Primerica corrupt & dishonest. A company with NO integrity ripoff Groton Connecticut

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*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!

Unable to read and comprehend, but out there "helping" people nonetheless. I wrote that I had READ about all of the people being screwed over by Primerica, not that I KNEW any of them. If Tom cannot get that simple statement correct, how are any of us to believe he can actually give his clients the straight scoop? Next, just because others are doing something wrong, does not mean another is doing right. By the same token, just because 20/20 investigated others for defrauding their clients has nothing to do with what ALL of the Primerica complaints are about...defrauding their employees. Way to go Tom! I'll make sure I never deal with a Primerica agent after your brilliant pep-talk. You claim you reimbursed one person(out of how many?) for the training and yet, there are dozens in these threads that dispute that claim entirely. Most people do not bother complaining. How many of the employees work with Primerica to retirement? How many work there for a year? I get the feeling not many to the latter, and very few for the former. I do KNOW several agents personally who work for other companies who will retire from their companies...worked at them each for many years and are vested in their retirement plans. The rest of your diatribe was comical at best, like the car salesman trying to spew forth the bilge about "high integrity"(still laughing at that one) and seemed desperate. Have fun in Vegas. After reading your post, I think a policy with your company is probably just about as reliable an investment as playing roulette. Spin the wheel raggedy-man!

Quoting:

"John Maxwell, Tom Hopkins, Robert Kiyosaki, Tommy Newberry, Dr. Robert Anthony, Suze Orman, Steve Siebold, Nick Murray, Consumer Reports, Fortune Magazine, Forbes, Wall Street Journal, Best's Review, American Executive, Money Magazine, Success from Home, A.M. Best, Moody's, Standard and Poor's, Fitch, Insurance Marketplace Standards Association (IMSA)... well known authors..."

I've read Tom Hopkins' books along with Zig Ziglars'
and other authors. Their advice on closings is obsolete at the most critical parts of a presentation (eventually I'll be coming out with my own books).

Paul has posted an article which I'm excerpting:

"**Yassi said the investment allegedly promoted by the adviser "has nothing to do with Primerica products" and was never sold to be a Primerica product.

**Nonetheless, "we made the clients whole," and reimbursed them in full, he said."

So if it has nothing to do with Primerica, why
reimburse the clients?

Paul has posted an article which I'm excerpting:

"**Yassi said the investment allegedly promoted by the adviser "has nothing to do with Primerica products" and was never sold to be a Primerica product.

**Nonetheless, "we made the clients whole," and reimbursed them in full, he said."

So if it has nothing to do with Primerica, why
reimburse the clients?

Paul has posted an article which I'm excerpting:

"**Yassi said the investment allegedly promoted by the adviser "has nothing to do with Primerica products" and was never sold to be a Primerica product.

**Nonetheless, "we made the clients whole," and reimbursed them in full, he said."

So if it has nothing to do with Primerica, why
reimburse the clients?

Robert in Jax...

Investor adviser accused of fraud


DEBORA VAN BRENK, Free Press Reporter 2005-08-04 02:48:50

A London financial adviser has been charged with fraud after allegedly promising some of his clients a high rate of return on an investment outside their mutual-fund portfolios.

About $60,000 went missing from late 2004 to early 2005, Sgt. Lloyd Switzer of the London police fraud squad said yesterday.

Switzer said at least two clients were told they could get higher rates of return if they invested their money for a short time with a personal friend of the adviser.

Investors were promised their money back within a few months, Switzer said.

But an internal investigation showed the money was deposited into a personal account instead.

Switzer said 31-year-old Scott Stevens of Denfield, an adviser at a London Primerica office until April 2005, has been charged with one count of fraud over $5,000.

Stevens had been an independent sales representative with Primerica since 1994.

He was licensed to sell life insurance and mutual funds, said Joe Yassi, senior vice-president and chief compliance officer of PFSL Investments Canada Ltd., a subsidiary of Primerica.

