- Report: #170013
Complaint Review: Primerica - Duluth Georgia
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Primerica
3120 Breckinridge Blvd. Duluth, 30099 Georgia, U.S.A.
Phone:
800-257-4725
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Primerica Ripoff charged one month premium Duluth georgia*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!
I had two friends from high school who are in Primerica come out and go thru their program, one of my friends was a trainee. Any way I agreed to switch my life insurance to Primerica, so the trainer had a palm hand held computer and I gave them information to do electronic bank transfers from my checking account. I changed my mind only 10 days later after reveiwing different life insurance companies quotes for term life, I had found out that Primerica was about 50% higher on their premiums. I was checking my banking balance online and found out that Primerica had already deducted the first months premium, even though I hadn't even had the medical exam they required. I don't even have a policy number or anything all I have is a application form from Primerica, so now I'm putting a bank stoppage on this bank drafting, and I'm contacting Primerica to cancel this policy that shouldn't have even begun yet to stop charging me. My question is can they charge you before you even take a medical exam? They got that first month premium so fast It was mind boggling. Also because of this I don't feel Primerica is a ethical company, I do however feel my two friends are very honest and do believe they feel they are really helping families.
Kevin
clovis, California
U.S.A.
Kevin
clovis, California
U.S.A.
2 Updates & Rebuttals
Keek
Evergreen,Colorado,
U.S.A.
Not a Ripoff, Just Lousy Training
#2Consumer Suggestion
Mon, February 13, 2006
I have never purchased Primerica products, nor have I ever been appointed to sell Primerica products. I have, however, replaced a lot of Primerica products with policies that gave my customers a lot more bang for their buck. I have also fielded complaints from customers who wanted to know why their check was cashed before their policy was issued. In most cases, there is no dishonesty afoot. It's a simple matter of poor training, LACK of training, or perhaps the agent fell asleep during training! Without seeing the actual application paperwork, it sounds to me like your Primerica agent unwittingly offered you a Temporary Insurance Agreement (TIA from here on out). Essentially, a TIA gives you temporary coverage from the date the application was signed until underwriting (medical exam, medical records review, etc.) is completed. Most TIAs are valid only through underwriting, and some give a maximum time duration of 90 days or less. If underwriting takes longer than the time specified in the TIA, the money is returned to the customer and no coverage, temporary or otherwise, exists. If the customer dies during the underwriting period, underwriting will continue as though the customer is still alive. If the policy is approved as applied for, then the policy will be paid out in full to the customer's beneficiaries. If the policy is NOT approved as applied for, then 100% of your initial premium is refunded to your estate. There are hundreds of carriers in the U.S., and I feel comfortable saying that the majority of carriers offer some kind of TIA option. TIA terms and limitations can vary from state to state and carrier to carrier. Also, ALL insurance policies MUST be approved by your state's Insurance Commissioner before they can be sold in your state. The application is reviewed and approved as well, because it ultimately becomes part of the policy. In my line of work, I communicate with state insurance commissioners and their support staff on a daily basis. These people are sharp and have zero tolerance for hijinks.
Leroy
Tulare,California,
U.S.A.
Dear Clovis, I share your opinion that primerica is an unethical company.
#3Consumer Comment
Mon, January 02, 2006
Yes, they can cash your check immediately. By doing so to everyone they can float their money during the underwrting period. They may not take you but they earn interest on your money while they are deciding. Yes, your friends probably think they are helping people because they don't know any better. Primerica tells them a litany of half truths and if they have no background in the area of financial services they swallowed it hook, line and sinker. I share your opinion that primerica is an unethical company. They are the classic case of a company that skirts along the fine edge of doing the minimum to remain legal but certainly are not doing what is right. Then again, look at the patrent company Citigroup. They have paid over $TWO BILLION in regulatory fines and class action settlements in the last couple of years. The acorn doesn't fall far from the tree.
