The Primerica Paradox: The Approach
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I am well aware that this topic has been debated upside down over the internet. However, I do not feel that many expressed opinions were based on rational analysis. I found that several people would erratic Primera from the surface of the world or they would build a temple in the honor of Hector La Marque, one of Primerica’s biggest (guru) financial consultants. |
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I have been approached by this company and I really went into a deep analysis of their financial model before I decided to have an opinion on it or not. I will then present a series of three articles on Primerica: The Approach, The Discussion and The Final Conclusion.
In fact, I had many experiences with Primerica. The first one happened when one of my friends told me that he was going to a financial conference on how to make more money. He could not remember the name of the company and as he is far from knowing the financial industries, I did not bother too much on that detail. Anyway, the conference was free and I had nothing to lose besides my evening! So I attempted to this meeting that was more like a sales pitch about Primerica than anything else. The way they work is pretty simple. Each Primerica advisor asks their client for references. These people are invited (like my friend and I) to this kind of meeting presented as a finance conference. As the invitation is coming from a person that you know, you may be more interested than if an advisor talk to you on a cold call. So they gather about forty to fifty people in their office and the room is covered with Primerica Reward Trophies and plaques: $50,000 premium, Team leaders, Golden Primerica Rewards etc. They were big talkers, convivial and very charismatic. They talk about how banks are mean and they want to run away with your money (I guess Customer Revenge would agree on that part!). They also explain that they are here to help out people with no financial knowledge. They want to help them building a strong financial plan so they are not left with nothing at retirement. Then, they show you picture of successful Primerica advisor who made so and so money last year. They talked to you about how they felt privileged when they were the first parents at their kids’ activities since they have a flexible scheduled or when they came into this big stadium in As I studied in marketing, I was able to detect most of their tricks to get people on board with catchy phrases such as ” was the only one at my son’s hockey practice. Make other people’s money work for you! Become an entrepreneur, come with us to help people”. I was sitting there and watching how people would react. We were six friends that attended to the Primerica (sales pitch) financial conference. Four of us were almost ready to quit their job the next morning and jump in the train of financial freedom. The other two (my wife and I) were amused to see them falling for the big umbrella. The Primerica advisor that invited us through her client came to see us and ask us questions. She was there with two purposes in mind: Recruit and Sell. I guess their mantra would be the following: ” you can not enrolled them with Primerica, wrapped them with Primera products”. She asked me a single question: - Hello Mike, nice to meet you. Tell me, in which field are you working? - Financial services, I’m a banker. She went livid for a moment as she was a drug dealer that discovered that I was a FBI agent. - Well I guess I would not be of any help then. - I guess not. I smiled back to her as she turned around to fish another of my friend. After the meeting, we ended up the six of us in the parking to discuss the “Primerica Strategy” further. One girl asked: - So Mike, when are you going to join Primerica? You seem perfectly fit for this kind of job! I could see the fire into her eyes; they were burning for those financial dreams. - Take a moment to look at which car is in the parking lot, I said. She looked around and stared at me with a big question mark in her face: - I don’t get it, what do you mean? - My Mazda and your Hyunday are the most valuable cars in this parking lot. If you would be making as much as they claim, don’t you think you could drive something like a Benz or a Bmer? This is how we how left into our respective cars, with “our” Primerica advisor in the background leaving into “her” 1990 Buick. Stay tuned as next Monday, I will write about the discussion I had with one of my friend, a Primerica advisor who tried to recruit me. |
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hehehe!
October 10th, 2007 at 8:43 am
Cool story -
jump in the train of financial freedom
I would rewrite that line as:
jump in front of the train of “financial freedom”
Mike
October 10th, 2007 at 8:52 am
Interesting experience FB. While it is true that ppl with money drive nicer cars, but it’s not true for all. How about the frugal peeps out there that don’t believe in fancy cars? Like the billionaire who owns Ikea.. he drives an old volvo.
October 10th, 2007 at 9:06 am
MDJ, you surely have a point there. However, most top salesmen/saleswomen love to flash. There are frugal people that won’t buy a 50K + car because it’s really expensive compare to what you get in return. But what’s the point of being frugal when you don’t work much and you are making 250K + a year? This is basically what they were selling in the presentation.
I can be wrong, but if I can buy your car with my smallest credit card, you will not become my financial advisor
October 10th, 2007 at 9:26 am
Mike, you just made my life brighter with this comment
October 10th, 2007 at 9:37 am
I’ve been into their meetings. They are just another Quickstar/Amway creatures. According to me, Primerica is a bunch of clowns trying to sell a product they have no clue what it is!
October 10th, 2007 at 10:24 am
I don’t know what Primerica is, but sounds from the description that they are multi-level marketers. I once got an in-home presentation from someone selling financial products. She gave us a salespitch that made her look smart and was fairly similar to what you describe, so maybe she was from that organization although she didn’t say so. Anyway, being in the corporate finance biz I asked her a couple of fairly easy questions about her products and she just blatantly lied. I could tell because her answers didn’t make sense so I assume she didn’t know the answer and just made something up; she was just trying to get me to pump some money into whatever she was selling.
I have no ingrained prejudice against multi-level marketing but I do find that they are given a bad name by people who are sucked in by the “I can get me a BMW” instead of “This is my chance to build a business.”
October 10th, 2007 at 12:01 pm
I also attended some Primerica sessions. They were very charismatic, slick, and strongly selling the idea of financial freedom (the warning bells were ringing loudly by that point). I never did take them that seriously and I was very wary of them. However, I did sign up for their LLQP course since is was being offered far cheaper than CSI was offering it.
What I did learn in their version of the LLQP course was that they had no idea what they were doing. I could have taught the course better than their instructor as I had better financial knowledge - it was a joke! I then ran away knowing that I’d never buy anything from that bunch of jokers.
Of course, that was just my opinion.
October 10th, 2007 at 12:36 pm
From my experience there, Primerica is a pyramid scheme repackaged with financial services such as life insurance and such.
One data from their slides drew my eyes for a moment, but after questioning the presenter, I knew that they were bullshitting.
There’s this fund that gives 30% return annually which you can only buy after you join their sales staff. The fact that they say they are some type of affiliate with Citigroup is supposed to establish confidence in people. I wondered what type of affiliate they are.
October 10th, 2007 at 1:50 pm
CR, in fact, even if you have the “I can get me a BMW”, it doesn’t mean that you are incompetent. I have dealt with several financial planner through my job and the best one in term of knowledge product and client service were making a lot of money and, therefore, driving nice cars. In this type of business, you are building your business through the word of mouth of your clients. If you don’t know what you are doing, you will not succeed.
