Orlando, Florida
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This is a response to a new agent with Primerica. I thought it deserved it's own thread to bring attention to how Primerica responds to any criticisms.

JustWondering posted that she has been working for Primerica for 3 months and everything was decent. She also went on to say that she believes that we are all people who work for other insurance companies & are made Primerica is replacing out policies.

This is the typical trained response I practiced with my entire baseshop while I was a RVP with Primerica. The internet is either filled with other agents or from losers who couldn't *** it at Primerica. I hope that this post will help everyone out who reads it.

The truth is simple. If you want to work with Primerica or be a client of Primerica do so knowing the facts!!

I hope this post helps some of you out!

Forgive me for the length of this post, but I feel the information is important & people need to be aware of these things before they get too involved with Primerica. (I also apologize for grammatical errors & typos!)

Hi JustWondering,

First off I want you to know that unlike a lot of people on this website posting I have actual experience with Primerica. I was with the company 12 yrs, I was an RVP, I was a ring wearer, I had one of the top baseshops in our state, I spoke at the last 2 conventions in Atlanta, and I won every trip the company offered over the past year except for the last Grand Lakes Contest. The reason I tell you this is not to blow my own horn, but to make sure you realize I am not the type of person "your trainer" and/or RVP will tell you are whiners or the "pissed off" competition.

First congratulations on making a decision to enter the financial services industry and I am assuming you did so because you have the desire to help people make the best decisions for their families and in turn help your own family. If that is so & you have an open mind I think you will be shocked at what you will find while doing your research.

Like you have experienced with the other agents doing a no show I have had that happen so many times on in my career. I would assume that the clients you were sitting down with had some kind of cash value & of course Primerica's term blew him out of the water. I ABSOLUTELY agree that in 99% of the cases your client is better off buying term & investing the difference. So it is no surprise that those EVIL SNAKE life insurance agents hid!!!

So I assume you are surprised that I agree with you. There are a lot of people on this forum that will argue with the Cash Value vs Term philosophy, but I am on your side on this!

Since I have trained probably a thousand reps over the past 12 years in Primerica I can tell you exactly what your trainer and/or RVP will tell you. (This is what I trained all of my reps to say!!)

1. "Everyone on the internet who post all of these negative things are either losers who could not *** it in Primerica or agents who are pissed off that Primerica has replaced their policies."

2. When addressing the fact that Primerica insurance is some of the most expensive life insurance out there. - " If everything was based on price then everyone would be driving a Yugo." & "Price is only an issue in the absence of value."

3. When addressing the fact that other companies offer not only cheaper cost insurance for your clients, but the compensation for a rep (even the newest rep like you) is equal to or greater than that of a Regional Leader!!! Yeah from day one!!! - "Of course you can make more money working at another company, but here at Primerica our goal is to help you build a business that will pay you forever!! At other companies you will just be a salesman!! If you want to build a business you will own forever stay here, if you want to be a salesman go somewhere else." & "Yeah they will pay you more, but here at Primerica you can override people & make money off of other people's effort."

I could go on and on about the way Primerica works on keeping you in a bubble, but I am sure you get the point.

I can sit here and type all of this stuff because I lived for this company for so long. I loved it. I bled it. Then one day I stopped and looked around & realized I was doing my clients a disservice and my integrity an even more disservice.

Here are the facts:

Life Insurance

I assume your friends & family that you sat down with either had more expensive life insurance or no life insurance. So you should feel good that you helped them, but here is my issues:

How you would feel if you could get your family & friends MORE coverage for LESS money? Primerica life insurance is one of the most expensive policies on the market. If you don't believe me do this… Call a local insurance brokerage company (NOT State Farm, someone that has access to numerous companies) and ask for a quote. Ask them to include the following companies… Banner, Genworth, Metlife, TransAmerica, and even American General. Make sure you compare apples to apples… If you have a 25 year term with Primerica do the same with the other companies. You will be shocked how much the difference is!

Now your trainer or RVP will tell you that Primerica is better than everyone else for the following reason.

