The Primerica Opportunity: A Guest Post

May 11, 2009 — 102 Comments

As I mentioned here, the Primerica discussion has been a very healthy one on this blog. I’d like to thank all of those who have contributed so thoughtfully and respectfully. That’s classy, and it’s a testament to the type of readers who take the time here to share their knowledge with the rest of us.

This next article was graciously submitted by another with direct experience working with the Primerica opportunity. It is, as you will see, very different from the one found here. My hope is that by sharing both stories, you, the reader and researcher can come to a determination about what you are looking for and feel good about your decision.

So without further ado:

The Primerica Opportunity

By
CCLeader

This is the first of an ongoing series of articles in regards to Primerica Financial Services (PFS), and the opportunities, products, agents, and more that so many are clamoring for information on. The ground rule I am setting for myself is that I will not use this series as a personal recruitment tool. To that end I will use a pen name (CCLEADER), and will not provide to anyone my contact information. I will be as informational as possible, and will try to keep my bias to a minimum.

I will use forthrightness when answering questions, and will accompany my answers with my philosophy. It will not always be in lock step with some of the rhetoric you might have been exposed to in other blogs, etc.

My PFS Experience:

I am a 40-year-old executive in the ultra cutthroat environment that is the automotive Industry. I have been successful at every level that I have attained, for really one reason. “I work harder and smarter then most everyone else!” I do not possess above average intelligence, but was blessed with an above average work ethic. I have an overwhelming desire to be the best at my craft.

I currently receive a 6-figure salary, and my opportunity for advancement is guaranteed. I have a wonderful wife and three children that are my “Magnificent Obsessions!” My reason for giving you this information is not to boast, but to demonstrate that I had no reason to be looking for a new career path. I do however always keep an open mind when it comes to potential business prospect.

I was exposed to Primerica through a friend of a close relative. I was really not interested in speaking with this person, but agreed. A long story short, after my complimentary FNA “Financial Needs Analysis” demonstrated to me that although we, as household, made a significant living, we really didn’t have anything to show for it. Worse yet we were not planning for the future of our children, or our retirement at the level we should be.

I looked at the opportunity in Primerica as a viable way to earn significant additional income and fund the short falls that our unchecked spending habits created. It was a sobering realization that we were sacrificing the welfare of our children and retirement for the instant gratification of plasma TV’s and new cars. It was difficult to see what financial position we were in all laid out in black and white. Hopeless was my initial reaction, until I turned the page to see a simple plan which would erase our entire $350,000.00 plus debt in 10 years instead of the 48 year track we were on. The plan DID NOT include a new mortgage, but an aggressive debt stacking model. That feeling of hopelessness was soon replaced with exuberance when it was also demonstrated that by earning extra income, and other factors, that not only were we going to be debt free, but our retirement will be funded, the kids education funded, and we would be off the credit cycle and on a life changing cash cycle forever.

Turning the page was a literal action taken, but as it turns out it had multiple meanings. The facts are that I signed up for Primerica right there and then. I didn’t research the company, although I had heard about it before, I looked at this opportunity with a pragmatic eye. You might ask why wouldn’t he have at least taken the time to delve deeper and find out more. All valid questions, but these were my rationale.

1. It was only $99.00 to start, and $25.00 a month for the support. (I spend more a month on car washes.)
2. PFS pay for your licenses.
3. PFS helped my family and it was profound.
4. If I didn’t like the company I could take my licenses and go somewhere else.
5. At the very least I was going to receive a better level of understanding of financial matters then I currently posses.
6. THERE WAS NO RISK!

To me there was no downside, so why not give it a shot.. I am a professional salesman, this to me looked extremely appealing.

Fast forward nine months later:

Primerica has fulfilled every promise ever made to me and my family. I took the bull by the horns and went to work. I became a district leader in 30 days, licensed in two states within 45 days, was putting money from commission into the funds we had set up with 60 days, and today earn significant additional income a month. I have recruited and brought almost two dozen new people into the business. I currently have a very good working knowledge of not only the PFS products, but most other companies best products. The educational approach used, and the simple principles adhered to have changed countless families lives. I feel a sense of pride when I unlock those mysteries of personal finance.

Let me caution you! If you think this is a get rich quick scheme, you are wrong. Most of the time everyone likes the idea of being wealthy, they just aren’t willing to do the work. What you will find is that you will need to change yourself, and learn to redirect your focus. If you are so concerned with what other people might say or think about you, then PFS is not for you. If you haven’t realized this yet, I am not long suffering for those who make excuses, and lack personal responsibility. You are where you are because you won’t do what it takes to change.

To wrap this initial installment I want those of you who are thinking about doing something, STOP IT…. JUST DO IT!!! This world is full of people who are thinking about doing something, in Primerica you can be a winner, but you must take action.

Until Next Time…

CCLEADER

Chris Wondra

Posts

102 responses to The Primerica Opportunity: A Guest Post

  1. Well said.

    • My husband started with A L Williams (Primerica) in 1978. He is a National Sales Director and has made a 6 figure income since 1983. However, the past few years have been a disaster. We are working with clients who kept their policies for 20 years only to have not invested what they should have and face rising premiums in a down economy. I’m not sure any more if buy term and invest is the best way to go.
      They should develop another product, we used to have one with a flexible annuity hooked to the life part, at least then they actually had some savings.

      Just saying. . . .

    • Chris. First of all. Great post!!! I love that you have shown two sides of the story.

      My latest post compares a whole life policy offered to me versus “Buy Term and Invest the Difference”: http://sizuservices.blogspot.com/2012/10/whole-life-versus-buy-term-and-invest.html

      Just a few comments. With Prudential, WFG, FFG and various other insurance companies mistreating new reps and clients, I feel joining Primerica as doing the best for their clients in the industry. Suze Orman, Dave Ramsey, even Salman Khan support “Buy Term and Invest the Difference”. It is sad to hear that over 25% cancel their whole life policy in the first 3 years, meaning that the 55%-105% of typical sales charges leaves the customer’s pocket.

      According to Dalbar and Lidder report, a 45 year study shows stock market gains of 11% while average investor gained 4%. This means, that with all these people having access to investing with a click of the button and even worse not knowing what they are doing, they are hurting themselves. These people should definitely start out in mutual funds, even with a 5% fee. This fee can be considered the financial advisor fee that the CFP would normally charge anyway.

      I went to Wells Fargo and lost $7000 early on, with no tax strategy and he was long gone when my account dropped below certain limits passing me to an online account. I would rather have a Primerica rep who would be with me for 20 years, looking at the entire picture.

      Some people focus on a product here or a product there. What people really need is a game plan for life, a strategy and SOMEONE to help them along the way. The best thing about Primerica is that we tell people to get their Life, S6, S63 and S65 licenses so they can learn themselves, since education is a great solution to most problems. Lets teach how to fish, rather than giving out fishes.

      Some people may join Primerica and quit, but I will tell you that if you look at all the people that have quit on this post, they know a whole lot more about finances than most people. They are now a solution to statistics like most americans have less than $10,000 is savings. Most americans spend more on planning a vacation than retirement. Good companies have bad people working for them and bad people have good people working for them. In any case, all of us can work together to solve the issues.

      Just look at our nation’s debt!!!

  2. I am a client of Primerica, and very satisfied with the service they provided us. They didn’t just come in and sell us something, they asked us a lot of questions and then put together a plan that met our specific needs. I liked how they explained everything in terms we could understand. I’ve gone over our new policy with a fine tooth comb and I have 2 words, simply impressive.

    And they didn’t just do our insurance they helped us manage all our finances. They looked at the big picture. They showed us where we were our net worth, how to get out of debt quicker, how to save more for retirement and even prepare a will. Primerica isn’t just life insurance; our agent Sean Cuthbert is an individual that cares about people not just their pocket book or should I say his pocket book.

    If Primerica (Sean) hadn’t have come along when he did we would have lost a lot of money in this recession. Today I am so grateful for the good work they do.

  3. How ironic, there’s no Sean Cuthbert registered to be legally giving you any advice that could have saved you a lot of money during the recession.

    http://brokercheck.finra.org/Search/Search.aspx

  4. Ex-Primerican May 16, 2009 at 4:40 pm

    CCleader,

    You are very well spoken and I can honestly say that you are a very rare rep for Primerica. I spent over a decade with the company & like you I loved Primerica. Finally the day came that I made the decision to leave and I honestly felt horrible doing it. Primerica is filled with some great people who only want to do what is best for their family & friends. These “team mates” have became some of my best friends and I am thankful for Primerica for this.

    My issue with Primerica is that we (Primerica Reps) are trained in a fashion that is very similar to cult brainwashing. We are repeatedly told that “if you are not with Primerica you’re being ripped off” and that, “we do what is right 100% of the time”. My baseshop was a dominate force in the mid-west & my family made a very good living with PFS. Those days came to an end one evening when I got into it with my OSJ/NSD (For those non-primerica people out there this is the big boss of a territory) when I confronted him on some of the things he was telling my reps. He runs his hierarchy as a recruiting machine, while I ran my baseshop focusing on helping clients. Our difference of opinion became a heated debate & when I contacted the home office I was told to just “deal with it”. This made me start reevaluating my career. See PFS loves to say you’re in business for yourself, but not by yourself. That is a lie. You are in business for your RVP, for your NSD, for your SNSD, and then the home office. If you don’t like it you can leave and since you do not own your own business you have lost those years of work and your clients roll up to the people you are having your issues with. (very few RVPs actually own their business and NO -that’s right-NO part-timers own their business). All of that said this is a personal issue I had so let me get to the problem with PFS as a whole. I am lucky that I had a friend who was a CFP who sat me down and showed me the real financial world. The one where you could do what is truly best for your clients and still make a great living.

    1. Primerica reps mislead people into coming to the meeting or interview. I have spoken to thousands of reps and most of them come to the interview or meeting thinking it is a job. Only after they sit through the meeting do they find out it is a MLM company and you pay to come to work. It is simple to look online and see how many people have been duped into coming to a PFS office thinking it is a job, when in fact it is an “opportunity”. If PFS is such a great thing why is this the #1 complaint about the company. Deceptive recruiting tactics.

    2. Inexperienced people giving financial advice. Let’s face it most of us enter this industry with little formal education in finances and receive OJT to learn, but PFS agents take this to a whole new level. There are reps out giving advice to people who don’t have a clue. If PFS had a structured training program it could help, but when the focus on getting new recruits is taught 80% of the time and product knowledge is 20% of the time there is an issue. To combat this lack of experience the “greenie” goes out and helps family and friends. Of course they trust them so the sales are easy to come by and the family member doesn’t go out and shop for better products. You can’t teach someone the rule of 72 and Bank A Bank B and consider yourself financial experts!

    3. Expensive Life Products- It has been proven over and over that PFS life is some of the most expensive term on the market. There is nothing wrong with that if the client buys it, but those inexperienced reps sell it as the best. The most recent policy I replaced was 4 yrs old on a 20yr term for a husband & wife $250k each spending almost $89 per month. I was able to use ING for him and Banner for her, same coverage, new 20yr term for $41 for both of them. Now those inexperienced reps will repeat the same thing over & over about war clause, force conversion, the company won’t pay, no reinsurability, etc.. , but the truth is both companies are that same as PFS just cheaper! I have replaced about 30 PFS policies this quarter alone. I have never not saved the client tons of money of give them a lot more coverage. See Art Williams founded the company to be competitive, but now they are not….. Why?

    4. Heavily loaded mutual funds – 5% load on A shares is pretty ridiculous! That’s all I have to say!

    5. $MART loan – I loved the $MART loan & I am confident even to this day I could convince someone how great it is. The problem is when I learned the truth I felt disgusted. I would go in and destroy my competition with the $MART conditional loan worksheet, but it wasn’t fair. I was comparing the $MART to a 30yr loan. Now I know that if I was facing a 20yr conventional I couldn’t win. See we are trained in PFS to focus on simple interest, but the truth is the rate is soooooooo high it sucks! If PFS would be competitive with the $MART loan and lower those rates they would be unstoppable! The problem is that the client would be better off going to get a 20yr conventional (cash out or rate & term) with no prepay, lower closing costs, paid off faster, and spend less each month on payments. See the smoke and mirrors doesn’t work when you have the facts!

    CCLeader I was you at one time. I loved the company I looked forward to running my 2 opp nights per week. I loved the Saturday training and being part of the fast start schools every couple months. I went and spoke on EPN. I wont those incentive trips. I lived the Primerica dream and it hurt, I mean really hurt, when I made the decision to leave. See I felt like a looser, a quitter, and a cry baby. Then reality set in. I always told me clients & recruits that if something better came along I would do it. I wasn’t representing PFS I was representing my clients and what was best for them.

    I met my OSJ a few years and he asked me did I regret leaving the company. I tried to keep it friendly, but he started with the kool-aid speeches again and I had to put him in his places. Here was the guy who hired me, trained me, and I felt was like a father to me, but that all changed when I challenged PFS. He was one of the first wave of people hired by Art Williams and I thought he was a hero of the middle class. No sitting in a Starbucks he became a snake oil salesman rambling with the same “overcoming objections” lines he taught me. See I stuck to my facts. His palm pilot vs. my life term engine. Guess what. I beat him in every case! Next he went after my mortgage business. His conditional loan worksheet vs. a Franklin American conventional rate sheet. I won there too. When it all ended he told me that while I might have better products he has a better system, which he is 100% correct. See I chose to not just say that I was doing what is right 100% of the time, but actually do it!

    I do not have a problem with Primerica the way many people do. I don’t consider Primerica a scam, just a MLM company very similar to Amway, Monavie, and 100 others. See Primerica does not need the best products because it’s sales force becomes the clients! It is an amazing system actually! My problem is that PFS reps are out lying to people and putting down other companies. They are trained to mislead clients to make their products look better and explain the price. The proof is all over every blog I have read on Primerica. You will see stuff about war clause, not paying death claims, forced conversion to cash value products, etc… This is what makes me sick to my stomach.

    CCleader I have spent a lot of time in the trenches as a PFS rep and I can honestly say you are unlike most I have ever met. I hope that you can take what you have learned and teach your team the truth. When I replace a banner policy with a Genworth policy I do not slam Banner, I just do my job and help the client. Why not try that with Primerica?

    If not some day you will find yourself in my shoes explaining to the people you love that you got caught up in a MLM cult like atmosphere and sold them products that weren’t really the best!

  5. Primerica RVP May 28, 2009 at 11:16 pm

    To Ken:
    Guess what? My name doesn’t come up with FINRA either? Why? Because im licenced Canada!!!

    How do you even know where Sean Cuthbert has his resident licence?

    It’s comments like that, that mis-lead poeple and start un-true lies about Primerica.

    Keep pitching your half-truths. It’s so easy when no one is held accountable through these blogs and message borads!!

    Primerica RVP

    P.S. How fast would it take to start a blog that says Ken loves Barbie??? I can get all of Ken’s friends – GI Joe, Optimus Prime, Alf, and The Purple Teletubby to post on my Message board\blog supporting all my claims that…. KEN LOVES BARBIE!!!!

    Easy there Tiger.

    I’m sure, Primerica RVP, that when you wrote that P.S. you believed your point was entirely obvious, but to the rest of us it appears a bit (ok quite a bit) like you’re launching a flame. It’s a good thing everyone here is wearing their flame retardant suits.

    Right everyone here? Let this be a warning shot across the bow. My trigger finger is poised and ready over the comment delete button. And it’s itchy.

    Chris

    P.S. I thought Ken did love Barbie.

  6. Ex-Primerican May 29, 2009 at 3:17 pm

    I feel like I am beating a dead horse here, but I felt like I hate to respond to the previous poster. Seeing as if I have sat on both sides of this fence I have to point out that again a Primerica rep posted a statement with zero facts. When I was with Primerica I did the exact same thing. We are trained to avoid those “little” technical details when confronting someone. The BTID (buy term invest the difference) war cry can only last so long. Once you get past the “hoopla” of the meetings and the crusade there are very few facts Primerica reps bring to the table.
    Since I was a Primerica rep for so long I have the “overcoming objections” ingrained in me and feel like I could write a Primerica rebuttal as well as a critique. So I feel like I know both sides of the story. The facts speak for themselves.

    When Primerica RVP made the statement, “Keep pitching your half-truths. It’s so easy when no one is held accountable through these blogs and message borads!!” He brought nothing to the table! If you believe Primerica is the best company and has the best products, prove it!

