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Report: #181095

Complaint Review: Primerica - Great Lakes Illinois

  • Submitted:
  • Updated:
  • Reported By: Great Lakes Illinois
  • Primerica 1400 E. Sunset Ave Great Lakes, Illinois U.S.A.

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I want to thank the author of this site and the many people that have taken their time to write about Primerica. I was shopping at Home Depot and checked out. The cashier spotted my Navy ID and stated that her husband is an exmilitary member and always looking for "bright people" from the military to employee that he could trust. I found it odd being offered a job from a cashier that knew nothing about me. She asked me to give my phone number so her husband could call. I was curious and gave her the phone number. He did call that night and I asked him about the job. He seemed to tap dance and stated that there was much more than he could go into on the phone and scheduled a meeting. He did state the name of the company "Primerica" and it was a reputable company with Citigroup. After hanging up I had to wonder why someone would take an a person that had no insurance background or training. I decided to check the internet and found this site. After reading and verifing what I suspected, I called and canceled my appointment for my meeting. Again, Thank you all for helping people like myself to avoid these types of scams.... Sounded too good to be true and this site verified exactly that. Richard J. Friese

Richard
Great Lakes, Illinois
U.S.A.

This report was posted on Ripoff Report on 03/14/2006 10:28 AM and is a permanent record located here: https://www.ripoffreport.com/reports/primerica/great-lakes-illinois-60087-4806/primerica-waukegan-il-ripoff-little-upfront-information-great-lakes-illinoisupdate-prim-181095. 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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REBUTTALS & REPLIES:
0Author
6Consumer
0Employee/Owner

#6 Consumer Comment

janet...its not a job

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

POSTED: Wednesday, March 15, 2006
janet...its not a job. You will become an independent contractor.

You said not to tell you to runaway so I won't although its still the best advise.
Do yourself a HUGE favor. Go to NY Life or Principal Life and see if they will consider you as an agent. They will make you take an aptitude test but if you pass it they will offer you full time training AND A SALARY WITH BENEFITS!!!!

When my secretary left here a few years back to become an agent NY Life gave her $2500 a month for 6 months as a salary. After that it became a draw against commission. Trust me, if you as a female show any propensity towards management at all these companies will fast track you into that lane. They are desperate for female managers.

Ask primerica;

1.) if someone does not qualify for their life insurance product are you free to sell the client some other company's products.

2.) ask them why the life rates they charge women are so much higher than anyone else in the industry. For example janet...if a 35 year old non-smoking female in good health needed $250,000 coverage for 20 years Lincoln Benefit would charge $188 per year and your commission as a beginner would be about $150. Primerica would charge her $280 a year and your commission would be $70 as a beginner. You might want to know why.

3. ask them if its really true that you borrow your own money from a whole life policy. The real answer is no. The cleint's money stays in the policy and continues to collect interest. It is held as colaterral against the loan of the insurance company's own money they sent you. You may want to know why your RVP who is recruiting you would not know something so basic.

Good luck
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#5 UPDATE EX-employee responds

Responding to Janet (Columbus)

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

POSTED: Wednesday, March 15, 2006
"But, I am in a potential bind, and I DO need a job. So I am going to attend the second interview."

Very simply, Primerica has no jobs to offer. Here's my step by step plan for making more commission if you decide to join up with them:

(1) Get licensed before going on appointments with your friends and relatives.

(2) Get referrals from your prospects and don't share them with anybody else (not even your "trainer").

(3) Cut out your "trainer" who is the middleman.

(4) Don't list the names of any references on the
sign-up application sheet.

(5) (bonus step) Try working off your referrals instead of going to shopping malls and job fairs. Your chances of selling would be far better when you use your referrals wisely.

Good luck to you at your second "interview."
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#4 Consumer Suggestion

Primerica Unsure Primerica Applicant - Questions to ask at the 2nd Interview?

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

POSTED: Wednesday, March 15, 2006
I have read so many of these reports, good and bad. I am remaining skeptical. I attended the briefing tonight and everyone was very nice, although the 'make lots of money and earn trips!' part of the presentation was a bit hoaky.

But, I am in a potential bind, and I DO need a job. So I am going to attend the second interview. What I want to know is what sort of questions should I ask these people? I want to know what I'm getting myself into and it seems that you all have a lot of knowledge.

Please respond with some things you think I should inquire about when I attend the second interview. This will help me a LOT.

Oh, and PLEASE don't respond with "RUN AWAY! DON'T BOTHER!" I'm a big girl and can decide for myself. Constructive advice only. Please only share what I've asked for - questions to ask a possible employer, especially one that has so many complaints racked up against them.

