• Report: #144909

Complaint Review: Primerica Financial Services

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Fri, June 03, 2005
  • Updated: Thu, June 23, 2005

  • Reported By:Washington District of Columbia
Primerica Financial Services
www.primerica.com Nationwide U.S.A.

Primerica Financial Services ripoff!! $199 fee... what the heck is that?? Nationwide
*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.

*Consumer Suggestion: Here's the thing. If you got bent over by primerica, all is not lost. Move on to a REAL company.

*REBUTTAL Individual responds: I was also approached

*Consumer Suggestion: Hey, I don't make my facts up on a ouija board. This is what is in the news right now.

*UPDATE EX-employee responds: Rebutting Paul from Brooklyn - Primerica meetings are boring you again having you slither and troll your way over to Ripoff Report to do more

*UPDATE Employee: The idiots are still here

*Consumer Suggestion: With a parent company like citi, how could primerica be anything other than corrupt?

*UPDATE Employee: The $199 covers two costs - a background check and the insurance licensing course.

*UPDATE Employee: The $199 covers two costs - a background check and the insurance licensing course.

*UPDATE Employee: The $199 covers two costs - a background check and the insurance licensing course.

*UPDATE Employee: The $199 covers two costs - a background check and the insurance licensing course.

*Consumer Comment: I joined Primerica and I'm staying this time!

*Consumer Comment: Argument made and debunked a hundred times over

*Consumer Comment: Primerica is a credible company.

*Consumer Comment: Primerica is a credible company.

*Consumer Comment: Primerica is a credible company.

*Consumer Comment: Primerica is a credible company.

*Consumer Comment: Rich Man, Poor Man

*Consumer Comment: the difference between a pyramid scheme and a MLM

*UPDATE EX-employee responds: Rebutting Financially - City, Georgia a flat-out contradiction and it may be a scheme by a troller

*Consumer Comment: Pyramid scheme.... well, not really.

*UPDATE Employee: Primerica offers the wonderful opportunity to shell out $200 and earn an average of less than six bucks an hour.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

PRIMERICA GAVE $199 to the state I live in!!

I went to one of their opportunity meetings the other day and I was very interested about the opportunity. They talk about owning your business and the potential to make a 6 figure income. I WAS LIKE WOW!

Then came this $199 IBA fee. I don't remember what he said (something about licensing school), but he convinced me to pay it. I call him up again to explain the $199 fee to me, and he said the $199 went to the state who will sponsor your life license you will get after passing the state exam.

I WAS LIKE WTF?? Why did I pay $199 to the state??? I told him I want my money back because I don't want no government to take my money and I don't want to take a test to own a life license. He said ok, but I'll only get $159 of it back. Now I was really pissed off. What happened to the other $40? He said, that went to the FBI to get a criminal background check on you. Oh great, now the FBI has some of my money. Just freaking great...

To anyone who goes to the so-called "opp meeting" just be careful in what you pay for. Do you really want to pay $199 to own a life license?? I DON'T!

Financially
City, Georgia
U.S.A.

This report was posted on Ripoff Report on 06/03/2005 12:03 AM and is a permanent record located here: http://www.ripoffreport.com/r/Primerica-Financial-Services/nationwide/Primerica-Financial-Services-ripoff-199-fee-what-the-heck-is-that-Nationwide-UPDA-144909. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Primerica Financial Services

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 20Consumer 1Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Here's the thing. If you got bent over by primerica, all is not lost. Move on to a REAL company.

AUTHOR: Paul - (U.S.A.)

If you ended up getting sucked into the primerica con, I feel sorry for you. I mean, the con is blunt, freakin' obvious.

A blue-collar nobody gets a call out of nowhere? Come join up, and be our office manager? For a hundred grand?

Show me the sense in any of that.

But, if you followed through, all is not lost. First assess your skill set. Do you have what it takes to sell? Can you understand financial products? Then, can you explain the benefits to others?

Ask yourself, and answer truthfully, is this the kind of work you would be interested in doing?

If the answer is yes, you may have the basis for a new career. You can learn the art of selling. Recognizing buying signals. The ability to motivate potential clients to purchase. All that's a few books or courses away.

You may need more license. I believe primerica only requires the absolute minimum. Just enough to unload the trash they offer. You may need to go back and acquire more in order to start working for a real company.

You see, insurance is a viable product. Personally, I'm not real keen on the life insurance end of it. But, that's me. There are millions of Americans who do want and need life insurance as well as other insurance products.

If you signed on with primerica and promptly went out and sank to the bottom, it doesn't mean you're in a losing business. It just means you need to cut free of the losing company, primerica.

Do some research. Find out what companies are the market leaders. Look at their commission structures. Then, go out and apply to be an agent.

Sure, they may laugh at you when they find out you worked for a hack like primerica. But, that will pass. Get on board.

Learn how a real company works. They have advertising. They have a marketing system in place. There's none of this go out and hassle people in shopping centers stuff like primerica asked you to do. You get a real office and clients call you.

That's how the insurance business works.

Chances are, you're not one of the .0001% that actually makes a living with primerica. So, drop those losers like the garbage company they are. Do them one better. Go out and find a real company and put your new skills to work in a place where you can actually make a living.

Who knows, a few former primericans might actually end up making that hundred grand after all!
Respond to this report!
What's this?

#2 REBUTTAL Individual responds

I was also approached

AUTHOR: Monica - (U.S.A.)