Yassi said the investigation suggests two clients were told they could help out an advisor's friend on a home transaction, with a good interest rate as incentive.

**Yassi said the investment allegedly promoted by the adviser "has nothing to do with Primerica products" and was never sold to be a Primerica product.

**Nonetheless, "we made the clients whole," and reimbursed them in full, he said.

Yassi said the company is co-operating fully with police and the Mutual Fund Dealers Association of Canada in their investigations.

Switzer said the case reinforces how essential it is that investors not look for a quick, easy return on their money.

"Check, check and double-check because if it's looking that good, it's probably not."

Switzer said it also helps to develop a long-term relationship of trust with anyone dealing with your money.

"You have to know your financial advisor very well."

Copyright The London Free Press

Do a Google search...

Who do you know that has been victimized like this, losing their savings, friends, families, houses, etc. All this lost because they paid $199 to join the business which covers their background check (no felons wanted), their life insurance class and the exam. This is totally ridiculous.

You're talking about a company that gives people a chance to do something good for people when all the other insurance companies that sell universal and whole life are being shown on 20/20, Dateline, news programs as companies that take advantage of those very same people.

I have all this on videos from teachers, nurses, doctors, families saving for their kids education this way being taken by companies such as Prudential, Met Life (Snoopy), New York Life and so many more. Their only goal is to make money and they make the most by selling high priced term insurance with a false investment (it even says in their policies that it is the companies money, not the policy holder). You should read one of those policies sometime, you could learn something.

If our company is so corrupt why are we not being sued millions and billions like Prudential, Met Life, New York Life,... the list goes on and on. I had a 30 year old friend that I was going to put a 25 year policy on him and his wife. It cost around $42 for the same coverage he was paying $100 for a whole life policy. In the policy it stated if he didn't pay more to the policy at age 40, the policy would lapse. His agent never told him that. When he confronted the agent about it, the agent said, "Oh, I didn't mention that to you before. The cash value in the policy will not be enough to cover the rising costs, so you will have to pay more for it at that time." He was told this policy would stay level.

John Maxwell, Tom Hopkins, Robert Kiyosaki, Tommy Newberry, Dr. Robert Anthony, Suze Orman, Steve Siebold, Nick Murray, Consumer Reports, Fortune Magazine, Forbes, Wall Street Journal, Best's Review, American Executive, Money Magazine, Success from Home, A.M. Best, Moody's, Standard and Poor's, Fitch, Insurance Marketplace Standards Association (IMSA)... well known authors, popular magazines and newspapers, respected rating agencies, professional organizations all support and respect us because they know we do what is right for the consumer. We do not rip people off as stated in many posts on this message board. Do some research about our company, go to one of our offices and see it is a place of business, really explore the truth and you will be surprised that we are great company doing great things.

Don't listen to other life insurance companies lies that tell customers after we sat down with them with the truth, "We can do that term policy for you now if you want. We didn't know that is what you wanted." or "We didn't have term before, but now we can offer it to you!" Why do they do this? Because they got caught in a lie or didn't tell the consumer of the options, Term or cash value, cash value option A or B, or whatever deceitful act they are told to do to make the company money. I have seen training tapes of these companies instructing their agents to not give any options to the client, only what they want you to have to make the most money. We only have term insurance which pays a lot less than a cash value policy plus the company makes less. Why do we do it? Because we give people the right option, term 100% of the time and an education about money on top of it. Why doesn't everyone listen? Exercise and eating right is good for you, but not everyone is disciplined enough to do it. This is the same with our company, we can help a family get on the right track, but they have to want to do it.

About the reimbursement lies that we don't pay. I just reimbursed my new training associate $200 within the first 30 days. Let me do the math here; $200 to new associate, $199 paid by new associate for background check and schooling and license. The associate paid nothing to get in and get an education on how money works, change their money management skills that have kept them broke before and make money if they choose to. This sounds like a win/win for everyone involved.