WC, I find that Primerica’s training program was very thin compare to the real world of financial product. However, I will discuss this point later on in my series.
Causalien, from the best of my knowledge, they belong to Citigroup. It was a smart way for Citigroup to offer financial products a very different way than through CitiBank.
October 11th, 2007 at 9:43 am
I agree with you that smart and competent people can become successful. I suspect that the financial planners you know spend more time thinking about how to help customers and improve their skills than “get me the BMW”. That’s the contrast I was making. First start with making sure you provide lots of value; it’s at the front of every good sales manual.
October 15th, 2007 at 1:05 am
[…] This post over here at Online College Blog Shows MBA deals — not one single dog! The Financial Blogger might knock off your socks With posts on The Primerica Paradox. […]
October 15th, 2007 at 1:05 am
[…] This post over here at Online College Blog Shows MBA deals — not one single dog! The Financial Blogger might knock off your socks With posts on The Primerica Paradox. […]
October 15th, 2007 at 7:08 am
[…] week, I wrote about my first experience with Primerica and their incredible ability to convince people to work for them. However, I was about to encounter […]
October 17th, 2007 at 12:33 am
I’m looking for a company for my investments. I have a london life policy from my parents. I figured I would shop around to see whats out there for life insurance and retirement. The london life rep was no help at all, he just gave me a couple of figures and explained that if it wasn’t for my exisiting itty bitty plan from my mother he would not have wasted his time coming over. I found him so rude, cocky and arrogant. NOW, I know a woman who started with primerica over 4 yrs ago, she never invited me to a meeting or even bothered me about investments. I remembered she was in the business and gave her a call. She spent time and explained the policies. She did asked for the rerrerals. Fine, i dont have a problem with that but what I want answered is, if primerica is a company worth investing in?????
October 17th, 2007 at 6:21 am
[…] the summer of my junior/senior year of college until I read The Financial Blogger’s article The Primerica Paradox. The article says it all. They’re a scam. Luckily I don’t remember losing much money […]
October 17th, 2007 at 7:15 pm
Investment V,
I am not saying that the company itself is bad. In fact, Primerica might offer really good product, I did not analyse their products. I am more confused about the way they recruit their representative and the way they advertise themselves.
However, you must know that Primerica belongs to CitiGroup who is a major actor in the financial industry.
In order to find a good consultant, I would strongly suggest that you meet with three consultants from three different companies. It requires more time and effort but at least, you will be able to compare their offer of service and the way they treat you. Unfortunately, you can find clowns (like you LL guy) in any companies
October 18th, 2007 at 7:02 am
[…] obvious reasons why I decided that this company was not made for me. So after reading more about the way they approach people and their speech, I am presenting my personal conclusion on […]
October 30th, 2007 at 11:57 am
how come I can not find ANYTHING on Primerica except for people talking about working for them or trying to work for them???? They are supposed to be this big whoop dee doo for helping the American middle-class but I can’t find anyone who has refinanced their mortgages/bills with Primerica. No-one. That strikes me as very very odd. They build themselves up to be this great company who actually cares about the people that are carrying the American economy on their backs but where and who are these people??? What also makes me quite suspicious is the fact that their “parent” is Citigroup, one of the biggest predatory lenders (http://www.innercitypress.org/citi.html) in North America and also globally with Citifinancial.
I was interested in what a friend of mine said was a company that is concerned about people like me and my financial situation and I have gone into this Primerica thing without prejudice but after countless hours of research online all I can find is people complaining about Primerica and their pyramid scheme like system. I personally don’t care about how other people want to work or not work. It is their choice. I care about what Primerica claims they can do for me in the financial world but the more I look into this company the more convinced I am that it is nothing but some kind of scam and that has a lot to do with the fact that it seems as though nobody in America has taken a loan from them.
If there is anyone out there that has taken a loan from this company, whether you had a good experience or a bad one, please…I would like some input on this. Anything not pertaining to employment. I had my 1st meeting with their financial advisor last night and she talked a wonderful pretty game but I can find no evidence to back up (or not back up) her pretty words……
October 30th, 2007 at 8:38 pm
Sam, I would suggest to prepare your questions and ask a bunch of them. You will be able to find if your advisor knows her stuff or not
BTW, most companies in the financial industries will obviously claim that they are for you to help you out realizing your dreams and retire happy and so on. It is just a sales pitch like any other.
October 30th, 2007 at 10:05 pm
I’m interested in cults and cult-type pyramid-type groups. What I mean is, I’ve been reading up on Amway with no intention to join. If you’d just changed the words to Amway, this whole event sounds exactly like things I’ve read about from people who got out of it. Right down to the whole having time for their kids (one person who got rather high said that he actually didn’t have time for his kids but was told to do things like go to one practice and say that he goes to his son’s practice. Or go golfing and make that one experience seem like he spends every day at the country club).
The sad thing is that people who are faced with the fact that they’re not making any money continue to buy into the myth. Because they think everybody else is and so it’s their fault. Or that they can eventually. I look forward to reading your next post on this!
October 30th, 2007 at 10:34 pm
Mrs. Micah,
I just created the Primerica Series in my categories so you can check my 4 posts on this topic
November 26th, 2007 at 5:04 pm
I read with amusement and sadness the comments about Primerica. Quite remarkable that no one posted in this blog a single compliment anyone from Primerica. Instead, the trumpet terms such as pyramid, rip-off, money-making, incompetent, uneducated, etc.
I have worked for Primerica for 15 years. I am very proud that I have helped people take control of their financial futures by showing them how to create a budget, buy the right type and amount of life insurance (term, with adequate coverage….just what most financial journals recommend as well as Consumer Reports), quality mutual funds to establish emergency funds and IRA’s and more importantly, hands-on attention through multiple visits (at the client’s home for their convenience) the way doctors used to make house calls.
With the plethora of advertisements from financial companies today, most people are overwhelmed with too much information,and this leads to analysis paralysis. I believe the majority of people involved in the financial services are sincerely interested in helping their clients succeed in their financial goals.
Because most of the principles we show to people are simple and easily implemented, our detractors often hurl diatribe at us. But that is the nature of competition. I myself refrain from disparaging our competition as I hold to what Abraham Lincoln once said, “A short man cannot make himself any taller by cutting off a tall man’s legs.”
In Rip-Off Report we were criticized for years. Finally, once we were given the opportunity to present OUR side of the story, Rip-Off Report reversed course and actually complimented our company for our efforts to educate the consumer.