I was approached recently by a very presentable and seemingly nice rep from Primerica. I'm currently working on getting my first degree and did not have much work experience so I was very excited for a job. I scheduled a meeting with him the very next day. Meeting with the rep, I fell for his "sales-pitch" and voluntarily gave my info. However, in the car going home, I realized the job offer seemed a little fishy and, at this moment, kicking myself for my stupidity. Is it common for companies to ask for an applicant's SS#, credit card info, etc.?
Respond to this report!
What's this?

#3 Consumer Suggestion

Hey, I don't make my facts up on a ouija board. This is what is in the news right now.

AUTHOR: Paul - (U.S.A.)

Search worldcom+citi. Read what comes up.

Search enron+citi. Read what comes up.

Search primerica+scam. Read what comes up.

Yeah, all these articles are written by people that are just pissed-off insurance agents? The whole world is just one massive insurance agent, who just happens to be down on primerica?

As for me, I was a truck driver in my last job. What the hell does that have to do with either insurance or primerica? I can't even spell insurance without the spell-check on. I never lost one dime to primerica.

On the other hand, I don't want to see naive job seekers get sucked into this make a hundred grand as an office manager nonsense. That's my motivation for commenting.

Here's a tip. You want off this fraud site? Not hard!

Start telling new people Come here, spend $199 for your license, and sell our insurance. You'll be self-employed. What you make depends on what you are able to accomplish.

Here's another tip. Have the idiots at primerica come up with a product that people actually want. That way, new agents won't have to search far and wide until hell freezes over to find buyers. Then, offer them a commission that actually compensates them for the amount of time they spend to make the sale.

In other words, make a business that actually has one iota of chance at being successful, for a change.

This recruiting 100,000 new people and having 95,000 of them quit just smacks of an idiot's business model. Even a dumbass like me could do better than that! What's that say about the fools running primerica?
Respond to this report!
What's this?

#4 UPDATE EX-employee responds

Rebutting Paul from Brooklyn - Primerica meetings are boring you again having you slither and troll your way over to Ripoff Report to do more

AUTHOR: Stuart - (U.S.A.)

Well Paul I see those Primerica meetings are boring you again having you slither and troll your way over to Ripoff Report to do more shilling (or should I say more shrilling) for Primerica (or is it my recent rebuttal to Mike from Oshawa? Oh well).

You have fulfilled my prediction about returning to Ripoff Report. Now calling me the ultimate idiot - sticks and stones may break my bones, but names will never harm me.

Now Paul I have a little present for you. It's a nice shiny new dunce cap for you. You must wear it
and recite 100 times in front of class the following:

"Victim of a consumer Rip-off? Want justice? Rip-off Report is a worldwide consumer reporting Website & Publication, by consumers, for consumers, to file & document complaints about companies or individuals who ripoff consumers."

PS Paul, when you copy my lines, it's called
plagiarism. Too bad you have anonymity.
Respond to this report!
What's this?

#5 UPDATE Employee

The idiots are still here

AUTHOR: Paul - (U.S.A.)

So I see nothing has changed in the months since I stopped posting. The nonsense, garbage, obfuscation, half-truths, hate, and outright lies continue to be posted by the crew.

The crew is Paul - Anaheim, California whose hate filled diatribes are laughable.

Timothy - Valparaiso, Indiana whose postings are more reserved, but still wrong.

Stuart - North Brunswick, New Jersey, the ultimate idiot on these threads.

You will find these professional posters on virtually every thread. One wonders if they have a life or do they just troll and slither around this site.

My belief is that they are rival insurance agents who have lost business to us because they cannot compete with us. So what do they do? They come onto this site and spread lies, half-truths, and innuendos to try to turn people away from us. Unfortunately, there is no verification by RipOff to see if what they post is truthful. So they can get away with posting boldface lies. Unfortunately, there is no legal remedy as they often break the libel laws. They are losers and they want company.

I use to answer them, Stuart especially. But it was to no avail. My clear and concise arguments were ignored and they just posted more junk. Many times, they would just go and start a new thread.

So I will go away again and continue to build my business (which has been very successful thank you) and continue to replace the rip-off cash value insurance that they probably sell. Be back in a couple of months.
Respond to this report!
What's this?

#6 Consumer Suggestion

With a parent company like citi, how could primerica be anything other than corrupt?

AUTHOR: Paul - (U.S.A.)

Most people have no idea of what citi is or how they are the single largest fraud this country has ever seen.

Why would they? If you don't work in finance or investments, it's likely that the only thing you've ever heard about citi is that they are some kind of a bank.

Perhaps, you may have seen one of their ads on a billboard. Life is more than money, or some similar kind of bullshit intended to deceive the public.

The truth is than whenever you see a major fraud that hurts all Americans, all you need to do is look behind the mess on the surface. That's where you'll find a citi crook, lurking in the background. Collecting fat banking fees, all the while engineering a scam on the American public.

Take their role in the worldcom scam, for instance. Worldcom started out as a backwoods long distance service peddler in the 80's. The idiot that started it, Bernard Ebbers, didn't have the brains to do much more than work a pay phone. Before he started the company, he owned a motel chain. No telecommunications background. An idiot from the backwoods of Mississippi. A nobody, destined to stay a nobody.

All that changed when he hooked up with citi. Specifically, a piece of shit named Jack Grubman from Salomon Smith Barney, a citi company.

Jack was smart. Plus, he had access to more money and influence than god. He took an idiot like Ebbers and showed him how to use Citi's money to become a major player in the booming telecommunications industry.

