Welcome to The Truth About Primerica Blog.
As I already mentioned this isn't a hate blog. However I want to expose some myths for people that are looking at this opportunity, so you will know the truth. If you're in the business right now, don't be upset with me, I know your blood boils when someone speaks poorly of Primerica, I know because that's exactly how I felt, until I found out the more importantly ACCEPTED the truth.
I was an RVP (Regional Vice President) in PFS, for 10 years. I've made money, had a team of people, won many company contests. I was breathing Primerica. It was way more than my business, it was my life.
Alright, let's get right into it.
Unlike some of these stupid remarks you see on the internet in forums, about Primerica being some multi-level pyramid scam, it's not.
As a matter of fact the structure of having multi tiered commissions is best structure in the world, and every sales organization has that in form or another. So let's forget the stupid pyramid/mlm stigma and let's talk about the real flaws of Primerica.
The concept of getting people out of debt, saving money, and protecting their families is right and there's nothing wrong with that either.
However, there are 2 sides to Primerica. First the product side for consumers and people who want to produce and get paid for their efforts. And second the opportunity to build a business.
Unfortunately the products at Primerica are less than great. Now I want to remind you that I sold very successfully every product that PFS offers.
Let's look at Term insurance.
The concept of Buy Term Invest Difference is right on, for the majority of the people in this country, and Canada for that matter. But Primerica term is one of the most expensive ones. Now I was taught by the best. For those of you in the business, I know all of Hector's overcoming objections. I know it's not the price but the value, etc..... BUT, why should you pay sometimes up to 70% more for the same coverage. Because Primerica term is so expensive that's why a lot of agents end up with significant chargebacks, which is when the client drops the policy in the first 12 months, the company takes back the unearned commissions, since you get an advance upfront. (we'll talk more about that in the business section, probably in a different post)
Ok, so what makes their term coverage better? Nothing!
- IBR, increasing benefit rider, where the policy amount goes up automatically without the client having to qualify medically, is good, BUT if they can get a cheaper term somewhere else, they can get double the coverage right away for the same money, so there goes the IBR concept.
- Primerica's ratings? They're ok, but there are better ones. Recently Fitch ratings reduced Primerica Life to A- (not a big deal, but nevertheless, a reduction is not a good sign)
- Guaranteed insurability for life, with guaranteed renewals at the lowest cost. I sold this concept for years. I sold tons of life insurance for Primerica personally, probably close to 1,000 policies, and I always sold this benefit. That yes, this policy maybe more than others, but later on if you want to renew, you will never have to re-qualify to get the best rate we have available.
Well, it's true, except that most Primerica reps, like 99.99% don't know that there's something called Life Settlements, that a person at the age of 70 for example, who may not need insurance, instead of dropping the policy, can sell their policy to an investment company for about 20% of the insurance amount. (This is not a viatical, go check out Life Settlements, even Warren Buffet invests in them.)
Well, here's the catch, in order to qualify for a Life Settlement, the policy has to be permanent, meaning any type except for term. Well guess what, Primerica policies don't convert to permanent insurance, therefore they could NEVER qualify for a Life Settlement. BUT any other term insurance out there by other companies would qualify, because they all have an option to convert to permanent.
- Next, what about the fact that 70 years of age, is the cut off for issue age. If you have a client that's over 70, you can't sell them a policy.
- What if your client get's denied. In Primerica you're a captive agent, meaning you can ONLY sell THEIR products. Any other independent insurance agent can shop with impaired risk carriers, but in PFS you're stuck with ONE company, you're living at their mercy. Oh how well I know that, and I'll challenge anyone on that fact.
- What if you have a client, that's only concerned with the cost. They want the lowest premium, and don't care about bells and whistles. So you might talk them into your policy, but then they go online and find something for half the price. It's chargeback time, by by commissions, and the customer is gone.
But if you're an independent agent, you will shop with different carriers to find the best product for your client, which is what you should be doing in the first place.
Ok, I think we've beat the Insurance horse to death.
Let's talk about mutual funds. I won't get into all the details how the company has steered their reps for years to sell Smith Barney (Citigroup owned funds) instead of anything else. And how pitiful the performance has been during the down years as compared to their peers.
Yes, Primerica offers other funds, BUT not all of them. Because PFS is so special, you can't sell C shares or T shares of some of these companies. (If you're new to this, it may be a little confusing, but let's just say that if a fund company has a bunch of options for their investments, and every rep in the world who represents them has access to them, PFS reps, only have access to certain options and not all of them.)
Here's a great example. 529 plans for education. As a rep you should have access to every 529 plan that's available through the companies you represent. Primerica, even though you can sell other funds, you CAN'T sell their 529 plans, although anywhere else you would be able to.
Why is that important. Oh I don't know, how about doing what's right for the client?
Scholar's Choice, which is Primerica's ONLY 529 plan (at least up until this point and for the last 8 years) is one of the worst performing 529 plan's out there.
As a rep, making a living at this, putting your credibility in your community on the line, why should you be limited to the choices you offer?
I'm going to keep hammering this question.
Let's talk about Variable Annuities.
Great product for the right person. Good retirement alternative. Quick problem. Again Primerica offers ONLY Primelite by former Traveler's Life and Annuity, (now MetLife)
Problems with Primelite:
1. Up until recently they had NO living benefits. Which is income options to guarantee a stream of income to your customer, without annuitization (or without losing control of your money) THIS IS HUGE!!!!
