Halifax, Nova Scotia

I was introduced to Primerica in Feb. At the time I was working for a life ins.

company. I already had a good understanding of the insurance industry and the financial services industry. I am unaware of any other company that is trying to do what Primerica is doing at least here in Canada. That doesn't mean there aren't any, but I am all to aware of the thousands of banks and insurance companies who try to rip people of.

Make no mistake that this is a war and Primerica is trying to do what is right for people. Are there bad reps and bad leaders in Primerica? Absolutely, but there are in EVERY bank and ins. company and inv.


That certainly doesn't tell any story. Anyone who wants to know about Primerica needs to check with your state or provincial regulators or research a proffesional third party assessment of companies to get the real story

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First off, to originate loans based upon "what if they lose their job" is absurdity. If they lose their job and can't make the payment, the interest they accrue is sort of small apples in relation to the fact that in ANY mortgage, THEY WILL BE HOMELESS. I have to assume that my client WILL be able to make it, and we actually have reps who DID have smart solutions, DID lose their jobs, and now make MORE money because they got on with our company, since they ALREADY KNEW WHAT GOOD WE DO AS A COMPANY. How many other mortgage co's, simple interest or no, will actually help you MAKE the money to pay down that loan?

Next, it's not about having the BEST products... someone somewhere can beat my products, AND yours! It's about the people involved.

Not that you clearly get that. But the simple fact is, if they make the payments on time, and use the auto draft feature with bi-weekly payments, as I state in the example I tacked onto your wonderful dissertation, YES, actually, our $MART loan DOES beat other similar loans.

And finally, NO, actually, you can tell me that YOU don't make as much off securities, and for that, I feel for your clients. While YES, an investment of 1 million dollars WILL pay me less than a LOAN for 1 Million Dollars, the average loan in my area is 130k, and our goal for every client is to hit their FIN, which I'm sure you know for the average family that wants to retire in the next 20 to 30 years, will be between 1.8 and 3 million dollars on avg.... all of which presents residual income for me through those assets under management which, YES, WILL PAY ME CONSIDERABLY MORE THAN A 130k MORTGAGE.

I don't mind you trying, but please present ALL the facts when throwing out assumptions for the general and less informed public.


You seem to think that a cash-out refinance is something Primerica invented. In today's economy, it's to no surprise that someone could lose their job and not be able to pay their mortgage. Simply put, due to the simple interest feature, someone in a SMART loan that runs late will accumulate interest additions much faster than someone in a conventional loan.

Also, if you see the "not-so-smart loan "article I wrote, the SMART loan is useless.

Finally, as someone that does both mortgages and investments, I can tell you that you will not make more money from the investments.


What exactly are you guys talking about? First off, I'm still not sure why people are fishing for fights with primerica reps... if your business is a better business, just go hit us in the field. Are you an agent or an author? Put your money where your mouth is. Go find people with our loans and replace them. Then let your client come talk smack about us.

And for the record, I can't speak for other offices, because I haven't bothered to go visit any but my own, but within my office every loan we ever issue is REPLACEMENT of an existing mortgage, not an additional one. That would be a FIRST mortgage, not a second. Next... the point is to roll ALL of their debt into one sum so they can focus all of their finances into paying it off through one payment made every two weeks, rather than try and figure out how much extra to pay on which ones where, while maintaining several hits on their credit score vs one. The Simple Interest loan is only a bad thing if you miss your payment. Soooo... don't miss your payment. If that's an issue for you, I recommend moving back with your parents til you have a steadier paycheck coming in, or in other words, if you can't make your house payments on time, DON'T BUY A HOUSE. Elsewise, if made on time, it does pay off faster, because the new interest for the next two week period is not precomputed and tacked on in advance, so extra payments are always going directly into your principal, which will not happen in a pre-computed loan. PS, if you disagree, you might mention that to MSNBC, or to Money magazine, because they are apparently confused as badly as I am. I can e-mail you the article if you'd like.

And finally, the client shouldn't have any issues paying on time, OR paying extra, because we always do the math with them in advance to be sure that the monthly total payment on the new loan will be noticeably less than the total of monthly debt payments going out prior to the consolidation. For instance, if they pay 100 a month on a credit card balance of 3,000, pay 200 a month on a car note balance of 12,000, and they have 20 years left on their mortgage, balance of 100,000 dollars and paying 1,100 a month on it, we will refi for NO LONGER than 15-20 years, a total of approx. a 120,000 note, and their monthly payment will be somewhere around 1,100, and we'll recommend they put the extra 300 they WERE paying out back into the loan, WHICH WILL go directly into eating at the principle, and may cut up to an additional few years and few grand off the total cost and time of the debt.

If that's NOT the potential outcome of our loan offer that gets approved from the bank, we don't offer it to the client, because if they don't pay it back, they won't have money to invest with us, and we make better money off that.

Forgive me if I doubt the client minds.




6.5% 50,000 with a 850 biweekly, paid in 4 years 4 months :grin


www. 360 financial .ca

about 99% of its members are all ex Primerica reps.....lol

the founders where with AL WIlliams when he saw the real vision when he first came to canada.


ex primerica rep

What company do you work for in Canada?

I would like to know more


Did Florence just type "Primeamerica" and "Citi-Group"?

This is why Primerica has a bad rep ... they recruit any *** with $99 ... she doesn't even know how to spell the name of the companies she works for.


I am in Canada and I became a broker and I help people from my heart, yes I use insurance companies that Primerica say are the devil and I use banks, but I am doing what is in the best interest of my clients and NOT taking advantage of them.

In every company there are bad apples even in Primerica who are out to make a fast buck.


I sold way too many, and they are all locked in loans, just like a mortgage, so if clients want out or pay it off they have to pay a penalty, which most people don't know. So I am helping a lot of clients who are comming to me as a broker and I am not taking a commission for doing the service for them as they are losing money for getting a better loan, I am now giving them a loan not a second mortage at lower prices.


Primeamerica is great. Check it out for yourself.

They are backed by Citi-Group. Don't believe the negative hype!


I never sold a SMART loan


So the SMART loans is not so SMART. :p How can they say that We do the right think for the Customer.

Bad Bad PFS.......... :sigh


The loans are set up as second mortages for 20 years, if you pay min balance, interest rates vary from client to client, I had clients from 9% up to 12%



Any Primerican may answer:

What was the loan amount on your last SMART loan? What was the interest rate, projected time frame of payments, and total payments until the loan was paid off?