Is Primerica a reputable company to do business with?

Question

Why do you think so and what do you base your facts on?

Answer 1

Look at these facts:

Primerica is a member of Citigroup.
They have over 100,000 licensed representatives serving USA, Canada, Puerto Rico, UK and Spain.
Primerica Life was recently rated A+ by AM Best.
They have approximately 30,000 securities licensed representatives, the largest mutual fund sales force in North America.
Primerica been in business since 1977.
Business experts say that Primerica is a perfect business opportunity currently out there (from "ABCs of Making Money" page 199).

I can go on and on listing many reliable sources. If you want to read more press releases about Primerica, you can go to www.primerica.com and visit the "press room".

Many people think Primerica is a life insurance company. While Primerica's only product was term insurance in the early days, Primerica has evolved since that time. Primerica is not only in the life insurance industry, they are also in the mortgage business and securities business. Since Primerica is involved in different industries in the financial sector, they are able to utilize the resources available to create the right products that can help the client save money, get out of debt, and retire financially independent.

For example, lets say a client had cash value life insurance and pays about $800/year for just $100,000 of coverage. You can read all about life insurance from your state's insurance department. Request the "Life Insurance Buyer's Guide" to read the different kinds of life insurance. At Primerica, for the same amount of coverage, it would be $300/year. (These numbers are base on average cost of life insurance per thousand face amount from "2005 fact book, American Council of Life Insurers"). That would mean, you just save $500/year or $41.67/month.

Lets say this client has a mortgage and some other debts. Each month, this client has 10 different debt payments to pay for a total of $2500/month. This client won't be out of debt for at least 25 years. This client is looking to refinance to save some money. At Primerica or whatever financial company client choose, they consolidate all these payments into one monthly payment of $2000/month. That frees the client $500/month. But what happens is that this client is paying $2000/month for the next 30 years. When you refinance, you stretch your loan back to a 30 year program.

At Primerica, we take it a step further. Instead of stretching the loan to a 30 year term, we show the client on how to pay it off faster. If the client paid bi-weekly (which means, you take the monthly payment of $2000 and divide it into half and pay this amount every 2 weeks), this would get the client out of debt in 22 years. Is this better than being in debt for the next 25 years?

If the client use some of the $500 that was saved and apply it to the bi-weekly payment, this can get the client out of debt even faster. This is how Primerica's SMART loan work. The bi-weekly program is free and optional and there is no obligation for the client to go ahead with the SMART loan.

So total amount of money the client saved is between $41.67 to $541.67/month (depending on what the client choose to do with the $500 we saved by refinancing). What we do next is show a hypothetical rate of return if the client invest the saved money. To keep things simple, lets say the client invest $300/month for next 20 years.
At 0%, the client can have $72,000 in 20 years.
At 3%, the client can have $100,098.
At 5%, the client can have $126,675.
At 8%, the client can have $184,457.
At 10%, the client can have $240,338.

Primerica agents CAN'T advise you on what mutual funds are right for you. They can only choose mutual funds that meets your objectives. In January 2007, Primerica will have a Morningstar Portfolio Builder tool that will accurately pinpoint the right mutual funds for the client. If you don't like the mutual funds the agent picked (or what Morningstar recommends), you can pick your own. It is important you read the fund's prospectus before investing.

Anyway, if you got my point, Primerica don't just focus on one area and forget the rest. They provide the total solution. Other companies can do parts of what Primerica can do, but they never provide a total solution because all they focus on is how much money they can make. At Primerica, they focus on doing the right thing for the client.

Base on these facts, would you do business with Primerica?

Answer 2

84% of new recruits quit as well as 35% of their licensed force each and every year. Typically reps sell 2.28 per year. view their annual reports online, its all in there. 1-2% of them make 5-6-7 digit incomes while the rest scrounge for crumbs and to even break even. They operate a revolving door where the only thing keeping them afloat is the myths of success used to lure in new victims. Their rates are 67-107% higher than the competition, and they only have a 3% share of the term market. You will pay all expenses out of your pocket (incl business cards), and will be coerced to attend two weekly meetings amounting to 30 hrs a month alone.

Answer 3

https://nextaxpro.wordpress.com/2008/09/12/primerica-a-l-williams-is-fraudulent-pyramiding-it-is-very-very-evil-att-now-abominable

https://wordpress.com/post/nextaxpro.wordpress.com/6

https://wordpress.com/post/nextaxpro.wordpress.com/168

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Answer 4

They are like Citibank and all the other huge credit card companies. They are a bunch of crooks. They will offer you a low rate of interest and did you know that several months down the road they can increase your interest rate because you were late on a car payment, or on a utility bill, or if they think that you have too much credit extended. Even if you never missed one payment to them they can do this, it can go from 8% interest to 19.98% and this affects whatever balance you have at that time. Pretty shadey, huh?

Answer 5

No.

Ask employees and agents of other firms, such as the big brokerage firms and reputable life insurance agents (Northwestern Mutual Life, etc).

Primerica hires a floor of part-time agents, fills them with half-truths, and then sends them out to the field. The average Primerica agent lasts about 6 months.

Answer 6

No, it is not. It is a pyramid marketing company, and their reps only sell Primerica and affiliate products. It is not a full financial services company. It is a money-marking operation for the people at the top, that's it. Aside from personal experience with one of their reps, and aside from being a savvy investor myself, I can't recall any websites to refer you to, but you can find this kind of information on the web easily. Good luck.