- Report: #6575
Complaint Review: Primerica - Nationwide Nationwide
-
Author Confirmed
Why?
Primerica
Nationwide, Nationwide, U.S.A.
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Tell us has your experience with this business or person been good?
Primerica Ripoff and Fraud *Consumer Comments *REBUTTALS*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!!
*0: Why are you on RipOffReport reading for reports about a company you obviously like?
*UPDATE Employee: did you get all the facts?
*Consumer Comment: The Truth
*0: ..stop this rediculous company with all of its unfathomed claims of financial freedom and wealth to those who join.
*0: Maybe we can help show you a better strategy so you can dump that loan.
*Consumer Comment: "secret"?
*0: I'm curious to see all the all the math....
*0: Primerica is an MLM and the only way they can pay out through all those levels is by overcharging by a ridiculous amount and cheating less-educated people.
*0: I made a special posting just for you.
*Consumer Comment: The Problem with Primerica ..avoiding Primerica you won't feel like your being pressured to another profession
*0: The more I read of this slamming of the best company in the world *EDitor's Comment to this REBUTTAL
*0: It reminds me of a cult they will brain wash you.
EDitor's Comment: Rip-off Report Investigation: Primerica gets a POSITIVE RATING in customer support from Rip-off Report and is fulfilling its commitment to provide excellent customer service. Primerica pledges to resolve complaints and address representative issues. For a long time this EDitor had concerns about Primerica because of the number of Reports about them. For many months Rip-off Report was looking into the company, even before they contacted us to resolve any issues and mostly misunderstandings being posted by competitors. With over 100,000 representatives and 6 million clients, Primerica is bound to be the subject of a certain number of complaints about improper agent conduct, as well as product and administrative complaints.
Rip-Off's investigation found such complaints, but importantly also found that Primerica is committed to resolving such complaints quickly and doing everything possible to satisfy its clients. It also takes appropriate action against any of its representatives who are found to have conducted themselves improperly or unethically. We believe that the number of complaints against this company, whether through the Internet or other channels, is small when put into the context of its enormous size. Most big companies would never commit themselves like Primerica has. Read our investigative Report and Primerica's commitment to 100% consumer satisfaction.
www.primerica.com provides products and services through independent representatives. Primerica www.primerica.com has more than 100,000 licensed representatives who serve more than 6 million clients in the U.S., Canada, Puerto Rico, Spain and the United Kingdom. Through a Financial Needs Analysis www.primericafna.com, the companys representatives provide a snapshot of a familys financial picture and suggest a strategy for financial security via Primericas products and services www.primericafinancialsolutions.com. Primericas business opportunity is attractive to people from many different backgrounds, including women www.womeninprimerica.com, African-Americans www.primericaaalc.com, Hispanics www.primericalatino.com and young adults www.generationprimerica.com.
Submitted: 9/11/01 Modified: 9/11/01 In response your alleged rip-off information regarding Primerica Financial Services, I think you are disseminating information based on hearsay, and not first-hand experience. I will not defend everything this company does or espouses, but I will say this...they helped me and my family a great deal. I was definitely being "ripped off" by the insurance company I had been doing business with, the credit card companies whose pockets I had been lining (including Citibank) and the mortgage company that was cleaning my clock, financially speaking. The rep from Primerica helped me refinance my house and pay off ALL of my credit card debt. This was done with a simple interest mortgage loan, which depite my best efforts, could not be found at a single other lending company. The rep proved to me, and to my accountant who was initially skeptical about this, that the simple interest loan structured on a bi-weekly payment program saved me over $123,000.00 in interest expense, even over a bi-weekly program offered through a competing lender whose product even carried a lower interest rate. Primerica also helped both my family and some of my relatives open investment/retirement accounts...and did so without requiring huge opening balances. My brother, who is having major financial challenges, was even allowed to open IRAs for him and his wife with just $25.00 opening deposits. The rep even went to their house to do it for them! I bought some of the Primerica insurance, which was far less expensive and had more features than any of the companies I shopped, two of which were on an Internet site claiming to offer the "lowest premiums available." I found out that the "ultra-preferred" premiums they quoted me are obtainable by about 2% of the population, and when it gets down to it, they actually try to charge you a much higher fee. THAT is a rip-off. I am not affiliated with Primerica in any way other than as a customer, and I love your site, but I think you should be careful about leveling attacks against a company that from my family's standpoint, saved our future.