Just to make sure that Worldcom went straight to the top, he portrayed them as being a great investment to small investors. So, what did Americans do? They don't understand stocks and bonds. They end up turning to a company like salomon for financial advice.

And, as solomon's leading telecom advisor, what did Grubman tell them to do? BUY! Buy it all. Invest every dime you have in this stock. Millions of Americans followed his advice and did just that.

We all know the outcome. Worldcom crashed. There was massive accounting fraud going on. Million of investors were left with worldcom stock certificates that weren't worth the paper they were printed on.

Of course, Grubman and the other crook, Sanford Weill did fine. They made millions, if not billions off the Worldcom scam. Banking fees. Consulting fees. Interest. Behind-the-scenes bribes. Under-the-table payoffs.

Right now, Ebbers, the patsy in this whole thing, is set to be sentenced to some hard time. He's done.

But, not citi. They are bigger than ever. They got right back in a new scam. Enron. Different patsy. Different company. Same outcome.

Citi went in and set up an accounting scam. Millions of Americans invested and lost every cent.

Citi is like a swarm of locusts. They fly in by the billions. Devour everything in sight. Pick it clean. Then, fly out and on to a new sucker.

The government can't stop them. They own this government. They pay millions of dollars in bribes to make things happen.

So, what can Americans everywhere do? That's easy. Take back control of your life from citi.

You do that by having nothing to do with them. No loans. No credit cards. And, certainly none of their investment products or advice. Just look at how the worldcom investors ended up.

Flush a trash company like citi completely out of your life. If you don't, or won't, do that, then you will lose too. It's as simple as that. They cheat everyone and anyone they come in contact with.

You're nothing special to them.

So, you see, with a parent company like citi, how could primerica help but be anything other than a complete fraud?

Easy to see how they ended up on these pages, in a fraud site!
Respond to this report!
What's this?

#7 UPDATE Employee

The $199 covers two costs - a background check and the insurance licensing course.

AUTHOR: Primerica - (U.S.A.)

This complaint against Primerica concerns the author's lack of information in understanding why Primerica charges $199 for the IBA. The $199 covers two costs - a background check and the insurance licensing course.

$40.00 of the application fee goes towards a criminal background check. The insurance and financial industries are highly regulated industries. Primerica is legally obligated to ensure that its representatives were never found guilty of financial crimes or breaches of trust, such as embezzlement or fraud. The top $40.00 is the cost of that background check. Once the check is complete, and the information provided in the business application has been confirmed, the recruit is sent a letter of approval. If the recruit fails the background check, the application fee, minus the $40.00, is returned.

As for the additional $159.00, that covers the cost of the insurance licensing course. A person cannot get a state license to sell insurance without taking the state mandated course. Private educators offer this course for $300.00-$500.00. By going through Primerica, the course is offered for $159.00.

For anyone who is dissatisfied with the Primerica opportunity: a refund, minus the $40.00 cost of the background investigation, will be provided upon request. Sadly, there are too many unqualified persons being given opportunities to prove themselves, which usually ends in failure. These unqualified recruits are recruited by other under qualified recruits during their first few months with Primerica. There is a vicious cycle of misinformation being perpetuated as a result. But, the fact remains that a recruit may request a refund anytime during their first 180 days.
Respond to this report!
What's this?

#8 UPDATE Employee

The $199 covers two costs - a background check and the insurance licensing course.

AUTHOR: Primerica - (U.S.A.)

This complaint against Primerica concerns the author's lack of information in understanding why Primerica charges $199 for the IBA. The $199 covers two costs - a background check and the insurance licensing course.

$40.00 of the application fee goes towards a criminal background check. The insurance and financial industries are highly regulated industries. Primerica is legally obligated to ensure that its representatives were never found guilty of financial crimes or breaches of trust, such as embezzlement or fraud. The top $40.00 is the cost of that background check. Once the check is complete, and the information provided in the business application has been confirmed, the recruit is sent a letter of approval. If the recruit fails the background check, the application fee, minus the $40.00, is returned.

As for the additional $159.00, that covers the cost of the insurance licensing course. A person cannot get a state license to sell insurance without taking the state mandated course. Private educators offer this course for $300.00-$500.00. By going through Primerica, the course is offered for $159.00.

For anyone who is dissatisfied with the Primerica opportunity: a refund, minus the $40.00 cost of the background investigation, will be provided upon request. Sadly, there are too many unqualified persons being given opportunities to prove themselves, which usually ends in failure. These unqualified recruits are recruited by other under qualified recruits during their first few months with Primerica. There is a vicious cycle of misinformation being perpetuated as a result. But, the fact remains that a recruit may request a refund anytime during their first 180 days.
Respond to this report!
What's this?

#9 UPDATE Employee

The $199 covers two costs - a background check and the insurance licensing course.

AUTHOR: Primerica - (U.S.A.)

This complaint against Primerica concerns the author's lack of information in understanding why Primerica charges $199 for the IBA. The $199 covers two costs - a background check and the insurance licensing course.

$40.00 of the application fee goes towards a criminal background check. The insurance and financial industries are highly regulated industries. Primerica is legally obligated to ensure that its representatives were never found guilty of financial crimes or breaches of trust, such as embezzlement or fraud. The top $40.00 is the cost of that background check. Once the check is complete, and the information provided in the business application has been confirmed, the recruit is sent a letter of approval. If the recruit fails the background check, the application fee, minus the $40.00, is returned.

