103 Comments

Primerica Life Insurance Company: The Truth about Primerica

Written by:  • Edited by: Laurie Patsalides
Updated Apr 29, 2010 • Related Guides: Life Insurance Policies | Life Insurance
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Primerica Life Insurance Company is one of the largest providers of term life insurance in the United States, but to get the truth about Primerica, look no further than one of its customers.

Primerica Life Insurance Company: Financial Strength
Rating Excellent

There are two ways to discover the financial stability of your life insurance company: (1) die; (2) research the company's financial strength. I prefer the latter (if you prefer the former, you may not want to mention it when applying for coverage).

A.M. Best, a full service credit-rating organization, has given Primerica a superior (A+) financial rating. According to Reuters, A.M. Best bases its rating on Primerica's "leading position in the U.S. term life insurance marketplace, strong risk-adjusted capitalization and favorable liquidity profile,"* which in English means if you die, they have the money to pay.

Primerica Life Insurance Company is a subsidiary of Citigroup. Because of Primerica's profitability and Citi's need to raise capital, there is a likelihood Primerica could be sold in the near future; this, however, is no reason for policy holders--present and future--to be concerned.

*The full article regarding the truth about Primerica's financial strength is available at Reuters.

Primerica Life Insurance Company Products
Rating Excellent

Life insurance policies don't exactly qualify as fun reading. Most people when they buy life insurance have no idea what they're getting. There's a reason for this. Most life insurance companies don't want you to know what you're getting. Primerica, on the other hand, keeps it simple.

Primerica sells only term life insurance. If you're looking for cash value insurance, go elsewhere (but read this first). Policies range from 10-year term to 35-year term. All Primerica policies are level premium/level term, which means the monthly premium stays the same throughout the term of the policy. Primerica policies automatically come with a terminal illness clause, which allows the policy holder to receive a portion of the death benefit in case of a terminal illness. Most policies can be renewed without a medical examination when the term expires (premiums will increase based on age at renewal).

Here's the truth about Primerica: because it only sells one type of insurance, consumers need not fear the unethical practices of insurance companies of the past. These unethical practices include the implosion of cash value life insurance policies and the bait and switch approach--the agent sells you a crappy term policy, increasing term, for example, and after you complain he persuades you to buy cash value life insurance.

An important part of any purchase, be it life insurance or toe nail clippers, is cost. A criticism of the company in the past has been its high premiums. Within the past several years, Primerica premiums have been reduced considerably and are now extremely competitive.

Shop around.

The Truth about Primerica: The Agents
Rating Excellent

One of the more interesting (for those who find life insurance interesting) aspects of Primerica Life Insurance Company is its agents. The company aggressively recruits, not Wall Street techno-wizards or Insurance gurus, but part-time, average, middle-class Americans. Primerica's hiring practices have been criticized by some (its competitors) because of its high agent turnover. Hiring part-timers and average Joes (and Janes), however, is in line with the company's philosophy of keeping things simple for the consumer.

If you wish to purchase life insurance through Primerica, it must be done through an agent, contact information can be found at the company's website. In addition to answering questions about life insurance, your agent can provide you with a free financial needs analysis to help you get out of debt, pay off your mortgage faster, and save for retirement--many agents are licensed to sell mutual funds and can help you start a Roth IRA, a 403 (b), a 529 College Savings Plan or a self-employed retirement plan.

The truth about Primerica: they just might have a solution for you.

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Comments

Showing all 103 comments
 
Baseball112710 Jan 21, 2012 5:56 AM
RE: Primerica Life Insurance Company: The Truth about Primerica
In order to get your license, do you take the test online or in person?
Booker Kortnie Jan 13, 2012 5:59 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
Overrides are not that much money so they don't make lots if money off you .....it makes no sense why people get frustrated a bad mouth companies....if 1mcdonalds gives you bad service you don't say it's a horrible company or a pyramid...you just go to a different one...don't let your ignorance deter someones dreams and goals of becoming financially independent....on your job do you even consider the fact that you have at least a chance of making your dream income? No because there will always be someone over you keeping you from reaching the potential that you have...Primerica isn't about the money it's about the opportunity to become financially free and all people want is a chance to do great things....
Mr. Reality Dec 23, 2011 11:53 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
I wish it was because I paid the 99.00 and the only thing I lost was obtaining my license and starting my own business! Wow! Bottom line, Primerica allows ordinary people to start their own business.  It is an investment and not a job!  There are many companies, such as car dealerships do not pay for a person to become a salesman!  It is sad that many people will place insurance on their possessions and not on their lives!
Darla Carothers Dec 22, 2011 9:40 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
So why do you work? To make money Right? And you expect to get paid. The only difference is you get paid for every hour you work and there are a lot of times an agent does not make money and have to use their gas, time etc.And yes there are a lot of people that try and make no money and if you are training them you wasted your time and money especially if the person you are working with has no credibility with people or just not good at selling which not every one can do it. Just like with your job not everyone can get paid and do it. For example if I was a nurse and worked in the hospital and you came in and said i want to do your job. Think those patients would want you or trust you especially when you have no training and never done the job before? It is basically the same thing .I have to laugh at your pyramid thing because if that was the case you would make money every time . Plus think about it your job is a pyramid you make money every time you work but your supervisors get higher pay for you doing your job and the owners make money you both doing your job and the gov't makes money off of the owner making a profit. Now that is the biggest pyramid there is . Plus agents the money they make sometimes not even enough to even come close to the licences and training you have to pay for, plus gas etc. If lucky you break even. To you really think your boss would train you knowing he might make nothing to train you if you don't perform the way you should. Do you think he would take money out of his own pocket to train you?That is just an uneducated reponse to something you do not understand. Plus think about it do you want someone opening an office with no training who don't know what they are doing. Just like you don't want someone being your nurse who had no training or schooliing putting a tube down your throat or an iv in your arm. At least they would get paid every time they used you as a guinny pig even if they do it wrong or kill you,  An agent put in a lot o
Darla Carothers Dec 22, 2011 9:12 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
That is because you must have Ibr which means your money goes up to cover increasing life expenses. In other words you are getting more coverage which is higher than that 180,000. It is an option you have to get more insurance as the years go on but at the time maybe you couldn't afford the higher premium. It is actually a good feature to have because if you die the policy is worth more than 180,000.
Darla Carothers Dec 22, 2011 9:03 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
That is because your agent probably quit and not decent enough to return your phone calls to tell you. I would be trading agents. You can do that.  I have no problem ever getting answers. The phone number is 770* 381-1000. Just ask for the agent line. Just call a local office and ask for a change of agent form for life insurance. Plus I am sure I can answer any question you have if you would llke.I did have my license with that company because i wanted to get to know the company i was investing my money and came across a lot of people that were helped and did get their home paid off early. Even when 911 happen they did not have to be sued to pay the policy because the insurance companies do not have to pay if it is considered an act of war and even cover the military men if they get hurt fighting for our country.There was even a man who had a mortgage and fell of the roof and broke both his legs and they worked with him so he did not lose his house. I no longer sell due to the fact my RVP died and I did not want to drive 7 hrs to the office he was attached to for training. But I definatley would say it is a good company but you do get some bad agents apparently like the one you got. That happens with any insurance company. Just like with any company such as Mcdonalds where my daughter works and those kids have to deal with their boss calling all of them every name in the book Yet her friends work at other Mcdonalds and they are treated with respect. .So you can't base a whole company on a bad experience u are having with your neighbor.
Machinehead383 Dec 14, 2011 6:51 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
I worked as a Primerica agent part time (also a mechanic). I paid my $99 just like anyone else, worked hard and obtained my life insurance license. When I started, my avg commission was approx $500. Writing my own policy more than paid for my initial investment. After making several more sales and changes in my life I no longer had the time to invest. After being a part of this great company for just a short time I was able to see the caring nature of the majority and the commitment to helping average people like myself to succeed and become financially secure. I've seen many people come and go, its not for everybody. You definitely need to self motivated. Those who want to succeed and are willing to work hard will succeed. By the way, there are way more mechanics that scam customers or the shop they work for. I still have PFS products to this day even though I have been inactive for several years now. Do not blame others for your own short-comings.
J-J Dec 6, 2011 5:42 AM
RE: Primerica Life Insurance Company: The Truth about Primerica
Dear NOP,<br><br>There are a few points that need to be pointed out about your post:<br><br>1) It seems that those of us who rely on name calling ("scaaaam"), ridiculing ("run forest run lol"), and common-experience pulling ("you know who those people are", "now come on") can't even share our first name, let alone make some sense of what we say.<br>2) If you are going classify an entity as a scam or BS, please show some evidence to justify your words.  Provide some evidence that it's a scam, aside from them asking you for money and signature.  You did not even try to specify what you get for your money and signature.  Too many organizations ask for these things (banks, churches, governments, retail stores...) for this to equate to anything.<br>3) If you are going to equate an organization to another ("just another AMWAY"), please provide convincing evidence of that, too.<br><br>I can't read into Primerica based on what you wrote.  But I CAN read into just how much of an "educated person" and "very smart person" you are.<br>
John Pittman III Nov 17, 2011 8:58 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
Getting an Insurance Agent License, with the State, A Loan Officer License with the State and NMLS, 3 different Investment Broker Licenses with the SEC/ FINRA generally costs $3,000 or more depending on which state you reside.  Primerica has you pay for your background check fee and registration fee with just $99.00 and Primerica companies pay for the rest of the cost for you to get licensed.  <br>Not sure why you think that is a scam...
Susan Oct 7, 2011 12:09 PM
Primerica Life Insurance
I've read quite a few of the comments below and I'm sorry to hear about some of the issues you've had as a business owner with Primerica or as a customer. I am not a Primerica Rep, nor do I sell insurance for any other company. I am an average citizen with a college education. My husband and I purchased life insurance through Primerica 15 years ago and am I glad we did. We purchased a policy for the two of us and put our kids on as riders. We paid our premiums which we could do monthly, quarterly, or yearly, and yes we did receive a bill in the mail for our monthly premium, but there was also a time when we paid yearly to save the small administrative fees. Just last year the premium went up because the first 15 years had ended, but the increase was only about $3. My husband passed away in July of this year (2011). The only thing Primerica requested from me was the death certificate and within 10 days of submitting the death certificate to them, I had my check in my hands. My rep, who didn't initially sell us our policy, does follow up with me and is in the process of helping me invest money. He doesn't pressure me into increasing my insurance, nor does he pressure me into going into the business. He has asked me from time to time if I have any friends or family who need insurance and I did refer one friend to him. On the other hand, I have a family member who passed away without any insurance and it was a burden on the family.
Favored and Blessed! Sep 16, 2011 5:12 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
With due respect people,if you dont know what u'r talking about,"be quiet and keep it moving!" Just because u may b a competitor(who dont make the kind of money their agents earn or provide the same product that doesnt offer much value to clients),couldn't make money in Primerica(due to ur attitude,lack of people skills, slothfulness,etc...)and/or just the type of individuals that try to make themselves look or feel good by putting others (people/businessess)down. Please quit it, grow up and stop blaming everyone for ur downfalls and shortcomings. Take responsibility for ur own actions and get a life. Primerica has overcome all criticism and (what people like you thought was) bad publicity-by their track record and credibility per many well-known & reputable sources(we the american people trust). Thank u for ur contribution on shining the light on Primerica (who turns out to be rated one of the best and fastest growing companies in the financial industry) with ALL ur negative comments. Next time, do ur own homework and find out what it is their agents have that u dont and maybe then u'll be able to find ur way in life. Dont be lost in the world spending valuable time putting others down, instead find ur purpose and dream BIG,"w/o vision u'll perish." A word of wisdom, showing ur envy and ignorance made them more profitable(due to prospective clients research re: Primerica) and made yourself look even more incompetent by being provided with training/licensing and support(free of charge) and still wasn't able to seize the opportunity of a lifetime. Best of luck in the future and may God bless you.
James Mar 16, 2011 4:43 PM
Primerica "Scam"
I have been a Primerica client for over 5 years, and my father has been a client since 1979, when they were known as A.L. Williams. I have always felt that they have had a significant positive impact on my family. Recently, I was told that I should be wary of this company, that they are a “scam” and a “pyramid” scheme, and that I should do some research on this company on the internet. I decided to do so, and this is what I found.

