Primerica Ripoff Scam but thanks to your website they didn't get my money, et al. *REBUTTAL *EDitor's Comment ..News Flash!

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*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - its 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.!

"You see, if people in the middle class were more approachable, ambitious, and financially alert, Primerica reps would probably not have to use certain deceptive tactics for recruiting." Well at least John is being honest! You would be hard pressed to find any other Primerica agent admitting to using deceptive recruiting! The question is why do Primerica need to deceive people? Well Middle Class people make up the vast perecentage of people in this country, so they are most businesses' primary target. Why deceive poor people, when you can deceive middle class people who have more money?



Another issue is John's tone. From reading his entry he appears to be saying that Primerica knows what is best for the consumer. Yes, of course! It is common knowledge that high school dropouts know more about finance than people with MBA's! That is why every Primerica rep could get a job with a reputable financial services company! A good analogy for this is saying that the mafia knows more about security than the police. Sure the mafia can kill people for you and keep you safe, but their training is limited to intimidation. In the same way, Primerica agents are not educated in finance, but rather deception. There is a big difference between achieving results and being immoral. However, unlike the Mafia, Primerica is both ineffective and immoral.



A third point is an the apparent contradiction that Primerica agents harp on. They seem to be against banks and other reputable financial services companies. However, is Citigroup not the largest financial services company in the world? I also did not know that Citigroup was a non-profit company! They only care about doing what is right for the consumer and not making money! Please Primerica spare me and the rest of America your garbage and go find an honest job.

Sally,



You can stop after the first four words after the colon, it says it all. That's right, you don't think, and that's why you are a pyramid cult scam junkie - you don't think.



I also have a new flash for you... ALL opinions, by definition are biased, and everyone has a right to them and to publish them. I pay for that right. What's more, I offer you the opportunity to present an alternative opinion. I think that's pretty d**n magnanimous of me, considering it's MY hard earned money that made this website possible.



Where in the hell do you come off telling others what they can do with their own property and possessions? Oh, yeah... I just about forgot, that's how you make your "living."



Thank you very, very much for your comments. You have just polarized me even further against your immoral, and when it is all done and said, probably illegitimate enterprise. Primerica sounds more like what you do to Erica before engaging in sex with her.



ED Magedson

EDitor@ripoffreport.com

This response is addressed to the editor of "Rip Off Report": I do not think that it is appropriate for the owner or an affiliated employee of this website to be making comments on any of the postings here, it is obvious that you have a biased opinion on this topic and I feel it would be more appropriate for you to stay off the message boards if you can't help but put your two cents in.



For all of you that read these posting's I would beware of the manner of professionalism that this site holds itself, you may only get to hear one side of the story.....

This response is addressed to the editor of "Rip Off Report": I do not think that it is appropriate for the owner or an affiliated employee of this website to be making comments on any of the postings here, it is obvious that you have a biased opinion on this topic and I feel it would be more appropriate for you to stay off the message boards if you can't help but put your two cents in.



For all of you that read these posting's I would beware of the manner of professionalism that this site holds itself, you may only get to hear one side of the story.....

This response is addressed to the editor of "Rip Off Report": I do not think that it is appropriate for the owner or an affiliated employee of this website to be making comments on any of the postings here, it is obvious that you have a biased opinion on this topic and I feel it would be more appropriate for you to stay off the message boards if you can't help but put your two cents in.



For all of you that read these posting's I would beware of the manner of professionalism that this site holds itself, you may only get to hear one side of the story.....

This response is addressed to the editor of "Rip Off Report": I do not think that it is appropriate for the owner or an affiliated employee of this website to be making comments on any of the postings here, it is obvious that you have a biased opinion on this topic and I feel it would be more appropriate for you to stay off the message boards if you can't help but put your two cents in.



For all of you that read these posting's I would beware of the manner of professionalism that this site holds itself, you may only get to hear one side of the story.....

1. Be wary of salespitches. Does manipulation or coercion enter into the work is presented? Do you find an eagerness to sign you up, get a commitment (a sizeable deposit). Without respecting your right to consider the matter at your own discretion?



2. Note the mood of the organization. Are there hordes of people involved? Does the organization respect the rate of each person's progress or is it a hurry up, results-guaranteed affair?



3. What is the group leader like? What are his/her credentials? What are the personal instructors like? What are their credentials?

4

. Speak to others who have already participated. Do they repeat the key phrases of their experience? Watch carefully for this, and note that parroting may be a symptom of a well washed brain. Try to get these people to tell about their individual experiences instead. Are they able to do this thoughtfully? If so, this is a good sign.



Does the group require ongoing participation of people who have already mastered the work to the extent of actively recruiting new customers? Do these people provide time consuming free salesmanship for the organization? If so, ask them why they choose to do this. (And watch for repetitive key phrases again or an irrational zeal.)



