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 Â½ 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 *** 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 *** company.
Not as smart as I thought I was,