New York, New York
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11 comments

Primerica is a great company that provides a great opportunity for hardworking people that want to build a successful financial business.

I am a Primerica Rep and proud of it. All the insurance brokers who obviously are trying to single out this company when there are countless companies that have reps providing their companiy's exclusive financial products, yet these brokers make Primerica out to be the only one.

The reality is that all these brokers are doing is promoting whole life insurance and claiming to be able to provide what's best for their clients. Those brokers who claim to offer term insurance hardly ever promte it since the commissions they earn are tiny on term.

The definition of what's best for a client does not include having access to many companies, since many companies provide financial products that are not necessarily of high value or best price. In fact, price should not be the only factor influencing anyone's decision, rather the whole picture including quality is important.

Primerica does not market itself as having the cheapest insurance- rather it is competitive given the value and features of its policies and the best way to get an objective view of this is to ask a Primerica rep to look at a policy and to see what makes the policy unique.

There are plenty of companies that ask reps to sign a noncompete agreement to protect the business, but that only means that you can't pursue clients who own Primerica products. You can just as easily leave Primerica at any time with your licenses and work with another company or on your own (as the angry brokers who are not shy to bash this great company) to help new clients.

The uniqueness of Primerica is that you can build a business like the pyramid of corporate America (CEO on top, with VPs underneath, with Managers underneath, aned employees underneath) without all the politics. If you want to sell insurance all your life and be a transaction person then Primerica is not for you since the goal of Primerica is to have you build a business where you ultimately no longer need to to do transactions. Just ask yourself this question: Does Bill Gates still have to program computers? No, because he built a successful business where he leverages his time by having employees do the work. Primerica is no different.

In terms of ownership, the company allows you to do business with its name so obviously there will be an ownership program that ensures compliance to avoid reckless practices that could endanger the company's reputation. Just like someone who owns a Best Buy electronic store owns the business but is subject to the Best Buy company's policies.

So, before anyone makes a decision about Primerica due to reading the smear posts online by competition, give the business a shot and work at it.

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Anonymous
#110141

I have been an agent for 8 yrs, and in that time I have seen some ridiculous work by Primerica agents (most of whom worked part-time), with even more ridiculous projections. I recently sat with a couple (referred by an existing client) and they were (over)paying for $650,000 of ten year term with Primerica that will dramatically increase in premium after the 10 years. Also, as always, the "buy term and invest the difference" mantra was sold to them, and projected to pull 8% ROR, every year from here into retirement (30+ years out), which has already fallen apart on them in the last 3 years due to poor market performance. What the Primerica guy also failed to mention in his projections of 8% is that the couple will have to pay taxes (already funding IRA's & 403b's), so 8% becomes 5.6% ROR if they are in a 30% combined federal and state tax bracket. Also, there are mutual fund expenses, if they are mid or large cap, typically 1% (usually more like 1.5%) annual expenses, not even counting if they have loads, so take 5.6% down to 4.6% ROR. So, according to the Primerica guy, they only need to invest only $442/mo (the "difference") for 30 yrs and they'll have $650,000 in an account for them to spend! In reality, they need to spend about $835/mo, plus the cost of the term, around $85/mo, for a total of $920/mo! These people were furious at the Primerica guy, who is married to one of her friends and sells cars by day as his primary means of income.

That being said, if you work with insurance and investments, you need to do this FULL TIME and devote years of work and continuing education on the topic of planning - if you take financial advice from someone who does this only part-time, quite frankly, you get what you deserve. I have never seen a Primerica agent with any meaningful credentials (CFP, CLU, ChFC, CPA), not to say that none exist. Many do not even have a college degree! You might as well have a Mary Kay rep handle your financial planning - its the same premise!

Term is a great product, I sell and own alot of it (by the way, there is nothing wrong with being a salesman, I do very, very well, and much of my income is derived from renewal income on insurance and investments). I also sell AND own plenty of whole life (mostly limited payment like paid up at 65) insurance myself - because I see the value in it and use it to balance my investment portfolio and provide permenant death benefits. I have seen my clients use the waiver of premium rider on their whole life policies when they got sick with the insurance company paying in one case a $1,500/mo premium on the insured's behalf - that client was VERY happy. Also, I have yet to see someone who is happy when their term insurance expires - "I paid 20 years into this thing and have nothing to show for it, and I know I am still gonna die someday" or some variation is always what I hear.

Term and whole life both exist for a reason, both are great products. When a company can only sell one product, of course they bash the other. Spend some time to educate yourself on ALL of the products out there, pursue CFP and CLU designations (or graduate from college at least) instead of just attending the Primerica/A.L. Williams ra-ra gatherings.

