I would like to offer a rebuttal to the previous post(s).

When you are approached about an organization that you suspect might be a pyramid scheme or MLM scam, utilize websites such as MLM watch or Quackwatch and see what others are saying. Ask critical questions like – Does the money I would be earning come from the sale of the products/services or from getting recruits? Would I be required to purchase *pricey* training materials or company products? Would I be expected (pressured) to attend events where an admission fee is charged? If yes, that could indicate the money is generated by recruiting or those “training” materials or workshops, and not from the products and services. I asked myself these questions prior to making the decision to join Primerica and i’m glad I signed up because my experience has been very positive.

Primerica is in the business of financial education and debt elimination, aimed at the under-served middle income market. An individual can make a decent supplementary income, even on a part-time basis, without recruiting anyone. And the clients are often in dire need of the products and services we (licensed agents) are educating them about.

Going with the aforementioned life insurance example, those commissions are possible because that is a one-time payment based on the annual premium of that policy. If a person “recruits’ you into Primerica, they are instrumental in your training and development, so yes, they do have a vested interest in your success. There is no bonus or pay incentive to sign people up that won’t invest the time and energy it takes to get licensed/ trained (AND most, if not all, fees associated with obtaining the license of your state are reimbursable) so the “name of the game” is not endless recruiting.

If one has an entrepreneurial mindset and wants to build a team and run an office – that is an option as well.

Wow.. its very funny to hear what people say about Primerica.
1. Why do companies have job fairs? to recruit, right.
2. Why are there so many ARM loans that are about to get forclosed? mmmmmm someone mislead someone and it wasnt Primerica.
3. Lets see. Every Corporation has a CEO, who makes all the money. and people under them, who dont make as much. Am I right or wrong?
4. PRIMERICA IS NOT A JOB. PLEASE UNDERSTAND THAT. IT IS WHAT YOU MAKE IT. NOT A JOB.

Primerica’s life insurance underwriter Primerica Life Insurance Company and its New York subsidiary National Benefit Life are rated A+ as “Superior” by A. M. Best as of May 2008.[20] Standard & Poor’s has the company rated AA as “Very Strong.”[21] The Insurance Marketplace Standards Association, a non-profit organization based out of Bethesda, MD with the intent to create ethical standards for the insurance industry, has renewed qualification for Primerica Life and National Benefit Life for high standards and quality business, “continuing dedication to ethical business practices.”[22]

In 2007, Primerica received its fourth Dalbar Service Award from Dalbar, Inc., a client service rating organization focused on raising the standards of customer satisfaction and quality in the financial services industry, for Primerica’s excellent customer service in mutual funds.[23]

Bruce Sankin, an investment counselor, consumer advocate, and columnist,[24] wrote in his 2005 book What All Stock & Mutual Fund Investors Should Know! of the Financial Needs Analysis that Primerica provides to its customers:

A good financial analysis will give you a “Game Plan” on how to attain your financial goal. Many companies offer financial analysis. A financial analysis will cost between a few hundred dollars to as high as a few thousand dollars. One company, Primerica Financial Services, which is a division of Citigroup, offers the best value for a professional financial analysis. Primerica, which creates a custom design financial report, does not charge a monetary fee for this service. Their marketing approach is, if you are satisfied with the service provided in the creation of their financial analysis, they ask for referrals as their fee.[25]

George Boelcke, a financial consultant,[26] wrote in an article in the American Chronicle:[27]

Yet there is a huge company, Primerica Financial Services, a division of Citigroup, that has made vast numbers of refinance mortgage loans through a product they call SMART. NONE of these are adjustable rate mortgages. Read that again: Primerica has never originated any ARMs with their refinance products (done through Citicorp Trust Bank). Their clients are watching the mortgage crisis from the sidelines and the safely of a fixed-rate term and consolidation, thinking: “that could have been me in a foreclosure…” Because they refuse to do false, misleading, or gimmick advertising, they need to work harder to make themselves known, in spite of doing the right thing, in the right way, all the time? How sad that credibility can so often be bought by simple advertising. But if you´re looking for a second opinion, some options, or perhaps a way out, it might be worth your time to get in touch with them.

Primarica is what you make it. It is a wonderful part time job, for extra income. I started, so I could do something good for people. I educate them about their choices in finance. If primarica isn’t the best for their situation, I let them know. But often it is. Big banks and insurance companies have been making millions off the public thrue the years. And yes, Primerica also makes alos of money too. It is after all a business. The difference is ethical agents of Primaerica want to make a difference in families lives, by educating them of their options.
Offering an opportunity to work for the company, is part of it, but not pushed. It’s not for everyone. Nor should it be.

I suspect Rocky Drake is a whole life agent that has had allot of his policies converted/replaced by term.

I started as a client of Primerica. Since then my husband and I have joined and absolutely love it! We’ve been in it about a year and wouldn’t trade it for the world.

Thank you A.L. Williams!!!

SESAME STREET ECONOMICS – 1 – If you are only licensed as a life insurance agent and a mutual funds representative and you believe you can take a wholestic financial planning approach you are wrong. Let me ask you how you’d hedge a portfolio against systematic risk. Sorry diversification is a text book wrong answer. You are in denial if you think you will get rich off these products alone that have a small trail and a trail only if you are even licensed with your 6 or 63. That isn’t half of you on this page. Your “business” which is a Multi-Level-Marketing, hence largest finanical services MARKETING org; notice the legal lingo that requires them to use marketing because you are definately not the largest financial services organization, is based very much so on recruiting. I’ve done corporate recruiting and guess what, not everyone wants to change thier life to a MLM anyone with a pulse can be a client life style, and believe me a salary PLUS commission is for the talented and truly competent; Anyone can go grab a commission only job at any financial services competitor. Sorry to say but the reason you are new to the industry and not receiving salary plus commission is because you have a history of slacking off in either your academic studies or other employment; hence your last desparation to grab this opportunity that you’ll soon find has a very poor pay out. If you are really interested in the financial industry obtain a series 7 license and 66 license your CFP and learn all the capabilities out there so you can really help people without being limited by primerica’s philosophy of that you only need these few products. You have fewer fund families than a 401k which is sad, and a “common sense” annuity; give me a break. It’s funny how you’ll criticize MetL life insurance and then go and use thier annuity product. Where is the falacy there?? Anyone?

What you sell is sesame street economics to people that really have had no exposure to the industry. You exploit their lack of knowledge and use primerica slogans for every aspect of the business. When you are a parrot repeating the same lingo it is apparent you’ve given little though to do actual research yourself on the markets or how different asset classes are even correlated. A freshman with one econ 101 course could do circles around your fabricated knowledge of what you think is this whole financial realm. Well wake up and see that your not only doing an injustice by blindly leading these client sheep of yours to the slaughter house, but to say it’s in the name of doing what’s best for clients; seriously; go study, pass exams that qualify you to actually financially advise, which is not the 6 or 63 or life, health, ltc, and do us all a favor and use some self due diligence and educate yourself first before you just try and sell stories and common sense catch phrases that sound so ammature and weak. Now you can’t call yourself a financial advisor or planner because you legally are not aloud because you are completely not even close to being qualified so like i said do us a favor, go to citi.com and search for primerica and see that your parent company is so shameful of you the company is nowhere to be found on any of its main web pages. Our competitor Smith Barney of course, a wirehouse, is reputable and where they send clients for investment advise and financial planning. Guess how much pfs pays to use the citi name… how bad does pfs have to milk that too… it’s so funny… well whatever helps your denial keep feeding to each other. It’s like a bunch of fat kids thinking that cake is actually healthy for them if they wish it to be true. Well keep doing a great job pulling in that first paycheck that’s your life and health reembersement and make sure you keep outfitting yourselves as unprofessional as possible when you show up in t-shirt and jeans to your little pep talks. and secretly i know each and every one of you has a pfs life policy… u know u do too… who did u compare it with…uhh that’s right.. no one.. u bought in to it all ;p

RECRUITING JUSTIFICATION: well lets see.. get the blind teaching the blind and say “who am i to judge who will make it or not” and yes then you can put your head on the pillow at night.. well, that’s if you have no real judgement and are more motivated by what, oh ya, the dream of money and success; ah so hypicritical. So i get a stupid 18yr old and sell him/her the world. They feel all excited b/c they are this business owner or soon to be business owner lol. They “spread the word” and the “regional rep” takes him/her on appointments and closes all the business making more on the business than the junior rep.. which u all think is justifiable but in reality the person with the actual relationship makes the most. Well then the 18yr old just gives everyone he knows away the senior guys are happy and the junior guy thinks that’s great, but then the will runs dry.. uh oh.. now its time for real business and talking to people we don’t know.. ummm how about we just get another idiot to be convienced to join and we’ll exploit his “warm market”.. and round and round this vicious cycle we profit… the 18yr old tries to coach, but can’t… why.. he’s not licensed or at that level.. hey they never told me that… so yep.. that regional or rvp gets all that business… and u thought u owned a business… uh no… but ur are a 1099 employee.. wait.. don’t u criticise them too.. umm ya u do.. wow.. so many flaws in this model.. so there lies the reason to recruit.. it continually opens up that persons warm market and u move on.. u sleep at night because you say, who am i do judge someones potential… well wake up people.. you are judged every single day by your potential and rightly so.. are you going to tell me your fund managers don’t judge funds potential based off history and past performance… or do you want there money invested in a company where they say.. hmmm hey lets give them a chance… no.. just doesn’t work that way. Oh and all this talk about how everyone else out there is Soo unhappy in corp america… let me ask you your positions you had before.. mcdonalds and wallmart don’t count as corp america. ya you have a few people with reputable backgrounds but there is a reason they didn’t make it in thier industry either.. and to say all those people that make it are “evil” well is just irresponsible and makes you look so amature. Who are you to assume everyone is dissatified. Many people that are real entrepreneurs not fake MLM ones, are happy and many people in other fields are just the same. But you negative people have to just talk crap about everyone else to make yourself feel better… or atleast you exploit the 18yr idiot… i think i’ve seen as high as 40yr idiot at a volnerable time in their life… so rest easy

