You will feel flattered and competent you may be working for a large business but they treat all recruits like GULLIBLE LOSERS! It’s in their self interest to hype it up and make it sound life changing when all they want to do is sign you up and earn money off you and your family and social circles. For any company with over $750 billion of life insurance in force, this means they are not a scam. Primerica is the largest distributor of financial products and services in North America. Also you can search this sub for "Primerica" and find more stories. This post is exhibit A in why Primerica is a scam. Furthermore, a blog setup by the company at AskPrimerica.com features a post with a video entitled "Primerica Scam: The Real Picture." You make money the same way a pyramid scheme does. Product Name: Primerica. Their last review was 7/21/16 and as of that date thier financial strength rating is A+ (Superior) in the financial size category X ($500 Million — $750 Million). Edit: Back in 2009, I was 20 and had only been in Canada for 2 yrs, and I come from a country where English isnt a primary language. Another one I'm pretty sure is a scam MLM is World Financial Group, they try like hell to look legit but i'm pretty sure its almost the same as Primerica. Pyramid schemes are illegal. Issues with Primerica, some of which will be more or less important to anyone reading this: captive sales force. Hubert Humphrey founded a company named World Marketing Alliance in 1991 which was dedicated to providing investment options with minimal taxes. https://www.reddit.com/r/antiMLM/comments/84jhhm/i_just_wrecked_a_primerica_rep_today/, https://www.reddit.com/r/antiMLM/comments/84fvk4/escape_from_primerica/. This kinda tells you why some or most of the reps are incompetent. They had (or have) a system where two people can partner up and only one needs to get a licence or something (I don't know how exactly it works). But what are you "investing the difference" in? I was told I had to pay money for a training course to work there ($1-200) and that I would make a bunch of money working under him because of commission. Primerica is basically a multi-level marketing company. 3) Primerica has more people earning over $1mil than any other corporation in North America. Primerica actually doesn’t have a bad reputation, if you consult reputable sources. Yes they offer products but they're all snakes. https://www.youtube.com/watch?v=MJD3B3WAvk8. New comments cannot be posted and votes cannot be cast, More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. And if you have a life license they waive the background fee. So at least 20 other financial service companies think they are legit. From the minute you encounter someone who tries to recruit you with a job interview, you are LIED TO, with a classic bait and switch. Primerica is a publicly traded multi-level marketing company that sells life insurance and financial services. Sure. You can't buy anything but Primerica products from a Primerica sales rep. Edit: insurance products, that is. Edit: like this one: https://www.reddit.com/r/antiMLM/comments/84fvk4/escape_from_primerica/. I was asked to have my aunt sit in front of me (I was staying at my aunts place back then) and the girl (my friends wife) explained to me things like buy term insurance and invest the rest (I had to translate since my aunt wasn't good at English). 3,640 reviews from Primerica employees about Primerica culture, salaries, benefits, work-life balance, management, job security, and more. So recently my friends started working for Primerica and told me some things that seemed alittle off about their business. Sure. There are lots of pages on the net of ex-Primerica agents “telling all.” Reddit has some good ones as well. This seems like a new scam, no one at bank of America has heard of this scam or knows how to help me get my money back. The life insurance sales are not bad but what they want you to push are annuities. How and why I got a MF licence through Primerica, My friend wanted to join, but was not PR, and I was. However, others believe that insurance through Primerica is a scam. They, and their subsidiaries, are a legit insurance company for Life, Annuity, and accident. They aren't promoting, "buy term and invest the difference in a diversified bundle of low-cost ETFs." On the Insureye website, the life insurance offered by Primerica has 2.1 stars out of five. Its participants either build the pyramid taller, or get squashed by it. Second the license to sell insurance is $200, which either the employer would reimburse you or pay for you. They have been going on company trips (free), and conferences (at their expenses for the conferences I think) and now they are pulling about 100k a year (but they have been at it for almost 10 yrs..). It even was rated one of the 50 most trusted financial companies by Forbes in 2015. It's a scam. "buy term and invest the difference." My neighbor tried to get me to join it and part of his sales pitch is how it isn't a Pyramid scheme. I paid $100 for classes and the exam, which