When the market is in turmoil like in the last year or so, why subject your client to risk their income when there are several big well known companies who offer great living benefits to protect the income.
And the option that Primelite now has for that is pitiful and nothing like what these other companies have.
Now I've sold millions of dollars of investments through Primerica, but I never knew about all of this, and thought that I was doing the best thing for my client. Was I?
Here's another very interesting point. Primelite Variable Annuity, started with Primelite I, then added some options, and they started selling Primelite II, then III, then IV.
Ok, so each one got a little better, BUT the clients who bought Primelite I, couldn't change to the new one with much better options, without having to pay huge charges, even though they would still stay with the same company. How stupid is that? I had family members that I sold that too, and I thought (at the urging of the company that I was offering them the best)
Every other Variable Annuity company, when adds new and better features, makes sure that the old clients get them.
This is very sad, considering that Primerica is in the top 20 of idependent sales forces in terms of volume of sales of this product. How many people are getting hurt?
Again, if you're a rep, don't be mad at me. I probably had more assets under management (all of my clients accounts combined) than 99% of the people who will read this post.
OK, let's talk about SMART loans.
Simple interest? Bullshit. Primerica teaches that 8% simple interest is better than 6% scheduled. I know because I used to teach this. I also sold millions of dollars of this horrible product, I didn't know it was that bad at the time. Just didn't really look at all the facts.
The idea of getting out of debt is good. But if you take someone from a 6% mortgage to an 8% mortgage, that's a big jump in the payment. Simple interest or not, why not stay with the lower rate and take the difference and either invest it or pay down the other debts, including the mortgage, and it will accelerate faster. Do the math on the financial calculator and tell me I'm wrong.
Why refinance at 8%, when you can refinance at 6%, combine all the debts and save even more on the payment, which you can apply to the principal and pay it down much MUCH faster.
Plus SMART loans, have a 1.5% points built in, and yet the reps can't even control the YSP (yield spread premium) Most don't know what that is. That's ok, I didn't either. Basically anyone who sells mortgages has a room to work with in terms of the rate and their commissions (ysp), BUT NOT in Primerica.
Nooo, you get ONE rate and that's it. Oh, plus it has 1.5% in discount points, which really should reduce the rate, not the other way around. And it has a pre payment penalty, which no other conforming fixed rate loan has.
We won't get into all of the mortgage options that are out there, but if there are lots of options that exist, why would you limit your self and your clients to one?
This wraps up my products rant, and let me quickly go over the business.
Yes, you can recruit people, and yes you will get paid overrides. I've made lots of money in overrides. I didn't have a big organization, but I've had many months where my override income would be over $5,000, that's just overrides from other agents.
Here are the problems:
1. I don't care what they tell you in the Opportunity Meeting on Tuesday or Thursday night, this business will take a TON, of hard work. It'll take EVERYTHING YOU GOT AND SOME MORE. Anyone who tells you differently is lying and never made any money with the company.
2. You're a captive agent. We talked about that. You only sell for 1 term company. 1 Variable Annuity Company. 1 mortgage. Very limited in mutual fund options as compared to the rest of the industry.
3. Because you're a captive agent, your agents when they realize that there's a better option out there will leave and go somewhere else. Don't believe me? Check the company, you'll see that there are a lot of former RVP's, who were making between $50,000 - $250,000 and left to go somewhere else. I'll touch on that in a minute.
4. You don't own your business. If they tell you do, it's a lie! The minute you leave Primerica, your clients become THEIR clients, and you can't touch them for 2 years. Oh, that is one hell of a deal. You spend a decade running around building YOUR clients, but if you want to leave you GET NOTHING. And you can't LEGALLY touch your clients or your agents for 2 years. Otherwise Primerica will send their scum sucking home office attorneys after you, with nasty threatening letters and so forth. I got boxes full of plagues from the company being #1 in this and that. I got letters from John Addisson the CEO, how great I am, and what a leader I am. And then I leave and I start getting nasty letters from their attorneys. Talk about double standards.
Oh, and as far as their ownership program, yes it exists. BUT you only own something WHEN you have 3 RVP's under you. So what if you only have 1 or 2 or none, but you're a great producer, like so many people in Primerica, YOU'RE SCREWED!!!
But you won't know it until years later, when you finally realize it.
Is that enough or you want me to keep going?
Ok. Here's a biggie for you. Primerica brainwashes you to think that they have the BEST products, the BEST opportunity, the ONLY legitimate opportunity and a shot at Financial Indepence. They do it with EPN TV, Go Solo, Fast Start Schools, Conventions, Trips To Hawaii (which I've been on several of them). All that is nice, and I'm not against motivation and promoting the company, but listen carefully:
When you do this to put the blinders on the people, so they won't see all the flaws, and the fact that the products are flawed, that there are better opportunities in this industry, than that is intentionally hurting people, and that is wrong and evil.
I know of RVP's who tell their people to keep going, it'll be better, go invite more people, go recruit people. And these poor souls are starving, their making NO money, they're having marital problems, financial problems, but they keep paying for their Go Solos, and keep spending money to go to Fast Start Schools, and Conventions, because you should NEVER MISS AN EVENT. And they listen to another million dollar earner speaker about their rags to riches story, which again there's nothing wrong with that, except that the opportunity that this speaker had is over. It doesn't exist anymore like it did before.