As for the additional $159.00, that covers the cost of the insurance licensing course. A person cannot get a state license to sell insurance without taking the state mandated course. Private educators offer this course for $300.00-$500.00. By going through Primerica, the course is offered for $159.00.

For anyone who is dissatisfied with the Primerica opportunity: a refund, minus the $40.00 cost of the background investigation, will be provided upon request. Sadly, there are too many unqualified persons being given opportunities to prove themselves, which usually ends in failure. These unqualified recruits are recruited by other under qualified recruits during their first few months with Primerica. There is a vicious cycle of misinformation being perpetuated as a result. But, the fact remains that a recruit may request a refund anytime during their first 180 days.
Respond to this report!
What's this?

#10 UPDATE Employee

The $199 covers two costs - a background check and the insurance licensing course.

AUTHOR: Primerica - (U.S.A.)

This complaint against Primerica concerns the author's lack of information in understanding why Primerica charges $199 for the IBA. The $199 covers two costs - a background check and the insurance licensing course.

$40.00 of the application fee goes towards a criminal background check. The insurance and financial industries are highly regulated industries. Primerica is legally obligated to ensure that its representatives were never found guilty of financial crimes or breaches of trust, such as embezzlement or fraud. The top $40.00 is the cost of that background check. Once the check is complete, and the information provided in the business application has been confirmed, the recruit is sent a letter of approval. If the recruit fails the background check, the application fee, minus the $40.00, is returned.

As for the additional $159.00, that covers the cost of the insurance licensing course. A person cannot get a state license to sell insurance without taking the state mandated course. Private educators offer this course for $300.00-$500.00. By going through Primerica, the course is offered for $159.00.

For anyone who is dissatisfied with the Primerica opportunity: a refund, minus the $40.00 cost of the background investigation, will be provided upon request. Sadly, there are too many unqualified persons being given opportunities to prove themselves, which usually ends in failure. These unqualified recruits are recruited by other under qualified recruits during their first few months with Primerica. There is a vicious cycle of misinformation being perpetuated as a result. But, the fact remains that a recruit may request a refund anytime during their first 180 days.
Respond to this report!
What's this?

#11 Consumer Comment

I joined Primerica and I'm staying this time!

AUTHOR: John - (U.S.A.)

Well, I don't know anyone who was paying attention (beside Stuart), I could not decide whether to join Primerica (again) or not. I did joined on a part-time basis, then I quit because I didn't had lots of time to work on it.

I had two options in life:
1) Continue to be a work slave, OR
2) Work for myself.

Couple days ago, I decided to join Primerica and this time I'm sticking with it. I love to help people anyway I can and I'm going to be honest about what I do. I'm still a work slave (an employee) but at the same, I'm building a business for myself.

"I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts." -Abraham Lincoln

Some of you believe it's a pyramid scheme. How can that be if your uplines (the recruiter) don't get any commissions when you pay $199? I had 3 of my friends joined today and I know I won't get paid by recruiting. (Those who are in PFS, you know I got promoted.. just need to get my life license).

Here's the real truth: Primerica is not a pyramid scheme, but a Multi-level marketing company. Which means if I recruited people and train them and get them licensed, I make an override. If my associates make a sale, they get full credit (these points are used toward the company competition trips) and earn commissions on it. Not only would they make money, I make money too. That's an override.

For example, my commission level is now 35%. My friend's commission level is 25%. If an average life transaction is $1000, they make $250 and I get paid $100. That's how an override looks like.

Of course I still need to do work if I want to win the company trips and keep my team together. In February 2006, they are taking 1500 couples to Hawaii for free. I think they are staying at the Waikiki Resort.

Once I get my life licensed, I can start earning money. I will get paid off the products I own (Debt consolidation, Term insurance, and Prepaid legal). When I get my securities license, I will get paid every month off of my investments. Pretty cool right?

Anyway, I don't have to recruit people in this business. I choose to do so because I know in the long run, I won't be able to do this myself. I'm going to have so many people to see that I can only do so much in one day. That's why I need to recruit to give some of my clients to my team.
Respond to this report!
What's this?

#12 Consumer Comment

Argument made and debunked a hundred times over

AUTHOR: Timothy - (U.S.A.)

I'll have to admit, Jennifer, that I didn't read past the first couple of lines in your rebuttal. I didn't need to. You led off with the same ridiculus assertion that has already been debunked a hundred times.

Why would Met Life market it's products through Primerica? Because it is profitable to do so. End of story. In business, so long as the potential gains outweight the potential losses, then you do it. You don't stop to make sure that the distributors in your contracted distribution outfit are making a good income.

Why would virtually every large manufacturing company in the U.S. outsource its production to overseas sweatshops? Because doing so is profitable. Does that make it okay to exploit people?

Can we stop throwing around the asininely naive "why would company x associate with us if we were a scam" argument now? It doesn't work!
Respond to this report!
What's this?

#13 Consumer Comment

Primerica is a credible company.

AUTHOR: Jennifer - (U.S.A.)

If Primerica was such a horrible scam company, why would Metlife be paying citigroup so that it could use primerica and other citigroup distributors to distrubute their products? Why would met life do business with citigroup at all if it was shady? Check out this article.

"MetLife to Acquire Travelers Life & Annuity from Citigroup For $11.5 Billion"

"Citigroup and MetLife, Inc. announced an agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments. In connection with the transaction, Citigroup and MetLife have entered into ten-year agreements under which MetLife will greatly expand its distribution by making products available through certain Citigroup distribution channels, subject to appropriate suitability and other standards."