    Again here are the facts:
    1. Primerica policies are no where near the best! Neither in price or in service.
    2. Mutual funds are heavily loaded.
    3. $MART loans are not the best option for the client. Comparing a $MART loan to a conventional 20yr loan is a no brainer. The $mart loan is an expensive 20yr loan, not a 30yr loan that is paid off quicker. It’s smoke and mirrors and when you compare apples to apples to 20yr conventional will win every time.
    4. Primerica’s training program is 80% recruiting people and 20% how great their products are. This leaves the Primerica rep unable to make the best decision for their clients.
    5. You do not own your own business in Primerica until you achieve some very difficult promotions! As an RVP you do not own your own business. There are ownership rights that must be earner based on number of RVP direct to you & production done. Basically you need to be a SVP to have ownership. (Yes there are some exceptions, but this is the case most of the time). Ask any new Primerica rep and they will tell you they own a business. – They have been lied too.

    I am one of those people who believe that Primerica is not a scam, but I do believe that there are a lot of issues with their behavior. I was with them for a very long time and argued on message boards, just like this one, in defense of Primerica. One day I woke up and learned the truth. I was not doing what was best for my family & my clients. My integrity was more important than speaking at fast start schools and winning Primerica trips. My issues are with the way Primerica reps lie and mislead people. It starts with the first recruiting call (typically a job interview lie) and goes all the way to the end with the FNA. If Primerica reps would stop lying about how great Primerica was while putting other companies down I would be done and we could move on. This of course will never happen because of the brainwashing techniques used by most baseshops.

    Please for once Primerica RVP bring something to the table instead of making such a blanket statement. Or can you finally admit that there are better options for clients and leave it at that? If I worked at Jeep selling cars I wouldn’t want my customer going to Ford. I would do everything I could to win his business, but I would not lower myself to mislead the client to do so. This is my main issue with PFS reps.

    This blog is an open discussion about PFS products and opportunity, so please provide real facts when you post. Post a really $MART loan conditional loan worksheet (Loan Amount, Rate, Bi-weekly payment, pay off date) and let’s compare it to the rest of the industry. Let’s do the same thing with life insurance. Let’s put all of the cards on the table and see which would be best for a client.

    • Ex-Primerican:

      I would like to thank you for pointing out the truth about this company as I was trying to do research about them before I laid down my money. I have a business degree and I kept thinking something was different about them when I sat down to watch the 1st videos. Also, I asked about the business cards and why I could not make my own if it WAS MY BUSINESS! Hello, I have owned my own business and filed 1099s and schedule Cs for the last couple of years by myself. I was never told NOT to print my OWN business cards to represent my services to others. He said it was because of having to be in compliance with their company. Well, in that case it is NOT my own business and I cannot go out and do what I want to get my customers in my opinion.

      I know others are going to say this that and the other but if I am going to run my business then I want to run it without micromanagement and adhering to rules and regulations other than those provided by law and business organizations. Might as well stick to punching a clock or using my medical skills to sit for someone privately making the extra money I need to support my family. Thank you.

  7. For the most part, Primerica has provided my family with a better financial solution than I came up with or was offered, for that I am grateful. Now licensed through Primerica, if I can improve the quality of life of the families I serve, I believe I a fulfilling a greater purpose. So let’s stop the bickering and work together, to improve the lives we touch, each of us with our own unique talents and testimonials. God Bless.

  8. Ex-Primerican June 15, 2009 at 4:07 pm

    I love it when you put such a simple challenge out to Primerica reps and they do not respond.

    Numbers will not lie. Primerica reps are brainwashed, I mean trained, into misleading clients with rhetoric and lies, but they can not bring real honest and factual numbers to the table!

  9. Daytrader_Nupe June 15, 2009 at 7:52 pm

    Actually I typed up a long response refuting yours Ex-Primerican but, the person running the blog will not let it post.

    Daytrader,

    I don’t believe I’ve gotten your “long response.” I apologize for the inconvenience. Sometimes comments get buried in my spam and I may have missed it. Or there may have been some other technical glitch. I do moderate comments, but all respectful, family friendly comments do get posted. If you would try to post again (be sure to save it in word in case of further trouble), I will be sure to publish it. If you have further trouble, please email me your comment at chris@chriswondra.com.

    Chris

  10. Ex-Primerican,

    I too enjoy how the conversation ends once we discuss numbers. Facts are to Primericans what lights are to cockroaches.

    RUN!!!!!!!!!

  11. Ex-Primerican. I honestly believe your experience is an unfortunate one but, you made several points that are not totally accurate.
    First, all Primerica offices are not the same. The recruitment tactics that are used by some offices are downright shameful and it infuriates me to see it going on. However, many offices are forthright and up-front about the opportunity meeting and getting people there. The office that I am working out of presented everything to me before I ever attended an opp meeting. In fact the opp meeting was simply a more concise version of the presentation that was given to me in person. Do you believe every State Farm or Nationwide Office is run with the same ethical standards? No. They are all uniquely ran because people are different. Some people hold themselves and their business to a higher standard than others. You may want to be careful with painting such a broad brush stroke on so many different people.

    Second, if an inexperienced person is giving financial advice then that also is a reflection on that person and their particular baseshop (office). In my office the training that we receive is so extensive that it would be too difficult for anyone without a passion for finance and helping people to last. There is so much we are required to know before we even do serve clients. Also, on the investment end we are required to hold a series 6, 63 and 66 securities license before we offer investment advise. These are all broker sponsored licenses that are the standard within the financial sector. You would be hard pressed to someone incompetent or inexperienced holding these licenses.

  12. Ex-Primerican. I honestly believe your experience is an unfortunate one but, you made several points that are not totally accurate.

    First, all Primerica offices are not the same. The recruitment tactics that are used by some offices are downright shameful and it infuriates me to see it going on. However, many offices are forthright and up-front about the
    opportunity meeting and getting people there. The office that I am working out of presented everything to me before I ever attended an opp meeting. In fact the opp meeting was simply a more concise version of the presentation that was given to me in person. Do you believe every State Farm or Nationwide Office is run with the same ethical standards? No. They are all uniquely ran because people are different. Some people hold themselves and their business to a higher standard than others. You may want to be careful with painting such a broad brush stroke on so many different people.

    Second, if an inexperienced person is giving financial advice then that also is a reflection on that person and their particular baseshop (office). In my office the training that we receive is so extensive that it would be
    too difficult for anyone without a passion for finance and helping people to last. There is so much we are required to know before we even do serve clients. Also, on the investment end we are required to hold a series 6, 63 and 66 securities license before we offer investment advise. These are all broker sponsored licenses that are the standard within the financial sector. You would be hard pressed to someone incompetent or inexperienced holding these licenses.

    Daytrader,

    You were right. For some reason I am having trouble with my comments. Strange things are afoot. I’m working on it. I did get your email and hope to have the problem fixed soon. Thanks for your patience!

    Chris

  13. Hello Everyone.

    Just an FYI. I seem to be having some trouble with my website comments. I’m working on it. Please be patient. It seems any comment over 2 paragraphs long is in trouble. But, like I said, I’m working on it.

    Thanks for your patience,

    Chris

  14. Ex-Primerican June 17, 2009 at 9:02 pm

    Daytrader,

    I was involved with PFS for a very long time and although you might be an exception the truth is PFS reps are not trained well. As for the training requiring people to be “passionate” about finances in your baseshop that is almost unbelievable. I am not saying what you claim is not true, but for the most part the majority (I would say 95%-99% of the baseshops focus on recruiting as the majority of their business). This is why PFS reps are so easily molded to believe PFS is the only & best company in the market. With your securities statement… At PFS you need 6 & 63 (in some states only 6) and as RVPs you need a 26. The S-66 is a RIA for fee based services which are not offered by PFS. So you are incorrect there! And just because you pass a NASD/FINRA exam does not mean you are educated! The truth is PFS reps know very little outside of selling LeggMason Funds & VanKampen funds! (Which are heavily loaded!)

    I have lived the PFS lifestyle and would be considered very successful if I were still there. I left for one reason. I learned the truth & could no longer represent a company that in my opinion was a complete fraud compared to their own mission statement. There is not 1 Primerica product that I can not find a better product for my clients! Period! I still keep my challenge on the table. Let’s compare real numbers. Put your life cases on the table and the same with $MART. Maybe you can learn quickly enough that you are being lied to at your Opp Meetings and you are not doing what is best for your clients. (Or even close)

  15. Daytrader_Nupe June 18, 2009 at 10:08 am

    Ex-Primerican

    Unfortunately there was a problem posting the rest of my comment that addressed your previous post fully but, to respond to what you recently posted. You are wrong. In my state we are required to have a 6, 63 and 66. I am looking at the paperwork as I type. You are correct RVP’s are required to have a 26 as well.

    You are using outdated info mate. We have access to over 5000 funds. Indeed Legg Mason and Van Kampen are two of them. However, we also have access to funds with lower expense ratios and loads like American Funds, just to name one. To say we only know about two funds is laughable. Why would agents only learn two funds out of thousands. That comment holds no weight as common sense could simply dispell it. The FINRA exam is the beginning. True it is only an exam but, it does prove that the individual put in some time to at least learn the basics. So to say they are uneducated is wrong as well.

  16. Daytrader_Nupe June 18, 2009 at 10:08 am

    I am going to attempt to post my original comment again.

  17. Comment update: Just wanted to let you know that I’m still having serious problems with my comments. This is rare, so I think I may have been hacked. In order to fix and prevent this I’m going to have to do a serious and much needed upgrade. This will take some time. But feel free to visit some of my supporters (advertisers), in the meantime. Doing so may help me garner the resources I need for the job ahead.

    Again, I apologize, and thanks for your patience.

    Chris

  18. I just became an Primerica agent… I guess. But my Primerica pitch was “Tax-Write-off” nothing about becoming an agent or selling products. It was sort-of a part of the financial planning. The entire conversation was about my financial health and how tax-write-offs with a business with bring more income to the household. I am a little sceptical about having a business I don’t plan on doing anything with other than a tax-write-off, however, maybe I will learn alittle finance and investments in the process. I reviewed several web sites and I read about everyone’s experiences, but their sales pitch almost always says recruitment – no one has mentioned the sales pitch of tax-write-off. I am thinking of canceling but I haven’t been convinced, based on reviews,to stay or leave; you all make good sense. Please no flaming comments – honesty is what I am looking for… Good honest opinions, and if you have concrete evidence this works or doesn’t.. I lwould ike to hear it. Thank you

  19. TO ALL:

    The Series 7 and exam like it which I’ve known NO Primerica agents to hold is a minimum competency exam. It test knowledge of basic understanding and not how well you can master these skills. Having said that, anyone who has a good undergrad background in Fin can pass it w/o studying.

  20. Joe Boxer, if you want a successful and long career in financial services not sales your best bet is to hook up with one of the top companies. Top 5 on Forbes are usually MetLife, Principal Financial, Mass Mutual, NY Life and Northwestern Mutual

  21. As for the tax write offs, first let me say check with your accountant. I am not a CPA, and i don’t think i am going out on a limb by saying whoever told you that isn’t. Especially if they are PFS workers.

  22. But to dig deeper into it, what i think he is talking about is that if you file a 1099, making commission, you can write off some business expenses. Depending on your state this may include but may not be limited to gas, food during business hours, supplies, work clothes, bonuses for your employees, business phone. If you do get into any job with a 1099 file keep all those expenses in one place i.e open a seperate bank acct.

  23. TO ALL: Not to mention i know of no Primerica agent that has passed any of the CFA exams which only 35% of MBA students even pass.

  24. Ex-Primerican,
    I saw your story on another blog too. I have time, currently being unemployed to read through some of these, but you really have time on your hands to write such lengthy repititous responses. But, to say the least they are interesting and food for thought for anyone looking to go to work with Primerica.
    I wonder, how long did you work for Primerica in the mid-west? The firm you own now, how do you find clients? Employees? Why didn’t you talk to your CFP friend sooner – before you became so successful? Do you think every product you sold as an agent with Primerica was a rip off to the client? How many did you sell? Have you righted all those wrongs now? Was it the money you earned while in Primerica that helped you start the business you have now?
    Lots of questions, I know, but I’m researching what’s out there on this company and you keep coming up. You do have the most interesting background story on these blogs.

  25. Every couple days I take a couple minutes to read through and reply to these blogs. It can be time consuming, but the reason I do it is very simple. I felt like an idiot telling everyone (friends & family) that I was doing what was right 100% of the time. I have no issue with Primerica my only issue is with people lying about the company! If 1 person learns the right questions to ask and joins Primerica great! My problem is when PFS rep represent themselves as the robinhoods for the middle class while selling the some of the most expensive products on the market. (when comparing apples to apples)

    To answer your questions:
    * I resigned just short of my 11th year.
    * I am a guest host on a radio show about finances. I do seminars. Most importantly I grew up in this area and have a very large warm market and since I am providing the absolute best products it is very easy to get referrals. I also do also do a lot of marketing with other businesses.
    * I do have some W2 employees for back office support and I hire agents as contractors. Starting pay for new agents is 50% while in training & 85% once independent. Once they meet GA standards they are promoted to a 100% contract. (The agency typically makes 110 – 115% + bonuses)
    * This is going to seem like a very lame excuse, but I just couldn’t believe everything I was doing was so bad. I thought all other companies were forcing people to convert to cash value, no guaranteed insurability at the end of the term, war clause, etc. It took some personal issues with my NSD to really open my mind. Honestly leaving Primerica was the hardest thing I ever did. I felt like a looser leaving even though I knew the truth. I was either that loyal or that programmed. Also the “so” successful comment is seems alittle insulting. I do make more money now than anyone in my area with Primerica, but I don’t claim to be a millionaire! I run a very successful business that is honest and provides the best service possible. I offer clients at least three other companies to compare prices and make an informed decision. I feel that you can not say you do what’s right 100% of the time when you only represent 1 company.
    * I don’t think I ripped anyone off. I feel like I misrepresented myself & my products to everyone. Those people truly believed in me and what I was selling. I told them what I had was the best and when they asked about other “cheaper” companies I repeated the rhetoric you here PFS agents spew.
    * I would say it is fair to say I never had less than $5k in personal premium per month from the day I was licensed. Of course baseshop premium was more.
    * I honored my no compete clause and did not contact any clients until my 2 yrs was up. During that time I did have clients come to me, but once the 2 years was up I began contacting clients. Every client I have seen I have been able to either reduce the premium and increase the term. In some case I have increased coverage for the same premium. The only clients I could not help were due to health issues. To answer your question I have not seen every client. Unfortunately I do not know how to contact them. Every family member I have who has owned a $mart loan has replaced it. While I was setting up the MBB I had them contact their local credit unions.
    * Yes I did use some of the money I earned to start my business. I have apologized to every person I sold products to. The most common response was we did it to help you, but you were really crazy with the Primerica stuff. The running joke with friends & friends was I was in a cult and to avoid talking about going to a meeting or joining “the business”.

    Please do not get me wrong. I do not think that Primerica people are bad folks! They are some of the most honest and sincere people I have ever met. They truly believe in what they are doing. The problem is that they are so programmed they believe that only Primerica products benefit the clients. There is a Primerica rep on Chris other blog that is repeating the exact same rhetoric. We are not a MLM, the $mart loan is the best because of Simple Interest, Primerica term is better than other term because of ____ (lies), etc… This person honestly doesn’t know any better. He/She is saying exactly what I used to say! There will come a day when that person realizes how foolish they have been. That is my issue with Primerica! These people are listening to their RVPs and not doing the research to find out the truth.

    I wish you the best of luck in whatever you do!

    • Ex-Primerican, I was recently approached by a “Primerican” and am interested in a career as a Insurance Agent/Financial Solutions Provider. How did you transition out of Primerica and appointed with other insurance companies? Who do you recommend?

      I really would appreciate some help!

      • Research all the companies you are interested in. Talk to an agent there, find out education you need and go from there. For me, its Investors Group in Canada.

  26. If they cannot withstand the scrutiny by having the light of day shine on their dubious activities, then the Fed. ,

  27. I would like to see an explanation and numbers of how other companies products are better than primerica. I would like to see how much better these products are

  28. No offense BC, but I have posted real numbers many times on this blog and I have broken down all of the bells & whistles too. I will give you a recent case I am dealing with as an example.

    If you would like to provide some real numbers I would be glad to run some quotes to give you fair and real comparisons. I am sure Chris will back me up when I say that if you are in Primerica product that is competitive I will be the first to admit it.

    My most recent replacement that I have done was written 8 yrs ago. At the time the client was 30yrs old and has been paying $87 per month for a 25yr level term $500,000 face amount. I was able to replace this policy with a new 30yr product for $48.95 per month. (He age is now rounded up to3 39yrs old). So he is saving nearly $40 per month and have a longer term.