1. They will say there is a war clause. (Lie)

2. They will tell you that there is no guarantee of insurability at the end of the term. (lie)

3. They will tell you that those companies will try to convert you to whole life. That is why it is so cheap. (There is nothing saying your clients must convert!!! You can keep it as a term policy for the entire term!!)

4. Primerica has a IBR (increasing benefit rider) and those companies don't. That is true, but since the cost for the initial coverage is two to three times more with Primerica you can just double your clients coverage for still less than their PFS policy. (Here is an example. I saw a client yesterday who has a Primerica policy. His current face amount was $300k for 25 years & $10k child rider. This policy has been in force with Primerica for 4 years. We were able to right him up with Genworth for $750k and $25k for 30yrs for $3.80 MORE per month than the Primerica $300k! – Where is the client better off?)

5. We used to tell people that after the Sept 11th attack most insurance companies refused to pay because it was considered an act of war. Primerica was the ONLY company that immediately paid out the claims to help the families. (LIE LIE LIE… God was I *** to ever repeat that!!!)

So let me ask you this. If you are sold on the "Buy Term & Invest the difference" philosophy would it not make sense for your clients the get the lowest priced insurance possible & then invest the difference into a Roth IRA?

Here are the truths about Primerica

1. Your Trainer/RVP has one goal & one goal only. They want you to come in the business and provide a Top 25 list. You may think this is to build your business, but the truth is that they want to get into your market & make as much money as possible before you quit.

2. Primerica has some of the most NON-COMPETITIVE products in the financial industry. Term life insurance can be bought for 30% - 70% less. (all you have to do is go to a insurance broker like I mentioned about). The $MART program is the most criminal product I have ever seen. I was shocked how bad it was when I finally opened my eyes. You can get a FHA or Conventional 20yr loan for less money per year, less closing costs, and no prepayment penalty. I can honestly say Primerica does have a great option for investments with the $25 month PAC, but if you work in an office where all they sell are Legg Mason & Van Kampen investment run!! There are so many great options out there, but PFS agents normally stick with these 2 dog fund families. (the only exception is VK Equity & Income & Comstock!)

3. The FNA that Primerica Reps sell as a "Financial Road Map" or a even a financial plan is nothing more that a sales tool. If you do not believe me look at the first page of the FNA disclosure pages. We try to compare it to the Financial plans of other financial firms, but the truth is it is designed to "disturb & excite".

4. You do not own your business. You think that you will get to RVP and be able to sell your business. The truth is that unless you are a NSD or SNSD the chances of you owning your business are slim to none. To get ownership you need to not only have MASSIVE life production through firsts, but you need atleast 3 (well producing) RVPs. I can almost guarantee you that if you are reading this your RVP does not have the ownership he or she claims. I was making almost $200k yr, had one of the top baseshops in our state, I had a regional leader who got the $50k watch, and I even was highlights on EPN and guess what… I didn't have ownership…. Don't believe everything you are told!!!

5. You are paying $25 per month for the "right" to access your clients' information online! I understand if the company wanted to charge you for the right to access all of the videos & stuff, but if you want to access your clients' investments, insurance info, or do an FNA you are going to pay for it. What a joke. All of the companies I work with (as a true independent agent) offer all of these features for FREE!!

6. Compensation sucks. As a Rep – Regional leader you can make more money per solution somewhere else than you do with Primerica. Not only do you do what is right for your client by providing better priced products, but you can earn more for your family. Most brokerage houses will hire a licensed rep for 85% starting!! You can get promoted to General Agent up to 128%. Yes you can even hire people and get overrides!! So Primerica is not the only game in town for "building a business"!!

I realize that most people who join Primerica love the atmosphere & fellowship. I have to admit that most people who join the company are good hearted and well intentioned people. My issue is that those people are taken advantage of.

