Primerica Ripoff I haven't met one ethical person who represents them Ann Arbor Flint Southfield Michigan
I have to echo all the negatives about Primerica and their questionable recruiting tactics.
In January 2002, a recruiter contacted me after he found my resume on Monster.com. He told me that my resume reflected that I was perfect for a management position for a Citicorp' company and was I interested enough to attend an interview' the next day at 11 AM. Since I was laid off at the time I said why not.
When I arrived I found I was in a room with about 15 other people. I was warmly greeted by Primerica personnel and asked to wait. Once I was invited in I found myself in a meeting- not an interview! The meeting consisted of two Primerica associates extolling the virtues of their company and the evil that other financial institutions lay down on the public. At the end, the office's RVP addressed us. I felt like I was invited out to an Amway meeting.
When I tried to leave I was given a hard press by the recruiters. I thought about it some more and decided Hey, don't be so negative!' so I forked over my $199.
On the drive home (away from the high pressure sales job) I began to immediately have doubts but decided to think about it overnight. That next morning I was convinced this wasn't for me and called the office at 10 AM- less than 24 hours after paying the $199 fee. I wasn't worried about getting a full refund because the State Of Michigan has a law that any business deal can be terminated within 72 hours (3 business days) and a full refund given back.
The RVP tried all he could to change my mind but with me not being in their office it did not work. He finally relented after 20 minutes yet said $50 of my money was non-refundable. When I reminded him of Michigan law he tried to insinuate that Primerica did not have to adhere to that. Once I mentioned I would file a complaint to the Attorney General he backed down and said my credit card would be reimbursed.
IT TOOK FOUR MONTHS AND COMPLAINING TO CITICORP SEVERAL TIMES DIRECTLY TO GET MY MONEY BACK! My complaint to the AG also helped in my full refund (yes- not only did he try to keep $50 he also tried to NOT refund ANY of my money back!).
Since then I have been approached by several others representing Primerica. Each time the approach was nothing but slimy and highly unethical. One person tried to recruit me and I said on top of the fact I had a very ugly experience with Primerica but I also could not work for them because I was currently working at a mortgage company (I have since left the mortgage business). She then replied, You can work part time for Primerica- why does your employer has to know? You can re-fi mortgages here that your company cannot do- you still get to help that person instead of allowing them to take a big commission away from you.
How unethical is that? I told her I would report her and she begged me to not do that. She said she has been trying for months to get others to join so that she could re-coup all she had spent while working' at Primerica.
I reported her anyway after telling her to place me on her Do Not Call list.
My sister in law is currently trying to recruit others for Primerica. She gave her $199 more than 18 months ago. She has sold zero insurance and refinanced no one in that time (she never passed her classes). Nevertheless she and her sister recruits every Sunday afternoon. To this date my brother has informed me she hasn't convinced anyone to part with $199. Because she didn't pass her classes she is working to recruit for someone who has- which seems highly unethical to me. The reason? How does she accurately portray the moneymaking opportunities when she hasn't made a dime with them?
Then this morning a young lady who works for me asked if I could help her with a homework assignment from her class (she had told me about two weeks ago she was going to school' now to better herself). I said yes and she said she needed my telephone number and address so that her teacher' could interview me. I immediate became suspicious and asked, What class is your teacher teaching in which he or she needs to call me for an interview?!
She said it was for her financial planning class. I immediately asked, Is this Primerica? and she said yes.
A little background on this young lady:
When she first hired in at my company she was always well dressed and clean. She never had problems performing her duties. In the last 12 months she has gone completely downhill. She reports to work constantly in dirty clothing (when she reports at all) with hair that hasn't been cleaned nor styled in eons. She has trouble negotiating the simplest of tasks involving numbers. She reeks of body odor and is on the verge of being terminated.
Why do I bring this up? Because I find it hard to believe that she showed up at a Primerica meeting' in such disrepair and they took her $199! ANY reputable company would have NOT hired her!
This is evidence to me that the Primerica person who she is being taught under wanted only her $199 and could care less about her helping others. She can barely help herself (I have suggested numerous times she seek help from our EAP line). Also, when I asked why did she say this was a way to help her with her class work she sheepishly admitted this is what they are told to say in order to help recruit others.
If there are ethical people working for Primerica I haven't met them.
DeeJay
Sorry- afraid of retaliation, Michigan
U.S.A.
Click here to read other Rip Off Reports on Primerica
6 Updates & Rebuttals
Claire
Atlanta,Georgia,
U.S.A.
Ethical People do not stay
#7UPDATE EX-employee responds
Wed, November 30, 2005
I made the mistake of joining Primerica 2 years ago. I had recently left a reputable NYSE traded brokerage firm and needed to "hang my shingle" with a new brokerage. I am a financial professional, was working on my CFP, and was looking to establish my practice.
I did not like the narrowness of products that other independent brokerages had. I was attracted to the Citigroup name and Traveler's reputation. I liked that I could assist people with Debt managment as well as investments. The products I had access to were mortgages, term insurance, long term care, variable products, and mutual funds. A pretty good mix - though I would have liked to have access to bonds directly and not bond funds.
I was dismayed when I learen the only way to increase my pay out was to recruit - it was not based at all on my personal production. I was a financial professional - not a head hunter! I could not see a reason for me to recruit until I had seen success myself.
As I watched more and more, I was seeing alot of enthusiasm but little true training on financial information. Lots of information on specific products - esp on how to sell them and how to fill out the paper work with a lot of emphasis on how much you can make selling these products.
I saw people sell their car's to pay the $199. I saw people living on disability save up to join. I saw people be insulted and brow beaten into joining. See the way to win contests ( free trips) are to have a lot of recruits - it does not matter if the recruit later quits or never makes any money.