    The PFS agent told him that he should be worried about a war clause, not guaranteed reinsurability at the end of the term, no terminal illness, not paying the claim, and finally forced conversion to a cash value policy. All of these issues are 100% untrue and are just a tactic to convince the client to keep a more expensive product.

    If you would post some current numbers or product questions I will be glad to answer them.

    Cheers!

    • 38 year old healthy 500k 30 year term 61$
      30 year old healthy 500k 30 year term 45$
      These are real numbers as of 6-20-2011 and as far as the war clause we are the only company that paid death claims in both towers and all four planes. So dont tell me these issues are 100% untrue. Yes their are other good products and companies but middle America dose not want to take the time and effort to do the research. The amount of families I have helped will keep me with this company for a long time.
      good luck

  29. LOL I love this!

    I hear Primerica’s term being replaced with an other term for less (which is probably true, since I was able to get someone who was already with primerica to convert to proffered when they were NT saving them on their cost, BECAUSE whom ever there rep was, just wanted to make more $)

    Now Primerica’s design is to help the middle income people, and do what’s best for them, that doesn’t stop some mofo from coming in and “hurting” the client. They only “hurt” them with an over charged term, rather than a VUL with say WFG(since the founder of WFG was linked to Primerica before)

    How ever, I do find myself replacing alot of term from other companies with Primerica’s term. And I’m aware there are other terms for say $8-$10 cheaper, But I also understand, cheaper is not always better.

    The service that I PERSONALLY bring to the table, I would match myself to a CFP (at the end of the day, they just sell you the same stuff). Being able to save them money just on everyday expenses, little tricks here and there to get to same more money, you know what that means? They love me so much they invite their friends over to meet me, and they personally set up the referrals for me.

    I do so much more for my clients that just, making sure they are properly protected with the correct insurance, making sure they’re investing their money properly, helping them put together a strategy to pay off their debt sooner(I haven’t done a SMART, I usually just say do a consolidation and we’ll work from there since we don’t offer unsecured loans in Canada). I educate them to the extent of their understanding, and in simple terms. Now if they want more, I say join me in business, and I’ll slowly teach you everything I know.

    I have yet to sit down with someone who said my banker or my financial planner already taught me all this stuff, I know how my investments work, I know where it’s going. Oh my insurance, yeah I know exactly how it works. I’m on track to retire at 60, with X amount, and I’ll have X amount coming in from my RRSP. I know how to get the best usage from my TFSA. I know how to build my credit properly my Financial Guy already taught me all that.

    I could, because I’m that good with production, just sit with the family, sell them, give them a few tips and leave, then call them once a year. Or I could build that relationship with them. Because I undserant if I on my own work build a solid relationship with 200 families, that will pay me 3,250 a month without having to work, and as each year passes pay me more and more money on trails. And I am only talking personally on one product. Not Overrides, and if I trained just 10 people while I’m finding my 200 clients to be half as good as me. Lets just say I’m making 6 figures with little to no work.

    I’ve no complaints about Primerica as a company. Most people who do, don’t understand what it will take to win.

    Also, if you don’t like your OSJ… go get networked to someone else

  30. X-Primerican,

    I think you’re forgetting that Primerica had reduced the cost of their term, I’m trying to run the quotes you said, and it’s alot less, but then again 8 years ago term was more expensive than it is today, so it’s very believable that you did that.

  31. Prime Rica Rep,

    The quotes that I ran were not from 8 yrs ago. The most recent quotes, directly from the Quick Quote software, were done around August or September. I spent the majority of my adult life wearing the Primerica jersey and like you I fought for what I thought I was the right company. The fact that you just said EVERYTHING I used to say makes me believe that you are a very passionate person and truly wants to do what’s right for the client & your family.

    I look forward to seeing those numbers so we can run some comparison quotes. (I have yet to find a single PFS rep who would do that!!!)

    Here are some other issues I have with Primerica life. I would love to get your opinion on these facts.

    #

    So what’s wrong with Primerica insurance?

    1. Expensive. Typically 30-70% more expensive than other equally or better rated companies. This means you are getting significately less coverage for your dollar!

    2. Not Guaranteed – (funny how PFS reps never address this!) Regardless of the term you buy 25,30,35 year term is only guaranteed for 20yrs!!!! There’s no way to spin it so PFSers just avoid mentioning it. (that is called lying when you tell someone they are buying a 35yr level term when we know that’s not the case!)

    3. Crap Terminall Illness right – it is only 40% of the face amount up to $250k. Other companies are 50-75% of the face amount and up to $500k-750k. Where is a family better off?

    4. Waiver of Premium is on the primary policy owner not the spouse. (something NEVER mentioned by the PFSers)

    5. Spousal conversion is VERY expensive. Spouse must convert at their obtained age not the original policy age!
    EXAMPLE – Husband & Wife, both 34 yrs old, purchase a Primerica life insurance policy with the husband being the primary & wife as a spousal rider. 20 yrs later the husband dies. The wife WILL get the death benefit from her husband, but decides she would like to keep her own life insurance. With Primerica the wife mus tdo a spousal conversion, BUT, but she will charged the new rate based on her attained age. So she is going to pay the rate of a 54 yr old! Yeah that seems like the right thing to do; right? With other carriers she has her own policy and any changes in her life (Death of the spouse, divorce, etc) does not effect her policy.

    6. Preferred Status is only good for renewals if you reach the end of term prior to age 55. If after age 55 you will be rated Standard!

    7. Primerica rates are all Unisex. So it is much more expensive for women. Other companies offer male & female rates which allows women to get cheaper premiums.

    8. Primerica has only 3 Non-tobacco, 1 tobacco, and 3 table ratings. Other companies have 4 non-tobacco, 2 tobacco, and 6 table ratings. Transaltion better premiums because the company has more options for you.

    9. Finally the one that I think is the biggest scam with Primerica. If your agent checks the Standard Non-tobacco box on the life application and you qualify for Preferred the company will not give you the better rate. Whatever is checked on the application is the best rating you will get. With other companies the underwriter uses the Paramed, Blood & Urine, and other things to determine what the best rating would be for the client. If I check the application at Standard and the client could qualify for Preferred best the policy will be issued at Preferred best!!! That is the way it should be.

    So here are 9 points that Primerica Reps don’t know and/or don’t want the client to know when buying their life insurance. Of course no Primerica rep will challenge me on the facts. I will be called a looser & quitter who couldn’t make it in the company, but they will not address these facts.

    I’m not here to argue, but make a point. Art Williams founded an amazing company, but they are no longer the company he founded.

    “In fact, replacement was a perfectly wonderful thing. It forced competition, badly needed and long overdue.” -Art Williams, “Coach” book

  32. X,

    Question. Do you still receive commission from the people that were you brought in and were under you although you are no longer working with Primerica? I need clarification on how the works.

  33. Hi Hawk,

    Just answered your last post & I hope that the information provided helps!

    No when I left Primerica I left my book of business there. Luckily my two year no compete clause was up sometime ago and I have regained about 95% of my clients. I was able to replaced almost every life insurance with a better & cheaper policy!!! The only ones I was not able to replace were the clients while health issues.

    I hope this clarifies the ownership of a Primerica business:

    * PFS reps do not own their business. That means that they don’t own their book of business.

    * Once a PFS rep earns ownership (typically around the SVP position) they still do not own their book of business in the traditional sense. What happens is if that rep with ownership decides to leave Primerica he must sell his “code number” (think of it as an employee number) to another Primerica person. The value of that code number will be determine by what they person wanting to buy the Primerica baseshop is willing to pay.

    Here is an example:

    Let’s say I have been in Primerica for 30yrs and I’m ready to leave Primerica. I am a SVP (don’t get caught up on the VP titles they are sales designations not real VP titles!) with ownership. I can not take my client base (aka book of business) and go work for say Edward Jones like I could if I worked for a traditional firm. I must sell my solution number to someone in PFS (for what they are willing to pay) or just continue to get my trailers and overrides and fade away.

    If you have not earner ownership from the company (typically around the SVP level) the you have NOTHING! Just because an RVP is wearing a ring does not mean he/she has ownership right!

    It is really hard to explain, but I hope this makes it a little easier to understand.

    Again I am grateful for my time with Primerica, but I decided to take another path once I realized that I was not representing myself honestly. When I tell people I am doing the right thing 100% of the time I need to mean it. I couldn’t in good conscience tell people one thing when I knew it wasn’t the truth.

    PFS is a great start, but just don’t believe all the hype!

    PS – I’m not a big believer in Cash Value either! I think the Buy Term & Invest the differnce is the way to go 99% of the time! (I’m sure the Primerica rep will just call me a salesman who is upset because Primerica is kicking their butt. Not true 100% of the time!) LOL!!!

    Cheers!

  34. Thanks a lots. I really appreciate the info.

  35. Hi I just joined Primerica and i just think that if I dont work extra hard to get clients ect. that I am wasting my time and my husbands time any thoughts on this and what do you think should be my next step?

  36. Jean,

    To be successful in this industry there is no way to get around the working hard part. It is all about getting the knowledge and learning how to communicate with potential clients. If you treat people right you will get referrals. Referrals are the key to this business!

    It doesn’t matter if you work for Primerica, Capital Choice, AMEX, or as an independent agent you have to put the hours on the clock. The key is to develop the professional knowledge (not just one sided) to truly help people.

    Here is a link to some of the reasons I left Primerica. Just scroll down to the bottom to see them. (There might be a few things you don’t know listed there) – http://chriswondra.com/2009/05/11/the-primerica-opportunity-a-guest-post/

  37. XPrimerican,

    The link seems to just link to this page with no reasons, could be my error.

    I have been with Primerica for about 6 months now and I have been following this blog pretty well. I have to admit there is a bit of ‘brainwashing’ and exagerations with this company, but in my experience those things are somewhat necessary. My closest friends and family all cancelled the appointments to do their FNA’s (completely free) all because they lost interest becuase I wasn’t promising them glamor, only a look at what we might be able to do. Once I started promising people that we could help them, then I started getting clients.

    People have to understand a few things about Primerica.

    1. Not all base shops are the same. My RVP has never said to me or my clients that Primerica is the best at anything. In fact we have told almost of my clients thus far that they are in a better position without us than with us. Except on life insurance which we don’t offer the cheapest term necessarily but our rates are competitive and guaranteed. Whole or permanent life insurance is a waste of money IMO but that is for another blog.

    2. The ‘opportunity’ is not for everyone, but the education is. The market that we strive for are people who have never gotten help with finances or ever considered them, so in that aspect we are very helpful even if our products aren’t the best, we still jolt the client into considering their options.

    3. We are no longer apart of Citigroup because they wanted to own us and our CEO told them to shove it. So leave it alone.

    4. There are plenty of individuals in this company that are bad or harmful. But I have also met a lot of very good people as well so blame the individual and not the business.

    I’ve always been a “cut the crap” kind of person and its hard with Primerica because there is a lot of crap but at the same time if i try to cut a lot of it out then no one listens because people are stubborn. So the jury is still out on this whole thing for me anyway.

  38. Aaron E,

    Thanks so much for your response! It is nice to actually engage someone who isn’t coming on here just throw around some names and run away. I applaud you on being with the company for only 6 months and having the intelligence to admit you are still undecided with everything. I am embarrassed to admit it, but I was gung ho pretty quickly. (I do contribute that to success in Primerica, but I also believe it is the reason I refused to accept the facts that were shown to me time & time again and instead believe what I was told by other Primericans.)

    Please understand I am not trying to attack you or any member of Primerica (unless someone comes on here and lies). The facts speak for themselves. You can actually ask Chris and I have admitted there are times Primerica is fairly priced.

    Now let’s look at what you said.

    1st – The link. I seem to be having the same problem. What I will do is cut & paste that post directly onto this blog. The information there is 100% accurate and can be verified by the home office, IBA, prospectus, and life policies. (Look at those series of questions. You will be glad you did!)

    2nd – I agree with you that Primerica is filled with some great people! I also believe that 99% of them truly believe that what they are doing is the best thing for the client.

    Now to your points:

    1. You are correct that every baseshop is different. As for the rates I won’t argue with you on them here, but they are in most cases some of the most expensive policies I have seen. Don’t look at it though as premium saved, but the amount of coverage for the same premium dollar. That’s the key.
    — Now to address something else you said that is wrong and you might not even know it. Primerica rates are ONLY guaranteed for 20yrs. So if you have a 25,30,35 yr term the premium is only guaranteed for 20yrs. Here is an example and how you yourself can verify what I am saying without getting the run around from some upline.
    ** Open up a 25,30,35 yr term policy you have. When you look at the page that shows the schedule of premiums you will see the Premium Column shows that the premium is the same the entire term of the policy. (ex. 30yr term will show the same annual premium for 30yrs) This is deceiving and and looks like the policy is “guaranteed” level for the full term. Now look over at the next column it will be titled “Maximum Premium” (or something similar) and you will see that the premium remains the same for 20yrs then the price increase annual from then until age 95. Please understand that I am not saying that will be the premium on year 21, but it does show that the policy is only “GUARANTEED” for 20yrs. Now when I was a SRL in Primerica I would train my reps to tell people that no company has ever increase their term policies, but the point is that they are not guaranteed for the full term past 20yrs. Every term company I represent will guarantee the premium for the term they purchase. That’s a huge issue. Please tell me if I am wrong.

    ** I totally agree with you when it comes to cash value policies. There are a few occassions where they are appropriate, but I have seen 2 (that TWO) times in my entire career. Every other time it was sold to the client so the agent could make more money.

    2. I agree with you on the business opp. My only issue is people should know what they are getting into before they join up.

    3. Unfortunately this is propaganda being spread about Citi. John Addison didn’t tell them to go stick it. Citi is off loading some of it’s non-core assets. They tried to sell PFS for over a year & there were no buyers. The problem is Citi will retain a large portion of the assets (ie – life insurance revenue) and they are still the sole providers of mortgages. I know it sounds romantic that John told them to fly a kite, but it’s just not true. (It’s called “convention talk” and trust me all season SRL-SNSDs see right through it)

    4. Read above & I completely agree.

    I am glad you are a “cut the crap” kid of person. Check out what I have posted. Find the facts and let us know. I spent a lot of time with Primerica and was a very successful rep. The fact is you don’t know what you don’t know. I was in love with the Art Williams style business, but I soon realized AL Williams and Primerica are two completely different animals. They days of taking care of the clients & sales force were over with PFS and I couldn’t continue to wear their jersey.

    Check out my next post and let me know what you find out.

  39. Here are 9 points… Please take the time to verify them.

    So what’s wrong with Primerica insurance?

    1. Expensive. Typically 30-70% more expensive than other equally or better rated companies. This means you are getting significately less coverage for your dollar!

    2. Not Guaranteed – (funny how PFS reps never address this!) Regardless of the term you buy 25,30,35 year term is only guaranteed for 20yrs!!!! There’s no way to spin it so PFSers just avoid mentioning it. (that is called lying when you tell someone they are buying a 35yr level term when we know that’s not the case!)

    3. Crap Terminall Illness right – it is only 40% of the face amount up to $250k. Other companies are 50-75% of the face amount and up to $500k-750k. Where is a family better off?

    4. Waiver of Premium is on the primary policy owner not the spouse. (something NEVER mentioned by the PFSers)

    5. Spousal conversion is VERY expensive. Spouse must convert at their obtained age not the original policy age!
    EXAMPLE – Husband & Wife, both 34 yrs old, purchase a Primerica life insurance policy with the husband being the primary & wife as a spousal rider. 20 yrs later the husband dies. The wife WILL get the death benefit from her husband, but decides she would like to keep her own life insurance. With Primerica the wife mus tdo a spousal conversion, BUT, but she will charged the new rate based on her attained age. So she is going to pay the rate of a 54 yr old! Yeah that seems like the right thing to do; right? With other carriers she has her own policy and any changes in her life (Death of the spouse, divorce, etc) does not effect her policy.

    6. Preferred Status is only good for renewals if you reach the end of term prior to age 55. If after age 55 you will be rated Standard!

    7. Primerica rates are all Unisex. So it is much more expensive for women. Other companies offer male & female rates which allows women to get cheaper premiums.

    8. Primerica has only 3 Non-tobacco, 1 tobacco, and 3 table ratings. Other companies have 4 non-tobacco, 2 tobacco, and 6 table ratings. Transaltion better premiums because the company has more options for you.

    9. Finally the one that I think is the biggest scam with Primerica. If your agent checks the Standard Non-tobacco box on the life application and you qualify for Preferred the company will not give you the better rate. Whatever is checked on the application is the best rating you will get. With other companies the underwriter uses the Paramed, Blood & Urine, and other things to determine what the best rating would be for the client. If I check the application at Standard and the client could qualify for Preferred best the policy will be issued at Preferred best!!! That is the way it should be.

