SPECIAL UPDATE: November 24 2012: Primerica remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Primerica is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly. RipOff Report REVIEW Progress Report on Primerica Financial Services 10-16-08
To date, Primerica has made good faith efforts to resolve all complaints reported on Rip-off Report. Based on our experience, the member business has proven to be among the top members of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business.
Over time and since becoming a member, Primerica has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Primerica remains committed to improving customer satisfaction.
Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.
Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!
*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at firstname.lastname@example.org
*UPDATE: Ripoff Report re-evaluated Primerica Financial Services and finds that the company continues to offer a business opportunity that is well worth considering. Thru our experience with Primerica, we continue to find that they maintain a high level of commitment to treating consumers fairly and in most cases they have gone way beyond the call of good customer service. Since Primerica became a member of the Corporate Advocacy Business Remediation & Customer Satisfaction Program almost 2 years ago, Rip-off Report has continued to monitor Primerica and work closely with home office executives to resolve consumer and agent inquiries and concerns.
Rip-off Report is pleased to report that Primerica continues to show outstanding commitment and dedication to respond and resolve issues promptly, many times going over and above the expectations of consumers and this website. To our knowledge Primerica has responded to all legitimate inquiries we have forwarded to them, and to inquiries the company has received directly. We at Rip-off Report believe that Primerica is a solid, reliable company that stands behind their agents and its products. If you think that becoming a Primerica representative or buying a Primerica product
is right for you, we would urge you to give the company careful consideration.
NOW TO THE ORIGINAL INVESTIGATIVE REPORT THAT WAS FILED
Primerica joins along with many other businesses Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.
..A long name for a program that does a lot for both consumers and businesses alike. Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business.
As a matter of policy, when Rip-off Report is retained by a company to investigate independently and to publish our findings, we use every bit of information at our disposal to determine the truthfulness of the complaints against the company or individual.ALL COMPANIES GET COMPLAINTS, BUT HOW THE COMPANY HANDLES THOSE COMPLAINTS, SEPARATES GOOD BUSINESSES FROM BAD BUSINESSES.
Rip-off Report Investigation on Primerica:P
rimerica contacted Rip-off Report more than 6 months ago, wanting to address complaints on the site. The company has since made a commitment to work to resolve all legitimate complaints that come to its attention through the Rip-Off Report.
Every company receives complaints, and with currently more than 100,000 licensed representatives who serve more than 6 million clients in the U.S., Canada, Puerto Rico, and Spain, the number of complaints on Rip-off Report are so miniscule, especially, considering Primerica has been listed on Ripoff Report on the top search engines.
After interviewing with executives from Primerica, it is clear that they are dedicated to helping their agents and clients achieve satisfaction, and will not allow a legitimate complaint to go unresolved. Primerica knows, just like any other company, they cannot be perfect, but that at the company level they will strive to make things right if there is a problem.EXCELLENT PART-TIME AND FULL-TIME BUSINESS OPPORTUNITY
PRIMERICA ISN'T A "JOB." YOU'RE STARTING A BUSINESS.. HOW MANY OTHER BUSINESSES CAN YOU START FOR LESS THAN $200? PERFECT PART-TIME OR FULL-TIME, BUSINESS OPPORTUNITY.
Rip-off Report feels with all the consumers contacting us every day part time work, or full time work, that Primerica or being in the financial services business in general is a worthwhile business opportunity for many people. As a Primerica representative, you're in your own business, on your own time. Primerica is a subsidiary of Citigroup, one of the largest companies in the world.NO COMPANY IS PERFECT - COMMITTED TO RESOLVING COMPLAINTS QUICKLY DOING EVERYTHING POSSIBLE TO SATISFY CLIENTS
Rip-Off report knows that no company is perfect, and given the number of representatives and 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 Report investigation found such complaints, but importantly also found that the company 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 Primerica, whether through the Internet or other channels, is small when put into the context of its enormous size.SOME COMMENTS ABOUT PRIMERICA SEEM OBSESSIVE TO THE POINT OF BEING RIDICULOUS
Another factor to consider is Rip-off Report has learned that, especially when a company is successful, some Internet and other complaints put forth as consumer complaints are, in fact, phony complaints planted by competitors to harm the reputation of the company. We have learned that a number of postings over time on Rip-off Report have indeed come from competitors of Primerica who wish to harm their reputation to gain a competitive advantage. Some have even become obsessive to the point of being ridiculous.. Any comments they make are made because of their own financial self interest and should be taken with a grain of salt when you read them.EVEN THIS EDITOR HAS MADE COMMENTS IN THE PAST THAT HE REGRETS