So, this thing of losing everything is absurd when you only pay $199 to start the business and get reimbursed within the first month by following the recommended training or get your money back if not satisfied with everything. This again is a win/win situation. No one gets hurt and loses anything. Haven't you ever paid a rental company, apartment or even an escrow account or something like that which required a background check and/or a credit check costing you anywhere from $20 to $100. And if you didn't qualify, they kept your money. We don't do that.

Why not complain about real problems in the world? This company benefits the world. If you want a list of ripoff companies, then I have a list for you. Fortune 500 companies, some Fortune 50 companies that pay people so little and demand too much, they pay new hires more than they pay people that have worked for the company for a year or more. They don't want you to tell others what you make because then others will request a raise to equal your pay. You get fired for this. Same position, different pay for everyone. This is a scam. They put me as part time and made me work 50 hour work weeks, paying me only 5 hours OT instead of 10 on my checks until I told them about it. They fixed the problem for me, but later I found out almost everyone at this place had the same problem and they never received their extra pay. This is definitely a ripoff company. Also, because I was part time, I got part time benefits instead of full time benefits working 50 hour work weeks. Ripoff, ripoff, ripoff!!! You don't know what a true ripoff company is if you complain about Primerica. I was supposed to get a raise after 3 months, a year, but because my boss didn't evaluate me right away and make sure I had the proper training programs, my raises were delayed 1 and 2 months. This is a ripoff!!!

When someone gets in Primerica, they know exactly what they are getting involved in. If they don't like it they can get out and get a refund. There are no secrets here only solutions to peoples' problems. People can make as much money here as they want by their efforts or they can just hang out. Yes many people don't make it in Primerica because they didn't have the determination, the ambition, the goals and dreams that successful people here have. In every business, you have the workers and the slackers or the people that really don't care. In America, why does a few have all the riches and the rest are middle class and poor? Because not everyone has the drive to be successful or the chance to be successful. It is said at retirement, 5% will be wealthy or Ok and 95% will be dead broke or dead. That sounds like every company out there where the owners, big stockholders, or upper management make all the money and the employees make their low paying wages. At Primerica, many people make over $50 thousand, $100 thousand, a million or more and many others will do the same because we have the choice to do this. It's not all about the money, but what we do with the money.

Think about all this and do some real research before trying to refute anything I have said. I did my research and checked out all the negative things said here and found out that it is other companies deceitful ways and tactics trying to bring us down. Of course not everything is perfect, but Primerica is as close to perfect as a company can be.

I do NOT have a policy from Primerica (never heard of them before this site), nor have I ever sold insurance. I have two John Hancock Whole Life policies, costing me $102/month for 10 years. After that, the policies pay for themselves.

I know they do, because that is exactly what they ARE doing. They even gave me shares of stock at no cost when they went public a few years back.

I can continue to pay into the policies and reap even larger gains down the road. I also do that. Term insurance is fine if you plan on dying soon. Whole Life seemed the better choice for me and my family.

Reading these poor shlubs who work for Primerica is sad at best. They pay for the "priviledge" of working for the company. What a laugh! If the company was all it claims to be, they'd be turning away the applicants instead of looking for them. If I had someone who wanted to work for me and they needed ASE certification, I would pay for the entire cost. They would pay the cost up front and I would reimburse them in their paychecks over a one year period. That seems fair(I don't lose the money paying for someone to be certified and then they split), and I have had no complaints about it.

I have yet to see where Primerica reimburses anyone for anything. I have read about people losing all of their friends, families, marriages, homes, cars, life-savings, etc throughout their illustrious careers at this "fine" organization. That's my 2 cents worth.

Paul (of Brooklyn)

You've obviously been avoiding a response to Skull Pilot. Why don't you address his issues?
He seems to know his stuff, you claim to know your stuff, so have an open debate so future vistors to this site can decide for themselves.
Also Paul, how do you reconcile Met Life's purchase of the Travelers? According to my sources you will be marketing annuties for Met life. Can you still replace Met Life cash value insurance? Can you replace Met Life annuties? And how does it feel to be partners with one of the biggest sellers of cash value insurance in this country? Somehow I don't think I'll get a response, but the question is out there none the less.