The people for the most part that make money and survive Primerica, except for the ones that built it in the 80's when everyone had whole life insurance, fall into 2 categories:
1. They recruit a ton of people. Which means throw them against the wall and see what sticks. Yep, they don't like to admit that, but it's the truth. How else do you explain the fact that you have to recruit 100's of people before you find any good ones, BUT, here's the kicker that no one will tell you about - all the people that come in that won't make, which is most of them, you have to keep bringing them to the meetings and sucking their warm markets, because they may lead you to the next one and the next one and the next one, until you find a good one. That is a fact.
2. The second type of people who make it in Primerica are the producers. But it's a tough road. Why produce with the poor products that you have, when you can have it all by being an independent agent, and yes, you can still get overrides by recruiting other agents, EVEN if you're not in Primerica.
Ok, so to summarize:
Why limit your self to few product choices?
Why offer your clients only what you have and have to convince them, instead of finding the best that's available for them?
Why give up ownership of your clients because PFS fears you will leave so they put their hand on your efforts?
Why recruit into an agency that you may never own, and subject your downline reps to all of the above?
Can you honestly answer these 4 questions and tell me that Primerica is best opportunity in Financial Services today?
If you can, I feel sorry for you, just keep drinking the coolaid they're feeding you, until one day realize the TRUTH.
If you're new and exploring this business as an option, think hard about the facts I've presented, this a serious business that will require lots of time and effort to build, why not give yourself the greatest chance of succeeding by having all the options not just some of them?
Lastly, I just want to say that there are a lot of great people in Primerica. For the most part even the big leaders, they're not trying to mislead people, they just bought into this whole thing, but the fact is they don't know and they're hurting others, maybe even unintentionally.
It didn't start out this way. Art Williams built a great system and the company is big. But it became part of a corporation and as all big dumb companies they destroy the entrepreneurial spirit and slowly dismantle what was once great.
Don't believe me on this last point?
Ok, well here's my last point for today. We used to proudly say that we're part of Citigroup the largest company in the world, trillion dollars in assets blah blah blah.
That Primerica is THE distribution hub for Citigroup, the largest company in the world.
Well now what? Citigroup posted a $5 billion dollar loss last quarter. They're stock is down over $30, or more than 60% in the last 12 months, and they've sold off all their divisions except for Citibank.
And now, it's been in the Wall Street Journal several times already, that Citigroup is selling Primerica, because it's a peripheral business, profits are down from last year, that means no growth, which is bad for this type of company and so far no one is interested in buying. That's as of today, it might get sold eventually. Check it out for yourself:
http://www.banknet360.com/blogs/Item.do?pkId=10568&serviceId=1&biId
http://www.moneyweb.co.za/mw/view/mw/en/page94?oid=205818&sn=Detail
I welcome your comments and/or questions.
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64 comments:
I'd like to learn more. Do you have more blog entries or will you share contact information?
Primerica has great philosophy but no competitive products! Buy term and invest the rest! Check out a open source securities company with open source term insurance. www.pfs.thomasfinancialgroup.net Webinar Business briefing on Thursday 7:30pm Pacific time. http://webinar.thomasfinancialgroup.net
At first, I really like Primerica, its history and the commitment of the agents to educate the consumer was very inspiring.
Like you said, the pyramids stories are not true.
I was not looking to become rich or anything like that. I thought that even when other insurance companies may offer more to their representatives, Primerica was a better a option because we believe on the product, and it was a good cause.
But what really bothers me and I see that it bothers you as well, it's that they lie to me since the beginning.
That's a nice sobering view you have published. And I thank you for it. Ultimately Primerica is doing more good and I think when you balance it all out you'd find that.
Please tell me about the IBR for the term life....If you hit 20 years with the insurance and all is well then that part of the insurance benefit is gone? I read the description and that is what it sounds like. My husband thought all this time that our Life insurance amount was going to keep increasing. Now it sounds that it maxes out at 20 years and might even zero out. Thanks for sharing...
I went to a job fair, and went around to all the different tables. I'd never been to a job fair before, but now I know that I should go to the middle of the room and scout the companies BEFORE approaching the tables. Anyway, I got an interview immediately with a Primerica rep. I was excited and ran to tell my employment class case worker. He just shook his head, "Noooooo!!!". I questioned him and he told me flat out, "You DON'T want to do that kind of work. Trust me. You need a regular job". Well, I was kind enough to go back to the lady I'd spoken with, to tell her I wasn't interested and was looking for a job where I was immediately on the payroll and my pay wasn't determined by whether or not someone bought something from me. She tried to convince me that's not how it is, but I stood firm. She's called me twice, even again tonight and I told her the same thing. She told me that the employees get paid for every day they work, so I decided to go to an orientation tomorrow night and check it out. Then, I got online to research the company and stumbled on this site. I'm glad to have this information because I'm personally going to tell the lady who called me that she needs to throw my phone number away.
Anyway, when your employment case worker tells you NOT to seek employment with a company, what does that tell you?