I only hopes primerica goes out of bussiness,they take advantage of ignorant people .I currently have a mortgage with a 5.62 fixed interest rate for 20 years and i send extra towards the principal every month.A primarica agent was ‘HELPING “to refinance .My new interest rate would be 7.65,fixed, 20 years.Was this primerica agent really helping me or was he just triing to make a commission?I do not think i have to answer this question.I was told not to worry about the higher interst rate and only look at my “MONTLY SAVINGS”.What montly savings?If interest rates do not matter,why not give me a mortgage at 0%?

i actually enjoyed the people in the Base Shop but quit after my RVP closed 2 of my referrals with out telling me and paid me with a personal check on one and kept the commission on the second because he knew i was strapped for cash and needed the money. He got All the Credit, All the Commission and im sure His bonus!

Thank god,it was the best thing that happened because it broke the spell. i was Mr. Primerica and believed in the hype at a terrible financial cost to me and my family. there was almost no product training and 99% hype and speeches about hope.

now my family and i are 100% better, but i am upset with myself for putting my through such financial turmoil for 7 months because i was hypnotize.

DONT DO IT!!!

DON’T JOIN!!!

i

I am the same Deborah that posted back in May and I am still happily involved with Primerica. Though relatively new, I feel the need to respond to some of the comments that are ignorant of the company or not based in fact.

I WILL investigate what was said about permanent products and commission levels of comparable agencies. *however you CAN check the earnings of others on the company site*

I’ve read the “primerica discussion” above. It is unfair to insinuate that a person that works part time is not as credible/ knowledgeable because of that. We have to comply with all the same licensing and regulatory agencies.

In response to MSUGRadstud10, the average person is not pursuing their MBA in finance and though they may *only* make 30k that does not negate the need to plan for retirement. Pensions are a thing of the past. Social Security is not a viable option. Plenty of working adults don’t set up a 401k let alone construct a portfolio! A simplified conservative investment is better than what the majority of middle class currently have. You don’t have to hold series 66, 7… 52,55,62,72,82,86,87 AND be a CFP to set that up (though we do provide the six steps to the financial planning process outlined on the CFP’s Board of Standards site) *just like every accountant is not a CPA but I digress…

To the poster that said “stay away from primerica” on 11/28… Without knowing how much DEBT you rolled into your mortgage, I can’t comment specifically – however

If a Primerica rep refinanced your home, kept you at the same amount of years you had left on your mortgage, resulting in monthly savings AND you put some of that $ back on the principal – you will pay off the principal sooner and save a considerable amount of money (in interest) over the life of the loan. Hopefully some of that monthly savings was put in an investment vehicle. If possible compare your amortization schedules (the one you had with the 5.62 fixed to the one you have now). Call your Primerica rep with your concerns. File a complaint if you feel you were wronged. I would hate to have the reputation of Primerica damaged due to a representative not fully explaining his/her recommendations to a client.

Again Primerica is not a job! You can become an independent representative and invest as much or as little time as you want. And your earnings will reflect that. There are no quotas. You DO NOT have to recruit anyone. You DO have to have a background check conducted. You DO have to comply with the licensing requirements of your state. Most if not all licensing fees are reimbursed by Primera upon completion of those requirements.

Of course you should do your research before you become a rep or a client. Just like when shopping for a car e.g., I think Ford Explorers are lemons – my colleague loves his – who should you listen to? Neither Go to edmunds.com or some consumer report site, ask mechanics, test drive the car etc… Some posters have never been a Primerica rep OR client – would you take advice from someone that’s never owned the car you’re considering? This is a loose analogy but you get the gist.

On 15 Nov 08 FA’s comments probably would describe this multi-level-marketing scheme the best. I’m a portfolio manager for a very reputable company and just went to a introductory meeting with my nephew that was convinced this was a great business. He is 19, on winter break, and his old friend got suckered in. I took them down on campus at Cambridge and we spoke with one of the professors their, and then to my firm where a colleague of mine that is a Financial Advisor spoke with him about how it’s just an MLM Scheme, like Amway, Mary Kay, and many other berry juice and other MLM Schemes. The gist is to have a product where you inflate the price and thus it allows you to pay everyone in the “Downline”. Give it a try and learn the hard way or listen to words of wisdom and go visit a reputable firm and ask them about Primerica. If you are trying too hard to defend your position, there is almost always a reason. Remember that kids.

To those out there who think Primerica is a scam,it probably is. But I bet you will never ever have a real opportunity in life to make $100,000 a year or more.If you have the thoughts that every good opportuinity in life is a scam,you deserve what you get.Hard work,bettering yourself,and being around positive people is not a scam.If you read Art Williams book “Coach” you will understand why he started this company 32 years ago.Primericas last quarter earnings showed a profit,did you?I have met some truly inspiring people who do help the MIDDLE CLASS.How much do I need to have to talk with portfolio manager?Can I invest $50.00 a onth with your firm?And what is the average salary of a college grad.?Can you ever work your way to owner?More importantly can you ever become financially independant?

My only response to all this back-and-forth chatter is this:

If you are approached by a Primerica representative for product or recruitment – you are still able to decide on the bottom line.

Term insurance has been around for a long time (before Art Williams), yet was not sold aggresively until he went after the insurance industry, who sold his family a $10,000 whole life insurance policy instead of a term policy that was worth roughly 10 times more money. Primerica,in spite of all credits and allegations, has continued this. Case-and-point: of the 30 largest mortgage lenders that existed in 2007, Primerica only dealt with Citi, who only offered fixed-rate mortgages as a rule for anyone applying through Primerica. As of 1/1/09, 60% of those companies are now gone. Citi’s lender that Primerica still remains, only with a SUBSTANTIALLY smaller rate of foreclosure than the industry. Regardless of your position surrounding Primrica, that is a strong indication of its intention to serve its clients with the best possible value. (lowest cost is not always equated to best value). Further, as for term insurance – yes, Primerica does have higher cost than others. The upside is at least three-fold:

1) Among the benefits that Primerica offers is one policy written
for one family (lower admin. costs), increaseing benefits rider,
and a terminal illness rider (pays 40% of the policy immediately
upon notice). These are part of the policy without aditional
cost.

2) Renewals on these policies are usually and significantly lower
other companies

3) As potential clients will see, Primerica looks for a time that
life insurance will not be needed, and will make it known that
the purpose of insurance is to provide a death benefit for
protection – not a means to promote savings. Both of these
normally appearing in any “cash value” policy does not allow you
to have both – meaning that either you die and lose the savings
or you cash the savings while losing your protection against
dying.

People like Art Williams start companies from the ground, find reasonable ways to solve other problems, and ask others to join in, paying them for their efforts. If you agree that the pay and promotion is fair and reasonable, then the “scheme” would not be valid. I know many people who have seen Primerica and signed on. Some left feeling disillusioned, while some stayed and enjoy it. The ONLY DIFFERENCE between them is that those who stayed maintained the fact that Primerica makes it possible for those who stay to succeed. Anyone who feels ripped off probably had something happen that was not necessarily Primerica’s doing, as opposed to someone within Primerica not doing/stating something correct – much like any legit company issues!!!!!!!!!!!!!!!!!

The last time I checked, EVERY JOB that gives you a paycheck is on the same page.

If you are aware of how compensation is forwarded to you, and you like what you see – then only you sell yourself out of the opportunity you originally saw!!!!!

For the record, the average person is hard-pressed to find ways to pay their bills – probably due to factors including higher obligations than they thought at the outset. Anyone that can help you find a way that saves you money IS doing their job for you.

While I am not endorsing anything specific about Primerica, I am stating that Primerica’s intentions appear to be honorable. Competitors will make claims to devalue, and individuals will have complaints. There are VERY FEW companies that can’t stay the same!!!!!!! The bottom line is still at your door to act on.