We as RVPs are trained to find a persons "dream" button and push it. We know that 90% of the people are going to quit within 6 months so we need to keep pushing to get them "in the field" so we can sell and recruit more people to get us into their markets. We as RVPs know that our products are non-competitive, but we have no choice. We are stuck and where else could we make the $100k plus we are making now. So what we do is sell our souls in hopes of becoming the next Hector, Jimmy, Shane, or Bob Saffords. The truth is that we know that we need to pretend like we care. We know that employees will quit, but it is much harder to quit on a friend so we become your long lost brother!! The second you stop taking us to appointment, stop bringing people to meetings, stop going to meetings, or start asking about why PFS products are so non-competitive we treat you like a leper. We know that we must get people out of the baseshop who are smart enough to question the system & products. We don't want you to pollute the baseshop!!

I am so embarrassed that I conducted myself in this manner for so long. I have begun to redeem myself and I hope that some of my postings will open people's eyes to their options.

I do not want you to take my word or anyone's word. If you are here on the internet doing your due diligence about Primerica you are smart enough to make a few phone calls. If you are with Primerica & you are reading this ask yourself what is the right thing to do for your family & friends.

It is time that WE DO WHAT IS RIGHT 100% OF THE TIME!!!

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Anonymous
#46718

See my post "The not so SMART loan" several months back.

There is no YSP or SRP on loans that the company never sells on the secondary market; that's the point I'm trying to make.

Anonymous
#46680

The whole point is that when a PFS rep is selling the $MART loan they take the focus off the rate. When you are in training with Primerica and ask why Primerica rates are the highest rates in the industry you get this response.

"it is not the rate you pay, but the rate in which you pay"

PFS reps don't even understand what a YSP is. What they don't realize is the YSP and origination fee's take the loan to the max compensation of 5% while they entire hierarchy is lucky to see 2%. (This goes all the way up to the SNSD)

I have no issues with YSP, but I have never not explained what it is to a client. We way the options of a slightly higher monthly payment to their need for additional cash from the loan. At the last Primerica convention I went with a couple Dist Leaders to their meeting and was shocked when someone speaking was slamming mortgage brokers for their use of YSP!! WTF.... these people don't even know it's there!

As for SRP I was just making a comment about YSP & SRP doing the same basic thing. In no way was I trying to suggest $MART also had a SRP stuck in it.

My only issue is that PFS agents think they are experts when it come to finances & have no clue what they are doing.

1. Comparing the interest paid on a 30yr fixed loan vs a $mart loan with equity builder. Make it far compare a $mart to a 20yr.

2. The compensation is disgusting. $MART charges the client the maximum fees, but pays there sales force a fraction of those fees.

As for the PPP, I have see no reason to sell a product with a prepayment penalty. Granted now the $MART prepay is only 3yr vs 5yrs from just a couple years ago, but I just can't see doing this to the client is the right thing.

Anonymous
#46678

In his responce he didn't go into the SRP. The way I took it he just gave an example of selling the higher rate (YSP) and the PPP's which they can design into the contract.

Something people kind of gloss over is agents have to get paid on many different levels. Products are priced with that in mind.

Anonymous
#46661

In order for your commentary about YSP & SRP to be correct, you're assuming Citigroup sells these loans on the secondary market. I've never heard of this happening. Don't they portfolio their SMART loans?

Anonymous
#46611

All you can do is throw a bunch a *** against the wall & see what sticks.

If you are looking to recruit use the mirror test; if they are breathing hire them.

Drill your legs deep & drill them fast before they quit.

We do what's right 100% of the time. (For us!)

If you think Primerica is a MLM I can prove to you every company is a MLM. You have a boss don't you & that boss has a boss, and that boss makes more money because he is a manager, blah blah blah.

We could go on & on about the quotes people here when they're looking to join Primerica or in Primerica, but the truth is those office are more of a cult atmosphere than anything. Go to an Amway, Herbal Life, YTB Travel, PSI Semnar, or one of the other hundreds of MLM meets. It will scare you how similar they all are. The products at Primerica are not the financial services, but the people peddling Walmartish like products at Neiman Marcus prices.

Do yourself a favor and shop around. You will be shocked!

Anonymous
#46587

Wowwwww. Keep them coming and going and keep what sticks.

