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.
Primerica deceptive lending practices and other con jobs RIPOFF Coldwater Ohio
Almost everyone I have ever met is familiar with the pyramid profile of the agencies of Primerica and how they deliberately go after sound permanent insurance plans of other companies, including their own policies written by their parent company, the Travelers Group. What many don't know is that their term policies are more expensive than those of the companies they seek to replace and they are not convertible into permanent insurance when the client is ready to retire.
I have never know older folks with a large estate who did not use and need permanent insurance to meet their estate planning needs and for other reasons, such as charitable giving, etc.
Anyway, my wife is a real estate agent and she also on the side does about 5 to 10 "repo" appraisals a week for area banks as people seek to refiance or are facing foreclosures. She has found almost half the foreclosure actions in our region (north Dayton, OH region) involve expensive loans that were written through Primerica agents.
Yes, the MAIN goal is not the insurance - the agents make little selling their worthless and expensive term plans, but in the refinancing of debt, which is usually at a rate far higher than anyone could get just by going to their local bank or mortage company. Once all the "wood" is removed by the termite agents of Primerica, the clients are left with an expensive mortgage, no permanent life insurance, dubious investments and nothing left to hang their hats on. Once they go back to charging and debt production, they are soon upside down, have no permanent insurance plans to borrow on, or equity in their mortgage and their investments have gone south.
Result, they are forced into near bankruptcy. Left alone, most of these people would have stayed out of trouble. The Primerica agents, zealots to the man or woman, are all part timers and usually only last a few months in the business before being totally shunned by coworkers, family and former friends! The sad thing, by then, they have ruined many nest eggs of the families they have "helped" in the very loosest sense of the word.
The only thing I have ever seen that is about as stupid is the Amway pyramids, where you can get up to a thousand poor souls hawking inferior and overpriced products to each other in the same county!! At least with Amway, the damage is confined to having a lifetime supply of soap in the garage and being embarressed the rest of your life by friends and family. With Primerica, the damage is much deeper and has much more severe consequences. Why aren't the insurance commissions of the various states on top of this group? Why ???
New Carlisle, Ohio