Melissa: Sorry you decided to listen to the opinion of a few competitors or disgrunteled reps who search these sites out to voice their OWN opions.I trust you check for these sites for all companies you associate or do business with. My guess is, if you did, you would find very few who not have had some nut coplaining about them. I believe that the majority of the things you read on these blogs are lies and any intelligent open minded person would look for legitamate sources of information or attend the interview to make their own mind. If you can’t be open minded why would anyone want you on their team? By the way I have 20 years expierance in PFS & have never been layed off.I have paid many death claims, closed many loans and have millions of dollors in assets under managment with some of the best mutual fund companies in the world.Please get the facts befor you blog nonsense, you could be effecting someones life. Remember it more honorable to encourage than to discourage!

I have work for this company for 3 yrs now I made a fair bit of money with them. I understand most people approach about earning the entire bit like other agents from different insurance companies. example if you sold a term insurance for 100k costing the client $85 per month the pay is calculation would be $85×12<– 12 months in a year =$1000.00 So that agent would be advanced buy the company outside of primerica the $1000.00 on the first day on the job adding they sold a policy as the above. at Primerica you begin at a 25% contract level yes you have to recurit to gain other levels example a 75% contract level you will get paid $750.00 for the same transaction. Yes I do agree that the pay system is different from other companies. However let take a closer look at building a business would you rather make $100 per hr on your own efforts or would you rather earn $10 hr on 10 other peoples efforts. You choose because if you worked a job before in your past or even work one now your present employer mastered the system. Earn money on other people’s efforts and time. It’s called the FREE ENTERPRISE. Now Grow Up!!! it’s either you work for a Great company or you Own a Great company. At Primeria I own a Great Company.

Everyone commenting here about Primerica can be classified into 5 main categories:
1. The Skeptic
2. The Success
3. The Dreamer
4. The Professional
5. The Failure

The “Skeptic” either isn’t comfortable or doesn’t know any other way of progressing through life than what he’s witnessed growing up. This person thinks the proper (and only) way to be a success is by climbing the corporate ladder, landing a secure job that can be worked for 30-40 years to pay for life, or by getting some kind of loan to start a business. The Skeptic is often a person afraid to take risks that may end in failure that often embarrasses him. The Skeptic feels good about the title he’s achieved at his job, and is content with how life is going. This person is most often a non-believer in the possibility that he could ever experience financial independence EVER in life. This person believes that it is his place in society to be responsible by showing up to a “privileged” opportunity (job) all of his healthy young life, and then be satisfied with the potential reality of living out the mature years that are left on a fixed income.

The “Success” has achieved great accomplishments through luck, hard work, affiliation, or a combination of all of the above. This person may or may not be “a believer in people.” Leaders in MLM organizations have to be believers in people, much like the salesmen have to believe that there’s a potential sale behind every door knocked on. Successful MLM leaders are salespeople—any business owner is. Business owners sell whatever product or service their business produces or provides. Most Primerica Successes will tell you that their most valuable product is the opportunity they’re extending to you. The mere mention of having an OPPORTUNITY extended to a person to ascend to a level of financial freedom often sets off alarms in the minds of those who don’t believe they could (or should) ever achieve such a thing. These people may also believe that such opportunities should not be extended to any and everyone. The “Success” has experienced his good fortune through simple effort and belief in many cases. Whether the effort was made first in collegiate work or hard-knocks, it’s often very difficult for the Success to understand why any and everyone else wouldn’t simply do the same given what lies ahead. There is a mindset that believes “hard work creates luck;” and, “successful people typically want to affiliate with those who are willing to work hard.” Therefore, the successful person often believes that one’s future is entirely within one’s control. The MLM Success believes that anyone willing to do what it takes can achieve financial freedom with the proper coaching, support and environment.

The “Dreamer” believes so much that anything’s possible, that he is desperately willing to attempt to follow the direction of the “Success” who sells him the dream with starry eyes and naïve commitment. Hopefully, the Success he’s following has a good heart and intentions—bad people succeed too. Even still, if the dreamer has or is willing to obtain what’s needed to achieve success, mainly education and experience, the OPPORTUNITY exists and can be realized. Financial freedom becomes a reality for only about 2% of our society. It eludes the other 98% because they simply do not have, or is unwilling to do, what it takes. This majority of our society will dream on after attempts at financial freedom. Hopefully, there’s a back-up plan, because living off of dreams alone can wind you up on skid-row, kind of like a gambler. But even a fortunate gambler wins sometimes.

The “Professional” is the one with the Series-7, 66, CFP certificate and often the pretty good job with a reputable company. He often has commonalities with the “Skeptic.” This person became a professional because he believed that the way to do things was the corporate industry-accepted way of doing things: education, training, evaluated trial period, credentials, etc. The Professional is often not a “believer in people.” Unlike the MLM Success, he does not believe that any and everyone should be assumed to have the ability to accomplish what he himself did. Professionals, like everyone else, notices the 98% of everyone in our society and does not make it their business or priority to sift through the masses looking for the 2%.

The “Failure” often starts out as a “Dreamer,” and most often winds up a “Skeptic.” The Failure doesn’t have, and isn’t willing to do, what it takes to win. As mentioned, 98% of us do not get to experience financial freedom. Therefore, those who try and fail often find comfort in expressing distain for the circumstance, people and/or company surrounding the failed effort.

Supervisors, Managers, Directors, VPs, CEOs and ultimately Shareholders (in public companies), are all compensated based on the performance of each level of employee in the corporation concerned. Ultimately, when a product or service is provided to an end user, the income derived from the sale of that product or service is diced up to pay every “level” concerned, just like in MLM.

In regards to the costs involved with a would-be entrepreneur getting licensed, trained, etc., please refer to Webster’s definition of Entrepreneur: “one who organizes, manages, and assumes the risks of a business or enterprise.” In most cases, a new recruit of a MLM organization doesn’t know enough to organize or manage, but because the desired end result is the ownership of an accomplished business effort, the risks of potentially wasting the expense of traveling, lodging, materials, etc., must be assumed by the individual in the same way it would be if he took out a loan to purchase or start any other business.

The problem is, the corporate entities of MLMs cannot control how the inexperienced, half-afraid, sometimes mislead and or deceitful brand new “owners” of the concerned opportunity present the opportunity to others. They try through formatted systems, but because of the mere nature of these organizations, efforts take on a life of their own. Honesty is always the best policy; and honestly, many MLM opportunities such as the Primerica opportunity, do offer and result in financial freedom for many. Why else would large, publicly traded corporations purchase companies like AL Williams and rename it Primerica; or Aegon purchase World Marketing Alliance (WMA) & rename it World Financial Group (WFG)?? Warren Buffet owns a few MLM companies. These are legally and intellectually astute organizations and people right? And why would established corporations partner with them to provide products to the public through such efforts?

People, the opportunities are legitimate in many cases, but folks have to realize that to own the opportunity to be successful and financially free, they have to own the opportunity to fail. Just make the best effort to involve yourself with the best guidance, support and environment you can, and bust your hump believing in you—the opportunity is genuine.

I was contacted by a rep this past Tues. When I asked exactly what is the company about and what were they selling. He went round and round the bin, up younder, and over the chicken coup. And I still didn’t know what Primerica was about. So his ambiguous response made me want to do some research on the net before our little interview. I’m so glad I did. I thank all you guys for taking out the time to share your thoughts and comments. Now, I feel like I can make an intelligent decision as to what I need to do now. Thanks again.

My my my, you Primerica folks! so proud of yourselves are you? ‘ oh, stop bad mouthing us! ‘ well, where are your Art Williams and John Addisons now? Canceled conventions? Canceled company trips? looks like the big sugar daddy has lived the large life too long and came falling down! been down this road with P and found the RVP is a fair weather fan. one minute you’re the next up-and-coming RVP and then you’re a doormat the next. as long as you bring in the fresh meat, you’re da bomb! but as soon as the #s start to dwindle, so does your fan base! have fun at the next convention. lol

Thank you, thank you, thank you, for all the varied responses. I had a gut feeling at the “overview” that this company was using “Little people” to get to the top. Sorry to say my own cousin lead me there. I am not going to my interview today!

“Bonified”?!?!?

LMAO

If that was satire…well done. If that was a serious attempt at a glowing endorsement of Primerica…it was still damn funny.

For those of you who don’t like the MLM companies, have you ever sat through one of their presentations? How different is it from the company you work for? You have an organizational chart just like the MLM companies, but with different titles. The difference is everyone in each level gets to make some money in the MLM companies for training people below them and help them achieve whatever goals they might have. Were you rewarded for training a new employee at your work? Probably not.

I am a demonstrator for a MLM company that sells rubber stamps and scrapbooking supplies. If I get people to sign under me, I get to make money off their sales for teaching, mentoring, and motivating them. If someone joins under them, then my downline will start making money, so on and so on.

The key is to present an opportunity for others to join something they have a passion. Mine is in crafts so I joined the rubber stamping MLM company. If you believe you have the products that really help people change their lives, why not share it. That’s what most MLM companies do.

Before dogging Primerica or any other MLM company, why not research deeper and see what their true intentions are. From what I see, Primerica is in the business of selling insurances which everyone really needs, especially if you have a family. I don’t see anything wrong with that. MLMs are not for everyone, just those who are tired of working for someone else and need an opportunity to start their own business and help others below them achieve their goals as well.