When they began a campaign to call people from resume website, tell them they are a hiring manager and ask them to in - when they have to give 4 references and phone numbers before they even sit down with someone - when they began calling the "branch manager" the hiring supervisor - I could no longer stay. Those terms all insinuate a JOB with a PAYCHECK.
There are a few people with Primerica who are knowledgable, who care about people, and who are ethical - but they are rare.
The products can be advanatgeous in the correct situation. If you have no life insurance, their term insurance is available at a very reasonable rate. When getting a mortgage, I always recommend getting multiple bids - too big a purchase to do otherwise. Annuities and Variable products can be complicated - be sure you FULLY understand what you are getting - if ANY rep can not answer all your questions intelligently - never buy the product.
But - as far as a career or an entreprenuerial venture - there are much better avenues. Where you can make more money and keep your friends and not work as hard. Be home on Saturdays and evenings. Ones that let you sleep at night.
I am now working as a financial profession with a new firm - with a broader product base, a better pay out, and with integrity.
Best wishes to you,
Leroy
Tulare,California,
U.S.A.
My Primerica Experience
#7Consumer Comment
Tue, November 29, 2005
My nephew had been bugging me for 3 months to let him talk to me about doing a financial analysis. I'll cut to the chase.
I am 59, my wife 57, both in good health and non-smokers. My nephew suggested we replace our ripoff universal life (his term) with term insurance from the company with Primerica term.
I have $250,000 of universal life I purchased 17 years ago and pay $1800 a year for. My wife has $100,000 and pays $886. Our life agent had shown us just last year even at the minimum guarantee of 4% interest these policies would last until we reached 95.
The premium for FIFTEEN year primerica term was over $1500 a year for me and almost $1100 for my wife. I asked him why I would switch to term insurance that would expire in 15 years with virtually the exact same premiums. He said my UL policies would implode someday. I pointed out the fifteen year policies would implode for sure, in fifteen years. Basically his response was "duh".
If after three months of training my nephew is any indication of how Primerica trains there people, I'll pass.
Leroy
Tulare,California,
U.S.A.
My Primerica Experience
#7Consumer Comment
Tue, November 29, 2005
My nephew had been bugging me for 3 months to let him talk to me about doing a financial analysis. I'll cut to the chase.
I am 59, my wife 57, both in good health and non-smokers. My nephew suggested we replace our ripoff universal life (his term) with term insurance from the company with Primerica term.
I have $250,000 of universal life I purchased 17 years ago and pay $1800 a year for. My wife has $100,000 and pays $886. Our life agent had shown us just last year even at the minimum guarantee of 4% interest these policies would last until we reached 95.
The premium for FIFTEEN year primerica term was over $1500 a year for me and almost $1100 for my wife. I asked him why I would switch to term insurance that would expire in 15 years with virtually the exact same premiums. He said my UL policies would implode someday. I pointed out the fifteen year policies would implode for sure, in fifteen years. Basically his response was "duh".
If after three months of training my nephew is any indication of how Primerica trains there people, I'll pass.
Leroy
Tulare,California,
U.S.A.
My Primerica Experience
#7Consumer Comment
Tue, November 29, 2005
My nephew had been bugging me for 3 months to let him talk to me about doing a financial analysis. I'll cut to the chase.
I am 59, my wife 57, both in good health and non-smokers. My nephew suggested we replace our ripoff universal life (his term) with term insurance from the company with Primerica term.
I have $250,000 of universal life I purchased 17 years ago and pay $1800 a year for. My wife has $100,000 and pays $886. Our life agent had shown us just last year even at the minimum guarantee of 4% interest these policies would last until we reached 95.
The premium for FIFTEEN year primerica term was over $1500 a year for me and almost $1100 for my wife. I asked him why I would switch to term insurance that would expire in 15 years with virtually the exact same premiums. He said my UL policies would implode someday. I pointed out the fifteen year policies would implode for sure, in fifteen years. Basically his response was "duh".
If after three months of training my nephew is any indication of how Primerica trains there people, I'll pass.
Leroy
Tulare,California,
U.S.A.
My Primerica Experience
#7Consumer Comment
Tue, November 29, 2005
My nephew had been bugging me for 3 months to let him talk to me about doing a financial analysis. I'll cut to the chase.
I am 59, my wife 57, both in good health and non-smokers. My nephew suggested we replace our ripoff universal life (his term) with term insurance from the company with Primerica term.
I have $250,000 of universal life I purchased 17 years ago and pay $1800 a year for. My wife has $100,000 and pays $886. Our life agent had shown us just last year even at the minimum guarantee of 4% interest these policies would last until we reached 95.
The premium for FIFTEEN year primerica term was over $1500 a year for me and almost $1100 for my wife. I asked him why I would switch to term insurance that would expire in 15 years with virtually the exact same premiums. He said my UL policies would implode someday. I pointed out the fifteen year policies would implode for sure, in fifteen years. Basically his response was "duh".
If after three months of training my nephew is any indication of how Primerica trains there people, I'll pass.
Stuart
North Brunswick,New Jersey,
U.S.A.
Adding to DeeJay (Mich.)
#7UPDATE EX-employee responds
Tue, November 22, 2005
"IT TOOK FOUR MONTHS AND COMPLAINING TO CITICORP SEVERAL TIMES DIRECTLY TO GET MY MONEY BACK! My complaint to the AG also helped in my full refund (yes- not only did he try to keep $50 he also tried to NOT refund ANY of my money back!)."
Yet there are Crimericans who insist that Crimerica is compliant - what a joke.