Anonymous
#46572

I use a 20yr loan to compare it to the $MART loan. With the Primerica $MART loan the draw is that by using the "equity builder" (making 26 payments per year) a 30yr loan will be paid off in a little over 20yr - 22yrs.

This is the primary selling point of the $MART loan. Since the rate is so high, compared to other conventional loans, Primerica is trained to sell the total time in debt & cost not the rate. It is a scam. The $MART loan is littered with fees, has a much higher rate (due to a YSP - yeild spread premium), and have a PPP (prepayment penalty).

If someone is interested in the $MART loan I suggested they compare it to a 20yr Fixed Conventional loan to compare "apples to apples".

If you go with a conventional loan you can pay the loan off quicker, spending less money in closing costs, with no prepayment penalty, a much lower interest rate, and most important spending less money annually than you would with the $MART loan.

The entire time I was in Primerica I asked repeatedly asked why our rate was so high. We had 2 canned responses.

(1) It isn't the rate you pay, but the rate in which you pay.

(2) Would you rather pay 9% for 20yrs or 7% of 30yrs. The focus should be on the total cost not the interest rate. Other banks and mortgage brokers want you to focus on the rate, but here at Primerica we want to show you how to get out of debt faster so you can become financial independent. Doesn't it make sense that you would rather invest your money after 20yrs with the $MART loan or continue to pay your current lender for the next 30yr? (Of course you would say lets go with the $MART)

The truth is that Primerica employs a YSP on their loans. What that means is if you have a client who qualifies for a 6% loan and you can convince them to take the loan at 8% the lender will pay the broker additional compensation. (Banks use the same process called SRPs, but I won't bore you with those facts) This is the kicker with the $MART loan. Not only do Primerican's not know about the YSP, but they don't even get the money!!! Primerica compensation is HORRIBLE for their reps doing $MART loans while the company makes a killing!! I can't blame the company though, it is all business for them. There is no crusade there, they are a huge company making tons of money laughing at the kool-aid drinker. Imagine if you as a company could make $5,000 on a $100k loan, but only pay out your sales force $2,000. You don't have to do anything!! That $5,000 is the maximum brokers compensation, but you have a sales force that will do all of the work. - Find the client, deal with the client, be there to close the client, and you just sit back knowing you make $3k laughing all the way!! That is why $MART is so profitable for the company.

The problem is we are comparing apples to oranges. If you want a fair comparison you should compare a mortgage with the same term. So 20yrs vs 20yrs. I know that if 9 out of 10 clients went to 2 other mortgage brokers for comparisons the clients would go with the 20yr fixed conventional loan. It all comes down to doing what is right.

As for Citimortgage they are still doing loans, but they are a little more stringent on their approvals. Primerica loans have been provided from many sources - Commerical Credit, Travelers Bank & Trust, Citicorp Trust, and now CitiMortgage, but the basics of the $MART loan have stayed the same. We are told to sell the product as an "debt elimination program" not a refi and get your client to ignore the higher rate since the house is paid off faster. All I say is that a client should compare. Of course you will spend more if you compare a $MART loan to a 30yr Fixed loan, but once you make a it 20yr Fixed (so you can compare it to the same time span) the whole game changes.

I hope that answers your questions!

Anonymous
#46571

The reason the 20 year loan is compared is this... The SMART loan, when used as recommended, typically changes a 30 year loan into around a 20 year loan. This is accomplished by taking advantage of their legitimate bi-weekly simple interest payment schedule.

However, instead of paying outrageous closing costs, dealing with a pre-payment penalty, and risking your principal compounding quickly in the even you fall behind on the bi-weekly payments, the simple answer is to do a 20 year loan.

If figured accurately, you'll notice that the total paid annually is lower than the proposed SMART loan, the total duration of the loan is less than the SMART loan, all without the headaches, costs and quirkiness of the SMART loan simply using the 20 year loan.

Anonymous
#46565

Why do you use a 20 year fixed. Also with the issues going on with Citigroup are they still doing Loans?