(In other words, this means that in addition to met life buying citigroups insurance businesses, met life will also make its products available to consumers through some of citigroups distribution chanels...this means metlife wants to use these chanels in order to make more money by makeing there products more avaiable, and then they go on to list these chanels)

"These channels include Smith Barney, Citibank branches, and Primerica in the U.S., as well as a number of international businesses. Under the terms of the transaction, Citigroup will receive $1.0 to $3.0 billion in MetLife equity securities and the balance in cash, which will result in an after-tax gain of approximately $2 billion, subject to closing adjustments."

(That means met life is paying citigroup so that they can also use primerica and other citi companies to distribute their products)


MetLife may finance the cash portion of the transaction through a combination of cash on hand, debt, mandatory convertible securities and selected asset sales. MetLife's financing plan will depend on market conditions, timing and valuation considerations and the relative attractiveness of funding alternatives. The transaction is expected to close this summer."

(This means met life might not even be able to afford to pay citigroup the 11.5 billion negotiated for the buy out of travelors life and the shared use of citigroups distibutors, ie primerica....but met life wants it so bad they might finance the deal!)

(the link is:http://64.233.161.104/search?q=
cache:6kcR8NGB4iwJ:news.moneycentral.msn.com/
ticker/sigdev.asp%3FSymbol%3DC+primerica
+fined&hl=en&lr=lang_en)

Most sucessfull companies anebt into scheming and scamming..they know how to make money and arent going to spend it paying for new employee classes and training...not when they know that in this industry not very many make it. You have a be able to sell yourself. Wouldn't you thisnk that if primerica, along with citi's other distibution companies is sooo highly coveted and sucessfull that met lif is going to pay citi in order to use them....that maqybe primerica is credible?

Primerica may have strange recruiting practices...but how else would they be so sucessfull? they sell millions of insurance policies and are constantly funneling more and more money to be invested in cigroups banks. Yeah they want recruits..the more people selling policies and opening investment accounts, the more sucessful they are at their job...which is to distribute these financial and insurance products offered by citigroup. The only reason I am even on here was because my personal financial advisor is a primerica agent and has been for the last seven years, she told me when I first asked questions about the banks credibility and relationship with primerica that her word would be meaningless and that if I did some research I would find out how credible they were...she said, even if you go to rip off report.com you will find hundreds of negative postings about primerica, but nobody complaining has a sound claim. She was right, I have searched for hours on this site in particular and have found nothing credible from any of you complainers/bashers. As a new client of primerica, I have recieved a great financial plan which includes a retirement, education savings, and a money market account for my shortterm dreams and goals. In addition they showed me how I could get out of debt in 2 years in their "snowball" effect systems...which shows you how to payoff debt the fastest while spending the least amount of interest available. In my case I was fortunate to meet with a rep who had more experience, and a college degree to do my financial anaysis.....but in any case, despite the complaints, Primerica is not ripping me off, and may not have ripped you off either.
Respond to this report!
What's this?

#14 Consumer Comment

Primerica is a credible company.

AUTHOR: Jennifer - (U.S.A.)

If Primerica was such a horrible scam company, why would Metlife be paying citigroup so that it could use primerica and other citigroup distributors to distrubute their products? Why would met life do business with citigroup at all if it was shady? Check out this article.

"MetLife to Acquire Travelers Life & Annuity from Citigroup For $11.5 Billion"

"Citigroup and MetLife, Inc. announced an agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments. In connection with the transaction, Citigroup and MetLife have entered into ten-year agreements under which MetLife will greatly expand its distribution by making products available through certain Citigroup distribution channels, subject to appropriate suitability and other standards."

(In other words, this means that in addition to met life buying citigroups insurance businesses, met life will also make its products available to consumers through some of citigroups distribution chanels...this means metlife wants to use these chanels in order to make more money by makeing there products more avaiable, and then they go on to list these chanels)

"These channels include Smith Barney, Citibank branches, and Primerica in the U.S., as well as a number of international businesses. Under the terms of the transaction, Citigroup will receive $1.0 to $3.0 billion in MetLife equity securities and the balance in cash, which will result in an after-tax gain of approximately $2 billion, subject to closing adjustments."

(That means met life is paying citigroup so that they can also use primerica and other citi companies to distribute their products)


MetLife may finance the cash portion of the transaction through a combination of cash on hand, debt, mandatory convertible securities and selected asset sales. MetLife's financing plan will depend on market conditions, timing and valuation considerations and the relative attractiveness of funding alternatives. The transaction is expected to close this summer."

(This means met life might not even be able to afford to pay citigroup the 11.5 billion negotiated for the buy out of travelors life and the shared use of citigroups distibutors, ie primerica....but met life wants it so bad they might finance the deal!)

(the link is:http://64.233.161.104/search?q=
cache:6kcR8NGB4iwJ:news.moneycentral.msn.com/
ticker/sigdev.asp%3FSymbol%3DC+primerica
+fined&hl=en&lr=lang_en)

Most sucessfull companies anebt into scheming and scamming..they know how to make money and arent going to spend it paying for new employee classes and training...not when they know that in this industry not very many make it. You have a be able to sell yourself. Wouldn't you thisnk that if primerica, along with citi's other distibution companies is sooo highly coveted and sucessfull that met lif is going to pay citi in order to use them....that maqybe primerica is credible?