  40. Ex-Primerican
    This is about the third blog I have found you on and your story remains the same . Problem is just because you were in Primerica does not mean we should trust your comments.Your obvious negative bias and ax to grind taints your opinions. Many of your comments are just false or lies like the prefered rating statment . Primerica absolutly issues prefered ratings after underwriting even if standard was checked. If you will lie about one issue what does it say about the rest of your opinions.
    CCleader is enjoying working part time with PFS, a company that encourages that and he absolutly helping the people he is meeting with. Its sad when people have to lie on blogs like this so they can try to enhance their own bussiness. You state the #1 complaint is recruiting can you please give us the facts behind this comment (I hope your not useing anonomys blog posts as you source). Tell us what State or Federal regulatory authority complaints you have found with Re: PFS recuiting.If PFS is as bad as you say than the marketplace will deterime its fate. The fact that PFS continues to grow and be succesful futher points out the foolishness of your remarks. By the way when a company invests $240 millions dollors in your company I am confident they checked out all aspects of it (the estimate is that Warburg Pincus invested apx. $10 million to research PFS before making the decision to make the investment). Good luck to you in your business as an Independent Agent and god bless.

  41. SD,

    Thanks for the post.

    Let’s start with a response to you claiming I lied about the Preferred status and Primerica not giving the client the better rating regardless of what box is checked.

    * Primerica requires only a saliva test for face amounts below $249,999. So if a client is buying say $200,000 they there will be no blood/urine & paramed done. WITHOUT that blood & urine test the client is ineligible for an “upgrade” to a better rating class. This is 100% factual!!!!

    Now let’s address the recruiting tactics:

    * You can not tell me that the majority of Primerica reps use extremely deceptive recruiting tactics when working in a cold market. (ie – prospecting, job fairs, cold calls, resume calls, craigslist postings, etc). Let me ask you a simple question – When you recruit someone are you honest to tell them that you are a MLM style company that is looking to hire people to sell products as a captive agent? Or do you tell people you “own your own business” and are looking to “hire” people?

    See you claim I have an axe to grind, but you know nothing about me. I have posted MANY times in defense of your company. I loved Primerica, but the sad truth is Primerica has a system developed to exploit their reps. You claim that Primerica is “growing”, but let’s look at the numbers listed on Primerica’s IPO prospectus (pg 105 I believe). Over 2007,2008, and 2009 Primerica recruited 678,000 reps (not a typo that is 678k recruits all paying $99 and all agreeing to pay $25 per month) over that same period of time they increased their licensed reps by only 3400 people. So where is the growth????? It sounds like a system designed to mass recruit and tap into that recruits market.

    So now let’s address your last statement about Warburg Pincus. (I know you are trained to say this stuff from your RVP) – Just because a company invests in another company it does not believe they believe in the crusade! They invest in a company because of the potential to make money. I have never doubted Primerica’s ability to make money. Primerica’s system is ingenious. They go out and hire tons of new people, provide them with little factual education, sell them tons of hype, convince them they are going to be the next Jim Meyer, they go out to sell to all of their family and friends, then hopefully find another recruit or two to repeat the process. If they don’t find another recruit they typically die out. Primerica’s system allows them to sell expensive and mediocre products. That is why they make money! Investors, including myself, bought into the system. If you understand the blind loyalty Primerica reps have to a company it would make sense to you. (You happen to be in Primerica and can’t see the facts)

    Think about this:

    You work & defend a company that:

    * Sells term life insurance that is 30-70% more expensive then other term carriers. http://www.term4sale.com

    * Sells a 25,30,35 year term product that only guarantees the premiums for 2o yrs. (Primerica is the only term carrier I know that does this now!) <– This is disgusting & dishonest!!!

    * Makes recruits believe they “own their own business” when in fact the IBA is a contract that is designed to benefit only the company and take away all rights of the agent.

    * Does not pay their securities licensed reps trailers until they get to the Regional Leader level. THEN, and only then, they start paying trailers to the registered rep. (Again Primerica is the only company I know of that does this to their RRs) <– you will notice this is never discussed in those meetings!!

    I could go on & on, but I honestly don’t feel like beating a dead horse.

    Let’s just keep this very simple and give you one question to answer to start:

    - Do you feel it is ethical to sell 25,30,35 year term life insurance that is only guaranteed for 20yrs??? (Remember Primerica is the only company that plays these games with their clients!)

    PS – Chris can vouch for my open approach to Primerica. I have chatted off this blog with him and have defended Primerica.

    Final point – How can a rep truly believe they are doing the right thing for the client 100% of the time when they only represent one company???

  42. Oh yeah…..

    I only post now under 3 circumstances:

    1. I am asked a direct question.

    2. A Primerica rep comes on a blog and twists the facts or outright lies.

    3. Another person comes on the blog and lies about Primerica.

    So if you Primerica reps want me to stop posting, just stop posting yourself and I will completely disappear. You will notice on all of my posting I have never had a single Primerica rep address any of my points. NEVER all of them!! The reasons are pretty basic:

    * The reps know what I am posting is the truth & can be verified using the actual term policy, Primerica’s IBA, or by calling the home office directly. So why point out that I am correct instead they go after my character or any other little things to avoid the actual issues.

    * (This is more likely) That the reps are clueless to what I am posting and do not have the education & knowledge to address my issues. Instead they go after my character or any other little things to avoid the actual issues.

    I apologize if my tone comes off an anger, but there comes a point in which it just gets old being called a liar by Primerica reps who provide ZERO facts when posting. I have NEVER heard one Primerica rep honestly & intelligently answer any of my points!

  43. Thats because when they do you ignore them and just keep blabbering the same things.
    1. What company issues a prefered rate without bloodwork.
    2. Please provide the facts for your opinions on our recruiting tactics. Regulatory actions etc.
    3. All kinds of companies recruit people. Giving a chance for someone like me enter the financial services bussiness on a part time basis is an awesome concept. Its my choice to get a licence and persue the opportunity. The sad part is how many people read your angry words and quit.
    4. Please provide facts that Pimerica has ever raised their rates after the guarenty period. In fact I have been here long enough to see people renew their term policies at a much lower rate than the original guarenty. (That is a fact)
    5. What is dishonest is selling someone a level term and at the end of term, the option for clients make it impossible for them to keep their insuance. I have personally replaced cheaper coverage based on end of term options. Not a single person That we have talked to with term understands the convertion to Cash value or end term options to annual renewable term.
    6. Please provide evidence where Primerica did not stand behind a policy they sold. By the way on average Primerca pays its death claims within 14 day of recieving the death certificate. Every death claim I have paid when the client had other policies PFS has delivered their claim sometime 60 to 90 days sooner. even when ours was in the contestability period & the others were not .
    6.I have ownership and have actually bought a bussiness. I can tell you the IRS absolutly treated that purchase just like any other bussiness purchase.
    7. They promised me success and guess what I achieved it.(Fact)
    8. Its sad I could not meet you in person so we could have real debate about my knowlage in the financial industry.
    9.I would put my office training against anyones.
    10.Companies who invest $240 million absolutly check out the competitiveness of the products and the opportunity as well as quality of the managment team and sales force. It would be stupid to invest $240 million in a company that is as bad as you make it out to be
    11. Your anger at PFS is passionate as my defense of my opportuity.
    12. Please provide evidence that our policies 30% to 70% more expensive. We are not finding that to be the case accross the Kitchen Table & we aregetting more and more competive as term rates for other companies on on the rise.

  44. Xprimerican
    I came into my office this AM and got a call from a client I wrote 20 year agoand he is now comming up for end of term. The problem is he has Non Hodgkins Lymphoma and is not insurable so he was exteamly concerned about losing his insurance and he could not afford a huge increase in premiums. He is married and recently refinanced his home to help fund his childrens education. So the continued coverage was very important to him( By the way this was a training sale I made with a Recruit who left PFS as he fellt it was not for him ).
    When we told him that he could convert his old policy to a new one without evidence of insurability and the cost for his new plan was only $67 Mo.for the full $300,000 of 10 year level( He also maintained his prefered status and could have chosen 15 or 20 year level if he wanted to but under the circumstances he didnt feel he needed it).He was blown away and thankfull at the cost the ease that the conversion was made.”It gives peace of mind thankyou”
    Here is a challenge for you.Go to any of your cheap insurance carriers and quote the the end term OPTIONS AND PRICES for this guys age 56 with cancer.
    If he called you what would your answer to him be? We can’t help you but we saved 20% on your premiums.
    THERE IS MORE TO THE THE VALUE OF A PRODUCT THAN PRICE!

    GO TO BED KNOWING YOU WILL BE GETTING THIS CALL ONE DAY FROM ONE OF YOUR CLIENTS!
    I am thakfull for PFS and what we do for our clients!

  45. SD,

    I just wanted to respond to you quickly to let you know that I did read your posts and that I will definitely reply. (I did reply back to your previous post with the 12 points, but in all honesty I felt like I took some personal stabs at you and asked Chris to erase the posts. I had a very rough weekend personally and my posts became more personal than I would like to be. I apologize for that!)

    You might not believe this, but we have more in common when it comes to philosophy than you think! I am a firm believer in BTID & I believe a client should strive to accumulate savings & eliminate debt quickly! So our differences are not as great as you might think. I am leaving for the Bahamas on a friends boat in a little over a hour, so I promise to post when I return to the US.

    The reason for this quick post is to let you know that I am not trying to avoid replying to your posts.

    ~ Cheers!

    PS – If you ask Chris he can verify that I did email him and ask his opinion on my previous post. I feel like this blog should be a place where people can see intelligent debates, not childish feuds. In the end we both have one job – that is to right the wrongs of the millions of clients who were sold Cash Value insurance, not because they needed it, but so the agent could make a larger commission. (I do believe there is a place for CV products, but I would say 99% of the people would be better off going with BTID)

    ~Cheers!

  46. If we have alot in common why do you feel it necessary to spend so much time and effort disparaging my opportunity and trying to convince people we not an honorable company? Do you think that the 20,000 Reps who have been with PFS for over 10 years or longer are all dumb or worse greedy?I’m sorry you feel that your upline hurt you in some way it is just not professional to attack everyone. However I understand it is a common behavior for people for people who feel jilted.
    Lets compete in the market place and may the best man win .
    I trully wish success for you and your family and I would hope you feel the same for others.
    Sorry for your troubles and god bless.

  47. Just a quick interjection from a dup’ed craigslist job hunter….

    A previous post mentions deceptive practices luring job hunters to interview for an actual job.
    I applied for a web/graphic artist job and setup a meeting at a local Starbucks. I brought my laptop with me to show my work. The “boss” and his wife(?) showed up about 10 mins late. A brief introduction follewed and I asked if he would like to see my work. “No”. Red Flag number one. Still listening? “I am looking for District Leaders and Regional VP’s for _my_ company”. Then along came the song and dance and the fat lady was singing with a IBA in one hand and a pen in the other. A quick glance listed the $99 + $25/mo and I wasn’t in the mood for an outlay of any money on a one time or monthly basis. “Oh..that’s ok, you can do this later.” (He said the the RVP makes more and needs the IBA for that level). Well to cut it short, I agreed to carpool with them to a meeting in Riverside. But after reading most of this blog, I think will call them and cancel. It was like reliving a bad nightmare. I am unfortunately a poor candidate for hypnosis and close to genius in math. So I guess I’ll have to pass on the KoolAid.

    Goodnight Mr. Phelps, wherever you are…
    -SAB

  48. SD,
    I wanted to reply back to your post, but before I do answer your points I would like to address you most recent reply when you found out I was going to the Bahamas. First & foremost I am not bitter, I am actually thankful for Primerica in some ways & if you would have taken the time to read my posts you would have read that. My issue with Primerica is the lack of education the reps receive & the repeating of the rhetoric they hear at meetings. People need the facts!
    See unlike a lot of reps who join Primerica & quit without making money I actually was successful there. I really believed that I was doing the absolute best job for my clients & my families. I sat there and watched products become worse & worse for the clients while our compensation continued to dwindle. The sad truth is Primerica isn’t what it was when Art Williams was there and anyone attempting to tell people it is as good or even better is an absolute liar. Primerica is a company that puts the company first, million dollar earners 2nd, and on down the line until it finally gets to the lonely rep & the client. If Primerica was still be ran the way Art was running it I would still be there. You should always put your client’s first, sales force second, and company last! Primerica is almost completely the opposite now.
    I will give Primerica this much….. if someone is not willing to do the research & shop around then Primerica is a great option, but if someone actually gets online to do research what is wrong with providing them the questions to ask??? Let’s forget about the sales crap, MLM convention talk, and everything else & look at the numbers as a client.
    See if you were a true independent agent you would be able to provide better products for your clients 100% of the time, you would be able to make more compensation for the same amount of work 100% of the time, you would be able to own your own book of business from day one.
    I know you are going to have a response to my post, but instead of answering questions with questions PLEASE address what I am posting here.
    Now for your original points:
    1. Per Primerica Policies the requirements for Preferred Status are: (1) minimum face amount of $150,000 (2) be within the height & weight range for the preferred catergory (3) Be within the “acceptable” range on the blood & urine profile. – This information directly from the Primerica Quote Book… why you think you can come on here and lie is beyond me. But this information is 100% factual. If there is any doubt please call Primerica Home Office (1-800-257-4725) they will confirm this. Do not believe the lies of reps like this one.
    2. I addressed this in my previous post.
    3. “All companies recruit” …. If you recruit people honestly there should not be an issue. Don’t tell them they own a business, make sure you mention the 2 yr no compete, tell them about them not getting trailers, they must give up replacement legs on promotion to RVP, don’t tell them they are providing the best products in the industry, and last but not least – DON’T tell them they are doing the right job 100% of the time. (This will come back to bite you in the butt!)
    4. I have NEVER said that Primerica has raised rates! EVER!!! My post has ALWAYS been Primerica does not guarantee their rates for the full term (25,30,35yr) while all other term companies do. That is an issue. If you had to choose between a company who guaranteed their rates for the full term and one that only guaranteed it for 20yrs which on would you choose?
    5. First off Primerica isn’t the only company who offers end of term conversion without converting to CV. Secondly what do you think Primerica term converts to at the end of the term. (Once prices are too expensive to pay for the 10yr level term) Read the policy and get back to me. (In your life policy Part 5 Exchange Provisions (should be page 6 in your policy) – “You may exchange this policy any time after it has been in force for five years to an Annual Increasing Premium Term Insurance to Age 100…” — See you can make up whatever you want, but the facts are I use ACTUAL Primerica policies for my facts…. can you do the same? (PS – Chris can verify this on his policy too)
    6. Where did this come from??? I never stated Primerica didn’t pay. This is misdirection. Next thing you know you will be telling me Primerica is the only company not to have a war clause.
    6. (you screwed up your numbering) If you are telling me that Primerica reps own their own business then you are misleading people. You might have ownership, but I think that is highly unlikely. I have known many $500k-$4mil Primerica earners and asked them directly about these types of sites. (Ken Young’s site was the big one back in my days with Primerica) Their exact response was we don’t care about that crap only people who don’t have a business focus on those sites. Our job is to recruit, recruit, recruit not argue on webpages. (The system is designed for warm market recruiting!) Please refer to your IBA it states so very clearly that you DO NOT own your business.
    7. Well since you said you’re a success I guess that’s facts. (Primerica facts, but facts.)
    8. see the above statement. (You still won’t address my points!! What’s scary is we probably agree on 99% of the stuff, you just can’t see past Primerica to realize that your clients are better suited 100% of the time somewhere else!!)
    9. Where are you going with this??? Stick to the facts.
    10. I have addressed this already, but they bought into the profitability of the company and the system not the crusade. The recruiting, selling in the recruits market, is the attraction.
    11. I will agree with you that my tone has turned angry, but it is because you Primerica reps refuse to verify anything .You come on here and post over & over again and very provide verifiable facts. I point you to your IBA, your life policy, your home office, office of general counsel, etc… It doesn’t matter though because the reps keep ignoring the facts directly in front of them in their own paperwork!

  49. 12. http://www.term4sale.com – you can only compare 20yr terms though and only for the lower 3 non-tobacco statuses. (Since Primerica does not guarantee rates they are not going to be included for the 25,30,35 yrs. Also since Primerica only has 3 non-tobacco rates you cannot choose Preferred Best. – this is the top rate for other term carriers who offer 4 non-tobacco rates)
    Now I have addressed all of of your points, even the foolish ones, will you have the integrity to answer my points in the next post?
    1. Expensive. Typically 30-70% more expensive than other equally or better rated companies. This means you are getting significately less coverage for your dollar!
    2. Not Guaranteed – (funny how PFS reps never address this!) Regardless of the term you buy 25,30,35 year term is only guaranteed for 20yrs!!!! There’s no way to spin it so PFSers just avoid mentioning it. (that is called lying when you tell someone they are buying a 35yr level term when we know that’s not the case!)
    3. Crap Terminall Illness right – it is only 40% of the face amount up to $250k. Other companies are 50-75% of the face amount and up to $500k-750k. Where is a family better off?
    4. Waiver of Premium is on the primary policy owner not the spouse. (something NEVER mentioned by the PFSers)
    5. Spousal conversion is VERY expensive. Spouse must convert at their obtained age not the original policy age!
    EXAMPLE – Husband & Wife, both 34 yrs old, purchase a Primerica life insurance policy with the husband being the primary & wife as a spousal rider. 20 yrs later the husband dies. The wife WILL get the death benefit from her husband, but decides she would like to keep her own life insurance. With Primerica the wife mus tdo a spousal conversion, BUT, but she will charged the new rate based on her attained age. So she is going to pay the rate of a 54 yr old! Yeah that seems like the right thing to do; right? With other carriers she has her own policy and any changes in her life (Death of the spouse, divorce, etc) does not affect her policy.
    6. Preferred Status is only good for renewals if you reach the end of term prior to age 55. If after age 55 you will be rated Standard!
    7. Primerica rates are all Unisex. So it is much more expensive for women. Other companies offer male & female rates which allows women to get cheaper premiums.
    8. Primerica has only 3 Non-tobacco, 1 tobacco, and 3 table ratings. Other companies have 4 non-tobacco, 2 tobacco, and 6 table ratings. Translation better premiums because the company has more options for you.
    9. Finally the one that I think is the biggest scam with Primerica. If your agent checks the Standard Non-tobacco box on the life application and you qualify for Preferred the company will not give you the better rate. Whatever is checked on the application is the best rating you will get. With other companies the underwriter uses the Paramed, Blood & Urine, and other things to determine what the best rating would be for the client. If I check the application at Standard and the client could qualify for Preferred best the policy will be issued at Preferred best!!! That is the way it should be.
    Primerica Business Issues
    1. You don’t own your own business.
    2. 2 yr no compete clause that is hardly ever disclosed.
    3. You never make a single penny in trailers on securities sales written prior to Regional Leader. EVER!! (something that most reps don’t even know) <- Primerica is the only broker/dealer to rip off their reps like that.
    4. No E&O insurance. <- SCARY!!! Read your IBA you are not protected by Primerica since you are in independent contractor you are on your own!!!
    5. Compensation is extremely low. The average street comp on term insurance is 85% + bonuses. Primerica starts you at 25% then you might get lucky to make it to RVP. Some of their compensation is at 95% + bonuses, but check out the quick quotes & you will see that most sales now RVPs make around 60% because of their new banding. (Clients are still paying insanely high rates for the insurance, except the agents make much less than the industry average)
    6. Break point on Prime Elite Annuities – This is unheard of and only Primerica does it. Basically the the PE series charges more fees in their VA than other VA carriers, but they use breakpoints to cut commissions to their sales force. (Chris Howard threatened to walk and take his hierarchy because of this, but low & behold a few weeks later John Addison came up with another bonus pool for the “big baseshops” and they he was happy again! Funny how that happens)
    7. FNA is sales tool that is designed to sell Primerica products. It even says so on the disclosure page, but Primerica reps treat it as a financial plan.
    8. $mart loans are some of the most heavily loaded mortgages in the industry. Of course the pay for the reps are horrible! They are even worse no because they cut out the overrides & fixed the comp. The $mart solution center is telling the reps is has to do with HVCC which passed this past year, but that is a lie. They are cutting compensation because the reps don’t know any better and keeping them in the dark and uneducated allows them to peddle probably one of the worst fixed rate mortgages in the lending industry.

  50. Finally let’s address your client who just did a renew for 10yrs at $68 per month on $300k. First of it is very unfortunate that he is battling cancer!! I don’t want our disagreements to take away from this guy & his family. If he were my client I will be the first to admit that he would be forced to convert his policy to either permanent insurance or GUL. Both of those prices are definitely more expensive then the Primerica 10yr term… His price would be astronomical for WL insurance ($300k) at $310 per month. The only saving grace is this payment is guaranteed to age 105. (Still very expensive!! I agree) The other option is to convert to GUL where his payment would be $119 per month (assuming he was preferred like you said) and would remain level until death or he reaches 121yrs old. (So again more expensive then Primerica.) Here is the problem….. If he dies in the next 10yrs then Primerica would be the way to go, but if he didn’t and still needed the insurance at age 66 Primerica renewals for the same $300k would be astronomical – Based on my calculation the renewal at age 66 would be somewhere around $305 per month. So it’s a turkey shoot… if your client dies between 56-66 he did better with PFS if he lives past age 66 he is now in trouble and his insurance will become unaffordable in a few years after his 10yr term is up.
    All & all if our clients need insurance after 20-25 years we have failed them as reps. I take being a financial advisor seriously and meet with all of my clients twice a year. This should really be the issue we are discussing. In the situation you mentioned I definitely see a client wanting to keep insurance, but the need for it should be dramatically less. What happened to the Theory of Decreasing Responsibility? (I’m not saying you as a rep failed this client because it is highly unlikely you are the original rep. My only point is at minimum annual reviews of a client’s financial plan would have prevented the need for such a large amount of insurance & potential some decent college savings)
    Look I know I will not convince you that Primerica isn’t the best option for most people & most reps. I have been there & lived that life for a very long time! You should only be worried about people like me if you attempt to recruit someone & don’t give them all of the facts or you try to sell someone something without telling them about the clauses.

    My advice as always is for people to shop around. All financial planners, advisors, and reps are looking to close deals to make money! I tell EVERY client I meet with that I am a salesman! I must close deals to put food on my families table. I prove to them however that I am not above competing for their business. I recommend they shop around. I personally show them 30 different term insurance carrier quotes when I do life insurance, I tell them to call their bank & current mortgage company when I suggest a refi/purchase, and I tell them to go back to their current broker and ask him/her all the questions they have asked me. In the end the client has to make the decision what is best for their family! Because of this truly educational approach & providing the absolute best products I have no problem maintaining & getting referrals for new clients.
    So what is so wrong with providing the questions to ask a Primerica rep? Wouldn’t you try to do the same thing if your client was considering replacing your products with mine?
    (Let’s not turn this into a personal attack on each other’s credibility, let’s stick to the facts. You have a system that will net you the majority of sales because they are warm market and rarely shop around. If you lose deals because of this website it is because of the fair market not me. I have never solicited ANYONE and many times I have been asked to contact someone. I post here so people can learn what questions to ask and then go verify facts for themselves!)

  51. I wish you luck. I am so tierd of answering your questions and you not listening. I have done this on several different blogs you just don’t pay attention.You say its not personal but you go on and state we scam people. The fact is your original post clearly shows your motives. What kills you is PFS provides a valuable service and with all your rantings we just keep going.By the way Chris Howard is a close personal friend and you don’t know what your talking about. One last thing by some of your questions its clear you have been out of PFS for awhile.
    Again I wish nothing but success for you and you family, its sad that you would be so selfish as to try and hurt others who are going after their own success.

  52. SD,

    Thanks for ignoring everything I posted even though I respected you enough to reply to EVERY single point you made.

    If I was so wrong about my post you would gladly point that out. I have posted information and ways to verify my points.

    I commend you on the way you end each of your posts with well wishes to me, but let’s not play these games. I showed you respect & you showed me none. I took the time to respond & give you an honest & factual information, you in turn ignore everything I have posted.

    Just realize that when you recruit or sell people that there will always be people like me give people the information they need to make an informed decision.

    (PS – Chris I am sorry for the direction of this conversation.)

  53. I have been reading the blogs and I am about to join Primerica. But with all I have read I only have two more questions….

    One is for SD, for the length of time the client with cancer was with Prmerica how come he did not have enough $ invested to cover his expenses because what I was told that through the $ clients invest for the future it doubles every 6 yrs on a 12% fund so how come he is not a success story vs. the need to have more coverage when by this time some 20 years later he should have had been debt free, $ invested for emergencies and so on?

    Two, this question is for Xprimerican. I understand your upset with a company that promises so much and may or may not follow through with those promises. But promises are meant to be broken. You are now a sound and ethical financial advisor how did you start your business again and are you highly educated in the Finance Department that you are this successful and do you offer the same things Primerica does to your clients and how?

  54. Skeptical,

    Man you gave SD the easy question and me that hard one!! Haha!! Seriously though I will do the best to answer your question.

    First off more of a statement to your statement – “…promises so much and may or may not follow through with those promises. But promises are meant to be broken.”

    It’s not the promises that bothered me it was the way I saw the company operates. I was very successful at Primerica. I even developed a swagger of being the Primerica guru in my area. The problem is one day I learned that my perfect Primerica world was not what I thought. I start comparing products & Primerica lost every time, I compared compensation & Primerica lost every time. I know I might come across as bitter at times, but it just gets old when Primerica reps refuse to address real points. The truth is honestly that even if I knew everything I know now I would still have joined Primerica. I just would have represented myself differently. I think Primerica is a great place to start and learn the industry, but the problem is in Primerica if you ask a lot of questions you are deemed “Uncoachable” and told you don’t need to reinvent the wheel. This is about helping families by educating them. If you truly offer the best products & services you should never be scared to have them shop around. This is why I encourage my clients to always shop around and even give them websites to run their own quotes! I just think a potential rep or client should have as many of the facts as possible before they make such a big decision. (Don’t you think a client should know the 25,30,35 yr term policy they are buying is only guaranteed for 20yrs, while every other term carrier in the country will guarantee it for the full term with a much smaller monthly premium?)

    Sorry to ramble, but I want you to know where I am coming from.

    Now to your question:

    It honestly was not easy to go from Primerica into the independent world. I was lucky to have a friend that was a CFP and he helped me through the transition. I was stuck with my 2 year no compete clause with Primerica and although I spoke to an attorney telling me I could easily get around it I honored it and never contacted a single client prior to the 2 yr mark. (On 2 yrs and 1 day I contacted every previous Primerica client. I was also able to replace almost every piece of business & put the client in a better situation) During those 2 years I spent a lot of time getting myself educated. (both formal education & educational seminars held by broker/dealers, carriers, lenders, etc..) I also host a radio show weekly (used to be once a week now it is twice a week) where I try to educate clients on how this industry works. I never solicit anyone via my radio show, but of course I do get lots of business regardless. I am a firm believe in Buy Term & Invest the Difference. I believe in using Roths, taking advantage of matching contributions on employer sponsored plans, and believe you should focus on getting out of debt immediately. All & all I believe that if you are honest with people, educate them, and even suggest they shop around you develop trust. I rarely loose loose clients to other agents/companies because of this approach.

    I am now an independent General Agent with over 20 appointments with various term carriers, I have a MBB which gives me access to 101 lenders (all types of mortgages from commercial to personal)(oh yeah. I only believe is selling FIXED rate loans. Typical the shortest term the clients program offers), my affiliation with my broker/dealer allows me to offer the same products & then some as Primerica. I am also able to true wealth management where I am able to get a percentage of the clients account instead of charging them 3-5% fees when I set up the account. This is a HUGE savings for the clients & long term is a great way to continue my residual income.

    I hope I answered all of your questions.

    Now this might surprise you, but if you are new to the financial world you might want to consider working with Primerica over the short term to get your licenses and learn the basics. Just remember when you are selling the products to be honest in your approach. There is nothing wrong with selling a more expensive product, just make sure you tell the truth. I don’t see how anyone in Primerica can sell anything longer than a 20yr term without feeling bad. I could go on & on, but I hope this answers your question.

    Primerica has an amazing system and if they every improve their products they could dominate the financial services industry!

  55. Skeptical
    YOUR RIGHT SAVING IS IMPORTANT!
    This person does have a mutual fund and a 401k.But he is 56 years old and his kids are in college. They refinanced their home to help with the kids education.The FNA we did when we converted his program will get him out of debt in 11 years and his savings would have enough by then. The sad part is his saving ability is being cut short by his illness and his life expectancy is not that long. If Xprimerican was his agent he would not have had as benificial an option as we were able to give him and his family would be facing a financial catastrophy . Products are only as good as the company who stands behind them. Primerica is the only company that I know of that sells term 100% of the time & That has a marketing statagy to reach 68millions of adults who have no insurance and the 100 million people without an IRA outside of work.
    I would compare my clients Knowlege of the 20 Guaranty with Xprimericans clients knowlage of their end of term options any day.By the way we personally deliver every policy and explain every page and option to our clients.
    There is no evidence that PFS has ever raised their rates but there is evidence of people losing their coverage at the end of term because of expense and lack of options.Its funny a recent article in National Underwriter Highlighted that exact point calling for companies to have better end of term options rather than throwing clients to the curb.PFS has been at the front of every industry change for the last 33 years.
    Most companies sell term as a loss leader.
    (Google “SBLI Jenny law”) and see how companies who have Cheap term deal with their clients it will shock you . When margins are tight clients suffer (SBLI is a A+ rated company).
    At PFS we don’t Play games with peoples lives.
    Also I don’t have any evidence from Xprimerican That are produts are overpriced. He can say what he wants but the marketplace is saying something different. Also Warbug Pincus when citing reasons for making a $140 million dollor investment in PFS noted how competetive our products were.
    I hope you decide to join our great company and build a bussines here. Your opportunity to change 1000′s peoples lives is infanitly greater with our bussiness model than Xprimerican has as a self employed Ind. Agent. Also if you want to stay in this great industry on a part time basis there is no better support system than PFS. Good Luck.
    (Google Primerica Mad Money).

  56. SD,

    I have been extremely courteous and respectful to you throughout this entire process, but this is getting ridiculous! I feel like I am watching MSNBC or Fox news the spin is so ridiculous!

    Again I will take the time to address your points, but you have yet to even touch any of my questions above. (Again typical of EVERY Primerica rep I have seen!)

    “If Xprimerican was his agent he would not have had as benificial an option as we were able to give him and his family would be facing a financial catastrophy ”

    – And the games start. I have already showed you what his conversion rates would have been with me and they would have been permenant from that point forward. I admitted that over the next 10yrs Primerica will be the better option, but not by much! After 10yrs the client will have to renew AGAIN and will be unable to afford his premium. (Of course you just ignore those facts and make false statements!) Also you are finally demonstrating the self righteous attitude Primerica reps have. You truly believe that if Primerica is ONLY decent company out there. (Convenient for you since all you sell is Primerica life insurance products! Hmmm?!?!?)

    “I would compare my clients Knowlege of the 20 Guaranty with Xprimericans clients knowlage of their end of term options any day.By the way we personally deliver every policy and explain every page and option to our clients.”

    — Again I guess only Primerica deliveries their life insurance policies. I must be doing something wrong then, I just delivered another policy today. (A Primerica replacement by the way!) How you sell 25,30,35 year policies that are only guaranteed for 20yrs tells me more about your character & integrity then anything else. (At least other Primerica reps are clueless, you know the truth and still sell the crap. If you were selling 20yr term or less you would have a leg to stand on, but the second you sell a 25yr plus policy you are not doing the right thing for your clients! PERIOD!)

    “There is no evidence that PFS has ever raised their rates but there is evidence of people losing their coverage at the end of term because of expense and lack of options”

    - Funny you keep mentioning this, but the company introduced policies (25yr plus) in the past 18-20yrs so again you are misleading people. The situation has not come up yet. Did you know in Canada Primerica life guarantees their term for the entire term not just 20yrs like the US? The reason is the Canadian gov’t refused to allow them to sell that crap in their country. Funny they will do it in Canada, but not the US) As for the lack of options… let’s use your 56 yr old client…. what happens in 10yrs when he still needs coverage? He won’t be able to afford your Primerica life policy, but if he had one of my carriers he would have converted to a permanent policy and never seen his premium increase again. (Look at my numbers it was not much more than Primerica)

    “Most companies sell term as a loss leader.”

    - Primerica’s rep favorite term for cheaper & better insurance companies. Next thing you will be telling us that Primerica is the only company that doesn’t have a War Clause! Again stick to facts!

    Jenny’s Law – I agree with you & that case was disgusting! I will tell you though that you can just 6 months ago I got a call from a SBLI client who developed Level 4 Ovarian Cancer. (I did not write the policy, but her agent left the area) I met with her and found out that the policy was less 2 yrs old. I remember the Crowley case very well and called SBLI (after she left) and ran through the specifics. I blatantly asked them about Jenny Crowley and the manager honestly admitted that it was a black market on the company. The entire management was terminated on the case. I personally do not recommend SBLI over the other companies, but I will tell you that they actually backed the Jenny’s Law!