Regards

Paul (of Brooklyn)

You've obviously been avoiding a response to Skull Pilot. Why don't you address his issues?
He seems to know his stuff, you claim to know your stuff, so have an open debate so future vistors to this site can decide for themselves.
Also Paul, how do you reconcile Met Life's purchase of the Travelers? According to my sources you will be marketing annuties for Met life. Can you still replace Met Life cash value insurance? Can you replace Met Life annuties? And how does it feel to be partners with one of the biggest sellers of cash value insurance in this country? Somehow I don't think I'll get a response, but the question is out there none the less.

Regards

Paul (of Brooklyn)

You've obviously been avoiding a response to Skull Pilot. Why don't you address his issues?
He seems to know his stuff, you claim to know your stuff, so have an open debate so future vistors to this site can decide for themselves.
Also Paul, how do you reconcile Met Life's purchase of the Travelers? According to my sources you will be marketing annuties for Met life. Can you still replace Met Life cash value insurance? Can you replace Met Life annuties? And how does it feel to be partners with one of the biggest sellers of cash value insurance in this country? Somehow I don't think I'll get a response, but the question is out there none the less.

Regards

Paul (of Brooklyn)

You've obviously been avoiding a response to Skull Pilot. Why don't you address his issues?
He seems to know his stuff, you claim to know your stuff, so have an open debate so future vistors to this site can decide for themselves.
Also Paul, how do you reconcile Met Life's purchase of the Travelers? According to my sources you will be marketing annuties for Met life. Can you still replace Met Life cash value insurance? Can you replace Met Life annuties? And how does it feel to be partners with one of the biggest sellers of cash value insurance in this country? Somehow I don't think I'll get a response, but the question is out there none the less.

Regards

I love you too Paul (not).

Paul, your mind is all twisted in your blind rage to try to debate me, a debate you have been losing.

So not only are you a Primerica rep but supposedly an Avon rep and a minister. On top of that, you somehow manage to find the time to go trolling and slithering around on Ripoff Report (if you're so successful at Primerica, then why do you need to be an Avon rep too?). As far as being a minister, the lies and deception you've been using on Ripoff Report have earned you a one-way ticket to that place where it gets very hot so I'll let you deal with that.

It's evident to everybody else except Primerican
trollers (including the most repugnant of the bunch, Paul) that Dawn from Norwich is complaining about Primerica and it immediately follows that she's accusing a Primerican agent of twisting which should be immediately reported and i hope that the authorities come down hard on Primerica as they've been getting away with murder for too long.

Well, well. Several people chimed in on this one. So let's answer each one's points (or in some cases, lies and stupidity). And Dawn, where are you? Did you follow my advice?

Let's start with the worst offender on this site: Stuart. If you read Dawn's post, you realize that another agent was trying to twist our policy from this family. Now I know Stuart can't read because he often does this. Dawn, you need, after you review my post, to complain about the unscrupulous agent who is trying to twist our policies. It is with out surprise that Stuart gets everything backwards.

Mike (TEXARKANA, Texas), you need to realize that the other agent fed this false information to Dawn. He/she lied to Dawn. So before ye judge, watch out. (By the way, I am a Minister in my Church and I cannot rip people off or be associated with a company that does that. This company does not do that as policy, no matter what these naysayers post.)

Mike (River Edge, New Jersey), your post was very intelligent, unlike most on this site. But it was flawed in many ways. Cash Value IS NEVER A GOOD BUY!!!! Just read my example.

