Complaint Review: Primerica - Nationwide

The problem, Daren, is that you are NOT trained to determine whether a person needs whole life insurance. You are NOT trained to know when a person's debt load and spread is acceptable. You are NOT trained to understand proper portfolio diversification, retirement planning, estate planning, or tax law.

You are trained to overcome sales resistance after doing the FNA. The FNA is designed to replace indicate a need for term insurance. No matter what the situation, the FNA is designed to show a need for a SMART loan. You are trained to get people to committ a certain amount of money per month toward your fee-laden, commissioned investments and the FNA delivers.

How is a person better off when they buy extra term insurance when they don't need it, or when a smaller whole life policy would be more appropriate? How is a person better off when their 7.3 percent mortgage is refinanced at 8.8%? How is a person better off investing $50 a month into a mutual fund when most of it goes toward fees and your commission?

The answer? NEVER. But you somehow equate the acquisition of products as a betterment of their situation. PFS tells you that how it is.

Wise up Daren. You aren't fit to do anything but sell products that generate income.

I have no problem emailing you my income statements, but don't get mad just because I am successful.

In the case of your example about the 75 year old man, NO I WOULD NOT sell him term insurance and mutual funds because you are right in that case there is no need for term insurance but I need more information about the man to determine if he needs insurance at all!

I am anxious for you to now tell me the purpose for whole life insurance for a middle aged man, considering the insurance industry is still selling this garbage at an all time high???

I am not saying that there is no need for whole life because every client is different and has different needs, but if YOU have sat down in front of a lot of clients you should no that most middle income families would be better off with term insurance and investing the difference.

If you have enough time to accumulate a good investment you are much better off!! Again I ask the question if you are retired and have no debt and now dependants and a substantial amount of money, What do you need life insurance for (including term)????

COME ON....Give us a break.

If the exposing of the Primerica's Sales Division antics are not true, then why don't you start disproving what we say by e-mailing me doucmentations as to...

First we will start with that at Primerica you are building your OWN business and in doing so you OWN your own clients.

Secondly, since you have been with Primerica for almost a year now so you say, why don't you e-mail me a copy of your 2001 yearly earnings statement 1099 but you must have a similar form you get in Canada. Afterall, with your time in grade with Primerica now, you should at least be on pace for that six-figure promised income, Right?

While you are at it, since you "Dorks" orchestrate that Primerica is a Christian Organization, you wouldn't mind getting a statement from Sandy Weill's Rabbi saying that Sandy is the only Christian in the Rabbi's Temple would you?

How about the one that Primerica and or Citicorp or even Citifiancial has never been sued and/or Primerica or Travelers has not been named in two class action lawsuits as the defendents in the lawsuit filings.

How about sending me a confirmation that you write for from the Federal Trade Commission reafirming that the authority endorces temporary term life insurance and their posture is that it is never in the best interest of consumers to own permanent cash value life insurance. That one should be easy for you too since the FTC once wrote, "The FTC does not endorse any type of life insurance nor the products sold by the A.L. Williams Company which mostly makes up the life insurance portfolio you "Dorks" sell and market today.

Should I go on right away or stop for a while for you to step into the lavatory to wipe the egg off of your face that you ploped on yourself when you posted your stupid message on our message board that has no basis of fact or foundation.

Which financial experts of the world advocate the slogan "buy term and invest the difference"? That phrase was created by the original AL Williams people. I believe the financial experts of the world as you put them would suggest to keep your insurance and your investments separate. That does not mean to go and just buy term insurance and invest in some mutual fund as has been taught incorrectly by the Primerica organizaion who are just parroting the original line from AL. Without that line there would be no business for Primerica. A person has to be told and then believe that when they purchased their in-force cash value insurance product, that they were in fact "lied to and decieved entirely on purpose" by the agent who sold it to them just so that agent could make a big commision and knowingly ruin that persons life with the product they knowingly sold. This absolute lie propogated by AL Williams and now continued by Primerica only works if the Primerica agent can convince the person that they bought their insurance as some sort of retirement program or investment program that would make great gains similar to investing in the stock market. The real truth of the matter is the person that bought their original whole life policy bought because they realized their need for some sort of protection on their life and so their family would have some money in the event of their death. Not as a retirement program or investment program. They were sold on the fact that the premium would remain level for the rest of their life. That would be a pretty good deal even if there were no cash value build up at all.
Now I am not saying that cash value is better than term. Nor am I saying that term is better than whole life insurance. Any agent that thinks there is one size fits all insurance doesn't know anything about the insurance business and probably should not be involved with financial services as they are certain to be giving the wrong advice that will be detremental to familys.
Let me ask you a question? What insurance plan would you offer to a 75 year old on social security? What, some kind of term insurance and invest in a stupid mutual fund? Get real Primerica could care less about that sort of market as they don't have a plan for them and never did. You have obviously not been in front of enough clients face to face knee cap to knee cap or you would see that term insurance alone simply will not meet everyones needs.