Anonymous
#46548

Yeah the Ken Young website really helped push me to RVP. I was so pissed about everything he was saying and I swore I would bust my butt to see as many people as possible. Of course many years later I stop looking at battling cash value & started looking at battling term. That is when I opened my eyes!

Once I realized there were much better options for my clients (& myself!) I couldn't continue to sell the stuff. What really blew me away was how the $MART compared to conventional loans out there!!

Oh well I am sure those of us who bled Primerica blood understand where those defending it now are coming from. I'm sure we all agree there will come a day when they either realize there are better options for their clients or they just leave the industry all together.

Regardless I hope this board will wake some potential clients and old clients of Primerica to what their options are.

I am sticking with my contract with Primerica and not contacting my old clients, but luckily my family & friends have already spreading the word for me!! What is amazing I just replaced a policy I wrote in 1997 and was able to give the client more coverage for less money!!! (He is 11 yrs older!!) I came off like a hero & he is telling his friends at work who have PFS life so we are going to have a replacement party!!

I love what NOT SMOKINGIT said. Primerica is not a life style, it is not a crusade (even though the RVPs try to sell it as that) it is nothing more than a business! Unfortunately Primerica (corporate) are the ones who win while the Reps & Clients pay for it!

Anonymous
#46534

The Ken Young and Misled by PFS message boards. I used to do battle on those boards supporting PFS until I was hit with facts and had to do some research.

So if you want to stay PFS positive stay away from message boards. You will end up doing some research and start questioning yourself and if your really doing what's best for your clients or the company..

Anonymous
#46503

Smokingit,

I hope this addresses your response, but before I get started I wanted to say your defense of the company is EXACTLY what I did to the Kenneth Young website many years ago when I was a new reps. I was like you very passionate about my business, my relationship with my RVP, and my success with Primerica. Ultimately I learned more about the financial industry and was shocked what better options were out there for my clients. I made the decision that I was going to do what was right for my clients and I decided to go independent. Well time to address your issues.

First off if someone wants to get into the financial services business (even as a part-timer) they can easily get involved. If you called a dozen independent brokers and told them that you had 25 families you would like to see so you could help them out, learn the business, and make money they would hire you on the spot. As for selling Cash Value policies Primerica is not the only game in town to sell term! I personally sell ONLY term and everyone in my organization sells only term. Granted I know we could make more money selling the other products, but I just do not believe in them.

Congratulations on being on the Global leaders bulletin, but let me ask you this. Don’t you feel like you are taking advantage of those 50 clients knowing that they could save 30% - 70% somewhere else for EXACTLY the same term? If you believe you do what’s right 100% of the time, why not explain to your 50 previous sale (most of which I am sure are family & friends) that they can buy cheaper term & invest even more money into their Roth IRA? See if you are misleading those clients that buying Primerica is the ABSOLUTE best product for them, where is the integrity? Why not inform those clients that Banner, ING, Genworth, and numerous other companies can offer the same thing for less. Then if they choose Primerica then great! (Or are you saying it is the client’s job to do their own research. If so that is what this site is all about!).

Regardless of what you have been told a RVP is in the business of constant recruiting. A RVP’s job is simple keep recruiting and tapping your newest recruits market. Right now you are a producer so things look awesome for you, but when you have exhausted your warm market and your production slows down you will see the other side of the coin. Let me as you how your opp meeting ends or follow up interview ends. Is it with a Fast Start Book or another form asking for your Top 25? Do they say the office record is 48 names, do you think you can beat that? Or my favorite – “From our experience we know that people who provide a Top 25 list have a decent start to their Primerica business, those who produce 40 – 50 names we know are the type that are serious go-getters, but for those who want to change their families lives, get to RVP, and make a six figured year income we normally see 50+ names. – Which category do you fall into?”

