My husband and I talked to a Rep from Primerica last night. I've been trying to find out about the company, like whether we should actually invest or get term life insurance. Almost all of the bad stuff I find is about working for them and not making money, and all the good stuff is from people who work for them and make money. We don't want to work for them, but are they a reputable company to do business with?
2006-11-22 03:40:13 · 9 answers · asked by T. W 1 in Business & Finance ➔ Other - Business & Finance
Well, I currently work there for awhile now. I bet most of the stuff you saw came from the internet right? As you probably know, the internet is not regulated and so anybody can say anything they like. For all I know, it could be Primerica's competitors posting stuff to bring down Primerica. Nobody likes when a company takes away their clients. Then there's just gossip. Unless you done your research from a legit website that actually publish a journal or magazines or even have their company listed on the stock exchange, then you can say anything you want base on the facts.
Anyway, Primerica is a financial service company. Primerica is not an insurance company or an investment service company. Primerica is the marketing division of Citigroup. That means they distribute financial products such as mortgages (mostly all fix-rate mortgage, sometimes ARM if client wants that instead), term insurance (never cash value), mutual funds, 529 plans, IRAs, 401k, long term care, and prepaid legal. What's the best way to distribute these products? Recruiting! While some people don't like it, every growing organization needs to recruit.
There are currently over 100,000 licensed reps in the company and only about 30,000 of them have a securities license. Primerica has over 6 million clients worldwide and also a member of Citigroup. If you want to check the relationship between Primerica and Citigroup, you can go to http://www.citigroup.com .
Anyway, I've been in the business for awhile now and there haven't been many complaints from the clients. Only concern I hear is that agents fail to followup with their clients. If there were any complaints, the company has a team of experts to resolve the issue. You can check how many complaints the company received at http://www.bbb.org (the better business bureau website) and how many were resolved. Primerica's home office is located in Duluth, GA if you are going to search it at that website.
To answer your question, I believe Primerica is a reputable company to do business with because we rarely receive any complaints from our clients. In fact, most of the clients approve what we were able to do for them, which is help them get out of debt, help them save money, and show them how to maximize the value of their investments. Primerica does not charge any service fees to our clients and if you do business with Primerica, Primerica will throw in a complimentary, customize, and confidential financial need analysis (FNA). Most companies will charge you money for a FNA. I don't know why they would do that, but if a company say they going to help you, then they shouldn't charge a client for a financial need analysis.
I hope this help.
2006-11-22 10:44:04 · answer #1 · answered by Anonymous · 3⤊ 1⤋
My husband worked for Primerica for a while, it's not a bad company but it just wasn't for us and it didn't fit our lifestyles. We are so busy with our normal job and with school that he couldn't devote the proper time to Primerica. It's going to have it's goods and bads like any organization that sells stuff. They're products are good, but my husband just couldn't get past some of the things he had to do, like the sales pitch you give to people on appointments is pretty scripted. The office my husband was at had the nerve to tell people who went to recruit nights that "you must not love your family a whole lot to not be doing this and to not make sure you secure them for life" So many people were offended by that.
But as far as their products, we do recommend using them, we do and have had no problems. They are reputable. We have life insurance policies and investments through them, working for them is just another story!
2006-11-22 04:00:33 · answer #2 · answered by maldmb03 3 · 2⤊ 0⤋
Primerica's parent company is Citigroup. You can decide on your own if that's a reputable company. A Primerica rep should never sell anything on the first appointment. After gathering pertinent information, the rep will perform a Financial Needs Analysis. Upon returning, the rep will recommend the best way to proceed (depending on applicability) with getting out of debt, protecting your income, and building assets for retirement. Enjoy!
2006-11-22 11:02:31 · answer #3 · answered by HELP4U 1 · 0⤊ 0⤋
I thought that this answer was funny:
Primerica sells overpriced term through the deceptive sales technique of comparing its term product (insurance for one year) to other companies' whole life products (insurance for a lifetime). That's similar to comparing the cost of rent someplace where the rent is guaranteed to rise each year to the cost of a mortgage that will remain steady for 20 years. Sure, the premium is cheaper this year, but look at what term is going to cost when you are 10 years older than you are now.