5. Does the group place heavy emphasis on a specific (rigid higher, or holier) authority figure guru, leader, teacher? Is such emphasis built into the atual work process? Can authority be challenged? Does the group provide ample opportunity to question the methods, techniques, theories of work or does it have an implicit attitude of we know shat is best for you?

6. Can you observe any negative techniques, especially in the beginning exercised or instructions? These might include obvious personal insults, put downs, tearing-down of egos or less obvious of giving orders, bullying, threatening and general reinforcement of diminished sense of self.



7. Does the process involve any severe physical discomfort or pain? Mental or emotional pain?

8. Is hypnosis part of the process without being fully acknowledged as such?



9. Does any aspect of the work go against a personal belief conviction, or religious concept? If so, are your feelings respected?



10. Does the process project an air of mystery, secrecy of things not explained? Are you instructed or encouraged to do any work you do not fully understand (including chanting in another language without adequate translation)?



11. Is there any responsible assessment or screening process of each applicant's physical, emotional, and mental state before admission? Or is money the only prerequisite to doing the work?



12. How do you feel about the people participating? Do they seem intelligent, balanced, thoughtful, aware? Or is there an underlying mood of desperation, or an apparent inability or unwillingness to think things over?



13. Does the group tacitly discourage members from continuing close relationships with nonconverts and encourage members to recruit everyone in their lives?



14. Is any form of intimidation of dominance over others encouraged by the work?



15. Does the group place emphasis on affiliations with celebrities, politicians , industry?



These questions are used by some people to determine if a group is a cult.

John from Coq., BC



The real issue is not the small probability of success as a PFA, but the consumer's perspective.



PFAs are poorly trained in personal finance. They only know basic Citigroup product information, rules of thumb about money and debt, and how to sell. Even if they do train themselves well enough with the intricacies of estate planning, portfolio hedging, etc. they are compelled to sell on Citi products. Herein is the agency problem in which there is a temptation to sell either an inferior product or an inappropriate product. Small mistakes in planning can be very costly.



Debt reduction plans are simple. So simple that a trip to the library and the will to write down a plan are all anybody needs. They do not need a PFA for this basic, free information.



Specific product issues:



Mortgages/refinances. Interest rates don't matter. This was quoted to me by the PFA who visited tried to refinance my home. From this and other sites and my friends, Interest rates don't matter is a common phrase. This is very misleading, if not outright deceptive. The agent claims that by paying the loan off the borrower will pay less over the lifetime of the loan. This is true. By making extra payments one will pay less overall. The mechanism for making the extra payment is the biweekly plan. This is a gimmick used by many lenders. It is fine except for the fees attached to it. What no lender tells a client is that, with rare exception, anyone can make extra payments, anytime. On my first mortgage and now on my current mortgage, I pay extra each month and end up making 4 additional payments per year. There was no plan. I simply send extra money each month. I check every month to make sure that it was applied to principal and that they have stopped accruing interest to it (it is of course illegal for them to do so, but it never hurts to check.)



Anyhow, since anyone can make extra payments and reduce their total mortgage cost then wouldn't they want to do so with a lower interest rate? If I have the choice between making an extra payment on a 5.5% mortgage and an extra payment on a 9.25% mortgage, I will clearly choose the 5.5% one (9.25 was the actual rate offered me. I was very insulted given my current 5.5% regular 30 year, perfect credit, income, etc. Did she really think that I was that clueless???). It will be paid off even earlier with less total cost in the end. The math here is so simple yet PFAs continue to be deceptive about it. To give legitimacy to my analysis I am currently in a financial econometrics PhD program.



Term life insurance. Most people agree that term beats Whole life 95% of the time. But from a survey of 9 people offered term from Primerica/Travelers, PFS charged 38% (mean) more than other quotes. These were absolutely equivalent, level plans, with senior guarantees of renewable coverage. Being able to renew coverage is an odd selling point for PFS. When someone is 70, especially if they have been financially planning, they do not need but a fraction of their normal life insurance, if that. With any sort of planning, a 70 year old with a dependent will have no debt and will have enough money set aside for burial and maybe for supplemental income to the dependent. A 70 year old with no dependent should not buy any life insurance.



Salomon Smith Barney. This family of funds is not necessarily worse than any other family in performance. However, they charge one of the highest loads. It is, like all PFS products, priced too high compared to equivalent products. Managers of load charging funds perform no better than those without loads. So why pay for the load???

As im reading thru all these comments that are being made of Primerica, it makes me think that you are either working for one of there competitors or simply dont like to take chances in your life..and maybe that is why you are always broke boring and disgusted!



I have been a client of Primerica for over 3 years

you would think that this is a typical company that comes to sell you life insurance and forgets about you...but of course you though wrong! not only did they replace my policy with Prudential that i had for 10 years,,where i had saved up on my cash value policy a miserable $3,000 of which i could only take out $1200, but they also set up an account that i have had for only 3 years and already have $2400 saved....I dont know how primerica can do wrong by doing something like this,,,this independent agents that you critize know more than the average College graduate that just graduated in Finances.



a month ago i got in contact with my Primerica Representative, we initiated a loan process refinanced my house and saved $900 of my monthly payments and $150,000 of interest an the entire loan.