Here's a quote from a study. I put (us) or (we) where this company is referenced:

In Reply to: Where's the shame? posted by Insurance Company Bashing: Does it Make Sense to Single out Only One (us)? on March 25, 2004 at 10:30:57:

: This focus on bashing one company (us) doesn't make sense, given the facts. Any amount of research reveals that traditional companies and agents have, for at least the last 25 years, severely abused consumers. Yet, we have a small group of people (on this site) focused and determined to undermine one company (us) while ignoring the outrageously dishonest conduct of many other companies.

: Do a search using "lawsuits" as the search term on the insure.com website. You'll get over 450 hits, and none of them involve an action against (us). Yet (we) are the target of the most scathing attacks on this message board. The attackers are for the most part, all agents for traditional companies. Where are the critics of these companies? I notice these critics aren't posting their own company names, but dump all over one company. That shows a blind arrogance and lack of remorse for what these agents and their companies have been knowingly doing.

: We see some critics talking about opportunities to make tons of money in traditional companies, but it seems in traditional companies, the ones who made the most money in the past 25 years did so misrepresenting their product to consumers. In some cases, deceptive behavior continues to be uncovered.

: The one thing non-traditional company agents have gotten right every time is that the consumer has been given a good old-fashioned fleecing by traditional agents and companies. I'm not given to conspiracy theories, but it does seem as if there is an unspoken agreement among these companies' agents to use one company as a scapegoat. And they chose the one company that has the cleanest public record of all.

So much for the reputable companies that Mike wants you to go to. Enough said.

Dawn, I await your analysis.

Hi Paul,

No matter how you slice it, PFS insurance is too expensive. For one thing, Dawn said that her share of the premiums were $52. There is no way her husband got 300K, she got 140K and a 10K child rider with PFS for $52/mo.

The statement that you don't need income protection at age 74 is a bold one. You don't know what their income is now and you have no idea what will happen in the next 30 years that might throw a monkey wrench into the works.

And your save 200 per month example doesn't address some key points. If the money is not in a tax deferred account, since you did not factor in taxes the total would be wrong. And if it is in a tax deferred account or not, you did not factor in inflation as any planner worth his salt would. What you didn't realize is if they had the right insurance in the right amount they each could get 30-40% more out of their 401Ks and that would be more than enough to cover a permanent policy for both of them and still give them more to live on.

And I'll say that the nest egg you talked about is only insurance if you don't spend it. You forgot to tell them that. You also don't know what kind of a permanent policy they bought. Your statement that you never get the cash out of a permanent policy if you die is wrong. A universal or better yet an equity indexed universal life policy has an option that gives you both the death benefit and the cash value upon the death of the insured. And you are wrong about high interest policy loans. Do you know that many policies have wash loan provisions where your net interest is 0%?

And let's say they had over 600K in the bank when they died as well as a house and property. That would probably be enough to trigger estate taxes for their heirs and they would have 9 months to pony up 48% of everything to Uncle Sam. Didn't think about that either did you? Maybe this other insurance agent took all these things and many others into account when he came up with his plan and that's why he recommended permanent insurance.

And Paul, you never addressed my questions to you from another thread on a term only strategy vs. a term conversion strategy or on the mortgage example.

In case you forgot here is the page they are on

http://www.ripoffreport.com/view.asp?id=147643

I am looking forward to you responses on these examples.

While I can sympathize with your predicament, I can tell you that you bear part of the balme in this situation. I have worked in the Life Insurance industry for over 11 yrs, and when I started out, primerica was the big thing. They are essentially a pyramid scheme, whose whole mottos is "Buy term and invest the difference".

However....did you read up on what you were buying before you signed the paperwork? The words "Term" and "Whole Life" essentially tell you how long they are for. Would you buy a car or invest in a stock without at least knowing what you were buying? There is also a 10 day free look period in most states which says you can return your policy within 10 days of issue for ANY REASON. You couldn't have bought a 30 yr term as your premiums would not go up after 10 yrs. A 30 yr term the premiums stay level.

