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Primerica Life Insurance Co / scam and cheating

United States Review updated:
3.75
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Well I am a Sales Executive at a Co. that relates with the oil industry. Until one time one of my long time not seen friends, invited me to joint Primerica. So I did. Well, at first it sounded good. But days after I started to go to their meetings. They made me to purchase an insurance before even starting to work with them. It was not a have too. But it seem like it was. to make it short, after I did all of my best to reach what they wanted me to do. So I sold in the first month more than 8 policies. Since I was not a register agent I did not get a penny, so the RVP got all of it. And guess what I did not reach the goal that they wanted me to reach for my promotion. It is a time consuming deal and not worth to do it. I say no more to PRIMERICA.
Va
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Pr
  21st of Jul, 2010
Agree Disagree +1 Votes
Being employee or independent business for Primerica.You should represent your product first . "How do you know if your products are better than competitors without trying it first. There's certain SOP to get promotion, Primerica pays for your education and license. then make money comes in after license "Best Deal EVER"

I have seen a lot of people become successful in this business. I love Primerica, they pay for your education, school, materials all the way through and help you get your license. We are regulated by SEC. and department of Insurance. and doing good for 33 years with 100% compliance.
Pr
  21st of Jul, 2010
Agree Disagree 0 Votes
One unique feature of the life insurance industry is that agents must be licensed to do business. Obviously, the most compelling reason to require licenses for agents is to ensure they're highly qualified to handle a client's finances. Obtaining a life insurance license requires completion of licensing classes and an exam administered by the state in which the agent does business.

With abundant opportunities to service a clearly defined target market that desperately needs insurance coverage, Primerica is leading in helping new candidates become certified. For $99, candidates can join Primerica and, with a $25 monthly fee, they have access to powerful pre-licensing training tools such as the life online exam simulator and many other business-building tools. Additionally, all costs associated with the life insurance exam and the securities exam are included.* "If candidates actually follow our plan by attending pre-licensing classes and scoring well on the life online exam simulator software, we guarantee they will pass the exam or Primerica will pay for the retest, " Morrow says. "You can't go anywhere in the life insurance industry as an independent contractor and have this great of an entrepreneurial roadmap for licensing success."
Pr
  21st of Jul, 2010
Agree Disagree 0 Votes
Sadly, over 70% of the life insurance policies sold today are cash value policies. A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible. Your insurance person will show you wonderful projections, but none of these policies perform as projected.
Example of Cash Value

If a 30-year-old man has $100 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $125, 000 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 20-year-level term insurance with coverage of $125, 000, the cost will be only $7 per month, not $100.

WOW! If he goes with the cash value option, the other $93 per month should be in savings, right? Well, not really; you see, there are expenses.

Expenses? How much?

All of the $93 per month disappears in commissions and expenses for the first three years. After that, the return will average 2.6% per year for whole life, 4.2% for universal life, and 7.4% for the new-and-improved variable life policy that includes mutual funds, according to Consumer Federation of America, Kiplinger's Personal Finance and Fortune magazines. The same mutual funds outside of the policy average 12%.
The Hidden Catch

Worse yet, with whole life and universal life, the savings you finally build up after being ripped off for years don't go to your family upon your death. The only benefit paid to your family is the face value of the policy, the $125, 000 in our example.

The truth is that you would be better off to get the $7 term policy and and put the extra $93 in a cookie jar! At least after three years you would have $3, 000, and when you died your family would get your savings.
A Better Plan

If you follow my Total Money Makeover plan, you will begin investing well. Then, when you are 57 years old and the kids are grown and gone, the house is paid for, and you have $700, 000 in mutual funds, you'll become self-insured. That means when your 20-year term is up, you shouldn't need life insurance at all – because with no kids to feed, no house payment and $700, 000, your spouse will just have to suffer through if you die without insurance.
Don't do cash value insurance! Buy term and invest the difference.

Term Insurance vs. Cash Value Insurance

Life insurance
...most people don’t like to think about it, but most people need it. You protect your car and house, but what about your biggest asset? Yourself. Most things in your life right now are liabilities. The rule of thumb is that if something is taking money out of your pocket, it is a liability. Anything putting money into your pocket is an asset. Your house and your car, unless they are paid off, are liabilities. You and your income, on the other hand, are assets. Life insurance, unfortunately, does not insure your life, thus, it would be better to call it income protection, since it is used to provide income to a family in the event of an untimely demise.

Know What You Need

One rule of thumb is to multiply your income by 10 and that is the amount of life insurance coverage you will need on yourself. For example, if you currently make $50, 000 a year at your job, you will probably need $500, 000 coverage. This will provide a $50, 000/year income to your family for at least 10 years (even more if invested properly.
Tr
  9th of Aug, 2010
Agree Disagree 0 Votes
I absolutely rescent this company, I started a blog to help spread the word about them please post your complaints there primericacomplaints.blogspot.com
Sa
  22nd of Nov, 2010
Agree Disagree 0 Votes
Here is the Primerica rate vs the best rate. So much for doing to best for clients, eh Primerica

30year old 1million 20yr pref plus
Primerica Rate $56.53
Best Rate $37.83

35year old 1million 20yr pref
Best Rate $54.74
Primerica Rate $83.13

40year old 2million 20yr standard
Best Rate $243.08
Primerica Rate $316.83

Looks like Primerica doesnt even come close. Not only are they a pyramid scheme, but their rates are terrible. There is no winning with Primerica.

PS I bought my life insurance through YourLifeSolution.com which is where these quotes came from
Pr
  22nd of Nov, 2010
Agree Disagree +1 Votes
To Sandra you recently purchase your term life to this company yourlifesolution.com check your policy if the rate is flat till it will lapse the term, sometimes cheaper is not good all the time, you have to consider the quality of the business, check if there's hidden fee's, rates wont change, do " Due diligence" and overview of that company. I have a lot of positive feedback regarding claims from Primerica, my co worker from BIOTECH company her husband died and she got her claim within a week and Primerica is been around more than 30 years and I know this company wont be dissolved anytime soon. So I am confident with my life term through Primerica, i have peace of mind.
Sa
  23rd of Nov, 2010
Agree Disagree +1 Votes
A. The policy is absolutely guaranteed level, thats almost an insulting question to think I would miss that
B. Hidden Fee's? It's term life insurance, $60 policy fee per year built in to the premium
C. I didn't buy life insurance from an insurance company called "YourLifeSolution.com" I bought through them, its an independent agency run by a younger man named Eric Smith from Chicago
D. Term life insurance is basically a commodity, the only reason Primerica cost more is because of their inefficient business model
E. I think you should give this website some credit, Eric quoted Primerica for me when I asked for a quote, don't you think that is really an objective thing to do?

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Duluth
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United States - 30099
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