Have u heard of Primerica?

Question

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Answer 1

For sure, don't do it.  Although it is a division of Citi group it is a bad division and working for them will look bad on your resume. They prey on minorities and immigrants. Worst in the industry.

Dont give them any money.

That being said, there are reputable people working for Primerica and that one office may be a shining example of how they should ideally operate, BUT they hire so many cut throat branch offices, and it is multi-level, so it is very unlikely you will make any money.

Answer 2

Sure, it's effectively multi-level marketing insurance.  Think tupperware, but without the cool little gadgets for hosting a party.

Answer 3

Yes, one of the supervisors at my old job invited a friend of mine to one of their meetings and said friend dragged me along. Essentially, it is a pyramid marketing scheme. It seems to me that all you really do is invite people to these meetings  (you are compensated financially for the number of people you invite) and try to get them to join. The more people you get to join, the more money you get AND they become your underlings! Yay! Ok, enough of the sarcasm. I would say trust your gut. My gut told me to politely decline.

Answer 4

If you are a person that doesn't mind preying on your family and friends to make a living then Primerica is perfect for you.  If you want a career you might want to keep looking.

Answer 5

I haven't heard of them until I met them at a job fair and submitted my resume. Though, I was sending resumes to all the financial companies that was at the job fair. They do not do drug test when they do a criminal background check. But if you are doing drugs illegally, you shouldn't be working at any financial company. When dealing with personal finances, the government has regulations and laws to protect the consumer and you really have to pay attention to the client's needs.

Anyway, here's a basic information about Primerica.

Primerica is a distribution of financial services and is in the business of helping families. Would you agree with me that the poor has government programs and the wealthy class are being helped by big financial companies? Who is helping the middle class who makes up the majority of the population in US? No one is except Primerica.

In United States, many middle class citizens are drowning in debt, finding it nearly impossible to save any money, and are uncertain about their financial future. Primerica solves all these problems by looking at the client's current financial situation and help them get on track to reach their financial goals.

One area that Primerica solves is debt through the SMART loan program, which Citicorp Trust Bank is the lender and underwriter of the loan. The loan is unique because it uses simple interest calculation (which is used in student loans and auto loans) instead of schedule interest (which is used in mortgages). It also has a free equity builder and a free bi-weekly payment option. It is also a free application and there's no obligation for the client to take the loan if he/she gets approved. The loan basically consolidates the client's mortgage and other debts into one fix rate loan. The term of the loan is the same length of the current mortgage the client has. For example, if the client has 25 years left on the mortgage, then the proposed loan is also 25 years. By consolidating debt, this helps the client save some money. While anyone can consolidate their debt anywhere else, most companies won't show the client what to do with the savings. This will make the client spend the money. Primerica shows the clients what to do with the saved money by investing some of it into mutual funds and applying the rest back into the loan payment. This will help the client build wealth and pay off this loaner sooner.

Another area that Primerica can help a client with is with life insurance. Most families in America has no individual life insurance and those that do, majority of them own a life insurance that has a savings plan with it. There are two types of life insurance. One is called cash value life insurance. Cash value life insurance is a life insurance policy that bundles insurance and savings together in one policy. Many agents sell this as a great way to save for retirement, a great way to put your kids in college, or some other deceptions. The truth about this life insurance is that it is expensive. An average 30 year old with $100,000 coverage spends about $1000/year. They also get a low rate of return. In first couple years, there is a negative rate of return because all the premiums is going into insurance payment and none of it goes into the cash value. After that, you may get 0-4%. If you ever wanted to take money out, you have to borrow it and pay loan interest on it. That's like you going to the bank, withdrawing money from it, and then the bank charges you monthly interest on it until you put it back. When you die, the insurance company keeps your cash value. But if it does pay out the cash value on top of the coverage, that means you have to pay more premiums.

The other type of life insurance is called term insurance. Term insurance doesn't build any savings. Its pure insurance. Term insurance is inexpensive. For a 30 year old with $100,000 coverage who owns a 30 year term insurance, the average annual premium is $200. Compare to cash value life insurance, thats an $800/year savings. Primerica teach clients to invest in mutual funds. In the past 25 years, mutual funds has an average rate of return of 12%. It doesn't mean that every year it will get 12%, that's just the long term average. If a person invest in a large growth fund and puts in $800/year with a 12% rate of return, in 30 years, the person would have about $235k of liquidable assets. There's no such thing as borrowing. If you take money out, you don't have to put it back. Primerica teaches clients to keep insurance and savings seperate. If you die during the term, your family will get death benefit plus all your investments. If you die after the term, your family will get your investments.

If you read everything up to this point, you would notice that Primerica has help the client save money and show the client how to use the savings effectively. The whole goal here is to help clients become financially independent. There is really no other company out there that does it all for one client because other companies are product driven, but don't provide total solutions. An average person has money going out to multiple places from insurance, to credit cards, mortgages, loans, retirement plans, mutual funds, and so on. What's the chance of you getting all these companies together to help you pay off debt, saving for retirement, or creating a plan to help you reach your financial goals. Primerica does all of this for the client through a financial needs analysis (FNA). While other companies may charge anywhere from few hundred to few thousand of dollars, Primerica does it for free. The FNA is also customized. Every client had different financial situations and has different needs. The FNA is also confidential. All the information is kept strictly between the representative and the client. It does not go to 3rd parties or even Citigroup.

