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Space Ghost | What is Primerica? Is it a scam? |
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NONAME
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just give them your information. they'll help you get your illegal families across the border. |
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Philatellic I.Y.C.
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Primerica sells insurance. The workshop I attended, promoted that you can make big $$, selling insurance to family and friends, especially if you use their pyramid model.
The thing that turned me off, was that you have to pay for your own training. I was unwilling at the time to pay around $250 fee to be licensed by the state as an insurance agent. Plus Primerica , i.m.h.o., gave very little information on how new agents would get prospective sales contacts. |
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BigDaddy
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financial firm with links to travelers and citigroup. Definitely for real, but they do business differently. I went to a free info seminar and felt uneasy when I left. But many people make good money with them. You will most likely be pushing products, so be ready to sell. |
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scottFL007
 |
Well, the company is definitely legitimate, because, as you read, they are part of the Citibank/Travelers family of companies. However, there's a few things you need to be aware of.
1. It is all about sales.
2. They do term insurance, and I believe also offer mutual funds. You are selling THEIR products only, which may or may not be the absolute best for everyone. On the other hand, they are not horrible products, so it's not like you'd be ripping people off totally.
3. They give lots of people a chance to get started, which can be both good and bad. It's good because you'll get a chance with them even though you might not with someone else. It's bad because they're offering you a chance, knowing full well you may fail. Most companies won't hire you unless they know you'll be a success. Here, they won't invest much time or money into training you, and it will be "sink or swim".
4. I'll repeat myself: it's all about your sales ability. If you are a great salesman, it might be a good way for you to get started in the financial services field. However, if you're not a salesman, you might be wasting your time.
5. You'll be doing a lot of personal contacting with your friends and relatives, trying to sell them your products. Some friends will be offended by it, and it may strain your friendships.
Good luck. |
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igotalife2000
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I went to a Primerica meeting and with the numbers they gave me I did a few calculations. I found that my starting wage would be somewhere around $5 an hour, considering Travel time, "free" business travel, two two-hour meetings a week, travel to and from clients house, two meetings per client at 4/hrs. per client, and 3 "wasted" meetings with uninterested clients (I was one - and I feel 25% effectiveness is very good for a salesman). Also, some research on the internet about Primericas beginnings made me think again about the $200 fee I paid (They never cashed the check for some reason.)
Regardless of whether or not it's a scam, it's not a legitimate way to make money fast like the people making 95% premiums promise (you start at 30% - on just yours not people below you) |
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529s.com
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Primerica is an insurance company that only sells term insurance. I don't know how well they are rated as a company, but I would avoid them since they do not offer a wide range of choices. Term insurance is not right for everyone and in most cases a combination of term and permanent life insurance is needed. Look for a qualified life insurance agent here: http://www.findlocalinsurance.com |
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Gabrielle
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scam |
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Michael W
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Primerica was a division of Travelers (now citibank) that sells rediculously expensive term life insurance. Their marketing gimmick is to cram as many people as possible through the state licensing process and get them licensed as agents. They then hit up any friends, family or strangers they can to get into their financial programs. If you don't live in the same state as all of your friends and family, you have to either take the exam in another state or just be SOL.
People who sign through Primerica are prohibited from selling insurance from any other company. That's where you get killed.
Most "traditional" insurance agents have appointments with several or even dozens of insurance companies, in order to find what is truly the best product for their client.
Only get into Primerica as a way to get your foot in the door as a career in insurance. But chances are, you can find an independent agency who may take you under their wing. |
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Doing the Right Thing
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What is Primerica?
It is a marketing division of Citigroup. To get more products out to families, they are constantly recruiting to reach out to the middle market. They provide the best services of what Primerica and Citigroup can offer and they don't charge any fees for their services. http://www.primerica.com
What products does PFS offer? Mortgages/home loans (offered by CitiMortgage), refinancing/debt consolidation (offered by Citicorp Trust Bank), term life insurance (Primerica Life), investments (from PFS Investments and various mutual fund companies), variable annuities (Metlife and Travelers), prepaid legal service (Primerica), long term care (Genworth Financial), a complimentary financial need analysis (everyone should have this). They will soon be offering car insurance in the future (which company they will be working with is unknown at this time).
Agents in the company are allowed to recruit people. How cool is it that when your licensed recruits makes money, you make money too without having to be there when he/she does the work? You are not going to find another opportunity like this.
Is it a scam?
Definetly not. Primerica is the most regulated company in North America. They must pass federal and state laws. Government agents will make surprise annual visits to each and every office to make sure security has met federal standards and that each office keeps records of all transactions for at least 3 years. All offices and branches must be licensed in order to sell. All agents must get licensed in order to sell. In order for agents to get licensed, they must pay $199. $40 of it is for background check and the rest is to go to licensing school. Licensing school usually cost at least $500 to attend. PFS will make up the difference on your behalf. Plus you can take the licensing school exam as many times as you want and retake the class as many times as you want until you feel ready to take the state exam. Included with the $199, you will get textbooks to go along with your class, you are now able to sell Prepaid legal services, and attend a 30 minute to 1 hour mortgage certification class.
People who complain about the $199 should really think about how much they pay for a class when they went to college. I paid at least $600 per class and that didn't even include textbooks. I had to take out a student loan and now repaying it. |
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sweetdiva
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Would you take financial advice from someone who is on the brink of bankruptcy or indept up to their eyeballs, with nothing to show for it? Probably not....primerica will hire them....correction...they do not hire them they take their money and "train" them to peddle their wares in order to turn a quick buck.
They brain wash them into thinking that they are "helping" people. If people are struggling financially...selling them a product they have to pay monthly on...usually incurring more debt ...is not helping them. Or dragging them to a meeting to encourage them to become financial analysts (they are not allowed to call themselves planners) and make lots of money, even though the person making these promises hasn't made a dime yet themselves.
I have worked in the financial field and currently work in the legal field...trust me when I say...primerica in my opinion is a legal pyramid scheme....if you want to become a financial consultant...take the real course at a recognized school and work for yourself as a broker or for a reputable firm. Don't waste your time with primerica,...unless you want to hold endless recruitment sessions promising unsuspecting saps unlimited wealth, knowing damn well 75% or more won't succeed.
Working for them will not make you rich...unless you want to sell your soul and mass recruit people...holding meetings of about 200 potentials a weekend and 2 other meeting in the week trying to bring in new recruits.
As for their prepaid legal...ALL lawyers will give you basic advice at anytime...the law society in Canada will put you in touch with lawyers that specialize in any field the referral is a one time $7 fee. This prepaid legal will not buy you trail time or anything else...
My opinion free of charges take it or leave it...my spouse was a former primerica peddler and when we first met wanted to get back in thinking he could make money at it...he was always terrible with money....he know sees that getting ahead is saving, bdugeting (which means cutting down on ALL expenses) don't let someone tell you you need a loan to save money....RRSP loans, seriously...what a crock...I do taxes as well, you never get back as much as they estimate and taxes go up every year not down so what are you saving? you are just adding an interest rate for you to pay.
Be smart....minimize your expenses and maximize your savings....don't borrow and to put in savings...or you will be paying out more than you will receive. |
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