There are some very favorable articles that have been published on this company lately.
They have been featured on/in
-The Wall Street Journal.
-The London Times
-Fox Business News
-Jim Cramer’s Mad Money
-Wikipedia
-Google Finance, among others.

Here are some interesting facts I found on the company:

-Been in business since 1977
-Regulated by the SEC, FINRA, and the Dept. of Insurance in every state they are in.
-Maintains a positive rating with the Better Business Bureau
-Rated A+ by AM’s best, an independent insurance rating company (similar to Consumer Reports)
-Owned for 20 years by Citi, the largest corporation in the world.
-Recently went public, April 1, 2010. Traded on the New York Stock Exchange
-Warburg Pincus, a private investing firm, invested $240 Million into the IPO (Initial Public Offering)
-Before Warburg Pincus invested, they spent over $9 Million investigating the company
-The stock is up over 50% in the last 10 months, and has been called the “IPO of the year” by Jim Cramer and others.

Here are some links you can explore yourself:

http://online.wsj.com/article/SB10001424052702303960604575157722249937544.html

http://video.foxbusiness.com/v/4133597/primerica-ipo-soars/

www.google.com/finance?q=NYSE:PRI

http://www.ripoffreport.com/financial-services/rip-off-report-inves/rip-off-report-investigation-9cp7d.htm





As a matter of fact, the only negative information I could find on this company were blogs posted by anonymous people. I'd say that my "research" is done.
Rebecca Hernandez Mar 11, 2011 1:08 PM
Life Insurance
How in the He** do you get a life person on the phone. I am in Ca and have tried to reach them and no luck. The agent that I had who was my neighbor for 2 years sold me the policies and I can't even get her to return my calls, she has no voice mail setup. I have been having the payment taken out of my account monthly but where are they when you have a question.
I am pissed, pissed, pissed. They are quick to take the money but not answer questions.
Mad in Moreno Valley, CA
Trent Lorcher Mar 9, 2011 12:42 PM
Larry
This should help:

http://www.primerica.com/public/contact.html
larry Mar 8, 2011 5:09 PM
contact information.
Does any one have there contact information. ?? I been a life ins.client of primamerica for about 6 years now.. And all I get in the mail from them is a increase letter stating the increases . And if they dont hear from you the increase will take places.. Im currnetly paying.. $78 a month for a 180,000.00 policy >. DOES ANY ONE HAVE THERE P### To cancel or to remodifie my current policy
Tom Mar 5, 2011 10:17 PM
Primerica
I worked for Primerica for 5 years.
The thing that I think most people don't understand is that Primerica is not a "JOB" its a "Business Opportunity". Business Opportunity meaning that when you get licensed through your state you become an Independent Agent. It's really not hard to understand. Its just like Real Estate. If a person is going to build a business they have to invest time... I went through a lot of training...I mean a lot. I've never seen a company that wanted to prepare their associates for success on that level. My 2 cents is that Primerica is a great company for anyone who wants to learn how to build a business and has an entrepreneur heart. You are going to incur expenses in any business.. And Primerica pays for all of their agents Life licensing and Securities Licensing... Yes they do handle investments. I was happy to be a part of Primerica. They changed my life.
Shane Mar 3, 2011 2:07 PM
Primerica
Well there has been alot of talk about this topic. I am a client with Primerica and at one time worked with the company. Primerica is a great company. They helped me knock 19 yrs off my debt save me 63 thousands dollars in interest and help me retire at the age of 50 with 3.3 mill. They also put the right type of insurance on me and my family for a lower amount than what we were paying for whole-life. So when i seen this I was blown away and started working with the business part time. Primerica is set up to build wealth for the rep, as part time or as a RVP it doesn't matter what level you are it works. I worked part-time with this company for 9 months loved it but it just wasn't for me. But i will say this you people on here have no idea what your really talking about you are talking advice from someone who is just as broke as you are or someone that works at grocery store for 4 yrs. There are BAD apples in Primerica just like any other business. If you go to Burger King and get a buger that was bad, that doesn't mean that Burger King is bad that just means that the cook didn't know what he was doing. I think GOD for puting Primerica in my Life as a Client and for 9 months a Rep. It has change my life. Primerica is not for every body but they give everybody a shot at becoming wealthy no other company can do that. It is not a pyramid i mean come on lets look at this here. Your telling me that the NYSE, SEC, A.M Best, Better Busines Bureau, and several other companies havent found out that Primerica is a PYRAMID but you did a guy who is a mechanic, please come on lets be real here. 34 yrs and your are the one lol. It is really funny to be honest Primerica is a great company enough said.
Canadian Bacon Feb 24, 2011 2:28 AM
role & priority?
So the question is...are primerica representatives financial advisor/insurance advisors? or are they recruiters? Who's best interest do they have in mind? Do they want to help you and advise you or recruit you and make money off you? In the same breath, you can't say, "i can help you financially, but if you want work part time, you can make LOTS of money (and I will make lots of money off you)". Again, who's best interest is in mind? Make commission and provide service? Or, make money off the pyramid? 8 out of 10 would choose the latter there...only way to get to RVP right?
Anonymous Feb 23, 2011 3:23 PM
PRIMERICA
I believe that what we are talking here is mostly about the way PRIMERICA does business in regards to EMPLOYEES and the way they sell you THE BUSINESS OPORTUNITY...not services...services are good...but they how about they go hiring people... and the way some of their RVP run their "Business" is NOT!
Buzz Feb 20, 2011 5:08 PM
Hmmmm. Not a bad company at all
I have found that Primerica is one of the most honest companies out there. I see that the only way that people sell whole life is to make a huge profit off of those who don't have a lot of money, but are tricked into thinking they will have a lot in their cash "surrender" value when it's needed. Talk about scam! There's your scam. We've been scammed for years by these companies who prey on honest people who are trying to do right by their family. Buy Term and Invest the Difference isn't the only thing Primerica does. They show you how to get rid of all of your debts, so you can have money in the future to really invest. We were $65K in debt and my wife and I paid it off in 3 1/2 years with Primerica's debt elimination plan!! No other "Insurance" company was going to show us how to do that. Oh yeah, by the way, we have some ROTH IRAs set up by Primerica which has given us a 50% return over the last 2.5 years. Oh, and we have an emergency fund with over $15K in it. All of this because of what Primerica taught us. We are able to bring my wife home from working and we aren't struggling anymore. We are sharing our story with others who need to hear about Primerica. So, you can down Primerica, but my wife and I know the truth, because we actually met with them instead of listening to others who really know nothing about the company. Thanks!!
Anonymous Feb 17, 2011 3:49 PM
DAN
That is not true....in order for you to be successful in primerica is NOT ONLY up to you. There are MANY people that play a BIG ROLE in your success...starting with the so called "LEADERS". It takes too long to really learn how primerica works that MOST people who join quit before making it to the RVP and surviving...and I'm sorry but if you say you have been successful in the business and follow up WITH ALL your clients every 6-12 months...how can you do it all by yourself..did you hire a staff to help you with that? cause to be succesful in primerica you NEED to have A LOT of clients...unless you are feeding in residual income from your downline? and that must be wide and deep to receive a good income that allows you to have a reasonable number of clients that you can keep up with for a review every 6 to 12 months... what is your level in primerica?
Dan Feb 16, 2011 3:17 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
I am sorry to hear of the last posters bad experience with Primerica. Speaking from a leadership position in the state of Wisconsin, we do get a lot of people that never make in Primerica for many reasons. Unfortunately with the last post its sounds like there was an issue with the policy from the begiining. A good agent such as myself follows up with all my clients every 6-12 months (to re-do the FNA, check investments, etc). It unfortunately sounds like when the agent left the business that his client records were never transferred to his RVP. Or they got into Primerica for the wrong reason. In fact re-reading the post, you stated that they were not licensed? Something about that statement does not make sense. We are in a highly regulated industry and he would of been unable to sell to you without a license. If that was the case, then shame on that office, but those circumstances are not typical with a majority of offices. Winston I offer most sincere apology. As for anyone looking to get into the company, we are most certainly not a fly by night company. We are a company that has been around for 34+ years. Do not look at Primerica if you are looking for a get rich quick scheme. I can assure it takes a lot of hard work and learning to reach a leadership position. For the right person though who was the willingness to learn the financial services industry and has a strong work ethic, this is the best opportunity. All you have to do is look at our track record of people in the company.
Winston Feb 15, 2011 6:30 PM
Primerica Insurance Buy with Caution
15 years ago, my wife purchased a 20 year term policy from a family member with Primerica. Unfortunately, my wife recently passed away. After submitting the claim, I was denied, due to the beneficiary section being vague.

