Report: #84390

Complaint Review: Primerica Life Insurance

  • Submitted: Thu, March 18, 2004
  • Updated: Fri, December 23, 2011
  • Reported By: Granbury Texas
  • Primerica Life Insurance
    3120 Breckinridge Boulevard
    Dulth, Georgia

Show customers why they should trust your business over your competitors...

I took out an Insurance Policy with Primerica back around 1995, I dont remember the exact date, It was for $70.000, and they told me that as i got older that it would be for less, well now it is for $50,000, and i accepted that, I have been paying Under $84.00
a month, so for all these years i was Happy. NOW,that i am retired and on a fixed income, they sent me a letter stating that my Premium is going to be $233.48, per month.

Being on a fixed income and retired they know that i (and Others)cant afford it, So i have to cancel My Insurance, So I paid all the years and they end up with all My hard earned money and i have No Insurance. If this is not a rip-of I dont Know What Is.

Granbury, Texas
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This report was posted on Ripoff Report on 03/18/2004 11:53 AM and is a permanent record located here: 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. READ: Foreign websites steal our content

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#1 Consumer Comment

Colonial Penn payout...

AUTHOR: frodis20 - (USA)

In the commercials (and in the policy), it does mention in fine print that the policy will not pay out the full face amount within the first two years, so the $900 was probably just the return of premium. Not that I agree with the policy, but this is to make sure terminally ill individuals do not get guaranteed coverage for a few bucks a month.

It is not stated clearly in the commercials, but it is there.

I am curious as to how you were denied, however, because it does claim that you will not be turned down. I'm sure there's some fine print there as well. Are you living in the same state as your mother-in-law? Are you within the age range?


~ Life Insurance agent in NY

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#2 Consumer Comment

Universal Life policies

AUTHOR: TK - (United States of America)

Hi John,

Just wondering how your UL policy is doing 7 years later. I am considering purchasing one, but have heard that the value actually decreases over time and that eventually the insurance company will request additional money to keep the policy running or the whole thing collapses.  Has this happened to you? Thanks for your help.
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#3 Consumer Suggestion

IDIOTS!!!! You and all these other primerca agents open your big mouths without doing any research.

AUTHOR: John - (Canada)

Don't think you are so smart. I'm not the one that will surprised, you are... yes my policy is GUARANTEED death benefit PLUS (YES PLUS) fund value!!! is that something new to you?? can't believe it??? well, you just learned something new today my son...the company is industrial alliance pacific, based in canada, feel free to call them to confirm this. they are not the only company that offers UL plans with death benefit PLUS fund value..yes, read my lips PLUS fund value.

You and all these other primerca agents open your big mouths without doing any research. the only thing you know is reading from scripts taught by those uneducated VP's or whatever they call themselves.

there are so many UL plans and insurance companies out there, they all have different features. do a primerica agent have access to them to do a competitive analysis???? NO!
my insurance broker has 20 years of experience and have access to all major insurance carriers. hmmmm..i wonder who i should go to for an UNBIAS comparison on insurance plans...

i give up arguing with you primerica people. it's a waste of my time, all you people are brainwashed walking around like zombies. i pity you fools!
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#4 Consumer Suggestion

Guaranteed death benefit plus fund value

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

John - Calgary, Alabama
Make sure you are correct about this statement:
"GUARANTEED a death benefit PLUS the fund value when i die"
You are guaranteed the face value and that is it,
The investment portion of your premium is not added to the face value of the policy.
Is the fund value the face value?
Ask your agent what the total payout will be , you will be suprised.
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#5 Consumer Suggestion

other things to think about, ESTATE PLANNING

AUTHOR: John - (Canada)

Phil, first of all how old are you? It sounded like you are pretty young. I'm in my 60s and soon will be retiring. when you are my age, you have other things to think about, ESTATE PLANNING. thank God i didn't buy into that self insurance crap, otherwise i would be old and without insurance. i maxed out my RRSP every year, if i were to invest in a non-tax deferred vehicle, my income would be taxed at the highest tax bracket. my 8% annual return is roughly 5% after tax.

