Germantown, Maryland
1.1K views
34 comments

1st of all, anyone who gets involved with any company or business opportunity must do their own research. Sometimes it can be difficult to ferret out true information, but it's out there.

2nd, here are some facts about Primerica that are easily verified.

* The licensing you get with Primerica are the exact same licenses that you get with ANY company out there. That's valuable to you, and the most valuable part of the business. You DO NOT OWN YOUR BUSINESS. You do however OWN YOUR LICENSES. Doubtless there are may Primericans who will argue that, but so far I have not met one who could explain the IBA and what it really entitles you to have as your own.

* Primerica products ARE NOT COMPETITIVELY PRICED. They are loaded (especially term insurance) with extra costs to pay the pyramid while short-changing the writing agent. Again, they say "not true", but they know nothing of the industry on the outside.

* Primerica agents know almost nothing about financial services, apart from what they get from rallies and meetings. And there, they are usually taught to believe whatever they are told to believe. Again, they say "not true", but how many CFPs, CHUs, CSAs, or MDRT members will you find. Try NONE.......if the masses became too educated they would not buy into the trash-talk about everyone else in the industry.

* There are a few big players that have come up into the million dollar classes. That is very nearly impossible to duplicate. There are many reasons why people don't succeed (every single one of them blaming the individual agent), but the truth is that in any pyramid company, always there are a few that get stone wealthy, while the rest starve.

* On the rate of success - externally Primerica boasts of 100,000 + agents. Internally, they boast of recruiting 20,000 new agents a month (that would be by the way, 240,000 new agents EVERY YEAR). At the same time, a very small fraction of people earn any kind of reasonable living, and a precious few of those live the "dream". So we can say with confidence that even if you stay with the company more than 36 months, your odds of getting anyway are so small they are ridiculous. Disagree? Read the numbers again. Loss rate among agents exceed 98 % every year.

* There are big changes coming up in the Primerica world.....changes that would send panic through any other company in the world but largely go unobserved by the average PFS agent. Why? Again, the believe whatever thay are told to believe. CITI and PRIMERICA are engaged in discussions that would sell the "marketing arm" of Primerica, i.e. the sales force, leaving CITI with the policies in force and the assets themselves. Agents then would write for some other insurer. That is not far from disbanding the sales force and just raiding the cash pot.

But, the propaganda inside PFS says that they are going to be the biggest thing ever, and this is nothing but blue skies for them. Reality check.....guys, read your IBAs. The company can terminate their agreement with anyone at any time, thus any heiarchy can collapse in the matter of days. Don't believe???? That's fine. But the end for you may be nearer than you think.

I would encourage anyone to read, research, and draw their own conclusions. If you are thinking of going down this road - find out these things from the person trying to recruit you and from his RVP.

1-CASHFLOW PER YEAR, FOR THE LAST 3 YEARS

2-COST OF OFFICE OVERHEAD, INCLUDING PHONES AND CAR EXPENSE.

3-COST OF HEALTHCARE INSURANCE.

1 minus ( 2 + 3 ) will reveal the truth about the opportunity that they may not want you to see. They will always point to some guy at the top of the pyramid.......but don't fall for the smoke screen. You MUST find out THEIR incomes. This will inform your decisions.

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Anonymous
#786170

Wow, I can't take any more of this nonsense. In EVERY type of industry, less than 1% of people do what it takes to build a successful business, and the more they have to invest at the beginning, the harder they will try.

Only about 20% of all business that are started last more than 18 months, 80% of those fail within 5 years, that leaves 4% and half of those fail shortly thereafter. These are only the ones who even make it to the business licensing stage. By the way, most successful business owners own multiple business which skews the success rates even lower. In reality, less than 1 in 1000 start up companies succeed and these are the people who DO take ownership of their ventures.

Most people fail in non-traditional businesses because they expect it to be easy.

They have little or no financial investment and when the going gets tough they quit. PERIOD!

I've watched Primerica for 21 years now, including it's growing pains, the spin off from Citi and watched it go public just to mention a few of the changes.

Hands down it is an amazing company.

Are there some idiots involved, OF COARSE, even at successful levels of the organization! Are there flaws, OF COARSE! However, are the principles sound financial principles, ABSOLUTELY!