was promised to be refunded once I pass the test. The offer legitimate financial products but have huge fees and a MLM type of model.I don't know if they make more money from bringing on new advisers (pyramid scheme) vs. selling financial products to the public (network marketing). Is Primerica life insurance legit? Their insurance? Once you get your series 6 that opens more annuities and class a mutual funds. Most Primerica reviews are bad. Primerica got its start in 1977. They do sell term life insurance products but the main business is recruiting other people in to the business of selling Primerica products. I received a voicemail to do an interview once. So i decided to see what the business was about. That was pretty much it. It's multilevel marketing. In fact, they are a publicly-traded company on the stock market, and have operated for decades, helping people with their life insurance needs. Primerica is a SCAM. I paid my entire balance off Jan 2, 2021 for a … Like any other multi-level marketing based company, the people you recruit then work under you and you get a cut of what they make. If anyone has personal experience with primerica, can you please tell me? I'm currently trolling one of these guys. In 2017, a typical year, they reported adding 48,535 new reps to their force, which started the year at 116,827 reps. At the end of the year they reported their force had 126,121 reps. Do the math. This company was a complete multi-level marketing scheme. Long story short with these are they have high expenses and below average rate of return. Wouldn't trust them with my money or insurance. If you're going to talk negatively about a company, make sure your facts are accurate. Hubert admitted to using motivational marketing techniques to gain more recruits and build an army of passionate salesmen. Thanks! Primerica is a MLM that works in the sense that they will take on anyone with no qualifications and give them half hearted support towards getting the bare minimum in qualifications to sell investments and insurance, while pressuring that same person to connect the person who brought them in to every single person they know who might be remotely interested in trusting … I was home for Christmas during university once and saw this friend. Following her to appointments and learning things. But it didn’t work out as he planned, the company was routi… What’s the truth and whether it is worth becoming a representative of Primerica it’s difficult to answer in one sentence. https://www.reddit.com/r/antiMLM/comments/84jhhm/i_just_wrecked_a_primerica_rep_today/. I later found out that my friend had been paying for my term insurance for years. Another thing was there are no interviews, only a $99 background check and $5 class to obtain your "license". My Primerica advisor helped me to reduce my monthly cost to $100/month and increase my coverage to $750,000 Amazing! Press question mark to learn the rest of the keyboard shortcuts. Many consumers over the age of 50 want to buy enough permanent life insurance for burial purposes or final expenses. It's a scam. She was an RVP (Regional Vice President) back in UK, which is something like a manager for a certain area. I would go to meetings where the leader would yell at you the whole entire time, demanding new people come to the meeting so he can make more money. Primerica is not a scam, it does not offer fraudulent services, nor is it a unethical organization. Well in 2017, they added 48,535 new reps to their selling force, which by year end only grew by 9,294 reps. Do the math!!! Primerica Life Insurance Company — FEIN #04–1590590 / Duluth, GA. That said, the likelihood of your mom making any money is very small. MF licence was that easy to get. You can't buy anything but Primerica products from a Primerica sales rep. Edit: insurance products, that is. It's prices are not in any way competitive, and they do not offer consumers any incentive. An insurance salesman wanted to sell a policy to a friend of mine, a single mother with a baby. They do reimburse you. Yes, Primerica is legitimate. If it's still a multi-level-marketing (MLM) 'pyramid', then yes. The customer satisfaction ratings for Primerica as tabulated by J.D. Let me tell you right off the bat that Primerica is not a pyramid scheme. When you make a sale the person who signed you up to get's a cut and the person who signed them up gets a cut and up the ladder, it goes. The scam is that there is fine print under those charts that reads; “These figures represent 12-month rolling cash flow levels, including advances, which have been achieved by Primerica representatives, past and present, at some point during their affiliation with a Primerica Company, beginning in 1977. The way you've described it, what your friend is doing is illegal. The workers ask you to recruit others to join your team and you'll teach them how to sell the insurance. I hadn't seen him in probably 5 or 6 years we had about 1 minute of small talk then he said "What's your insurance situation like?". Their insurance is sub-optimal, but not a scam. But