Tuesday, May 24, 2011

Is Primerica a Scam?

I don't know how many times I answer this question but if you really did the research, you will eventually find out that Primerica is not a scam, a pyramid scheme, or a ponzi scheme. I will provide the facts to you on how Primerica is not a scam, but first lets define what a pyramid scheme or a ponzi scheme is.

A pyramid scheme as define by the Securities Exchange Commission is where participants solely make money by recruiting new participants into the program. The hallmark of these schemes is the promise of sky-high returns in a short period of time for doing nothing other than handing over your money and getting others to do the same.
The fraudsters behind a pyramid scheme may go to great lengths to make the program look like a legitimate multi-level marketing program. But despite their claims to have legitimate products or services to sell, these fraudsters simply use money coming in from new recruits to pay off early stage investors. But eventually the pyramid will collapse. At some point the schemes get too big, the promoter cannot raise enough money from new investors to pay earlier investors, and many people lose their money.
In other words, people pay money to join and this money goes to the recruiter and to all the people above that recruiter. Eventually the pyramid will get to big where there isn't enough people joining to pay off everyone already involve. In Primerica, this does not happen. In Primerica, it cost $99 to cover licensing fees and a background check. The recruiter or the company does not earn income from this. I recruited lots of people and I never got paid for recruiting. The $99 goes to the state department of insurance. If you were to get a life license, a securities license, and a mortgage license, its going to cost you almost $1000 or more on your own. At Primerica, its only $99. $99 to have an opportunity to build a business and earn unlimited income is a joke because most people who join the company don't treat their opportunity as a business. They treat it as a hobby or something to do on the side. So they won't work as hard as they need to. If they open their own business that's going to cost at least $100,000 to start up, they would work hard every single day to earn that money back and it will take them at least2 years to finally break even and start seeing profits. At Primerica, you can earn that $99 back by helping one family, which takes 4 hours of work. With my first client, I earn $300 by replacing a variable universal life insurance with a 20 year term insurance. I saved the client over $600/year and double their coverage.

What is a ponzi scheme? The SEC has full information about it. Web address is: http://www.sec.gov/answers/ponzi.htm Primerica has over 25,000 registered representatives, the largest mutual fund sales force in North America. They market mutual funds from well known companies such as Legg Mason, Fidelity, Inveco, American Fund, Oppenheimer, and many more. Primerica has done very well in regards in providing customer service. They have won the Dalbar Service Award every year since 2004.

So what is Primerica? It is a multi level marketing company (MLM) and there are thousands of companies that are MLM in the United States. It is estimated that over 1 million people are currently involved in MLM companies. People who have problem with a MLM company are usually people with a job and they are stuck with a job mindset. But people with a business mindset will say that Primerica is the best business opportunity in America so far that is worth trying.

Anyway, I'm here to discuss on how Primerica is not a scam. Here is a list of facts about Primerica:

1) There are over 100,000 life licensed representatives in the company, the largest marketing organization in North America.

2) Primerica been in business since 1977.

3) There are currently over 4.3 million clients in Primerica. That's lots of clients for a company that you think is a scam. Not only that, clients has invested over $28 billion through Primerica in various mutual funds and money market funds.

4) Primerica has marketing agreements with various companies. They market Citicorp Trust Bank debt elimination loans, Metlife's Variable Annuities, ING 401(k), Genworth Financial's Long Term Care, Auto&Home Insurance referral program for Answer Financial Inc, mutual fund companies such as Fidelity, Legg Mason Partners, Oppenheimer, American Fund, Invesco, and so on. Primerica Financial Services owns their own life insurance company called Primerica Life and an investment company called PFS Investment Inc. It markets term life insurance for National Benefit Life in New York.

5) Primerica has over 5000 offices in USA and Canada. The home office itself (located in Duluth, GA) is over 1 million square feet and it has its own zip code.

6) Primerica spun off from Citigroup on April 1, 2010 and is listed on NYSE as symbol "PRI". Prior to this historic event, Warburg Pincus has agreed to invest $230 million in Primerica (which by the way spent $10 million researching Primerica), owning roughly 23% of the shares. Citigroup will own 50% of the shares. 12 months later, Primerica was named the best IPO of the year.

7) Every financial company in America has to hold an annual compliance meeting. Primerica holds their Annual Compliance Meeting in the month of November. Every representative in those companies that are licensed in life, mortgage, and/or securities must attend that meeting. The purpose of this meeting is to keep representatives up to date to rules and regulations set by the federal government. By having this meeting, it protects the consumer as well as the representative.

8) Primerica representatives are require to get certain licenses in order to talk about certain financial products. For example, if you wanted to solicit life insurance, you need a life license or a producer license. If you want to talk about mortgages or debt consolidation, you need a mortgage license. If you want to talk about investments, you need a securities license. These licenses are only issued by the state or the federal government (mostly state, except for the securities which is issued by the federal government), they are not issued by individual financial companies. To get these licenses, you have to pass a test. After you get your licenses, continuing education is required.

9) Besides the fact that Primerica has over 100,000 licensed representatives, they also have about 2000 employees.

10) Primerica has its own TV network that does live broadcast every Mondays and Wednesdays at 12pm. The broadcast usually has Co-CEOs or the President of Primerica speaking first. Then after they speak, successful leaders in the company does live training.

