EDitor's Comment: Rip-off Report Investigation: Primerica gets a POSITIVE RATING in customer support from Rip-off Report and is fulfilling its commitment to provide excellent customer service. Primerica pledges to resolve complaints and address representative issues. For a long time this EDitor had concerns about Primerica because of the number of Reports about them. For many months Rip-off Report was looking into the company, even before they contacted us to resolve any issues and mostly misunderstandings being posted by competitors. With over 100,000 representatives and 6 million clients, Primerica is bound to be the subject of a certain number of complaints about improper agent conduct, as well as product and administrative complaints.
Rip-Off's investigation found such complaints, but importantly also found that Primerica is committed to resolving such complaints quickly and doing everything possible to satisfy its clients. It also takes appropriate action against any of its representatives who are found to have conducted themselves improperly or unethically. We believe that the number of complaints against this company, whether through the Internet or other channels, is small when put into the context of its enormous size. Most big companies would never commit themselves like Primerica has. Read our investigative Report and Primerica's commitment to 100% consumer satisfaction. www.primerica.com provides products and services through independent representatives. Primerica www.primerica.com has more than 100,000 licensed representatives who serve more than 6 million clients in the U.S., Canada, Puerto Rico, Spain and the United Kingdom. Through a Financial Needs Analysis www.primericafna.com, the companys representatives provide a snapshot of a familys financial picture and suggest a strategy for financial security via Primericas products and services www.primericafinancialsolutions.com. Primericas business opportunity is attractive to people from many different backgrounds, including women www.womeninprimerica.com, African-Americans www.primericaaalc.com, Hispanics www.primericalatino.com and young adults www.generationprimerica.com.
I was called by Paul G, A regional vice president with primerica out of kaukauna, WI. He said that he had saw my resume on monster.com and was looking at hiring me as a manager. Being a manager for 6 years in retail, i already know the diffrence between salary, commission, and hourly. That was my next question. He procedded to tell me that it was a comissioned job. I informed him that i prefer to work at salaried jobs. He came back by saying, " well you know that they own you!!" I said,"well of course i know this, but that is why i do this, i love my job."
Side note, my monster resume had not been updated for close to two years. suprised it was still on there!!!
He proceeded to keep me on the phone for almost an hour and a 1/2 telling me of his life and asking me questions. I set up an interview.
I went to his office which is an hour and a 1/2 drive for me. I went into the place. It was newly constructed, looked like an office building. When i arrived i had to fill out an application, which did not surprise me as all companies have standards and practices. He came out and met me. He was very nice and very formal. Keep in mind at this time i had no idea that it was for selling life insurance.
We went to his office and as i was walking down the hall all i saw was mirror images of offices. All the same with people in them. Must be a big sprawling company to be recruiting so hard.
I was wrong. He then told me what it was all about, and how i was promised to start a a "manager" and he kept wanting a referral list. I shyed away from this as i didnt want to give out my familys names & numbers till i checked into ti. The primerica rep actually gave me this site (ripoffreport.com) to look at. Strange, but true.
I left with some paperwork and to give him a call when i could come up a second time. His main comment was," we are looking for the right people to do the job and make money and help people make money" Which is an admirable goal for anyone in life. But he also said,"Its too bad for the people that oppose us because they will just get left behind!!!"
Being a young male with a new family, the interests were in me and i went back for a second interview.
This is where I found out about the 199.00 for licensces. I couldnt believe it. Then i was shown the comission tree. Gratned you can work part time, but who wants term life insurance!!!
Side note: Granted term life insurance is cheap, there is a reason why they go after the 20-40 age bracket. When you are young you are much less likely to die, ergo making the policy cheaper. 20-30 years down the road, the policy may double, even triple in premium.
Universal & variable have set amounts that you put in over the course of your entire life. Period. Yes there are alot of clauses out there about differnt situations, but as soon as you pay the premium, you are set with whatever policy you took out. I bounced this off of my insurance agent and about 20 years back there was a primerica, at that time al williams office right in my town. The agent was ran out of town/arrested due to lying and cheating the local public.
At this point i was starting to get leary about this. I then found out that i had to go in for surgery. The calls from this guy were relentless. I understand that he wants to recruit people, but i was not interesed anymore as i had to focus on myself. He kept calling. Finally, i packed up his stuff that he gave me and send a nice note along with it, nothing mean, and returned his stuff back to him.
THis is a RIPOFF. Unless you want to end up alienating your family and not leaving anything for you kids, i would not recommend getting involved in this!!!
You are better off getting a 401k and a mutual fund started and go from there. Their mortages are junk. Especially in WI with the WHEDA program, where firt time homebuyers get special help with getting their first home. Who would pass that up???
Primerica might be right for some people, but show me a sucess story of a client that has been with primerica for 20 years and has paid off their debt, carries the term life insurance, and has paid a mortgage!! Didnt see one on the primerica site, just alot about how you can make alot of money by selling primerica products and how you need a financial needs analysis, which always seems to include term insurance.
Stay away from primerica. They are taking your money, and that is the last you will see of them!!!
ST. Point, Wisconsin