Really guys how can any one read these false stataments and acusations and accually belive tham? What i understand is that at lEAst 3% of the population that is put into this world, are simply here to complaint, if you tryed primerica and it did not work for you, this simply means you did not put any effort into it, and the products primerica offers really do help pleople, and there are proof!! check out the better business bureau the are an A+ rated company, if there really was any truth to all the aligations against the company there should be record of it somewhere right??? where is it??
come on now quit you winning, if you tryed this company and got lisenced remember you still have that lisence, and by the way you should also know the term twisting, yes there are bad people in this world that are simply out there to make a buck what ever it takes, however there still are people who enjoyes helping others! and those who are selling products that does not benifit the contumer, can and will be prosecuted and will also get his/her lisence revoked, so with that in mind i holpe any one deciding as to reather or not this would be good for you, ask yourself!! are you willing to help people you have never met? and how much effort are you going to use to help these people? sounds simple how ever it is not!!

One more issue. Show me any, any, any, any, any business in NORTH AMERICA where people are payd just for being nice to each other !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Primerica is not a job opportunity, as many have emphatically said in defense. This is true. Unfortunately, there is the problem; it is often advertised as one. I’m not going to get into the Mult-Commission argument or if Primerica offers better services or not. The problem most people have, I believe, is how the “opportunity” is presented. Nobody wants to spend time and money driving to what they believe is a job interview when it really is a business opportunity with cost up front. I realize not everyone recruits like this but many do and so does the company. If you have seen their job openings on job sites or have been called by them, this is not apparent. On the phone, they are unable to answer very simple questions that I would expect any other employer to answer if I was to ask about their company. The sad part is, this works against them. People then go on the internet, read blogs and have the negative feeling that they were being conned. I, like most people without a suitable background, found it odd to be contacted for an opening based on my qualifications for a potential high paying job. Sorry, but that doesn’t sound remotely right and most people know at that point that it can’t be exactly as advertised. The company needs to stop doing this, as it is subtly deceitful and in the end, is what helps give it a bad name. As for the Primerica opportunity, I’m sure that after 30+ years, there is something to the opportunity for those willing to put in hard work, just like many similar opportunities with similar backgrounds (both Melaleuca and Amway actually have strong financial stability, long histories, and have garnered prestigious international awards for their companies, as well as producing financial independence in some).
Hopefully Primerica reps will read this and not see this as a personal attack on them but as something to consider. Every company can improve and they all have areas that need to be fixed. In my opinion, working on how the opportunity is presented would help their image and eliminate a lot of the complaints people have, as well as get more people to consider the opportunity.
P.S. I am not affiliated with Primerica but have a friend who is starting soon and going to get licensed in a few weeks so I’ve looked into it a bit more to understand what they’re doing. Plus I was contacted by them several months ago and looked into it a bit then an decided that wasn’t the direction I wanted to go. I will state my opinion on them is basically neutral as I don’t have definitive evidence yet on them as a whole as far as their product and service goes compared with all their major competitors, so I will not say anything else about them that would be speculation.

I have Primerica term along with my wife – 200,000 for 20 years.
The cost is $59. USAA is $64.
Primerica is very competitive with USAA – as a former AF Officer, one of the best insurance companies period. We have home, auto, and investments with USAA.
I checked out how Primerica and Farmers do business, it sounds very similar. Do other insurances agencies follow the same patterns – recruitment, commissions, etc? My guess is they are all very similar.
One last comment: I have been studying Dave Ramsey’s materials and he highly recommends term – other types of insurance (whole life, variable life, etc – complete and total ripoffs). Do yourself a favor and find the best rate you can with level term insurance if you haven’t already.

Ok Tracy.

How is a real insurance agency different? Do you work for an insurance agency?

thanks

Tracy, do other insurance agencies recruit people to work with them? How can I find out what the commissions are for someone, both new and old, in the business?

Thanks for the info Tracy. Personally, I don’t have a problem with recruiting – I used to be in the military and I was recruited, as was everyone else. Hiring and recruiting sound synonymous.

So what you are saying in terms of commission is: a new agent gets commission and the company (Farmers for instance) gets the difference. The person who was involved in the hiring process does not get paid anything for the new person’s efforts. Is that correct?

Tracy, your last response is vague. “The agency may get a commission.” If I am a State Farm agent working in a State Farm office does the person who recruited/hired me get any money from me, or would I make the entire commission and whatever other payment State Farm makes if I sell a policy?

Thanks

Tracy, you mentioned that you are not an insurance agent. How do you know how various insurance agencies operate in terms of commissions? I would like to do the research as well – is there a good web site/s that have State Farm, Farmers, New York Life, etc. commissions on them?

BTW – the use of the term “may” is vague, inexplicit, indefinite – however you slice it. I “may” do _____________ – is ambiguous.

Please show me some statistics – like I did in the comparison of USAA and Primerica – thanks.

Tracy, you said on May 23rd, “And no, I don’t work for an insurance agency.”

Now you state, “I do work in the industry.”

One word: integrity

This discussion is over.

Why do so many people have a problem with overrides?

When you bought or sold your house, did part of that commission not go to pay your agent’s broker? Suppose that Broker had 30 agents in their office. Is it wrong for that broker to want to hire and train others and recieve a continuous stream of overrides?

Why then are so many people against the Primerica system? It is basically the same.

I think people are just jealous, and don’t want to admit that they aren’t tough enough to do it.

Ok, you keep saying how in MLM you have to recruit to make money, correct? So, if you are recruiting, how are u making competitors if they are making you money? You are contradicting yourself. Which, in realtiy, you dont HAVE to recruit, its jus highly recommended if you want a better income. Noone is making me recruit. If I wanted, I could stay exactly where I am right now and only sale and I would be the same as a sales person.

And Tracy, on June 10th, 2009 at 7:30am you commented, and I quote, “…the person who actually sells the product or service is not receiving the bulk of it. Most of the commission is going to the upline…” So I was stating how this is not always true because there are times where the upline does not make as much as the seller if the seller is at a higher position in the company. That is what I was getting at.

As far as corporate paying you what you are worth is a bunch of bologna. Going back to my McDonalds/fryer example, it dont matter how much skills you have, you are going to make what a fryer makes if thats what you wanna do. If you want to prove me wrong, go be a fryer at McDonalds and let me see you work yourself to a 6 figure salary being only on the fryer. And you proved my point exactly when you said, “No one is forced to stay in any job in this country…you can go get yourself a higher paying job any time.” The key words here are “get yourself a higher paying job.” So your other job did NOT pay what you were worth, you had to find another job who pays better. You had to find another job thats pays what that new job pays. If you hated being a fryer @ $7/hr and wanted to be lets say a Driver @ $15/hr, you will get paid more because a driver gets paid more than a fryer… in other words, the position (of a driver) is paying you what that position is. You had no credibility in your previous job, you had to find another job. That is not the same as a job paying you what you are worth, that is finding another job that pays a better salary… big difference.

As far as what USANAWatchDog said, we are not required to purchase anything that we sell. Again, it is highly recommended that we do because our services help ourselves as well as other clients, but also we believe in being a connature of our own products. It would be like working for T-mobile but having a verizon wireless phone yourself and trying to persuade someone why they should get with T-mobile and talk about how they are the best cell phone company to be with, when you yourself arent even with them. Its stupid… if you believe in something that much to where you are telling other ppl to get it, you should have it yourself. Going along with that, most of my commission comes from actual clients (that arent recruits). Don’t get me wrong, I would love gettin sales from my recruits as well, but most of my sales come from referals I’ve gotten from other clients I’ve done

I know that different jobs pay different wages, which is why ppl have to find jobs that pay more if they want to make more. Jobs dont pay u based on ur performance (yes u may get a lil raise here and there, or get promoted after workin there for a long time) but in general a job pays a certain wage range. So like I said, they are not payin YOU for what your worth, they are paying u within the salary wage. What I mean when I say Primerica pays u for what your worth is, if you put in hard work, trust me, u WILL get the results. If you dont put in the effort, u dont make nothin, or even lose money. Which is what so many ppl do. Only about 2% of people are cut out to be in Primerica, that dont mean its a scam, it jus means its not right for most ppl.

