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Epics
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Joined: 1 Oct 2007
Posts: 13
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#1 · Posted: 12 Dec 2007 12:18
Well i got a call today about a job from Primerica, asking to meet in person. Has anyone heard of this company before? he pretty much only said we help people get out of debt... when i dont have any experience in that field. what's everyones thoughts on this? just asking because your all so experienced
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pcwork
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Joined: 12 Aug 2006
Posts: 1650
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#2 · Posted: 12 Dec 2007 14:22
From Wikipedia - Primerica Financial Services, a wholly owned subsidiary of Citigroup. But check whether it was really from the company.
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netbiz
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Joined: 3 Nov 2007
Posts: 64
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#3 · Posted: 12 Dec 2007 20:47
I've got a friend that has just started with Primerica and he loves it. It is one of the biggest financial services company around. Matter of fact it is a sister company of Citigroup. Primerica deals with life insurance, health insurance, home owners insurance, car insurance, mutual funds and more. But just like anything else do your research before you start. Hope that helped and good luck with your research.
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desmoines50309
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Joined: 13 Dec 2007
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#4 · Posted: 13 Dec 2007 01:35
Out of curiosity... you say you got a call... does that mean you applied for the job, or that you were called out of the blue about the job? Just wondering, just struck me as odd that you would get a call out of the blue for a position.
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040107
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Joined: 14 Apr 2007
Posts: 352
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#5 · Posted: 13 Dec 2007 12:07 · Edited by: 040107
Here's the truth...
It's not really a job where you're hired as an employee. Rather,
you're being recruited as an independent contractor into a financial
services marketing company. This means that you will be
responsible for all startup cost and on-going cost to do business.
This includes classes, trainings, applicable licenses, sales materials,
etc.
Initially, you will have to sit in on a presentation. This presentation
is meant to do 3 things.
1. Recruit you into the business
2. Sell you the product
3. Both
However, what they really want to do is recruit you because once
you're recruited, they expect you to buy the product anyways.
If you are interested and would like to get started, you need to fill
out an agreement of some sort and pay a fee. This fee will
probably run you from $100-$300+ depending on if they're trying to
get you to pay for things upfront, like the pre-licensing class or the
insurance license application.
At the very minimum, you will need an insurance license. Getting
licensed usually means taking a course that's required by the state
you're getting the license in. Each state has different requirements.
------------------------------
NOTE: While these classes are usually administered by third-party
certified companies, Primerica seems to have gotten away with
administering their own pre-licensing classes in some areas.
There isn't anything wrong with this except that the stuff that's
taught may not be objective. Instead, you may be taught to believe
that their insurance product is the best for everyone. There is a
conflict of interest here.
I've had a few conversations with Primerica agents who have been
misinformed and misled to believe what they were taught is true
when in fact it isn't.
-------------------------------
While you're trying to get licensed, you will need to make a prospect
list. From this list will come new recruits and sales into your team,
organization, downline (whatever you choose to call it). You will
also be given a "FREE" Personal Financial Analysis. It basically tells
you where you're lacking financially. This is a selling tool to help
sell insurance, investment, and mortgage products.
So now you're recruited and you're expected to buy.
I can go on and on but I won't. There's a lot of psychology that
goes along with this.
Let me just be clear that although this operates like an MLM, it isn't
something illegal like a bunch of ignorant people presume. In fact,
most MLM companies are able to operate illegally for so long
because they market products from unregulated industries.
The financial industry, particularly the insurance, mortgage, and
especially the securities are strictly regulated at the state and
federal levels. Securities (investment) branch offices are frequently
audited to make sure pertinent record-keeping are in order with
each and every client. Securities licensed professional are required
to pay Errors & Omissions. This is much like mail-practice insurance
that doctors must pay.
You don't see that kind of regulation with companies selling vitamin,
makeup, candles, soap, ebooks, tuber ware, etc.
Primerica agents primarily pushes Term insurance. The company is
built on the philosophy of "Buy Term, Invest The Difference". In
comparing Primerica's term insurance with A-rated companies' term,
Primerica is often on the more expensive.
While Term insurance is the cheapest type of insurance you can get,
it's not the best type of insurance. The best insurance is one that
best fit the personal financial situation which takes into account
income, expenses, debt, taxes, and among other things, the person
financial goals.
If you need cheap term insurance, Primerica isn't the place to get it
from.