Primerica may have strange recruiting practices...but how else would they be so sucessfull? they sell millions of insurance policies and are constantly funneling more and more money to be invested in cigroups banks. Yeah they want recruits..the more people selling policies and opening investment accounts, the more sucessful they are at their job...which is to distribute these financial and insurance products offered by citigroup. The only reason I am even on here was because my personal financial advisor is a primerica agent and has been for the last seven years, she told me when I first asked questions about the banks credibility and relationship with primerica that her word would be meaningless and that if I did some research I would find out how credible they were...she said, even if you go to rip off report.com you will find hundreds of negative postings about primerica, but nobody complaining has a sound claim. She was right, I have searched for hours on this site in particular and have found nothing credible from any of you complainers/bashers. As a new client of primerica, I have recieved a great financial plan which includes a retirement, education savings, and a money market account for my shortterm dreams and goals. In addition they showed me how I could get out of debt in 2 years in their "snowball" effect systems...which shows you how to payoff debt the fastest while spending the least amount of interest available. In my case I was fortunate to meet with a rep who had more experience, and a college degree to do my financial anaysis.....but in any case, despite the complaints, Primerica is not ripping me off, and may not have ripped you off either.
Respond to this report!
What's this?

#15 Consumer Comment

Primerica is a credible company.

AUTHOR: Jennifer - (U.S.A.)

If Primerica was such a horrible scam company, why would Metlife be paying citigroup so that it could use primerica and other citigroup distributors to distrubute their products? Why would met life do business with citigroup at all if it was shady? Check out this article.

"MetLife to Acquire Travelers Life & Annuity from Citigroup For $11.5 Billion"

"Citigroup and MetLife, Inc. announced an agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments. In connection with the transaction, Citigroup and MetLife have entered into ten-year agreements under which MetLife will greatly expand its distribution by making products available through certain Citigroup distribution channels, subject to appropriate suitability and other standards."

(In other words, this means that in addition to met life buying citigroups insurance businesses, met life will also make its products available to consumers through some of citigroups distribution chanels...this means metlife wants to use these chanels in order to make more money by makeing there products more avaiable, and then they go on to list these chanels)

"These channels include Smith Barney, Citibank branches, and Primerica in the U.S., as well as a number of international businesses. Under the terms of the transaction, Citigroup will receive $1.0 to $3.0 billion in MetLife equity securities and the balance in cash, which will result in an after-tax gain of approximately $2 billion, subject to closing adjustments."

(That means met life is paying citigroup so that they can also use primerica and other citi companies to distribute their products)


MetLife may finance the cash portion of the transaction through a combination of cash on hand, debt, mandatory convertible securities and selected asset sales. MetLife's financing plan will depend on market conditions, timing and valuation considerations and the relative attractiveness of funding alternatives. The transaction is expected to close this summer."

(This means met life might not even be able to afford to pay citigroup the 11.5 billion negotiated for the buy out of travelors life and the shared use of citigroups distibutors, ie primerica....but met life wants it so bad they might finance the deal!)

(the link is:http://64.233.161.104/search?q=
cache:6kcR8NGB4iwJ:news.moneycentral.msn.com/
ticker/sigdev.asp%3FSymbol%3DC+primerica
+fined&hl=en&lr=lang_en)

Most sucessfull companies anebt into scheming and scamming..they know how to make money and arent going to spend it paying for new employee classes and training...not when they know that in this industry not very many make it. You have a be able to sell yourself. Wouldn't you thisnk that if primerica, along with citi's other distibution companies is sooo highly coveted and sucessfull that met lif is going to pay citi in order to use them....that maqybe primerica is credible?

Primerica may have strange recruiting practices...but how else would they be so sucessfull? they sell millions of insurance policies and are constantly funneling more and more money to be invested in cigroups banks. Yeah they want recruits..the more people selling policies and opening investment accounts, the more sucessful they are at their job...which is to distribute these financial and insurance products offered by citigroup. The only reason I am even on here was because my personal financial advisor is a primerica agent and has been for the last seven years, she told me when I first asked questions about the banks credibility and relationship with primerica that her word would be meaningless and that if I did some research I would find out how credible they were...she said, even if you go to rip off report.com you will find hundreds of negative postings about primerica, but nobody complaining has a sound claim. She was right, I have searched for hours on this site in particular and have found nothing credible from any of you complainers/bashers. As a new client of primerica, I have recieved a great financial plan which includes a retirement, education savings, and a money market account for my shortterm dreams and goals. In addition they showed me how I could get out of debt in 2 years in their "snowball" effect systems...which shows you how to payoff debt the fastest while spending the least amount of interest available. In my case I was fortunate to meet with a rep who had more experience, and a college degree to do my financial anaysis.....but in any case, despite the complaints, Primerica is not ripping me off, and may not have ripped you off either.
Respond to this report!
What's this?

#16 Consumer Comment

Primerica is a credible company.

AUTHOR: Jennifer - (U.S.A.)

If Primerica was such a horrible scam company, why would Metlife be paying citigroup so that it could use primerica and other citigroup distributors to distrubute their products? Why would met life do business with citigroup at all if it was shady? Check out this article.

"MetLife to Acquire Travelers Life & Annuity from Citigroup For $11.5 Billion"

"Citigroup and MetLife, Inc. announced an agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance businesses, to MetLife for $11.5 billion, subject to closing adjustments. In connection with the transaction, Citigroup and MetLife have entered into ten-year agreements under which MetLife will greatly expand its distribution by making products available through certain Citigroup distribution channels, subject to appropriate suitability and other standards."

