Claire
Atlanta,#2UPDATE 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,#3Consumer 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,#4Consumer 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,#5Consumer 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,#6Consumer 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,#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.