I found the claims department to be arrogant and quick to say "our legal department has determined". Never was I allowed to speak to someone from their "legal department"; I was told they do not speak to the public.

As some sort of saving grace, they are quick to refer the matter to the courts, which can be costly and time consuming.

This problem started because my family member was NOT an insurance agent. They were not licensed by the state.They were not able to provide the level of service, advice nor experience that is critical to making these types of life changing decisions.

In the entire 15 years, no one from PFS nor NBL has contacted my wife nor myself to "review" the policy. My family member left the business many years ago.

It is my advice to anyone considering purchasing insurance from PFS is DON'T! You may want to take advantage to their other services, but leave the life insurance part to a licensed, dedicated and experienced salesperson.

I have insurance with another company, and they always call or send a letter to do an annual review. When my wife passed away, my "real" insurance agent visited me in person and offered their help as well as their condolences. No one from PFS nor NBL offered anything.

If you buy life insurance from PFS, it is a good chance the person who sells you the policy, will no longer be with the company few years into your policy.

Never again will I place trust into a fly-by-night operation.
danpico Feb 11, 2011 10:39 AM
adding insult to injury...
I am a Financial Adviser; I place insurance with many companies. Term and Permanent. I’ve only faced Primerica with my C clients (low income, usually not highly educated).
They pray on whole life or short term insurance with the magical promise of their 30 year term. I buy the idea of "Term and invest the difference", but these clients don't have enough to invest, they are not sophisticated enough, the Primerica Sales Person has no experience or investment licenses, and don't know what they are talking about (because they are also, usually, low income-not highly educated).
At the end they destroy the Whole life, place no investments and if they do they don't monitor them. The client pulls out the first time the market drops... years go by and the client has nothing.
A whole life policy is not an investment, but in time it grows. I do annual reviews with my C clients and the cash value in their Whole Life is sometimes the largest bucket of money they have.
My career is improving and I am finding more A and B clients. Some buy Whole Life, some buy Term. Most buy a combination of both. Some like the stock market some prefer fixed income. As Financial Services Professionals we need to have all the tools and the expertise to serve our clients the right way. Primerica is not a problem for me any more.
Primerica ex-representative Dec 26, 2010 11:25 PM
PRIMERICA = waste of...
MONEY: for your initiation fee of $99 and for school (will touch back on this), for gas (going to meetings, appointments,events, RVP's Home, etc.), for CDs, business cards, primerica pamphlets to give to clients, for monthly payments to have access to their website, for you OWN life insurance they ask you to get as your first training appointment, for the next appointment appointment you take them to that you don't get paid for cause you are not lisensed (and they try to get as many as they can, calling them your training appointments).
TIME: for attending school to get lisensed, for attending the Opportunity Night meeting they have that is ALWAYS the same, for taking your recruit to the appointments where you are not going to make any money because you are not lisensed, events that they make that WILL EXPLODE your BUSINESS!...and they DON"T teach you anything, for completing FNAs that you YOURSELF don't understand and don't know how to explain to your "customers"....
Also when you run out of people you know or they don't want to talk to you anymore because of what you do...you have to recruit the COLD MARKET(STRANGERS) trying to convince the that the oportunity you are offering is the GREATEST when you haven't seen a penny...and if someone cancels their INSURANCE they bought from you you have to PAY BACK your commission which brings me to another point... Once lisensed you don't receive 100% of the comission you were supposed to receive due to the QBA calculation they do...
Primerica is for those who don't like to have a steady job, like to lie to people, and want to be more in debt after you realize is not for you and quit! I can give a lot more details if you need...
BOTTOM LINE PRIMERICA IS NOT F A GOOD BUSINESS UNLESS YOU ARE TO STRUGGLE FOR YEARS BEFORE MAKING IT TO rvp AND EVEN then STRUGGLE EVEN MORE TO MAKE IT TO RSVP! AND THAT CAN TAKE YEARS!!!!!!
Licensed Agent Nov 22, 2010 1:38 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
@NOP
First of all, that $99 is if you want to become an agent. They need your bank info so they can deposit your commissions and deduct your monthly fee for access to the agents site (which you're not obligated to sign up for). The $99 is for the licensing course, which you need if you want to sell insurance.
Primerica is NOT taking your money for themselves to scam you. Primerica does NOT prey on the "uneducated". The reason they sit down with someone you may call "uneducated" is to educate about how money works. Not everybody knows these things... Otherwise there would be less debt in society. Primerica DOES however aim to help the average middle-class family learn how to make their money work for them through insurance and investing. If Primerica was a scam, why would they have such a good financial rating compared to other financial companies? Clearly, they're doing something right for consumers.
NOP Oct 13, 2010 9:50 AM
READ THIS FIRST!!!!!!
scaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaam dont fall for it people they came to my house and explained the whole thing to me and my girlfriend, It's all about them taking your 99.00 and gettin you to fill out this form where your going to write down your creditcard # or your debitcard # so they can take your money that you worked so hard for. Just run forest run lol
For those that fall for it just live and learn.
Im an educated person,I work in the automotive Industry as a Mechanic and face many challanges everyday workin on cars some are easy some are hard tasks, very smart person but it doesnt even take a monkey to figure this one out, you will be seeing other postings here talking about oooh its just time that you need to put in, It's BS you know who those people are now come on.
And what company are you going to work for that don't pay you to start out.
Gas,food,babysitter, travels I know America is a free country but it is not that free lol, And yes seems to me that they prey on uneducated people, lowlife nothing against that, young, and people that have barely or nothing to loose, and take their little they have left and you still have to work for free WOW wake up.
Just another AMWAY and QUIXSTAR
GOD BLESS YOU ALL
DanceChamp Aug 30, 2010 11:28 PM
To Canadian Bacon
shut your mouth! please! You have no Idea what you are taking about when it comes to primerica. I not going to waste any more of my time this funny bull crap you are writing..lol WRITE THIS DOWN EVERY MOR AND EVERY NIGHT: "WINNERS WILL WIN AND LOSERS WILL LOSE" LATER
Stefanie Aug 26, 2010 12:41 AM
Wow Tom....
Like Dave Ramsey said in a phone call that knocked term insurance...spoken like a true whole life agent! I've had the priveledge to talk with some SNSD's from the Primerica company and every one I've ever talked to owns only term life insurance....hmmm....have you ever actually talked with an SNSD?

