. I noticed that PFSL only carries 12 funds or so in Canada (according to Globefund.ca). Not much flexibility or diversity options. And do your funds even have no-load (NL) options in addition to back-end or DSC? I have yet to see a PFSL guy offer anything but DSC so he can make his commission. What if a client has short term needs and may need his/her money in 2 weeks? Oh, they withdraw some and incur fees when due diligence knowingly should have put them in a no-load option. But again, I don't even know if you guys offer no-load on your funds.
4. BUY TERM AND INVEST THE DIFFERENCE model! In theory, this might work according to numbers IF AND ONLY IF they actually invest the difference at all times for the rest of their lives, have the funds do as planned and have the clients have the perfect investor behaviour (not a chance). Secondly, didn't you guys write an exam to get your life insurance license? Answers "A) B) C) D) and E)" and tough because not simply right answer but BEST answer. Or did your exam at PFSL just have "A) Term Insurance" for every question? Term products have their place but that's definitely not the only answer. In my personal opinion, every couple should (and optimistically if they qualify) have a joint-first-to-die term product that covers their mortgage, debt and income loss until their income earning years are over. So when a spouse dies, the other partner pays off all their debt and have income replacement left over so he/she can keep the same lifestyle (and not decline) Also, they should have a joint-last-to-die permanent (whole life, PAR or UL)to cover tax and estate planning issues. Maybe a nice tax-free inheritance to the kids? Protects my kids' inheritance just in case my wife and I divorce and she re-marries, and the new guy takes part of my bankroll. What if she remarries a few times or even worse, passes away and have everything roll over (spousal rollover)to the new guys? The point is this...term insurance doesn't come close to solving everything and yes, we advisors or planners actually plan.
My two cents...
Primerica is a scam. I am an attorney and have 3 clients that are proceeding against this company - be warned!
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