Are we trying to make money? You betcha! Just like any other person in a capitalistic system. Do we provide a valuable service to people? You betcha. With so many people in financial distress today, they need a helping hand and the discipline to manage their money more efficiently and effectively. Are our principles easy to understand? Yes!! Effective communication should be based upon making the information easy for the client to recognize and comprehend.
What is our philosophy? Simple. People should assume control of their financial lives by getting the knowledge they need to create a successful game plan. If this means working with us to supplement their income, replacing their full-time job with a career with us, or even going to another job to increase their income, then they should do it.
Our plan is predicated upon four major ideas.
First, get the proper type and amount of life insurance. We market only TERM, and most legitimate financial planners and magazines recommend term!
Second, establish an emergency fund so that the client does not have to eat his future by taking money out of his retirement plans.
Third, establish an IRA to meet your retirement goal.
Fourth, and this is most important, providing our clients a free, confidential financial analysis that identifies their strengths and weaknesses and provides a strategy to reach their goals.
We market mainly to the middle class, the group that is often passed over by the large investment firms in favor of the wealthy. Having done this for so long, I have seen a lot of personal crisis out there. What a truly rewarding experience it is to spend time with a person and, by providing him easy to understand solutions, help him implement a strategy and exercise the discipline to become the captains of their ships, the masters of their fate.
Primerica is not a perfect company. No one writing here is perfect. Nevertheless, Primerica is a valuable company because its strength lay with its members who have the passion to truly help people. Most of the people I have been associated with over the years truly wants to help better a person’s financial situation.
We do not require our members to be rocket scientists or college educated. We do require they undergo training and get the same licenses and meet the same requirements that other financial instutitions require. I myself have two Baccalaureates and a Master’s Degree. However, the education and training I received from Primerica is what has allowed me to truly serve my clients. My college degrees certainly help when it comes to confidence and communication, but the concepts I illustrate to my clients are really quite simple to understand.
As for Primerica being a “pyramid,” this is almost too silly to reply to. Pyramids are illegal. Anyone having any evidence that we hire people and get paid just to hire them should bring their little and loud complaint to the FTC. This pyramid labeling has been used for over two decades and their is no evidence to support this dogma.
Does everybody who works with us make a lot of money? Nope! Most are part-time and are content helping family members and friends. They wanted to supplement their income and Primerica afforded them the opportunity to do so.
Now, because the majority of people employed with Primerica are not rich, does this mean we are not a legitimate company? Nope! The majority of Americans are not rich. Does this mean that capitalism does not work? Only 1 or 2 percent of Boy Scouts become Eagle Scouts. Does this mean the Boy Scouts are a rip-off organization?
I could go on and on with examples that simply deflate and expose the false accusations against us. But I know you cannot please all the people all the time. There will always be unhappy people who criticize ANYTHING….no company is good enough for them. Or, you get the shady insurance man who attacks us under the guise of a consumer to inject doubt about what we do. We cannot stop that. It is simply human nature.
I can tell you this. Primerica changed my life. The education I received, the friendships I forged, the relationships with my clients….all have enriched my life. I celebrate with my clients as their portfolios grow and their confidence increases. I also appreciate the fact that I am able to actually get paid to help people while taking pride knowing I am doing the right thing for my clients.
For those who have had bad experiences with Primerica, I am sorry. For those who are our competitors who criticize nearly everything we do and pen untrue or personal attacks, I feel sorry for you. Spend more time building your business than you do attacking us and you may provide a better income for your family. For those of you who may be curious about Primerica, please don’t be scared to contact one of us. Judge our performance and products for yourself rather than wasting your time reading comments posted on a blog.
Mike
I can
December 17th, 2007 at 7:02 am
[…] reading Michael’s comment on my first post on Primerica, I realized that I should bring another point regarding personal finance companies. While I still […]
January 14th, 2008 at 9:26 pm
Was a licensed PFS rep in Northern California in the mid-’90s…part of the Hector La Marque/Rick Susie downline.
Went to a lot of meetings, seminars and pep rallies. (Even one with the illustrious Joe Plumeri and Pete Dawkins - now ousted PFS exec alum.)
Was around when they were piloting the FNA - and around during the Sandy Weill Travelers/Citigroup merger.
Sold one policy. Simply dropped-out due to lack of sales.
Now, 10 years later, a couple of key observations:
* I look up on California’s Department of Insurance website and look for all my old PFS group’s agents’ license status…Kevin Morris…Shane Daly…RVP David Clay Harrison…RVP Ed Jensen . They’re all Inactive Status. Gone. All were Gung-Ho PFS.
* PFS was started by Art Williams, and founded on some good concepts. They got BIG during the MILICO days and really stepped on a lot of toes in the insurance biz. (Not that toes shouldn’t have been stepped-on.)
* With every successive generation of Primerica AFTER Art: Plumeri…Weill…Citigroup, etc….they’ve moved farther and farther AWAY from the original, simple vision.
* I’m not an agent for them, but it appears that the ONLY company that’s actually ‘carrying-the-torch’ for the ORIGINAL concept/legacy of Art Williams’ PFS is CAPITAL CHOICE FINANCIAL SERVICES. Check these guys out.
Peace.
- orbal1
January 29th, 2008 at 12:20 am
I’m truly amazed I just read an honest opinion aboput Primerica that doesn’t seem to lean either way. I have experience with MLM and I am just just starting out with Primerica. I to was surprised by the unskillful presentation that I was given and can see why some would condemn them if all they see is that. I am currently in the process of signing on with Primerica as I see alot of potential there and look forward to opening an office of my own. My main concern is that a little bit of knowledge can be a dangerous thing in the wrong hands. My office will not suffer from these shortcomings when it happens and I’m sure that there are good and bad offices out there you just need to find the right people. I am not impressed by what I’ve heard but do see a lot of potential if some more knowledgeable people would get involved. Also I am not fond of the referal process but you have to look past that. Didn’t mean to say so much just great job I like your style I’m going to read more of your reports now. ThankYou
February 24th, 2008 at 8:00 am
[…] As an example, if a life insurance of 100K would provide another agent with $1,500 in commission, a Primerica advisor at the lowest level will earn $900, then his recruiter will receive $300, the recruiter’s […]
February 25th, 2008 at 8:38 pm
This is in reply to Sam #18,
I am not with Primerica but a answer to your question is to check out Chris Wondra.
His web site is:
http://chriswondra.com/2007/11/24/primerica-mortgage-a-consumer-report/
March 12th, 2008 at 11:06 pm
In reply to Sam #18.
I re-financed my rental house with Primerica’s smart loan. Replaced an ARM, it was ready to triple in price. My monthly payments went down $50/month it is a bi-weekly product and I will have it paid off in 9 years vs. the 26 remaining on the original loan. It works.