(In other words, this means that in addition to met life buying citigroups insurance businesses, met life will also make its products available to consumers through some of citigroups distribution chanels...this means metlife wants to use these chanels in order to make more money by makeing there products more avaiable, and then they go on to list these chanels)

"These channels include Smith Barney, Citibank branches, and Primerica in the U.S., as well as a number of international businesses. Under the terms of the transaction, Citigroup will receive $1.0 to $3.0 billion in MetLife equity securities and the balance in cash, which will result in an after-tax gain of approximately $2 billion, subject to closing adjustments."

(That means met life is paying citigroup so that they can also use primerica and other citi companies to distribute their products)


MetLife may finance the cash portion of the transaction through a combination of cash on hand, debt, mandatory convertible securities and selected asset sales. MetLife's financing plan will depend on market conditions, timing and valuation considerations and the relative attractiveness of funding alternatives. The transaction is expected to close this summer."

(This means met life might not even be able to afford to pay citigroup the 11.5 billion negotiated for the buy out of travelors life and the shared use of citigroups distibutors, ie primerica....but met life wants it so bad they might finance the deal!)

(the link is:http://64.233.161.104/search?q=
cache:6kcR8NGB4iwJ:news.moneycentral.msn.com/
ticker/sigdev.asp%3FSymbol%3DC+primerica
+fined&hl=en&lr=lang_en)

Most sucessfull companies anebt into scheming and scamming..they know how to make money and arent going to spend it paying for new employee classes and training...not when they know that in this industry not very many make it. You have a be able to sell yourself. Wouldn't you thisnk that if primerica, along with citi's other distibution companies is sooo highly coveted and sucessfull that met lif is going to pay citi in order to use them....that maqybe primerica is credible?

Primerica may have strange recruiting practices...but how else would they be so sucessfull? they sell millions of insurance policies and are constantly funneling more and more money to be invested in cigroups banks. Yeah they want recruits..the more people selling policies and opening investment accounts, the more sucessful they are at their job...which is to distribute these financial and insurance products offered by citigroup. The only reason I am even on here was because my personal financial advisor is a primerica agent and has been for the last seven years, she told me when I first asked questions about the banks credibility and relationship with primerica that her word would be meaningless and that if I did some research I would find out how credible they were...she said, even if you go to rip off report.com you will find hundreds of negative postings about primerica, but nobody complaining has a sound claim. She was right, I have searched for hours on this site in particular and have found nothing credible from any of you complainers/bashers. As a new client of primerica, I have recieved a great financial plan which includes a retirement, education savings, and a money market account for my shortterm dreams and goals. In addition they showed me how I could get out of debt in 2 years in their "snowball" effect systems...which shows you how to payoff debt the fastest while spending the least amount of interest available. In my case I was fortunate to meet with a rep who had more experience, and a college degree to do my financial anaysis.....but in any case, despite the complaints, Primerica is not ripping me off, and may not have ripped you off either.
Respond to this report!
What's this?

#17 Consumer Comment

Rich Man, Poor Man

AUTHOR: Timothy - (U.S.A.)

So let me get this straight.

In another report Primerica had done such wonders for your finances that your biggest concern was Red Lobster vs. Olive Garden.

Now you don't even have $200 to shell out for what you see as a viable business plan? Are you sure the stay-at-home-wife thing was such a good idea?

Your pyramid argument is rich in fallacy, but poor in substance. Kind of like the Primerica business plan. It doesn't matter if the pyramid is legal or illegal - the injury inflicted is the same.

The FTC "pyramid scheme" definition was developed when the only noteworthy MLMs were of the Amway variety: the buy-then-sell program.

Those pyramids were patent scams, and it was fairly easy for the FTC to adopt a constitutionally acceptable definition to confront them: If more than 70% of your sales are made to inside consumers, then you are operating an illegal pyramid scheme.

The modern pyramid scheme is different, although only slightly less (and sometimes more) dangerous than the pyramids the FTC confronted in the 1970s. Modern pyramid scheme victims often waste more time than money. And, unlike the olden days, the modern money-pit isn't the unsellable product, it's the motivational tool.

The problem is still the same, however: there is usually a negative return on start-up fees and business related purchases (including motivational tools). Those who do make money usually make less than minimum wage for their time.

The law cannot confront these evils. If people want to sign up to be independent contractors, that is their right under the Constitution (seriously!). If people want to waste their money on Robert Kiyosaki books, that is also a Constitutionally protected right (see if you can guess which Constitutional provision guaruntees the right to waste money on literary garbage).

But is pressuring your recruits to spend all their money on worthless motivational books any less of a scam by virtue of its legality?

Is deceiving recruits into thinking that their $200 investment will be returned hundred-fold in "no time" any less of a scam by virtue of its (questionable) legality?

You see, you are choosing how you would like to define relevant terms, and then fashioning an argument around those definitions. But those definitions are not accurate. Nobody is claiming that Primerica is illegal. Does something have to be illegal to be a scam? The $8 beer at a concert is legal, and it's a scam; the outrageous overdraft fees my bank charges are legal, but they're a ripoff; the interest rates on my credit cards are exhorbitant, but they're legal; I could go on and on . . .

McDonald's is not a pyramid scheme. Primerica is. If you require an in-depth discussion of why this is so, let me know and I will gladly provide it.
Respond to this report!
What's this?

#18 Consumer Comment

the difference between a pyramid scheme and a MLM

AUTHOR: John - (U.S.A.)

For your info, I did joined Primerica for couple days and then quit (I didn't want to take the life exam or did I have the time to take a class). I lost only $40, but it's no biggy.

