Complaint Review: Primerica

P.D. THAT WAS VERY WELL EXPLAINED. MAYBE PEOPLE WILL THEN UNDERSTAND AND HAVE SOME LIGHT SHED ON THEIR NEGATIVE EXPERIENCE AND TURN IT INTO A POSITIVE EXPERIENCE AND ALSO HAVE SOME LIGHT SHED ON THE BACKGROUND OF THE COMPANY AND IT'S AFFILIATES, ETC. THE PROBLEM WITH A LOT OF THE PEOPLE THAT HAVE ALLEGED(I STRONGLY EMPHASIZE THE WORD "ALLEGED")THAT THEY WERE LIED TO OR RIPPED OFF OR TAKEN ADVANTAGE OF THEY HAVE NOT EVEN ELABORATED ON THEIR SITUATION, ALL THEY SAID IS THAT THEY WERE RIPPED OFF OR TAKEN ADVANTAGE OF OR LIED TO.

I HAVE YET TO SEEN OR READ ANY PROOF THAT ANY OF THESE SITUATIONS HAS OCCURRED. MY QUESTION TO EVERYONE THAT IS MAKING THESE ALLEGATIONS IS, DID ALL OF YOU STICK AROUND LONG ENOUGH TO DIG DEEP INTO THE COMPANY AND FIND OUT HOW THEY OPERATE,IF YOU FEEL YOU WERE LIED TO CALL THE HOME OFFICE AND GET ANSWERS TO VERIFY, AND FOR THOSE WHO FEEL THAT THEY ARE HAVING TO PAY FOR A JOB POSITION, I THINK THAT THE $199 THAT PEOPLE PAY FOR THE APPLICATION IS A LOT LESS THAN WHAT YOU WOULD PAY FOR A COLLEGE EDUCATION,BESIDES YOU ARE NOT PAYING FOR A JOB POSITION.

YOU ARE INDEPENDENTLY CONTRACTED, YOU WORK FOR YOURSELF, BUT ARE NOT IN BUSINESS BY YOURSELF. OOOH WHAT A CONCEPT. PART OF THE 199 GOES TO A FBI BACKGROUND CHECK. WOULD YOU WANT SOMEONE THAT IS A CONVICTED FELON WORKING WITH YOUR MONEY?

WHAT IS THE BIG STINK ABOUT THE 199? PEOPLE SPEND MORE THAN THAT ON THEIR CREDIT CARDS AND WHAT DO THEY HAVE TO SHOW FOR IT? A BILL EVERY MONTH AND SOME INTEREST ADDED TO IT.

I FEEL THAT THE THINGS MENTIONED IN THESE LAST TWO REPORTS HAVE A LOT OF STRONG CREDIBILITY AND TRUTH TO IT IF PEOPLE WOULD JUST OPEN THEIR EYES AND STOP ASSUMING AND ALLEGING AND CRYING WOLF.

This is really in response to alot of comments that i've seen all over this site.

and FYI, i'm on this site, cuz i'm curious about what problems people see with Primerica.

#6 Fortune 500
#12 Fortune Global 500
#9 Fortune Americas Most Admired
#8 Fortune Global Most Admired
#1 (tied) Forbes Super 500

Citigroup is large enough, that, if primerica was any kind of liability, we would have been sold off a long time ago. Just look at Traveler's Property and Casuality. They botched up a little last year, and Sandy Weil put 'em on the auction block. The truth is, Primerica is listed with every other subsidary on Citigroup's Financial Reports.
Enrons assets = $65,503,000
Citigroups Assets=$1,051,450,000

Size isn't an issue. Go look at the debt ratings of Citigroup compared to Enron at its peak. Citigroup has them whooped. Arguably, Citigroup is a lot more diverse than Enron. Money, unlike most manufactured goods, resources, or services, never will go out of style. So quit with the enron thing.

When Citicorp and Travelers Group merged, it required an act of congress. Largely due to the reason that no insurance company, lending institution, and investment broker had been under the same company in this country. Primerica is one of the only, if not the only company that can broker life insurance, loans, prepaid legal insurance, investments, new money mortgages (starting this year), long term care, and there is even a rumor that we may reinstate doing auto and home insurance.

Yes, our company does continue to grow. Revenue from Primerica was up 8% last quarter according to Citigroups financial report for last quarter. Our market penetration has increased every year. If your judging this strictly on number of representatives, I honestly think the number of actual people that my have joined or left is a very misleading statistic. For several reasons:
1. The fact of the matter is not everyone who signs an IBA to work with the company actually follows through. Often times people change their minds, or sit through their first licensing class and quit. Or they fail their life, health and accident licensing exam, and quit.
2. Primerica offers the opportunity to work part time. People work part time for a while, and decide to stop. Or, theyll go 6 months without doing a single sale, and start it up again.
3. A lot of people arent good at what we do. So they quit.
4. People go inactive for a while and allow their licensing to expire. Then, they quit.
5. A lot of people think this is a get rich quit scheme. Realize its not, then quit.

This company isnt for the lazy. Its not a get rich quick scheme. You are given an opportunity, and you work. That simple.

Something I would like to point out is that it is illegal (in most states) to have more than 25% of what you sell as an insurance agent be to your family and friends. People whine about training in their warm market with their up line. Big whoop. If you can sincerely help people, such as your family and friends, and you dont want to, something is wrong with you. Most RVPs will reimburse you your $200 after you complete 6 training appointments, which, when you think about it, is probably just slightly less than what you would have earned had you done business with thee of those appointments.

We do the training appointments to help our trainees generate a market. We work on a referral based system. We ask for referrals if we are able to help people out. Usually, after we help a family on their way to being debt free, they are more than happy to oblige quite enthusiastically.

You do not pay all $200 if you are already licensed for your life, health, and accident insurance. Often times, you pay only the $10 processing fee for your application. Also, we often expedite the process for your series 6 (mutual fund) license if you already come in with a life, health, and accident license.

Financial Need Analysis are not inflated. They are a reflection of the answers provided by the client, based on simple mathematical formulas. Sometimes an FNA can come back and say that the client is in good financial shape. In which case, we tell them such and move on.

People keep talking about an interest rate that is 1-2% above the current loan rate being in the best interest of the client, and the truth of the matter is, it very well can be in most cases. (BTW, before anyone says one more thing about CitiFinancial being predatory, go look up the actual case. For one, Commercial Credit was the one issuing the predatory loans. It was restructured as CitiFinancial. But look it up, sheds a lot of logic to the whole mess).

There are two kinds of interest involved with loans. Scheduled (Compound) Interest and Simple Interest. Very simply put (and yes Im oversimplifying this right now) if you take and $100,000 and accrue 12% SIMPLE interest over the course of the year you now have ($100,000*12%) $112,000. If you take $100,000 and accrue 12% compounded monthly you have ($100,000*((12%/12)^12)) $112,682. Now when this is done on a mortgage, this can actually be a very powerful thing. Simple interest loans allow you to pay down the principle a lot faster than the Scheduled Interest. And of course, the less the principle, the less interest that will accrue. I will try to find a chart or a link that illustrates what Im talking about.

On another side note, yes interest really does mean jack. If you pay off your loan expediently, the money extra youll spend is very little, if any.

We may not have the cheapest products. Term insurance is however, the cheapest form of insurance. Im sure there is term insurance that may be cheaper than ours. I doubt youll find one thats cheaper thats also rated an A++. I also doubt youll find that company pushing anything other than Cash-Value life insurance.

The point of the matter is every office is different. Each is individually owned and operated. There is no doubt in my mind that there are some true numbskulls running some offices out there, and that pisses me off because I see the potential for this company to grow. My office has very professional guidelines. We have a very set interview process. We dont take everyone. We turn people away all the time. Truth of the matter is we see the potential in the business. We look for people that are leaders. That will contribute to our team, as much as we contribute to them.