Thanks for sharing your experience I have been in the company for 8 years and I have only struggled But I love the industry. I live in Canada. What would you recommend. ? I am anonymous because you never know how the compliance dept us gonna hit you. So your feedback it's really appreciated.
Just start a State Farm agency, have a multi-line portfolio with the nations leading company, and sell whatever products you want. With SF, there is no pressure to sell ANY particular type of life insurance. Each agency is free to run their business as they see fit. Captivity with SF has some major major benefits.
Every struggles no matter what business you begin! PFS is a great business but if you dont master your craft in whatever it is that you do you wont make any money! If the products arent for the client dont sell it to them... Simple! If your curious about the business try it out for your self instead of listening to a second hand source. Think for yourself!
Primerica (PRI) sold on Wall Street in 2009 at $15 a share. As of today, PRI is selling at $29. Not bad if you ask me.
It sounds like the company was really good to you. If you sold products to clients that you didn't understand or did and sold them products that weren't the best for them, then shame on you. I am a client and became a rep. I have been given training, and educatIon. I am lIfe lIcensed and securItIes lIcensed. All paId for by PrImerIca. I have receIved a mentorshIp by company leaders. All for a nomInal background fee. NothIng Is perfect. I guarantee the place you now work for makes mIstakes. And the beautIful thIng about It Is PrImerIca provIded you to fInancIal edudatIon for you to move on. You own your lIcenses.
I have run across clients with cheaper/valuable insurance, you know what I told them? KEEP IT!!!!
Shame on you or anybody that tries to make a few bucks and worsen a family's situation. Primerica reps, as independent reps make their own judgements on whats right for the families.
I love making sales on families that have NO insurance or the wrong kind or if they are simply paying too much for something they dont need.... I also love walking out of an appointment knowing that this family will now put their money to work and actually get to retire with some money in their pockets. If I never opened my mouth about the products/business they would have probably never PLAN for their retirement and/or they would have been stock in a 9-5 job making 30k/year. To many now days 30k is a blessing, but if theres a chance of a chance to double or triple my income using 8-10 hours a day, i'll take it!!
I was cleaning a table at a restaurant (where i used to work) when some random guy asked me "do you like what you do"?
4 years later, here i am making $80k instead of $25k if I stayed cleaning tables.
Thank you for taking everything I've recently discovered about this company and writing it out in a well spoken and organized blog. I will reference this blog for years to come as this is a great example of deception among employees.
The best that someone can do in this company is like myself: earn all the required licenses for a reduced price (company bargain), sell none of their products, and leave the company to sign on for an independent firm.
I was lied to at the beginning and my father picked up on it right away and I have successfully survived the deception scheme this company shows. I'm 22, in college, I now hold 3 state licenses, and I still have my warm market to sell ethical products to when I sign on to an independent company.
Learn the market first, and as best as you can. It's your only hope for survival.
What do you think about wfg?
This was written in 2008 before Primerica got independent as their own company in 2010. The company has gone over major overhauls and have new services that we brokerage for like Debt Watchers and Car comparison. Look up newer stuff like 2012+
And we are always taught for them to have the lowest rates! If their current term is better, we tell them to keep it! Our goal is to SAVE families and help people.
My base shop SVP is Mike "Ace" Rodregez.... Maybe you've heard of him :)
Hi Rick. I just came across this blog. What are you doing now? You must be independent with a large IMO now since you left Primerica.
When a primerica rep sells a term life insurance policy, does the rep only receive a commission in year 1? or are commissions paid in subsequent years in which the customer pays the annual premium? Thank you.
Recently a friend of mine took me to a meeting at a base shop in Chicago, and it honestly sounded to good to be true. I couldn't understand why this one particular guy that was a rvp, has been with the Co. 8yrs and still trying to achieve svp if primerica is so great..he pitched this story how with hard work u could possibly achieve $100,000 in 90days or $10,000@month do the math..
Well I guess since this was posted in 2009 and since then Primerica branched out into its own company, became a publicly traded company with one of the highest IPO's and just promoted 318 new RVP'S at the 2013 Convention and 100's of $100,000 earners and just build a new lavishing home office that maybe your opinion of Primerica has just lost some weight..
In any insurance the commission is based on annual premium. So you are paid in advance for I year of premium, after that the insurance company begins making money. This is true with Home, Auto, life...etc
I really don't believe you were an RVP with Primerica. First of all, we have mutual funds through Legg Mason, variable annuities through Lincoln Financial Group, and other sorts of annuities through MetLife. Primerica severed ties with CitiGroup several years ago. And you've got this chip on your shoulder about Primerica term insurance, I challenge anyone to find a better value out there for life insurance than what Primerica offers.
What if I just need a job to earn some money while I'm still at school? Could I do it at Primerica?
I don't really care about getting rich and blah blah... cuz I think it's nearly not possible during this recession. I just want to earn some cash, some experience in the industry before I graduate. I'm so tired of working at Starbucks or Mc Donald, I just want something new
The main point I can agree with you is the fact that you have to work extremely hard to make any type of money for a CONSISTENT period of time in Primerica. I'm a former Rep but I left in good terms with the company. I joined a couple of years before the company departed from Citigroup. I'm extremely glad that I met a Primerica agent. At 19 years old, with a family, I was sold a cash value life insurance. I was educated to switch to Term and Invest the difference after weighing the facts. THE BEST DECISION I'VE EVER MADE. I got money saved as well.