11) Over 60,000 people attends the Primerica convention, which occurs every other year on an odd year. I'm not sure if they will still hold it at the Georgia Dome in the future since the company is getting bigger and bigger. I've been to every single convention and that dome is packed from the seats to the field. Its the most amazing event where everyone gets together. "One team. One dream."

12) Primerica is member of the Better Business Bureau, which gave Primerica a business rating of A+ (as of April 1, 2010)

13) Winner of Dalbar Service Award in since 2004

14) Primerica is member of Insurance Marketplace Standard Association (IMSA). More info can be found about IMSA can be found at: http://www.imsaethics.org/Content/AboutIMSA_46.aspx

15) Member of American Council of Life Insurers, as association of 377 companies representing 91% of total life insurance assets in the US, 90% of life insurance premiums, and 95% of annuity considerations.

16) Listed on Russell 3000 index and Russell 2000 index as of July 1, 2010. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.


17) Named as a perfect business model in the book "ABC of Making Money"

But if you think Primerica is still a scam after all this proof, I got news for you. You are either ignorant to information or someone who really hates Primerica. No matter what you think, Primerica is here to stay for generations to come because the company always do the right thing with their clients. If you seen what I seen, you will be heart broken by how so many people out there screw up their finances. What's even worse, many people don't know they are financially hurt or they think their problems will go away. Its not that these people wanted to be in that position, they just don't know there are far better options out there.

I believe there is no company out there that is better than Primerica. I help people save money on their life insurance and providing them 2 to 5 times their current coverage. I help people get out of debt. Banks want people to stay in debt for the full term so they can collect all the interest. Primerica helps people to get out of debt faster, therefore paying less interest and saving time. I remember helping one client pay off the mortgage 14 years sooner. He had 26 years left to pay on the mortgage and now he has 12 years to pay off all his debts. I help people build wealth toward retirement and other goals by investing in various mutual funds. There are all kinds of mutual funds that is right for any investor. There are mutual funds for the conservative investor who don't like to be exposed to high risks in the market and there are mutual funds for the more aggressive investors who are willing to accept high risks for potential of higher returns. On top of all this, I provide a free financial needs analysis to all my clients to help them reach their goals. I even take it a step further by inviting them to the business opportunity.

Some additional sources for you to look at:
Primerica Financial Services
Better Business Bureau
Federal Trade Commission Comment (pdf file. Adobe Reader required)
S1 Registration to Securities Exchange Commission (Final Prospectus)
Primerica Scam: The Real Picture
American Chronicle "The Escalating Mortgage Crisis"
IPO VIEW-Primerica IPO, despite problems, could sell

Insurer Primerica poised to break away from Citi IPO



Last edit on May 25, 2011

52 comments:

Anonymous said...

thanks for telling it like it is.
mike

RWEnterprises said...

Thank you for your informative response. And yes, I do have a reason for being in Primerica. My reason is to help my family to someday retire with dignity. Partnering with Primerica is going to help me to achieve my goal of changing lives for the better. Please continue to spread your message of hope.

Me said...

Thanks for this post. I've been with Primerica for two years now and the entire goal is to help families get out of debt and plan for their future. We teach and educate families on money. How can that be a scam?
Claudia

Stufrogg said...

Thank you for this....My dad joined Primerica in 1978, and today he earns over $1 million in commissions. The organization he built consists of over 500 offices in the United States, Canada, and Spain.

When his friend first came over to our house (in 1978) to educate he and my mom on the evils of cash value insurance, my dad was a youth minister at a small baptist church in Lubbock, TX, making only $900 a month, while my mom was staying at home taking care of 5 kids under the age of 10, me being the baby. To say the least we were strapped!

It was easy for my pops to see that many people could be helped through the products that AL Williams/Primerica offers, and through the business opportunity.

Because my dad was a positive thinker, he took it upon himself to begin his crusade of helping families. And my mom fully supported the homefront.

Our entire family tree has been changed for generations to come, and I am now builidng my own Primerica business as well!

Because of my mom and dad spreading the message of financial independence, they have literally been a portal for changing the lives of thousands of people, creating thousands if not hundreds of thousands of millionaires and/or financially independent people.

They have developed through their organization, some of the highest earners in the company, and many of their downline make more then my dad.

This also means that if you sign up with Primerica, you can outdo your upline if you so choose.

I hope I carry out this legacy till my dying day, which will be hopefully when I'm in my triple digits. The day I die will be the day I retire. How else do you retire from a purpose?

Anonymous said...

i was recently contacted by a recruiter for Primerica. After doing some research ive decided to go forth with the meeting. i was somewhat reluctant at first due to some of the blogs i had come across.One thing you learn in life is that you will ultimately have to deciode for yourself regardless of the consultation that you receive from other individuals. So, in saying that i will have to weigh the negative in contrast to the positive despite what i have or am going to be informed about.

Doing the Right Thing said...

Someone wrote to me, "Primerica is definitely a scam, but not in a legal sense." Its a scam, but its legal? How dumb can this person be? That's like saying its real, but fake at the same time. Some people are just idiots and only focus on negative.

K. May said...

I would like to make one correction. Primerica is NOT a Multi-Level Marketing (MLM) company!

