Thank you for this site & the people who pose on it!
I am working with Primerica now, but I will be turning in my resignation tomorrow.
I have taken my rvp to see my parents, my Uncle, and my cousins and I was very happy what did for them. I just got my licensed last month and was able to do my best friends insurance. Monday I come in to the office and find out my best friend’s policy has been rated due to diabetes. Her cost went up from just under $40 a month to almost $80 a month. I understand life insurance can be rated, but what shocked my was that Primerica will not pay commissions on the rating. I was told by my rvp that no company pays on the ratings so I took it at face value. My best friend was a little upset about the rating and called me with this site 2 nights ago. I have read every post going back nearly a year! I was shocked. I asked my rvp about some of the things brought up on here. He was not happy. I asked about the loan we did on my uncle, about primericas life policy expense, I asked about residuals, I asked about the average pay of the pt & ft reps in his organization. He went from being my best friend to yelling at me. All I wanted was the truth. He said primerica offered the best products for the middle income families. He told me that this was a crusade and that if all I wanted to do was sell I should find another company. I was blown away. This guy played the role of the perfect Christian, family man, and businessman, but in the end he showed his true colors. Following the advice of this forum we made some calls of the family he wrote life insurance on. I was shocked!
My parents had a 20yr policy with primerica. I called a broker and got a quote with ING & Banner for over $60 a month cheaper than primerica. This was the same amount of coverage.
My bestfriend’s policy might still be rated, but I was told that Banner is pretty good about accepting policies with people with diabetes. He told me that the compensation is the rest of the insurance industry uses is that the pay is based on the annual premium. If the policy is rated you get more commission. Just another way primerica rips off their reps.
My Uncle had a 25yr policy with primerica. The quote we got for him was for 2 ½ times the coverage for $30 less per month.
My Uncle’s $MART loan has a pre-payment penalty, but even with that we spoke to a broker and we can drop this rate from 7.28% to 5.875%. We asked for a 20yr loan with no prepay and we shocked that if we can get the new loan will be close to $1,000 a year cheaper and will be paid off in 20yrs instead of 22.3 years with Primerica. What a rip off.
I hate this company and everything they stand for. I have read about the koolaid and I know that I was drinking it. I will make sure everyone knows about these guys & the fake feel good meetings they do.
To the person who has mentioned they just want to get into your family and friends you have no idea how right you are. We recruited 3 people and all they wanted was to see 3 people immediately. I am telling everyone I know with primerica insurance to check around.
Wow was I stupid to fall for this stuff! Please look closely at primerica before you join and feel the same way I do. The people in primerica are very skilled at coming across as your friends and saying they do what is best, so be wary. The truth is they will sell you and you family expensive products and could care less about you once your done. If you work for primerica and defend this company keep enjoying the koolaid. I will tell every person in my church, my school, and everywhere I go to avoid this crappy company.
I don't know if they officially at the corporate level say it's a gimmick, but my RVP said it was flavor of the week or just another trend through which PRIMERICA stayed true to its principles.
Yeah, principles of bullshitting people on Mortgage refi's and life policies and annuities.
"This guy played the role of the perfect Christian, family man, and businessman, but in the end he showed his true colors. Following the advice of this forum we made some calls of the family he wrote life insurance on. I was shocked!"
EXACTLY. My RVP was the same way. He actually talked as though he were Christ. He told several clients all the time, "Open your heart, let me in." Or "I'm the 5 talent man like in the Bible. I can save you money on your house, protect your income, help you save for retirement. Use my talents." Or "Ma'am, if you have faith just the size of a mustard seed I can help you." Geez. Laying it on thick.
And yes, FINALLY FREE, you're right. The offices and RVPs are cult-like, and they do serve the kool-aid.
My RVP would call agents who missed 1 *** meeting. He called me and gave me a hard time.
And we'd do saturday training, we'd be there all day cuz his two teenagers lived with his ex-wife and he didn't have a job. On top of what he did in PFS he also had a $3000 a month check from the military. Ya know, some of us have lives and things to do.
Why would I want a one time commission on a life policy you get nothing out of at the end when a Return-of Premium policy will pay me residuals EVERY year?
"I will make sure everyone knows about these guys & the fake feel good meetings they do."
AMEN!!!
Thank you, MaryHates, you are so right. I was a Division leader who had a securities license, and I actually feared my RVP which is why I stayed in so long.
But Primerica is not about selling good products. They're about selling the "business opportunity." We can thank John Addison and Glenn Williams for that crap.
I went into financial services because I wanted to advise people one-on-one what to do financially, NOT to be some social butterfly recruiter pyramid builder.
What REALLY disgusted me were two things: (1) I went in January to Dallas to see John Addison speak and all while there, Norm Mitchell and David Farmer BOTH told people to quit their jobs. They didn't tell regional leaders that. They said it applied to everyone there. What if you don't make a sale?