Thank you for responding to my comments, It was a good conversation until you started insulting me with name calling. I won't do that to you, please don't call me a dope especially when I did say that selling was involved. I am very aware that selling is involved.

Can you also not assume that I don't know anything about people and thier finances. All of the people I have seen so far I truley believe I have bettered thier situations, and not because that's what primerica told me but because of the situation the were in before I saw them and the situation thier in now.

My father was paying a lot of money for insurance that he did not need, he has no debt, sufficient investments and all of us kids are out of the house. I did not go home and sell him term insurance, I just made him realize that the money would be better off being invested, and thats how I feel with primerica or not.

If I am brainwashed its a good one because I feel great and all my clients feel the same. I have really enjoyed helping the people I have seen so far, but if I run in to a situation where our company does not better the clients situation I will never sell a product that a client does not need!!

In the case of there being cheaper term insurance out there, that maybe so but when I can help a client realize that they don't need whole life or Universal life(if that is so) If I am the one educating them on that why not do business with our company? It's better than going the rest of thier life with a bad product. ie. Would you get free advice from a lawyer and then go handle the case yourself or let the lawyer who helped you handle the case.

I am really enjoying finding out all of the angles, and talking with you guys so please respond again, in a nice way.
Thank You

Darin,

The reason you don't see any facts is because you don't want to see them. You are just another typical brainwashed PFS rep. The good news is the chances are you will wise up soon. Most PFA's don't make it 3 years. Are you not reading the numbers posted in these reports? Only a small percentage of the people are making any money at all and that is from Primerica's web site. Of course like I said you are brainwashed and it will take you some time to realize this. I just hope you don't screw to many family and friends before you see the light. Of course there are exceptions one guy in my old base shop had been there for 10 years and still hadn't made any money.

As for your comment "WE DON'T SAY ANYTHING DIFFERENT THAN THE FINANCIAL EXPERTS OF THE WORLD; BUY TERM AND INVEST THE DIFFERENCE!!!!" at least you are aware that your not one. That's a step in the right direction. However, buy term and invest the difference is not always the best option but you will argue that point and I don't want to bore everyone with examples. Just remember you are playing with peoples financial lives and you can do serious harm.

"WHAT REALLY GETS ME IS THAT SOME PEOPLE STILL SEE US AS SALES PEOPLE, THAT IS INVOLVED BUT WE SIMPLY EDUCATE PEOPLE ON WHAT TO DO WITH SOME AREAS OF THERE FINANCE". Do you not even realize how stupid this statment is. You PFS reps brag about being the marketing arm of Citigroup what the hell do you think that is "SALES" you dope. And since you don't know the first thing about finances how can you possibly educate people in it.

I would like a PFA to try to explain or "educate" me on finances I haven't had a good laugh in a while.

I HAVE BEEN READING ALL THE ABOUVE INFORMATION AND HONESTLY, THERE IS NO FACTS THAT HAVE DISCREDITED THE COMPANY. I HAVE WORKED FOR PRIMERICA FOR ABOUT 1 YEAR AND EVERYTHING THEY HAVE TOLD ME HAS COME TRUE, AND FOR THE PEOPLE YOU DON'T MAKE A SUCCESS WITH THE COMPANY ITS BECAUSE YOU DID NOT WORK.

IN ANY NEW BUSINESS THAT YOU START YOU ARE GOING TO WANT TO HELP OUT YOUR FAMILY AND FRIENDS IE. IF YOU OPEN A RESTARAUNT WHO ARE THE PEOPLE GOING TO BE THERE OPENING NIGHT????