theyre always trying to push you so you could ask family members to apply for their insurance. They are licensed in every state. I have a friend or two that are part of Primerica and have been for quite some time. I asked my friend to let me meet with one of the workers to see the possible income if i sell their insurance to clients. last I checked, which was not recent, their term policies were expensive for what you get. Press J to jump to the feed. I'm shocked. Is Primerica legit? In 2012, the company paid out 1 BILLION in death claims, and 92% of claims were paid within 2 weeks. I called them back like not even 5 minutes after receiving the voicemail, and the agent had already forgotten who I was. Ya so I guess they don't sell only Primerica products. Oh wait. A part of the people firmly states that Primerica is a pyramid scheme or a scam, while the other part of them sticks up for it. they ONLY sell term so IF you ever had a need for a permanent policy or permanent coverage, you won't be able to buy that from your Primerica rep or convert your Primerica policy to a permanent policy. You die, they'll pay the death benefit the same as any other company. 3X the coverage! The whole point of this review is to help you determine if the business opportunity presented by this company is right for you.Even though we will talk a little bit about the products and services, this is a review of the business opportunity rather than the individual products and services.I completely understa… Legal but very unethical and deceptive. What would you say is sub-optimal about term life insurance? Primerica representatives are financial advisors licensed to sell life insurance and mutual funds. if your friend is legally the owner of the policy (and that's permitted, just can't imagine why they would be) then it's just odd. There's a smoke-and-mirrors element here that allows them to ride on the coattails of Dave Ramsey et al without having any real commitment to providing "low cost" products. Williams and Associates and Primerica Financial Services Primerica optimal height and weight chart. Basically, through my friend, who met his wife (who I believe was a customer at a restaurant, my friend was a server) while at work. Another thing, while I passed the licence exam, and had theoretical knowledge of TFSA, RSP, OAS etc stuff, I feel that I know more about personal finance and investing after reading Millionaire Teacher and The wealthy Barber returns than when I held the licence... . When you make a sale the person who signed you up to get's a cut and the person who signed them up gets a cut and up the ladder, it goes. i wanted to know how their products are terrible. Primerica works with companies like Quicken Loans, Invesco and Brighthouse Financial. I know that most people whenever they see “MLM”, automatically think of a pyramid scheme. Power was one of the lowest in the insurance industry in 2020. I will contribute my twow cents here since for w/e it's worth, I used to be a rep for a short while back in 2009 and I have one of my best friends and his now wife working for them. Whatever your feelings may be, the fact remains that Primerica is a real company, one that has been around since 1977 and still growing. I'm not sure why, but they allow and even promote their agents working part-time. "buy term and invest the difference." I later found out that my friend had been paying for my term insurance for years, which wasnt much since I didn't drink, smoke, low income, no dependents. Or their business model for advisors? I still went in for the interview anyways, thinking it was still an actual job. he's getting the commission) and isn't the owner, then yeah, that's quite illegal. Issues with Primerica, some of which will be more or less important to anyone reading this: captive sales force. Cookies help us deliver our Services. Further, people DO make money in a Primerica career. If your friend is just the rep on your policy (i.e. For advisors, yeah, they churn and burn advisors, and they make money from recruiting. Is the Primerica a Pyramid Scheme. It’s a publicly traded insurance and financial services company. NerdWallet’s ratings are determined by our editorial team. Here is an explanation of what a pyramid scheme is and how to recognize it. I would go to meetings where the leader would yell at you the whole entire time, demanding new people come to the meeting so he can make more money. I think you are right, their products are legit but the way they go about selling them is a bit sleezy. this is what i wanted. Primerica products, right? Best For: Anyone who has interests in life insurance, has great networking skills, and is comfortable with recruiting people.. Summary: It is definitely not a scam or a pyramid scheme. edit: or is their term life insurance sub-optimal? She had come to Canada to re-build her team after Primerica didn't succeed in UK ( not sure if true). Primerica is a legitimate company that manages more than 5 million active policies — and it’s the largest financial service marketing company in North