Hard work doin ALL the work does mean u’ll be successful. And even tho ppl have the right to find another employer, they will still have to listen to THEIR rules and obide by them, and if they then go to another, theirs another boss they have to listen to. It dont matter how many times u go to another job, u still have a boss ur listenin to. And you keep sayin ppl can find jobs if they’re worth more, but there is no guaranty other jobs will hire them. Especially in today’s economic struggles, its ALOT harder to find employment, regardless of what skills u have. What you said about a very small percentage of those who work in an MLM format dont make a comfortable livin wage is false… well maybe you are right about that in most MLM formats, but im not talkin on behalf of the MLM system, I am talkin on behalf of Primerica specifically. I dont know what other MLMs do, but I know Primerica is a legitimate compamny. In fact, of our 100,000+ reps, more than 5,000 make between 50k and 100k ( A very comfy living), 2000+ make a 6-figure income, including 50+ who make 7 figure plus salary. I would say there are quite enough ppl who make a comfy livin. Do your facts before you make a statement. But yes i agree, most ppl do fail, not because of the system, but because ppl are jus unwillin to do ALL the work. Last example… professional athletes. In the NFL (National Football League) there are only about 1600 players that play in a given year, most of which are backups. So less than a quarter of 1% of the world cannot play in the NFL because they will never make it, and an even lower percent succeed as starters and really thrive. My point is, most ppl couldnt play in the NFL because they would fail, but is the NFL a scam? NO! Just because the majority of ppl who would ever try would fail, does not make it a scam. Only about 1% of ppl in Primerica will succeed, as in professional sports. Its jus the way of the game. Ppl dont have all the tools it takes to play in the NFL, as ppl dont have all the tools it takes to be in Primerica. Im not sayin nothin bad about those ppl, but jus because YOU never succeeded dont mean others dont. I’ve been in Primerica a lil over a year and im doin great. I will never go back to corporate america again either!!!

No offence to Channing, but his (her?) stated work history is of a series of menial, entry level jobs. It’s probably safe to say that Channing has virtually no grasp of the fundamental principles of how a business really functions.

Channing, if you want to improve your life, either go to school and educate yourself, or find an employer who will invest time and money to develop you. You’re at the bottom of the ladder of life right now, and will be until you grow. If you’re a failure at life, you’re going to be a failure at Primerica or any other scheme that sells you a pig in a poke.

99% of people who join MLM schemes lose money.

By contrast, only 60% of bank robbers are caught and convicted.

If you’re unemployable, uneducated, and have shifty ethics, it’s pretty obvious which business opportunity is the better one.

this message is for stufrogg, I love you buy term and invest the difference guys. Have you ever seen the return on these whole life products? Do you even really know how a Whole Life Product works? Do you recommend buy term and invest the difference to every client? You don’t actually do the work of a “real” financial advisor and see what your clients needs and risks tolerances are? basically, you just put everyone in the market no matter what their objectives and tolerances. That is why everyone thinks your company is a scam.

Do I sell Whole Life as a retirement supplement? Absolutely, but not to everyone. I only sell it to people that it fits with. Do I sell buy term and invest the difference, Absolutely, to the people that have the appropriate objectives and risk tolerances. I don’t know how you keep your securities license, but that is ridiculous. any good advisor doesn’t sell the same thing to every client. The reason your company tells you to bash whole life is because you are a stock company. Your company’s main goal is to make the stock holder’s money. Also, you don’t have a whole life product and if you did it would suck because you wouldn’t pay dividends and your financials for your company aren’t very good.

Once again, your term insurance is a joke. The riders and “unique” features you have can’t be that great because I have replaced “Every” Primerica policy I have come across. It is obvious that after people see what real insurance policies look like, they do not feel they are very unique…..

I will agree with you on one thing. The idea of paying out more than one level is not that uncommon even in other agencies. I know for a fact that large companies pay out bonuses to more than one level. for instance, at my former company,

I was hired by a partner, he made an override on me and any agent he hired,

there was a senior partner, he made an override on everyone

then there were managing partners and training partners, who’s bonuses were based on a percentage of the overall production of their areas.

The biggest difference is that these people were promoted based on merit. Not just given the right to recruit your own people just because you were an employee. You had to be a member of the million dollar round table 2 consecutive years before you were even allowed to apply for Partner. That did not mean you were granted it.

Primerica is not a scam by definition, but it is not a very good “opportunity” either. I am going to explain the half-truths, lies, and misleading statements that are used by the Primerica reps to coax people into believing that Primerica is actually a good opportunity for them to become multi-zillionaires. I am also going to compare it to other opportunities in the industry to show how you get screwed by becoming a Primerica rep. DISCLOSURE STATEMENT: I am experienced enough to analyze this topic with a MBA in Economics, series 7, 63, 65 securities license, and 12 years experience in the financial services industry with Wachovia, Morgan Stanley, and AXA Advisors. I have never worked for Primerica. I declined the offer after doing thorough independent research, analyzing their own sales/marketing material, and speaking with actual participants.
1)”If you join Primerica, you will be in business for yourself; therefore you must pay for all of the cost of your business (i.e. licensing, training, and office)” $99 to start then $25 monthly for Primerica online (additional fees will come for training and investment licensing, later.) First off, you are not in business for yourself; you are an independent distributor of Primerica/Citibank products and a select group of mutual fund companies. If you read the IBA’s small print….Any assets or client accounts you bring into Primerica belong to Primerica and you must sign (not 1 but 3) 2 year non-compete contracts (1 investment, 1 mortgage, 1 Insurance). This is the way that Primerica/Citibank push their cost of sales off on their sales force. Reputable investment/insurance companies once hired will take you through a training program and pay for your licensing along with a higher commission payout and the clients are yours.
2)”You can build a team of reps and get overrides so Recruit, Recruit, Recruit.” I equate this to the equivalent of an “Insurance Salesman Mill.” You have heard of a puppy mill….well Primerica’s average rep makes 2.5 sales per year so the only way to keep new business coming in the door is to recruit new people, have the RVP work their warm market during “training” and have the new rep hopefully repeat the process, so that you have more people writing less business as opposed to properly training their reps to sell through seminars, networking, or acceptable referral selling practices. This is the ponzi scheme aspect of their business model. If they do not recruit, recruit, recruit the scheme breaks down b/c they are not replacing the 99% of reps that just left the company. The FTC has on several occasions analyzed this model due to the tremendous amount of complaints and concluded that they were not a ponzi scheme because they actually sold a product, but that does not change the fact that the business model is ponziesque in nature. There is not one insurance company in the world that would disallow you the opportunity to build a team of agents under you and the payouts would be much higher, so do not waste your time splitting your commissions with people who do absolutely nothing for your business.
3)”Buy Term Invest the Difference is the only retirement strategy to use.” I do not disagree with BTID for most low/middle-class investors. It is not a cure-all strategy. People who make over 100k per year need permanent insurance, people with complex estate tax situations need permanent insurance, some people who have built up cash value would be crazy to switch from an investment vehicle that grows tax deferred vs. taxable mutual funds. Also the term insurance product that Primerica offers is overpriced when compared with other like-kind carriers with exactly the same features. They must price it that way to accommodate their tiered commission schedule which is well below industry average and pays 4 levels above to people that do absolutely nothing to help you grow your business. (will discuss later).
4) Product line Analysis: 1) The term insurance is way over priced compared to other leaders in the industry. 2) The SMART LOAN product is 100-150 basis points (1%-1.5%) higher with higher closing cost than most other bank equity loan products. They try to sell this by putting the client on a bi-monthly payment plan and illustrate how they can pay it off in fewer years showing the interest savings but its fuzzy math. You can pay bi-monthly on a 30 year fixed or pay an extra amount per year and accomplish more savings with the lower rate so do not buy it. Do your homework and make sure you are comparing apples with apples on the amortization calculation.
5) “Pay the Eagles and starve the Turkeys” This is an expression that has been used in the insurance industry for years. Basically this strategy is worse at Primerica than any other company I have analyzed or been a part of throughout my career. By recruiting, recruiting, recruiting….. the reps at RVP level keep new business coming in the door because they tell new recruits that part of their “training” will be to offer sales leads from their warm market. The new reps set the appts with people they know (friends, family, co-workers) and the recruiter and recruited go on the sales call as a training session. Because the new rep is not insurance licensed yet, any business that is sold goes under the Recruiter’s rep code (usually RVP) with promises of being paid back later. wink, wink. Also any investment 12b-1 fees that would normally go to the sales person is not paid to reps unless you are RVP level which does not happen at other companies. If you sell a mutual fund as a rep at Wachovia, Morgan Stanley or any other investment house you receive the annual management fee not the person that recruited you. Also the payouts at Primerica start at a paltry 25% where most other companies start out at 45-50% and go up to as high as 90%. If you analyze the income earners in Primerica….you will find that the +/-5 people making over 5 million per year and the +/-43 people making over 1 million per year are all a part of the original founders of the company who are on top of the pyramid. As long as the rank and file keep recruiting, recruiting, recruiting and washing out of the business in 6-8 months, the orphaned accounts that are left keep rolling up to their book of business. Also, if you are one of the naive 1/10 of 1% that get to 100k per year after 10 years and overcome your upline in income you are duly rewarded by him taking your best downline. So in reality they could care less if you grow a successful business because the top 5% get the business either way, either by washing out of the business and they get the orphaned clients or build a successful business and they take your best downline. Primerica’s tag line should be “We sell false hope and a misleading, lackluster opportunity.” So the bottom line is…..If you want to sell overpriced, non-competitive products for a lower commission than you could get elsewhere, sign a 2 year non-compete to do that and also pay the insurance company for the right to do it, then Primerica is the company for you. My Advice: Work for a reputable insurance carrier that does not have to recruit people like “The Primerica Debate Team” to go to online blogs and write positive things about the company to counter act all of the negative real-life experiences from people who endured the ordeal.