Im not in this to get rich quick. Im in this to get rich. Im in this to get rich by doing what I love most: Helping people. Sure, maybe you can call that corny, but I see what I do for people. I really do feel that I change lives one person at a time. The fact that I can make tons of money doing it, makes me that much happier. I love my job. I love my office. I love the people I work with. I havent been exploited. I havent been treated as a number. I will work my a*s off, and have my own office. I will see to it that I help, in every way that Im able my downlines to open their offices as well.

I'm not evil. i'm not out to mislead people about anything. I'm a hard working. I have a stong business background. And i am helping people, one family at a time :)

I think Primerica has pretty well been slam-dunked into $hit can of oblivion on this site, despite the positive replies of questionable authenticity.

But I digress from the point of this post: I notice a seeming train of thought emerging from some of the entries. That is the relationship between education (and/or degrees held) and intellegence.

I.E.: "I have attained several college degree's (A.A, A.S, and a B.S) and I am currently in graduate school. I state this to assure the readers that I am not some "idiot" as some of the other postings imply PFS associates are."

Education does not result in intellegence (or change the degree of the idiocy within an individual). An idiot is an idiot, educated or not. Within the range of idiocy we can find evenly dispersed educated and non-educated idiots.

We can also find individuals who, after years of (claimed) education, don't seem to know that an "s" added to a noun to make it plural doesn't require an apostrophe. How humorous!..nawww, scratch that. It's sad, really.

......just the rant of an uneducated semi-idiot.

Adolph

Above, I meant to say that 103,000 (not 203,000)people left, while about 100,000 joined.

"1) Primerica is affiliated with Citigroup. The largest Financial Service Company in the world. We are a sister company with companies such as Travelers bank, Citibank, Salomon Smith Barney and others.... "

I guess if Enron had been a little larger, they wouldn't have gotten themselves into that little mess, according to your logic.

"Primerica IS NOT a new company, it is celebrating 25 very successful years and STILL continues to grow as a new company might be expected to do so. "

Actually more people left than joined in 2000. About 100,000 went into the revolving door, and 203,000 left.

"Primerica is the ONLY financial service company that offers all it's services under one roof. "

WOW!! If you were licensed and said that, it might be illegal to do so. Where did you hear this?????? It js an outright lie!

"Most importantly if there is ONE THING Primerica stresses to it's PFA's is "do what is RIGHT for the clinet above all else!" "

Could you explain to me how refinancing at a higher interest rate (+1-2% above the current loan rate) and tacking on a prepayment penalty is in the best interest of the client?

"Tomorrow I am scheduled to take my life insurance test. It would have cost me over $500. Because of Primerica, it will cost me 199. "

Actually, you will need to wait so that your upline can exploit your best leads - your friends and family - for sales. Then you will be left with no warm market and you get to recruit at malls and gas stations like the rest of the PFAs.

"Perhaps some folks will never have an attitude of grattitude? Perhaps we've forgotten what it means to dream but my family and I are relearning the lost science of dreaming and I owe that to Primerica!"

Dream on! The average earnings is less than $1000 per agent annually.

"I was first a client and too figured Primerica was too good to be true. I am now investing my time in Primerica and STILL think it's too good to be true.... and yet, it is true!"

Come back in a year and let us know how you're doing.

My background is as follows:

I managed a retail chain generating 3,000,000 in revenue per year for 10 years. Of this my salary was in the low 30's.

I then went back to school and achieved my BA in Integrated Studies, English and Special Ed. I taught at the middle school for three years and left because of politics.

I have recently joined with Primerica and although no one is really an employee because it's a 1099, please consider my rebuttal to the negative comments on these pages.

In doing so I'd ask for each reader to consider the facts.
1) Primerica is affiliated with Citigroup. The largest Financial Service Company in the world. We are a sister company with companies such as Travelers bank, Citibank, Salomon Smith Barney and others....