In fact, Primerica's business model is based on that of Real Estate and most other insurance companies. In the real estate model, you have a broker with office managers and agent working for them. When an agent makes a sale, they receive a commission and most likely was the ONLY person in contact with their client. However, the office manager and the broker also receive a cut of the total commission even though they never met the client. Because they hired the agent and trained them and provide an office for them, the broker certainly deserves a part of every agents sale!

Insurance companies like State Farm and Allstate work much the same way...you have an Agent with their name on the marquee that would get a cut from every policy sold whether they sold it or one of their office people (junior agents) did. In fact, every law firm in the country works this same way!

You don't call law firms MLMs, do you? You don't call real estate companies MLMs, do you? Then, why would you call your own company that when it couldn't be farther from the truth.

The one difference between Primerica and realtors is that our Regional Vice Presidents are encouraged and compensated when the train others to also attain that level...a broker in a real estate company would never do this willingly because when they do, they are essentially training their competition and they wind up losing their best selling agent with no compensation made at that point!

I hope this helps and that you will see our company in a new light!

David said...

Primerica’s sales force consisted of approximately 100,000 life‑licensed representatives, to whom the Company paid a total of $515,691,076 in compensation, an average of $5,156 per licensed representative. Average RVP earnings are typically higher. Actual gross cash flow is, among other factors, dependent upon the size and scale of a representative’s organization, the number of sales and the override spread on each sale, and the ability and efforts of you and your downlines. Having said this, Primerica provides a tremendous opportunity for individuals who work hard and who desire to develop a business with strong income potential.

Anonymous said...

Primerica don't tell people that they have to commit a great deal of time and effort in order to start making some cash. I think it was a good deal in previous decades, but people are more aware that to be a financial adviser requires a lot of knowledge and experience. Why embark in a career of selling financial products when you can do something you really like...we still need doctors, social workers, engineers,etc.

Anonymous said...

I guess in some alternate reality you wouldn't have to put alot of time and energy, as well as alot of money to be successful in the careers listed above. How mnay college students today spends 10's of thousands of dollars, if not 100's of thousands of dollars and years of their time only to struggle to find a career in the field they went to school for?

Anonymous said...

Primerica is a well respected company in one of the most regulated industries. Most negative information is from people that have failed, dont understand how running your own business worksor have the mentality of working for someone else and earning an hourly wage. Its not a job, the fact is if you dont work you dont make money period!! Its not get rich quick, but like any business it has great potential.
Hope this helps

Chris said...

Amazing Blog Post!

Many thanks for telling people the reality of the business.

Anonymous said...

wHAT PRIMERICA IS - IS A COMMISION BASED INSURANCE SALES JOB WITH BONUSES AND ADDITIONAL MONEY FROM PEOPLE WHO YOU RECRUITE, TRAIN AND SELL UNDER YOU. IF YOU'VE NEVER SOLD, MUCH LESS IN THE INSURANCE IDUSTRY, IT WILL TAKE A LOT OF WORK TO GET UP TO SPEED. PRIMERICA PRIDES ITSELF ON WINNING WITH A POSITIVE ATTITUDE AND DO IT APPROACH. WHAT THEY DON'T DO IS GIVE YOU THE FACTS UNLESS YOU ASK. THEY AREN'T HIDDING ANYTHING THEY JUST AREN'T SAYING ANYTHING THAT WILL DISCOURAGE YOU FROM NOT PARTICIPATING IN THE PROGRAM. THE PROGRAM CONSISTS OF RECRUITING POEPLE TO GAIN REFERALS IN ORDER TO SELL TERM INSURANCE AND INVEST IN MUTUAL FUND PARTNERS. THEY ALSO HAVE AUTO INSURANCE AND DEBT CONSOLIDATION. BY PROVIDING A FREE FINANCIAL ANALYSIS WHICH IS A CLEVER WAY TO SEE YOUR FINANCES AND POSITION PRODUCTS, IT IS A MATTER OF PROFESSIONAL AND ETHICAL STANDARDS BY LAW THAT THEY MUST EXPLAIN THE PRODUCTS AS LICENSED AGENTS REPRESENTING PRIMERICA AND THIER AFFILIATES. tHIS IS NOT FOR THE FAINT OF HEART. THEY KEEP THEIR CARDS CLOSE TO THEIR CHEST BECAUSE 1. iNSURANCE SLAESMAN HAVE OVERSOLD IN THE PAST. 2. MLM IS A WAY OF YOU WORKING ON YOUR OWN TIME TO BUILD A SALES TEAM AND MAKE MONEY ON YOUR DOWNSTREAM TEAM. wHICH LIKE OWNING A BUSINESS TAKES CONNECTIONS, TIME AND MONEY 3. IT AIN'T EASY, IT'S A NUMBERS GAME.
IF YOUR GOOD THE NUMBERS WORK FOR YOU. IF YOUR NOT, IT TAKES LONGER AND MORE PEOPLE TO SEE AND SELL.
THINK OF IT THIS WAY - HOW MANY PEOPLE WANT TO BUY INSURANCE WHICH BENEFITS YOUR BENEFICIARY UPON YOUR DEATH. tHEREFORE THE DEMOGRAPHIC IS A YOUNG FAMILY WITH CHILDREN WHO CAN BARELY AFFORD THE COST OF LIVING BUT CAN'T AFFORD NOT TO BE INSURED IN CASE A DISASTER HAPPENS. tHE PROBLEM IS MOST POEPLE ARE LIVING BEYOND THEIR MEANS AND DON'T PLAN FOR THEIR FINANCIAL FUTURE. iT MAKES IT MUCH MORE DIFICULT WHEN YOU CONSIDER EVERYONE AND HIS BROTHER IS SELLING INSURANCE. THE LAST THING YOU WANT IS AN INSURANCE SALESMAN YOU HARDLY KNOW (THAT IS WHY REFFERALS ARE IMPORTANT) TALKING ABOUT PROVISIONS, RIDERS, OPTIONS, ANNUITIES, SECUITIES AND INSURANCE WHEN YOU HAVE IT AT WORK.. SO BOTTOM LINE - WHO DO YOU TRUST? AND HOW MANY SALESMAN DO YOU TRUST? BEWAREY THE BUYER. REMEMBER THE BEST CUSTOMER IS THE BEST EDUCATED. NOTE - YOUR INSURANCE AT WORK IS ONLY IF YOU STAY, YOU STILL HAVE TO PAY DEDUCTABLES AND THE OVERAGE IS BARE MINIMUM. SO ITS NOT ABOUT INSURANCE BUT HOW THEY PITCH IT TO YOU. IF YOUR TRUSTING AND GO WITH THE FLOW YOU MAY MAKE GOOD MONEY THERE ARE NO GUARANTEESS. BUT BEWARE, THEY CAN EASILY TAKE YOUR REFERRALS FOR THEIR OWN, BEAT AROUND THE BUSH AND YOU QUIT WHILE THE EXECUTIVES COUNT YOUR MONEY. thIS IS WHAT I HAVE NOTICED IN ANY SALES FORCE IN ANY COMPANY. yOU HAVE TO LEARN TO SWIM WITH THE SHARKS.