(2) My RVP was enthusiastic about door to door sales and I was not.
I ditched my Primerica trash life policy and got a return of premium policy.
I also will NEVER get a Primelite IV annuity when there are better annuities out there.
Only about 2-3% of Term policies go to claim. Then the average policy stays on the books about 6 years. These are facts and figures I heard..You would think considering PFS agents do all the client gathering, selling and servce their commissions would be much higher..
We'd stay solvent if we wrote a lot of PP policies. It would mean our risk would be very low.
I, for one never quote preferred plus. My most recent Primerica replacement allowed the clients to get another $400,000 in coverage, both companies issued at standard rates. Imagine what their heirs could do with $400,000? We're rated A+, are 3 times the age of Primerica, and we're solvent. No bailouts here.
Bill some of us who post here do not consider Primerica a threat to us or anyone else. Some of us used to be primerica agents. No matter what anyone is quoted by the agent it's not in stone until all the underwriting is done. Different companies underwrite differently. Your not just talking to some agent who is a direct competitor, you posting to agents who have been there. Let me ask you this. Does Primerica have a vested interest in slamming cash value products? You can't have it both ways, If your going to dish it out be ready the take it also. Today the battles arn't cash value against Term. It's Term vs Term. Your not the only game in town...You just have one product.
Hi Mary, I am one of the happy Primerica people, but I am not gonna defend what you dealing with. Sounds like your RVP could use an attitude adjustement.
However, I want to warn you... as you look at other companies it is not all you think some times. Before I started working with Primerica, I was 49 years old and applied for a Banner term policy (the company you mentioned). Their great rate was a tad less than $400 a year, and when it was issued it came in at $1,180ish. Yep, only $800 higher. They wouldn't explain why. Anyway, I then applied for the same coverage and it was a tad more than $500 with Primerica (I got a Preferred rate, as I super healthy and happy). So you know, I have seen this with other "very low carriers" in addition to Banner, so they not alone on this one.
Some companies have "teaser" rates, which mean they only write a certain amount of policies at that rate - if any. If they wrote too many, they wouldn't remain solvent. Primerica doesn't do this. It is really hard to compare apples and oranges with this stuff. Calling a guy and asking for a term quote doesn't mean you are talking the same thing.
But from personal experience, its not always what you think.
Also, don't forget that a lot of people who are writing here at this and other forum sites are affiliated with other companies, and have a vested interest in slamming their competition. It's just the way it is.
Now Mary, remember you do have a license. Just honor your contract if you are deciding to leave. There are other organizations out here where you can also be part-time if you so choose. Just get a eamil address from yahoo or somewhere and ask people to contact you. You don't have to give out your real contact info. until your ready. I'm sure you will get some contacts. This time if you are going to sign up with another organization, read the contract and lean towards being indpendent. you've done the hard part already. You have your license and you have seen some presentations.
One day you will look back at all this and laugh..Your not alone.
Consider yourself lucky that you opened your eyes so quickly. Some of us took much longer. I had the kool-aid on IV drip for 12 years, so imagine how I feel!!!! Hahaha
That is awesome that you stood up to the RVP and asked the hard questions. In the end Primerica is filled with good heart, well meaning, but unfortunately misguided people. The people you were around meant well & believed what they were doing, but those RVPs & RLs (who have been there awhile) knew better. See our job as RVPs was to keep up the propaganda talk about crusades, that if your friend didn't have PFS they were getting ripped off, and keep digging in to your market. See we as RVPs know people will quit so we need to dig as deep as we can in your market so we can get more business and recruits. When you quit reps normally leave the industry all together and most of those policies, loans, and investments stay put.
You are a RVPs worse nightmare. Not only are you pissed about being lied to, but you are becoming informed. I have said it a million times, but I do not blame Primerica. They can set their price for what they want & if people buy it great! The problem is the local PFS offices where they serve the Kool-Aid ice cold & extra sweet!!!
Now that I am out of Primerica I can honestly look at it objectively and it is scary how "cult-like" those offices and meeting were!!! Just be glad you opened your eyes.
A word of caution on the $MART loan. Weigh all of the costs when replacing that loan. With the prepay and addition closing costs it might not be worth it. I would personally call CitiMortgage and have your Uncle explain everything. As them if the will waive the PPP (prepayment penalty) and put him in a conventional 20yr fixed product. It is worth a shot & it worked for my brother-n-law.
Spread the word & tell everyone what you have learned. Don't slam the company just stick to the facts. The Primerican's can not argue the numbers. If the life insurance is the same & cheaper and the mortgages are better period the only thing they can fall back on is their crusade & that SWEET SWEET Kool-Aid!!
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