Tracy,

This is an awesome website. You are really providing a great service exposing some of these companies. I personally have license for life and health and can offer some great term policy rates. I don’t have all my facts but have been told by others how expensive Primerica’s term product is. I have been approached by Primerica and ran the other way. Have no intention of ever joining them.

u guys r retarded… primerica has made me bank… Eventually the oppurtunity will come and go and you will all still be complaining

Regarding Leo comment:

I do agree 100% of your comment about Primerica. It is not for everyone but if you like what you do keep doing it. My only problem with Primerica is that most of their Reps alway “saying” bads thing about their companys.

In response to Rachelle:

As a Primerica Rep I am willing to step up to the podium and accept your challenge.

1. When I joined Primerica I did pay a one time fee of $99 and I do currently pay $25 per month for the software program that allows me to run my business. While I was in training and unlicensed, I was able to market one of their products to clients which payed me the $99 dollars back several times over. I received extensive training and did not have to pay for my insurance license and I am in the process of obtaining my securities license which the company also payed for. No compete clause- So what. It’s not like any other company would have given me chance anyways.
2. I’m not sure where Primerica Truth is going with the ponzi scheme claim. As I understand a ponzi scheme is a system of taking money from one investor and giving directly to another investor as interest earned on that investor’s investment. Think Social Security. Which is a giant ponzi scheme run by the government. I think Primerica truth is trying to speak to the recruiting side of the business. I do believe that if any business wants to grow they have to recruit/ hire/ employ or whatever you want to call it, new people. The only difference in Primerica is that a Rep at any level can bring someone into the business, train them, and enjoy an override from that person when they are productive. Compare that to a boss who hires employees and puts another employee in charge of training them for little or no additional compensation. Then who gets to enjoy the override from the new hire? The boss. Which system do you think is really better? I’m not in the business of financial services. I’m in the business of distributing financial services. That’s why I’ll ultimately be managing an office collecting overrides from the people I supervise, while Primerica truth will be shaking the bushes for more sales to earn a buck and making his boss rich.
3. Buy term invest the difference period. The only people I have ever seen that buying cash value life insurance is good for is the agent selling it.
4. As far as our term prices go. I don’t have a nicely completed comparative table of prices to show you. But I can tell you that I replace everybody’s insurance everytime because I always have a better deal. The SMART loan is right for some and not for others. I can honestly say that banks use fuzzy math with the interest calculations. When I show a client that they can be out of debt faster and pay less in interest, they really aren’t concerned with the interest rate. I wouldn’t be either.
5. Compensation. A new Rep starts out at a 25% commission. However, you can easily qualify for a higher commission before you are licensed. I did and started at 50% plus a 20% bonus on sales. Who else do you know in financial services that are giving bonuses to new people? I think they usually only give bonuses to the top execs who now a days have to give it back because they are owned by the government due to shoddy business practices. Do your homework Primerica Truth. Primerica submitted an IPO and will be founded as the largest financial service marketing company in North America with a 33 year track record, no debt, and $5 billion in liquid capitol. No government assistance needed. The top earners have been in the company for years and years. But the top earners in most company’s are senior to everyone else. We also have several people who have made it to the top who are young and new in the company. I won’t mention names but a certain SNSD in Utah is 29 years old, in the company for 8 years and earns over $1million a year. My RVP was a $100k earner in three years not ten.
Rachelle
Primerica is an awesome company who does right by their clients and reps. Yes there are a few bad apples. But a company of over 100,000 reps is going to expierence that.
Tracey
I have a real job with a real paycheck. It sucks. I have no opportunity with it. I have a shot with Primerica and I’m going to take it.
Jason

i find this site hilarious because people are to blind to realize that every job, company etc. is a so-called pyramid. Some one is always above you and making more money than you. but not every company gives you the opportunity to reach the top and own your own business. We dont sell products, we promote services that help families do more than just survive, but live without worry about the future. If that is such a bad thing and a scam, then I pitty whoever thinks that. It only works for those who want to get up off the couch and do something about the lives they complain about every day. Keep your eyes opened, because we are big and doing the right thing for others, and always looking for others to join us in the fight against the crappy economy we now deal with. How many companies do you know that have come out ahead and always will come out ahead of the economy????? If this were a scam we would have been stopped after 30years , dont u think?

Art Williams started the whole Primerica conglomerate. I watched the “Do it” video from 1987 and it’s an embarrassment.
Basically he’s a first class redneck idiot.
I guess the there’s a lot of those type of people in the USA since his company is successful and you’d have to be an idiot to buy their sh!tty, overpriced products.

I was recently recruited by Primerica.

I thank Tracy for her well thought out opinion. While I don’t agree with 100% everything that she says, it is extremely professional and thought out.

I was very put off by the lack of professionalism displayed by Primerica advocates in their responses to the artical and it substantiates my concerns about recruiting Primerica’s practices.

As a recent Primerica recruit, I was very very swayed by the chance to learn myself about financial products and help others about saving and investing money. I was not put off by the fact that commissions were so little at the recruit level because I understood that my recruiter would have to hold my hand a lot and really he should be earning the commission while training me.

I should have done a better job at researching Primerica. I did find that they have A+ rating on Better Business Bureau. However, there is a group in Dallas that has D-. And most folks will at least look on the Better Business Bureau and it is important to not have to combat a bad company image to get ones foot in the door with a client.

.

I was not put off by PrimeAmerica MLM scheme because there are plenty of other examples of mainstream MLMs such as Avon and Mary Kay. Crown Financial (Christian personal finance management organization) isn’t against them, but one does their homework recommends finding MLM that are are not a scam and will work for you. So that is confusing – are MLM’s automatically a bad way to market products?

I am concerned about Primerica’s recruiting practices as there is not very much discernment about who is recruited and it is important to have quality team members (who represent one’s company/business professionally and ethicly). I think though I should avoid MLMs because I am not really interested in constantly recruiting and training folks. I am interested in doing finanical plans for folks

I am $125 poorer but wiser now 🙂 I am now trying to get out gracefully and safely.

I was researching primerica to find out if they are a scam. If they have idiots like these people defending them. They are not a company worth working for. Most of you are uneducated or act uneducated.

@ Stephanie Villarreal the only idiot here is YOU!!! I will not let some broke employees sit here & talk crap about this great company!! @ Chronies get your facts right! We are no longer part of Citi we went public on the NY stock exchange on April 1st, this yr & already broke records!! We are Federally Regulated & don’t let whomever join the business, for you information we get to choose who we would like in our business (just like your job does) & they have to pass the background check! Even if you want to get your business license for whatever kind of business you have to pay the state no matter what people!! I’d rather pay $99.then have to pay over 500k for a franchise & still not even own it!! We do what is best for the consumer 100% all the time!

Warburg-Pincus the 14th largest private equity firm in the WORLD spent 10 million dollars investigating Primerica. For over 90 days 347 private investigators, forensic accountants, and a such went over this “scam” with a fine toothed comb. The result, they invested 230 million dollars in us at the IPO price. We were 30 times over subscribed and many of the companies you people might revere wanted to get in on the ground floor of this opportunity. But, still someone has a bad experience or knows someone who didn’t make it in the business (probably didn’t bother to get licensed either) and here come the crap storm. We are the #1 IPO of 2010, Jim Cramer of mad money said it point blank, “Primerica could teach GM and the rest of the bunch about how to run and business and go IPO”. So unless you have some serious counter agruements backed up with facts from viable, respected organizations like stop peddling your problems with Primerica as fact. I have worked here in Dallas for more than 15 years in sales and have been very successful, but at the end of the day my salary and commission was all I got. The company got the equity. This is not for everyone, thank goodness, or it wouldn’t pay so well. But, let me ask you nay sayers, where are you going to go and make your nest egg? Back to your corporate job with 2-3% annual raises in a 4-5% inflationary ecomony? Get real. Primerica is an opportunity, a vehicle to allow the other 95% of the country a chance of achieving a better life. All in all for $99 you can get a great financial education and quit or G.O.Y.A. and work to have a life. If not, don’t complain that you never got a break or had a shot. Most people are just so hard-wired into the corporate Matrix they can’t see the reality before them. You are a slave or prisoner to your job, just doing time until you find something else or they let you go. Here is another stat for you more people have made more money with Primerica than with any other company in the US in the past 45 years. We pay 25 million a day in death benefit claims, we pay the families of our fallen patriots fighting in wars without hiding behind the war clause.(what other insurance company does that consitently?) We paid during Katrina, 911, and the list keeps growing. We do the right thing everytime. So unless you really know of what it is you speak find another drum to beat.