I did not see where Primerica states that it's a pyramid, but rather a multi-level marketing company. Which means, each distributor recruits and trains them and earn commissions off their sales. Only way for a MLM company becomes a pyramid scheme if the new recruit is required to share their profits with everybody above him/her.

In Primerica, the new recruits don't share their profits with everybody above him/her. For example, if you joined the business and get your life license, your commission level is 25%. You bring three more people into the company, you get promoted to Senior Rep level and earn 35%. When your new recuits make a sale, they earn 25% and the company pays you 10%. This is a legal MLM structure since you are not affecting your new recruits profits. (The money is coming out of the company pockets).

Questions I still need to ask: If the new associate already has a life license, does he/she still needs to pay $199?
Respond to this report!
What's this?

#19 UPDATE EX-employee responds

Rebutting Financially - City, Georgia a flat-out contradiction and it may be a scheme by a troller

AUTHOR: Stuart - (U.S.A.)

To the world in general.

I don't know whether the postings on 6/3 and 6/5
represent the same person as their is a flat-out contradiction and it may be a scheme by a troller
trying to do some shilling for Primerica.

First I quote from 6/3:

"Then came this $199 IBA fee. I don't remember what he said (something about licensing school), but he convinced me to pay it. I call him up again to explain the $199 fee to me, and he said the $199 went to the state who will sponsor your life license you will get after passing the state exam.

I WAS LIKE WTF?? Why did I pay $199 to the state??? I told him I want my money back because I don't want no government to take my money and I don't want to take a test to own a life license. He said ok, but I'll only get $159 of it back."

Now I quote from 6/5:

"I've been doing a little research on Primerica and everything is legit. I am a client of Primerica, but I still won't join because I can't afford $199 to start my own business. Then there's going to be travel expenses and inventory expenses and I don't know if I can make any money because I'm not a sociable person."

It seems that Financially can't seem to make up his mind whether or not he joined up with Primerica and paid the $199 fee. As far as Primerica being a pyramid, even Primerica admits
that it is "pyramid-like" from their own website.
So legal or otherwise, the basis for it is still a pyramid scheme.
Respond to this report!
What's this?

#20 Consumer Comment

Pyramid scheme.... well, not really.

AUTHOR: Financially - (U.S.A.)

I've been doing a little research on Primerica and everything is legit. I am a client of Primerica, but I still won't join because I can't afford $199 to start my own business. Then there's going to be travel expenses and inventory expenses and I don't know if I can make any money because I'm not a sociable person.

Anyway, I didn't get the impression that Primerica is a pyramid scheme. In order for something to be a pyramid scheme is to have a guy on top who gets the new recruit to pay him a fee. In return, the new recruit will have to recruit some people to make a profit. And the guy on top is expected to collect a small fee from everyone below him. This type of scam is totally illegal. Some guy (along with 6 other people) in Oklahoma City was arrested a week ago and were sentenced to 5 years in prison.

At Primerica, the recruiter gets nothing when someone joins. The reason why Primerica recruits is to have more people distribute their financial products. Everytime the new recruit makes money, the company pays everyone above him/her a bonus. They call it an override and every business is designed like that.

The $199 fee, as I mentioned before, is for the new associate to go to licensing school and own that license. We all know that going to class is pretty expensive. For a single class, it can cost you $500 to $700.

Primerica been around since 1977. Don't you think the federal government would of shut this company down and arrested everybody who was involved in it a long time ago?? Now there's over 100,000 independent business owners in this company. There about 10,000 offices in North America. Each office runs it's own way. I don't know about you, but don't you think this company is too big to be in a pyramid scheme? So, Primerica is not a pyramid scheme, but rather a legal pyramid.

For example, if you own a McDonalds franchise, every time your restaurant makes a sale, you make money. Primerica uses the same terminology. Everytime your associates makes money, you make money too.

I hope my little research clarifies the $199 fee and the difference between a pyramid scheme and a legal pyramid. Anyway, I'm happy to be their client because they help me eliminate bunch of my debts. Now my wife doesn't have to work anymore and I can start being "the man" of the house again. Though, I wish my wife doesn't go shopping so much. She's putting us back in debt again. lol
Respond to this report!
What's this?

#21 UPDATE Employee

Primerica offers the wonderful opportunity to shell out $200 and earn an average of less than six bucks an hour.

AUTHOR: Timothy - (U.S.A.)

You're right man, I don't get it either.

Come on people, do you really think that Primerica has so much faith in your success that they would actually foot the bill for your training?

To me, the $199 is just another reason why this company is so wonderful. By not puting any personal investment into the recruits, they can hire indiscriminately with no risk to to the corporation's bottom line.

That's how you get yourself in respected business publications, man! Shift your labor losses to the poor saps that are naive enough to think that this is a viable business plan! If you don't understand how truly wonderful that is, maybe you need to read some more Kiyosaki.

I also don't understand why people are so suspect about giving the names of friends and relatives in order to get a job. Every respectable business does this! I used to make a seven figure income working in a large law firm. The first thing they asked me to do was to give them a list of my dearest acquaintances. I didn't question why they would want that information. Besides, I don't mind if Primerica calls my grandma up every day trying to talk her into financial products that are completely inappropriate for her situation.

Primerica offers the wonderful opportunity to shell out $200 and earn an average of less than six bucks an hour. Sure, you could make more than that at McDonald's, and not have to pay for the privelage. But who wants to work for a pyramid scheme?
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory