Is There A Primerica Scam? A Review To Determine If This Company Is A Fraud Or Can It Lead You To Financial Freedom?
Primerica Scam?
If you are reading this article, you may be asking yourself, “Is Primerica a scam or is it a way to better my financial life?” I can totally see why you would be skeptical. You hear the stories of people finding financial freedom in a short period of time and you are wondering, is that stuff really true? Do people really have stories like that?
Well, I am here to tell you that it is absolutely true. And if you read this entire article, I will reveal why people think it is a scam and how to ensure your success in this company.
Primerica Scam – The Background
Primerica started back in 1977 looking to change the life insurance industry. It has since evolved in educating people about their personal finance. Their goal is to enhance the financial future for everyone, not just the wealthy. They offer a Financial Needs Analysis (FNA) to everyone to analyze a person’s financial situation and they recommend a personal strategy to enhance your financial security.
Primerica Scam- The Products?
The company offers a variety of financial products and services from well-known companies.
Term Life Insurance
Debt Consolidation Loans
DebtWatchers
Mutual Fund Investments
Auto & Homeowners Insurance
Variable Annuities
Long Term Care Insurance
Pre-Paid Legal Services
Primerica Scam – The Opportunity
The financial services industry is one of the largest businesses in the world and Primerica has created an opportunity for anyone to achieve their financial dreams. Primerica is something that you can start doing parttime without leaving your current job and it has unlimited possibilities.
But, you will see many articles on the internet claiming that Primerica is a scam or you may see complaints about the company. Truth is, Primerica is not a scam. It is a real life business opportunity. It is just like if you were to buy a McDonalds, when you get involved, it is your business. You must work to make it work for you. It always makes me laugh when people say it is a “bad idea” or “doesn’t work”. These types of businesses work! Entrepreneurship is not for the week. It is much different than having a job. You can have your own financial services business for $99, or you can pay 1 million for a McDonalds. You will not be paying any franchise fees like you would a McDonald’s either. They also offer a way to earn an income based on the efforts of others on your team, which is extremely powerful and rewarding. Take about leveraging your time!
When people claim that they failed in Primerica, it is 1 or 2 reasons. 1). They flat out didn’t do anything. They joined and didn’t market the services. 2). They were not shown or trained properly on how to market the business and they lacked upline support. Let’s face it, not all reps are properly train and support their team. This is an unfortunate situation, but there is hope.
If you are currently in Primerica and find yourself stuck in your business, you can seek out additional resources to help you succeed online. There are training programs that teach you how to build your business on the internet, in the event you have tapped out your warm market and need more people to talk to. The internet is a powerful way to generate new customers for your business, but most people don’t know how to use it to their advantage. You must seek out folks that have already succeeded in the mlm industry to show you how.
As you can see, there is no Primerica scam. It is an excellent business opportunity that wants nothing but success for you. But, if you are not sure how to achieve success, then it is vital that you seek out a mentor and coach, so you can shorten the learning curve and avoid months or even years of frustration. The honest truth is that most people will not succeed in this business because of lack of marketing training. Success in Primerica heavily depends on the training that you receive from your upline and team. Do you want to waste years of time, money, and frustration to build this business? I did and it is not fun, so I do not recommend it.
What if you were able to generate 28 free leads each and everyday and build a relationship with those people, so that they actually WANT join your personal team? Would that make a difference in your business? Learn how I consistently generate 28 free leads daily and how I have personally enrolled over 200 people using the internet by having people calling me fill in the form below! .
Here’s To Your Dreams,
Call me – 484-202-0725
Some Accomplishments Kim Has made:
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My Lead System Pro’s Member Of The Month for October 2011
#10 Sponsor in My Lead System Pro in 2011
2011 Internet Marketers Hall Of Fame
Thank you reading about Primerica scam
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I’ve been researching about Primerica also. I know their financiallly stable and their insurance products are solid, but there are a lot of people who say that primerica is a pyramid.
Also, a lot of the complaints about Primerica are from Primerica employees
However, I believe your broader point. If you work hard and build up your agency, you can be very successful at Primerica. If you don’t work hard, you won’t make any money though and you’ll have a lot of complaints!