I DON'T NO ABOUT THE STATES BUT IN CANADA PYRAMID SCAMS AND MLM'S ARE ILLEGAL, DOES ANYBODY OUT THERE THINK THAT THE LARGEST COMPANY IN THE WORLD WOULD ASSOCIATE THEMSELVES WITH A SCAM?? IF SO, WHAT DO YOU THINK WOULD HAPPEN TO OUR PUBLICLY TRADED COMPANY CITIGROUP??

WHAT REALLY GETS ME IS THAT SOME PEOPLE STILL SEE US AS SALES PEOPLE, THAT IS INVOLVED BUT WE SIMPLY EDUCATE PEOPLE ON WHAT TO DO WITH SOME AREAS OF THERE FINANCE.

WE DON'T SAY ANYTHING DIFFERENT THAN THE FINANCIAL EXPERTS OF THE WORLD; BUY TERM AND INVEST THE DIFFERENCE!!!!

IF MY FATHER HAAS THAT WHOLE LIFE CRAP YOU CAN BET YOUR LIFE THAT I AM GOING TO SEE HIM TO EDUCATE HIM ON THE CRAP PRODUCT HE OWNS!!!!

First might I say that this is a great form of open dialogue about Primerica and the problems people have had with them.

I do not work for them, but my best friend does. I purchased life insurance through him, after researching what was best for me. At the FIRST "meeting" he and I had, he DID try to recuit me. I told him I am not and never will be interested in anything involving sales or pyramid like structures. I had already worked for a scam like that (Impulse-reported as scam on Ch 2 "Shame on You" Dec 1994). He has never tried to recuit me since.

Every year we have an FNA done, and some years things were going well enough that there was nothing he could do for us.

This year, we now own a home and have the associated credit card debt to go with it. Our car lease is up this fall, and we plan to buy the car. My friend has put together a proposal for my wife and I.

I have never had problems in the past, but I will certainly take all the information here to heart as I review the paperwork.

If you see a new thread, you'll know I was taken. If not, then all I can say is it depends on the PFA that you meet.

I guess if your objective is to be a professional leach, go right ahead...... .....Primerica milked me for a list of my friends and family, with the promise of a "pie-in-the-sky"-type of career.

Once my list dried up, Primerica was GONE, baby! They tried to appease me with sweet talk about writing loans through "Consumer Credit Corp.", a subsidiary. I'm *STILL* waiting for my first paycheck from this band of gypsies, some ten years later. Oh, yeah, I passed the state insurance licensing test in my home state, back then, as well. No reimbursement for the test, no loans, no splitting commission for turning over my list of contacts, no *NOTHIN'*!!!

Primerica is lower than s**t under a snake's a*s in a wagon rut.........*COUNT* on it!

You know, you can sell horseshit in many forms, It's just how well you disguise it, that appeals to most morons.

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: S.Belize

Their relationship to the company: Consumer Suggestion

Rebuttal:
I don't understand what all you people are fussing over. A primerica agent came to our house, we bought mutual funds. No one ever asked us to become an agent, there was never a scheme. I really really really do have mutual funds. Duh-Then, we needed a education IRA set up for our 2 kids and he completed those for us. He never asked us to join. Maybe they just think unhappy people would like to join and become happy people who
make money. He is always there for us when we have a question, he drives 2 hours to meet us when we have more investments. I love the one on one. I don't get that from First Union. They don't come to my house when I cannot make it to them and I have clients to see all day. I love Primerica. They are awesome and the personalization is better than any BANK anyday!

They filed the following to the above Rip-Off Report:

Their email: [email protected]
Their name: C.D.

Their relationship to the company: Owner

Rebuttal:
Unfortunately, most of the time people can not benefit from what PFS offers. It's similar to Amway -- sometimes a product can fit a need, but most often it's overpriced, and the entire purpose of the sales call is to entice the person to join the company.

And, that's *exactly* what PFS wants you to do...get your friends and family to pay the $200 to join (don't tell me it's for licensing -- read the other posts), and have them sell them a life insurance policy or two to THEIR family and friends. MLM at its finest!

This email is a rebuttal to RipOff #7456.
It was sent by Josh at [email protected].

Primerica Rip-off ...Enough already, No means NO! ..the (#7456)
They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: Josh

Their relationship to the company: Supporter

Rebuttal:
Alright, honestly here, if you were a salesman than really believed in the product you are selling why wouldn't you want to sell to your friends. I know what I sell at Primerica can benefit my family and friends greatly, so therefore I am happy and honored to speak with them about what Primerica can do for them!!!!