As for questioning if I was actually a RVP I think my detailed knowledge of the company should speak for itself. As for calling me a mediocre RVP let’s look at that. I was a speaker at the conventions in Atlanta, I was one of the first Regional Leaders to make $50k, my reps won their trips at the global level top 5, we were in the top baseshops for $MART, we hosted EPN on more than one occasion, as rep – regional leader we dominated not only the state - but national leaders bulletin, we were Pioneer Club members – Green Jacket as RLs (top 15%), we were in the top Prime Elite producers in the company 2000 – 2007, and on the last Hawaii trip we had 11 teammates win with us. So even though you have been in PFS for only 6 months you should regonize that none of that is easy or can be accomplished by a mediocre RVP.

Congrats to your RVP for obtaining ownership I will not say that this is untrue, just very rare.

As for the sour grapes & taking personal responsibility. That is exactly what I am doing. The business model works, but it does not work for the client. If you can honestly stay on this site and defend that fact that your clients are better off buying a more expensive product from you, then you are going to do VERY well with Primerica. We I reviewed EVERY client I saw from 2007 – 2008 I found out that I every client would have been better of going somewhere else. This was not only life insurance, but the mortgages also. I couldn’t continue to do what I knew 100% was the wrong thing. So I left and I am doing my own thing. (by the way as an independent I now have 25 licensed agents working with me. Their entry level compensation is 80%!!! Lower rates for the clients and more compensation for the reps!! Now that’s doing what is right 100% of the time. And yes they have the ability to override people too!!)

I have yet to understand why Primerica agents get on here and argue the point. Here is is plan & simple.

IF YOU ARE LOOKING TO BUY A LIFE INSURANCE POLICY OR GET A MORTGAGE FROM PRIMERICA DO THE FOLLOWING.

CONTACT 2 OTHER INDEPENDENT LIFE INSURANCE BROKERS AND COMPARE APPLES TO APPLES.

WHEN IT COMES TO A $MART LOAN WITH PRIMERICA CALL 2 MORTGAGE BROKERS. TELL THEM YOU WANT A 20YR CONVENTIONAL FIXED RATE LOAN. COMPARE THAT TO THE PRIMERICA $MART LOAN AND YOU WILL BE BLOWN AWAY. (NO PREPAY. NO RIDICULOUS CLOSING COSTS, AND THE DIFFERENCE IN RATE WILL BE SHOCKING – APPROX 2% LESS!!!)

If you want to work for Primerica and go into it knowing that the products are not what your RVP tells you – GREAT!

Anonymous
#46497

You just don't know there are other companies/organizations out here. Why just be better than before why not strive to do the best job available for your clients?

How do you justify this:

"4. Primerica has a IBR (increasing benefit rider) and those companies don’t. That is true, but since the cost for the initial coverage is two to three times more with Primerica you can just double your clients coverage for still less than their PFS policy. (Here is an example. I saw a client yesterday who has a Primerica policy. His current face amount was $300k for 25 years & $10k child rider. This policy has been in force with Primerica for 4 years. We were able to right him up with Genworth for $750k and $25k for 30yrs for $3.80 MORE per month than the Primerica $300k! – Where is the client better off?)"

You are there to sell Primerica products pure and simple. It's not about helping anyone. You say many other companiies promote the sale of hig priced products. Have you ever price shopped Term?

It's not about Primerica, it's about after being a Primerica agent some of us found better way in our individual opinions to help clients and be compensated better. Yes still being able to build a downline and having immediate ownership of clients and downline. Not to mention be able to be paid renewals on certain products.

Here's something to ask your RVP about. Who gets paid renewals on LTC business? Who get paid renewals on PLPP business? Then go to the companies directly or a brokerage and look at their compensation if you were direct with them. You will see what potential income you are giving away. There's so much more going on than PFS agents may know about because with the company system they don't need to know. As another example have you noticed many agents are going toward the series 65 license?

If Primerica is for you, do you. Just understand it's about sales and competition. Just like any other business.

Anonymous
#46473

I understand some of the criticisms, but my own experience with Primerica does not validate them.

First of all, I hear comparisons of being an agent in Primerica, compared to being an agent with another company. This is not a fair comparison. Primerica is an army of part time agents. Most insurance companies want full-time agents. I interviewed with several insurance companies before joining Primerica. Granted, I did not interview at all of them, but what I found was that:

1. The companies that provided great service and training expected a full-time commitment in return. Primerica does not. They will accept anyone who passes a background check.