Just so you know, any insurance agent has to be licensed through the state and actually take a test, just like any other insurance agent. So all agents have to know about every kind of life insurance out there, not just what they sell. In my state I checked and every insurance agent has to sit through at least 24 hours of instruction in a classroom with an insurance teacher to learn about the different products offered in the marketplace today.

Did you ever think that the reason the Primerica company doesn't have that many complaints is because the people they visit like what they do for them and the reason some other companies have more complaints is because the people are screwed over by other insurance companies or promised things that weren't delivered on? It's happened to many of my friends and my family where an agent had promised us whole life was the best product for us and come to find out, after listening to every accredited financial expert out there, that whole life is the biggest rip-off (as is that universal life and variable life).

Thank you Trent for the article. I will be checking into this company.
XO Aug 9, 2010 6:25 AM
Training in Primerica
what's this about no training???

Between the 3 to 4 2-hour sessions a week and the PFSU over 2 quasi full w-e, I would seriously object to the "no training" assertion.

No, I do not include upnights (potential recruit biz opportunity meetings).

Not everyone can attend. This is true. Most everyone will do PFSU for licensing prep. And going out with your office manager DOES qualify as training as well.
jatin Aug 9, 2010 2:10 AM
life insurance
Here's the truth about Primerica: because it only sells one type of insurance, consumers need not fear the unethical practices of insurance companies of the past. These unethical practices include the implosion of cash value life insurance policies and the bait and switch approach--the agent sells you a crappy term policy, increasing term, for example, and after you complain he persuades you to buy cash value llife insurance
tlhouston Aug 9, 2010 12:09 AM
Needing real financial people
If the MBA types had not done away with good business practices, the Primerica wouldn't have a leg up. The bottom line is that if your investments are in line, whole life and universal do not have value for the underclass.

Also the left over that is not going into a premium can be invested properly. Also, commissions should be when they are paid, otherwise if you sell and they don't pay their premiums, agents end up owing the insurance company. Again, insurance is regulated for price and commissions are company structured. Quit bitching and do the research.
Larry R. Elliott Aug 6, 2010 9:25 AM
PRIMERICA
I have been with them since 1985. I am NOT an agency builder. I have maintained all the licenses and am licensed in 4 states. I prefer to stay part-time. I retired in 1987 at the age of 41.

Primerica offers the FREEDOM to do what you want. No quotas or pressure.

All of the money I spent on Life Insurance was gained back through investing (And a lot more). "Buy Term and Invest the Difference" worked so well for me - I think it is a shame everyone doesn't get the picture.

How many out there can retire at age 41 or less? Chances are that if you are still working, you have not learned many of lifes lessons. ONLY YOU ARE TO BLAME. Get your attitude right and maybe things will change for you.
Donald Aug 3, 2010 1:29 AM
In addition to...
I know this is the writings of a PFS agent but the link i provide right here is awesome.

http://obe231.blogspot.com/2007/07/some-misconceptions-about-primerica.html
Donald Aug 3, 2010 1:26 AM
All Comments
First Thing:
Trent,
Outstanding article. I research about 3 times a week on what is out there, both Positive and Negative, about PFS. Kinda want to know what's said about a business I am building. I usually steer away from blogs because ANYONE can write ANYTHING.Perfectly shown here as well. If you want actual facts about any company there are 100's of certified sites to go to that are regulated about what is put on them, i.e. FINRA, Better Business Bureau, even RipOff Reports. It is awesome every time someone talks about the change PFS has done never here anyone say that about other Companies.

Second thing:
Been an agent for 3 months now, and I am doing well. I came in understanding this is MY business. When you start a business, no matter what kind, only yourself is responsible for the triumphs and failures. I started here because I 100% believe in everything we offer. When I sit with a family, even if they don't want Insurance, I get total satisfaction that I did everything that I could to help them. They now have a plan, if they follow it, to not have to hand out carts at Walmart.I don't push anything on anyone. If they want to get, or keep, Whole Life that's THEIR choice. If anyone has any responses to this I am more than willing to respond. Just make sure yours are factual because I will have proper research and provided documentation.

As far as problems I have read on here:
1) In my first 45 days I got promoted twice (District Leader), only because I busted my tail because I knew thats what it would take. Those that complain about not succeeding expected it to be given to them. There were 3 people that started at the same time as me that are still Reps because between the 3 of them they have set up a total of 12 appointments in 3 months.
2) It is very easy to get a hold of the Home Office and get any questions you have answered. You find this site by Google, you can find them there too.

Sorry for taking a whole web page with this one post Trent.
Dan Thorpe Aug 1, 2010 1:17 PM
My thoughts from a licensed, competent agent
I am not even going to justify a response to some of the comments below that slam Primerica as a company. The fact of the matter is we always do what is right for our clients. Anyone who says there is a place for Whole life products is someone that sells it. The fact of the matter EVERY financial expert says that Term is the only way to go. The only way anyone gets excited about whole life is the agent because the commission is 10x that of term insurance. If people want learn the truth and learn how we help get out of debt and become financially independent go to www.primerica/danthorpe
Canadian Bacon Jul 28, 2010 1:28 PM
Part 2
3. I noticed that PFSL only carries 12 funds or so in Canada (according to Globefund.ca). Not much flexibility. Do your funds even have no-load (NL) options in addition to back-end or DSC? What if a client has short term needs and may need his/her money in 2 weeks? Withdraw some and incur fees when due diligence knowingly should have put them in a no-load option. But again, I don't even know if you guys offer no-load on your funds.

4. BUY TERM AND INVEST THE DIFFERENCE model! In theory, this might work according to numbers IF AND ONLY IF they actually invest the difference at all times for the rest of their lives, have the funds do what they're supposed to do, and the clients have the perfect investor behaviour (not a chance). Secondly, didn't you guys write an exam to get your life insurance license? Answers "A) B) C) D) and E)" and tough because not simply right answer but BEST answer. Or did your exam just have "A) Term Insurance" for every question? Term products have their place but that's definitely not the only answer. In my personal opinion, every couple should (and optimistically if they qualify) have a joint-first-to-die term product that covers their mortgage, debt and income loss until their income earning years are over. So when a spouse dies, the other partner pays off all their debt and have income replacement left over so he/she can keep the same lifestyle (and not decline) Also, they should have a joint-last-to-die permanent (whole life, PAR or UL)to cover tax and estate planning issues. Maybe a nice ta nice tax-free inheritance to the kids? Protects my kids' inheritance just in case my wife and I divorce and she re-marries, and the new guy takes part of my bankroll...what if she remarries a few times or even worse, passes away and have everything roll over (spousal rollover)to the new guys? The point is this...term insurance doesn't come close to solving everything and yes, we advisors or planners actually plan.

My 2 cents...
Canadian Bacon Jul 28, 2010 1:19 PM
Part 1
1. PFSL says you can work part-time making $3000/month let’s say...how can you be a reputable financial advisor and be a janitor by day (not literally knocking on the janitorial profession. Just making a point)? For myself, between servicing existing clients and then working on marketing strategies to find new ones (not to mention paperwork and prep work)...this is a full time job!!! Do you guys do on-going servicing and at least yearly reviews for clients? Or do you just take the money and run? Because if you're an established professional and have hundreds of clients, I don't know where this part-time dream comes from or how it's respectable.

2. If you want to be a "financial advisor", you need clients...not recruits. I had a friend who accepted a PFSL offer and said they wouldn't let him go get his training/schooling for his mutual funds and life insurance license until he had 1 client (himself) and a recruit. This business model in my opinion is simply unprofessional. In the meantime, he was pressured to book appointments with his friends and family so his TRAINER could service them and "provide solutions" (and make all the commissions because my friend was not licensed and qualified to provide financial advice let alone get paid for it). I have an opportunity possibly to be a "director" at my firm but it's only because of good leadership and management skills but also because financial planning education and I've been in the trenches! Good leaders lead by example. I don't know how a PFSL agent can have 1 or no clients but recruit 30 people who do a good job, make some good money possibly, and then call yourself a "financial advisor" at the end of the day. This model tarnishes the financial services industry. Sure there are diamonds in the rough but I guess the "throw enough BLEEP against the wall and hope it sticks (and bleed them to death)" works for you guys, more power to you.
tom Jul 19, 2010 3:36 PM
Truth about Primerica
Here's the truth about Primerica:

1st - the agents receive no training, apart from yippie-skippy rah rah meetings every 3 - 4 months. There, they only learn to high-five each other for no reason.

