Chicago, Illinois
7 comments

I am so sick of hearing about Primerica this and Primerica that!!!. If any of the people that claim Primerica is a scam, obviously is not a person living in the business world.

They are probably all dead beats that crawled from under a rock. All you have to do is check the Better Business Bureau website and it tells you what business are scams and which ones are legit. There I did the work for you!

Get it right from now on!!! Please make sure you get all the information in the future so you CAN MAKE a GOOD SOLID DECISION!!!

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Anonymous
#32049

so pfs truth. Who do you work for?

Who should I go to work for? What is the best company?

Anonymous
#26611

Thank you for this valuable research and your time. It was pretty overwhelming.

I read it through, still very sketchy I think. Bottom line, honestly, would you recommend this job for your son or daughter who is 22? And senior in College? Not a very "professional" company.

Half the people who complained couldn't make a sentence. Would you recommend this job?

Anonymous
#26401

I say woohoo for writing something good about primerica!!!

Anonymous
#25890

AWESOME JOB!!

As another former Primerican, I can truly appreciate the time you put in to explain the reality of PFS. What he wrote was nothing but the TRUTH.

Anonymous
#25824

Do you have an email address where you can be contacted. Funny I went for 2 Primerica interviews today and have to go on the 3rd tomorrow. I would love to hear from you before then.

Thanks

karamel_127@yahoo.com

Anonymous
#25364

My friend, the thing is this is America and everyone has the right to complain or let others know about their experiences so that they can refrain from making the same mistake. If you don't like to hear it- (and I'm doing the hard work for you by giving you a wonderful idea) Don't come to sites like this!

Anonymous
#25289

Peachez1977, besides Primerica how many business worlds have you been in?

I don't think business world people use name calling like "dead beats that crawled from under a rock"

Could you imagine a CEO saying ... "if you don't agree with me ... you are a dead beat that just crawled from under a rock!!! ... now sign the deal or else!!!"

But you are right .... a person should get ALL the facts. So lets give them all the facts ... because not many Primericans give them up front ... then maybe Primerica would not have so many complaints ...

Here goes:

Let's look products you sell to the client:

1. Primerica is NOT the largest seller of Term Life Insurance … AIG is … look it up.

2. It is way MORE expensive then most Term coverage outside of (State Farm and Allstate) … so if you are TRULY trying to save people money … why not find them the lowest instead of just what you have to offer. Remember you are trying to SAVE them money. Some Return of Premium Products are less expensive then Primerica Term. You are hurting your client. After knowing that how can you still sell it.

3. What would you do if your client is declined by Primerica. Tell them they don't deserve life insurance then. You see this is what opened my eyes up, because my father was turned down by Primerica. Was I suppose to tell him "Oh, well .. too bad"…. No, I did what any good son would do, I started looking at other companies and found he could be covered with term insurance by them, for less then what Primerica was going to charge.

4. Term is the right product for 95% of people (sorry not 100%), the problem is you only sell Term which is great but what do you do when you run across a person that is in the Top 5% … Also think about it … aren't you trying to get all your clients and yourself to that Top 5% … what do you get when you are there?

5. You are taught with your mortgages to say "Interest Rates do not matter" or "Ours are calculated differently" … If it doesn't matter then why not give them a competitive one. I also dare you to put that in writing, Home Office Compliance would be down your throat quick because they know it is not true… so they don't want it in writing.

6. With your investments … the market is down right now … am I suppose to sink money in an investment I know is going to go down right away …. That's right Primerica has annuities now … even though just a couple of years ago annuities were "evil".

7. A client's money is sacred to them … why would they sink it into a company with so much negative press, it scares them …. Why do it …. When they can get the same thing for less with less negative remarks…. For all the agents who say that is just "some" agents that act like "that" …. They represent YOUR company and because the RVPs don't care what type of people they are as long as they have $199 (now $99) so the RVP can win the next contest.

But Most of you aren't in Primerica because of the products, you are in it for the business. Because you think there is nothing is better then owning your Primerica business. It is definitely better then Corporate America that is for sure. Here is where I look at you like teenage kids with your first beat up car speeding around town like you own a brand new Mercedes and I tell you to "slow down and think" .. you will either listen or will crash and I will say "I told you so"

How many of you TRULY read and understood your IBA contract when you signed it? Let me go over some things before I enlighten about your IBA contract:

1. How can you tell a new recruit that you can make a lot of money before you actually do it. Doesn't that feel wrong to you?

2. The money you are spending for your IBA DOES NOT pay for your license… it pays for processing and your Licensing class …. Most states don't require a class why does everyone have to pay for it.

3. Why can't a new recruit go get your licenses BEFORE you sign your IBA?

4. Why can't new recruit go see clients AFTER you are fully licensed and then sign ALL transactions? I know why this is the case …. Most agents are not making money so they need to sign it to make money and they are afraid the recruit will quit.

5. Why beat around the bush when saying the name Primerica ….. you are taught to say "Division of Citigroup" …. "Member of Citigroup" ….. "Largest Financial Services Distribution Hub" ….. "PFS" ….. anything but Primerica … it goes back to the bad rep .. and the fear that the new person will Google the name Primerica

6. People who leave Primerica are not quitters or couldn't make it at Primerica … people making six figures have left Primerica for better opportunities … you just don't know they exist.