It’s not a scam but just a horrible business model. Its your traditional multi-level marketing organization in a pyramid form. You get hired and can immediately sign up people underneath you. Each of those can immediately sign up others underneath them.
The focus of the reps (because I was one) is to sign up as many people as you can and make them do all the work as opposed to fining your own clients and taking care of them.
That being said, they are owned by Citigroup who is not financial strong like others have said and suggested. Citigroup was a bailout recipient and due to its poor performance the organization was removed from the Dow Jones Industrial Average.
Primerica does not have the best rates and the representatives have poor and little training as there are no requirements to work for the company. Go with a company that has better rates on life insurance and a legitimate adviser with an MBA.
Do not trust your life insurance and retirement to Primerica Financial Services.
Also, its a nightmare to cancel your services with them. I ended up having to freeze my bank account because they kept charging it every month after repeated calls and faxes confirming cancellation.
To Ryan, your information is incorrect. Primerica is not owned by Citicorp. They are a public held company under PRI. As to getting reps signed up, nobody makes money without a license, no matter how many reps you have. Not only that, most insurance reps from other companies do not have an MBA. And as to needing to freeze your bank account, I’ve never had a problem with canceling anything I wanted.
HELP!! I was presented an opportunity with this company and I feel rather mislead. The bottom line is I signed on but am not interested in the salesman/MLM pyramid get-up that this has turned out to be but now I have a couple problems.
I’m out $50 for a background check and $25 for one month of in-company internet access and now I don’t want any part of this.
I am also receiving oodles of emails from PRIMERICA, none of which has an unsubscribe link included.
I believe both of these issues were covered in a booklet my representative gave me but once the light came on for me concerning this company, I (foolishly) threw it away and now I’m stuck.
Does anyone have this info. available to help me? My rep. won’t answer my request. THANK YOU!!!
Hi Toni,
Have you tried calling Primerica’s customer support?
Kim
Click “CONTACT” on Primerica’s main webpage & you’ll find any means of assistance you could ever need!
If you truly have the desire to create another stream of income, Primerica can be a great tool! As with anything, it’s what YOU make of it! The quicker you get LICENSED, the quicker you make the real $$$!
July 2011 was my 1st month working with Primerica & I was able to make +$2,000 (commissions + bonuses)!!! My SALARIED position of the last 4-yrs required me to work 56-hrs/wk over two 6-day work-weeks during that same month! (SALARIED = No Addtl’ $$$!) NOTE: YOU do need a LIFE LICENSE to earn commissions!
I don’t find comfort in working “XTRA” without “XTRA $$$”! So, I did something about it!….I used Primerica & gave myself a raise!
Work SMARTER not Harder!
primerica is quite obviously a scam. what kind of business has meetings at 7:30PM on a thursday? they are leeches. parasites that feed off weak young people that look dumb and trusting enough to believe them. if someone offers you a job, it’s normal that they first tell you the name of the business and what they do. “primericans” do not do this.
if you meet a primerica “employee”, immediately tell them their life is a scam and walk away. you will be helping this person a huge favor.
So these are my two cents on Primerica.
1.Primerica is by the standards of Pyramid schemes, a Pyramid scheme.
a. It is a pyramid scheme in that you are recruited and you will probably recruit your team and so forth and so forth.
b. Then your wage is completely commissioned base. You also get commission of your team’s overall performance.
c. Primerica, although a MLM/Pyramid Scheme, is by no means illegitimate like the business in previous TV shows such as King of the Hill and married with Children. It does not require you to buy a product/supplies to “start your business.”
2. Primerica is not a Scam
a. It is not a scam in that it takes your money away from you and does not give what was promised.
b. People can make tons of money.
c. “Insurance Class.” you need to be certified. Do you expect them to pay for your class when you’re welcome to come and go as you please? Do real estate agencies or even JP Morgan chase, pay for your Series 7 classes or CPA? The “Insurance Class” at Primerica prepares you for your test and pays for your test. IF you have your certification already, then you have no need for this service and should opt not to take it.
d. Primerica’s business is doing your homework for you. They show you quotes of multiple companies (and if they do not they are using improper practices). If you’re willing to shop around for insurance (this includes automobile, home, life) and create your financial plan for the next X amount of years, then you have no need for Primerica’s services. If you can change your car breaks, you don’t need to pay 129 dollars for coscto to do it either or 69 dollars to rotate your tires. (I personally do both myself) Point is if someone provides you a service, then you should pay for that service. Agreed?