2nd - cash value/permanent insurance has a place and a use. Don't' think so? Just ask any of the high-flyers in Primerica this question (exactly):

Mr. SNSD, when you did your estate planning, exactly what kind of insurance did you place inside your ILIT (irrevocable life insurance trust)? If you ask it correctly, they'll turn white.

3rd - If a state auditor was to ever pop in hear the so called op-meetings or the so-called training, what they teach could get them in trouble in most states. What they do in the field would get them in trouble in most states......in fact it is a matter of wonder that more complaints are not filed.

If you need insurance - go elsewhere. You can get a trained professional from brokerage who has an actual training program and an actual background in finance.
ItsJoe Jul 16, 2010 12:22 PM
Primerica
Primerica is very controversial. They have a few detractors and man yendorsees. The discussions are heated and that's good so people can decide for themselves about the Primerica opportunity. My feelings are it depends on what type of person you are if Primerica is a good fit. If you are an extrovert with a tough skin.
Nancy Jul 14, 2010 10:08 PM
Primerica life insurance
I once sold life insurance for this company. I also so an insurance policy to my brother in law and for the same amount he was paying on his whole life policy he was able to get much more insurance with his term policy. His old insurance agent talked him into going back to their company and cancelling his term insurance. Shortly after he did that, he passed away and my sister was left with very little and she had to sell many of her thing plus the house that he had built for her to live in. I don't think it matters so much if you like Primerica or not but don't let the whole life agents talk you into whole life it is garbage and the money they give you back as dividends are just an a small return on your overpayment of your policy.
Sparks Jun 12, 2010 4:33 PM
Primerica Insurance
Regarding Primerica insurance products. They are simple and more expensive. The company is no longer the righteous company for the people. There are quite a few others. After running quotes with other companies, Primerica products appear about 25-75% more expensive. Other companies are more flexible with approvals...i.e. tobacco use for example.

The compensation is cheaper. They will only pay up to $1000 of earned commissions and only advance you 75% of that. The most premium they use for advances is $1500 The advance is good...at time of application. However, other insurance companies will advance the full commissions when the policy is delivered. For example, a $3,000 annual premium at primerica will only calculate $1500 for advance commissions. A 50% contract will get $750 advanced. A $3000 premium with other companies will pay $1500 when the policy is delivered. This is a big deal when writing larger policies......$20,000 a year premium. Primerica would pay $750 to the District, and then pay monthly as earned. and other companies would pay $10,000 at policy delivery.

From a cash flow point of view....other companies win. From a lower premium point of view...other companies win.
Sparks Jun 12, 2010 4:23 PM
Primerica
Maguire is right. The company approves the sell under their guidelines with the buyer they approve. And, if the buyer defaults, you are screwed. No company help to remedy the problem. You have to find another buyer and don't get any income until you do and when they approve. Most of the time, the seller loses.

The life insurance product is basic and padded with cost to be able to pay the uplines . You can get equal to or better products at less cost from almost any source. I know Primerica people don't want to hear that.

The opportunity is what you make it, and they do teach great people fundamentals. When you are in the company, they love you. When you produce, they really love you. When you quit, you are "enemy of the state." As an RVP, they will NOT pay your built up Earns if they have "reason to believe" you violated your contract. Which can be any reason without evidence. I figure they make a lot of money not paying these commissions. You cannot contact any of 'your' clients or reps or you can be considered soliciting and in violation. It's a racket they have regarding the exiting VP's.

I spent 17 years protecting the Name, building the sales force, guarding the reputation, putting my financial life on the line. When I chose to quit for personal reasons and move to a different financial company that would meet my goals.....I was bad mouthed by the Colorado SNSD, sent legal warning letters from the home office, demanded files/records/names/notes/ anything that had rep or client info on it. Then ZERO cooperation from the company on getting my escrowed commissions. In fact, I had heard the SNSD tried to get the commissions sent to him since I had quit.

In fact, this happened to 4 RVP's during the same time frame in the same state, so I know it wasn't a VP specific situation.

After leaving, i found out from other VP's...."There is another life out there besides Primerica." It is not the end all to beat all.
Former PFS Agent May 9, 2010 7:00 AM
FNA
PFS is NOT the only organization that will do a Free FNA for clients. How do I know? I used to be a PFS agent. PFS is not the only organization that will hire and train part-timers.
Frank Apr 16, 2010 1:38 AM
PHD
It doesn't take a PHD in anything to realize ANY opportunity is only as good as you work it. If you don't wwork it, you get nothing.
Primerica is a good company. The facts are , they did a very successful IPO, are licensed in all 50 states, and has made a lot of people a lot of money.
Their mission is a good one. They help people get out of debt, get them properly protected and help them become financially independent.. If you follow what they teach, i believe you can make a big difference in your life.
Kev Apr 9, 2010 9:24 AM
Samuel
That's a great suggestion for the Dr. Keeping up with contemporary reading is essential these days. There is room for "Old School" tactics however, new schools of though are constantly emerging as the economy redefines itself. One quick reflection... "A social education is criical and far outweighs the trappings of the educational system of degrees and potential for work. Performing tangible tasks always satisfies and you can't promote yourself by making others look bad." Dr Shea . Seemed a bit nebulous when I read it years ago but rants on a public forum seem to help define it evey day. Excellent suggestion on your part Samuel.
Samuel Campos Apr 8, 2010 4:09 PM
"Dr. Francis John Maguire, Ph.D."
When you have an opportunity please read The Next Millionares from Paul Zane Pilzer. Its not about having a Ph.D anymore its about the new era ' Information Age' if you understand this sir.
Kev Apr 5, 2010 2:03 PM
Incomplete response
I'm not sure of how you equate all PFS agents with being a genius in this forum.Has a PFS agent stated to you that they are a genius? I certainly hope not. At least not without providing the proper documentation to support the claim on here such as I asked you to provide. Are you a genius? If so then that explains your vantage point. If not, your skewed perspective may need to be conveyed in a more professional manner to reach the forum members more effectively. Unfortunately your responses lack the detail I asked you to share with us and come off more as a rant. I doubt that is what you are attempting to accomplish here. Any details forthcoming? Thanks for writing back.
Dr. Francis John Maguire, Ph.D. Apr 5, 2010 12:39 PM
Response
Rutgers (Finance)

I never made any claim about my income, I was suggesting that he put his up to back his accusations.

PFS people routinely claim that they are the only ones concerned about clients.

Is anyone to believe that the waitress, mechanic and roofer, who turn in to the part time financial genius at night...knows more than some Northwest Mutual, Prudential, Metropolitan or independent with 25 years experience?

My brother worked 23 yars with Primerica as an SNSD and was one of those who believed he owned his own business.

He has had to fight Primerica for 10 years for his money, as well as 60 others who " sold " their business.

If you own your business than you can sell it on the free market, right?

Well, you can't do that with Primerica, so you own NOTHING!!!

Dr. Maguire
Kev Apr 5, 2010 11:23 AM
Dr Maguire
Thanks for the response about your credentials. At this point you have given the forum members your title and not your credentials by telling where and when you earned these degrees. Unfortunately you can't validate your title by simply claiming to be a Dr on any forum as well as for the purposes of backing a claim as you have made. Your claim about your income level cannot be verified without your tax returns being made public to the forum members either. You've responeded to Roys accusations that you are a fraud by using an inflated aggressive defense without a way to verify your actual claims about your professional title, education level and income range. Until you can provide these documents there is little anyone can do about your credibility as a PHD and so on. It's just letters on a screen and internet fraud and bullying is very common. Your call if you'd like to share this information with us.
I didn't see any of the claims you made about forum members touting the exclusive caring for the client by PFS agents. I openly admit that PFS agents do get enthusiastic about their work and helping people. It certainly makes me feel better about working with PFS than the last insurance company I worked with. At least the PFS mission statement is better aligned with my personal goals. I too am highly educated but that is not why I chose this industry. I wanted to help people that are living in my socioeconomic class. My inlaws own a huge firm that deals only with very high-end clients and are presently dominated by Goldman Sachs interests. They make great money but they hate their lives. I guess it's a "fine imbalance" they wrestle with to rationalize their efforts. Even they can't explain it to me.
Roy is certainly calling you out on your credentials and perspective he calls pompous. I must say that your responses don't seem typical of my PHD friends and I have many. I hope you two clear this up and find some resolution for the benefit of the forum
Dr. Francis John Maguire, Ph.D. Apr 3, 2010 11:51 PM
Primerica
Theer are people in this forum touting that Primerica is the only company concerned about the cleint and anyone who does not agree that Primerica is the best is just ignorant, or a loser or pompous person etc.

Can someone from Primerica tell me why all these people, who are financial geniuses at night, masquerading as crossing guards, mechanics and waitresses during the day?