I also have over $100,000 invested woth PFS investments. Quality funds from Van Kampen, Legg Mason and American Finds. I moved from a prominent broker in Houston, I was with them for 5 years from 2002-2007 there best perforing year was 6%, in the same period my PFS portfolio had 3 years with rates of return over 16%.
I recommend them, not all, do your due diligence and find someone your comfortable with if you do not know someone who is affiliated with the company. I thank my ex-wife for introducing me to them.
Mike
March 13th, 2008 at 6:19 am
Mike;
This is only one thing that bugs me: You cannot mathematically pay a debt faster with a smaller amount. Did you make a consolidation loan and you are considering the final picture?
March 25th, 2008 at 11:10 pm
i see that most of the poeple who have posted comments talking bad about primerica are just a bunch of ignorant people who are in need of information i feel sorry as to how close minded you really are. i work for primerica and i know what is like to change people points of view and open their eyes to how financially mess up they really are and how we can help them. there isnt any other company outthere where the people as as nice and as willing to help each other out as in primerica. You know before any of you people talk bad about a company you should do your research from creditable sources not just from BS comments that you read from people who have no financial intelligence at al.. i read a comment about someone asking if they should invest with primerica ofcourse you should we are affiliated with leggmason and we have acess to the best mutual fund companies out there in its respective category. we have absolutely the best of the best in everything from life products to loan products to investment options. For those people talking bad about our company i truly feel sorry for you because unfortunally because of your lack of intelligence your families will suffer financially for the rest of their existence.
March 30th, 2008 at 3:20 pm
To respond to post # 29, dated March 13th…. The reason Primerica’s “SMART” loan does pay down faster (it cannibalizes itself basically) is because it is a SIMPLE INTEREST loan, as opposed to a 30 DAY SCHEDULED INTEREST loan like 99 % of all other loans. In a typical (non-Primerica) loan, if you try to pay off your debt faster using biweekly payments, your lender actually holds these payments until the 30th day of the payment cycle - when you verify what I’m saying with your own loan, please be sure to check with a branch supervisor - as most line staff actually assume your payments are immediately posted to the loan. Conversely, the SMART loan uses simple interest (not scheduled) and thus every time you make a payment, it recalculates and re-amortizes immediately. So the next payment you make that month is applied to a smaller balance. It’s great! I’ve enjoyed being completely debt free for 5 years now - I would urge people to look at the content of what Primerica offers, like Mike did… Do the math, you’ll like what you see.
April 1st, 2008 at 9:06 pm
One of their advisor came home today to try and sell me life insurances. When she saw that I was not interested in life insurances, she tried to get me to be an advisor too. She claimed being able, after 3 years, to stay home and make 65 000$ net without doing anything since she’s a VP. Funny though, I made myself the remark that she was driving a small VW Gulf while I owned a Honda + a Hyunday. Who needs financial advise? Besides, how can someone who used to have LOTS of financial problems (as she says herself) be able to help me solve my own “problems” (if problem there is!)???
Anyhow, it didn’t take me long to decide that I was not going to fall for this joke. I can do the math and, quite honestly, my math doesn’t match primerica’s.
April 17th, 2008 at 3:17 pm
Isabelle,
Have you considered that fact that since she went through the problems, that she would have experience of what the stress is like and didn’t want someone else to go through with it? Or the fact that you are expendable at your job and could get into the same problem she was in?
Judging what someone else knows or does by how they look and drive is quite shallow. Bill Gates drives a ‘08 Focus.
And just because you claim to not have problems, does not mean you don’t. Financial problems are funny things. They tend to hide and not be noticed until it is too late.
Another thing, there is not a single advisor contracted to Primerica. They are all analysts. Advisor’s require government certification. The difference between the two types, based solely on the information given to the clients, is nothing. Advisors have the option to charge you for the advice, analysts typically do not.
April 19th, 2008 at 3:43 pm
this is a fair assessment. But not everyone in this world in making 100,000 a year. Even in primerica or any other industry or job the people who work hard are rewarded. Not everybody is a millionaire in primerica not everybody is a millionaire owning a mcdonalds franchise it takes a special kind of person, timing, perseverance and a bit of luck to make it in my opinion. I have looked at many opportunities mlm and i think the only reason they have a bad name is people do not follow proper business principles and ethics. They do not treat it as a business. People who do and work hard at it are successful that is present in every facet of life. It is all about what you want and how you perceive the situation if you are all about helping people then this industry is right for you. Unfortunately most people are just looking to make a quick buck or two. I am 20 years old and i have learned that much about the business world. Just be honest and straightforward with people and they will honest and straightforward with people. If you do not like to do something no one can force you to do it. We need to stop blaming other people and circumstances for our current situation. It is us who are responsible for our lives. Thats all i had to say. thankyou
May 7th, 2008 at 8:44 pm
I can see everybody’s point of view about Primerica. Some of it I agree with and some I don’t. First of all, I don’t think it’s a scam…I joined about 8 months ago and I have only made a few thousand dollars. I have definitely made more than I put into it. Plenty more. Worst case scenario, I got to experience some amazing people and I got a great education in financial services. It is all about recruiting though and the pressure is relentless.
The people that are at the top started where we did and they put their heart and soul into the business. But I think they were just destined to be a part of that business. I joined with the idea that I would be able to eventually I would start my own business, but I am beginning to see how insane the requirements are to get there and the time that you need to invest to make it happen. It’s just not realistic….for me.
I agree with the person who said that a lot of the people are not educated about the products and services. Fortunately, the person who is training me is very well educated and understands all aspects of the business. However, the company itself does make it very easy for reps to get licensed and sell the products without having a solid education in the different fields. The training is absolutely geared towards recruiting and not the services. The idea is that you can find someone who is hungry to learn the business, and they will grow yours for you, while growing theirs at the same time. The people that have opinions about this company that have not actually done it should be quiet! IT IS NOT A SCAM, but it is very difficult to succeed. It is not impossible though. It just depends on how committed you want to be.
But that’s just my opinion.
June 19th, 2008 at 12:40 pm
I had to laugh when I read this, thinking of my little mum who cruises around in her 1993 Buick. A former financial adviser, she is one of the wealthiest women I know and she loves that car- my father has bought new vehicles and she refuses to drive them- she prefers her old buick and she’ll drive it til it falls apart. I pity the people who failed to take her financial advice based on the vehicle she drives. I think that a more common sense approach for them, if they do exist, would have been to listen with an open mind to the financial solutions she presented, to develop an understanding of the products and services she was suggesting and to apply their knowledge and her advice to the betterment of their financial future. I’m not sure her vehicle should have been part of the equation really. When we were growing up, one of the richest men in our town drove a rusty old, beat up pick up- nobody knew why and it was really nobody’s business, but if he had ever sat me down and wanted to talk to me about building wealth, you’re damned right I would have listened, regardless of what he drove.