the more money you have, the more estate planning strategies you need to preserve your estate. your arguement of investing wisely has a point, but i would rather invest that money in a permanent insurance plan because i am GUARANTEED a death benefit PLUS the fund value when i die. of course, i can pay my after death taxes, probate, legal fees out of my own pocket. however, i rather let the insurance company take care of it. my accountant and I ran through some numbers together, and the most cost efficient way is a permanent insurance policy. is my accountant making money from the insurance policy? NO!

phil, i see you are a prudent person, because you didn't join pfs. doesn't it make sense to you to get 2nd opinions from other professionals. my advices is just talk to a certified financial planner, tax accountant or a tax lawyer, ask them what they think about ESTATE PLANNING. i consult these professionals about my finances, if they are all wrong about permanent insurance, then i will hired that primerica rep as my financial adviser immediately. but hopefully he can quit his daytime waitering job so he can devote some more time on continual studies and servicing his clients.
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#6 Consumer Suggestion

re: Comment from John Clagary..who are you calling stupid?

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


You weren't paying attention to the presentation or the PFS agent did a terrible job of expaining to you.

The life insurance is supposedly based on the idea of declining responsiblity. As you get older in life, your assets will surpase your need for insurance and you your assets help you become self insured. Sounds simple enough?!

Someone in PFSland correct me if I'm wrong.

Having sat through a presentation, it makes perfectly good sense. You also have a good point...someone who hasnt planned their finances correctly, at age 50+ will have one hell of a time buying insurance. I've dabbled in the insurance industry...its not pretty and Gerard's number of $230+ per month is pretty much on the nose.

But again, the premise is that if you invest/plan properly, your assets will surpass your need for insurance. If I have $1M+ in assets at age 60...why should I worry about trying to maintain a $500k life insurance policy. You cant take your money with you and its a good chunk of change to take care of financial issues after you are gone. Better than any 500k cash value policy which will only collect a small rate of return and then you are taxed on it when it comes out! Not everyone is blessed with a great job with a nice pension as you so some of us have to work/plan more than others.

Not pointing any fingers and no I am not an employee of PFS. This website seems to be all about bashing and not a whole light on some common sense. I don't claim to be an expert and if someone can show me a better way I'm more than happy to check it out, but hey..for what its worth....PFS at least got me to open my eyes and check this out with other legitimate companies who otherwise would not have offered any kind of advise.

And yes..they tried to recruit me. But in the big scheme of things, put it this way. Your first car/home/life insurance policy..think back and ask yourself...who did you buy it from? Was it a referral from someone you know or were you part of the 5% of the population that just opened up the phone book and decided to randomly go out and buy money is on the bet that says it was a referral from someone you knew.
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#7 Consumer Suggestion

Exactly!! agents are brainwashed to buy term and invest difference, it only works for poor people that needs to save every dime

AUTHOR: John - (Canada)

Primerica agents are brainwashed to buy term and invest difference, it only works for poor people that needs to save every dime for their retirement. I work for the government and have a real "6-figure income", i'm not worried about my retirement with my generous government pension. i have 4 lovely children and i don't want the government to take a big chunk of my hard earned money, that's why i prefer permanent insurance.

Just ask Primerica about tax deferral investments, estate planning, charitable gifts,or reducing estate taxes. They don't know squat about any of those financial concepts. My tax accountant recommends some sort of permanent insurance, is his advice less credible then the imbecile primerica agent that tried to sell me crap insurance, and tried to recruit me after his unsuccessful attempt? or is this primerica agent's years of experience waiting table more valuable than my accountant's chartered designation???? i'm pissed off at the primerica agent's attitude, he thought he knew better, that his company's investment concepts are gospel. what a crock of bullshtt!

they told me my agent ripped me off, not true, i'm grateful for my permanent policy. i feel sorry when they are old and left with no insurance. don't they know how much insurance is after 20 years?? are they stupid??
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