*** This is pretty funny, calling Term temporary (1 year) and Cash Value permanent. Who buys a 1 year life insurance policy? Term life insurance, like the name implies is bought for a period of time. It may be 10 years or 20 or 30. Depends on the customers needs. Term insurance costs a fraction of what cash value does and is vastly superior to cash value in many ways. For instance if you buy term you can invest the difference of price between term and cash value. If you buy cash value the insurance company gets to invest your money for themselves. Sure, they may offer you a return of 3,4,or 5% on your money. But that is ridiculous when you consider that the mutual funds market (which they will invest your money in) has averaged about 12% over the past 30 years. BTW just how is ot that cash value is permanent...check your policies expiration date.***
The company does not compare its term prices to other companies' term prices. In that comparison, its premiums are higher than others.
***link??? Do you have some reference for this statement?***
The company does not get high ratings from ratings companies such as A.M. Best, S&P, and Weiss, which rate the financial stability of life insurance companies and the likelihood that the funds will be there to pay benefits.
*** A.M. Best rates Primerica A+ (which they define as superior).*** S&P gives Primerica an AA rating in Credit and Financial Strength (which they consider to be excellent). Weiss charges $14.95 to search a company. So, I didn't check it's rating.
High turnover among agents means that the person who sells you the policy likely is relatively new to the business and won't be in the business a year from now.
***High turnover indicates it's a sales job. Show me a sales job without a high turnover rate and I am in!!!***
Many other companies have better products, lower premiums, and are stronger financially. Talk to someone from Guardian Life, New York Life, Metropolitan, Northwestern Mutual, or other companies
2006-11-22 13:28:29 · answer #4 · answered by DaTruth 2 · 3⤊ 1⤋
Before you consider Primerica. Do research on the Network Marketing Industry. It is a billion dollar industry. Anyone who speaks negatively about Primerica has not done enough research about the industry as a whole before they say negative things. They are the types of individuals who will not help you get ahead in life, but rather just act as a lead weight to change. Primerica is a great opportunity. Is it for everyone? No. It is a very challenging road to take, however, It will be one of the most rewarding if you are willing to challenge yourself. The Money is unbelievable if you are willing to work.
2016-03-12 21:21:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Primerica sells overpriced term through the deceptive sales technique of comparing its term product (insurance for one year) to other companies' whole life products (insurance for a lifetime). That's similar to comparing the cost of rent someplace where the rent is guaranteed to rise each year to the cost of a mortgage that will remain steady for 20 years. Sure, the premium is cheaper this year, but look at what term is going to cost when you are 10 years older than you are now.
The company does not compare its term prices to other companies' term prices. In that comparison, its premiums are higher than others.
The company does not get high ratings from ratings companies such as A.M. Best, S&P, and Weiss, which rate the financial stability of life insurance companies and the likelihood that the funds will be there to pay benefits.
High turnover among agents means that the person who sells you the policy likely is relatively new to the business and won't be in the business a year from now.
Many other companies have better products, lower premiums, and are stronger financially. Talk to someone from Guardian Life, New York Life, Metropolitan, Northwestern Mutual, or other companies that are rated A+ or A++ by A.M. Best.
2006-11-22 04:01:50 · answer #6 · answered by MyThought 6 · 0⤊ 5⤋
Hello! Someone in my Twitter feed shared this question so I came to look it over. I'm definitely loving the information. I am book-marking and will be tweeting it to my followers!
2016-08-23 11:11:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I dont really know much about them but it's always best to shop around. my hubby and i just got new policys for term life through selectquote.com.
2006-11-22 03:50:04 · answer #8 · answered by happyme226 3 · 0⤊ 0⤋
Don't believe that is right
2016-08-08 19:54:31 · answer #9 · answered by ? 4 · 0⤊ 0⤋