Aislygn said...

Primerica isn't intended for those that are wealthy in their own right. It's not intended for surgeons and criminal defense lawyers and politicians etc. These people have their money, have their ways to deal with it, and have their purpose in life.
Primerica is for everyone who's ever been frustrated with the world and their place in it. Primerica is for every couple who argues about money. It's for every father who feels like he is failing his family when he can't make ends meet. It is for every mother who worries herself ill having to choose between lights and food for her children. It is for every child who cannot afford to play sports or learn to ride a horse. It is for every person who has rebelled without knowing why.
With all respect, support and love to the military, who have suffered and sacrificed for a decade to save us all from physical threat, your war is fought. It is our turn to take up the battle. Let us build a world you will be proud to have defended. Our battle, the defining factor for the rest of us, will not be fought on foreign sands. It will not be fought with rifles nor marked by air-raid sirens nor punctuated by the staccato of rounds in concrete. Our war is fought in bank vaults, in investment portfolios, in families who get to keep their homes and on the faces of those who understand. Make no mistake. There is equal pain and tears in our war, and it is not to be forgotten. One need not be Michael Westen, James Bond or George Orwell to see how corporations treat the masses. You do not need governmental conspiracy to know that the misdirection and lack of education to the general public works to keep us all under someone's thumb, somewhere.
Those who say we're still a scam? They're probably hoping to get a payout for something else, someone else, at some other time. So I tell you what.... I'll race you?
Because by the time I'm done, I will have freed people, I will have an army of those whose belief matches my own. What will your struggles bring you, noble as they may seem?
Our purpose? To free those around us, truly, from the account numbers, the credit cards, the poor investments, the debts, the financial train wreck our lives have been shaped into.
It is time for us to stand and shape our own lives. It is time we understood what we are doing and why. It is time we stopped fighting against an unseen assailant, and started educating ourselves about what it is we're struggling with.
Those with the will, with the fortitude, with the tenacity to see it through will find a purpose and rewards they could never have pictured. Those who have ever resented lack of opportunity, those who know they could prove themselves if just given the chance are being offered that very thing right now.
Now is the time when we take control of our own lives. Now is the time when we step in, saving one family at a time.
In the end... what are YOU fighting for? I know my purpose. I know what I'm willing to sacrifice, and I know what is too precious to leave to chance.

Without knowing that, unequivocally and absolutely, you could hear the facts all day long and well into the night, still deciding not to believe it. (Doesn't make me any less grateful to find this here, mind you.)

But if you see all this, and you still believe we are a scam, then ask yourself this: If you cannot believe in this cause, then what is it that gives you hope? Nine to five to sixty five, a meager pension and working at Wal-Mart, McDonalds or a coffee shop until you die? Or perhaps the looks on your children's faces when they're relegated to take on your debt when you pass on (may it be many decades from now, and peaceful). If that gives you hope, then just keep doing exactly what you're doing.
Cause you're on exactly the path that will take you there.

Anonymous said...

WHAT A GREAT SITE YOU HAVE HERE...JUST GOT BACK FROM THE CONVENTION AND IT RE-AFFIRMED MY WELL THOUGHT OUT DECISION TO BECOME A PART OF THIS "COMPANY WITH A HEART." IN MY FORMER OCCUPATION, I WAS A HIGH DOLLAR TAX COLLECTOR WITH THE FED GOV. I GOT TO SEE REAL "SCAMS" AND FAULTY BUSINESSES. I WAS LOOKING FOR A LEGIT COMPANY THAT HAD INTEGITY, WAS REGULATED(I LIKE THAT YOU HAVE TO PASS A STATE/FED TEST TO BECOME LICENSED), WITH GOOD COMPENSATION,POTENTIAL FOR BUSINESS GROWTH AND A "CAUSE" I COULD STAND BEHIND.(AT ONE TIME I RAN A WOMENS'S SHELTER SO BEING OF SERVICE WAS IMPORTANT TO ME) ALL THESE THINGS I THOUGHT I WOULD NEVER FIND. THEN PRIMERICA FOUND ME. THIS IS A COMPANY, THAT LET'S YOU FULFILL YOUR DREAMS, WETHER YOU COME FROM A PROFESSIONAL(LAWYERS,DOCTORS,ACCOUNTANTS ETC) FIELD, or HOMEMAKER, STUDENT, BLUE COLLAR...YOU NAME IT. HERE YOU START ON A LEVEL PLAYING FIELD--EVERYONE IS GIVEN THE SAME OPPORTUNITY. ONE THING THAT THIS CO IS NOT, IS YOUR AVERAGE MLM CO. IT MORE OF A HYBRID--OF A REAL ESTATE OFFICE ORGANIZATION COUPLED WITH A "FRANCHISE" TYPE LOGO RECOGNITION. EXCEPT, IN THIS COMPANY THE "BROKER" (REGIONAL VICE PRESIDENT) ENCOURAGE NEW "BROKERS"--AND THE NAME/LOGO RECOGNITION DOES NOT COST YOU ANY FRANCHISE FEE. THIS IS A ML COMPENSATION CO.-- PERFECT!! I ENCOURAGE ANYONE OUT THERE WHO IS SERIOUS IN DOING SOMETHING GREAT, TO TAKE ADVANTAGE OF THIS BUSINESS EXPLOSION..THE TIME IS NOW!!

Anonymous said...

You forgot to mention that companies like Warburg Pinkus spent 10 Million dollars investigating PRI/PFS - they actually had a Private Investigator company follow key management personnel and dig into their habbits, along with reviewing the company's bottom line - and subsequently like what they saw so much they invested 250 Million dollars in PRI stock.
The Canadian Pension Plan (CPP) currently owns 2 million shares of PRI, and they're not allowed to screw up the investments.
I think I would trust companies like this above what a few disgruntled individuals would say.

Series 6 Study Material said...

I don't know about Primerica. But this might be a good resource and to enlightened everyone about it.

Eran Amara said...

Finally I find one page on google that states the facts and actually tells the truth! But it's not so hard to believe so many people are calling it a scam. Primerica drives a lot of banks and big universal insurance companies out of business!!

FREEDOM LIVES HERE! :D

Anonymous said...

Primerica is bullshit.

Anonymous said...

Primerica is real and true!
People who usually talk negative to this business are usually people who only went to the night meetings or never really got involved with the business. In addition, listen to the successful people in Primerica, not to the internet bloggers who has nothing to do.

Anonymous said...

If it was scam, then this business would have die down a long time ago. Definitely not a scam at all.

Anonymous said...

gThankyou so much for the information, it really helped me out! and answered my questions!

Anonymous said...

Thanks for giving all the facts accurately and making it easily accessible. It's great to finally see legitimate/informed/up-to-date information about our great company! Good luck in building your business and see you at the top!

Anonymous said...

I Love the partner ships Primerica has

Morning Star, huge investment companies

http://www.youtube.com/watch?v=lg5Y94uCgT8&feature=relmfu

http://www.youtube.com/watch?v=NM2ImtlKHNE&feature=relmfu

http://www.youtube.com/watch?v=GlqlnJaTcrQ&feature=relmfu

http://www.youtube.com/watch?v=kCqfDw7ZIxk&feature=related

Look at this video of them picking a fight with organizations that have taken advantage of us, Fight on!!!

http://www.youtube.com/watch?v=ldFeJFHPAi8&list=PL98C662B4E0C25782&feature=plcp&context=C4582913FDvjVQa1PpcFNbSeiPbku3RGaossE_GYru-U9oiO6yBo0=

Good luck trying to say their a illegal pyramid scam, unless your really really dumb.

All videos are here

http://www.youtube.com/primerica

Anonymous said...

I was with these idiots for almost half a year. They were located in a strip mall, "recruited" new members in garage parking lots, bus stops and fast food restaurants. They talked about how much money they made but then had to beg at group meetings for money for new projectors.



This MLM outfit requires those with no morals about pressure selling, even to friends and family, and is a total waste of time. Selling idiots dreams is what they do. I joined them to network but the human refuse they recruit have no connections unless you want to know people who've done time.

Anonymous said...

Its important for people to realize that just because a company is legal doesn't mean that its good and the company is being honest. Fortune tellers that charge for phsycic readings are legally allowed to charge but does that mean they are really beneficial for the average consumer?

Primerica is like a big leech sucking the life blood (warm leads) out of new recruits. The people at the top of the pyramid make all the money while new recruits give away their friends and family to be sold the products and there is no training beyond selling to your closest freinds. By that point, you will fail and that's how its designed.