I am not criticizing this article with malicious intent- I completely respect your opinion and it would not be of any benefit to me to change it. I would like to point out though that while you state specifically that you did a ‘deep analysis’ of their financial model before forming an opinion, you state that the day after your first meeting with them you and your wife were ‘amused’ to see your friends ‘falling for the big umbrella’, which clearly shows that you had developed an opinion before your ‘deep analysis’. I know, however, that when researching and writing articles, this is one area where you have to be particularly alert since, generally speaking, human beings are known to have a tendency to look for information which backs up the opinions they have already formed, and the vaguely condescending tone of the article suggests that this may be the case with what you have done here.
Also, it wasn’t clear to me how or why you would have an opinion on the company when you clearly state that you didn’t look into their products. The products are the tools which enable the company to work with people’s finances, so by not understanding exactly what they offer, it would not be logical to feel you have a solid basis for an opinion on the company itself. This would sort of make offering such an opinion in the form of an article in a financial blog rather moot.
All in all it was a very interesting article.
June 19th, 2008 at 6:52 pm
Arion;
I was quite amused when I read that your mom has this kind of car. It proves that I may be wrong
Seriously, I still believe that out of 100 people making 250K and more a year 98 of them will drive a very nice car. but there are exception everywhere.
It is true that my first impression of Primerica was negative. However, I seriously considered working for them after I spoke with my friend for the first them (see other articles on my blog in the Primerica series). This is why I think my opinion is not biased.
I couldn’t look into their product because they were not talking about them. The whole time spent with Primerica people was spent on saying how great they are and how making money was easy. However, I can tell you that I am working in the financial industry since 2003 and every company has the same product. It’s a matter of month to copy a good idea! Therefore, only the expertise and competency of your advisor will make a real difference.
Thank you for your opinion.
July 8th, 2008 at 1:29 pm
First of all, Mr/Ms Financial Bloggeryou’re not a banker.. You’re an “Employee.” The OWNER of the bank aka the CEO with majority stock in the company or the shareholders are the bankers.
As I studied, in Business & Finance.. Individuals with real wealth don’t drive Mercedez Benz’. You would know this too if you read the “Millionaire Next Door”. Since you had the most expensive car at the meeting, I’m guessing you’re probably the one with the most debt, who has a catalogue of GIC investments at your friendly bank (performing at 1-3% GUARANTEED) and you’re probably in the rat-race. How’s that for a fair assessment?
Such haters… Here is a company that is actually willing to give everyone a chance to succeed. They get people out of debt, they teach the average person about investing PROPERLY so that they can retire with dignity, and they have the integrity to market the right life insurance 100% of the time. The company has NEVER had a lawsuit with an uphappy life insurance client or been taken to court over business malpractice. They don’t sell trash value life insurance, mortgage insurance or all of those other financial products that are designed to keep the rich richer.
All of these positive things that they do on a daily basis, and yet you come online and bash them like they stole your milk money. lol. You obviously don’t have your facts straight.. Either you’re dumb, ignorant, or just scared to do something with your life. I bet it’s the Latter.
Like most people, you can’t cut it in the business environment. That’s why Business owners get paid so much. If it was easy, everyone would do it. In Business life is tough. Not like your 9 to 5 where you get up and kiss your boss’ butt all day. (oh, and did you know that your boss makes more money than you? And his boss makes more money than him? And the farther up the ladder you go, there’s less Directors and VP’s and CEO’s? So you’ll probably never get their position unless they die or quit? ) Just thought I’d toss that in there.
In Business, you have to FIND YOUR OWN CONTACTS, create a revolutionary product that will change the lives of millions of people, believe in your product/service when nobody else does, and go out into the world and market your product/service to ignorant people like yourself and get rejected time and time again… But of course there’s always the lucky fiew with some business sense that will see your vision. Then, when it’s all said and done, you can lay back and enjoy the fruits of your labour. Like W. Buffet, D. Trump, O. Winfrey, R. Kiyosaki and the list goes on.
In case you didn’t notice, they don’t work 9-5 as a “banker” and you won’t find them on BLOGS, dogging their fellow north american’s business. Especially one that helps people in EVERY FACET OF THEIR SERVICE, and has never done wrong in any clients’ eyes.
Get your knowledge up
V
July 8th, 2008 at 1:52 pm
I just read another one of your posts…
You have a Universal LIfe Insurance Policy? LMAO. Man, they got you good. I guess you must be ignorant and scared to do someting with your life.
Just look at the price a of a primerica policy for 100K, then invest the difference in a mutual fund at a conservative 8%. I’d bet that it will be FAR more than you UL “cash value” or “termination value” or whatever they call it these days. Those policies make NO sense. After all the fees/expenses, you’re most definately loosing money.
Ask Suze Orman about Universal Life Policies.. Damn, read a book “Financial Blogger”. Who are you to be giving advise to the average person? What have you accomplished?
V
July 8th, 2008 at 2:12 pm
V,
I guess you should read a second time. I used to have a universal policy. USED TO.
conservative 8%, huh? gimme fund names, I,ll be happy to review them
As far as I am concerned, Primerica Concert Series AGGRESSIVE portfolio is not making 8% over the past 10 years… take a look at this :
http://www.morningstar.ca/globalhome/quicktakes/Fund_Performance.asp?fundid=4190
10 yr: 6.6%….
I had fun reading your first comment talking about “hater”… who’s more aggressive? Did I bash anybody at Primerica? I’m pointing out facts. FACTS.
nobody ever got sued at Primerica:
http://dockets.justia.com/docket/court-mddce/case_no-8:2008cv01641/case_id-159674/
maybe they are wrong, maybe they are right, but please don’t tell me that Primerica is the only company in the world that never had any lawsuit in their whole history.. PLEASE!
Please, just type a few words in google before you comment next time.
BTW, I’m 26 with a positive networth, 2 kids and my only debt is my mortgage… so I guess you are not a storyteller yet since your assumptions are pretty far off my reality!
Anyway, have fun reading my blog
July 8th, 2008 at 2:51 pm
I did have fun reading your blog! More fun laughing though.
AGF Funds actually took over the convert series in 2002. Since then you’ll see that the fund has done 18% in 2003, 9.6% in 2004, 17.1% in 2005, 20.3% in 2006 and 2.4% in 2007 (a bear market) all on the same link which you sent me. Totaling a 5 year average of 13.5%.