Anyway, my suggestion to you is to talk to an agent for AXA, MetLife, etc (you know reputable companies) and have someone write you a variable life policy. The premiums are lower than Whole Life, but it has Cash value attached

Letters like this just make me wonder if this is a real letter or just more of the hate diatribes that fill this web site.

Normally, I don't answer these because it is fruitless (I will be bombarded by Stuart, the other Paul, etc.) and no one posting negatively on this site is interested in the truth (I would be very surprised if there is even one).

If at 74 your 30 year term expires, then I can assume that you are 44. Please do this. Get the price of the 5 cash value policies your honest agent is trying to sell you. Use the same face amounts of $300,000, $140,000 and 3 $10,000. Now compare that premium amount per month to the $52.

Quite a difference, isn't it?

Now take that difference and multiply it by 12 months and then by a conservative rate of 6% (which is easy to get). Multiply that amount by 30 years. Quite a sum isn't it? That is your nest egg. YOU DON'T NEED INCOME PROTECTION AT 74!! Don't be fooled by the lure of the rip-off permanent insurance!

PS: The agent lied through his or her teeth by telling you that your rate changed after 10 years. Your 30 year policy has a level rate for 30 years. But we run into that all the time. Even the way you described the policy and riders is totally wrong. Obviously you were misled by a rival agent trying to get you to have commissions go to him/her instead of us.

Let's look at some numbers. If the new premium is $252 (I'm just making up a reasonable number as you didn't state the new premium). You could save $200 per month with our coverage. (Our motto is to buy term and invest the difference). $200 times 12 months = $2,400 per year. 6% interest adds $144 per year = $2,544. $2,544 times 30 years = $76,320. While that number sounds good, let's add compounding and the new total is $201,907.52!!!!

Wouldn't you be happier with over 200 grand in the bank as opposed to an expensive cash value insurance policy? And don't forget that the cash value is NEVER yours. To get it you must borrow it at high rates, or turn in your policy, or live to 90 or 100. If you die, the insurance scam keeps that cash value.

You talked about all that money is wasted. Let's compare again. With our program, you spent $52 for 30 years = $18,720 and you have $201,907.52 in the bank saving the difference. IN YOUR BANK! It's yours. You own it. With theirs, using the $252, you spend $252 for 30 years = $90,720!!!! And you have NOTHING in the bank.

OK you say, but this new insurance is permanent. Alright, let's say you live until you are 90. At 74, your life insurance policy with us stopped but you continued to save the $200 plus the $52. So that's another 16 years. You would have now with compounding at 6%, $607,380.89!!!!!!!!!!! With the junk the other agent is trying to sell you, you would have paid out $90,720 plus $48,384 for the next 16 years for a total outlay of $139,104!!!!! And you both would have to die to get the $440,000 insurance.

Before you obviate some more of the misconceptions in your post, remember the friendly insurance agent down the block simply wants to maximize their commission off of you. You fell for their marketing drivel. You have been hoodwinked. Maybe our agent didn't fully explain all this to you, but you have been conned, you are NOW being ripped-off. I challenge you to do your homework and find out the truth. And then repost here and I will be happy to answer intelligent questions but not the hate filled emotion expressed in your post.

Primerica is not representing thier plan honestly. If you are a Christian it is your responsibility to go to other christians and people that this company is trying to prey upon and let them hear what you have to say. Get involved in a positive way and share the imformation you now have the show them the light. Primerica is a spinnoff of a.l. williams investments that was as corrupt as they come. The Bible clearly states that a bad tree cannot produce good fruit.

God Bless you.

I would report them to the state and federal authorities.

It sounds like the Primerican agent used twisting
which is illegal in many states. If enough consumers report this in to the authorities, then severe penalties may await Primerica and all the trolling done by them on Ripoff Report won't do them any good.

I would report them to the state and federal authorities.

It sounds like the Primerican agent used twisting
which is illegal in many states. If enough consumers report this in to the authorities, then severe penalties may await Primerica and all the trolling done by them on Ripoff Report won't do them any good.