Sandy Weil is the wall street legend behind Citigroup, does any of these comments then make sense?

Primerica IS NOT a new company, it is celebrating 25 very successful years and STILL continues to grow as a new company might be expected to do so.

Primerica is the ONLY financial service company that offers all it's services under one roof.

Most importantly if there is ONE THING Primerica stresses to it's PFA's is "do what is RIGHT for the clinet above all else!"

Tomorrow I am scheduled to take my life insurance test. It would have cost me over $500. Because of Primerica, it will cost me 199.

Perhaps some folks will never have an attitude of grattitude? Perhaps we've forgotten what it means to dream but my family and I are relearning the lost science of dreaming and I owe that to Primerica!

I was first a client and too figured Primerica was too good to be true. I am now investing my time in Primerica and STILL think it's too good to be true.... and yet, it is true!

My background is as follows:

I managed a retail chain generating 3,000,000 in revenue per year for 10 years. Of this my salary was in the low 30's.

I then went back to school and achieved my BA in Integrated Studies, English and Special Ed. I taught at the middle school for three years and left because of politics.

I have recently joined with Primerica and although no one is really an employee because it's a 1099, please consider my rebuttal to the negative comments on these pages.

In doing so I'd ask for each reader to consider the facts.
1) Primerica is affiliated with Citigroup. The largest Financial Service Company in the world. We are a sister company with companies such as Travelers bank, Citibank, Salomon Smith Barney and others....

Sandy Weil is the wall street legend behind Citigroup, does any of these comments then make sense?

Primerica IS NOT a new company, it is celebrating 25 very successful years and STILL continues to grow as a new company might be expected to do so.

Primerica is the ONLY financial service company that offers all it's services under one roof.

Most importantly if there is ONE THING Primerica stresses to it's PFA's is "do what is RIGHT for the clinet above all else!"

Tomorrow I am scheduled to take my life insurance test. It would have cost me over $500. Because of Primerica, it will cost me 199.

Perhaps some folks will never have an attitude of grattitude? Perhaps we've forgotten what it means to dream but my family and I are relearning the lost science of dreaming and I owe that to Primerica!

I was first a client and too figured Primerica was too good to be true. I am now investing my time in Primerica and STILL think it's too good to be true.... and yet, it is true!

My background is as follows:

I managed a retail chain generating 3,000,000 in revenue per year for 10 years. Of this my salary was in the low 30's.

I then went back to school and achieved my BA in Integrated Studies, English and Special Ed. I taught at the middle school for three years and left because of politics.

I have recently joined with Primerica and although no one is really an employee because it's a 1099, please consider my rebuttal to the negative comments on these pages.

In doing so I'd ask for each reader to consider the facts.
1) Primerica is affiliated with Citigroup. The largest Financial Service Company in the world. We are a sister company with companies such as Travelers bank, Citibank, Salomon Smith Barney and others....

Sandy Weil is the wall street legend behind Citigroup, does any of these comments then make sense?

Primerica IS NOT a new company, it is celebrating 25 very successful years and STILL continues to grow as a new company might be expected to do so.

Primerica is the ONLY financial service company that offers all it's services under one roof.

Most importantly if there is ONE THING Primerica stresses to it's PFA's is "do what is RIGHT for the clinet above all else!"

Tomorrow I am scheduled to take my life insurance test. It would have cost me over $500. Because of Primerica, it will cost me 199.

Perhaps some folks will never have an attitude of grattitude? Perhaps we've forgotten what it means to dream but my family and I are relearning the lost science of dreaming and I owe that to Primerica!

I was first a client and too figured Primerica was too good to be true. I am now investing my time in Primerica and STILL think it's too good to be true.... and yet, it is true!

My background is as follows:

I managed a retail chain generating 3,000,000 in revenue per year for 10 years. Of this my salary was in the low 30's.