Need more?
How about Primerica Common Sense Funds:
ALL of the Asset Builders 1-6 have rates of return since INCEPTION that border on 10%
2008 has been an awful year for investors and I can still list TONS of funds that average 10% that Primerica markets:
Trimark Income Growth Fund
Trimark Fund DSC
AGF Dividend Income Fund
AGF Aggressive Growth US Fund
We’ll be here all day if I keep going…
And your second link, what a joke. Notice who the Plaintiff is? It’s PRIMERICA! The defendant, whoever that is, is someone who obviously tried to screw the company. I would’ve loved to sit on the jury for that one. Again, nobody has EVER sued Primerica for doing anything wrong (not to mention sue the company and WIN) because the company’s Integrity is through the roof. Everything that Primerica does is beneficial for the consumer, EVERTHING. Case closed. Google that
Positive net worth? Net Worth is sucha useless term. Again, read “rich dad, poor dad” by Robert Kiyosaki. How much of your networth is liquid investments? I’d bet that most of your “net worth” is tied up in that big liability called a HOUSE.
me? Hater? I didn’t hop on the worldwide web and start bashing a great company because I didn’t like their marketing pitch. I’m simply responding to what I believe to be a completely unjustified claim against a great organization.
V
PS - Glad to hear you did what Primerica has been saying since day one and got rid of you UNIVERSAL LIFE policy. Hope you didn’t go get a whole life policy?
July 8th, 2008 at 3:54 pm
V,
Read a little further on my Primerica story. I don’t blame their product and I don’t blame them for selling insurance at all. It is just that the reality is not as easy at it seems when it comes down to be a recruit at Primerica and make money.
Yeah, you gotta work hard. Come on, anybody in a commission structure / business owner or self employed knows that. I have been told by Primerica recruiters (I guess I am not that dumb since I received 5 different offer from the past 5 years) that I can do $2,400 a week with normal work (i.e. 40 hours). So I guess that almost everybody at Primerica (i.e. about 100,000 employees right?) makes more than 100K a year working normal hours? Are you? is everybody at your office making that much and all driving 1989 Buick?
I have work with independant advisor for a while and it is true that there are super stars making 500K + a year, I know many of them. But the reality is that the average income for a 1st year rep is 24K in Canada. Nobody ever mentioned that in the Primerica meeting or discussion I had with many reps.
in regards to the concert series, I just have to say that many many many many funds made over 10% returns from 2002 to 2007. It was a huge bull market until mid 2007. There are not bad mutual funds, but they are not astonishing either.
I must admit that I didn’t the link I posted… that’s what happen when you do things too fast!
According to Rip-off report:
With over 100,000 representatives and 6 million clients, Primerica is bound to be the subject of a certain number of complaints about improper agent conduct, as well as product and administrative complaints.
Rip-Off’s investigation found such complaints, but importantly also found that Primerica is committed to resolving such complaints quickly and doing everything possible to satisfy its clients. It also takes appropriate action against any of its representatives who are found to have conducted themselves improperly or unethically. We believe that the number of complaints against this company, whether through the Internet or other channels, is small when put into the context of its enormous size. Most big companies would never commit themselves like Primerica has.
http://www.ripoffreport.com/reports/0/010/RipOff0010157.htm
I noted that they also mention that the company is very good at following-up with complaints and resolving them. This is a really good point, however, there are still complaints and probably lawsuit. It is nothing related to the company, it is just that any company with 100,000 + employees will have complaints and lawsuit. It is just normal!
here’s an example with Primerica as a defendant:
http://dockets.justia.com/docket/court-mndce/case_no-0:2007cv03972/case_id-93972/
And I conducted a quick search on the same website;
http://dockets.justia.com/search?query=primerica&search=Search&stateorcourt=&lawsuittype=&documentfilter=allcases&cases=mostrecent&min-day=1&min-month=1&min-year=2004&max-day=8&max-month=7&max-year=2008
you will find Primerica as Plaintiff and Defendant. So there are lawsuits.
Are you really surprised?
If you take out my house from my networth calculation, simply take off my only debt as well and then, I am still positive !
One last thing, go read my conclusion on Primerica:
http://www.thefinancialblogger.com/category/primerica-series/page/2/
And tell me that I am not right when I say that the best way to make money with the Company is to recruit somebody, make the cut off his best 5-10 first clients and than have him recruit somebody else.
I never said that the company was not offering good products and bad financial advice. I am just saying that people should think twice before working for this company and that I found weird that a Walmart Greeter can, all of a sudden, help me with my financial situation with a 3 month training class. Would you let me repair your car, fix your roof or do a brain surgery after a 3 month class? would you?
July 8th, 2008 at 4:43 pm
Financial Blogger,
Of course I wouldn’t let you do surgery on me after 3 months of training. However, I hardly believe you want to compare something as specialized as surgery to financial services. Doctors are dealing with life and death, perhaps that is why they must complete years of experience in schools and training environments. They must be experts at what they do.
Financial Services isn’t rocket science. This is another priniciple that Primerica teaches. Replacing a Whole life Policy with term doesn’t require a Doctorate. Term Life insurance is the best option 100% of the time. I’m sure you realized that. Switching someone from a 1% GIC into a 10% divident fund isn’t Brain surgery. It’s common sense. “Mr. Client , you’re getting 1% over here at your current instituion, based on the rule of 72, your money will double ever 72 years and you’ll never retire.” Primerica says why not get into a mutual fund, since equity markets have outperformed ALL OTHER investments and are proven to be the best way to save towards retirement?
And Debt. Currently most people will be in debt forever (don’t they have 40 year mortgages now?) Primerica says “hey Mr, client why don’t you try our S.M.A.R.T. loan and we’ll put together a plan that will get you out of debt in 10 years instead of 40?
HOW HARD IS THAT? I just taught you how to be beginner in the financial services industry and it only took me 5 minutes.
As far as the legality issue goes, In all of my research, I have never heard of Primerica getting any lawsuits filed against them. And like you said, if they have.. for the size of the company, it’s incredible what they have managed to accomplish.