I take my hat off for these people, all they are doing is alerting the cosumer of snakes out there, and there is nothing wrong with offering you client to come work with you to make extra money to put in to your retirement account if you wanted to!



So far everything that Primerica beleives in the Famouse Suze Oreman/Financial Analyst beleives in! and im there to listen to the wise not the skeptics that think everyone is out there to get them!



unfortunelty some of you had to deal with a bad representative from primerica in your life! but that does not make the company bad..In this world who doesn't get sued,specially if you work in the world of finances! I even bet the company you work for has gotten sued or maybe your a client of a company that has gotten sued!,,but that does not stop you from slaving your self for them, or being there client!

John,



I think you need to check current events and court dockets from across the globe. I think you will find both Primerica and its parent company Citi Group is being sued, and is getting lots of negative publicity. This could be another Enron in the making?



I am quoting you correctly from above, "beware of "reputable" companies that want people to be normal, predictable and always paying dearly for no quality of life"?



ED Magedson

EDitor@ripoffreport.com

As a recent recruit of Primerica I have to say that if you don't have the stomach for sales, don't try it. Recruiting too, is not for the meek. And that's what Primerica is all about. Oh, I almost missed the financial services aspect to it. You see, if people in the middle class were more approachable, ambitious and financially alert, Primerica reps would probably not have to use certain deceptive tactics for recruiting. They rely on the numbers to find that star rep. Most recruits fall to the wayside because it is a tough business, however not impossible. I may add, it is not the A students that win in this game. Is it a scam? I don't think it is, but it is a cruel game, kind of like natural selection. From a client's perspective though, I find that Primerica operates in the client's best interest. The client in this case would be an unsophisticated middle class family with income. Most of this folk spill their paychecks into mortgages, credit card min. payments, lines of credit and other traps of the banking business and life insurance. Primerica is out there to give these folks a feel for control of their hard earned money -and Primericans earn commisions along the way. I must insist, the typical middle class earner doesn't know who they are feeding with their paycheck. The Primerica presentation may just be the revelation that the average Joe and Jane need to be financially aware, even if they can't or don't become clients. The onus is on the agent, who has to find a way to make their case in a society that has been trained to treat finances as a taboo topic. Perhaps this very training comes from the banks? Are the banks and insurance companies giving their clients the best deal possible? If you are going to make comments about a company, try and find first hand experience with it. Assumptions and half baked theories fit only too well on top of failure stories and competitors' remarks. And yes, Primerica is a hard way to make a living, more like an education for most, for the majority of recruits will probably leave shortly after getting some financial and sales knowledge. Sorry, it wasn't designed to be easy on the workforce, rather that's what makes the products affordable, since their is no paid advertising and everything else is minimalistic.



As for our our ex provincial bailiff hero, he is probably better off that he didn't "bite". He may have been very unhappy in the sort of environment where Kara comes from. She seems to have been out of line on her promises, but the reps are out there to get people in their hyerarchy. In principle, they offer a little more than the average corporation which gives their employees just enough money so that they don't quit. That is commisions.



Mr. Burger, you have choices in life. Get a job, start a business, win the lottery, join Primerica or don't. Please don't demonize a company, however unorthodox because a rep made some mistakes in her haste to recruit you. Next thing you'll be suing McDonalds for your lovehandles! Instead beware of "reputable" companies that want people to be normal, predictable and always paying dearly for no quality of life.

Why do so many of the Primerica supporters have such a problem with grammar and spelling? Most of you sound just like the RVP that tried to recruit me. Please, please, please, if you're going to try to convince people that your company if so wonderful, do so in a manner that doesn't make you sound like a hick! Hell, I'm from Kansas, and I know how to use the English language effectively. I can understand a few typos here and there, but this is getting ridiculous!



I guess this just shows the level of intelligence that Primerica is looking for in it's people.

They filed the following rebuttal to the above Rip-Off Report:



Their email: hondabuzz@hotmail.com

Their name: Ray Koser Jr.



Their relationship to the company: Supporter



Rebuttal:

I have been reading this board and reports placed on it. Being a Marine and haveing a Law Enforcement backround, and in my mid 30's, I was raised in the rual farm country. I have just started trainning for Primerica, my fee that was requested of me ($200) was used for my preinsurance class. A seperate company that is hired by the state I live in to prepare me for the state test. You need to look at that Primerica looks at all the needs

of your life not just your insurance and then tries to make as much money out of that aspect, like your local freindly insurance agent, or bank, or investment person. You should have read both sides of the story not just one. Yes be sckeptical but don't put a blindfold on. I understand that like any other person in these relaited feilds that it is my limits on how

much money I make. The way I look at it is YOUR LOSS.