I recently Left Primerica Financial Services and went to another company. After 3 1/2 years of believing all the crap they fed me, I did my own research and boy was I surprised at what I found.
I found out that all the things that Primerica and Citigroup had been FEEDING me for three and a half years were not true. All you PFS Reps (APFA's, PFA's, District, Division, Regional Leader's and RVP's) need to do your do diligence. Primerica Life is not the only life insurance company that has spouse riders. It is not the only insurance company that allows you to pay for just one child and have all of them covered. It is not the only insurance company that allows your TERM policy to AUTOMATICALLY renew to another term at guaranteed rates!!!
It is however the only Insurance company that charges men and women the same rates, no matter what their age. EVERY other company that I found has men's rates and women's rates. Oh ya, the policies are 20% to 40% cheaper than Primerica's. Go check it out. (name deleted - see link below) is one of the ones I am referring to.
Now I will admit Primerica's policy is the only one that automatically converts a child rider at age 25 to five times the coverage. However, that person has to be single, living at home or at college. You have to convert it 30 days before or 30 days after the birthday.
When Primerica had an opportunity to convert it 60 days before my friend's birthday, they said no. Why is this important, because he was dying of cancer. If he would have lived 30 more days, the family could have had received a $50,000.00 death benefit instead of $10,000.00. I guess Primerica Does NOT always do what is best for families. And if you look at Estate Planning, Cash Value life insurance is better almost 100% of the time.
There are times for whole life, and there are times for term. Primerica's stand on term 100% of the time is WRONG. Most of the time term is right. The problem with Primerica is that not very many people at PFS actually invests the difference for their clients. I mean when the top RVP in the Portland, Oregon Area doesn't write securities himself, how can you expect very many of his people to do the same.
I guess when you recruit a bunch of people, sell them an unlikely dream and sell them insurance, that's how you make a bunch of money. What do I mean by unlikely; 108,000 plus licensed reps and only 1800 plus people make over $100,000. Yes there are 52 millionaires, but what about the other 105,000 plus that don't make a lot of money. If you take the 3000 4000 that make over $50,000, and averaged the rest of the field force, I bet you have an average of less than $1000 a month.
If you look at the Oregon, Southwest Washington area, out of 20 to 25 RVP's / SVP's, only five to seven make more than $50,000 a year. That $50,000 is not net, it is gross. You still have office and other expenses too. Not much of a dream income!!! Especially when you loose the respect of family and friends!!!
The SMART loan is another HUGE RIP OFF!!! Primerica agents are told how bad Yield Spread Premium is; how bad other companies are ripping people off. How evil mortgage brokers are. The Problem is, because Citi Corp Trust Bank is a Federal Bank and not a Brokerage, they do not have to disclose how much yield spread premium they are adding on.
We were always told that because it is a simple / pure interest-bearing loan that the rates were a little higher. No the rates are A LOT HIGHER!!! About 1% to 2% higher. Citi Corp Trust Bank has about the highest yield spread premium in the banking industry.
The problem is, they don't have to disclose it and you agents are not getting a huge share of the profits. 1.5% Origination fee plus 1% to 2% yield spread premium is a HUGE rip off. Do the math, I did. I have teamed up with a Mortgage Broker who can beat the SMART loan 100 % of the time. Oh, He also uses Yield Spread Premium and a 30 day PRECALCULATED COMPOUND interest loan and STILL BEATS IT!!!
Yes, I have left Primerica and Citigroup. I have gone to a "NON-Captured" Co-op Brokerage, where I can shop around and find the best solution for my clients. I am making more money by truly helping people get out of debt and retire wealthy. Citigroup is interested in making a buck!
They are truly what I have come to despise; a nasty corporation. They do not put the client first from my experience and from what I have been able to see from my own research. All PFS Agents / Rep's NEED to do their OWN research.
If you REALLY want to help your clients and your friends and family, (remember your top 25-50 list of people) you need to rethink the PFS / Citigroup lies (guaranteed palm apps for all states by Convention - SMART Loans with 90 days no interest, no payments for all FICO scores oh ya, the great 35 YEAR term insurance[remember the 25 and 30 year only has 20 years guaranteed, I didn't stick around long enough to see if the 35 yr. One was the same]- talk about your Whole life policy.
The problem is PFS is not the ONLY 35 year term and as high as the rates are, you would be better off with a cash value policy. At least you would have some savings) What other lies / mis-statements have you been told?
It's about time you all woke up and saw what was happening. If you are one of the few making lots of money at PFS, then look at the people you helped. Could they have been better off if they had someone else who was honest do the same thing you did for them, but with better products and solutions? I would guess, YES!!!
Do your own research and I will look for your proof that I am wrong on the web site. Remember, PROVE I am wrong. My guess is you won't be able to.
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