They offer a variety of financial products and services all of which are top rated, THIS DOES NOT MEAN THEY ARE ALWAYS THE VEY BEST AVAILABLE AT ANY GIVEN TIME!

NO COMPANY HAS EVER OR WILL EVER OFFER THAT EVERY TIME! Those who bash Primerica get off your soap box. Maybe you had a bad experience with them, so did I 21 years ago, who cares. I know probably 20 people who are agents with Primerica and the ones who WORK at the business ALL make good money (1000-3500 p/t and 50k-400k f/t) for helping people with their financials.

They are building a client base and teams of agents just like all broker/agent businesses do, a couple of the agents are lazy and make almost nothing. I also know 30 to 40 Financial Planners and Insurance agents at various companies and though 4 or 5 spent years building their client base and teams of agents and are doing between 50k-250k, most are barely making a living (15k-40k). I've owned a couple of traditional businesses over the past 22 years and I've also spent many years investigating a dozen home based businesses opportunities including both online and Network Marketing businesses by actually getting involved. I've made six figure incomes at times in my life and barely broke even at other times.

In all this time I've worked for/owned or consulted with over 30 different companies and conducted various trainings for over 100 other companies and organizations. There is one thing that ALL of them have in common...

High rates of terribly inadequate employees and even owners. It's a great company, with a very honorable focus, but like life, PEOPLE ARE PEOPLE and some aren't the best of them.

Anonymous
#711765

I've looked into Primerica and other companies. I must say Primerica is not a bad company to start working in financial services, however they see the world through a one size fits all philosophy.

I have yet to see a Primerica agent talk about estate planning or talk about wealth preservation. All I hear from them is buy term and invest the difference but in the investment side they fall short since the agents don't have enough knowledge about investments. I also see another flaw in the agents and that is that they concentrate more on recruiting, which is understanding since that is how they grow their base shop. Before you buy anything from a Primerica agent, look at other companies and see how their product compare.

Term insurance is actually cheaper in other companies and the mutual funds in other companies have lower fees or front loads.

Overall if you have a Primerica agent coming over to visit you, listen well and ask question and also do some research. The little research can be priceless since what you save now and invest now can yield bigger rewards down the road.

Anonymous
#469076

Any company that preys on college students like these guys needs to be shut down. The name should be changed to predator America.

They went so far here in NJ to actually ask me to verify that the check my son had was from my account. NEVER told me they would take $25 every month from my account.

Sleeze bags..... Maybe I can't get the company but I will get the rep AT ALL COSTS.

Anonymous
#596210
@Kevin McAuliffe

Wow they didn't tell you that POL cost $25 a month? You must have not asked or just got a bad Rep.

I see where your coming from. I would be mad to if I had $25 less in my account and didnt know where it went. Consider what one would put into the company is far less than what is deducted out of a paycheck. It really hurts me to see that some reps don't take care of their people the way they should.

If you get anything from this it should be that not everyone in Primerica is meant to be a Primerican especially the rep who talked to your son.

Have a great day. :)

Anonymous
#599262
@Interesting

Best company I have ever worked for. Blessing that I found Primerica!

Anonymous
#345498

Ok, first off, for the siblings who lost $240,000 on a Universal Life Policy. How the heck would you lose something like that? The only way you would not have received any of the beneficiary monies is that 1) none of you were the beneficiary at the end.... 2) the policy lapsed due to none payment for months!

Secondly... "work this business part time"? I am not sure about what type of clients you plan on having, but I sure would not want to invest my money or put my insurance plan in the hands of someone who "works this part time"!

Thirdly....When Insurance Advisors from other institutions put insurance plans together with Universal Life, Whole Life, Cash Value Policies together, you say they do this just to make the big bucks! I must say, this and let all you Primericans and clients know that....Permanent plans means your rates never go up! Yes, we get compensated well for these plans, a one time compensation! Term insurance....yes, the premiums are very low...in the beginning. Triple check your tables in your policy, it increases after 20,25,30,35 or so years...drastically...and with putting term insurance in place, I would make great commission everytime a term is up and it renews! So, really...giving term policies to your clients is more in the agent's pocket and more out of the clients pocket! So think twice!