But would really made me a believer in Primerica was when I was able to help a family member out with a policy. We had found out after the fact that he had lied on his questionnaire when applying for the Life Insurance. To make a long story short, he passed away in a car accident. He had a felony, and a other issue. By law, Primerica did not have to pay the death benefit. But they did. They came through for my Mom and others who depended on his income. They showed they had integrity. Plus they even paid the death benefit plus interest. Are there other cheaper terms? Absolutely! but will they deliver in the time of need? In my case, they did.
The products and services they provide are good for someone who doesn't have insurance already, but there are certainly better products out in the market.
The thing I despise about Primerica though is that they're full of BS. They recruit you through deception, focusing on the hoopla of 'dreams' and owning your own business even though you are simply an insurance salesmen for a low-tier company. They spend more time on getting you to recruit others into their scheme than they do on product and scenario training. They pride themselves on being 'business owners' even though something as simple as the company name will never be yours. Their 'opportunity meetings' or meetings where they try to recruit you as a rep are super-cheesy.
If you are serious about selling insurance look at other companies as well before making your decision.
Honestly, I just want to thank you from the debt of my heart for this post. I am a new agent with Primerica but never took out time to learn all these about them before joining the team. I have sold two policies to my closed friends and now I feel terrible. I use to be so proud of the company not knowing how limited their products were. I didn't even know I was a captive agent!!! I have been comparing Primerica with many other life insurance agencies out there and Primerica is way limited and most expensive. How do I free myself from this so I can join a new company? Also I want to make it right with my 2 clients I sold Primerica products to them. Please I need help please???? LV
I sold 120 life policies in 2013... Well myself and my team. (Not Primerica and not MLM). I sold about 60% term, 40% perm. Price isn't the only determination in PFS' defense. BUT... Primerica has not changed with the times. There is a need for permanent insurance. Only 1.5% of term ever even pays a death benefit. Term is very profitable for the insurance company. With that said, term insurance should be part of most people's portfolio, but there should be a foundation of permanent insurance to guarantee a death benefit. The crusade is dead. Sorry Art. We are not all selling trash value. If you understood how insurance works you would understand the value of how to properly apply both and why BTID is not the best strategy. This is coming from a former "termite" with 20+ years of experience.
Thats not the full truth either and the reality is anyone tell you this is the way is probably lying.
Well the folks reading this site should realize that the publish date is in 2008 the company went public from under Citigroup who was the contract holder and deciding factor for almost everything that primerica sold not because primerica wanted to sell it but because that's what they had to do via Citigroup their parent company. since that time so much has changed I'm not naive I will never tell you it's perfect but it's definitely a lot better than what is describe in this gentleman's blog.
Who still hasn't learned or doesn't choose his words carefully. Is there a place for prem absolutely in the absence of making better decisions when a person is younger. If prem is shown as an investment strategy that is a bold face lie as far as great profit margins for a company brother when the "agent" gets pay 4, 5, even 7k for selling prem i'm think that is the real money maker.
Then you haven't learned anything while with the company plus again this was written in 2008 that is going on 6 years ago! Read-AnonymousDecember 26, 2013 at 3:42 PM comments.
Read financial planner magazine every week there is another guy from one of the big boy companies that's getting sued for doing the wrong thing.
Hoopla I'll take, that some folks in PRI are stupid & practice stupid tactics yes I agree with that as well. Don't think all those in PRI are built the same i'm 1 of the few offices that don't do op meetings. As far as the lifting up people if you have a problem w/making folks feel good I'm sorry for your clients & your an ass.
I joined Primerica last May and the only issue I have is that the Primerica opportunity did not find me earlier. If I had this financial knowledge 14 years ago my life would be completely different. Primerica is the only company I know that seeks to educate middle income families and provide them with an opportunity to dramatically change their financial life. I am a teacher and I will proudly impart the financial education I received to as many families as I can. Other companies will only look at you if you have large sums to invest. Through Primerica, anyone can invest with as little as $25 per month. Imagine what this can do for families in the long run? I am truly sorry that you no longer see the value in Primerica. As an RVP, or even a Rep, you are expected to have integrity. Primerica cannot give that to you. If you find that a family has a policy that is suitable for them, let them keep it. The key is to educate, not to take advantage of. I have not found anyone in the company who has tried to tell me otherwise and if they did, I would definitely stand up for my client. I am not suggesting that you do not have over-enthusiastic people in the company, but that can be true in just about any industry. The key is to do the best for your client and that lies with you, the individual. In addition, Primerica is now an independent company and is currently offering a wide array of quality products . Maybe you should check them out. I know that whole life pays a lot more in commission than term does, so I hope you did not use Primerica to get to get your licenses to go and do that. That would be a shame. If you are a young person, looking for a great opportunity, Prrimerica is the place for you. Even if you don't remain with the company, though you should, the knowledge will change your life for the better. You can make it if you are willing to work hard. Not everyone will be able to do Primerica full time because it is commission based. You have to assess your financial situation for yourself to detemine if a full time position is right for you. However, the company does offer excellent part-time opportunities, so do that until you can transition full time. That is what I am currently doing. As you can tell I am very passionate about this company because I clearly see what it can do for the middle class, especially people of color who are not usually aware of how to become financially independent.