About 3 to 5 years ago when I saw a number of Reports coming in, I took the negative statements at face value - - an assumption that was dead wrong, and one I regret as I now realize about how this company really is. NO, Primerica never threatened to sue. NO, Primerica did not ask me to post this. As a matter of fact, I, ED Magedson Founder of Rip-off Report, insisted that I address the uninformed comments I made in the past. The company has more than 100,000 agents around the world they are bound to get complaints, some of which will be inaccurate. No one, including me, is perfect. We will all make mistakes and we can never ever satisfy everyone. I have been very impressed with the Primerica people I have met and after the research I have now done Rip-off Report gives Primerica a very positive rating.PRIMERICA COMMITMENT TO CONSUMER SATISFACTION / POSITIVE CHANGES MADE AT PRIMERICA
Primerica continually seeks to improve its client and agent service levels, including becoming a member of the Rip-Off Report Corporate Advocacy Program. The company has committed to respond to every legitimate complaint that it receives through Rip-off Report.AFTER TALKING FOR MORE THAN 9 TO 12 MONTHS AND INVESTIGATING THE INNER WORKINGS OF PRIMERICA, RIP-OFF REPORT HAS LEARNED THE FOLLOWING- - - -
Primerica Financial Services, based in Duluth, Georgia, is a financial services marketing company with approximately 100,000 licensed independent representatives, many of whom work on a part-time basis. Through these agents, the company principally sells life insurance, investments and loan products. Rip-off Report has been researching the company over a period of several months. Our investigation has included talking with people who have joined the company as independent contractors, as well as engaging in direct discussions with some senior executives at the corporate level. After this rigorous review, the overall picture we see is that it is company that offers a business opportunity in the financial services field that is well worth considering for the right kind of person, although not for everyone. The company also has approximately 6 million total clients and has demonstrated to us a high level of commitment to treating its current and prospective clients fairly.
Of course, in any organization of this size there will be a few rotten apples, but Primerica has in place a variety of systems to address and work to resolve complaints fairly when they are brought to its attention. It is also worth noting that the company operates in the highly regulated financial services industry and thus in order to maintain its business, must stay in compliance with all applicable laws and regulations.
Founded in 1977, in addition to its 100,000 representatives, Primerica has more than 2000 employees and conducts business principally in the US and Canada; the company also operates in Spain as Citisoluciones. Primerica and its affiliate companies are subsidiaries of Citigroup Inc. (NYSE:C). The company and its representatives focus on educating middle-income consumers about how to improve their personal financial situation.
Toward that end, Primerica markets a variety of financial products, as well as a business opportunity to join the company as an independent representative selling these principal products:
Life Insurance: Primerica Life Insurance Company and its affiliates, National Benefit Life in New York and Primerica Life Insurance Company of Canada, comprise one of the largest providers of individual term life insurance, with over $600 billion in face amount protection for its 2.4 million policyholders. In 2005 alone, the company sold $87 billion in affordable term protection to its clients.Of course, the insurance industry, its companies and agents, can ALL be very competitive, whether it be Life, Auto, Home, etc, so you will always get competitors and some consumers to chime in about other companies --- whatever company you go with, you need to go with a strong, well known company known for paying its claims to policyholders and that is one thing you will not find complaints about Primerica.
Since its inception, the company has paid approximately $10 billion in death claims to its policyholders, including more than $800 million in 2005. The rating agency A.M. Best, rates Primerica Life "A+" (Superior). This rating is assigned to companies that, in its opinion, have a superior ability to meet their ongoing obligations to policyholders. Additionally, Primerica Life is also highly rated by Standard & Poor's with an "AA" (Very Strong) rating. The company is also a Charter member of the Insurance Marketing Standards Association (IMSA).
Investments: Primerica encourages its clients to save and invest for long-term goals, such as retirement and education. Primerica has over 28,000 representatives registered through the National Association of Securities Dealers (NASD), making it the largest securities licensed sales force in the US. In 2005, through PFS Investments, clients purchased more than $3.4 billion in mutual funds. In all, clients have more than $30 billion in mutual fund assets under management through Primerica. The company also offers variable annuities, and in 2005, clients invested some $1.2 billion in variable annuity products. The United States Securities and Exchange Commission (SEC), the NASD, along with state securities regulators, regulate Primerica's securities business.