2. Most people who join Primerica would never get hired by these other companies.

3. All of these companies promote the sale of whole life insurance and other high-commission products. Primeca sells ONLY term life.

I have only been in the company for 6 months. But at my contract level I was number one in the company (globally) in life sales last month - the point being that I am among the most active field reps in the company. I have over 50 sales under my belt. I have only come across 3 situations where the families we serve carried term life insurance that we could not replace with superior value. The others had no life insurance, and i was surprised at how many people had cash-value policies that they had purchased in the past few years.

That doesn't mean that some other company might not have been able to do beat ourquote. It means that those companies and their agents do not successfully penetrate the market, and that most of the companies that DO penetrate the market are ripping their clients off with high-commission cash value policies. That is a simple fact. You cant serve families if you can't get in front of them, and the Primerica business model gets in front of more familes than most of those other companies. Call that the price of marketing the product. Either way, the familes we serve are always better off for having met us. It is irrelevant whether they could have saved even more through another company, if that company isn't marketing their services to them.

Yes an independent broker may be able to provide a better quote. But how do you become an independent agent and learn your business? It's one thing to get all the training and licenses through Primerica, then gomake more money elsewhere and dish on them. It's another thing to break into the business on your own.

The idea that the upline recruiter is not really being interested in helping you start your business, but just wanting your Top 25 list, is simply nonsense. The reason for my budding success with the company is that I don't simply recruit agents and take them on training appointments - I pro-actively help them build their teams. How? By setting appointments and meeting with their top 25 to recruit them into the business, under my existing recruit. Most new people have not developed the confidence to successfully recruit, and as a result they fail to build a business. By helping my recruits get started in their team-building, they see that the business can work for them and they get motivated to keep it going. As a result, my retention rate is much higher than the company average and I have several growing teams.

It is also true that in many cases the original recruit will quit, and that their contacts who stayed will continue to benefit my own business. But that is each persons choice. Helping each recruit to build their own business is still the legitimate and right way to help each person maximize their opportunity in the business. The fact that they quit in no way reflects on my motivation in helping them to build their team. That is what we are - a TEAM. If my team member quits, and the remaining team members go on to be successful, whose fault is that anyways?

With respect to the the alleged former RVP, FinallyFree who challenges the validity of this concept, he appears to have been a mediocre RVP in the company. He may have been one of the top in his state, but not in the company. If you have not earned ownership as an PRV after 12 years in the business, you haven't performed to the required level, and your income does not reflect the potential of the Primerica business model. I am not suggesting that he did not work hard and diligently, but he admits, in essence, that he was using his recruits to steal their lists, rather than to truly help them build their own business, which would have benefited EVERYONE. The result is that he never built a great Primerica business himself.

In my base shop, my RVP has been in the business for about 11 years. He currently earns over $25,000/month. He has produced 2 other RVPs, and is not an SVP himself (yet). His ownership certificate is hanging on the wall. He operates with outstanding integrity and is an inspiration to all of us, and provides unselfish support to all. That is the right way to build.

Alas, there are probably many RVPs who have less integrity, that is more likely the root of the problem. It is that integrity that ultimately seperates the great and wealthy RVPs from the rest. In any business, the top people tend to be those who do it right, who are the highest quality people. Success in Pimerica requires a continuing commitment to personal growth.

Most people quit in every independent sales-oriented position. Real estate companies typically replace half their agents in any calendar year. Insurance agents come into the business and drop out, in EVERY company, not just Primerica. Primerica has a lower retention rate simply because they allow an opportunity to almost anyone. You can spin these things as positives or negatives. The bottom line is that the business model works, but you have to work, and work hard, to succeed at it.

Not everyone can be successful in ANY business. The question is, who should make the decision regarding your personal potential - some executive who may not like the way you look or talk, or you yourself?

