Anyone have experience with Primerica?

[Just Jack]

I've already read alot on the web pro and con, but I'm wondering if and what people's experience here might have been.

[mcjeff215]

I've already read alot on the web pro and con, but I'm wondering if and what people's experience here might have been.

 

Edit: This was about 6 years ago now.

 

Turn and run as fast as you can. It's a finance-based MLM shop. I had an acquaintance that got caught up in it. I had no intention of ever purchasing anything from them, but in order to get "qualified" she had to do certain number of financial "assessments." Feeling nice, I let her do me (). It was nothing short of a joke. Because she was "in training" she had to have her *boss with her while she did it.

 

Now, a little background. My finances are fine. I have insurance and investments and the whole nine yards. The girl I know that got caught up in it was quiet throughout the entire meeting while her *boss did the talking. He told me how much more insurance I need, how I could use a low-interest loan, and why term was the way to go. He even tried to teach me the Rule of 72, which is something my finance 101 professor covered right after pointing out where the bathrooms were and what our grades were based on.

 

Sound fun? That's not the best part. When I told him I wasn't interested, he tried to *recruit* me! Yes! He told me to come down to his office and they'd get me started on the "path to running my own business." He explained that he thought I'd make a *wonderful* financial consultant and that I'd simply love "controlling my own destiny and working for myself." When I said no, he asked my wife if *she* was interested. I think this is when I told him to leave. What a joke.

 

Their consultants are very low level. They take the bare minimum needed to clear certification in the state they're working in. Just think about it logically. At the core, it's MLM. Who does MLM? Qualified college graduates with degrees in corporate finance? No, not usually. I think this guy took a call from one of his buddies about their party plans later that night while sitting at my kitchen table; I'm not kidding.

 

-Jeff

 

*boss - Since it is multi-level marketing, there are no standard reporting structures in the field. Each individual contractor tries to recruit people to serve below them. The contractor then takes a piece of each sale the underling makes, while not being directly responsible for the success of that person. For instance, if my friend screwed up, he could not fire her (yet he'd still take part of the sale home). He would make more money in the long run if I would have signed up than if I would have purchased a loan.

[Just Jack]

Yea, that's pretty much what I've been finding out online, about the MLM, recruiting, not buying their products. A friend of ours is an "agent" (or whatever they call them, and I need to figure out a way to politely decline their services.

Thanks.

[mcjeff215]

Yea, that's pretty much what I've been finding out online, about the MLM, recruiting, not buying their products. A friend of ours is an "agent" (or whatever they call them, and I need to figure out a way to politely decline their services.

Thanks.

 

 

If you've a friend doing it, simply explain you've already got insurance and future investments. If the pry, it's none of their business!

 

Jeff

[IDBillzFan]

If you've a friend doing it, simply explain you've already got insurance and future investments. If the pry, it's none of their business!

 

Jeff

Or do what I do: tell them you don't mix friends and money.

[UConn James]

Or do what I do: tell them you don't mix friends and money.

 

 

.... unless Karina wants to roll in a pile of $20 bills naked.

 

[mcjeff215]

Or do what I do: tell them you don't mix friends and money.

 

I'm going to adopt that. It's always a B word when you've got to break a buddy's knees because he couldn't cover the 10 points on the loan.

[Chef Jim]

They now have a very good (sarcasm off) written financial plan that they put together for all of their prospects. At the end of it when they tell you you're not going to have enough money to retire comfortably they tell you how to change that.

 

1. Save more

2. Retire later

3. Make more money in the wonderful world of financial planning. And what better way than to come work for us.

 

They're the Amway of the financial services biz.

[Spun]

Run or politely reject them. If that doesn't work scare them or knock them on their arse! They are usually very pushy people who act like they and only they know how to invest and save for retirement. The last time I was quizzed by one of them she asked what I do with my money. I listed a number of things that I do ex: 401k, Roth IRA, Bonds, Stocks, etc. When she asked what stocks, I told her that I couldn't tell her or anybody else because then I would have to pay more when I bought more. Sometimes I get a little volatile when people try getting inside my head or try pushing me around. That is what started to happen and it was over quick.

 

Invest on your own and get a broker, ex: Schwab or Ameritrade, etc. They won't answer all your questions but if you are a novice, they can help. But read and ask questions. Don't try to hit home runs with obscure stocks that are very dangerous. 401ks are useually well diversified but then again research. Know what you are doing. Invest in blue chip companies (well known companies who are leaders in their markets) that have consistent growth and earnings. Do not take stock tips from friends, family, co-workers, web sites and chat sites!

 

But as for Primamerica, don't give them your money or your time. Use the spin move!