2007-01-16 05:33:55 · 7 answers · asked by Anonymous in Business & Finance ➔ Careers & Employment
Primerica is the marketing division of Citigroup. Primerica owns Primerica Life, the underwriter for their life insurance. They own PFS Investments, the securities dealer. Other companies they work with includes Metlife's Variable Annuities, Citicorp Trust Bank's debt elimination, CitiMortgage's home loans, and Genworth Financial Long Term Care.
Primerica's mission statement: To help families become debt free and achieve financial independence.
Agents marketing life insurance must have a life license.
Agents marketing securities (investments) must have the appropriate securities license.
Agents marketing mortgages and home loans must be certified by the state and may need a license as well.
The point of all these licenses is that Primerica is a very regulated company so that they don't do any wrong doing. So you can conclude that the US government and the Federal Trade Commission has research Primerica before granting licenses to the company and to the agents.
For all the former reps in the company that didn't make any money, they should ask themselves: did they get their license(s)? Without a license you can't make money. There is one product which agents don't need a license in is selling prepaid legal service.
There is a long history of Primerica, which can be found here: http://www.citigroup.com/citigroup/corporate/history/primerica.htm
If you want to see what Primerica teaches to their clients: http://www.primerica.com
If you are interested about their business opportunity:
http://www.generationprimerica.com
2007-01-17 15:56:30 · answer #1 · answered by Anonymous · 4⤊ 1⤋
I'm sure as I write this others will be slamming Primerica. I will try to explain it to you.
Primerica is registered and licensed as an insurance broker /dealer, a mortgage broker / dealer and a securities dealer.I have been with Primerica for 5 years, and is also very heavily regulated. Primerica does have an aspect of multi level marketing. This fact does not make it a scam or a cult .
I have learned that there are other types of legit business models out there that may not resemble the four walls and a time clock that people are used to. PFS. is a way for normal every day people to have a shot at building a business within the financial industry. You have to become licensed with insurance and securities . Also the fact that Primerica recruits is a good thing, although not the norm in terms of how people get a traditional job but again this is an OPPORTUNITY for those who want to build a business and not work a job.Unfortunately we live in a world where it is acceptable to struggle through life and just pay bills. and retire broke.People that have financial independance do not have a job the have a business or a business system that lets there efforts compound and duplicate as opposed to trading dollars for hours.
As far as what PFS. offers is, an honest term life product that is an alternitive to whole life and cash value insurance which is not a very honest product in terms of how it is presented.
Also ways to pay down debt quicker as opposed to renting our lives from the lending industry.
We look at ways to get your money working harder for you as opposed to letting it sit in the bank rotting at that guarenteed 3%
and investing in mutual funds and annuities that historically out preform the " Guarentee" that the banks sell us on.
Also to offer people a shot to build a business that has a 6-7 figure income opportunity. It's not easy by any means especially when most people are so employee minded that every thing out side of a job is a scam to them.But then again what is the one thing that most wealthy people don't have? A JOB. One last thing go ahead and check out the links that people provide but also realize that most of these sites will have a blanket mentality
that it's a scam and will be coming from an employee view point.
Also the ripoffreport site is not really a "report" but yet another message board with a hand full of people that are dedicated to slamming it. but of course use your best judgment and also understand there is a big difference in mentality in the way people will look at it. Best of luck.
2007-01-16 06:06:35 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Yes I do......and the only advice I can give to you is to RUN now while you have a choice. They will take your money and give you a start package. They will give you classes on how to do the business. But in reality most people dont buy into it. It's like Amway. A pyramid scheme. I almost got into both of them. I looked at the people who had been in it for years. I looked at their homes and their cars. I looked at the fact that they still had to work for others for a living and I thought to myself, if that program is really that good then why am I living better than these people? I'm middle class and my husband was the only one working. He told me if I wanted to do it I could, but I couldnt see myself giving up $400.00 to work in a business that a return profit was not guaranteed. Think about it....would you go and pay money to a company just to work for them with no guarantees? Nope so I passed but my friends did and got screwed! I didnt have the nerve to tell them I Told You So! So whatever decision you make....make it a wise one! Good Luck!
2007-01-16 05:44:39 · answer #3 · answered by bunnicula 4 · 2⤊ 2⤋
Yeah they work on something known as the "Pyramid Schema" Beware it is not for those faint of heart or looking to slide along day by day. Their princapals are different than most.
2007-01-16 11:41:30 · answer #4 · answered by Tree 2 · 1⤊ 4⤋
Looks like you may need to read these; it is a subsidiary of Citigroup.
Hope those help.
2007-01-16 05:43:57 · answer #5 · answered by jimmyjames 3 · 1⤊ 2⤋
I do. What do you want to know? Oh, and do not listen to these people who do not know, it is not a scam!
2007-01-16 07:57:56 · answer #6 · answered by gatorgirl 5 · 2⤊ 1⤋
Don't do it, my friend is all gung-ho about it and it sounds a little suspicious to me...
2007-01-16 05:42:50 · answer #7 · answered by aj1020 2 · 2⤊ 1⤋