Anonymous
#47371

just to let you guys know.. the money you pay for your state licensing is refunded back to you as soon as you pass your exam... if you fail the exam the first try, the company pays for all the other times you try.

Anonymous
#38757

it is people decision whatever or not, if they want to be a successfull or failure. A lot of people saying that primerica doesnt work.

well you should ask your self. have you even tried to get throw the promotion and get your licencse. see, people think different. someone will say oh they just brianwashers.

primerica is about building business. it is about building realtionship and thats one of the important things.

primerica will work if you take the advatange of it. arent you gonna be interested to make more money than you making right now?

Anonymous
#37565

Please - a $99.00 dollar fee to provide state licensing and includes prep fees does not sound like one is being "charged" to work for Primerica. It seems like a good opportunity to learn about and sell various vehicles including insurance -- Where else are those of you who are being charged, charged?

I'd like to know because I cannot see any where else besides a licensing fee where Primerica asks one to separate themselves from money in their wallet. If you are so good then I figure it was no problem finding another job once you left Primerica. Still I do not see Primerica as a bad place to invest ones time, energy and also come away with money and training!

What is your resume like pissedconsumer08? And if you have more to share please - continue!

Anonymous
#37155

Why is everyonetalking about having to pay to join Primerica...I just recently joined, and all i payed is a small 99 liscensing fee that covered my background, and liscensing fees. Also like many said, this company is more than just being an individual who helps families financially, its a opportunity to move up quickly in the company and potentially become an V.P.

and earn money comparable to those with high degrees. I know its true cause i have a friend who did just that....so whats ur answer to this...?

Anonymous
#35336

I see some questions addressed to agents, but no answers. I just see people posting the rah, rah, stuff.

If you as an independent agent decide to leave Primerica after you have a decent client base and a few recruits what can you take with you? It's a simple question.

If I offered you a contract that said I would pay part of your licensing fee and allow you to open an office which you would pay for and in return all of your clients and downline are mine for a time period if you decide to leave would you take that offer? What if I threw in considering at many companies you can get a starting commission of 55% and above, but I will start you out at 25%? Wait of course you can only sell the products I authorize you to sell.

Sign here X_______________

Doesn't like like a good contract does it? Would you rather make am emotional decision or an educated decision? Yes i was taught to ask that question when I was at PFS..So i made an educated decision.

Anonymous
#35092

At Primerica, you own nothing. I work for a captive company.

Although the ability to offer products and services from multiple companies as a broker is completely valid, the real problem is the cost of Primerica products AND lack of product selection. As another example, another person that recently bought from Primerica will be replacing her $150,000 20 year term from Primerica with $25,000 of whole life AND $125,000 of 30 year term for LESS THAN what she's currently paying Primerica. There's just no ifs and or buts; her family will have the same coverage for LONGER and for less money AND build GUARANTEED cash value. My commission, the same whether she buys whole life or term.

My company is ranked A+ and has been consecutively more than twice as long as Primerica has been in business. Also, if you think being linked to Citigroup is a good thing, guess again. I also don't think AIG will be buying you anytime soon.

Again, tell me I did anything wrong for the client. Buffoon!!

Anonymous
#35085

Answer this. You preach Buy term Invest The Difference. You show the rule of 72. Now if you can have a contract with no noncompete clause. Immediate Ownership of clients and downline. Offer many different companies. have higher commissions. Have tha ability to offer other products if you so wish. (Medicare season starts nov. 1.)

As an independent business person, why do you stay at Primerica? You are not an employees of Primerica. You yourself state that their products arn't the lowest in cost. You also state that theres a noncompete, so if you didn't have to deal with those issues as an independent business person what's keeping you at PFS?

Would you sell your mother a higher cost product if you know she could get basically the same thing for less coverage? If you say yes, you show where your loyalty is.

It crazy, people come to boards and defend Primerica all day and not even think of their business interest.

I bet you guys arn't even concerned about what's going on with Indexed products..That's because you don't know what you don't know.

Anonymous
#34971

The company does not *charge* people. It collects a state licensing and prep fee which is miniscule compared to the total cost to get licensed on your own. The resulting license is a state license and not a Primerica license so you can leave at any time to work in your state with another company if you wish.

This fee is a joke compared to the overhead costs needed to start an average business.

If people are just disgruntled then why do most complaints include suggestions to look at working independently???

Anonymous
#34949

The so-called smearing isn't done by competition. It's being done by others like me, who ALMOST got suckered into this "wonderful-we-swear-it's-NOT-a-sales-job-opportunity".

Don't get mad at us because we realized what was happening and decided to warn others ahead of time. If your company is so great- don't charge people to work for you.

Anonymous
#34943

Nice try but no cigar.