    “At PFS we don’t Play games with peoples lives.
    Also I don’t have any evidence from Xprimerican That are produts are overpriced. He can say what he wants but the marketplace is saying something different”

    - Evoke emotion! Great training… convince people that only Primerica cares about them and everyone else plays games with people’s lives. I provided the website to run quotes – http://www.term4sale.com.

    “Your opportunity to change 1000’s peoples lives is infanitly greater with our bussiness model than Xprimerican has as a self employed Ind. Agent. ”

    - Continue to take your stabs at me. Typical! You are self-employed, do you not see that??? You are not with Primerica you are a captive agent contracted with Primerica! We are exactly the same EXCEPT I can put a lot more options on the table than you can. Why is that so difficult for you to realize?

    “Also if you want to stay in this great industry on a part time basis there is no better support system than PFS. Good Luck.”

    - If you have read my posts I absolutely agree with you. The only thing reps should know is the truth so they represent themselves with integrity. I have said this over & over again! I would have joined Primerica even if someone had told me all of the facts. The only difference is the way I would have represented myself! I feel reps should know the truth. Why are you so afraid of someone knowing the facts of what they are selling & the business contract they are signing?

    “(Google Primerica Mad Money).” – this is the height of hypocrisy! For years I have heard John Addison, Hector LaMarque, Jim Meyers, Keith Otto, Bobby Buisson, and many other Primerica SNSDs slam Jim Cramer. Primerica has ALWAYS advocated to avoid individual stocks and stick with mutual funds. Now Cramer says something about Primerica’s IPO and all of a sudden you guys jump all over it! Seriously can you not see the obvious? You can’t go through life jumping from position to another. Primerica has changed so much since Art Williams day & it is sad.

    Again why not take a few minutes and scroll up and answer my questions?

    Finally to anyone interested in Primerica as a business opportunity or as a potential client… SHOP AROUND. Ask lots of questions! Remember it is your financial life on the line not the sales person who is trying to make a buck off of you. Anyone who tries to talk you out of shopping around has something to hide!

  57. I apologize for the typos, poor grammar, etc… I am so addicted to my iphone that I don’t really use my computer anymore.

    I promise I will start using my laptop and actually proof read my posts from now on!

    Sorry Chris! As a teacher I’m sure your “red pen” is wanting to going crazy!!

  58. Xprimerican
    WOW! You say you have been respectful what a joke. You remind me of the girl who got jilted and is now seeking revenge. “Caution you should take her rantings with a grain of salt.”Can’t reason with a person like that you just ignore them and hope for their sake time heals their wounds!

  59. Unfortunately for you anyone who reads these blogs will see you have avoided every issue I have listed while I addressed everyone you posted!

    What’s sad is you are clueless how bad you look for not evening addressing the simplest requests. I know Chris hoped to have someone who would actually discuss their position, but in the end you have turned into every other Primerica rep. A lot of talk and little to no facts behind what you say.

    I believe that in the end you have cost Primerica that many more recruits & clients. You continually attack me personally yet provide nothing to validate your points.

    Just remember every time you recruit someone or try to sell them there will be people like me giving them the knowledge to ask the hard questions.

    I will leave you with a few simple questions:

    Why is it wrong to:

    * Recommend people shop around to insure they get the best product for their money?

    * tell people about the 2yr no compete clause in the IBA?

    * tell potential reps they will never see a penny in 12b1s on any investments they write prior to Regional Leader?

    * tell potential clients that Primerica life insurance is only guaranteed for 20yrs regardless if they have 25.30,35yr term?

    * why is it wrong to tell the potential clients how Primerica’s terminal illness rider compares to other carriers?

    I could go on & on, but like everything else I have asked you there will be no answers. Instead you will come on this blog and say things like – ” You remind me of the girl who got jilted and is now seeking revenge. “Caution you should take her rantings with a grain of salt.”

    Great facts man! But like another posted on Chris’s Blog, Observer (who is also a former Primerica agent), says, “Facts to Primerica Reps is like light to cockroaches!”

  60. I have answered every question you pose on this blog and every other blog you have been on. In every instance you just continue to get angry and attack me personally. PFS is what it is, just because you don’t agree does not make it wrong or bad. Your personal expierace with you upline is reflected in your personal attacks and angry responces. When I responded to Skeptical your response was childlike I never accused you of anything I just told him the facts about my expieriance and you exploded.
    As a matter of fact I used this blog for my training this AM.
    And I told my agents to use this blog with clients as an example to show why you can’t trust the information on them. We are not afraid to discuss the value of our products with anyone!

  61. Seriously SD you have lost your mind. You have never addressed any of my issues. I went through and addressed ever point issue by issue. You did nothing!

    I would love to see how you explain to your reps how products are more expensive & not guaranteed. Why would a client want to buy something more expensive with worse terminal illness riders?

    As for – “We are not afraid to discuss the value of our products with anyone!”

    You refuse to discuss your products on here, so I can only imagine the spin you try on clients at the KT.

  62. Again I figured that maybe I made a mistake when I stated you did not respond to my points, so I took the time to read all of your posts & my follow up posts. First off thank you for making me reconfirm my position that I do post for a reason!

    Here is the breakdown of every post you have had on this blog! Not once have you addressed my issues while I have taken the time to respond to everyone of your points. I can totally understand that you are representing Primerica and believe in their products, but you can not seriously believe that you are helping them in any way by your postings.

    It all started June 17th, 2010 4:35pm. You as much as called me a liar & a whiner. (Very typical Primerica tactics used to discredit anyone who leaves Primerica and speaks out against them) I responded by breaking down your post and providing information that ANYONE can verify. I also asked a series of questions and points.

    June 20th, 2010 3:43pm – you post your 12 pts about Primerica. (You never did address any of my points)

    June 21st, 2010 2:38pm – you posted the unfortunate story about the client with Cancer. (still no response to my issues)

    June 22nd, 2010 11:01am – you now posted about having 20,000 reps who have been with the company over 10yrs. (still no response to my points)

    June 26th – I returned to the United States and addressed all of your points. (Not only did I answer all 12 of your points, but I gave you and anyone else the information to verify it… ie.. pages on policies, Primerica phone numbers, etc.. After which I then listed again my issues and asked you to take the time to reply.

    June 28th 2010 2:37pm – you post again taking some little jabs, but not addressing anything I have posted.

    July 5th 2010 4:13pm – you respond to skeptical and take a few more shots at me. (Never once addressing anything I have posted and providing ZERO facts)

    July 6th, 2010 3:15pm – another post with ZERO facts a some personal jabs at me.

    July 10th, 2010 10:33am – you now claim to have answered all of my posts. (As you can see the time line proves you did nothing of the sort!)

    After EVERY post you have made I have taken the time to reply. I have mad sure to not only provide information, but also the means in which to verify things.

    What have you provided to this discussion? I am better than you & you are just an angry person who won’t let things go? That’s the ground you are standing on???

    Let me make this very simple for you:

    People out there bust their butts to make ends meet. They try to do the best job they can and a lot of times it just isn’t enough. Every time middle income Americans take one step forward something seems to happen that takes them 2 steps back. What is wrong with me providing people with the information to make educated decisions? Why are you & most Primerica reps afraid of people learning the truth.

    If a client needs insurance does it make sense to pay more money for less coverage that isn’t even guaranteed for the full term? (not to mention horrible terminal illness riders)

    I spend at least 10 – 15 hrs a day helping families clean up messes by agents just like you. You can not provide one reason why you feel the way you do. Yes we all know Primerica is an amazing company, but it goes deeper then that. People need their money to work hard for them!

    Maybe you can not see it, but if a person only represents one company it is IMPOSSIBLE for them to do the best job for the client. You are only able to do whatever your company offers.

    Let’s make this very simple:

    List your 3 most recent life cases – (DOB, height/weight, tobacco or non, male/female, term, premium, and class)

    List your 3 most recent mortgage cases – (loan amount, appraised value, credit score (if known), rate, payment, term, plus any acceleration, debt free date)

    If you will do this I will run a fair comparison. This debate has been one sided long enough! Let’s get down to the facts and where the client would be better off!

    If you’re not willing to do this, just let us know and I will just wait for the next Primerica rep to start making a fuss again.

  63. Your anger blinds you. At our saturday training only 6 out 50 people had insurance before they met with PFS and only 1 had a IRA outside of work. I have asked you this MANY TIMES and you just ingore it. How do you propose to get to all these people without a national agency system IDEPENDENT AGENTS LIKE YOURSELF HAVE NOT DONE IT. THE REASON IS MOST OF THEM( DONT BLOW UP I AM NOT ACCUSING YOU OF THIS) ARE MONEY MOTIVATED AND GIVEN AN OPTION WILL SELL PRODUTS THAT GIVE THEM A HIGHER COMMISSION OR WILL FOCUS ON ONLY PEOPLE WITH MONEY.THE TRADITIONAL AGENCY SYSTEM IS IN SHAMBLES AND ALMOST EXTINCT. PFS IS THE ONLY PLAYER STANDING THAT THE ABILITY TO GET TO THOSE FOLKS ON A MASS SCALE.
    At primerica we only sell one product so our reps dont have to make those decisions.
    You have not proven our produts are more expensive and you can’t list one client that Primerica has ever raised rates for. Surly in 34 years of business you must have one example. As a matter of fact we have reduced the price of our our products many times and have a preferred plus class that competes with anyone. Our clients understand that protecting the future of the company they are working with is much better than a guarenty that causes companies to play games with claims like SBLI or have to limit the end of term options so clients lose their insurance.I can list numerous cases that my office has delt with where this has happened.
    I have said this before but this is the last time I will respond to you.
    You do your thing and I will mine our legacy will be written by the number of clients we help.

  64. SD,

    So we continue to do this. I took the time to breakdown all of your posts and proved you never addressed my issues.

    If you would have actually read my posts you would have seen I have defended Primerica on EXACTLY what you are saying. I have explained MANY times that Primerica have a place. If someone does not have the time or desire to actually shop around Primerica is a great place to go. I post for those that are doing their research. If someone is willing to shop around you have to admit they have more options then Primerica can ever provide.

    Finally the fact that Primerica is the ONLY company that still does scheduled premiums speak volumes.

    Every client/potential client should know Primerica does not guarantee their terms past 20yrs! If a client could get a better life policy at a cheaper price that is fully guaranteed why would they not take it?

    Unlike you I have answered every question you have posted, while you have not addressed a single one of my posts.

    Again – if ANYONE would like to compare life insurance check out http://www.term4sale.com.

    ALWAYS shop around!

  65. X PRimerican… Hmmm… I have thoroughly enjoyed reading all of this debate. There are good points on both sides of the fence. As for some of your bullet points that are repeatedly posted,

    yes, terms are guaranteed for 20 only. i do address that with my fam’s.

    yes, the Waiver of Premium is for the primary only, again a point I address with my fams.

    and again, yes, our terminal illness is 40% up to $250. again, a point I address with my fams. Some are more and some are less. And I DO let them know that.

    And, as I read somewhere in here, we do guarantee reinsurable to term – and I am grateful as I am uninsurable now.

    As to the spouse conversion, I will check. I have split policies and have “converted” them for reasons of divorce, and did not have to have clients take a new attained age.

    I also have run many quick quotes for clients in other carriers (term) – all with no increasing benefit riders mind you, many with no terminal illness and most without disbaility waiver and either beat or been within $10/month in cost. I do do this. And have done so with American Fam, State Farm, and others to name a few. I don’t always come in the lowest, and that’s ok. I haven’t yet seen a policy I would rather own, and again, considering that I am uninsurable now, and 35 with no kids and working on that, and 5 years into a 20 year term (I still mostly write 20 year because of the guarantee), I am so glad. I would be forced into permanent which I don’t want. And will likely desire to keep the coverage – as I only have 15 years left. That would leave a minor child even if I had a baby tomorrow.

    In the end of it all, I do encourage my families to shop around, bring it all back and lets look. Some do and some dont. I am fine with either. I don’t mind at all being shopped. I don’t mind being told “i need to think about it.” Great – go think as long as you want, research what you want, shop all you care to, and then lets see where you are at.

    In some instances here’s what I have found – yep, the product prices were cheaper somewhere else, but by the time they paid for the advisor, we kicked butt.

    In other cases, they wound up talking to a person they didn’t like and came back.

    In other cases, they beat us, and moved on with my blessings.

    I am happy to tell you that hype is hype, and a difference for a family is a difference. Again, I am sure I can be beat by somebody out there. And I can beat somebody else. That’s the free enterprise system. And I do not prey on my clients, or their lack of education, or anything of that nature. I want to keep them, not sell them. I train my agents to do the same thing. I teach them about our term – yes, i do do that. We look at other term policies and compare. Many and most times, we kick butt at the renewal rates – again not always, but usually.

    I have seen Primerica pay claims for children who were NOT covered on the child rider at the time of death – out of my office – not a story that was passed down from office to office and warped along the way. That blows my mind. It blows my mind that Primerica paid death claims in 9/11 with no bodies and death certificates. Certainly these are not things that are guaranteed by the company, but I am happy about them.

    I guess at the end of the day, all I am saying here is that Primerica is a great company. Part and parcel, yes, perhaps it can be beat. However, few people will set out to undertake the startup of another financial company that does as good a job in ALL areas of what we do. I am ok with all of us having a place in this world, and kudos to you for following your heart.

    Please also forgive any incoherence… it is late and I am tired. I have been on here reading for almost 3 hours.

  66. the increasing benefit rider is not something I have seen you post about yet. It does guarantee that client the ability to inrease their coverage – with the attained age being preserved for the first 5 increases. After that, the increases (either 5% or 10% of the original face amount) are added at new attained age. This coverage increase is guaranteed to the client as long as they have not declined any previous offers and is not contingent upon the clients health or status as to waiver of premium. Take me in point. I came here not married no kids and no house, and wrote a $150k life policy (I was declined elsewhere) for $23/month. 1. I am happy to have that with no rating (and we actually have 8 table ratings). I have since taken my increasing options to $210,o00, still at my original attained age (that will stay for 5 years of my 10 offers) and my original standard, nontob rating. I will be able to go to $300,000 by the time I am done with all increases. I am not uninsurable and would have had to: 1. take way more coverage than what I did when I started in the name of thinking ahead or. 2. now qualify to increase. 1 would have been a waste of money and 2 is not possible now.

    In addition to some of this, I will add that our Waiver of Premium follows a client thru their End of Term. If a primary is using the waiver, and is therefore not paying for his policy (Primerica is) and that primary comes to end of term, we will STILL guarantee reinsurable to term and CONTINUE paying the higher rate for the client. I have not seen that in ANY other policy I have looked at. Their waiver of premium ends at End of Term, leaving the client to either qualify again for term (and be denied for either the term or the waiver or both depending on the situation) or guarantee to permanent. I have clients who have gone thru end of term, their premiums increased by whatever, locked in a new term for them, and we are STILL paying for it.

    In the best case scenario (perhaps the wrong choice of words) we have a client in the office who was a pastor. He and his wife accepted the delivery of their policy and less than 3 months later, he was discovered to be terminally ill – and after all investigation, yes, he did not know, nor did the docs. So, 1. we filed the Disability waiver and were approved. 2. He was also issued a check for 40% of $250k, whatever that is. 3. He has received since then (as he has not passed yet) I believe 6 increasing benefit rider increases and is now insured for more than when he started – even after having taken the 40%. All in all we (Primerica is) are still paying for it. I don’t know if you could convince him that the $20 a month he might have saved each month would be worth giving all of that up. It seems that it is always a gamble as to which benefits you think you might need.

    Having lost my dad at 17 with no life insurance and no savings, losing the house and watching my mom put everything in the front yard to sell, I am willing to pay a little extra to be sure I am covered each and every way I could be within reason. Perhpas I am simple minded about this, but tell me why I would not want the policy I have given my circumstance? Even if I did pay more for it on a monthly basis? And, I paid more for it when I had nothing to pay for it with – I was recently divorced and knew I could get it cheaper somewhere else.

    Again, so happy to read these posts… It makes for interesting conversation. It is now 3.12 am here, and I am going to bed. I do not know if replys will immediately post to my email. I hope they do. I will check back tho. I look forward to your reply.

  67. some of our policies do not convert to AIT at end of the last term available – some do convert to DT. You would need to look at all of the policy books to be sure.

  68. Motz34,

    You have covered a lot of stuff here and I will take the time to reread it and then reply.

    I would like to thank you for posting. The last Primerica rep kept talking in circles and it is refreshing to you actually addresses some of my points.