Submitted: 9/11/01 Modified: 9/11/01 In response your alleged rip-off information regarding Primerica Financial Services, I think you are disseminating information based on hearsay, and not first-hand experience. I will not defend everything this company does or espouses, but I will say this...they helped me and my family a great deal. I was definitely being "ripped off" by the insurance company I had been doing business with, the credit card companies whose pockets I had been lining (including Citibank) and the mortgage company that was cleaning my clock, financially speaking. The rep from Primerica helped me refinance my house and pay off ALL of my credit card debt. This was done with a simple interest mortgage loan, which depite my best efforts, could not be found at a single other lending company. The rep proved to me, and to my accountant who was initially skeptical about this, that the simple interest loan structured on a bi-weekly payment program saved me over $123,000.00 in interest expense, even over a bi-weekly program offered through a competing lender whose product even carried a lower interest rate. Primerica also helped both my family and some of my relatives open investment/retirement accounts...and did so without requiring huge opening balances. My brother, who is having major financial challenges, was even allowed to open IRAs for him and his wife with just $25.00 opening deposits. The rep even went to their house to do it for them! I bought some of the Primerica insurance, which was far less expensive and had more features than any of the companies I shopped, two of which were on an Internet site claiming to offer the "lowest premiums available." I found out that the "ultra-preferred" premiums they quoted me are obtainable by about 2% of the population, and when it gets down to it, they actually try to charge you a much higher fee. THAT is a rip-off. I am not affiliated with Primerica in any way other than as a customer, and I love your site, but I think you should be careful about leveling attacks against a company that from my family's standpoint, saved our future.
12 Updates & Rebuttals
Mike
Lubbock,Texas,
The Problem with Primerica ..avoiding Primerica you won't feel like your being pressured to another profession
#2Consumer Comment
Thu, September 12, 2002
The problem with Primerica (besides being an MLM like AMWAY) is the training of the Representatives. Refinancing or consolidation loans work for some, but are not the end all solution for everyone. Representatives take a 30 hour basic insurance course, take a State licensing exam and are ready to direct other people's finances.
Take an example of a physician. Would you as a patient want a doctor who has studied for years in his craft and received all the proper certifications or someone who has looked at how to perform surgeries online and received an online diploma? See my point. You won't trust your health to someone who only has minimal state licensing reqs and no education. Why should you trust one to take care of your financial future? The internet bomb should be a fair warning to anyone who thinks they can play the market.
My advice is to seek out a non-salesman professional like a Certified Financial Planner or Lawyer (even reputable firms like AG Edwards and Merrill Lynch are sales based). Someone whose services are fee based and not entirely dependent on product sales (or commissions--like Primerica). Someone who will diversify your assets to provide you maximum asset allocation while minimizing your risk to your comfortable level. My experience with Primerica representatives is that they are like used car salesmen, more out to see who else they can bring in to the business or make a quick sale, rather then serve the client. They were always nice to me but I always felt uncomfortable.
Don't get me wrong. Consolidation loans can work. But before you get too peachy with a Primerica Representative, check quotes at A.M. Best for insurance and conslidation loan rates online. I found that G.E. Financial or other top-rated companies easily beat Primerica insurance quotes.
Maybe its just me, but Primerica kind of seems like K-Mart when I was a child--will serve the needs but I always felt extremely embarrassed after going in there (I like K-Mart now). Primerica is the black sheep of Citigroup, the only reason they keep them part of the conglomorate is because they make a fortune off of the middle class and credit risk clients, where typically financial planning has to be catered to the rich or it is non-profitable.
My last comment is that Primerica can't give you anything more then a weekend of doing research. Their free financial needs analysis is just a computer program. There is no personalized analysis by a human to fit your individual goals and dreams. It is just a statistical analysis based on numbers and not the client's feelings. If you do your own research or seek out a true professional, you will likely find a better deal, and won't line some "Personal Financial Advisor"'s pockets with your money for lesser products. Will you have to pay for it? Sure, but you will get more personalized service then with Primerica. Any of you clients ever talk to your representatives anymore, after the consolidation refinancing? Didn't think so. Who will help you to save for retirement? Primerica? How will they key their recommendations to your personal level of risk?
By avoiding Primerica you won't feel like your being pressured to another profession if you already have a good "job" and you also won't feel like you are selling out everyone you know to bring them into the "business".
My spin.... Take care and good luck...
C
Midwest,Illinois,
"secret"?
#3Consumer Comment
Sun, September 01, 2002
How can i...
:::::::::::::::::
EDitor's Note: Bogus Rebuttal
This rebuttal was redacted because the individual did not provide a bona fide e-mail address and uses their anonymity to further victimize the contributor.
Mike
Rockwall,Texas,
The Truth
#4Consumer Comment
Sun, September 01, 2002
I am an independent representative for Primerica representing Citigroup and a valued client FIRST for over four years now.
All I want to say to anyone genuinely confused about Primerica who is caught up in this crossfire is to seek the truth and keep researching deeper and wider -just don't put it off too long! (someone is counting on you).