Sleazy, smoke and mirrors, all things that make companies that do well at their strategies look bad to those who take your opinion as fact. I notice you did not refute anything will factual evidence. Is it because you don’t have any or you are on such a mission against Primerica that you can’t see were you are wrong. There is plenty of great news and press about the company, yet you continue down your path. Obviously, from your earlier posts you are in the industry so your credbility or your basis is appearent. Like I asked before where is your 3rd party proof or validiation? Your 3rd party research? As usual, just like the 35000 websites about why I hate Christmas and the conspiracy theory against the addictive nature of Starbucks coffee, people will always find a way to shoot at something successful. And stop calling it a pyramid. Pyramids are illegal and we are in one of the most regualted industries in the country. Multiple state and federal licenses are required to conduct business. We don’t get 1 dime for recruiting someone into the business. That is the essence of a pyramid, money for recruiting. And as far as recruiting goes I assume your current company didn’t recruit you? No job fair? No call from HR? You just walked in, filled out your paperwork and began collecting money. Please. Say what you will, but let’s get factual not just your opinion. I await with great anticipation of the new information you will bring to the table.

I see trying to get FACTS out of you is useless. You believe MLM’s are bad so be it. I believe people who distort every opportunity with generalization are the just paying themselves lipservice. My last question does the average middle class american citizen stand a better chance at a corporation or in business for themselves if they wish to retire or have any quality of life? Employee or owner, which one?

Tracy,
Where were you 15 years ago when I was sucked into Primerica, WMA and WFG! You are correct. I was a top 100,000 ring earner for WMA/WFG. WFG was sold to Aegon. YES ……. my team was taken from me……. when I was not willing to work under Xuan Nguyen (at that time, the company was divided into two divisions – Monte Holmes was the leader for the other division.) I hired an attorney, only to find out that I signed a VERY WEAK contract and the company has complete control over your so called “business” and can do whatever they please. My direct up-line (CEO) was terminated due to compliance reasons…. and without the person you have signed a lease for an office – you can imagine what happened to me! I was fed to the sharks! Everyone was grabbing at whatever they could…my office furniture…… my chairs and equipment I used for training…..and then my team. If your a single woman in a “man-driven” business like this one…….Watch out!!!

After 6 months of being inactive and losing my team I started from square one. I was still making overrides….but only on my own business…..not what I had built for 15 years. I was given the role as Branch Manager again…… but this time…….I was managing other agents – not my own agents. I was told that I would be approving business for the top producer in the company…and he was………..all the points and RECRUITS…..to get his promotion. To make a long story short – I caught him red handed churnning and doing OSBA (outside business activity) without prior approval – When I reported him to our district compliance officer – I was only told by my leaders (I can compare this to Wall Street and the SEC)….not to get involved…..soon to find out that ALL LEVELS in the chain needed the points (production) for their promotions!! He wrote 3 policies w/ the same client (WRL, Pacific Life, Zurich Kemper) with the intention of cancelling at least two. I was was wasting my time, money and was set up to be held accountable for his bad business. At that point I stopped approving his business and decided to go work elsewhere. So many red flags – his persistency was not more than 30% – churnning – OSBA – and being cheered on by his UPLINE to keep up the bad work!

For the past 4 years I have been a paralegal. If I ever choose to get back into financial services – it will be with a professional organization with a good reputation, and NOT with an MLM business. Read your contract – it will tell you in legal terms it is NOT your business! If you calculate the time you put in……..all the weekends and working 14 hour days………..Take my advice……IT’S NOT WORTH IT!!!!!!!!

Gus, when you said that it is financially hard, I’d like to have a little bit more information on that.

To have the RVP promotion, you must absolutely secure 100k$ per year. Of course you need to be full time, if you want to be there for your team. Also, here in my country (or Province?) it is illegal to work in the insurance/financial business on Part Time. Primerica developed a simple solution to this.. you pass your permit and you have three months to secure money and if you can’t, well it’s just not for you and you can go work to a bank with your permit. They don’t care what you do, and if you’re not there for the Primerica opportunity.

An office here costs around 1k$ per month max, so yes, I guess that if you make more than 10k$ per month you can afford an office quite easily. Plus, it would make sense that everybody using the office every day pays a little something on that (I’m talking about Full Time people, that make money in the company – no part timers like me).

My upline was very clear with me and I see that many of you either got crappy uplines or know someone who had a crappy one. He told me everything about ME running a FRANCHISE and ME not getting any money until I have my permit. Why anyways would I have money if I am not allowed by the law to even talk about financial products?

I joined for the personal development opportunities, and YES I learned quite a lot so far.. things that nobody showed me in the corporate environment, things that they assumed I learned before getting the job.. or not want me to learn to get their job.

Primerica will “hire” anybody who is willing to change something and help families who are willing to help themselves. My upline and I are SHOWING to the families what mistake they did by describing them what is their credit score and by giving them the tools to fix that and same money on the long-term. Primerica is also offering very good products that I cannot talk about yet, but the most important thing to remember is that we (or at least I and my upline, I don’t really care for the rest) will never offer something to a client if it’s not helping him in some way. And when I say helping, I’m talking about him paying less or equal to have a better protection or I’m out of his house.

For starters, you do not need to recruit anybody if you really don’t want to. Your upline push for it because it’s good for both you and him. You do the business as you like, if you only want to help families without having a team, you can, and it will be the same thing as a real estate agent or anybody else working on a comission salary (yes there are some “real jobs” in this world based on commission only).

I’m very sad to see that some have been enrolled with the promise to make a 6-digit salary. I’m not very into the financial stuff, but when I saw that you can save your familie’s house from the banks..it just make sense. For this, you must really like what you do, this is not some easy make money fast at home thing.

My suggestion here for anyone who is willing to join Primerica is to choose carefully your upline (the guy who hire you as an independant contractor). A good one will help you develop your skills (people approach, leadership..). A bad one will sell you the dream, and only tell you what to do without even working on you. Also, if you don’t want to help yourself, your upline will not help you.

I read entire threads on Google about scams and everything. The thing is that my upline already explained me how the commission work, how the process work and how to do it the right way without going through a lot of frustration; AKA leaving my full time job without any permit or financial backup.

Primerica will offer you an alternative and an opportunity if you’re fit for the task. Here people help each other, there’s a lot of team spirit and my RVP is very friendly and helpful. I had tips that will forever change me, because I asked for them and I proactively decided to improve myself regardless of this so-called “scheme”.

About the costs, you will pay a starting fee that is reimbursable (not entirely, but most of it) if you quit. To get that fee, your upline should have already told you what to do, else, I can tell you if you live in my Country. The per-month fee is OPTIONAL, however if you don’t take it, you won’t have all the goodness offered by Primerica. You can take it one month, and take the other months on a free subscription. This you entirely have control over it, no scam, they even tell you in the damn contract in a whole SECTION. As for the people complaining about the 30$, I am seriously wondering if they understood what they could do with the POL. Primerica offers professional tools on your phone and computer to help you and to communicate with other rep. THAT with quite a lot of tips by the big leaders and ongoing trainings. For those who launch their own business, just get a quote for a CMS that will help you manage your business and come back to me.

You who compare the prices are special people. Primerica offers various products, all there for a special purpose in the quest of helping people to solve their debt or to make more money short-long term. I usually don’t discredit my grocery store because I saw the milk bottle 25 cents less in another grocery store. A Primerica rep that will try to suggest his products without you saving any penny somewhere or at least help you on something well… ask for another rep seriously.

I guess maybe it’s different here in Canada, but I look forward to an objective discussion with someone, right here. And I’m quite open to realize that I’m wrong on something.

I was referred to this job by a mutual friend and he said it would be good for me since it is only an office job and you do not have to do anything else but help people and you are paid by commission. I was pretty excited. But just before he told me all this, probably several hours ago, I got a call from a lady with a thick accent and it was noisy in the background. I had no idea what she said and I was not really interested. I was also not sure how she found me.

Then, a little bit later, I received a call form another state, and the man left a voicemail saying the same thing. A job offering. I called the number back, but it went straight to voicemail. My friend then finally told me that he referred me and told me everything about it.

He said that one must be trained and pay about $100. The second he said that I’d have to pay, it reminded me about a company who were trying to recruit in college about selling knives and stuff. Not that I am cheap, but I won’t lie. My family is dirt poor and if I paid $100 and something did not go right with this job, it would be money down the drain. I also read that no one should ever pay to get hired.

Thank you to the person who posted on March 27, 2011. I just received a call about a ‘job’. However, when I asked questions, I received vague answers. I became suspicious and began researching. It took some digging but I found the ‘core business’ to be Primerica. I will not be going for the ‘interview’.

I was a district leader, made several sales (on face value – insurance sales of a million and a half dollars and an 80,000 dollar mortgage), hired seventeen people, and earned less than six hundred dollars in the six months I was active. In the meantime, I spent over fifteen hundred in gasoline prospecting. When I left active service, only one person I had hired was active.

You can argue all you want FOR the company, but it’s a model that fails the vast majority of people who join and that speaks as much of mismanagement as willful corporate malfeasance. The relative few who made is big had solid warm markets to begin with and hired like crazy and it was the latter that provided their fortune not the former.

I sat in a business training seminar in Ohio in May 2009 and listened as my RVP’s boss stated that eighty percent of those who entered the business failed. More like 99% but even at eighty, it’s an appalling record.