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Lakeside
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Joined: 17 Dec 2007
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#6 · Posted: 17 Dec 2007 17:34
Do your own research. My husband got involved with this company and basically, they mislead him and took his 200 dollars. The only way that you will make money in this company is if you are cold hearted. Not to mention that this company, and you as well if you get involved, are selling lies. That is the only way that anyone with any sense will deal with Primerica. They sell overprice products and you have to sell false hopes to clients. Clients who are in fact your close friends and family. If that person loves Primerica, they have yet to see the truth about the company. DO NOT WASTE YOUR TIME. Check their rates, they are high! Ask them when are you getting paid, Never! Your job is to recruit, and fool other people.
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pcincome
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Joined: 19 Feb 2006
Posts: 36
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#7 · Posted: 17 Dec 2007 20:23
I have had a term life policy with them for 18 years now. Fortunately, I haven't had to make any claims on it so I can't say how they are about paying THEIR obligations 
I got my policy through my brother in law who at the time was learning how to sell insurance through someone else at the time.
Merry HolyDays
Karen Umstattd
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040107
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Joined: 14 Apr 2007
Posts: 352
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#8 · Posted: 19 Dec 2007 23:45
Most insurers are good at their financial obligations.
However, the truth is only 1% or less of term policies ever "pay up".
This happens for mainly because term insurance is meant to be a
temporary insurance for those who needs insurance protection for
a defined number of years only. Theoretically, you should be insured until you can afford to be "self-insured" which means you
have enough liquid cash equivalent to insure yourself.
Term is a cheap alternative while you work at paying down debts
and building your wealth.
Another reason term doesn't pay is that term is attractively cheap
when you're young and healthy. Calculations have already been
made by actuarial mathematicians to calculate the rate of death at
every ages. The data is then compiled and made into a table called
the mortality table. This is what insurers base their cost to insure
a life on.
What happens is by the time the term ends, it will be much more
expensive to continue due to health problems and such, so people
drop the term. Yes, there are times when term is even more
expensive than other permanent insurance.
Like I said, term is the pure insurance without any additional costs
or benefits so it's best to shop for the cheapest term available if
that's what you need and want.
If you bought life insurance quite some time ago, you may want to
get a quote again because your insurance may be based on the old
mortality table. People are living safer and longer so cost of
insurance as a whole is lower than say...20yrs ago.
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mikepressnell
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Joined: 5 Nov 2007
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#9 · Posted: 20 Dec 2007 09:43
A lot of good information in this post. You guys and gals are doing a great job. I haven't seen anything here to dispute.
I've been in the insurance business for several years. I started out with a "captive" company which means that you can contracturally sell only their products. There's nothing wrong with this as long as you are with a GOOD company because it's a way to get your feet wet and learn the basics of the business. The drawback to being captive is that you can only sell their products and if their's is not the best product for your client, then you must sell something you don't believe is the best procuct for your client.
After a while, I left that company and went independent, which means I own my own business and I work for myself. Now I contract with many different insurance companies to sell their products. Now, I am able to offer and sell what I and the client believe is the best product for their situation.
I choose to concentrate my marketing in the group and voluntary paryroll deduction markets because most of that work is done during normal business hours Monday through Friday. I think it's a good deal for me because:
I am my own boss.
I own my own business.
I work during the day a very little in the evening.
I have the freedom to work when I want to just like any other home based business.
I am building residual income.
If I want to train another agent, which I love to do, I can split his commissions with him.
Many other reasons.
There are many good insurance companies out there and the good thing is that that industry is very heavily regulated. This is not to mean that all companies are equal.
As the advice has already been given, if you are considering going into the insurance industry, do you research to try and find what is the best fit for you.
I hope this helps.
Mike
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getagrip
Joined: 20 Feb 2006
Posts: 2087
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#10 · Posted: 26 Dec 2007 06:39
I don't think that the Primerica is a "scam", but they are pretty much the typical network marketing company. Make sure to visit http://RipOffReport.com and read some things people have had to say about it - as of today, there are a total of 589 entries, and that is A LOT, so proceed with caution...
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Jymn
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#11 · Posted: 9 Jan 2008 16:13
Yes, please be sure to go to the website listed above. Actually here is a better link:
http://ripoffreport.com/reports/0/229/ripoff0229393.htm
I have worked with Primerica Financial Services for two years and it's wearisome to find sites like this that misinform people (whether intentional or not I'm not certain).