This may be one of the biggest decisions you make in your life, financially and otherwise. Test all that you read or hear about Primerica so you can feel confident about your decisions.
If you can ever find anything valid from a neutral, third party entity that can substantiate that, what the company directive tries to do for everyone it comes into contact with, is in any way wrong, please share.
The more you research -and better yet experience, the more you will find that Primerica is the best kept secret in personal finance and American business. All the Best.
DEBBIE
Peachtree City,Georgia,
did you get all the facts?
#5UPDATE Employee
Wed, August 28, 2002
First of all, I'm hoping that these individuals realized they did not have to have anyone come over and do a FREE FINANCIAL ANALYSIS.
YOU DO REALIZE THAT OTHER COMPANIES CHARGE A FEE NORMALLY?
Most clients that are seen usually know about
what the rep is going to do once they explain about the company and that we believe in 'DOING THE RIGHT THING'.
I too, would like to see the judgements from
courts etc. on seeing any lawsuits pursued thru
Primerica. Most people who make it are in
this business for the right reason. If they are
out to make a fast buck, they usually fail and]
of course blame the company for their laziness.
I am not certain that these folks are being very objective in their own mind. Hopefully somebody will look up their website and better yet, TALK to some folks who have had their money invested and changed from higher premiums to lower ones and see what they have to say.
Why are you on RipOffReport reading for reports about a company you obviously like?
#60
Tue, December 18, 2001
They filed the following rebuttal to the above Rip-Off Report:
Their email: [email protected]
Their name: C.D.
Their relationship to the company: Owner
Rebuttal:
I know of a few published lawsuits out there.
The point that I always make (ad nauseum) is that being sleazy isn't illegal! It's just downright sleazy. Those are the practices that I try to expose and attack. Read around and you'll find out. Why are you on RipOffReport reading for reports about a company you obviously like?
The more I read of this slamming of the best company in the world *EDitor's Comment to this REBUTTAL
#70
Mon, December 17, 2001
They filed the following rebuttal to the above Rip-Off Report:
Their email: [email protected]
Their name: William Howell
Their relationship to the company: Owner
Rebuttal:
The more I read of this slamming of the best company in the world the more I could believe their drivel if any of them could show me some actual lawsuits that Primerica has had to pay, for all their"dastardly deeds" Come on show me any site out there with these suits. Ken Young showed me one site that after reading I found it was settled in favor of Primerica.
There is NO company that could keep getting away with all this crap people have come up with here!
Come on show me some suits settled AGAINST Primeria, all you mouths out there!
EDitor's Comment to the above REBUTTAL:
What planet are YOU living on?
Maybe we can help show you a better strategy so you can dump that loan.
#80
Sun, December 09, 2001
They filed the following rebuttal to the above Rip-Off Report:
Their email: [email protected]
Their name: C.D.
Their relationship to the company: Consumer Suggestion
Rebuttal:
Primerica has duped you too.
Go to www.deferred.com/wwwboard and read the post from around 9/13 titled "bi-weekly". It goes through a lady's saga with Primerica in which she was told (and believed) that she was saving "hundreds of thousands" of dollars on her home loan -- just like you. Bi-weekly as presented by Primerica is a scam. All the math is laid out in front of you on that website. It shows how, in fact, she is paying TEN MORE YEARS than she
would, had she kept her current loan.
This same story can also be found by searching for "Linda" on
members.boardhost.com/kenyoung4. The "simple interest" facet of your loan, as well as the bi-weekly facet, are so meaningless when compared to the closing costs and prepayment penalties, yet Primerica will twist, distort, and mislead customers into believing you got a great deal.
As for the other products, I can guarantee you are overpaying on
insurance. I was offered a life insurance quote that was THREE TIMES as high as higher coverage from a quality provider. Yet again, the agent will twist facts, distort figures, and try to get you worked up so that you buy the product through emotion and not rational thought.
Primerica is an MLM and the only way they can pay out through all those levels is by overcharging by a ridiculous amount and cheating less-educated people.
If you want to email me with your old loan and refi terms (or better yet, post them), I can show you how much you are overpaying. I bet that, if you converted your old loan to biweekly, you would have been far, far better off than the Primerica loan. It will probably be similar to Linda's story. Had she paid the same monthly amount towards her old loan
as to the Primerica loan, she would have been out TEN YEARS SOONER. To see about your insurance, call around or check quotesmith.com.
Sorry you got ripped off. Maybe we can help show you a better strategy so you can dump that loan. I believe a case just got filed in Utah where Travelers was forced to waive the prepayment penalty because of the misleading sales presentation preceding the loan. Maybe you could get your old loan back, or even one with a better interest rate. Contrary to what Primerica says, interest rate DOES MATTER!!