Please understand this people. MLMs/pyramids are DESIGNED to bring failure to new people and keep the income going for those that got in early. Every business has a marketing plan and Primerica's marketing plan is to sell a new recruit on the dream of becoming wealthy and this is all a a scheme to make sells to the new recruit's friends and family and when they are done with that recruit, they will mve on to a new victim.

Anonymous said...

there's people in primerica that join at any given year. within 1 to 5 years, they become RVP earning at least $100,000 in income per year.

There's new RVPs promoted every month. That's why there's more 6 figure income earners in Primerica (APPROXIMATELY 2000 of them) than any other company in America.

Anonymous said...

Wow! What a great article! Us Primericans know what the right thing is! Keep your heads up guys and lets go out and help as many families as we can! Don't let the naysayers and negative people bring you down! Lets keep the crusade moving forward and lets dominate our market!!! GO BIG or GO HOME!! -love, Senior Rep P.H.P.

Anonymous said...

Please if you have come across this post read it knowing that those giving positive reviews are still "drinking the kool aid" so to speak. This scheme is exactly as it is described by those who no longer deal with Primerica...it is all about recruiting people (or as I like to call them victims) to sell to their friends and families using pressure tactics such as "can you help me please". The majority of these people are uneducated dreamers looking for the American dream. Primerica will have you memorize a book so that you can pass your licsencing exam what they don't tell you is that anyone with half a brain will not buy financial services or life insurance from a high school dropout who works retail as full time job. Frankly, I find this disrespectful to those persons who have studied for many years to achieve degrees and a real full knowledge of the markets. Primerica destroys families and people's self esteem by telling you that if your not making money in this its because your not working hard enough. They encourage you to cut anyone who won't support you in your quest to recruit recruit recruit out of your life, no matter who they are. What I would like to know is what is wrong with working a respectible 9-5 job? If you don't want a boss work hard and become one. Invest your energy in yourself pursue higher education instead of wasting your time making your mother buy life insurance and hanging out at the mall looking for new recruits.

Anonymous said...

Before you make stupid comment that Primerica destroys families, you should go on appointments with me and let me show you what we really do for families. Since that would never happened because you are jealous by the fact there are many successful in Primerica from all types of backgrounds, let me tell you what we do for families. We help families get of debt the fastest way possible. I could show people how to pay off their mortgage faster. There been many times where I help the client cut the number of years they have to pay by half. For example, if you have 28 years left to pay on your mortgage, I could show you how to pay that off in 14.

We also give a financial education to families on how money works. Do you know that there are some trillions of dollars sitting in savings or checking accounts in America? You probably know that these bank accounts earn very low interest. I show people that investing in mutual funds is a better option. All my clients are investing in mutual funds. I have setup an IRA for all of them, a Coverdell or 529 Plan for their kid's college fund, and other plans to meet their goals. While many of them were concerned when the stock market crash, I showed them that the market has always rebounded and there's nothing to worry about. In fact, I told them its a great opportunity to invest more because price per share is so low that you could buy more with your money. In the past 10 years, I have an average annual return of nearly 10% by continuing investing monthly into mutual funds. I could tell you this that none of my clients are calling me to complain about their investments right now. They will call me when the stock market crash and the entire media are doing stories about it. Then I would have to re-educate them again on how the market has historically performed.

Another thing I do is help married couples get the proper life insurance coverage they need. Many couples with kids own the wrong type of life insurance. Others are gambling with their family that they going to be ok the next day. Then I tell them the truth of what would happen if god forbids something happen to either one of them. If you provided significant income to your family and some day you died, what happens to all the income you brought in? It stops. How would your family survive without your income? Life insurance can prevent that risk.

If they already have life insurance, I take a look at their policy and explain to them how it works. Many families that have life insurance own cash value life insurance. If you knew how these policies work, you wouldn't buy them. Do you know that most life insurance agents in the entire industry prefer to sell this type of life insurance? The reason is because it pays lots of commissions to them. It pays lots of commissions because the premiums are very high.

At Primerica, we sell term life insurance only. It is the main reason why this company was started to teach families that term life insurance is better than any cash value life insurance. 90% of the time, I have replaced cash value life insurance with term insurance. I have saved clients hundreds of dollars per year and nearly double or triple their existing coverage. The other 10% were too attached to their cash value policy because they own it for so many years. Despite me showing how their policy work and comparing the numbers, they refuse to change. So I let them be. If they want to keep paying $1000/year for $100,000 coverage on their whole life policy instead of paying $300/year for $500,000 coverage on a 20 year term policy, that's their decision.

Kevin said...

It is so easy to do nothing and insult people who are trying to help people and to make a good living. Please, if you have a comment on Primerica, research the company on reputable websites, not by listening to unsuccessful people. It would truly be interesting to be able to speak to some of the experts who call Primerica a scam, and see what they are doing with their lives. The easiest thing anyone can do is complain and gripe. It requires no effort, and no proof. There is absolutely nothong wrong with a 9 - 5 job. But know this, as an amployee you are an expense to your company, and companies make profits by keeping expenses to a minimum. If that's what you want, fine, but please don't insult people who have more ambition than you. Primerica helps people, both with our products and our compensation opportunity. I joined in December 2011, and have had the honour and priviledge of helping people. I had one man come to a meeting and he was so insulted with what he thought he saw, he left in a huff part way through. Another man came to a similar meeting and caught the possibility such that, even though he failed the insurance licensing exam three times and has to wait an additional six months to re-write (by the way I have talked to Chartered Accountants in successful firms who told me how many times they had failed the UFFE exams before finally being successful)he still comes to every meeting - he sees the potential in this business! If you don't see that potential it doesn't mean there is anything wrong with you, perhaps you are just interested in the security (what an illusion that is given todays job markets)of a salary paying position. Good luck with that. I am proud to be an agent of Primerica. My wife and my two daughters are also members, fully licensed with the Province of Nova Scotia. I thank God for this opportunity.