Dr, Maguire
Dr. Francis John Maguire, Ph.D. Apr 3, 2010 12:51 PM
Kev
My agneda is letting people know they can make excellent income with a life insurance license and not have to work for the table crumbs of PFS.

PFS is no competition to me, as we do trust planning but there is a division that we have that Primerica people could do because it is simple..

Roy, don't flatter yourself. You have gotten under no ones skin, at all.

As far as the pompous remark, I have heard that before and it is always from someone without a doctorate. Hmnn amazing.

Well, my PhD is in finance and since you won't be responding to me anymore, it is apparent that you will not be putting up your income to back your allegation.

But I knew that because yoiu are all talk.

Best of success to you in all you do.

Dr. Maguire
Dr. Francis John Maguire, Ph.D. Apr 3, 2010 1:25 AM
Roy
Where are you?

You ran your mouth and now when asked to put your wallet behind your accusations, you are conveniently absent.

I am waiting...

Dr. Maguire
Kev Apr 2, 2010 9:41 PM
Dr. Maguire
Please help everyone on the forum to understand why you are on here. You state that you are not in direct competition with PFS. You work in a different market segment. You are offering what to PFS agents that are starving and attending fast start schools? Your message is not clear as of yet. Are you competing for business or for agents? Something else perhaps? Why do you slander PFS? Are you in some fashion a victim of PFS business practices that we should know about? Please just clear this up for us. Thanks, Kev
Roy Apr 2, 2010 5:59 PM
Maguire
Mr. Maguire

You come off as an extremely pompous individual.

You essentially called middle America stupid. Middle America is Primerica's target market and we "use the FNA to get the stupid to purchase more insurance" according to you. Which is incredibly false. The people we serve are good, honest and hard-working people. I very much enjoy getting to know them and being able to help the reach their financial goals and dreams.

Then you say your ira trust is "something even a Primerica person could do". It seems you don't hold Primerica people to a very high standard and those are exactly the people you are trying to recruit with your posts on here. Now what does that say about your company if you are working at recruiting people you feel to be inferior??? I personally only recruit sharp, honest and hard-working people to my business. I have no doubt a Primerica person could easily handle what you do and succeed. The problem for you is trying to get someone to leave Primerica to work with such a pompous and egotistical person such as yourself.

As for my salary...my exact salary is none of your business. I will restate what I said in an earlier post. Primerica is my sole source of income. I am able to support my family of five on what I make. My wife and I are both college educated and have replaced our previous incomes of over $80,000 combined(very good salaries for our area of the country) with the income from Primerica and I have not reached the RVP compensation level yet. Our income will only go up when that happens. Just exactly where did you get your PhD fom Mr. Maguire?

This will be my last post towards you as I've grown tired of having to answer the same questions from you multiple times. I feel good though knowing I have certainly been able to get under your skin!
Dr. Maguire Apr 2, 2010 3:07 PM
Typos
Apologies for the typos. In my haste to respond to Roy's nonsene (and I am muting the term that should be applied), I should have taken the time to make corrections.

Dr. Maguire
Dr. Francis John Maguire, Ph.D. Apr 2, 2010 1:28 PM
Roy
Anonymious posting? Nailed?

Please do not puff yourself up, as you are clearly not that talented. And when will you put putting up that massive income you earn to dispute my credentials?

As far as the value of the FNA, perhaps, to the stuoid as a way of having them buy more insurance. But that has always been the Primerica market ever since it was A.L. Williams.

Kevin:

Primerica is not my competition at all. My company is New York Trust www.NYtrust.net and we do high end trust planning.

IRAtrust www.IRAtruist.us is something that even a Primerica person could do.

They would not fit in our trust planning division at all.

I offer that to Prinerica people because they are starving and getting hustled attending fast start schools.

Now, prove me wrong.
Roy Apr 1, 2010 11:06 PM
Anonymus
Mr. Anonymus (I'm guessing it's good ole Dr. Maguire)... I haven't embarrassed myself at all. You are obviously unable to look, read and comprehend. The value comes with all of the other services we provide along with our term product. One of those valuable services is the FNA (like I stated previously). I don't think any of those companies online are completing an FNA or anything like it that will help families budget their money and make it possible for families to fit our product WITHIN their current budgets. Many times we are able to add the term coverage and still save the family more money than they were able to before they sat down with us. You see, it's not all about the insurance. It's about the total package we provide. Not only do they get insured, but if they follow our plan they also get out of debt sooner and are able to retire more financially secure. It also seems wallstreet liked what we bring to the table as well today!!! Tell me, did you post anonymously because I nailed you on this one? I think so. As for my income...I do plenty well enough that I work Primerica full-time, without any job on the side and I haven't even reached RVP yet. I'll be there by the end of the year. So, you keep telling your lies...it just motivates us that much more!

Kevin...Thanks! I can't imagine what it was like for our founders. I've heard the stories, but I'm sure the stories only tell half of what it was like. You are right...today is/was a huge day for Primerica. Watching John Addison, Glen Williams, etc.. tonight really makes me proud to have people like that fighting for us and working along side us! The future only gets better from here!
Kevin Apr 1, 2010 12:15 PM
ROY
Good call Roy!! There was something suspect about his delivery and convictions. They were incorrect, had no basis at all and were petty in nature. This is the typical defense from the competition I have experienced. How about you? Can you imagine the slander Williams endured when he toppled the myths of the industry in the early years of PFS? Some things never change. Today is a big day in the PFS world. Our IPO is happening right now!!
Anonymous Apr 1, 2010 12:12 PM
RE: Primerica Life Insurance Company: The Truth about Primerica
Roy wrote

Dr. (I doubt you actually hold a phd.)

Well, if yiu wiould care to put up your annual salary to backthat statement, I am more than accepting. Other than that you are just running your mouth.

And yes, I will take PFS agents as they are starving.

Roy also wrote:

Remember that cheaper isn't ALWAYS better. It's all about the value for the money!

And that Roy is the most unintelligent and completley assinine statement possible.

It is term insurance pure and simple and is ALL about the cost.

What the hell is the value of money with term insurance?

Please write no more, you have throroughly and unequivocally embarassed yourself in a public forum.
Roy Apr 1, 2010 3:13 AM
Dr Maguire
FYI to everyone...Dr Maguire is a poser! He is Primerica's competition. The website he directed you to Trent Is his website that is trying to recruit PFS agents away from PFS!!! I would take anything he says with a grain of salt. When will the competition learn? Dr. (I doubt you actually hold a phd.) Maguire...Primerica is NOT the cheapest term insurance out there. However, our A+ rating from A.M. Best, our A+ rating from the BBB, and the extra value we provide with the FNA and our diverse financial products we are able to provide keeps us well ahead of our competition. Remember that cheaper isn't ALWAYS better. It's all about the value for the money!
Styles P Mar 22, 2010 3:57 PM
Term Life
This is good dialogue. I am a Primerica agent and I can tell you first hand that when I was with another insurance company I did not know exactly what I was inviting people to buy, but it was anything but good; I see that now. I will never go back, though the money that you make selling whole life is good! At Primerica you have a viable BUSINESS versus a JOB! I get to help people instead of hurting them! NO COMPETITION!
kev Mar 22, 2010 2:56 PM
insurance bill for Milton
Milton,
Typically, life insurance companies do not ever send you a monthly bill. Once they get the voided copy of your check the funds are automatically transfered (EFT)by your bank to the insurance company on a pre-arranged date each month. I worked for Bankers Conseco (BCLIC) for a while prior to joining PFS. They would never allow a client to write a check each month for their premium payment. It was EFT or nothing. My manager told us not even bring an application in unless it was perfectly set up for EFT. Check your bank statements and look for the EFT on your account to NBL. You won't get a bill in the mail. Sorry, I should have told you about that the first time I replied to you.
JB Mar 22, 2010 11:11 AM
primerica
its amazing how so many people make comments without knowing all of the facts. Most people only go off what they have herd & then repeat only half of what some one else has told them when they really didnt have all the facts either. Primerica is a multi-BILLION dollar company part of the NEW YORK STOCK EXCHANGE they are in all 50 states & other countries. people in washington along with one of our president have set on primerica's boards. we have more million dollar earners then ANY other company in the world.The problem is MOST AMERICANS hav become used to getting paid for not working oh yea you employee's know what im talking about. In primeica you get paid for what you are worth any one in sales know that. AMERICANS better get a clue fast because this world is taken a turn and people who own their own business will come out on top.
rhea Mar 19, 2010 6:26 AM
LIC
I am Rhea S. I have visited your website and I would like to congratulate you on building such a valuable online resource. I am sure your visitors find your site as useful as I did.

Have a great day.