Lending Products: Primerica also helps clients consolidate high-interest debt or refinance through home equity loans. Primerica Financial Services Home Mortgages, Inc. (US) and Primerica Client Service, Inc. (Canada) are mortgage brokers specializing in the $.M.A.R.T. loan products marketed by Primerica representatives. In the US, these loans are underwritten and administered through Citicorp Trust Bank. Additionally, purchase money mortgages are offered through CitiMortgage and non-secured loans through CitiFinancial. In 2005, the company had a total net loan volume of $4.4 billion.A BUSINESS OPPORTUNITY WORTH CONSIDERING
Not everyone is a sales person - not every one is made for every business and your success depends entirely on the effort you put into it, but, the investment involved is very minimal in light of the training and licensing that it pays for - all this talk about $199 being a rip-off. I guess people are wondering "why do I have to pay to start a job?" But Primerica isn't a JOB, You're starting a business; how many other businesses can you start for less than $200? Life insurance pre-licensing education is provided at no additional cost to you.
It is common for new agents joining Primerica to introduce their family and friends to the company's products and business opportunity. This approach has allowed the company to spread information about insurance and financial services to a very diverse group of agents and clients, and has been at the core of the company's success.WHAT'S SO BAD ABOUT A WARM MARKET, SELLING AND BUILDING A BUSINESS WITH PEOPLE YOU KNOW? .. Primerica is actually showing you how to go into your own business! - -
Some people, in any sales position, sell first to friends, family, neighbors and other personal aquaintances. But then what? First off, you should know that Primerica has some restrictions on cold-calling, but, In this EDitor's opinion, anyone looking for a business opportunity is going to spend more than $199 a month driving around looking, if they are really trying hard to find a business position. = = Primerica offers a program and teaches you how to sell. That $199 includes the cost of training and getting licensed in one of the most rewarding industries in the USA today --- with this training and knowledge and support of the company, you can take these skills and knowledge and use them anywhere you are licensed. Now, what college can you go to, to learn about and start in a business in such a short period of time for $199? Primerica is actually showing you how to go into your own business and work when you want. But you should know, that your results are going to equal to your efforts. SELLING INSURANCE AND OTHER FINANCIAL PRODUCTS IS NOT FOR EVERYONE, but, it's easier to sell than car and most other things but this business (like anything else) will not be for everyone.
The only problem that consumers might find (like with any company) ..if your recruiter / Primerica representative is not someone you are getting along with, you can contact the Company and they will try to resolve the situation.
The Primerica Business Opportunity: By joining Primerica as an independent contractor, "recruits" are generally trained to first study for and then pass their state life insurance exam, this usually includes completing mandatory Pre-licensing class work, as well as passing the test prior to making a life insurance product sale and earning a commission. Most people start with Primerica on a part-time basis to learn if they are the type of person who can successfully build a business selling financial products to friends, family members, neighbors and subsequent referrals. Agents also must pass the appropriate NASD and state securities training and exams prior to marketing investments. It should be noted that as an independent contractor, the compensation of a Primerica agent consists of commissions and bonuses earned upon the sale of a product, either directly or by an override commission generated by other agents recruited into his or her "hierarchy". Readers should also know that Primerica representatives are not company employees but rather independent contractors, and thus receive no health benefits, office space or supplies directly from the company. Further, it is in no way a "get rich scheme", although many representatives end up earning solid incomes, some even more successful agents earn very high incomes. It all depends on their ability and level of effort. Readers should be aware that while Rip-off Report found this to be a legitimate business offering a real opportunity, it is again, certainly not ideal for everyone.
While Rip-Off does not endorse any company, including Primerica, overall, our research demonstrated to us that Primerica is a solid, reliable company that while not perfect, stands behind its agents, products and service. If you are considering purchasing a financial product from Primerica, or becoming an agent, we would urge you to fairly consider the company as a legitimate option.PRIMERICA'S COMMITMENT
We do know they have made a commitment to satisfy all legitimate complaints - past, present and in the future. If you discover Primerica or that a Primerica agent did not do what they say they would, please contact Rip-off Report only after you use this special email address PFShelp@primerica.com. Member businesses not following through with their stated commitments to complete resolution would be removed from the Corporate Advocacy Program.RIP-OFF REPORT CHARTERING NEW TERRITORY
Rip-off Report is always working harder for you, the consumer, so you can feel confident about what to look for when dealing with a company or individual.Remember, just because a company or individual is reported on Rip-off Report does not mean you should not do business with them. Use Rip-off Report information as a tool to your advantage, so you know what to look out for when dealing with that company or individual. No company is perfect.
Be sure to contact us with your questions and comments about any business that is part of the Corporate Advocacy Business Remediation and Customer Satisfaction Program. Your questions, comments and suggestions are always welcome and will be considered even if we don't agree with them. Please realize Rip-off Report is chartering in new territory, working to make a change for both consumers and businesses alike.Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works
Please, let us know about your new experiences with Primerica.
ED Magedson- Founder
PO Box 310 - Tempe, AZ 85280, Arizona