Lastly, Primerica has 1 product for life insurance, term and you can't even convert it to permanent. If you decide that you want to lock your premiums in, you can't! They quote they have critical illness coverage...they don't! They have Terminal Illness which means you would have to be diagnosed to be dead within the next 6 months! Critical Illness coverage is a living benefit. You have a heart attack, stroke, etc...you survive after 30 days...you get the lumpsum amount. You don't have to be considered to be dead within a number of months!

If you are looking for a business, that will offer your clients more options to suit their personal / family needs, that will compensate you for helping the client without your compensation being spread up the pyramid, and not having to pay any overhead and free ongoing product training for your clients...Primerica is not the place to be. Independent brokerage offices is the way to go.

Clients, look at other options before signing with Primerica. Buying term, and investing the rest is not a one plan fit all. Look into a licensed adivsor with an independent firm who deals with multiple insurance and financial providers so they can custom plan your needs.

Anonymous
#322216

I am an agent with Primerica for the last two years. My sisters and I lost $240,000 on a universal life insurance policy that was sold to my dad years before he died.

It's funny all the comments that I have been reading. The only person that explained to me why I lost the money was a Primerica rep with no strings attached and no expectation of us doing business with him. That's the kind of "scam,pyramid or klan" company I want representing me. Other agents that sell cash value insurance are not thinking about anything else but earning a monthly check as long as you keep the policy.

Its funny that you don't hear anything about these guys. I hope people consider the source and form your own opinion about Primerica. Helping people is my number one goal.

For my sisters and I it was too late. I hope it's not for you

Anonymous
#303381

They are pushy too persistant. They give sob stories and beg for u to to do business wit them.

They bug. They are broke and act like shady sheisters. They all drive *** cars, no lie. They have fake self confidence.

They always leave my house wit their heads down because I google "'truth about primerica ", right infront of them. Lol

Anonymous
#596207
@I love pushy salesman , sike

wow your a sad sad person. The only reason they left your house with their heads down is because they feel sorry for you.

I hope you open your eyes someday and see the good in the world. :)

Anonymous
#683863
@OpenEyes

You think you know, but "I love pushy salesman, sike..." is correct! Maybe "Open Eyes" is one of the Primerica Reps...

which explains the comment, you are the one that needs to really see what is around you! Of course there is a lot of good in the world, but that good has not hit Primerica... get it?

.. business cannot be honest...

Anonymous
#141549

For all those touting Primerica as a great company, answer this: how many of YOU are debt-free and financially independent? How many even cleared 20-30K in the first couple of years?

Unless you are one of the top people, you are not making the good money. That's a fact. Most people will never make a decent living at this, though that dream is what they recruit you with. Those weekly meetings?

Pep talks to keep you hooked.

Have a friend doing this, that made not even enough to file taxes this last year, who states she "would have quit" were it not for the training, but she's still plugging along. A "chance" to make money isn't making money; it's a pipe dream.

Anonymous
#596208
@LadyGreenEyes

I get the feeling your looking for reasons to talk down about the company rather than stating it for what it actually is based on facts. Where did your sources come from?

are they legit? How does the debt and financial freedom of a Rep justify how legit the company is? Obviously if you just joined your not gunna be making as much money as someone with more experience. And who says your "gunna" make good money?

Its an opportunity silly anything great that was ever achieved is not easy. I am not saying Primerica is the greatest company ever but it is doing a alot better than the general economy. Look at the facts. The Better Business Bureau, AMs Best, the freaken NYSE in the last 5+ years.

I hope your friend does well and I wish you well. :)

Anonymous
#137012

Hey everybody! I really appreciate all your wonderful and positive comments about Primerica!

Only those that have really been on the front lines with the clients, recruits, and the doomsayers can appreciate the fact of what it means to be true and stand for something important in our lives.

Thanks for all your courage, integrity and determination! It means alot! That's what it takes to win and win big! Do it! Do it! and Do it! Until the job gets done!!

The Crusader!

Anonymous
#137006

:) I love Primerica. It has been true to me and true in all its philosophies. All one has to do is look through the eyes of Primerica to see how the industry has been forced to change and conform to the philosophies of Primerica.