Here’s something you cannot argue. As a district leader with considerable responsibility, my rate of earnings on an insurance sale was little over four tenths of one percent of the face value. I sold time clocks thirty years ago and made twenty percent. This is an insult to a good sales rep but there is worse. You don’t get a commission check. That’s a lie. You get an advance. If your client stops paying, you lose your alleged commission, because the company isn’t going to sustain the loss. You are.

It’s not illegal, but it should be and for all the endless Christian fundamentalist preaching their do in their supposed secular business, they should be ashamed.

Primerica is a definite scam an the ppl that defend them and or work for them shouldd be ashamed of themselves . its owned by citigroup, another zionist corporation leading to americas miserys these days, Primerica is a failure and has lead to the ruin of hundreds of lives nation wide,dont join them, , JUST SAY NO.

Think about it guys. Do you really want someone with no financial experience handling your finances. for the most Part, Primerica agents are trained to regurgitate what they have been taught, the famous phrase” Buy term and invest the difference.” Do some research and you will find that their insurance products are more expensive that other companys. Plus their agent are captive, therefore they are not allowed to shop around for the best product for the clients. How can you do the right thing for the client 100% of the time, if the opportunity to give them the same coverage but at a cheaper rate? Give me a break. Those of you who fail to research blindly accept this model. Are you really doing whats right for the customer? Really.

Primerica Truth’s comments on Primerica remind me of how the company treated me back when it was called A.L. Williams. Back then I was rather young and was approached by man I hadn’t seen in years, took him all of 3 minutes to turn it into a sales speech and I wasted months and embarrassed myself peddling this cult of thinking to my friends and family. It really is a scheme and instead of attacking @Primerica Truth, heed what he wrote. If it does work for you then good but for those who are angered by his comments; it just goes to show that this company cannot run with bad press because RVPs act like they’re cluing you into this great unknown money club and lifestyle but really you’re just pushing business on friends, family and random encounters; and honestly, I cannot stand those kinds of people.

Good afternoon to All.

I could not agree more with Primerica Truth, FA, and Tracey. Spot on! I joined Primerica in December 2011, hoping to earn additional income. They did provide pre-licensing classes which I attended, but I paid for the licensing exam. I passed the exam in January (first time), and sought out to “build a business”. Hasn’t happened yet. Is anyone surprised? I could not help but feel as if I had joined Amway (I mean, Quixtar). Oy vey! They refer to their “pep rallies” as “EVENTS” and recruiting is the big thing! The Primerica sales strategy, overall, sounds good but fails to meet its motto, “doing right by our clients 100% of the time”. This is dishonest. How many people are able to “buy term and invest the rest”? I have since focused my attention on the Series 6/63 and licenses which Primerica advertises as “free”, but only once you have recruited and sold to the level of District Leader. LOL At DL you receive a whopping 50% commission.

Guess what? I am being recruited by a company that offers several insurance products [term, UL, IUL, final expense, etc.], with a starting commission of 55%. Needless to say who I plan to work for. I will pay for Series 6/63, and 7 securities licenses on my own as I did with life and I plan to pursue the CFP certification/designation through my alma mater in 2013. To Primerica subcontractors: Please shop around. I am more than confident you will find a better opportunity. Also, if you are serious about a career in financial services, pursue professional, financial certifications before selling annuities and mutual funds. I have an MBA as well, and I am always speaking to “full-time, financial advisors” and seeking their guidance in these matters. Primerica reps. would be wel advised and encouraged to do the same; outside of the Primerica bubble.

Ah yes, Primerica. A family friend who claims to have become a millionaire by being an RVP just called to ask if she could stay at our place because she is on a recruiting mission in our area. A millionaire who cannot afford to stay at a hotel. A millionaire with a broken iPhone screen she could not replace or repair. She even begged to use our internet because she does not want to use up her prepaid phone minutes by making calls through the web. Yes, Primerica will make people rich.

Seriously, people…are you really better off out of Primerica? Your job tells you when to get there, when to use the bathroom, when to eat, etc. This is a business. It is not for everyone. This works for some people. If you want to remain in the traditional work force, go ahead! When you end up with no money for retirement and have to work at Publix, don’t hate yourself. You were given the opportunity and decided to bash the company. If you are better off, great! Let people make their own mind. Just because you couldn’t make it work, does not mean it’s the company’s fault. It’s you that didn’t have what it takes. I love Primerica and have been very successful because I follow their plan to a tee. Go me!!

So, clearly this site is extremely biased being that the comments viewed are particularly chosen by the site owner ha! What a joke!

I had signed up with Primerica about a month ago. I have since then resigned from there. I ignored all the red flags even though they slapped me in the face. All of the things that people are saying is true. This company preys on the fact that you are looking for employment. I have been out of a job for a couple of months before I was contacted by a rvp I will not name names because I feel that would be petty. Make no mistake these people are good at painting a picture for you so you will believe what they are selling.
I looked this company up but unfortunately I didn’t run across this blog until after I committed to the company. first off the money they said I could make was unbelievable yet I didn’t understand how I was going to make this money. I was told I had to build a team that I would make money from them with over rides. Instantly red flags popped up I was thinking that this was a pyramid scheme. I would be making money off of somebody else’s back that didn’t sit right with me. So I there and listen to this financial speech about how I could be debt free in 5 years. You know the saying” if it sounds too good to be true it probably is” Well anyway I sit in this office with this woman for near three hours. She said she wants to meet with my wife because if she was going to take me out of the house she wanted my wife to know why.
So I set it up for my wife to come the next day and we meet with her and she goes over the same thing with my wife that she told me the previous day. I foolishly agree to come aboard. She told me the $99 was for a background check I later found out it was for IBA( independent business application) and licensing classes. So like some of the people on here said she asked about my contacts in my phone. I asked her “so we are going to bother my friends?” Her response was ” You don’t bother your friends you help your friends.” so again I fell another trap of theirs. So fast forward to my first appointment. One of my friends on my contact list. Near the end of the appointment I was talking to my friend I guess I said too much so she slaps me on my leg under the table. At this point I was upset .What gave her the right to put her hands on me? I didn’t say anything about that. But, mentioned it on the way back to my car like it was okay to do so. I still stayed even though I made no money. I was constantly pressured to call people from my contact list to set up appointments. so fast forward to my next appointment with yet another one of my friends. Near the end of this meeting I again must have said something wrong because this time she kicks me twice in the leg. I was so mad at this point that I was ready to kick her back but,I didn’t. As soon as we got back to the car I confronted her about her actions. I told her not kick me because I don’t appreciate that and thought it was rude. She said”You know why I did that?” Like it wasn’t a big deal. I told her I didn’t care why don’t do it again.
Needless to say that was it for me. I did stay long enough to take and pass my life insurance exam on my first try after that I was done. So there may be some success doing this but it far and few in between. It that I was lazy or that I could not handle hard work. So for all you Primerica Lovers good luck and nice life.

I wanted to add that unbeknownst to her I was actually recording our first “official” interview/ meeting and most of the third. I had no ill intentions in doing this I just didn’t want to miss any important information as I was very enthusiastic about what I thought I was signing up for. I’m not sure of the legality of this and so I have not revealed that card in my refund process just yet. She had agreed to refund my money in an earlier text but has since not responded when I followed up on that so I will be continuing pursuit through my credit card company .

Here’s a novel idea. Let people decide for themselves what they do. Most people recruited to Primerica have little to no sales background and need training/help to get off the ground. And unlike other sales jobs, Primerica allows people to learn it risk free without quitting their job. There are many MLMs that have done amazing things for families. That said, sales isn’t for everyone. Wouldn’t it be better to learn if that’s you in a part time capacity rather than being thrown into the ocean to learn while trying to feed one’s family? In addition, few sales jobs can compete with the ceiling that MLMs offer. How many car or furniture salesmen have the ability to work hard enough at their craft to earn $200k/year or more? People who are critical of MLM seem to either be mad because they can’t compete with their product or they have some axe to grind and most of them don’t even look at the products. It’s business. Let the product speak for itself. Who cares how they market? Finally, show me a business where people don’t make money off of people below them. Every business has a “pyramid structure.” Is that seriously your argument?

Trinity, lots of people make $200,000 or more in a sales job. I would wager that a higher percentage of salespeople working for nonMLMs make $200k or more per year than people who are in MLMs…we know that a very small percentage of people in MLMs make a living wage so the percentage that make 200k a year is imperctibly small.

As to your question about wouldn’t I rather test the waters as a salesperson with Primerica while still working another job rather than take a risk by leaving my job to try being a salesperson at a nonMLM…I would far rather be a salesperson at a regular company that actually pays for my training rather than being at an MLM where I have to pay for my training.

Lastly you say that people who had bad experiences with people at Primerica are bad judges of character and it is their fault….um the fact that Primerica allows “shady” people to remain associated with their organization speaks volumes about Primerica. Primerica is allowing these “shady” people to represent them.

If anyone is reading this, do not join an MLM. Look up the antiMLM movement to read what really happens in MLMs.

I just realized how “Phishy” that sounded, I apologize.
My question is about a person who sells Primerica and I’d rather it not be publicly on the blog is all.
I signed up on the email updates. This is strictly a research question!
Thank You in advance
Crafton