It is my mission to change my family's life with the help of Primerica. I have presented to my nephews and nieces and they will definitely invest so that they will have a better future, even if they do not invest through Primerica!
There is nothing better than healthy dialogue and enlightenment so I can fully appreciate this blog.
However, to anyone, prove that the reason any of you entertained the opportunity doesn't fall into the following category: SELF IMPROVEMENT?
You may have learned a lot, both good and bad, or even discovered that Primerica isn't for everyone (you in particular) but I can respect the blogger for sharing his pov.
At one point in time, the freedom that you desperately felt you wanted or even deserved seemed very attainable-so try to just say thank you Primerica for goodness sake. Without a different perspective you may never have taken the steps to repair your life financially or even encourage someone else to do so. We each have to make a decision to do what we are morally strong enough to live with, regardless of the countless products available to us or NOT.
The poor will always be among us- but I REFUSE to be one of them!
"Wealth is not measured by a $ amount attained in your life rather the value you bring to others' lives" -ME
In closing, as a PSF rep I fully intend to do my best at adding quality and wealth to as many families as need it. I encourage anyone who is interested to do the same- the BEST way you know how; mine just happens to include Primerica.
Art's vision never changed but people do and that's no secret or new occurrence so shake those losers off and keep truckin' dag'gummit!
If it wasn't for primerica, me and my wife would of still be paying 230$ for a whole life policy that would of only have $6,200 in cash value by the 20th year of the policy! You seem to be very smart in the financial field. Then why would you recommend any other products besides term life insurance? why would you bash primerica when there's companies like state farm or farmers selling trash value to people?.And the mutual funds we provide are by big companies like Franklin Templton, Legg Mason ext. And talking about ratings Primerica has a A+ with A.M Best in which only 15% of insurance companies have. I was a client before I became an agent, and thank god i let them do a policy review on my current policy. Just curiouse, whats you full name or solution #. I dont believe you were an RVP. More like a cash value agent!
If it wasn't for primerica, me and my wife would of still be paying 230$ for a whole life policy that would of only have $6,200 in cash value by the 20th year of the policy! You seem to be very smart in the financial field. Then why would you recommend any other products besides term life insurance? why would you bash primerica when there's companies like state farm or farmers selling trash value to people?.And the mutual funds we provide are by big companies like Franklin Templton, Legg Mason ext. And talking about ratings Primerica has a A+ with A.M Best in which only 15% of insurance companies have. I was a client before I became an agent, and thank god i let them do a policy review on my current policy. Just curiouse, whats you full name or solution #. I dont believe you were an RVP. You sound more like a cash value agent!
Primerica Saved my Family THOUSANDS and put my life plan together and allowed us to become debt free in 7 short months!
Thank GOOODNESS they got us out of the Whole Life BS!
Congratulations to the people who weed through the rhetoric and pay attention to their vision, future, intentions and be proud of all the ability PFS agents DO have and Not what is lacking!
Nothing but LOVE
I wasted 8yrs. Its up to you but its not worth it. It is truly sink or swim. many big rvps have quit their is no leadersheets tracking that stat but its their. hey art Williams left after 13 yrs and he was the founder. I know he was fired but he could come back now why doenst he cause he chilling living a life you don't have running primerica.
I DIDN’T JUST TRY PRIMERICA I DID IT:
I joined primerica 2004 I left in 2011 or May I say was forced out by primerica chargebacks. You see I was an rvp running a big base shop 50k I had 3 regionals leaders getting ready to go rvp one had the watch the others on pace we only recruited 20 people a month and it all collapsed. We truly cared about our people we didn’t buy into that recruit 100 people and watch them suffer to make money we wanted to help anyone we recruited which it was what you say when you recruit someone. So why did we fail why did we leave owing 50k in chargebacks debt. Why? . we worked harder than I ever seen or heard of any new up and coming rvps that were a holes to their people but they were winning we loved on our people and they stabbed us in the back. I gave 8 yrs of my life to pfs won trips spoke at events held big events and it all failed. No one from pfs cared when we were forced out it’s just another dead body and another month to produce life goes on or need I say no life goes on in pfs just production and promotion.
WHY WE WERE FORCED OUT:
The truth: in 2006 my up line stole a team from under me we had just came back from a retreat and we got a call that our top team in our office wanted to transfer to our rvp that means they wanted out and we get nothing for recruiting and training them and it was our second gen rvp asking to allow them to transfer. We had been getting advice from a top pri snsd and he told us what was happening it was called pouching or stealing down line in lamens terms. You see our up lines were old and tired and they didn’t have the swag any more so they wanted to steal recruits from 2nd and move it to first gen so their overrides would be bigger. We fought and won 50% network. But our relationship with our hierchy or up lines was over. Mistake number one you need up lines to cover for you and keep the lies going.
PUTTING OUR TEAM WHERE THE WINNERS WERE.