The math is easy! The rational is logical! The rewards have been made manifest in millions of lives internationally! One but need to observe the tremendous results of Primerica to know they're right and always have been and always will be. They can't be bought off! They don't talk out of both sides of their mouths! They never have to worry about remembering the lies, because they don't tell any!

Not Perfect! No! But they at least try! They have integrity! I have heard it all and seen it all over the last 25 years, believe me! Although not abused to the extent of Primerica, I have had countless agents call me ***, ignorant, and they feel sorry for me, but all that doesn't matter. The numbers have proved that Primerica is right, whether my agent was part time, which he was, full time and or sometime, it doesn't take a rocket scientist to add 2+2 to get 4!

Check it out for yourself! Don't buy into the lies, the hate and so on! Check out Dave Ramsey! Robrt. Kyosaki! and the list goes on and on! Then you won't have any more doubts about Primerica! This is for the bravehearted! Not the faint at heart! You need to do what's best for your family!! Do it with Primerica! Whether a client! A Representative! or both! You owe it to yourself and your family to learn the truth!!!

Sincerely,

James

Flagstaff, AZ

Anonymous
#114622

I know what the truth is and what you wrote isn't it.Enjoy your poverty lifestyle

You decided to live that way.

Anonymous
#108764

Hello, my name is Rebecca. There's just something that I would like to say to the people who are fanning the flames to there own self loathing.

1) Primerica doesn't lay off people because they make too much money. They actually give them bonuses on top of what they earn. You can't get laid-off because you are your own boss.

2) If Primerica didn't work for you, it's because you didn't WORK for them either. It's just like any other job, if you don't work, you don't get paid.

3) I've been with Primerica for 5 months now and I would have to say that it is definitely a BUSINESS OPPORTUNITY. Let me tell you why. Let's say you open a donut shop with the investment of $100k. I guarantee you would work your buns off in order to pay back that $100k in order for your Donut Shop to turn a profit. ITS THE SAME THING with Primerica, if you work hard now and build your team THE RIGHT WAY, you will glide your way to financial freedom in the VERY near future.

4) When you work for this company you have to realize that if you do the right things, have a good heart and don't focus on the money, you WILL be blessed 3 fold. HOWEVER, if you sit at home scared and do nothing, tell me, what's nothing X 3? That's right, nothing. You get what you put into it.

For all you Primericans out there who are having it rough, just remember one thing, there are hard working Americans out there who NEED our help. You can't say the wrong thing to the right person. And above all, speak the truth and with your heart. Luv Ya, Miss Undastood. O;)

Anonymous
#102988

GEEZ "The Secret Order Of The Primeri-Klans" have fallen in lockstep and circled around the Kool-aid punch bowl!

EVERYONE....Go ahead ATTEND a " MEETING" ...trust me ..stay and you'll feel like virgin at a biker bar!!

Anonymous
#95435

I ask myself why people can't take a risk and do something different in life if someone had a bad experience in this company is because YOU DIDN'T WORK HARD TO ACHEIVE WHAT YOU WANT! no other company is giving you an oportunity as this company does.

We all an oportunity to grow, to develop ourself, an oportunity to obtain sucess and much more as a represantive of PRIMERICA I'm proud to say this is the oportunity we all looking for in life. If you are in the company never give up look foward to become one of those millionaries in PRIMERICA.

Anonymous
#94665

ARE ANY OF YOU THAT ARE COMPLAINING ABOUT PRIMERICA WORKING 2 JOBS? HELLO WAKE UP YOU THINK WORKING MORE HOURS IS HELPING YOU IN THE LONG RUN?.........PLEASE DO THIS BUSINESS EVEN IF IT IS ONLY PART TIME YOU WILL BE GLAD THAT YOU DID....

Anonymous
#94664

ALL YOU PEEPS THAT ARE TALKING BAD ABOUT OUR COMPANY.....I HAVE ONE QUESTION......GIVE ME "ANOTHER CORPORATE COMPANY" THAT WILL ALLOW YOU TO BECOME DEBT FREE...FINANCIALLY INDEPENDENT....AND COMPLETELY FREE FROM A BOSS AND HELPING OTHERS DO THE SAME......I AWAIT THE LIST......