Cincinnati, Ohio
Not resolved

When I first got my Primerica policy I made the mistake of telling them that I also had other life insurance that I did not and would not cancel. I have had this insurance since my first husband passed away and with it whenever I make an early payment it goes into a saving account which I can take out at any time without having to pay it back.

It's a great insurance policy and I have made withdrawals in the past without having to worry about paying back, it's not a loan. Anyway, Primerica asked me the name of the company and I told them. After all was said and done, papers signed etc. we had this wonderful insurance policy.

After about two weeks, I received a call from my other life insurance agent who knew me from being the one to sell me the policy after my husband passed away. Seems that Primerica had contacted them and told them that any money that I had in the account was to be sent to them and the life insurance was to be cancelled. Thanks to my trustworthy agent, he would not do anything until he contacted me in which I told him not to give Primerica anything out of my account and not to cancel that policy. If it hadn't been for this agent, Primerica would have stolen every penny that I had built up in the savings part of my other policy.

That is just about as low down as you can get and to me they are nothing but thieves.

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No- the agent would have had to collect at least the first month's premium for the replacement to move forward, at least in my State (IL).

The only scenario I could come up with was that the funds from the cash value were going to get rolled over into another account- but then they would STILL BE SLCOOKS, not the carrier's, so all this garbage about Primerica stealing her money is is just that:


and her former agent's desperately lying to her about it should be grounds for getting his license pulled. This very dishonorable behavior, regardless of the carrier he's appointed with.


that the cash value was directed to be paid to the new company as a deposit on premium for the new insurance?


Lady, your original agent BS you. Cut and dry.

When a policy is replaced the money in the cash value goes to the policy owner, which appears to be YOU, not to anyone else, and certainly not the company replacing the policy.

For your agent to tell you this bald faced lie is a violation of the law and I challenge you to to post his name and contact information so that he be brought before your State's Director of Insurance for accountability.



: One that competes :

Primerica competes with NO ONE. Not on price, not on service, not on product knowledge.


Slcook 2008

You have all the proof you need! When you are not willing to get the facts your comments seem ignorant!

You sound more like a competiter than a client. By the way Regina Wood is a PFS employee reaching out to you so she can get the facts about your complaint.

How many companies would do that? But your not intersted in getting the facts you would rather just make inflamitory statements.Which again leeds me to question the sincerity of your claim.



I'm probably one of the most honest and truthful, trustworthy people left on this planet. I never signed anything to cancel any other insurance or having funds sent somewhere else.

the agent that came here, myself and my husband discussed the other policy and how it was not to be touched in any way. that's when the agent said to me "you don't trust anyone do you" NO I DON"T hmmm wonder why (don't have to worry about that, it never happened, primerica never got a penny of that money and the other policy? I still have to this day- thanks to the honest agent contacting me) You stated "don't give me that thieve thing" says it all.



so many thing wrong here. the agent was told face to face the other policy was NOT to be cancelled.

they (whoever) did contact my insurance telling them that I wanted the policy cancelled, and that the money was to be sent to them.

i've had this policy since 1994. as far as what is standard and what is not, it depends on who you are dealing with, the agent you are dealing with and the company that you are dealing with. people nowadays are out to screw everyone they can every chance that they get. thats why this world is so f'd up, no one has morals anymore and everyone is out for themselves. I stay to myself, that's why I still have my morals and still have standards to live by.

they tried to screw me over-it didn't work. so all i have left to say is it's your life, your money, you take the chance. as far as making early can be done, i've done it. taken money out. not paid any back-my policy is the same as the day that i purchased it. what can i say-i'm in with a completely honest company. to me-primerica will always be a dishonest company who will take what they can from anyone-no matter who they are or what the situation. the people do not matter to them, just the bucks they can stick in their pockets. and as far as the comment saying i need to contact the agent and get proof, i got all the proof that i needed.


You're showing your Primerica education on cash value insurance. You're close on a lot of things, but do yourself and your clients a favor.

Take time to learn how the policies and loans actually work. You're stuck relying on what your upline taught you, and it's just not correct.


After reading this complaint it is obvious that the writer needs contact her insurance agent and ask to see the letter proving that the PFS agent was cancelling her popicy and requesting the Money be sent to him. The two week timeline does not support her claim.

