If you want to know about primerica, this is a must read. ~ I understand it is long, but I am passionate about what I typed and the truth needs to be known.
I was contacted by a woman who said she found my resume online. Having been victimized earlier in the month of June, I was immediately suspicious. For the sake of convenience, I set up an interview with the woman, however determined to do some research on my own about Primerica. I did ask the woman a few questions about what the company did. She gave me very vague answers. She mentioned financial services to which I responded, "Oh my Dad is a financial planner." She got very uneasy and quickly changed the subject. So I asked her for her company's web address and she gave it to me. I did not keep the interview with her.
I hung up with her and looked up her web site. There was not much information about the company. So I simply googled the word "Primerica".interestingly, of all the web addresses that popped up, 2 of them spoke positively about Primerica, but they were Primerica's own web links, 1 was an encyclopedia definition of the company, 1 was a sight that assisted in looking up agents, and the rest were web sites giving fair warning.
Still, not enough to convince me. So I went to my Dad. My dad has sold insurance for over 30 years. He owns his own financial management company. He is an insurance broker and he is a proud member of the CLU (Chartered Life Underwriter). Ask anyone lackey involved with Primerica about CLU and they usually have no idea what you are talking about. If you don't know what CLU is, do a search and you will quickly learn why you would want anyone selling you Life Insurance to be a member.
So my dad sells insurance products from many different companies. He finds the best product for his clients. Primerica sells only their own products.
Let me give you an example:
I have a friend. She sat across the table from me at our favorite restaurant on Tuesday (7/11/06) night. She told me that one of our girlfriends had recently signed up with Primerica. I voiced my objections to which she told me she liked Primerica and had a life insurance policy through them.
She pays $30 a month for $150,000 of coverage with Primerica. I told her that I have $250,000 coverage through a company my dad set me up with and I pay $10 a month.
The next day I called my dad and told him about the Primerica coverage. He was appalled. He said (through a company other than the company he set me up with), he could set my friend up with the same coverage she currently has for $7.50 a month.
My friend who recently signed up with Primerica told me that Primerica is the Number 1 Life Insurance Company in the Nation. I asked her if they told her that or she researched and found that out herself. She was told by a Primerica Rep. So I looked it up.
I found an article on Primerica's web site saying that Citigroup was number 1 on Forbes 2000 - Ranking 2000 of the nation's largest companies.
As we well know by reading anything on the consumer complaints web site, Primerica is a subsidiary of Citigroup. For those of you who don't quite understand what that means: Primerica legally sponges off Citigroup's licensing. It's more complicated than that, but that's a basic definition. Other than that, Citigroup has no correlation with Primerica. They operate completely on their own.
Is Primerica a scam? No. Are they a Multi Tier Marketing system? Maybe, but they make no qualms in letting anyone who asks know that the people above you make more money off of you.
Bottom line: Work for them at your own risk. Know that the majority of people who start off working for them, don't last.
Know that the insurances policies they offer are not always in the best interest of clients. Primerica sells that they "Help People" to financial freedom. I have no doubt that they help some people. But is it the BEST help? It's like giving someone a carrot when what they need is an orange for vitamin C. Yeah the carrot is good for them, but it's not exactly what they need.
As a financial planner or insurance agent, your goal should be the best interest of your client.
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