So now we have no up lines helping us we started plugging into California because that’s where the biggest base shops are. Think of it as a retreat or boot camp we would do it every 90 days for 2yrs then finally pop we were cooking with grease big base shop numbers winning company trips in the rvp category no longer having to win on personal production, oh yes we are not lazy we wrote 10k personal for yrs making 8k income. We had a total of 2 yrs of sustained growth we had two real regional leaders doing 30k and 20k and one doing 7k the 30k team was writing 10-15k personal top 5 regional leaders and was trying to pass her exam for security license and the 20k couple started having marriage problems. The third decided to totally cut corners and commit fraud and we were left holding the bag. The 30k leader couldn’t pass her exam but she wrote some many bad policy’s and her team with their bad policy’s the charge backs for her were 20k and the company terminated her they wouldn’t even work with her on a plan just gone. The 20k leader team collapsed from same charge backs and they too were fired. The last hope was the 7k couple who decided to make up fake policy’s in midst of the chaos they were writing 30-40k personal and we though hay we can survive this lets recruit to what they are doing and they even passed their security license after two attempts and boom they went rvp and then they did 50k wow I couldn’t believe it the story didn’t hold water but hay I didn’t know you could write fake business and get away with it I mean come on this billion dollar company couldn’t plug a computer loop hole. 3 months it took them to find out and they were fired and license revoked by the state and we were told we had to pay back 50percent of a 100k income and I mean wow so we are that responsible for every rep so why the hell am I going to recruit anyone.
THE POST CONTINUES
The collapse:
Within 3 months our team twiddle to about 4 people it was heart breaking I was writing business to see nothing in return trying to fix as many policy’s as possible but we had a baby and bills so I left first to get income elsewhere within a couple months I was divorced and went bank rupt then my ex was forced out as well.
In 2006 our up line told us that were would go out of business if we pulled away even though they took people from us and guess what we did. Today we are arnt even a memory just forgotten. As you will be too.
A little about me:
What kind of rvp was I , would like to say the real kind I loved seeing my people winning get recognized and making money I never posted our success but talked about theirs. It’s sad when a rvp in primerica shows off what they are getting what about your people oh that’s right they are struggling and you don’t have anyone successful or maybe you have one. Most of the top dogs In pfs only have one guy making money check the leader sheets for your self’s get one good guy you make 600k and he makes 300k have a couple highly unlikely today you make a million NOT BAD IF YOU DON’T HAVE TO RECRUIT 1000 PEOPLE PER YR AS A RVP BASESHOP. Well most rvps make less than 150k and with a office lease and taxes you’re living on crap. If you cluster your rent can be lower but you won’t grow clustering. In all we travelled to cali for 35 times and yet we had to leave why does pfs insulate itself with the recruits if you don’t pay the chargebacks back they roll up and and can blow you right out of business that’s why the stock price is going up and when don’t we get any of the policys that stay on the books as earned income that’s how you get bonused its blood money of past reps blood sweat and tears and your reaping the benefits . Its not worth it when you get out I have never had a day off in pfs if your going to work and only make 150k you can do better elsewhere without the stress or chargebacks. No you won’t have the recognition or the leader sheets and no you can’t ask where you are at for the month or what’s your rolling twelve but hay pat your own self on the back you should be better off after leaving primerica.
I recommend you do pfs for two yrs because it’s like working out at the gym you will get into shape mentally and everything else in life will seem so much easier because no body and I mean no body works like a prim American……..Or do what you love and the money will follow…..
Ive made more money sense leaving primerica and I don't have to lie or mislead to get It I got flack for taking a honeymoon for Christ sakes I mean what are we on this earth.
I hope this post helps someone it sucks cause primerica doesn't make you want to be somebody they just expose that desire in you for their gain.
Who are you working with now instead of Primerica?
How much have you made since joining? What do you say to someone whose moved here, who doesn't know anyone whose trying to network after joining the company. How would you generate leads?
Give the guy break. Would you give out your info. If you don't agree with him then you don't. He made several valid points. Leave him be
Your best bet is to get out of PFSL and either go independent, or hook up with a company like Great West if you want to actually earn a truly ethical and moral living.
I am currently a rep who is being dogged by Head Office for raising concerns about business standards (as in, there are none)...I was told point-blank that "any questions or concerns could be put in my resignation letter" - there isn't a reputable company out there who'd do this to their reps.
I discovered (thanks to a trusted friend, independent broker, and former Primerican) that their insurance isn't the best priced (check out www.term4sale.ca, play with the calculator and check the quotes!), and their "be an independent business owner" line is bull - IF you make it to the level where you can open your own office, you RENT the space with the logo on it, and your clients aren't yours....kinda sounds like you are just another franchise owner, don't you think?
When you stop sipping on the jesus-juice at the meetings, you start to see clearer.
Poor judge of investments Primerica was number one IPO on wall st 2010 and gone from 14 a share to 54 a share awesome investment 911 claims paid 100% because no act of war or terrism exclusions. Buy Primerica and family collects perios. Investment portfolios are excellent and made me and family money Debt stacking is solid advice to eliminate debt, long term care is excellent and nice part is the Analysis is free. He should quit for the obvious reasons that he lacks insight and knowledge that is fact driven. LOOK AT PRI on Wall ST to see
To Previous Poster
Its nice that you think Primerica was the only insurer paying out 9/11 claims, but have you ever validated that, or do you just believe what you're told, because Primerica never lies.....right?;
http://www.nytimes.com/2001/09/20/business/nation-challenged-insurance-life-insurers-promise-speed-payment-claims.html
I'm going to sound brutal, but I promise this is out of love from someone who aspires to go much farther than RVP. Tough love. So be warned.
