Primerica: Legit business or pyramid scam?

**valdez44** · 02.27.07, 01:32 PM

Has anyone else heard of this company. They sell life insurance and offer and variety of financial services. I have a friend who works for them, and swears they are a great company, yet I've heard from others that they are a scam?

Anyone else have experiences with this company, good or bad?

**muffdiver** · 02.27.07, 01:46 PM

I have heard about these guys too....I thought they were an investment firm or something? I'll stick to the Investor's group, that are up here.....

**FORD** · 02.27.07, 01:51 PM

Originally Posted by valdez44

Has anyone else heard of this company. They sell life insurance and offer and variety of financial services. I have a friend who works for them, and swears they are a great company, yet I've heard from others that they are a scam?

Anyone else have experiences with this company, good or bad?

I've heard it described as a cult. This guy tried to recruit me into Primerica a few years back. Funny thing is, he was working for the same temp agency I was at the time, so his claims of being "independently wealthy" went into the shitter right there.

Proceed at your own risk......

**bigdrewhalenite** · 02.27.07, 01:51 PM

Total, Amway-style pyramid scam. Avoid them like the plague.

**MackieMan** · 02.27.07, 01:51 PM

My wife is starting up working for them, under a friend of mine who I have known for years and trust.

It isn't a scam - the services are legit. Essentially there are two parts to the biz: offering people the services (mutual funds, life insurance, mortgages, and smart loans, all underwritten by CITI), and the part where people join your team and work under you. As far as the services, the Primerica people are more or less explaining the services and providing the paperwork and offering any questions or support. CITI handles the financial end of all the services. A financial overview is done free of charge and shows you your current financial situation, where you can improve, where your money is going. Most of the time, the services offered by Primerica/CITI are competitive with the services by other companies, so by switching a mutual fund, life insurance or mortgage to one through CITI, that frees up monies that could be used to invest back into your mutual fund. If you have alot of CC bills, a Smart Loan will reduce your monthly payment to pay off cards, and instead of pocketing the extra money, you pay yourself by adding to what you are investing in a mutual fund or other financial option. When you work for Primerica, your sales provide you with income, but also provide the person you work under with income. So if you get someone else working on your team, you get monies from the sales they generate and so on. It isn't a get rich scheme - it is alot of training and dedication, but all the people I have met have been doing this with significant levels of success. I would have thought it was a scam, but the guy my wife is working under is someone I know and trust - no BS, and he has been making a good living doing this the past few years, starting off part time, working to full time as a regional manager with his own team of 16+ people. I would say that you need sales chops and people skills, and if you are the type of person that likes the rewards for a job well done, it is an opp to consider. Anyone coming into the company starts part time so it is an opp you can do while you have your regular job. Good thing for us, when my wife starts up (she got in prior to having a kid, so she has been holding off on training for a bit, she does plan to get into this when our son is able to be babysat easier), if we get any additional services, she can essentially sell herself the services, like a mortgage, and collect commission on it. We also had been on the fence over life insurance and investing, so I was able to get into both fairly easily. And it isn't like I am buying into some crap - I get full web access and a statement on my mutual fund, full access to my life insurance. I think the best thing about it is that most of the people are middle class people who are trying to not only make things better for themselves, but offer the services from the POV of helping out the people they talk with, helping to explain finances a bit clearer. I certainly found it helpful and eye opening.

My 2 cents. I have seen nothing in my experience with them since last summer to expect foul play with how they operate.

**ZeoBandit** · 02.27.07, 01:53 PM

Never heard of them. I'll stick with the big name companies for my financial needs.

**BottomzUp** · 02.27.07, 01:53 PM

My experience is 1000000% SCAM. I was sucker enough to go to ONE meeting and left early. In my opinion they prey on people with visions of gradeur!
Do as you wish but that's my 2 cents!

**twonabomber** · 02.27.07, 02:01 PM

i went to some of their meetings, did some presentations...wasn't for me. too much God talk, too.