Going back to the commission structure and making money… Again, it’s not easy. The business is simple but it’s not easy. If you were working 40hrs a week, of COURSE you could be making $2,400 a week in Primerica. It’s simple math. In Primerica, $2,400 is equivalent to about 2.5 insurance policy sales. (no investments, no debt) Worst case scenario, one in every 5 people says yes to your presention. SO, you see 10 people per week, and you’re making $2,400 in commission, but you’re right. Who’s gonna do that? Just like in the real world, 10% of the people earn 90% of the wealth. It’s like that at your job, in business, everywhere! (Who can’t go on 2 appointments a night for 5 nights? Mon-Fri just do two appointments a night and see what happens)
The point that Primerica is making is, IT’S POSSIBLE HERE. Where else are you going to go, see 10 people a week, make 3 sales and earn $2,400 on one product? NOWHERE. We give the average an ordinary person a shot. In the “real world” you have to have a degree, and a diploma and have years of experience… for what? to replace a whole life policy? Gimme a break. Primerica gives people a chance to have a chance in life. I can teach a 50 year old Walmart Greeter how to do my job, and he/she will do the same job (if not better) than any “financial advisor,” from a major institution.
Like I said earlier, you can’t move up to the CEO position in your company because the spot is already filled. That person has to quit or die before you get a shot. And even then there’s a thousand people wtih more qualifications than you. so how do you get ahead? Primerica, that’s how! lol.
V
July 8th, 2008 at 4:58 pm
Financial Blogger,
Look, don’t take my word for it. What abut everyone else? I’m not talkin about “cousin jimmy” who said PrimAmerica is a pyramid scam.. Even though cousin jimmy has never done anything with his life. Primerica can’t turn coal into diamond!!! I’m just saying, what about the experts.
What about the information that has been written by: Suze Orman, David Chilton, Thomas J Stanley, Napoleon Hill, Derek Foster, John Kehoe David Bach the whole cast of “The Secret.”?? They have all sold millions of books educating people about what Primerica has been doing for the past 30 years! Primerica is doing the same thing daily, and turning average/ordinary people into business owners. Not only that, but they’re helping thousands of people in the process!
How can you hate on that? Or say that “it can’t be done, or you have to recruit” Of course you have to recruit! Nobody had a business by themsevles! Mcdonalds wouldn’t be Mcdonalds with one guy workin there! You don’t “have to” recruit, you GET TO recruit. People are struggling out there. Dying to get out of their jobs, looking for a better way to make it. And you know this is true. You probably know 50-100 people who hate their jobs and all they talk about is getting out. Or their next vacation. That is the reality that we live in and you can’t deny. People are just scared to take the next step, they’re so jaded by the negative news, or this person got burned by some scam etc.. and internet bloggers like you don’t help the situation at all..
I know I have given you a ton of literature to follow up with, but add “Coach” to that list. Written by ART WILLIAMS: The founder of Primerica. Read that, and then get back to me. Until you read that book, we can’t even have this conversation because you’re not on the same level of awareness.
Sorry for being so abbrassive but those are the real facts…
V
July 8th, 2008 at 5:06 pm
OH, almost forgot.
I still can’t believe you sent me that link for Primerica’s Aggressive Growth Fund. Talking about how bad it is.
Morningstar has that fund rated as a FIVE STAR FUND. It outclassed all of it’s peers within the same group and it dominated the index over the last 5 years as I mentioned. I agree that the last 5 years has been good, but still.. It’s a 5 star based on morningstar’s rating. I guess we’ll see what happens over the next 5 years with all of those funds that I listed.
Something tells me that they’ll do far better than real estate (like they have historically) and GIC’s (which never do more than 2-3%)
V
July 8th, 2008 at 7:36 pm
V,
Then again, you are reading too fast thinking that my purpose in life is to bash Primerica: I never said that Primerica funds were bad, I said they were ok. “There are not bad mutual funds, but they are not astonishing either.”. Several funds did as good as them during the same time. I completely agree with you that GIC sucks (I already wrote about that actually) but some people just can’t take a 10% drop in one year. Some of them don’t sleep knowing they lost $5 yesterday!
I read several books (not from Primerica but i read the Rich Barber, 5 books from Kiyosaki and other financial / psychological book such as The Secret (I didn’t read this one yet!).). So you are not losing me telling that I’m not going to be the President of Bank tomorrow morning. In fact, I probably never be one. However, i can make more than one of your VP within a couple of years since they barely make 100k / year.
In the end, Primerica is not different from any other Financial companies besides its commission structure and its very strong culture. Have you ever discussed with somebody from London Life? Great West Life? Investors Group? Peak investment? Trimark? etc? They will all tell you that they are there for their clients (I hope so!), that they are getting people out of debts and yes, they might have been slow on the term insurance, but they are now selling it big time. BTW, universal are really good for wealthy people but you would require financial planning knowledge to know that. On the other side, for ordinary people, UL are definitely not the best product ever.
So are you making 100K? and the other people in your office, if they are not making 100K+, I guess it’s because they are lazy? is that simple for you? And if it’s the truth, should I really give them the mandate to manage my money?
I know that there are plenty of really good Primerica advisor (I even know one) but don’t tell me that they are all superstars and everybody is making a shit load of money in your office ’cause that’s just a dream and this is why I wrote this series: to explain that there is a dream and there is a reality. The reality is that most people in that industry (Primeria and others) are starving to death because they just can’t sell enough.
July 8th, 2008 at 7:37 pm
oh… I forgot to tell that I really enjoy the debate. Don’t be scared to be abrasive, I would have never wrote this series if I was not expecting such comments
July 8th, 2008 at 10:29 pm
I never said that your purpose is to bash Primerica.. My whole argument is that you’re making blanket statements that are completely unjustified. You haven’t read any literature from the company (as you mentioned above) so you’re the last person who should be commenting on Primerica’s business practices, how much the VP’s make, how many people succeed or fail, the performance of the funds….. anything. You are the
You say Primerica funds are not “astonishing” yet the experts over at Morningstar rate Primerica Aggressive Growth as world class? How does that happen?
If you’re not reading books by Primerica, How do you know what percentage of the VP’s earn 100K?
I have discussed finance with advisors at London Life, Clarica and Investors Group. I actually had friends who worked at all three companies and we argued these points constantly. We are VERY different from all of the other Financial Services Companies. They may be JUST starting to market Term Life insurance but they have to make up for years of screwing the consumer with whole life and UL. Primerica has been doing the right thing since day one.
Financial Planning knowledge? You’re too funny. I actually know when U/L is to be used, and that’s NEVER. Primerica’s target market is not the affluent population so my financial plannin knowledge is right on point.