I am working hard, and so are several of my recruits. We are having success and growth that outstrips anything my associates in the insurance industry are experiencing. I found a statistic on the US Dept of Labor web site stating that the average insurance agent earns $46,000/year. In my first 4 months since receiving my license, I have earned $17,200. I earned $9,005 last month, including $3200 in overrides and incentive bonuses. I know that the compensation can be greater sith another company, but the opportunity is not as great.

The 'criticism' against Primerica has some merit, but it all smacks of sour grapes by people who weren't willing to work hard, and develop themselves enough, to make the dream come true. Now they are trying to blame it on deception or a flawed system, instead of accepting personal responsibility for their own performance - a sign of a person who still needs to develop a little more.

Certainly every company puts a little spin on information to motivate it's recruits to believe in the company. Do you think all those whole life salespersons all believe that the product sucks? Many of them don't even understand what they are selling. I know - I've heard them speak enthusiastically about their universal life products.

These complaint threads tend to offer apples to oranges comparisons, because there is no business model that compares directly to Primerica. I would agree that people should get as much information about the company before they get involved. But the best way to get that information is to GET INVOLVED and decide if it is for you. It only costs $99 and for that you can get your life insurance licenese and if you stay for a few months, you get your securities license. You can do all this with a part time committment, and if it isn't for you, you can take those licenses with you and you will become more employable by other financial services companies. How is this a BAD THING?

Anonymous
#46463

What many of the agents don't understand is their license is their license. They are NOT employees of Primerica. By being captive and an independent contractor they are missing out on other potential oportunities. For instance the medicare enrollment period is due to start, many have a health license and can't earn income marketing those products. They can't market health insurance. Why? Because being captive they can only market the products approved by Primerica. Now get this, these agents in most cases are PART-TIME agents. That's kind of like having a girlfriend and she is telling you when and where you can go. LOL... :grin

It's a great system, but the market and industry is changing. PFS did it big during the BTIV days, well now the market is moving toward distribution and safty. It's the boomer generation gosh darn it. (went Sarah Palin)

Yesterday it was the series 6,63, today it's moving toward the series 65. Primerica is nothing more than a platform. If that's the platform people choose to use, they just need to understand the business going in and coming out. Yes it is a business.

If you build it (PFS team) what can you take with you if you decide to leave? That's the true beauty of the agent agrement.

Anonymous
#46385

Yeah you are absolutely correct. When I found out how bad the products I had sold to thousands of people were I called it quits & went independent. I in now way blame Primerica in Duluth. Primerica has an amazing business plan (for a the company) and if people are ignorant enough (& I consider myself in that group until recently) to pay the ridiculous prices for insurance and even worse will fall for the *** $MART loan then that is huge profits for them. And it was ingenious to recruit people to sell these *** products to friends & family. That way they are seldom shopped for fear the client would upset a the friend/family member.

My issue is with the local baseshops that preach how great Primerica is and that no one can beat us. The poor people are hoping for an opportunity and are brainwashed by these RVPs (again I feel like *** for doing the same thing to my recruits).

I just hope that we can reach someone here!!

In the past, when I was drinking the kool-aid, most of the websites were about Cash Value vs. Term. What I like about this site is that we do not argue that point. The truth is if you want Term there are MANY companies that can do the same thing for a lot less!!! If you want to pay off your mortgage there are many options for a better than the $MART loan without all of the *** bundled into it.

Primerica is a very profitable company, PERIOD. But the reason they are so profitable is the masses that come in and peddle their over priced products. All an RVP has to do is convince someone they will be RICH all they have to do is get 6 District leaders and welcome to the country club!! OH if the new recruit really understands what they are getting involved with!!

Let's pray we help open some people's eyes!

Anonymous
#46382

When you found out you drank that nice cold sweet kool-aid you probably felt like you were played for a fool. I sure did.

That's why I don't blame Primerica for anything. If I didn't read the contract or did any research, that was my fault.

Hey Koooool-Aidddddddddddddd

Anonymous
#46380

very well said, when I opened my eyes also I decided enough was enough and moved on