Thank you!
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#3 Consumer Comment

If you are thinking of primerica...do this

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

POSTED: Tuesday, March 14, 2006
If you are thinking about buying from primerica or getting involved with primerica do these two simple little tasks and then make up your mind.

1. Call around to some of the national term life quoting services and compare rates for yourself and your spouse. Set an amount you can pay for a monthly premium and ask the representative to tell you how much death benefit that will buy. Then compare it to how much death benefit the same premium will buy with primerica. Remember that primerica may have told you they are the only ones that;
a.) include a terminal illness rider at no extra charge
b.) waive the second policy fee on a spouse.
You will find out that many many companies do exactly the same thing so you can disregard that propaganda when making your comparison.

2. check out a primerica $MART loan for yourself. Get it boiled down to how much your payment is PER YEAR (since they do 26 payments) and find out how many years it will take to pay off your loan and be out of debt!! Then get a quote from any independent mortgage broker or one of the national lending firms. Ask them to calculate how many years it will take to pay off the loan if you make the exact same amount of premium per year as your primerica loan. You'll see quite a bit of difference. This will bypass all the primerica propaganda about simple interest versus scheduled interest, daily calculations rates, etc...... that primerica uses to obfuscate the real cost of the loan.

Once you have done those two things you will have an easy decision to make if you're a consumer. You'll purchase elserwhere.

However if someone is telling you that you can make a gajillion dollars selling primerica's overpriced products, he is right, you can. Your decision becomes an ethical one at that point. Are you willing to knowingly sell products overpriced by 10s of $1000s of dollars to people who trust you.
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#2 Consumer Comment

If you are thinking of primerica...do this

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

POSTED: Tuesday, March 14, 2006
If you are thinking about buying from primerica or getting involved with primerica do these two simple little tasks and then make up your mind.

1. Call around to some of the national term life quoting services and compare rates for yourself and your spouse. Set an amount you can pay for a monthly premium and ask the representative to tell you how much death benefit that will buy. Then compare it to how much death benefit the same premium will buy with primerica. Remember that primerica may have told you they are the only ones that;
a.) include a terminal illness rider at no extra charge
b.) waive the second policy fee on a spouse.
You will find out that many many companies do exactly the same thing so you can disregard that propaganda when making your comparison.

2. check out a primerica $MART loan for yourself. Get it boiled down to how much your payment is PER YEAR (since they do 26 payments) and find out how many years it will take to pay off your loan and be out of debt!! Then get a quote from any independent mortgage broker or one of the national lending firms. Ask them to calculate how many years it will take to pay off the loan if you make the exact same amount of premium per year as your primerica loan. You'll see quite a bit of difference. This will bypass all the primerica propaganda about simple interest versus scheduled interest, daily calculations rates, etc...... that primerica uses to obfuscate the real cost of the loan.

Once you have done those two things you will have an easy decision to make if you're a consumer. You'll purchase elserwhere.

However if someone is telling you that you can make a gajillion dollars selling primerica's overpriced products, he is right, you can. Your decision becomes an ethical one at that point. Are you willing to knowingly sell products overpriced by 10s of $1000s of dollars to people who trust you.
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#1 Consumer Comment

If you are thinking of primerica...do this

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

POSTED: Tuesday, March 14, 2006
If you are thinking about buying from primerica or getting involved with primerica do these two simple little tasks and then make up your mind.

1. Call around to some of the national term life quoting services and compare rates for yourself and your spouse. Set an amount you can pay for a monthly premium and ask the representative to tell you how much death benefit that will buy. Then compare it to how much death benefit the same premium will buy with primerica. Remember that primerica may have told you they are the only ones that;
a.) include a terminal illness rider at no extra charge
b.) waive the second policy fee on a spouse.
You will find out that many many companies do exactly the same thing so you can disregard that propaganda when making your comparison.

2. check out a primerica $MART loan for yourself. Get it boiled down to how much your payment is PER YEAR (since they do 26 payments) and find out how many years it will take to pay off your loan and be out of debt!! Then get a quote from any independent mortgage broker or one of the national lending firms. Ask them to calculate how many years it will take to pay off the loan if you make the exact same amount of premium per year as your primerica loan. You'll see quite a bit of difference. This will bypass all the primerica propaganda about simple interest versus scheduled interest, daily calculations rates, etc...... that primerica uses to obfuscate the real cost of the loan.

Once you have done those two things you will have an easy decision to make if you're a consumer. You'll purchase elserwhere.

However if someone is telling you that you can make a gajillion dollars selling primerica's overpriced products, he is right, you can. Your decision becomes an ethical one at that point. Are you willing to knowingly sell products overpriced by 10s of $1000s of dollars to people who trust you.
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