I’m definitly not making 100K a year but I’m on track to be there, because that’s a normal income to shoot for in our company. By the way, if I was making 100k would it make a difference? If you are the person who has their money in a GIC, has 3 U/L policies, and has a 40 year mortgage, than OF COURSE I HAVE THE MANDATE TO MANAGE YOUR MONEY! Any of our reps do, because CLEARLY that person doesn’t know what they’re doing! And Primerica doesn’t “manage” money. We are only a Life Insurance company that markets other financial products and services. If I sell a mutual fund, I’m actually sending a client to AGF, or Trimark or Lag Mason, Templeton etc. And they pay us a referral fee. If I do a debt consolidation, it goes through Citi-Home Mortgage and again they pay us. The client would deal with the ensuing company, not Primerica.
See, all of these things you would know if you actually did some research on the company. Just read “Coach” please. .. I’m telling you, you will have a different outlook on Finance, Primerica and all of these principles that we have been talking about.
You may call it a dream but the real reality is that Primeria has over 5,000 reps that make between 50K-100K. There’s over 3000 reps that make between 100K and a Million. There’s over 50 people who make between 1 - 2 million dollars and there’s 16-20 people who make between 2 - 5 million. that’s reality. and the reality is, the chances of someone making 100K in our company is 100X better than it is in Corporate America. And that’s what we tell people.
All Facts..
We’re not going to say “well, most people never make it” as a marketing pitch? That doesn’t make any sense. It’s not that most people don’t make it, they QUIT! It’s too tough for most people, and that’s ok. But for those who are willing to work, go do 40hrs a week in Primerica and tell me how it goes. Anyone who’s done that is known as a SNSD (senior National sales Director) and they make well over 450K in our company.
V
July 9th, 2008 at 5:42 am
V,
I think we are just not made to take coffee together
Thx for the great debate and pointing out numbers on how much people are making. That is more realistic than the marketing pitch I got and much appreciated.
July 9th, 2008 at 9:46 am
I read the recent debate you and V had through email, I think he came in swinging but still made an interesting debate.
Based on the articles, I would have to agree you did do a fair job from your perspective. I want to throw a few other numbers out there that might also help explain the few numbers. You can take them as you wish, it is just facts. And given the size of the numbers base (well over 100k reps and over 250k recruited each year), you can surmise that most people are just lazy.
Of new recruits, above 80% quit within the first month citing all kinds of reasons.
20% get licensed. Of those, only 10% ever come to work.
Out of the whole company, you can beet 87% of the people by just submitting 1 piece of business. 87%!!!!
So in any given month, only about 13-15% of agents in the company do any business.
Now take a look at where most people work, about how many actually work and how many try to just get by till the clock hits 5? I honestly believe these numbers can be found anywhere.
This is a difficult business for those that do not know what is going on. More difficult for people like me (introverts). But I know I will succeed in it. I know I will be among the top earners some day. Not because they told I could, but because I know I will. I know how to get there and it is just a matter of time and effort.
And to be fair, if you had someone out of my office, you would have received a realistic marketing pitch, and an honest one.
July 9th, 2008 at 2:52 pm
Richard,
I appreciate your comments as it is pointing out facts. I can’t verify them but I got similar number from other people working in the industry.
My question is the following : Why Primerica and not another company? They say you own your business, however, if you ever leave, you have to leave your book of clients behind too because it belongs to Primerica. Nothing more different than any other job.
They say you can recruit people and make a part of their commission and this is why you get a lower commission rate when selling. Then, you have to recruit people and convince them to sell for a lower commission rate based on the same principle. However, at one point, somebody has to sell something if we want the chain to bring food back home. And this person is doing it at a lower commission rate.
Primerica is no evil, not like any other company. I am just concerned about the gap between the marketing pitch and the reality. Some people might explain it with a much realistic point of view. I wish I could meet people from your office ;-D
July 9th, 2008 at 3:31 pm
At Primerica, I don’t have someone breathing down my back telling me to meet quotas, that I can only sell so much of one product, threats of being fired, etc. These do happen at any place you work.
The business aspect is true. At Primerica we are independent contract of the agency and get certain tax breaks because of it. The book of business that so many people talk about can be a moot point for some. If you stay with one company, does it really matter who owns it? If you change companies and agencies often, it is a VERY IMPORTANT point. But for the part time person just wanting to make an extra 500 - 2000 a month to pay bills and eat out once in a while, it doesn’t really matter.
Sales are needed to make money and the commission is lower than other companies. From what I can tell, they have dropped (at all designations) at least 7 times in the last 10 years that Citi has been in charge. With the imminent sale coming up, the rumor is they will go back up to what the industry average is.
Something else to consider, If you are training someone, should they make less, the same, or more than you?
In my office, you are part time until you become an RVP, and you earn a part time income. Making the move to RVP, if you built your team right, will double your income in a matter of 6 months or less. Again, this is about average for my office and may not be typical.
Some people in this company sell the hype, others sell the facts. The truth of the matter is, you have to work hard at what you want to get it. Over 80% of America is fed up with their current situation, but wont do anything about it. Those people give companies like us (not just Primerica), ones giving people an opportunity to make a small change for a better life, a bad name. Those are also the ones spreading misinformation about such companies as well.
If you are ever in the DFW area, let me know. Maybe we can have a lunch sometime.
July 13th, 2008 at 9:15 pm
Just tell me, are you afraid of sucess ? Did we show lies ? And, if you don’t believe or if you like to live a NEGATIVE life, let us be happy, building a carrer in a positive place and showing to want, one oportunity to have freedom. What is bad on it Mazda boy.
July 14th, 2008 at 5:25 pm
Um, RVP, You are not exactly showing the company in a positive light. TFB made his own opinions based on what he experienced. Some of the information is incorrect (Overrides can go up to 12 deep in some rare cases), but from his point of view, he would be correct.
There are a few things he missed which does portray the company unfairly, but unless you really do dig into those points, they are moot.
Such as:
We have only ever offered Term Insurance (a few years it did convert to whole life I believe) where as other companies continue to switch between favorite products.
We have only ever offered one kind of refinance loan, others keep making new ones up to increase profits.
We are one of the few (if not only) that offer guaranteed renewable LEVEL life insurance.
We CREATED LEVEL term insurance
We offer people who have no background, no education, a chance at a chance for a better life, most companies wont.
That being said, we are not for everyone. In Canada, a law was passed by our competitors around the time we were moving into Canada that prevented part time association with companies like us. It was targeted AT us. We still entered Canada and have helped many people.
TFB has my respect because he is willing to listen and wishes for constructive debate. He also educates in areas we do not.
July 14th, 2008 at 10:52 pm
Richard,
It is a pleasure to have you on my blog ;-D
Seriously, I truly want to get as much feed back as possible (positive or negative in regards to Primerica or my Blog !). Having people like you commenting prove, with rational arguments, that Primerica has good sides (really!).
thx again for your input. I am convinced that several people who visit my blog benefit from it!