What do you think of primerica?
multi layer marketing
typical pyramid scam under the guise of a financial group
only the people at the top make any money.
At least that's what they were in '94
Primerica has amazing service. They do a financial game plan to help achieve your goals and it also identifies any shortfalls you may have. They provide debt elimination plan, they sell term insurance and help you invest the difference, they do retirement plans and education plans. There's lots of things they can do in just 2-4 hours of your time. All we do is move you from point A (your current situation) to Point B (a solution that is cost effective and has more value). Many financial journals and magazines have written good things about Primerica and you can check them out at http://www.primerica.com in the Press Room.
As for the employment side, the opportunity is not for everyone. If you never thought about or never wanted to own a business, then this is not for you. If you have a dream or goal, then use Primerica as a tool to get you there. People who say its a pyramid scam don't understand how business work. In any business, if you do work, not only you get paid (either a salary or commission), so does the owner of the business. So, every business is a pyramid. In order for it to be a scam, the recruiter has to earn a commission for every new person he/she recruits. That means, the new recruit pays a fee to join and the recruiter gets paid. This is illegal.
At Primerica, yes you have to pay $199 to join. This does not go to the company, but rather to the state you reside in. $40 goes to the FBI to do a background check, and the rest is to put you into licensing school. Licensing school usually cost between $500-$700 to attend. Without a license, you won't get paid. States require you to be licensed in a product you are selling (whether its life insurance, health insurance, cars, real estate, alcohol, etc).
I currently work there part-time and these are the reasons why I join:
1) If I lose my full time job, at least I have Primerica to fall back on.
2) If my team does work, I get paid whether I'm there or not.
3) I override the stock market. As my assets under management grows, so does my income.
4) Low overhead costs. $199 to start a financial business is a joke.
5) Tax benefits. My income is taxed at the end of the year, instead of being taxed when I get my paycheck. Plus, I can make tax deductions from expenses I paid on my business such as travel and food.
6) Ownership. I work when I want to and go on vacation without needing to ask.
RUN! Run away as fast as you can whether you are a customer or a potential employee (recruit).
Primerica offers a one-size-fits-all approach to financial issues for their clients regardless of the client's situation.
They offer overpriced products and try to recruit anyone with a pulse and at least one friend.
In addition to PrimericaBusters.com visit www.Financial-Planning.com and do a search for Primerica. You will get an earful.
Primerica is a legitimate investment company under the CitiGroup umbrella, but some view their practices as questionable. http://primericabuster.bravepages.com/mi... is a site that adequately explains the various allegations against the company. They are far too varied to explain in any depth here.
My advice would be to steer clear of them.
Answers:
Most people in the full time financial planning world love and hate primerica at the same time. Our office loves them because there products that they sell are typically inferior. Not because they are trying to sell inferior products, but because they are fighting with one hand tied behind there backs. It is very hard to only represent one kind of life insurance (term) and say that it's right for everyone. It's like the old adage that one size shoe does not fit all.
So in general, they are not out there trying to harm people. They are trying to help! In the end it's better to be working with them then trying to do it on your own or not doing anything at all. It's just that they are limited by there companies products and design.