Anonymous said...

ALL OF YOU GUYS R UNEDUCATED RETARDS.IM WILLING TO BET NONE OF YOU POSTING ABOUT WASTEOFTIMERCA MADE OVER 2K IN A YEAR WITH THE COMPANY.WAKE THE HELL UP!

Anonymous said...

Primerica is not a scam, it's just not for everyone. I still have an active license with the company and I am going to put down the money real soon so I can get my securities' license so I'll have some additional income on the side. I also am going to help some people close to me in the area of mutual funds. It is not a job like many others are saying, and decent money can be made even if it is a part-time thing or a supplicant to a main job. I know plenty of agents that have a full-time job and still do this part-time. It's all in what you want to do with it. I think I'll end up doing it part-time myself while I continue to try and find another job.

Anonymous said...

I've been avoiding this company for years, and I have a friend who has made it work to bring in over $100,000 as a Senior rep and will teach me the same ethics. I want to work part time because I want to spend time with my family. What I learned is that this company builds opportunities for families; If I wouldn't buy it for myself, I wouldn't worry about selling it to someone else.

Anonymous said...

I had a Primerica person trying to sale me life insurance.. The first thing in my mind is I know for a fact this person is not that bright! Well with that being said im not trying to have my own company with primerica I just want life insurance. A lot of the things she sais about the life insurance terms sound to good to be true. Also has a story for everything. She talks how the company is so amazing yes she said Amazing.. I ask if she has a panflip or something to see the terms she said "no, you would have to take my word for it". So i read these comments and the only people saying positive feed back is primerica personal they almost sound like that lady im delling with.. I mean do disrespect in this comment Im just verry if'e about this.

Anonymous said...

this seems really sketchy!

Anonymous said...

My question is "How is the company for those of us who invest in it? Not working for it?"

Anonymous said...

Primerica is a wonderful company. It gives Ppl the chance to become something and someone. It gives everyone a fighting chance. I know the company works and it helps families.look up the products and how they work and look up the info on the struggle for Ppl today.....understand that it's a honest company. If you feel like it's to good to be true that's great for you but the company not going anywhere. How do you become the largest financial company in 36 years competing against all these other companies if it's a scam. Maybe all of the haters and nobelievers need to open their eyes.

Anonymous said...

You know, I notice a common thread among the negative posters here. They say things like "Primerica will take anyone" or "Primerica preys on uneducated people", and then they turn around and accuse US of insulting people. Huh? Pot...meet kettle.

Will Primerica give anyone a chance? Yes, this company will give an opportunity to anyone who is willing to work hard to improve their life. Do we offer an opportunity to anyone who might be locked in a lower-wage job because they don't have that "all-important" college degree? Absolutely! Thomas Edison was a grade-school flunkout whose teacher wrote him off as an idiot. Think about that next time you flip a light switch.

I'm not against college education (in fact, I have one), and a PHD is a great accomplishment, but please don't assume for a minute that it makes one better or more intelligent than a high-school graduate. To think so is not only arrogant and egotistical, it's just plain prejudice.

What I love about Primerica is that we don't prejudge people. Not everyone will succeed at this, but anyone can. It's no coincidence that 5% of Americans (not just Primericans) hold 95% of the wealth. Some people complain and condemn the 5%, but those with a true desire to succeed study the 5%, learn what they did to get there, and then implement those principles and the associated hard work themselves. Nobody said that becoming a "5-percenter" in Primerica (or America for that matter) is easy, and as in life, there are no guarantees. The only guarantee you have is you. So the $64,000 Question is what are you going to do with you (because nobody else is going to do it for you)?

Anonymous said...

This is laughable. How's about you and your "ethical" agents start explaining to these families how their term policies (with a statistical payout of 2%) work. I can't tell you how many of your crap policies I have come across where the agent never took the time to show their client how much the premium went up in 10, 20 or 30 years and yes I've met plenty of folks that encountered a primerica agent who told them that they could "borrow against" their term policy. EVERY SINGLE ONE did not have money invested either. Let me tell you, there's nothing like having to tell a 65 year old grandmother living on social security that her primerica policy is going to jump to $450 a month and that she can't qualify for anymore life insurance due to her health. So now her family will be burdened with the funeral costs. I believe in whole life, term and accidental life insurance. Each family is different and will require different needs. For you guys to be brainwashed like you are to specifically sell one type of insurance product while disgracing "cash value insurance" should throw up red flags to anyone with grey and white matter. What you guys sell, looks like a Bentley, sounds line a Bentley, smells like a Bentley and drives like a Bentley, but in real life it will break down like the beat up pinto in Bentley clothing that it is. "Buy term and invest the rest". Sorry, I prefer to not get financial advice from someone that can't even spell correctly. RVP's lol. They are the equivalent to one of our agents/financial advisors that are in their first two months of training. Everyone gets a fancy title at primerica, huh? Good day...