In many of FNAs, you will find that a client may have a shortfall of income to reach the financial goals. That means the client has to cut down on spending or find some way to make more money. You can provide an opportunity for the client to make some extra income.

Answer 6

I too am a rep with Primerica. Have to agree, the Professor is the first competitor that I have seen here who provides a compliment to Primerica.

One size fits all?? This I do not understand. A full and complete financial evaluation is provided to every possible client. Each and every person will answer the questions differently. A program is then put together based on these answers. If this person doesn't work for Primerica, I can see why he is wrong in the idea that it is cookie cutter.

I could, also, say "Stay away" from other insurance companies. Why? I worked for one. For anyone who works out of an office and is captured, to tell me they are different than Primerica I say- HA!!! No you aren't. My field trainer was compensated for showing me the ropes. Over him was the office manager, he was compensated on all people in the office. Wow, this sounds awfully familiar to Primerica. Pay based on training others. What is wrong with that?

Any of you so called free agents, you are not so free. Should you help your clients by directing most of them to term insurance, you will be called by these insurance companies you sell for and they will give you an ultimatum- sell whole life or we take our business elsewhere.

How well you do is based on what you do. The more you do the more you make. Does that sound too good to be true? Compensation based on hard work! If we don't help people we don't get paid.

Answer 7

You asked about drug testing and the background check.

They do not do either.  But the regulators do.  Big time.

If you have any hope of receiving overrides, you will have to be licensed.  Without a license, they cannot compensate you.  The insurance commissioner of your state is not going to let you get a license without a background check.  

The securities industry will never, never, never allow you to handle other people's money without the background check.

If you wish to start a career, go with them.  My company is a competitor of Primerica.  That outfit, which used to be American Can (until the unions priced themselves out of jobs), is solid.  

If you are a quitter, do not go there.  People who quit, people who cannot get up in the morning, people who like to complain, people who are fifty years of age and still earning an hourly wage, people who want others to take care of them can avoid Primerica...or my company.  

You get to make a decision.

We all make decisions in life.

......and we earn the consequences of our decisions.

Answer 8

First and foremost, it is not a job, it is a business opportunity.  As the professor says, if you are committed, dependable, and dedicated.  Go for it.  You can get all you want out of it and more.

If you don't have the determination to do what others wont to get what you want, stay away.  Background checks are performed.  Drug use is not checked since you would be an independent contractor for the company.  However, if you fail the check we do, there is a d**n good chance you would have also failed the FBI's check for the licenses as well.

I have to commend the Professor, first time I have read a competitor complementing the company I represent.

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In reference to promotions and raises, for the team I am on, usually within the first 2 weeks to a month, pay has doubled if not more.  But it is all based on how hard you work.

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It boils down if you are uncomfortable with the idea of how we operate, don't join.  If you have questions, ask till you are satisfied.  If you join, good luck.

Answer 9

no not really wat is it? tell me all about it

Answer 10

Yes, they are a division of Citigroup right?

Answer 11

Yes

Answer 12

RUN AWAY AS FAST AS YOU CAN!

If you want to offer insurance, investments and mortgages, there are many much better companies to work for than Primerica.  They want to hire EVERYBODY and then get these "employees" to recruit other or sell overprices products in a "one size fits all" strategy.

Personally, Insurance is a profession unto itself as is investments and mortgages.  A professional can be competent in one of these but if he or she tries to do more (while prospecting and building a business), he or she will do none of them very well.  The clients then suffer.

Keep looking

Answer 13

Yeppers.  Like someone else said, they are a multi-level company where each person tries to get more people under them to make more money.  They do some financial planning, however I believe its all commission work.

Answer 14

I see that Primerica is still serving koolaid ... and several "reps" drink it by the gallon.

I work as an independent agent and represent several insurance companies.  When I meet with a client, we complete a fact finder and discover what insurance ... or combination of insurance ... works best to meet the client needs now and in the future.  My clients and I meet regularly to review the plans.

None of the insurance companies FORCE me to sell Whole Life.  Several offer only term insurance at very good rates.

Whenever I meet with someone that has met with their "friendly Primerica rep," their "plans" ALWAYS are:  Drop your permanent insurance (even if there is a need for it later in life), refinance your mortgage to a new 30 year mortgage (sometimes at a higher rate but a lower payment due to the longer term), and put most if not all of the "savings" into a Primerica (expensive low performing) mutual fund.

When I find a Primerica customer, I just smile because I know I have a client for life when they sit in my office.

Hey, Debate Team ... I hope you carry lots of E&O insurance.  You will need it very soon.

First off, there are plenty of companies that help out the middle class and do so with integrity and truthfulness.

Where are you earning 12% per year for 30 years?  Telling your clients that they will earn that much is just fraud.

You have a very poor understanding of permanent insurance.  I'm sure the 2 pages in your Primerica Training Manual taught you everything.

What do you tell your clients when they will have a permanent need for life insurance ... that they have special circumstances (which are fairly common) that will require that they have life insurance for their entire life?

Don't bother answering.  Just go refill your Koolaid glass.