    I apologize for not being able to reply now, but I am doing a 7 day hike with friends around the base of Mt. St. Helen… so when I get back I will be glad to reply. I just wanted to take a second and let you know that I am not avoiding your post.

    Cheers!

    PS – Seriously thank you for bringing some logic & facts to this debate. I am not saying Primerica is the worse it’s just unethical to claim they are the only company to do what’s best for the clients 100% of the time. . There are a few posts you have made that are very good and where Primerica clearly wins & a few things you have posted that are “convention” talk. I think you will be very surprised when I get back and reply!

    Cya in a week!

  69. I’m not saying Primerica Corporate claims Primerica is the best and all other companies are rip offs! What I meant to say way Primerica RVPs love to sell they hype.

    I heard that Primerica was the only company without a war clause. (Sure 30yrs ago, today not true!)

    I heard that Primerica was the only company to pay death claims after 9/11. This was while other companies were trying to use the war clause to not pay claims. (Not true!)

    The whole point is to educate the rep and the potential client as to what to look for. If you are not willing to do the leg work and do some research Primerica is a great option. I have said that a million times and I have defended Primerica as many times as well. I just think it is important to cut the hype from the facts.

    I type most of the message above, but because I put it between a “” the blog those it was HTML and didn’t post it.

    I really do look forward to debate with you & in the end I think you will be pretty surprised I’m not a Primerica hater.

    Remember we are both independent agents and should do what’s best for our clients first. I don’t work for any of my carriers and you do not work for Primerica. We work for our clients first and foremost!

    ~Cheers!!

    • I’ve seen alot of bashing here. I’ve worked as an Admin Assist in the financial industry for a long long time. I went on an interview today with a Primerica rep. I was looking to become a part of their administrative team. What I got was “gee you have your 6 and 63 licenses, why not become a rep for Primerica? Well, she got me thinking. She told me I would get all the help and support I needed. I have no clue about financial stuff outside of administrative stuff, why would I put myself in a position to look like a complete idiot? How did you guys really get started? Did you know anything about Roth IRA’s or Life Insurance? How about Estates and Wills? I know nothing about this stuff at all. What exactly did Primerica do for you to make you successful?

  70. Sorry for the delay in getting back to this blog. We had an incident on the hike and it took an extra 3 days to complete and I have been nursing my injuries. Luckily no one was badly hurt! What I have done is went through your post and tried to answer everything line by line. If the post doesn’t flow right I wanted you to understand why.

    Motz I appreciate you addressing the issues I have brought up and you are the first Primerica rep I have seen on any blog to actually admit about the guaranteed term, waiver of premium, and terminal illness. (on the terminal illness rider I have never seen less than 40% or $250k on any modern policy and Primerica is that company. All others I have seen are 50%/500k with most being 75%/750k. People need to realize that these riders can potential save their lives assuming they can find experimental treatment insurance won’t cover)

    You are correct about splitting the policies, but in the event the primary dies and the spouse would like to continue the coverage he/she will be issued a new policy, for the remainder of the term (or a new term if they want), based on the current age.

    I will agree with you on the IBR, but that is not something that is free. First off there is a very good chance you can get at least double the coverage dollar to dollar compared to a PFS policy. As for the Terminal Illness & waiver of premium I have never seen a term carrier not have those. As for the guaranteed reinsurability – this was the absolute hardest thing for me to understand when I left Primerica. First and foremost if the client follows the theory of decreasing responsibility then the need for coverage should be very little if any at all. If you look up at the example I did with SD you will see we discussed exactly this scenario. He had a client that was uninsurable and the PFS insurance was cheaper than the permanent coverage he would have converted with me (not by much though!). So if during that 10yr period the client died then it was a better option, but after that 10yrs if the client had to renew again with Primerica my permanent policy would be significantly cheaper! Look up in the thread and you will see it.

    (By the way… good for you for not selling the 25-35 year term! That shows me a lot of integrity)

    I have never heard of paying for an advisor for insurance. I think we both know that the first year premiums pay the agents (and baseshops) commission. As for not liking the person they were dealing with and came back that just shows that they preferred to work with you and that shows me you have great people skills. Props to you!

    I too have seen Primerica child riders pay out for a child that was born after the policy and not added to the policy. I totally agree with you and that is a wonderful thing. As for the 9/11 there honestly is a lot of hype with that. I was actually in Primerica before and during 9/11 and our office (not me) actually had a life claim from someone in the 2nd tower. I sat in the EPN broadcast and witnessed John Addison’s speech personally. Needless to say that claim was not as easy as we were lead to believe. Also the rumor was that other companies refused to pay because of a War Clause. That is 100% false and a lie. This was something that was pasted via word of mouth at fast start schools & never an official Primerica statement, but I’m sure you heard it too if you were with the company then.

    IBR – discussed above. I actually like the IBR and wish more companies offered it, but again the cost when comparing apples to apples a client is better off buying more coverage from day one. I agree with you though that none of us have a crystal ball, that is why I actually like the IBR.

  71. Waiver of Premium – if the policy is already converted then I have seen the policy covered for the remainder of the time. (forever). I agree that this is an issue that I do not like about other carriers. Also something to consider that WOP is only used in less than 1% of Primerica life cases. This was something that was covered in the last convention I went to with Primerica. Granted that was the last one in the GA Dome, but there is little chance that the number has increased much. Something else to consider is that Primerica used to teach us that only 2-3% of all term policies actually payout. On your example of the Pastor the savings difference would be insignificant and I agree that, but we could also look at the hundreds of thousands of people who never benefit from it for one second. (Funny you mentioned a Pastor because the only client I ever wrote a policy on that actually used the WOP was a Pastor! Weird)

    I honestly can’t say why you would want a cheaper policy. One reason might be a significant savings which would allow you to save more money in your investment. Also a true guaranteed premium if you are looking at a 25-35 yr term. Honestly though I have always told people that only they can make the best decision for their family. If you are happy and continent with Primerica than I suggest you stay. I have never convinced a client to move their policies from any carrier. I simply put everything out there and they can make the best decision. Conversion is a pretty big deal in my book, but the truth is I am a firm believer in the Theory of Decreasing Responsibility and if you get out of debt and save money the need for coverage after 25-35 years shouldn’t exist.

    I know the conversion on Primerica policies are case by case. I remember starting and it converted to ART, then it converted to DT, but regardless I believe all policies after your last renewal (past 71 converts to ART… I could be wrong, but if I remember correctly you can not renew for another 10 yr one you get to age 71.)

    I know you might not believe this, but I am not anti-Primerica. I think people should know the truth. I encourage you to look around yourself. You will be shocked at the superior products (mortgages, investments, VAs, PPL, life, 529s, etc..) that you can offer your clients and you can still build a baseshop. It will blow you away if you can see the pay difference. If you are overriding a huge baseshop then I suggest you stay put, but seriously look around. Typical securities pay is higher than a RVP and you have better investment opportunities. (Also the trailers are much higher and you get them right away).

    Based on your post you seem like a very nice guy & I wish you the best!

  72. I am in Primerica,I just wanted to tell you all that we had an insurance consultant in the office this week. This person said that their is a lot of curiosity in the industry about us .This person basically told us that the traditionals were complaining , that we are taking your lunchs and eating them too.In other words ,replacement. I truly do wish you all well. I have always said. if you have a good product, market it. I think other companies have them , they just do not offer them first for whatever reason.As for the person who keeps hammering on the guareenteed past 20 yrs, I will respond to that , I am just running out of time.Later

  73. Jeff,

    You are either so new you are clueless or you are one of the most foolish Primerica rep to date.

    Let’s make life easy and forget about talking smack. Let’s let the numbers speak for themselves.

    Take this challenge:

    Provide the 3 months recent life cases you have written. Here is the the info I will need to run a comparison.

    1. DOB
    2. Height & Weight
    3. Medical Issues
    4. Face Amount
    5. Term
    6. Premium (Both Annual & Monthly)

    Once you provide those cases I will be glad to run comparisons. You will see that Primerica will be one of the most expensive & even more importantly the crappiest contracts. (IE – guaranteed premiums, terminall illness, monthly payment financing charge, spousal conversion, etc)

    As for the 20yr guarantee save your breath. There is no response, because it is true. I have watch you post lie after lie on this board and it is getting old.

    I understand you are being told that we are all crooks and cry babies who couldn’t make it in Primerica, but stop drinking the kool aid and do your own INDEPENDENT research. Your RVP is nothing more than a salesman who will say whatever he/she can to get you to keep bringing people and selling crappy products. One day you will wake up and realizes how stupid you were… I can say that because I felt that way.

    Let me make this simple for you:

    Primerica does do what’s right 100% of the time! The problem is Primerica does what right for Primerica 100% of the time. 100% of the time you/or a client would be better of shopping around for a better & cheaper product.

  74. What many fail to understand is the PFS agents are independent contractors and Primerica is just a platform who will supply them with financial products to market. That’s it.

    There is nothing you can do inside Primerica that you can’t do outside Primerica and more. Now here’s a thought I have had. are there any current or former Primerica agents on the Primerica Board of directors? If not, why not? How can people who have never been in the field as a PFS rep understand the culture of the company?

    Basically all this back and forth isn’t going to go anywhere. Something has to hit home and then once the pro PFS people get that feeling of being played for a fool then a decision will have to be made. Many say they have the clients best interest at heart but fail to consider the potential death claim. Side by side which check would be to the benefit of the beneficiary?

    Primerica has a target market and it’s not in their best interest to educate agents outside of their target market. Now I understand the business side and i understand what’s available outside of Primerica. The big money at PFS is not from the sale of individual products but from the organization you build. Primerica will only change the products as they see the need to compete. Consider all the bashing you hear about CV companies but they will do business with them if the see a need.

    It seems the agents have more loyalty to the cause than the company does..Hey market with whom you want but understand it’s business. Read your IBA and know your commission schedules the best you can. It’s said term goes to death claim about 1-2% of the time that should make you go hmmmm..

    BTID has been around well over 30 years and the financial world has not stayed constant. People lost homes, people lost jobs and people get married and divorced. Even PFS has changed..ALW had over 200,000 agents and now PFS struggles to stay above 100,000. Forget all the rah, rah and at some point just say hmmmmmm..

    At the basics it’s about the potential of delivering a death claim. Do the quotes and do the research and ask yourself which check would you rather deliver or be delivered to a family member? The PFS amount or the other carrier’s amount??

  75. Concerned Mom June 4, 2011 at 7:17 pm

    I know nothing about selling life insurance, and I’m not a financial expert. I am a Mom of a 20-year-old girl that is taking a break from college. She is gifted at sign language and working with the deaf, and is great with people. She is an absolute wreck with managing her own finances. Math isn’t one of her strong suits.

    She was approached by a Primera rep, and offered a “job interview.” She believed it was for interpreting for deaf children. She returned home from that experience very confused, and telling me she was offered a job working for a company, but it wasn’t doing interpreting for the deaf, instead it was working with the deaf, helping them with their financial needs. She really had no clue what the job was, and what the pay was, but was very excited about “the opportunity”. She also needed $100 to get started, which covered her application fees, and a background check. I was very sorry to have to burst her bubble, and recommend that she stick with her nursing home job for the time being, till she is ready to return to college.

  76. X Primerican…

    Do you even know why Primerica only guarantees their level term for 20 years??? Well in case a catastrophic event happens and thousands of people die the company reserves the right to protect itself against major loss. As well do do other companes if you rread their fine print. Now one thing you have not mentioned amongst your facts is that Primerica has never not one time increased the level premium on any client.. I also have heard your story before. Problems with your OSJ….Well he might have been a jerk who knows. I had one that was a jerk as well but I decided to leave his office after 7 years helping him build a new office up to a 30k base in just a few short months of my first year in the business.

    I bet you felt like God led you to Primerica but then God changed his mind. hmmm? All is well for me I now have my own office and refused to leave the business because of one guy and the way he ran his office. I have truly been helping families for last 7 years I love what I do.

    Who knows you better than the people who live with you? My two oldest children have now joined me in the company and my 19 year old son is hiring his friends parents because he being 0nly 19 is making a steady income in this company and treating families right by giving them a choice to make an educated decision on their finances.. And is able to pay for his own place and own finances.

    I was an attorney for several years with a succesful law firm and left law to become a Primeica rep. I did the research. I was a single mom with 4 children with 2 mortgages and 3 car payments. I got my self out of debt nearly entirley less the 7,800 I still owe on one house after just 7 short years. I f I didnt share that with my friends and family I would not be a good friend or daughter..

    I hate they you were burned but you are the one who quit. You obviously are trying to ride a fence. One day Primericans are great people, and the next they are scam asrtist.

    I agree that you are building at first for your RVP but with the chance to build for your self later. Most people are just building for someone else the rest of their life.

    And I saw someone say get a real job with top companies like Met life. Great company! They pay us millions of $ to market one of their products. And thank God for that because my own mother “recently widowe” would have lost her shirt if I hadnt been in financial services and moved her money to their product. As well as many of my other clients.
    You see what ever you choose to do commit your ways unto the Lord do it with all your might and all your heart and he will cause it to prosper.. However if you choose to be a waiter be prepared to make great wages as a waiter. If you choose law and so on.

    God Bless!

  77. Sara,

    I have stated my facts many times and you have decided to just ignore them.

    What you have said about the premiums only being guaranteed for 20yrs is incorrect. As an attorney you should know better. The reason is Regulation XXX. Primerica is the ONLY term carrier I know of who does not guarantee their premiums past 20yrs.

    I wish you nothing but the best, but know your facts before you post. I spent more time in Primerica and I was very successful. I have never posted that Primerica is a scam. Their reps are, for the most part, great people who are just misinformed.

    I have said it over & over that I do not think Primerica is a scam. I have said over & over that Primerica has a niche. I have said over and over that Primerica products are better than no products at all. The problem you, and other reps, seem to have is the fact that I point out that if a client goes searching they can find better products. Not just price, but bells and whistles too.

    Simple question – If someone wants to take the time to shop around and finds a product that is cheaper, better terminal illness rider, better conversion options, and completely 100% guaranteed premiums for the full term, etc… Don’t you think it would be in their best interest? Look at my personal Primerica product… I tripled my coverage and saved over $50 per month. Wasn’t that the wisest thing to do?

    I guess I get confused my Primerica reps are so angry. I simply point out options to those people who are actively doing their homework. To me there is nothing wrong with that. If I were lying that would be a different story, but I tell every person to verify what I say with Primerica Home Office….. you can’t get any more “fair & balanced” than that.

    Wouldn’t you agree that I have more time wearing the Primerica jersey and have knowledge and experiences that you have yet to have? If I were a young attorney right out of school and you were a 10yr veteran wouldn’t you have a better understanding than I do? I’m just trying to make a point & every Primerica rep who posts here does more damage to the company than I ever could. You will notice no one every addresses the facts head on. That speaks volumes.

    Again anyone reading this should not believe anything I say or their Primerica rep/RVP says. You should call Primerica in Duluth GA and verify everything.

  78. Hi X:
    I have read all of these blogs and got big feeling that all of your comments are in a honestly and truth. I live in Puerto Rico and some friend of mine have been talking to me for join primerica as a representative, is it ok for me to use them for taking the license and learn about finance so that way i could continue with a nice career, I wish to be successful in life and will like to know is this could be a nice start in mi life…

    Thanks X,
    Att. Tony from Puerto Rico

  79. I have a very good friend who has just been recruited into this cult, and I have researched it thoroughly. Most Primericans will not answer direct questions regarding income figures, and so I had to search hard to find one who did. You can read his statements here: http://answers.yahoo.com/question/index?qid=20090821081348AA5JJzB
    According to this Primerican, the commissions break down like this:
    “”"Take a look at the number of reps earning these incomes (these figures are base on a 12 month period ending on December 31, 2007):
    Between $50k to $100k: Approximately 5000 reps
    Between $100k to $1 million: Approximately 2400 reps
    Earning $1 million to $2 million: 62 reps
    $2 million to $5 million: 17 reps
    Over $5 million: 1 rep”"”
    That means that, even at the lowest numbers provided, Primerica paid out $591,000,000 in commissions to 7,480 reps in 2007 for life insurance sales alone. Now, even if the company paid out total commissions of $750,000,000 in that year (an astronomically generous estimate) that means that the remaining 92,520 Primerica reps split $158,000,000 in commissions, for an average yearly income of $1,707, or a whopping $142 a month. Some financial freedom huh?