Some of the facts you make are very much true, but are quite disappointing at the same time. By the time I got to your ownership complaint, I knew exactly what kind of RVP wrote this article. You made it to RVP, congratulations, but a lot of people are tricked into believing that RVP is the end of their Primerica journey and life is gravy from there. It's only the beginning. Your Primerica journey truly begins when you sign a contract; not an IBA.
You want ownership? Work for it. Get those three RVP and get promoted to SVP. Then get your ownership contract, then work to NSD, and finally, SNSD. The issue here isn't the products or the service, the real issue was that you didn't have it in you to keep on going. Conversely, all you wanted was an easier and faster way to much more income, which is not necessarily a bad thing, but when you look at those who are high 6 and 7 figure income earners, ask yourself this: did they bitch about the system? Or did they persevere and create hierarchies after RVP. There's no curtain that limits you. Simply put, you just quit.
Do you know anything about Primerica's 403b it is an option at my school?
What are some of the features on Primelite? I'm trying to do some research for myself.
Thanks
Primerica has the best products out there flat out. Primerica term is the best term in the industry. Primerica does have Variable and fixed annuities from some of the most reputable and respected companies in North America. When it comes to mutual funds, again Primerica offers all types from multiple companies, some considered the most trust worthy in North America. Do your research from real, legit sources and you will discover Primerica is the best in the industry. I think doing A shares is the best way to go, the fees are paid up front and you can let the money grow, not to mention that you are being hones with the consumer with other types of shares the consumer may not notice the sale charges but they are there and sometimes at higher cost than A shares. Notices you posted this in 2008 when the economy clashed and City group tool a BIG hit which could have had affected Primerica but Primerica did what it stands for and became independent, gained its freedom. Feel for you bud if you quit Primerica thinking it was going down, you shot yourself in the foot if you did. Primerica is stronger than ever and developed multiple Million dollar earners (earning one million or more per year), Almost to 80 Million dollar earners as we speak. Reading this one proverb comes to mind and its defenitely true in this case (if this guy really was a Primerica agent) "Quitter never win and Winner never quit" due is you were already an RVP you could have exploded after Primerica became public, plenty have become million dollar earner sense them. The bling is in the ring.
I sold PRI as soon as the DOL rule was issued. Even with BICE, there is little possibility this can withstand Obama and the DOL screwing the little client. "I'm From the Government and I'm Here to Help." 9 worst words ever. Coupled with the single worst president ever.
It tells you that she knows nothing. She is an employee. Primerica is a business opportunity.. not a job.
Life insurance is very important and it is the best way to save money. If you are busy person and have no any time to go insurance company and you can easily get insurance in the internet.
Employee Benefits
Would be eager to speak with you regarding your experience, if you see this please send me an email surban@mosaicrm.com
It tells you that using her experience as a Job Case worker that Primerica is not a good alternative. It is to sell overpriced Life insurance AND recruit (family and friends first). Do your due diligence and check
This obviously a post from someone on top of the Pyramid. Primerica uses same marketing as Herbalife, Anway, Mary Kay. Do your homework.
Very curious as to what you're doing now and the type of income you're making.
I was in Primerica for about 18 months. I had went RVP within 15 months and just missed $50k in income. I didn't leave because of any dislike or animosity towards Primerica but had an offer making over $100k plus and relocating that I took because I was ready to get back to a 8-5 job. You are spot on when saying you have to work very hard to succeed in Primerica! My experience was fairly good. While product training was almost non-existent (which I believe was isolated to my RVP) it was very motivating and inspirational. The self-improvement it lead me to do has improved my life many times over. Even though I'm no longer with Primerica I would still recommend it to anyone for the self-improvement alone. Being around million dollar earners and successful minded people will change you for the better and help you succeed in anything you do in life.
Im asingle mon with 3 kids, came from mexico in 2004 got this opportunity with Primerica with 20% of English, no experience, no people skills, no market, only my high school diploma. Im an RVP I love Primerica have changed my life and my families life. I Don't get it when people say that Primerica doesn't work. Its been working for me very well. I believe that if you put your heart, and if you follow the system it will work. What I have learned,
is that anything you want to do in life if you put passion not just your talent, Im talking about passion and work ethic will work. Because if it is working for me that at the beginning had so many barriers and limitations why will not work for someone else?
You so understand insurance
I’ve been with Primerica since October and am currently a Regional Leader I am trying to set a record for fastest ever to reach RVP (6 months is the goal) the system works and in my community has been hugely beneficial but you do have to make the business your own. I learned the fundamentals and then created my own version to cater my people. It is not for everyone but it is not a bad company or model. I can’t speak for when this article was written, but in 2018 I am happy to be affiliated
Can you put the date that you wrote this? It looks like when Primerica made the split from Citigroup they corrected the problems you mention.
I believe Primerica is right for some, but not all, just like any other business.
I found your this post while searching for information about blog-related research ... It's a good post .. keep posting and updating information. Is Primerica A Legitimate Business Or Pyramid Scheme
Can you back up the points you made? Starting with Primerica term being the best in the industry please. I’ve found higher rated companies with free riders and it’s still more affordable. Am I missing something?
www.simplesite.com/truthsonprimerica
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