I will not take the time to point out specific erroneous statements made by people previously but it is clear by their statements that they have not been involved with Primerica for very long or even at all. I have also noticed that the majority of concerns stated are in regards to the actual person or office they were dealing with and NOT with the actual company.
I am an active Christian. My wife and I decided together that we would only represent a company that would never ask us to compromise our values. I am very active with Primerica and am glad to say that we have never been asked to do anything that was even questionable. With the financial knowledge we have gained to date, we have been able to help dozens upon dozens of families. I have studied the financial services industry for years and it feels good knowing that what we are doing is right for families, even if it's not always popular within the insurance and mortgage industries.
If you've had a bad experience with Primerica, it's most likely because of the individual you were dealing with. If they were not being honest with you or were being manipulative, I honestly hope they quit. Even if they do not quit, they will not last long term because they will never achieve success here. I do know that if the company becomes aware of their tactics, they will be let go. Success in Primerica requires heart, strong work ethic and a strong desire to help and serve others. So is life.
I Hope this helps.
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kfree2006
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#12 · Posted: 10 Jan 2008 01:07
Nicely said Jymn I was involved with primerica
it a good company but my only problem was
I do not like to drive that why I didn't continue
with primerica I do have friends that are in it
and doing very well.
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sallyrue
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Joined: 6 Mar 2007
Posts: 68
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#13 · Posted: 23 Jan 2008 14:00
Primerica is a high pressure MLM essentially, take my word on this-MLM's are dead
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mochamama
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Joined: 23 Oct 2006
Posts: 29
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#14 · Posted: 6 Aug 2010 00:51
sallyrue: take my word on this-MLM's are dead
Wow, sallyrue, that's quite a statement. How do you explain all the growing and thriving MLM's out there close to three years after you made that statement?
I just wanted to throw in my 2 cents in case anyone reading this thread is considering Primerica. My experience was that it's a wonderful company that has done a lot of good for people. Personally, my upline was...well...not the most honest bunch. However, I quit the business because I simply didn't have the aptitude for it.
I firmly believe that it's a wonderful company for people who are cut out for it. Don't get involved because you want to make money and someone tries to convince you that anyone can do this.
Best of luck!
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drknlvly6781
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Joined: 19 Sep 2008
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#15 · Posted: 8 Aug 2010 17:58
Epics-
First off, I want to say that Primerica is a great MLM company to work with, if that is what you are looking for. I do apologize that it was presented to you as a job, because that is simply not the case. If you do go to that appoinment I would inform his/her manager of the error, so they can be retrained.
But Primerica is the marketing arm of Citigroup, a very strong financial company in the United States. I love the family environment they had when I was with them, and cannot wait until I go back!
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FreeCashMan
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#16 · Posted: 9 Aug 2010 01:35
How is that MLM's are dead? Do you seriously think this sallyrue?
Primerica is ever dear to my heart as they were the birth of my network marketing life many years ago now.
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drknlvly6781
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#17 · Posted: 9 Aug 2010 15:12
Sallyrue, if you think Network Marketing and MLM are dead, you should see this article:
http://ezinearticles.com/?The-MLM-Growth-Statistics-Are-Staggering,-Swaggering-Saloon-Full-Of- Outlaws!&id=1205590
Also, how can MLM be dead if people like real estate giant Donald Trump, rapper LudaCris, and Olympic gold medalist Carl Lewis are joining and creating their own Network Marketing companies?
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dslavinski
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#18 · Posted: 10 Aug 2010 04:59
I had a guy come up to me in my local mall parking lot and try to get me to join primarica Home Business Opportunity. It was really crazy. just because he cam up to me in a parkinglot i was to scared to try it.
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drknlvly6781
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#19 · Posted: 10 Aug 2010 08:31
That is the entire problem right there. You have people joining the business all half-cocked (this isn't just limited to Primerica either), and they give the business an negative image because they are doing things that aren't really part of the company's marketing strategy.
dslavinski- Please know that the guy that approached you is the anomaly in Primerica, and not the norm. Either he was totally new to it and excited, or he just wasn't taught the proper way to market.
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involved1
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#20 · Posted: 19 Aug 2010 14:24
Don't join this company....You can make a lot more money outside of this company in the insurance business....The commissions are terrible in the beginning...like 25% when as a brand new agent you can start out at least 65%.
Not to mention they brainwash their people and make them believe that term insurance is the only insurance product worth selling. If you want to make money in insurance, find a small agency in your city and get them to sponsor you for your license. They will train you better and give you a much better commission.
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