  80. Deborah,
    From what I understand,compensation at Primerica is commission. You’re referring to the avg pay per licensed representative which includes all licensed representatives……like probably a bunch that don’t do anything at all!
    I know a bunch of people that have their real estate license and don’t do any work and therefore don’t get any pay. Does this mean that real estate is not a good career? There are some very highly successful people in real estate are there not?
    At the end of the day, commissioned people get paid on their results. A real estate agent who sells homes makes more than one who doesn’t…plain and simple. If there is someone in real estate that makes $250,000+/yr that just means they actually work and the person that makes $500 doesn’t. It has nothing to do with the industry or company. It has to do with the person and whether they’ll do the work or not.

  81. Dude,

    Can you run the math on the above example and tell me how much the average rep would make if 75% of reps “did nothing”? In other words, let’s pretend that only 25% of those that were splitting $158,000,000 in commissions actually work.

    I’ll save you the stress…they’d make a little over $500/month IF the other 75% made NOTHING!

    Subtract from that:
    Gas
    Marketing Materials
    Primerica on Line
    Time spent
    Loss of friendships
    All the extra premium you pay for your own family’s life insurance policies that you could’ve gotten 30% cheaper.

  82. Ken,
    You are absolutely right in every assessment .you have made of this “company” and its reps. Thank you for presenting intelligent responses and helping to dispel the Primerica drivel.

    Dude,
    (edited by Chris Wondra because . . . it was not nice)

    Note by Chris Wondra: It’s been a while, so it’s a good time for this simple reminder: Be nice. Enough said.–CW

  83. It saddens me that even now, those on both sides of this 30+ year debate would resort to callling fellow professionals “stupid” “ignorant” “uneducated” or “liars.”

    There’s alot of debate here about “who’s best” and “who’s cheapest” and “who’s guarantee period is better” etc. I don’t think those individual points, in and of themselves, are necessarily the most important points to consider when it comes to a family making decisions about purchasing financial products.

    I think that infinitely more important is who that family will be able to count on when the chips are down, when financial catastrophe hits or retirement time has finally arrived – and no company has the corner on that market. I’ve not seen many companies (even in these tough times) that individually will work with a client that has only $25/mo to invest and $50 to purchase life coverage with. Granted, there are more now than there were 10 years ago, but still, consumers have few choices when it comes to personalized service and still there are thousands upon thousands who have never had basic financial concepts explained to them, let alone begun the actions necessary to secure their future.

    In my 13+ years with Primerica, I’ve been through the hype phase when I believed I could recruit an army and build a dynasty, and I’ve been through the disillusioned phase where I realized their are other good and acceptable products on the market beside what I was offering.

    What I finally came to realize though, is this: as a package, Primerica provides excellent, solid products that are hard to screw up (good if part of your goal is to recruit and train others who are new and don’t understand all the in’s and out’s of financial services yet ), plus a remarkable vehicle for honest, motivated individuals to help families improve their financial lives, and make some significant income in the process.

    I’ll say that Primerica’s got it about 90% right at this point. What I think is remarkable though, is that PFS has a model that exposes much more of the very large middle class to sound financial concepts, and that, hopefully, will contribute to making us (collectively) more educated as a society. Until they start teaching financial concepts like these in schools, I have to appreciate a company that strives to educate – even if they don’t always get it right with every representative.

    I’m still part of PFS, but don’t write sales or recruit or host meetings any longer. I do still enjoy about $50k in income each year because I worked hard enough, long enough to reach the RVP contract and trained one other couple to RVP who has a relatively small team of representatives. That plus the 12b1′s I earn on the investments I established after I became an RL provides a very nice income for very little work at this point. It’s pretty much what they told me would happen when I joined in ’98. Never felt lied to, never felt misled, never felt tricked. When I had questions I just asked and got answers.

  84. Ok so a trustworthy co-working got me on with Primerica… I am still skeptical and do like somethings I see and other things I am not liking. The fact they make you write down family members or close friends contact info just doesnt sit well with me. I dont mind helping family out with debt ect.. but It just seems like a reason to get your contact list to try to sell or recruit.

    I already payed my fee and wondering if I can even get it back…. maybe ill stay in long enough to at least cover that much.. while getting the license to do this stuff sounds like it would be usefull I am just not sure I like this recruiting thing.

    Their whole focus of the guy above my friend is to recruit people and I havnt seen that much yet in the other side of things… I know this is legit I seen them hand out the paychecks ect.. but I just want to help families and do the sales not recruit.

    I dont want to guilt or pressure friends/family into joining something I am not even 100% is going to work for me… I realize they want to tap my contact list just incase I decide to leave.

    Should I just hang in for the license and leave before getting in to deep? I doubt ill get my 100$ back so maybe ill just go do the classes and get licensed. I dont believe much at face value and only joined up because I though my friend was trust worthy and maybe he does believe this stuff. He said he has made about 500-1000$ a month so far.

    I just feel like they are tring to force me into the recruiting people for this company I dont know much about… tbh I just wanted to sell crap make a little side cash to help with bills and maybe learn about how to manage my finance a little better.

    I really could use some advice my guts says to run away now but my brain tells me to at least take the classes and get the licenses.

  85. I found this blog/Message Board because i did a search on Split Comission. Why was I searching for that? because I went to my regular thursday night meeting and discovered my upline purposely forgot to pick me up, went and wrote a policy for one of my clients and took 50% for herself the day before.

    I had no idea when they (she and the RVP) were telling me I was not ready to go out on my own, ( even when I felt I was) that is what the plan was.

    I feel duped because I didnt know anything about Split Comissions. I felt that it should not have been split 50 50. Splitting was not even part of my vocabulary. I figure, since it’s my client and she is teaching me, all the comission would come to me as before because she is going to make 25% off all my sales anyway since I am at 25% and she is at 50%.

    Anyway I believe even with the glitches, Primerica system can help people make a better life for themelves if they understand it and work the system.

  86. Clair that is a real red flag issue. Your clients are your clients. You should contact your client and request all if any referrals be given to you and do not share them with your upline. Myself if possible I would try to transfer out of the base shop. If that’s not possible another option is to quit and wait I think six months and come back in with another base shop.. At the very least you should confront your upline. If you do agree with the split then ask if the 50/50 is a requirement?

    Remember you have to protect your warm market and you have to be able to trust the people you are working with. If they did this behind your back what else are they capable of doing? Just understand this. PFS does not own your license(s). They are yours and you can use them with whomever you so choose if you ever decide to leave PFS as many of us have done..

    As for the system working yes it can but a major glitch is many new agents don’t know what they don’t know about other opportunities in the industry.

  87. As someone who is seriously considering getting involved with Primerica I can really appreciate this post; it is very informative. Ironically, as much as the The Xprimerican has spoke against Primerica, it is their comments that are swaying me Primerica’s way the most. Why? Because for all the negativity and mud they’ve slung at Primerica, they honestly admit, and I quote:

    “The truth is honestly that even if I knew everything I know now I would still have joined Primerica. I just would have represented myself differently. I think Primerica is a great place to start and learn the industry. if you are new to the financial world you might want to consider working with Primerica over the short term to get your licenses and learn the basics. Just remember when you are selling the products to be honest in your approach.“

    For all the negative and competitive mud they slung at Primerica in this post, I think it would have more honestly and directly benefited everyone coming to this post to learn about “The Primerica Opportunity” (since that is what this post IS about) if the Xprimerican would have began and or ended all of their long winded well written comments with their statement above, as it directly relates to “The Primerica Opportunity”.

    Nonetheless, as I have said, this post has been very informative, especially the information (insights, numbers, scerarios, etc) provided by the Xprimerican. However, in terms of pros and cons about the Primerica opportunity, though I am very grateful for the Xprimerican pointing out some, most, if not all, of the cons, I do wish they’d given just as much or more of their attention and energy to expounding on the pros as well (seeing as though they obviously believe there are some pros; if only one Great one, “a great place to start and learn the industry.” For $99 to have your own background check down to take advantage of this opportunity (mind you) you are given the opportunity to freely learn priceless info about money & finances, how money works – an unlimited wealth education on finances and how many works, AND they pay for your license(s)). But the Xprimerican doesn’t stop at this ‘pro’ to the opportunity, they go on to say, and I quote:

    “Primerica is filled with some great people who only want to do what is best for their family & friends. These “team mates” have became some of my best friends and I am thankful for Primerica for this.”

    Seeing as though the post IS about the OPPORTUNITY, I just think the Xprimerican should have spent a lot more or just as much their time and energy (attention) speaking on the OPPORTUNITY. Still, I am grateful for their time spent sharing their story, thoughts, veiwpoints, etc. My suggestion is more like a word to the wise, so to speak. The point I’m trying to make is that the Xprimerican mentions the pros (opportunity) only periodically; but it is the habitual, not the periodical thought that decides your destiny. It is the habitual / predominant mental attitude that determines what will be attracted to you. So be careful on your focus, is all I’m saying.

    The Xprimerican was so thorough in pointing out the wrongs, even to the degree of numbering; whilst at the same time knowing and admitting that it is an opportunity, nonetheless! I just think as the positive thinking society we are all aspiring to, it would have been more constructive, or at least fair, to give the same energy and passions to the rights (positives). But the wise know that the light can’t be on and off at the same time. You have to choose.

    So, what is ‘wrong’ with obtaining: a wealth of information on money and how it works, the opportunity to share that info with your friends, family, and so many others in the world who lack an understanding of it or the desire thereof, or who just think it impossible to get that type of in-depth one on one about their finances without having to pay someone for it (plus just an opportunity to meet so many different people- really sit with them from a place of wanting to help them get out of dept-get a-will-understand what all they have going on-look at their spending habits-make some investments-really consider their future, goals, etc-or whatever the case may be, just to get them to get the ball rolling on SOMETHING! So many Americans, and people in general are just living for the day. They think the ‘good life’ is just the luck of the draw, so to speak. Primerica reps are given the tools and motivation to go out and get people really thinking and motivated about their future. This post is about the opportunity! If there is none, then say THAT! But if there is, then say THAT!), your licenses, and a host of great friends and contacts – the opportunity to meet and befriend some of the most great, sincere, business minded, positive, conscientious people the world has to offer?

    Of course there are going to be weeds (tares) among the growing wheat. Even churches/religion face this same delimma, but If any of the weeds (darnel) are pulled out, it could destroy the roots of the wheat. So you let it go (grow), taking full notice of how the wheat continues to grow in spite of weeds and tares. Some are obviously darnel, while with others, it takes time to make the distinction. But know this: the One who planted the good seed which bears fruit will come back to harvest His wheat, and not one grain of darnel will be found among it.

    All my life I wanted things to be perfect, and of course that led to disappointment after disappointment. For so long I would not accept that things were not going to be perfect. I always expected things to be perfect, and when they weren’t, I became depressed. Fortunately, I eventually I realized the illusion of reality, that the appearances of things and the truth are two different things. Though things appear not perfect, the world and all it contains is perfect, though not complete. All is right with the world. There is nothing wrong with anything; there is nothing wrong with anybody. All is perfect, though not complete. It is all the handiwork of God; behold, it is all very good.

    The world is incomplete, but God in your own consciousness is both perfect and complete. Nothing can be wrong but your own personal attitude. You are a perfect manifestation of God so far as you have gone, and you should press on to be complete. You should trust and not be afraid.

    Bottom Line on the Primerica Opportunity, imo, and I quote from two comments above that were in reponse to the Xprimerican (13+PFS on September 14, 2011 at 11:40 pm and motz34 July 21, 2010 at 2:53-3:20 am):

    13+PFS:
    “What I finally came to realize though, is this: as a package, Primerica provides excellent, solid products that are hard to screw up (good if part of your goal is to recruit and train others who are new and don’t understand all the in’s and out’s of financial services yet ), plus a remarkable vehicle for honest, motivated individuals to help families improve their financial lives, and make some significant income in the process. I’ll say that Primerica’s got it about 90% right at this point. What I think is remarkable though, is that PFS has a model that exposes much more of the very large middle class to sound financial concepts, and that, hopefully, will contribute to making us (collectively) more educated as a society. Until they start teaching financial concepts like these in schools, I have to appreciate a company that strives to educate – even if they don’t always get it right with every representative. consumers have few choices when it comes to personalized service and still there are thousands upon thousands who have never had basic financial concepts explained to them, let alone begun the actions necessary to secure their future.”

    motz34:
    “I guess at the end of the day, all I am saying here is that Primerica is a great company. Part and parcel, yes, perhaps it can be beat. However, few people will set out to undertake the startup of another financial company that does as good a job in ALL areas of what we do. I am ok with all of us having a place in this world, and kudos to you for following your heart. “

    And to Motz34 comments the Xprimerican replied July 21, 2010 at 5:40 pm:
    “Seriously thank you for bringing some logic & facts to this debate. I am not saying Primerica is the worse it’s just unethical to claim they are the only company to do what’s best for the clients 100% of the time. . There are a few posts you have made that are very good and where Primerica clearly wins & a few things you have posted that are “convention” talk.”

     

  88. All I’m saying is let the redeemed of the LOR, I mean, the grateful for the opportunity, say so.

  89. 09/09/79
    5’10″ 214 lbs
    No med issues
    500k self/15k kids (7 kids)
    35 year term
    $64.20 monthly
    Includes 10% increasing benefit rider, premium of waiver, and terminal rider

  90. 11/27/1954
    5’2″ 109 lbs
    No med issues
    50k
    20 year term
    $66.10 monthly
    Includes 10% increasing benefit rider, premium of waiver, and terminal rider

    5/2/1984
    5’2″ 118lbs
    No med issues
    150k self/15k kids (3kids)
    35 yr term
    $38.48
    Ibr, terminal riders

  91. RT it’s really no use for you to post rate examples. You can do your own research at http://www.term4sale.com to get a general idea on term comparisons. Remember to pay attention to the sex of the person you are quoting.

    Tp PFS Newby: As Xprimerican has said PFS is a good start but the person does have to understand what they are signing on to. Read the agent agreement a few times.

    As for being up front myself i think knowing what I know now if I went back to PFS I could recruit masses and make a bunch of money because I understand what it takes.

    The key is to recruit and attack the recruits warm market. Forget the rates and product comparisons just produce recruits and the sales will take care of themselves.

    The driving force for PFS is the market they are in. Not many agents want to work the middle to low income markets so stay within that market for recruiting purposes and a person can be very financially successful.

    As for the financial education it would be a good idea to not project that it’s all that because as many of us who have been with Primerica learned when we left that there were many things we didn’t know that we didn’t know.

    the bottom line it’s all about sales and be it Primerica or whatever company they are going to inform their sales force with just enough information to make the sale of the products they offer.

  92. Hi I’m sure this is a dead thread/blog but for anyone who like me was looking for some info about Primerica and came across this I feel that it would do more harm then good with the outdated information. I have no reason to say that anything said before this was false as I have only recently joined the Primerica sales force. There are a few things that must be said regarding the above posts. 1) during the time frame these posts were written, as well as many of the ex-primericans worked there the company was owned by citi group. In mid 2010 Primerica went solo and became publicly traded. Since then the company has gone back to basics, that means lower rates on term policies (not saying they are in fact the cheapest out there, but they also have a lot of features or riders built in from the start ex=term policy that will cover you or your loved ones till age 95 plus the suicide clause is automatically included) also the smart loans are no more. 2) you do in fact have ownership from day one. I read a post that talked about getting business cards and being told no they couldn’t, well I had asked the same question to my up line as did a few others and we were only told that we should wait till we had our licenses to do it. The company (Primerica) is much better then it used to be, now that it is independent from Citigroup. Another thing I would like to point out is that many of the people who I work with truly do care only to help the client. Although recruiting is still important it is not focused on 80% of the time. During a training meeting my upline had played an mp3 file from an old fast start school where the guy was talking about recruiting recruiting recruiting so my up line paused it to tell us how it used to be and the difference between east coast and west coast ideals west coast he said is more about the recruiting and sales while east coast is sales and then recruiting. Another big issue I read in a number of above posts was about Primerica reps talking bad about other companies. While I am sure it still happens everyone is taught that doing that is a serious offense and not to do it at all. The only thing we as agents or reps are allowed to do is read a quote someone else made about a company or type of policy.

    Basically I would like to leave you or anyone you know who is considering the opportunity or using Primerica’s services with this…….there will always be Others who will talk bad about Primerica, but let yourself be the judge listen to what Primerica reps have to say and and see how you feel afterwards if you believe in the mission/goals of the business and the products then go ahead and sign up. If you do not then this may not be the solution for you. Again you be the judge don’t just listen to what others say, it’s the only way you can make the best informed choice. Primerica works for me but that’s all I can say.

    Thanks ….Wolf

    P.S. oh I forgot to mention that Primerica now uses/has a state accredited school for teaching reps the basics about all policies and the state laws of your jurisdiction. Learning about specific products is done by the RVP’s

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