Primerica ripoff, scam artists, not following full coherence, no full disclosure ripoff one big NASTY TRAP they have set-up for the un-educated folks to only take advantage of us Orlando Florida
I had been invited to a Primerica Loser meeting on a Saturday morning, I had gone with an old friend who's been so brain washed I had never seen him be so rude & pushy before to get me to pay $199, and of course they pay you back --> "BULL".
Anyone remember the scene from the movie "COBRA" with Sly Stalloine where the CULT was banging those axes in the air, ha ha that's what the Saturday morning meeting was all about. They had these three LOSERS take turns running into the room and high-fiving each other, one claimed being an ex-meachanic for Delta airlines, (he should have stayed one) and another clown calling himself an "RVP" meaning REAL VULNERABLE PERSON.
They claimed putting your money in with Primera and they guaranteeing you 10% on your investment. You see folks this is where all the non-disclousre starts with these clowns. Think about it for a minute, they say out your $1,000 in per year with Primerica (in a unknown investment vehicle, theirs with no wheels of course) and they guarantee you $1.5 Million dollars or so after 10-years.
My friend, another thought, they never tell you that your money #1 is subject is market volatility, #2 that your this money obviously will be affected by the tax brackett that you are currently in, and #3 is it's a variable product that if you decide to take more than 4.5% out of it at retirement it will blow-up on you and you'll end up paying back taxes on it, and you'll lose the insurability on the term portion. YOU SEE, they are not telling you these things, it's one big NASTY TRAP they have set-up for the un-educated folks. Why hasn't any agency put a cap on these clowns, they are ruining lives.
TP
Tony
Casselberry, Florida
U.S.A.
2 Updates & Rebuttals
Alex
Phoenix,Arizona,
U.S.A.
A little for the "educated" complainant
#3Consumer Comment
Thu, June 26, 2003
Just to give a little clarity to your "non-disclosure" of products and product performance, no investment is guaranteed, unless it is put into a savings account or some type of non-aggresive fund that some banks and investment firms offer. When dealing with the stock market, i.e. mutual funds, the rate of return is always a risk, now depending on what type of fund is best for you, that risk will vary. Salomon Smith Barney, which is the investment firm that Primerica works with to provide investment vehicles, is one of the best performing firms, and has been at the top for the past decade. (if you don't believe me, look into that as well.) As far as the representative that you went through for these services, he obviously didn't do a very good job on informing you how investments function.
David
Dayton,Ohio,
U.S.A.
Get A Clue
#3Consumer Comment
Sun, June 01, 2003
As a client and representitive for Primerica Financial Services(PFS), I would like to respond to this person. It is obvious you have not done any homework on this subject. PFS is the marketing arm for a Dow Jones company called Citigroup. Citigroup has been the #1 performing stock in the dow for the past ten years. As a rep for PFS, it is my responsibility to help famlies become financially independent and debt free. This service is performed thru a planning tool called a Financial Needs Analysis. This tool, which by the way, most financial planners charge for, is complimentary. I was approached in 1987 by a nurse at a hospital I was working at. She asked if I would be interested in earning extra income. The next day I met with her husband and his mananger(he is part time with pfs and a full time minister!) and they shared some basic financial planning techniques with me. I thought it was the best thing since sliced bread! However, my wife, being the ultra skeptic, asked me to investigate. So I spent the next week each day at the library, researching the company and their philosiphies.(I am quite sure the previous author did not do this.) And I found out what they were tellin me was the truth! I became insurance licensed, securities licensed and am a limited partner with PFS Home mortgages. This is a company dedicated to doing whats right for the consumer, 100% of the time! I am a dedicated PFS rep and always will be. I am still waiting for someone here to complain about the services we provide. Never happens, never will. The strategies PFS endorses are proven and true, no question they are the best services for the consumer, bar none. Side note on services, why do insurance agent from other companies have multiple life insurance products, when any consumer advocate, including Consumer Reports, recommends term life insurance? All I can say to the previos author is this, do not be so quick to judge. The PFS opportunity is not for everyone, but the services they provide are, make no mistake about that. Thank you for your time. DWR