Anonymous said...

Scam? no not at all.......crappy products sold by someone recruited fresh out of burger king with barely any financial/insurance education? yes.

Anonymous said...

Warren Buffet has what types of policies?????? Oh that's right, numerous whole life policies. That guy must not know how to invest money........

Anonymous said...

Cash value works for the upper 1% (i.e Warren Buffet). How about the middle class? Oh that's right....CV is a ripoff for them. But hey, if you're as rich as Warren Buffet, be my guest (something tells me you're not).

And to all the elitist academics out there who put down common working folks, thanks for illustrating our point. I'm glad you're "so much better" than the guy who bags your groceries, and that you have such an indelible grasp on concepts that (you believe) the average American could never comprehend. I understand that as long as you tell people it's all "above their heads", you get to stay in business and profit big time! Got a news flash for ya though - thanks to companies like Primerica and authors like Dave Ramsey, people are waking up to the fact that building wealth is a simple of sound principles and common sense, and not all those complicated mathematical formulas you wasted your $100,000 tuition on. That's okay though....we'll keep exposing the truth, and you can keep assuring us of how "superior" you are to the rest of us. No worries.

Anonymous said...

One footnote....it is important to understand that much of the negative criticism of Primerica and its reps, if not a majority of it, comes from competitors, many posing as consumers. This is no surprise. The financial industry is extremely competitive, and that's just par for the course. I discovered a long time ago that the crusade will never be won on the internet, which is why I don't post to forums like this very often. It will ultimately be won out there in the real world, at real kitchen tables, with real people. It is refreshing to read the positive affirmations of Primerica, and I'm glad the truth about what we do for middle class families is finally coming to light among all the crap our competitors are posting about us, but our personal care for our clients and our desire to do what is right over what is the most profitable for us is what will continue to grow this company and change lives. Concentrate on that, and let the detractors do what they do. In the end, the truth always wins out.

philippine insurance scam said...

This was a very informative post indeed. Now, I know the differences between ponzi and pyramiding insurance.

Anonymous said...

I LOVE PRIMERICA!!! DO NOT LISTEN TO NAYSAYER's, LAZY PEOPLE, AND FOOLS CRITICIZING THIS AWESOME COMPANY! JUST GET STARTED,GET TRAINED, SHOW UP, BE DILIGENT IN YOUR WORK, WORK HARD, AND CREATE THE SUCCESS AND INCOME YOU AND YOUR FAMILY DESERVE! THEN, AFTER YOU HAVE DONE THAT.... COME BACK HERE AND TELL YOUR SUCCESS STORY FROM EXPERIENCE! IT MAY NOT BE EASY... BUT IT WILL DEFINITELY BE WORTH IT! BEST COMPANY IN AMERICA! PERIOD!

Anonymous said...

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Unknown said...

Yes, it's not a MLM. Primerica is a direct marketing financial company and everything else in your text was on point. Very good I love facts not fiction.

Eye Newit said...

Yes, it's not a MLM. Primerica is a direct marketing financial company and everything else in your text was on point. Very good I love facts not fiction.

tolobelt said...

Im just interested if any Primericans can state actual facts? Saying words like "best, biggest, amazing" are nice and all, but can you state true facts based on actual data and post links for us?

If I were a prospective recruit, and I reviewed Primerica's actual annual reports, and discovered that over the last 6 years Primerica recruited 1,375,000+ people, yet had a sales force of only 106,000, I'd be asking where did 92% of those recruits go?

I would also like to know why Primerica makes building a downline seem effortless, yet over the last 6 years, average recruits per rep has been less than 2 1/2 (and 84% of recruits quit before being licensed)?

I would like to know why 32% of their licensed force leaves each year, including "successful" RVPs?

I would want to know why the 95% earning less than $40k/yr only talk about the figures of the 5% earning above $40k.

I would like to know their opinions about the new LLQP standards in Canada, and soon to be issued DOL regulations in the US, and why, with those changes happening in 2016, did their insiders recently sell off 48% of their stock, just before it began dropping (14% since 1/1/16), and a CEO recently conveniently "retire"?

Be careful with your answers, and back them up with facts. I know their financials inside and out.

tolobelt said...

Primerica-The real numbers! Primerica's big earners list is not only cumulative back to 1977, but also cumulative by level (ie: a $1M dollar earner also counts as a $100+k and $50+k earner, etc). When you factor out this accumulation, here are the true counts as of 12/31/14. (Primerica "Destiny" Book)

$50+k earners-3067 reps
$100+k earners-2845 reps
$1M+ earners-51 reps
$2M+ earners-16 reps
$5M+ earners-1 rep

That is a grand total of 5980 reps who surpassed the $50k level, at least once, during their best 12 month rolling window, including any advances, since 1977. Many on the list achieved that level only once. When you consider the number of reps who have worked there since 1977, remembering their rep force in earlier years was in the 240,000+ range, and factor in annual turnover rates (currently in the 30+% range), the percentage of big earners is quite low.

For argument sake, assuming a force of 100,000 reps, it represents a mere 6% who ever achieved "greatness" during at least one best 12 month period, at least once. In reality, its less than half that.

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