Again, I can guarantee that if you invest $20 in a good book, and really dig in, read, and follow along, that you will have far more knowledge than the Primerica agent that just ripped you off.
..stop this rediculous company with all of its unfathomed claims of financial freedom and wealth to those who join.
#90
Wed, December 05, 2001
They filed the following rebuttal to the above Rip-Off Report:
Their email: [email protected]
Their name: Devin
Their relationship to the company: Consumer Suggestion
Rebuttal:
Please join me in MSN communities to discuss this Financial company's scam... The community is called Primerica scam. Please join me in an effort to stop this rediculous company with all of its unfathomed claims of financial freedom and wealth to those who join.
I made a special posting just for you.
#100
Fri, November 16, 2001
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:
Here is a great example of how PFS screws its customers under the guise of "helping" them:
Visit http://members2.boardhost.com/misleadbypfs/ and go to the thread titled "for those from ripoffreport". I made a special posting just for you. It contains a great, easy-to-follow, real example from a lady who was screwed in typical fashion by PFS.
I'm curious to see all the all the math....
#110
Tue, November 13, 2001
They filed the following to the above Rip-Off Report:
Their email: [email protected]
Their name: Ray Parks
Their relationship to the company: Consumer Suggestion
Rebuttal:
I think you might want to rethink your info.The www.deferred.com/wwwboard link brings up a blank page. (I'll try again later) and the Ken (I've sued every insuance company that ever replaced one of my policies, including my employer) Young anti-Primerica message board has been removed. It is unclear why it is gone. Any other places to go? I'm curious to see all the
math....
It reminds me of a cult they will brain wash you.
#120
Sun, October 28, 2001
This email is a rebuttal to RipOff #6575.
It was sent by PRIMERICA at [email protected].
Primerica Ripoff and Fraud *Consumer Comment (#6575)
They filed the following rebuttal to the above Rip-Off Report:
Their email: [email protected]
Their name: PRIMERICA
Their relationship to the company: Owner
Rebuttal:
As a so called district leader in primerica I can tell you I disagree with most of what they do.They will tell you anything to make you feel special and get to your friends and rip you off.Its all about making your upline richer while you spend and keep on spending.
Watch out they will tell you anything to get in your pocket book.It reminds me of a cult they will brain wash you.
Primerica is an MLM and the only way they can pay out through all those levels is by overcharging by a ridiculous amount and cheating less-educated people.
#130
Sun, September 16, 2001
They filed the following rebuttal to the above Rip-Off Report:
Their email: [email protected]
Their name: C.D.
Their relationship to the company: Consumer Suggestion
Rebuttal:
Primerica has duped you too.
Go to www.deferred.com/wwwboard and read the post from around 9/13 titled "bi-weekly". It goes through a lady's saga with Primerica in which she was told (and believed) that she was saving "hundreds of thousands" of dollars on her home loan -- just like you. Bi-weekly as presented by Primerica is a scam. All the math is laid out in front of you on that website. It shows how, in fact, she is paying TEN MORE YEARS than she
would, had she kept her current loan.
This same story can also be found by searching for "Linda" on
members.boardhost.com/kenyoung4. The "simple interest" facet of your loan, as well as the bi-weekly facet, are so meaningless when compared to the closing costs and prepayment penalties, yet Primerica will twist, distort, and mislead customers into believing you got a great deal.
As for the other products, I can guarantee you are overpaying on
insurance. I was offered a life insurance quote that was THREE TIMES as high as higher coverage from a quality provider. Yet again, the agent will twist facts, distort figures, and try to get you worked up so that you buy the product through emotion and not rational thought.
Primerica is an MLM and the only way they can pay out through all those levels is by overcharging by a ridiculous amount and cheating less-educated people.
If you want to email me with your old loan and refi terms (or better yet, show you how much you are overpaying. I bet that, if
you converted your old loan to biweekly, you would have been far, far better off than the Primerica loan. It will probably be similar to Linda's story. Had she paid the same monthly amount towards her old loan as to the Primerica loan, she would have been out TEN YEARS SOONER. To see about your insurance, call around or check quotesmith.com.
Sorry you got ripped off. Maybe we can help show you a better strategy so you can dump that loan. I believe a case just got filed in Utah where Travelers was forced to waive the prepayment penalty because of the misleading sales presentation preceding the loan. Maybe you could get your old loan back, or even one with a better interest rate. Contrary to what Primerica says, interest rate DOES MATTER!!
Again, I can guarantee that if you invest $20 in a good book, and really dig in, read, and follow along, that you will have far more knowledge than the Primerica agent that just ripped you off.
