Seoul, Kyonggi-Do
12 comments

It's almost 2 yrs. since I looked into Primerica in BC, Canada. I dropped it.

I learned some useful things, even tho the evangelistic style hype turned me off, as did the many presenters labelling people with other ambitions and lifestyles as *** losers. The encounter did help me sort out some things.

But I also asked around. An independent insurance professional said self-employment was paid work without a boss. She said Primerica was good as a training ground in the short term, at least.

When is employment employment? While the gov. of BC is hazy and lazy about that, the Primerica routine fills the criteria of employment, for the first phase or 2 of involvement anyway--even if the gov. is reluctant to force paybacks from and penalize violators who should have paid wages and commissions. (100s of co.s in BC alone are hiring employees called "self-employed" and enslaving them and the gov. doesn't care.)

Primerica might work for a certain demographic, which I don't fit. It can work for people who already have steady decent paying jobs, i.e., have families and property worth insuring and money to buy it with and invest further. People like that have co-workers and neighbors to be potential clients and recruits.

By the way, that demographic is the shrinking middle class who experiencing bankruptcy, reduced wages and pensions, lay-offs, rising living costs...So how is the market, really? They talk about the pre-retirement sector who have oodles of assets stored and on the *** of being transferred into a retirement lifestyle, but how many will have houses worth much and decent pensions, how many will not have to continue working past 65, and how many will need to keep working but be forced into retirement by 55?

The Primerica pitch claims that the average person will need some four to six million dollars to live on in retirement if you want to have a good house and money for travel and fun. Well, those figures are exaggerated. And what is fun for one person is not necessarily for another. Come on, there are supportive family units, seniors' or shared housing, community resources, and reductions of various costs such as transportation for seniors. And prospective health care expenses vary too; the situation in Canada is not like that in the US. And, let's be realistic. How many people over 70 are healthy enough, if alive even, to live independently, run a house and travel?

Consider me, a 50-year-old. When Primerica whistled at me, my issue was steady decent paying work. True, I'd reached an age where I needed to start thinking about retirement finances. But I had no spouse and kids, little debt and nothing to insure. I was surrounded by people like that. Hey, Stats Can says over half the population of Canada is single (not married or in common law partnership)! So why did they beckon me? I don't fit the profile.

I couldn't afford to go through the necessary steps of multiple licensing, and not interested enough in the course materials. Nobody coached me on the course. Nobody had told me that insurance agents have to be constantly studying and licensing and renewing year after year. I wasn't interested in all the courses.

Also, the product they recommended me, a minimum $25,000 RSP loan, was inappropriate at the time. Where was the tax saving if I wasn't making enough to be taxed much? And how could I handle the extra expense without regular good monthly income.

After 3 months or so, I gave up Primerica and explored other options. What happened to me? Two years later, I'm working full-time as an English teacher in a foreign country having rich experiences and traveling farther while socking away cash now that I'm completely debt free, not having to pay for housing and not having much tax to pay. I'm writing. I'm getting lots of exercise. I'm making loads of new friends. The prospects are bright.

I wonder what happened to my recruiter. Last time I saw him, he was scraping buy on a monthly income from Primerica of $600 or so, and into his 6th month of full time activity for Primerica (after a year or so part-time at it).

--Red Perl

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Anonymous
#30007

Is whole life insurance a scam?

Anonymous
#29287

I agree with part-time, bernaddete and red are simply to lazy to work hard. They have no idea what they are talking about...I have no start up costs, except for the $400 licensing school which Primerica paid 300 out of, most they are allowed by law.

Plus 65 for the test, but wait Primerica refunds me that money after I pass. $25/month for a website complete with tools to help me succeed, whats the going rate for your own personal website again? We are a scam, lol. We fight against scams such as whole life insurance.

And oh, by the way you need to spend money to start any business. For the person who quit after 3 months, most businesses tank after the first 5 years, lol you quit after 3 months.

Anonymous
#28988

Well, I guess everyone is entitled to an opinion...it just sucks that most Americans feel the need to knock others when things don't work out they way their "boxed" thinking says it should work.

You might as well say that auto insurance is a scam...heck why not Medicare! Is that a scam too?

WHERE DOES IT END?

IT'S A FREE WORLD...DO WHAT YOU LIKE AND LET OTHERS DO WHAT THEY LIKE.

Certain things work for you and certain things don't...I think that we all can agree that any money into the American economy is a good thing.

YOU NEVER KNOW....CITI COULD BE YOUR NEXT LENDER FOR A HOME LOAN...OR THE NEXT COMPANY WHO UNDERWRITES A POLICY...LIFE, HEALTH, AUTO....

STAY POSITIVE AND DON'T KNOCK WHAT DOESN'T WORK FOR YOU.

Anonymous
#28757

It's great how all the Primerica people get on here and call everyone else ***. "It is just very very funny how uneducated people go on websites to put down a company..." Apparently, Primerica is only for the very intelligent! Gosh...

Anonymous
#28216

:p

I wanted to know where Part-time was teaching and coaching but making only 15k a year. I taught at a private school with no degree and made more.

But clearly Primerica is not a job for everyone and I must tell you there are quite a few more horror stories than glowing reports.

I have a meeting with a Primerica Rep on the 20th and I would love to hear how it will beat the 65k I am making now with benefits. We will see...

Anonymous
#27863

It is just very very funny how uneducated people go on websites to put down a company that they might have attempted to work with and failed to succeed at....It is a pity that people might get the wrong appearance of this company because of 7 dollar and hour cashiers like you guys...

Anonymous
#27861

When I started part-time (actually spare-time) I was a school teacher, coached basketball and taught driver's education, barely making $15,000 a year, two children and one on the way. I had bought a whole life policy 5 years earlier for $30/mo.

for $15,000 coverage. One year for my family. A week later, I replaced the policy with a Term from Primerica. Still paying $30/mo.

but for a face amount of $150,000. Now Bernadette, what is the scam again???

After being significantly helped, I joined up part-time. Not for $1,000, Shawn.

Back then, it was for $199. After getting licensed by the state regulators, Red, I worked one night a week selling life insurance and mutual funds. Spare-time, I earned between $600/mo and $1,200/mo. That made a huge difference for my family.

And, this money came from business that I sold personally. So, what is the scam Bernadette? Tell me what other sales business I could have done spare-time and made that kind of money helping people the same way I was helped???

Those 2,400 that earn $100,000 + a year do so because they want to help a lot more people like me get out of *** like whole life insurance.

And, if they learn and grow, they can build strong agencies that will pay them great income. Most people are like Shawn, Red and Bernadette who just don't like hard work and just want easy money.

Glad to see you are happy Red doing something you like. But, no reason to bash Primerica because you "tried" it for a wopping 3 months.

Anonymous
#27856

Shawn, no one asked for $1,000 up front. Why do you think it's a good thing to lie?

Primerica asks for $99 upfront to do a background check on you to see if you have good character.

Saying things like they wanted $1,000 up front doesn't bode well for character. Good thing you did something else.

Anonymous
#27589

Go check out what the editor of ripoffreport.com said after being PAID by Primerica to become part of his “Consumer Advocate Program”

He will say whatever you want after you PAY him.

Anonymous
#27581

Go check out what the editor of ripoffreport.com said after doing actual research on company. Don't get me wrong, there are some goofballs in Primerica.

Buy,what large company doesn't have them. As a whole, they do what's right.

Anonymous
#27339

THEY WANTED ME TO INVEST BY PAYING $1000.00 UPFRONT I SAID NO WAY AND WALKED OUT OF THE MEETING

WHAT A BIG SCAM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Anonymous
#27335

Primerica is a great big SCAM!