**Menlow** · 02.27.07, 02:08 PM

Originally Posted by ZeoHalen

Never heard of them. I'll stick with the big name companies for my financial needs.

They're part of Citigroup, the biggest financial company in the world.

**HuBBs5150** · 02.27.07, 02:10 PM

Yes I was offered a job thru a friend of mine. Anyjob that asks you to pay $200 for books to take a class to work for them is a scandal. I went to their seminar and they avoid questions you ask by changing the topic. Whats worse is most of the people that work for them aren't even aware its a pyramid scheme.

**valdez44** · 02.27.07, 02:34 PM

thanks for the comments guys.....I will continue to do research on them.

**darthadv** · 02.27.07, 02:36 PM

i unwittingly sat in on an amway pitch once and found myself so surprised at how people get reeled into these sort of things...

**FORD** · 02.27.07, 04:14 PM

Originally Posted by Menlow

They're part of Citigroup, the biggest financial company in the world.

....which is owned by the terrorist funding, oil profits ass-raping Saudi Arabians.

**Judgement Day** · 02.27.07, 05:56 PM

From what I've read on the net they sound like a pyramid scam to me. I was doing some research because my girlfriend was offered a job with American Income Life Insurance and the more I heard the more it sounded like a bunch of BS. While I was doing my research I came across some comments about Primerica which were not too reassuring. So my guess is that both of these companies are ripping off the people that can least afford it. If you want you can check out www.scam.com , that's were I found out some of my info.

**C5150** · 02.27.07, 06:27 PM

Originally Posted by MackieMan

My wife is starting up working for them, under a friend of mine who I have known for years and trust.

It isn't a scam - the services are legit. Essentially there are two parts to the biz: offering people the services (mutual funds, life insurance, mortgages, and smart loans, all underwritten by CITI), and the part where people join your team and work under you. As far as the services, the Primerica people are more or less explaining the services and providing the paperwork and offering any questions or support. CITI handles the financial end of all the services. A financial overview is done free of charge and shows you your current financial situation, where you can improve, where your money is going. Most of the time, the services offered by Primerica/CITI are competitive with the services by other companies, so by switching a mutual fund, life insurance or mortgage to one through CITI, that frees up monies that could be used to invest back into your mutual fund. If you have alot of CC bills, a Smart Loan will reduce your monthly payment to pay off cards, and instead of pocketing the extra money, you pay yourself by adding to what you are investing in a mutual fund or other financial option. When you work for Primerica, your sales provide you with income, but also provide the person you work under with income. So if you get someone else working on your team, you get monies from the sales they generate and so on. It isn't a get rich scheme - it is alot of training and dedication, but all the people I have met have been doing this with significant levels of success. I would have thought it was a scam, but the guy my wife is working under is someone I know and trust - no BS, and he has been making a good living doing this the past few years, starting off part time, working to full time as a regional manager with his own team of 16+ people. I would say that you need sales chops and people skills, and if you are the type of person that likes the rewards for a job well done, it is an opp to consider. Anyone coming into the company starts part time so it is an opp you can do while you have your regular job. Good thing for us, when my wife starts up (she got in prior to having a kid, so she has been holding off on training for a bit, she does plan to get into this when our son is able to be babysat easier), if we get any additional services, she can essentially sell herself the services, like a mortgage, and collect commission on it. We also had been on the fence over life insurance and investing, so I was able to get into both fairly easily. And it isn't like I am buying into some crap - I get full web access and a statement on my mutual fund, full access to my life insurance. I think the best thing about it is that most of the people are middle class people who are trying to not only make things better for themselves, but offer the services from the POV of helping out the people they talk with, helping to explain finances a bit clearer. I certainly found it helpful and eye opening.

My 2 cents. I have seen nothing in my experience with them since last summer to expect foul play with how they operate.

It's all legal! You have to licensed to sell insurance, mortgages, and health insurance! Your just an indipendant owner that offers the services!