I then went back to school and achieved my BA in Integrated Studies, English and Special Ed. I taught at the middle school for three years and left because of politics.

I have recently joined with Primerica and although no one is really an employee because it's a 1099, please consider my rebuttal to the negative comments on these pages.

In doing so I'd ask for each reader to consider the facts.
1) Primerica is affiliated with Citigroup. The largest Financial Service Company in the world. We are a sister company with companies such as Travelers bank, Citibank, Salomon Smith Barney and others....

Sandy Weil is the wall street legend behind Citigroup, does any of these comments then make sense?

Primerica IS NOT a new company, it is celebrating 25 very successful years and STILL continues to grow as a new company might be expected to do so.

Primerica is the ONLY financial service company that offers all it's services under one roof.

Most importantly if there is ONE THING Primerica stresses to it's PFA's is "do what is RIGHT for the clinet above all else!"

Tomorrow I am scheduled to take my life insurance test. It would have cost me over $500. Because of Primerica, it will cost me 199.

Perhaps some folks will never have an attitude of grattitude? Perhaps we've forgotten what it means to dream but my family and I are relearning the lost science of dreaming and I owe that to Primerica!

I was first a client and too figured Primerica was too good to be true. I am now investing my time in Primerica and STILL think it's too good to be true.... and yet, it is true!

-Turnover has been greater than 100% in recent years (more people have left than joined the pyramid -- over 100,000!)

-The FNA is a 'free to client' sales tool that is manipulated to generate an artificial need

-Commissions are among the lowest in the financial industry (even though PFS is really the MLM industry)

-Mortgages are usually offered at a higher interest rate than the consumer is already paying, even for straight refinance with no unsecured debt

-Life insurance is among the most expensive available anywhere

-The $200 does not likely go toward training and licensing since you have to pay the $200 even if you are already licensed. The $200 is often paid to you by your upline when certain conditions are met. Usually this involves the upline using your 'warm market' (family and closest friends) as sales referrals for him/herself. Hardly a good trade! You are left with cold calling or finding more recruits in order to exploit their warm markets just like your upline did to you.

-Contrary to what is said, most naysaying about PFS does NOT come from competition or those who tried PFS but failed. Much of it comes from people who know enough about finances to understand that what PFS 'teaches' is many times harmful to the consumer and to the recruit.

Dustin,

I can completely relate to your sentiment. I am an educated individual as well(B.A. Business Management), currently working as a Contract Administrator, and have been somewhat discouraged by the comments on this web site.

It seems as if all the negative comments about PFS have been somewhat unfounded. I don't understand many of the personal attacks that have been documented.

What I do know is that my husband (B.A. Communications, currently Fraud Investigator) and I at 26 years old are determined to start a business. Primerica is offering us the opportunity to be mentored, educated about personal investments and finance, and included in a network of financial servicers that are currently #1 on the Fortune 500 (Look it up). Based on the network, a variety of financial services can be obtained only after a FREE assessment of each indiduals financial needs. The benefit I see is that each clients financial situation is analyzed and explained.

They are then able to determine based on that FNA (free) what they are currently doing and how to secure the future they desire through investments. If they are not interested in any of the services, they dont purchase any.

$200 towards training and licenses, and all the services I mentioned before is minimal compared to the $47,000 that my husband and I still owe towards our Bachelors degrees. I am in no way indicating that a license removes the need for longterm education, however, after four years in college, I am still frustrated by the amount jargon that most financial consultants cover the truth with.

What I can say is that through PFS, I have no overhead costs, training and mentoring are included, I have access to information and services that my ancestors could not enjoy, and I know that $200 is cheap compared to the $800+ that the actual license costs, plus the information that I take with me. If I decide at any point that I would prefer to work for someone other than myself, I am under no obligation. Until then, I will learn as much as my calendar allows.

Good Luck - If anyone with REAL information is out there I would be interested as well. NTG
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