7. You would NEVER be able to recruit a person who is already licensed and knows what questions to ask.

8. Citigroup (not in the best financial shape right now and has Abu Dhabi is now the largest shareholder) is looking to sell Primerica …. FACT … check out the Wall Street Journal March 28th 2008 Section C … "Citigroup has a major retail presence in just a handful of major cities, including New York, Miami, Chicago and San Francisco. Primerica Financial Services, which sells life insurance and mutual-fund products, is up for sale but isn't attracting buyers, say people familiar with the matter."

Now on to the IBA…. The moment you sign your IBA these things happen:

1. You become a captive agent ….. not allowed to sell anything Primerica does not offer …. Hand cuffing you to fully help your client.

2. You only have one company to work with Citigroup…… why not allow you to use any company you want …. There are companies that do.

3. You have to give up a "leg" (your MOST productive team) to become an RVP …. Why not let them become an RVP AND keep their whole team ….. Other companies do it

4. Hear me when I say this!!!! YOU DO NOT OWN YOUR BUSINESS!!!!! Don't believe me … ask your RVP if you move to a different company can you take your clients or team with you ….. you will find out real quick … read your IBA it says it in your IBA .. your RVP owns your business … you do not own your business until you are a Senior Vice President AND have had 5 years of at least 3% growth. … Until then your RVP owns your business … even after you become an RVP…… there are other companies that allow you to take your clients with you.

5. I will preface this comment …. I am a huge believer in recruiting ….. I love recruiting and I am good at it …. BUT you should not have to be forced to recruit to be promoted … you should have the choice to work yourself or recruit and have the same opportunity … America is about choice.

6. Your Securities (investment) commission is HORRIBLE….. there is NO WAY you could live on it alone .. add it up.

7. You IBA has a non-compete clause in it …. Which means try to leave for something better … see how nasty your old "friends" get.

8. You have to be full time to become RVP …. Do you forget some people like their job … pastors, teachers (I know the company was started by teachers … but you fail to realize A.L. Williams was a different company then Primerica) or anyone else that would like to keep their job.

9. As an RVP you are required to get an office … again I like having an office but some people do not want the overhead … why make them pay it?

10. You can be "Rolled Back" which means lose the promotions that you have received and the commission levels at your RVPs discretion …. Not enough production, illness, or because your RVP wants to teach you a lesson.

11. Some people do not like the risk of the market …. You can not sell a fixed / index annuities …. Most of you don't know what that is … don't worry I didn't either when I was there … trust me your hurting some of your clients by not having access to it.

12. What happens when you have a recruit at your same commission level … you 2 are at the same level you get no override …. Doesn't that make you want to keep people below you … not push them up…..Some companies will still reward you even when you are at the same level

13. A brand new person starts at 25% ……. They can do all the work (and you know as well as I do … getting a warm referral is most the work … so don't tell me because you did a flip chart presentation you did most the work) and they only get 25% ….. the RVP get 95% …. So the RVP get 70% of something … they may not have been there for….. doesn't sound fair … I thought Primerica did what was right "100% of the time"

14. Let's say Primerica goes out of business (don't believe it … check out ENRON, Bear Stearns, and Citigroup…. And read the Wall Street Journal article I reference above) ….. your contract and license is with Primerica … what do you then? … because I already explained to you … YOU DON'T OWN IT

15. Do you like paying for POL, Call Atlanta, marketing material, leadership school, and training (hype sessions) …. Most companies give that stuff out free

16. DO YOU LIKE CHARGEBACKS?????!!!!! …. Come on of all things I know you are tired of … we have to agree on chargebacks ….. for those that don't know what a chargeback is: the agent turns in the paperwork to Primerica and is immediately paid …. But the policy is not issued which means if the client changes their mind, finds something cheaper, does not qualify, drags their feet on blood work, stops paying or for any reason does not get or continue the policy …. Primerica wants their money back ….. which means they take it out of the next check or the next one or the next one which means you are running up an escalator and YOU KNOW IT …. Sorry to give out the dirty little but you can not say you like the CHARGEBACK …. Again not all companies get those and NO company gives them out as much as Primerica

17. Most people become disable before they die …. You can't sell disability insurance or you will be fired … hurting your clients again

18. What about health insurance … again .. try to sell it and you will be fired (by the way … does it make sense that you can be fired from your own business?)

19. Critical care …. What if you client gets cancer … or do have insurance for that …. Nope …. Fired Again … By the way before you say it …. Most life insurance has accelerated death benefit …. So Primerica not special with that.

20. Make sure you check with Primerica before you do ANYTHING if they don't like it they can terminate you (read your IBA) … sounds like a JOB to me .. I'd rather be independent…… the sad part is most don't know you can be ….

Listen … I wrote this for the person I was before I left Primerica hopefully that person is reading this and just starting to open your eyes a little bit and ask some questions that they didn't have before…. I don't hate Primerica … I don't hate the people in Primerica … but you don't know everything about the company ….. and I can almost guarantee you didn't read or understand the IBA you signed. And if you don't open your eyes and figure it out …. You are going to hurt some people and your going to hurt your family. Think about it … don't try to argue with it just read it and find out if everything I said is true …. Don't believe me READ YOUR IBA. I was you before I found out all of this stuff. The question is "Once an honest person knows the truth, he/she has 2 choices, continue to be honest and change their current course of action or cease to be an honest person". I will gladly talk to you here about it and answer any comments, questions or disagreements you have.