As that is just enough time for the uderwriting process and it is doubtful that a policy was even issued . More than likley the agent recieved the replacment notice and led her to believe his story so they would not lose the business.

As a PFS rep for 20 years this has happened to me many times! Remember a replacement notice is not a cancelation only the policy holder can do that!


vtc: Primerica agents are independent contractors. I am not with Primerica. There are steps to take to replace a policy. The procedure is not something that a company or agent just makes up.

If the agent does something wrong it is the agent. Primerica being who they are and where they come from understand replacements.

The agent may or may not have done something wrong. In many cases people sometimes just don't read what they sign or ask enough questions. On this situation I just give the benefit of the doubt.


Lack of Resp: The cash value is not owned by the policy holder. It is there so the policy well perform as designed. That's why people have to pay interest, because companies lose the use of the money that is taken out of the cash value.

People do not borrow their own money..Also some policies do allow people to take a loan and then offer an interest rate that is equal to the loan which can mke it a wash..

There are many different type of programs out in the industry.


You have a whole life policy. You cannot make early payments.

There is no such thing. Anytime you add money to a whole life policy, it goes to the cash value account if no other fees are deducted. As far as taking money out without canceling your policy, that is a loan. It's in your policy contract and you are probably paying around 8% interest on your loan.

If you are consistantly paying extra amounts to the policy, then you may not see this 8% reflected in your paperwork. But, it is there. Your cash values are paying the 8% loan interest. That is your money.

So, you are paying the loan interest. And, they will take from your cash value account more to pay back the loan. Sucks!!! Paying interest on your own money.

If you don't believe it, read your policy for at least the first time.

Now, as far as how the agent assisted you in canceling your policy, there is no way that it can be done without your signature on a letter requesting cancelation and for the money back. Thus, you must have signed the letter knowing that the money would be sent to another location other than your home that is on record.

Don't give me this "thieve" thing. The fact you have obviousely never read your policy tells me you perhaps are the one not trustworthy and are just making up stories.


To: SLCook2008

I am a home office employee of Primerica and have read your complaint. Please know that it is customary in the insurance industry to identify existing coverage when a person applies for life insurance. This is important to prevent the individual from becoming "over insured." Also, it is customary in the insurance industry for a company to notify the existing insurance company that their policy may be replaced, if the applicant indicated that it is his or her intent to replace the existing coverage. Such a notice, however, does not constitute a cancellation request. An insurance company cannot cancel a policy on notice by another insurer. It is standard practice in the insurance industry that only the owner of a policy can request cancellation of the policy, and a written request signed and dated by the policy owner is normally required by most insurance companies.

It is possible that your Primerica representative misunderstood your intent not to cancel existing coverage. So that we may further investigate your situation and to ensure that all regulatory requirements have been followed, we would appreciate you contacting us at Primerica with your specific details. Please contact me at the email address shown in the company profile on this website, or at regena(dot)wood(at)primerica(dot)com.

Regena Wood

Direct Dial: 770.564.7955


First things first.

True you can borrow any money anytime with your current insurance without having to pay it back. Not a LOAN? i don't think so. You might want to double check your policy. You have cash value insurance. Your current agent did not tell you that if something happens to you they're only going to give your beneficiary either the face amount of your policy OR your money in your saving's account. You can only practice one. IF you borrowed money from your policy, they're gonna deduct it from your savings or face amount of the policy, whichever your beneficiary chooses.

So guess what? If, God forbid, something happens to you and your beneficiary chooses the face amount of your policy, the company keeps the money in your saving account. OR they can choose the saving's account money but they're not going to pay the face amount.

Second the Primerica agent did not take into consideration that you did not want to cancel your current policy.


I am really tired of the quote it is "the agent, not the company"

The Agents ARE the Company!!!

The agents REPRESENT the Primerica!!!

Everything the Agent does is in Primerica’s name!!!

Their business cards say Primerica on it, the client does not distinguish between the Agent and Primerica.

What you are really trying to say is that Agent is not You .... well sorry they represent you.

The *** stuff they do and the lies they tell hurt Primerica as a whole and becomes the track record for all of Primerica, including you.

And you keep putting up with it.


If what you say is true, and i'm not saying it isn't. That issue would be with the agent, not the company.

There are rules on replacements. I don't know why your former agent didn't report the PFS agent to the Department of insurance or at least to Primerica.