Thanks and regards,

Rhea S.
Kev Mar 14, 2010 3:25 PM
Milton & Nathan
Milton,
Check with NBL and use your policy number to track the status. You can call them directly or have your agent contact them for you. I suggest the direct route to save time. The number for NBL is in your packet when you received your policy.
Nathan,
Just keep in mind that getting into business for yourself is not for everyone. I am an agent and I had the same issues before I joined PFS. I batted it around for about three months before signing the contract. It was a good decision for me but I did see many potential agents wash out quickly. They just didn't have the drive to become successful in business. There are many very intelligent folks failing in business. My experience with PFS has been that it's more of a character/personality issue than smarts. I took this approach... Even if I joined PFS and failed I would have a LAH & series 6 brokers license for under $1,000. Most importantly, I'd have an incredible new understanding of how money , banks, insurance companies and financial planners REALLY work. Seemed like an inexpensive investment in myself and it has paid off very well for me, my extended family, friends and associates. Hope this helps.
Nathan Mar 13, 2010 4:16 PM
A new rectuit for Primerica
I was recruited by this company with my tail twitching and my eyes wide-open going into it.. I have yet to pay the fees to get involved. I'm still dubious but my risk for adventure is getting me interested. Help, what's your opinion!?
Milton W. Ohm Mar 12, 2010 10:43 AM
About My Life Ins.
I have Ins.with Primerica Life,but I haven't got a bill for my policy for awhile.I need to know if I still have a policy or not and if not how can I renew my policy.
Dr. Maguire Mar 11, 2010 2:41 PM
Mr. Lorcher
It is just not Primerica that will suffer in teh term market, it is all companies.

If they can deliver therir product without payimg an agent that is what they will do.

Look at Schwab: Every commercial is " Talk to Chuck ":

They are cutting the brokers out.
Trent Lorcher Mar 11, 2010 12:40 PM
Pat does have common sense.
Thanks for the clarification, Pat. I misjudged you and apologize.
Pat Mar 10, 2010 10:30 PM
Term Life Premiums
Your statement - all Primerica policies are level premium/level term, which means the monthly premium stays the same throughout the term of the policy- doesn't specify a time period. Common sense or no common sense, readers can easily be misled with 'blanket' statements such as this.

IMy comment was merely an attempt to provide clarification. In a public forum such as this it is almost certain that there will be those who will disagree with portions of your article. When this occurs, there is no need to attempt to belittle them with comments such as those you've written in response to my posting.
Trent Lorcher Mar 5, 2010 10:24 AM
Dr. Maguire
Thank you for the intelligent post. You bring up some good points, including cost and the availability of buying life insurance over the Internet. I appreciate you taking the time to respond.
Dr. Maguire Mar 4, 2010 11:38 PM
Primerica
Mr. Lorcher:

Do not confuse an economic downturn with a financial Armageddon being bought about due to the expansion of the Internet.

The mantra of Primerica was that tis that they are the only company concerned with helping middle income America.

That was great and it worked remarkably well and I am glad it did, as my brother who was one of their Senior National Sales Director's made a lot of money.

However, as the Internet expanded and data bases became searchable, many people have discovered that there are some 700 companies with a more inexpensive product.

Thus, there number one marketing ploy has been irreparably exposed, there recruiting numbers versus retention numbers are faltering and wille ventually lead to a non-profitable insurance division.

Will Primerica survive? Yes, they have numerous other profitable divisons but it will NOT be the insurance divison that remains their flagship. It is statitically
It is statitically impossible.

As far as ratings, they are far from the hallmark of a companys condition.

Bear Stearns and Lehman Brothers enjoyed top rating on the day the went out of business.
kev Mar 4, 2010 10:15 PM
crumbling??
The company certainly isn't crumbling. They have an IPO scheduled for May and are the largest sales force in the world. PFS has the most million dollar earners and six figure dollar earners of any company in the world. It certainly is a different mind-set working for them but the system works if you follow it. You'll always hear from some knucklehead about how bad PFS is but they are usually just people that are not very good at it or not very hard workers. Lip service is cheap. They exist in every company in the world. My experience has been very good with them. They were emphatic with me about not being for everyone and they were correct. It's not. You just can't have that lazy entitlement attitude and expect to be paid for not doing any work with PFS. You get paid for the work you do, not the time you spend screwing off in the office. It's sales and education job!!!
I've never heard of a policy premium increasing before twenty years either. I'd like to see those original documents. In most cases the premiums have fallen before the 20 year period has ended. Please have the blogger get all of the info and I mean all of it. There's more to that story than they are sharing on this forum. I'd be glad to investigate the policy.
Trent Lorcher Mar 4, 2010 9:51 PM
Dr. Maguire
Crumbling? Sure it is. That's why they're given A+ ratings from 3rd party ratings agencies. You also may have heard about an economic recession. There aren't a whole lot of businesses expanding.

CNNmoney.com
Trent Lorcher Mar 4, 2010 9:50 PM
Slim
All licensed agents should be able to produce a license.

1-800-257-4725
Trent Lorcher Mar 4, 2010 9:48 PM
Pat
I wrote this in 2009 not 1996. Do you think it's possible things have changed in the past 13 years? Use some common sense when you read.
Sxyslimm Mar 4, 2010 8:05 PM
Real or Fake
How do you know if an Agent is legit? And is there a toll free number for Primerica?
Pat Mar 2, 2010 9:09 PM
Term Life Premiums
The statement you've made - All Primerica policies are level premium/level term, which means the monthly premium stays the same throughout the term of the policy - IS INCORRECT! My parents purchased a Primerica Term Life Insurance policy in 1996 with a expiry date in 2027. They were initially told by the agent that their policy premiums would remain the same throughout the policy term but they have increased steadily each year. Also, on the very first page of the policy it includes this statement - PREMIUMS ARE SUBJECT TO CHANGE. And, change they have! They've increased from quarterly preimums of $179 to almost $600 with the face amount of the policy remaining the same. Each bill received includes the option to exchange the current policy for a decreasing term to age 100 or keeping the current insurance policy but reducing the coverage amount in order to reduce the annual premium but either way it states that premiums will continue to increase annually but at a reduced amount. So, the truth of the matter is........Primerica's Term Life policy premiums DO NOT REMAIN CONSTANT throughout the life of the policy!
andre Feb 26, 2010 11:24 AM
blood test
thanks , for your help . the policy i was getting was like 100,000 i didn't want one that high but my relative says getting that much is good but i feel like why get that much i would just need enough to cover funeral expenses. and also i was told that the blood and urine was required for 500,000 or more. but i'm not sure. it's all just new to me with primerica. i had a policy with aig and they never anked for all that extra stuff
Dr. Maguire Feb 26, 2010 1:28 AM
Primerica is crumblimg
For he first time in 24 years (Dec, 2009)Primerica had less agents coming in !8,000 than leaving 23,560.
The Internet exposed the fact that there are 700 companies with a more inexpensive term.

www.PFSrescue.com
Trent Lorcher Feb 25, 2010 2:10 PM
Blood Test
A blood and urine sample is required for policies over a certain dollar amount for all companies. It is standard procedure. The agent has absolutely no access to the results of those tests. They're confidential as per HIPPA.

Good questions
andre Feb 25, 2010 1:41 PM
agent
OK my cousin is an agent for primerica in ga, so she talked almost the whole family into getting coverage. So i have an issue with my blood. so i did the mouth suave for the company. everything seemed ok at first then my cousin says well you gotta do blood test and urine i was like why if i did the mouth suave and she says well the company wants it. i'm wondering if she actually requested the extra tests done or what. she says they did it at random and she got very defensive about the fact that i asked her about it. so i think it somethign bogus. well after the test i failed the test, then they refunded my money. the medical examiner that tested me said the agent should know why you have to get the extra tests done but my cousin would never tell me why. now she stopped talking to me and i think it's crazy. so i'm asking this cause i want to know is that part of getting a policy? does my cousin (agent) know about my blood conditon from the medical exam? and if so i feel that she broke my confidentiality because i had a few people tell me that she said what my blood problem was and i didnt like that.
Trent Lorcher Feb 23, 2010 11:46 AM
Celestine
Sounds to me like your agent isn't very good I'd call the toll free number (1-800-257-4725). You'll get an immediate response.
Celestine Muoneke Feb 23, 2010 11:12 AM
Where is my agent
I currently have a policy with primerica but unable to get a response from my local agent after three phone calls to him in the last three weeks His office secretary keeps telling me someone will get back to me, but not so as of today.
Trent Lorcher Jan 28, 2010 10:01 PM
Agents make the difference
No doubt,

Regardless of the company you choose, make sure you get an agent with your best interests at heart. I have no problem if my agent makes a commission IF he does what's good for me.

P.S. Just because an agent's nice to you doesn't mean he has your best interest at heart. Always do your homework.
Trent Lorcher Jan 28, 2010 10:01 PM
Agents make the difference
No doubt,

Regardless of the company you choose, make sure you get an agent with your best interests at heart. I have no problem if my agent makes a commission IF he does what's good for me.