3. Every company has bad eggs
a. That guy that called you in for an “interview” is a douche and he lied to you.
b. If that is what happened. Get his name/info, send this info to Primerica support/BBB, this many will not be allowed to use the name of Primerica very long.
c. The proper form of Primerica and the way it was intended is that you merely offer people an option.
d. Some people will cheat and lie. It’s completely commissioned based and they will use cutthroat tactics the same as a car salesman, Sears employee, and especially real estate agents. Scum of society are scums.
If a Primerica/World Financial group etc etc member approaches you, try to figure out if they’re scum or not. I’m optimistic and feel most people are quite honest. Remember that guy trying to “recruit” you doesn’t get commissioned if you join his team, only if you “make a sale.” He will do his best to train you so you can make money, because it is within his best interest. Can’t say the same for many companies some probably see as legitimate.
Have a interview tomorrow at 10 am but after reading it is another Multi-Level Marketing Pyramid Scheme company like Amway, I’ve decided to cancel. The difference between McDonalds, and a financial services company like Primerica is Mickey D’s has unique desirable items people love. People are much more inclined to pay a buck for a cheeseburger than spend $200-$300 bucks on starting a business where one has limited financial resources to market there product and services.
McDonalds Corporation spends money on advertisements on TV, while you the small business owner don’t have the resources. I’m certain some can make a pile of money if they don’t mind harassing family a friends to build there book of business and encourage new recruits “down lines” to do the same. If you have the luxury to recruit a few good recruiters and sales people as down lines no doubt you can make money on over rides. Not all people have those connections and contacts to start with.
If you don’t mind being told “no” and harassing friends and family to the point of ruining relationships and having the reputation of that friend or that relative that nobody wants to be around until you make it big well this is the right job for you!!! I guess you can sacrifice your relationships today for tomorrow if you make it. I think that is a huge risk because if you fail your upstream and down stream so called friends will have nothing to do with you once you pull out. Trust me this is based on previous experience. All my so called friends were friends as long as I was making them a buck! When I a plateau they bailed!!!
Just go to sites like term4sale.com and you will see that other life insurance companies have rates that are 10-50% less expensive than Primerica. Did I mention that the 35 year term policy isn’t guaranteed past the first 20 years? Hmmm, they tell their clients to “buy term and invest the difference” but what difference is there when Primerica insurance is way more expensive? They employ captive gents which means they can’t shop around and look for what’s best for the clients.
ALL of their mutual funds are load funds. So much for helping middle America. People that are duped into buying Primerica products could buy term life for much less with other companies through non-captive agents and the hundreds less per yer could then be put into mutual funds with lower fees and this could potentially mean tens of thousand of dollars or even hundreds of thousands more for the client in the long run.
And for those of you that think its actually owning your own business, just check the fine print in the IBA supplement and the advertising handbook. You don’t even own your book of business and there is a 2 year non competition clause if you decide to go independent. You cannot have your own independent website because the company wants to control all content.
For anyone considering a career in finance, go independent. There, you truly own your own book of business, can shop round and you can always recruit other agents to get the overrides without your prospective recruits thinking its a pyramid scheme like most of the population today thinks of Primerica.
I was invited to the intro meeting tonight. 1900hrs does seem to be a bit late, but then given that normal business hours would make it a tad difficult to conduct such a meeting, it makes sense. I’m not going to jump right into it, but I am looking into it as a part-time opportunity. Who knows what will happen in a week or a month or a year.
As for those who want to claim it’s a pyramid scheme, let us consider that pyramid schemes are illegal. But if one wants to ignore that, then also consider that most jobs are a pyramid scheme anyway. There is always someone at the top getting more than you (that’s why they’re the boss). If you don’t like that simple truth, get educated, start your own business. You only get out of life what you put into it. Thus if you put nothing into it, don’t whine about not getting anything.
Thanks for your thoughts, Mike!
If you do get involved in the business, I wish you the best of luck!