America. I would feel guilty to sell their MF to anyone I personally know. Multi Level Marketing (MLM) schemes are a drain on our society. So every state in the U.S. says they are legit. I talk to Primerica FAs at work and I can say that most are much less competent than FAs with other companies. This was calculated based on 17 reviews at the time we wrote this Primerica review. Finally, I hate when people say that Primerica is a scam when they don't have all the facts! Here is the summary: I have a BOA cash rewards credit card, which i pay off in full at end of every month. Many attest to their positive experience working for the company and the income they make. Either if you worked for them or had them as your insurance company. However, it does have an alternative business model that’s reminiscent of a multi-level marketing scheme. By using our Services or clicking I agree, you agree to our use of cookies. Do they recruit agents/'entrepreneurs', and compensate them for recruiting more such people? Just know that you can buy a better term life insurance policy. MLM is bad enough but i have ppl tell me "at least their products are good". Should you decide to leave Primerica you cannot take your customers with you so you cannot take your business with you. This is a legitimate company. New comments cannot be posted and votes cannot be cast. So far they're going to meet me for an interview in a nearby town at a place that very obviously doesn't exist. I must say scammers these days aren't very smart. Rip on Primerica all you want as long as what you're saying is true. Primerica is structured just like a real estate office. So recently my friends started working for Primerica and told me some things that seemed alittle off about their business. At Primerica, the company’s stated mission is to “Help families become properly protected, debt free and financially independent.” The company has in excess of $675 billion in life insurance in force, and in 2012, it paid out approximately $1 billion in life insurance claims – 92% of which were paid within 14 days. You make money the same way a pyramid scheme does. I dont remember paying money to be a rep, and my friend kept going at it. 4. Like anything, you get what you put into it. The perfect example is Primerica does not offer term conversions into permanent products. They stay with Primerica and remain your uplines clients. bs. What happened to my friend and his wife. 2) Primerica has more people earning over $100k than any other corporation in North America. Primerica: scam or no? Pay no attention. Let me start by stating that this is not a review of the products and services offered by Primerica. 2. (I got the money back). AGF.. Fidelity... Mackenzie, Invesco, BMO, etc... didn't know Primerica owned all those companies and funds. Primerica life insurance earned 4 stars out of 5 for overall performance. Bloomingkemper and A.L. So basically, yes. I kinda wanna join agin just because i wanna hold MF licence again, but .. In her best interests I agreed to sit in on the meeting. Press question mark to learn the rest of the keyboard shortcuts. (Since I got a mortgage and young kids). Primerica Life Insurance or Prime America Life Insurance can’t help you because they do not sell permanent coverage. Then I had to give him three names and phone numbers of people that could give me a good word. Whether or not Primerica is a scam is immaterial. 1) Primerica is a publicly traded company on the NYSE(PRI). It’s a load of shit. Primerica IS a legitimate company. So you will be pressured into selling horrible products to your friends and family. The money that I saved from RBC ($200/month), Primerica Advisor helped me open a TFSA account and invest in a mutual fund from Fidelity. It's a scam. Founder: Arthur L. Williams Jr.(A.L Williams and Associates) Product Type: Multi-level Marketing Company. My Final Opinion on if Primerica is a Scam. I'm not sure why, but they allow and even promote their agents working part-time. Yes. Is Primerica an MLM scam? Is Primerica a Scam? Its a scam, despite whatever you hear here. If you spend 10 years slinging securities or funds at a real firm, you'd be making a lot more than 100k. Ive heard so many different stories about how this is a schemed scheme, or how it can change peoples lives for better or worse. First and foremost no true employer would charge you for background check. They are a legitimate, publicly-traded company, and their website says they pay 94% of claims within 14 days. The better question to ask is, “Is Primerica right for you?” The workers ask you to recruit others to join your team and you'll teach them how to sell the insurance. In this official blog post, Primerica … Especially someone like you. They broker and distribute for 20 big financial services companies. Perhaps the most interesting thing to note, though, is Primerica is a multi-level marketing organization. Don't you think these major financial companies would do their research and stay away from something that was illegal? Price: $99 as a signup fee and $25 monthly fee.