P.S. Just because an agent's nice to you doesn't mean he has your best interest at heart. Always do your homework.
kevin kenyon Jan 28, 2010 6:06 PM
primerica reps
I am a PFS rep in the Albany, NY area and I sincerely enjoy working with Primerica. I worked with a major insurance company before joining Primerica and I was shocked about what I was taught at the other company. I was promoting plans that were not at all in the best interests of the clients but I didn't know any better until I studied and joined PFS. After six months with the company I am still impressed with the integrity and services they provide and the level of education they give to the clients to make proper decisions about their finances and protection. I am a client too. I've met some people that I would hesitate to do business with in PFS but that doesn't effect the quality of the services they provide. Nobody serves the middle class like PFS, nobody. Just get another PFS agent if you don't like the one you're working with. They are the largest sales force in North America and easy to find.
Dina Jan 28, 2010 1:25 PM
Life Insurance Agent
I am a life insurance agent, for ethical reasons, I will not disclose my company or my full last name. I am not promoting my company nor any other company either.Just want to give people out there a few pointers. In my company, we first look at the need of the customer, this is done through a financial need analysis. We will not oversell a family, but rather protect them and their loved ones. As an agent, it is my responsability to do an annual review or more often if requested by the client because the needs change. I also make sure the client understands all the fine print. I even advise for them to review it with their attorney. I have an ongoing lifetime relationship with my clients because I care. Remember a customer you only see once and a client you render your services for a long time. Life insurance is not about making a quick buck, It is a way to impact the families life and take care of them in the time of distress and need. I am very sorry to hear there are dishonest agents out there that only give insurance agents a bad name. I would advise for everyone reading this to get insured, it is one of the best things you can do for your loved ones. Life insurance can accomodate all the budgets and needs. I am sorry for the gentleman that had a bad experience at 25 because that is a very good age to start and it shows he is intelligent for planning his future.
Alex Jan 18, 2010 12:30 PM
i hope this helps
I am from Ukraine, and i came to USA 6 years ago, me and my wife bought Primerica policy and my 25 years old wife died in car accident and i sure miss her alote however thank GOD my primerica agent was carrying enought to follow up with us to buy the policy . I didnt understand alote back than but he helped us understand how to protect our income incase of early death.I am just telling you that If wasnt for primerica agent i dont know what i would be doing today with 3 kids.They changed my life , todays i miss my wife but not her income because we listen for primerica agent and death claim money was giving to us in less than 3 weeks Thank you Primerica and Thank you mr Tony !!!!
Todd Jan 14, 2010 3:39 PM
Interesting article
Hey Trent I found your article really interesting to read, I just started working in the life insurance industry. I find it interesting that a company sells one product and applies it to every situation. I carry a variety of products that suits a number of different peoples needs. I have already read several books that state that permanent life insurance is one of the best tax shelters in Canada. The implosion in cash value in permanent life insurance products that you speak of is Universal life and does not reflect all permanent policies.
Trent Lorcher Nov 11, 2009 5:04 PM
No problem
I'm glad I could help. Here's to hoping you never actually need your life insurance policy.
Offrddrver Nov 10, 2009 9:33 PM
Thanks
Thanks for the feedback Trent. Best of luck in life and all you do.
Trent Lorcher Nov 10, 2009 12:07 AM
To Offrddrver
Regardless of what company you're with, it's the agent that you need to be able to trust and depend on. I'd be very concerned if my agent were as non-forthcoming as yours, regardless of the company.

The signature for change sheet, from what I know (and I'm not a licensed insurance agent so double check this) most likely lessens the amount of coverage on the policy and does not change the actual policy other than you'll be getting less insurance at a lower cost.

I have signed things when I was in my twenties that I didn't understand as well and got burned. I would demand that my agent be a bit more forthright or switch companies (make sure you're approved first before cancelling any policy).

The title of the policy is "Term Life Insurance to Age 95"
The term is 30 years planned level premium
The guaranteed payment premium is 20 years*

*I've read the fine print on this. The premium remains level for 20 years guaranteed. For years 21-30 there is a maximum premium higher than the planned premium which can be enacted for catastrophic reasons and would be applied to all policy holders in like situation. In other words they can't single you out for health reasons.

I am also guaranteed coverage until age 95. Obviously the cost of insurance would be based on my age after the initial 30 years has expired (very expensive I might add).

There's also a policy holder toll free number on my policy (1-800-257-4725). I've called the number before and they've been responsive. I'd give them a call.

I hope this helps and, yes, I'm glad you forced me to read my policy again. It's always good to know what you have.

Offrddrver Nov 9, 2009 10:33 PM
Just a 2nd point of view!
Trent, All,

Ok Trent, you have me convinced that you are not a rep or even linked to a rep. I'm happy to hear you have a good policy for your life situation.

Just to note, I'm not in any way related to any insurance company. (I wish I was, because maybe I could get a better policy at a better price.) I'm a Semiconductor Engineer that just got caught up in too much life insurance as a young adult. I was 25 when I signed for my policy or policies. I trusted people back then.

So, here is a chance for you to help another guy...me.
Can I ask that you share the names of your policies? Not your personal information, but the title of the policy given by primerica?
Why, you may ask, do I want to know this information?
1. Because my rep is calling non-stop to try and get me to change my policies. I really bothers me that she says it will really help her and her mom. By the way she now wants to change my policy to her mom's name. (Very leery.)
2. Because my current policy is very expensive and I'm ready to lose my job in September 2010.
3. Because my rep does not provide me with the NEW policy information. She only provides a "signature for change" sheet. I'm already leery of my current policy, so how does she think I feel about signing a new policy when she doesn't provide a FULL disclosure of the new policy.

Last, have you ever found the policy information available on-line?
At age 35 I now read what I sign. I just wish I would have at age 25.

Thanks for your time, and please understand that I'm just a guy giving a 2nd point of view. Also, please don't feel like I'm attacking you as I'm really not. I actually appreciate that you started this blog so others can see both points of view.
Again, I'm willing to stay with Primerica if someone would just help me with my options.

Enough said, and have a good day.
Vaughn Nov 9, 2009 3:47 PM
Thank you. However . . .
Thanks for the comments. I have also been a long-time Primerica customer. I would like to suggest, though, that you add some comments related to your vocation. Things like proper use of grammar, correct spelling, and appropriate vocabulary by your respondents!
Trent Lorcher Oct 14, 2009 5:24 PM
To: Offrddrver
You make some very good points about the importance of knowing what's in your policy. I know exactly what's in mine. That's why I wrote this positive review. I have no ties with the company other than being a customer. I'm a high school English teacher and a writer. I manage my own finances.

Offrddrver Sep 30, 2009 12:31 AM
Sorry so long, 2nd comments...
Just to note, this is my second blog, so hopefully my first one gets posted.....first.

I want to wrap up my last blog by saying that I'm not for or against Primerica. I will say that I am not pleased at all with my REPS way of doing business. She is being way to pushy, which makes me want to leave even more.

I can say that I'm looking for a new policy with another company, but if I don't find a better one then I'll stay with Primarica. Maybe all policies appear to be a scam. As noted, most people don't know what they are getting. But you can bet I'm doing my FULL homework this time at age 35.

I just don't want other young people to get caught up in the same issue I did, only to find out I screwed up 10 yrs later. READ EVERYTHING YOUNG PEOPLE! And don't just take the word of your rep.....PRIMERICA OR ANY OTHER COMPANY. The REP is a sales person, just remember that!

I once again want to agree with this blog that PRIMERICA appears to be a wealthy company, I'm not questioning that at all. However, so was ENRON, but in the end that did not make them a good company now did it.

THINK, THINK, THINK before you buy any policy.

By the way Trent, thank you for the information, but I must say that you sound like a customer that has ties to a REP in some way shape or form.
But I do believe that you are not a rep.
Hopefully you are just a happy customer giving your positive view without ties.

By the way I've talked with several other companies and be very aware that they try to sell you a HUGE policy, even when you say you don't need that much. It would be nice if someone actually listened to their potential customers.

Have a great week, and please know that I'm just trying to post another mans view on Primerica.

Trent Lorcher Sep 24, 2009 12:05 PM
To Jean Tales
I'm not affiliated with the actual company. I'm just a customer. I've provided a link to the website and a phone number you can call if you need to contact the company.

http://www.primerica.com/public/protect_your_family.html

1-800-257-4725
Cortes Sep 19, 2009 12:46 AM
You are Fair
As a Mexican I can tell you that the only opportunity to be someone in this country, was to have a business. And Primerica provides me with this. Thanks for your comment and for being a positive person.
billy Sep 15, 2009 1:33 PM
Thanks for doing REAL research
Let as many people know about this company and that they need to do this real research because this company has helped my family so much.
Trent Lorcher Aug 19, 2009 2:27 PM
Thanks Zach
It's refreshing to know there's a company that educates their clients.
Zach Aug 16, 2009 4:14 PM
Good Article
Truth is amazing
 
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