Anyone use Primerica Financial Services?

[smacky1]

I am thinking about investing through a financial advisor who works under Primerica. Anyone have any experience with them? Is it a repuable company?

 

[ducklite]

I wouldn't.

I'd go with Fidelity or Merrill Lynch.

I dont believe that the Primerica people are always the best trained, most experienced, or have thier clients best interests at heart.

Anne

 

[DawnMarie]

I agree 100%. I have a term life insurance policy with them. But that is all. I chose to invest with another company.

 

[ducklite]

I agree 100%. I have a term life insurance policy with them. But that is all. I chose to invest with another company.

Shop around, I GUARANTEE you will find insurance at half the price elsewhere!

We had gotten a quote from a friend who sells Primerica Life, and it was more than double what we got from SBLI, and at least 150% what EVERY other carrier was.

Anne

 

[Maggimus]

A family friend sells Primerica... shes kinda pushy and it made it pretty obvious that she makes a good comission (she said she was pushy because she 'cares'). Her ideas sound nice-- we have had the spill told to us time and time again... I havent checked all of the fine print-- but if this says anything we chose not to invest. I say they may be a very reputable and caring company I dont know..

 

[thelionqueen]

My sister in law got involved with Primerica a few years ago and I went through the whole "shpeel" for her. At first they REALLY emphasized what a strong company CitiFinancial is and why I should trust them..ok enough.

Then they explained how the investments would be SUPER beneficial for me and HOW MUCH they enjoyed helping others. OK, sounded OK UNTIL I said probably not right now, then IMMEDIATELY they tried to recruit me and told me the whole "pyramid" levels and the HUGE amount of money I could make by signing people up under me and make TONS of money without doing anything.

Sounded interesting until I asked..."where does all this money come from?" The SUPER GREAT financial strategies you want me to invest my home equity in?? NOT, they would be taking my equity and paying the many levels of the pyramid scheme.

This is my sister in law and I RAN like crazy!! She has since quit Primerica and WHOLE HEARTEDLY feels it to be a huge scam.

Since I did nothing with the company I cannot give you actual experience with them, but I think I was lucky! Just my .02

 

[ICF]

Shop around, I GUARANTEE you will find insurance at half the price elsewhere!

We had gotten a quote from a friend who sells Primerica Life, and it was more than double what we got from SBLI, and at least 150% what EVERY other carrier was.

Anne

Do you know of any good website to shop for life insurance?

 

[ilovejack02]

I wouldn't.

I'd go with Fidelity or Merrill Lynch.

I dont believe that the Primerica people are always the best trained, most experienced, or have thier clients best interests at heart.

Anne

I totally agree with ducklite on the whole training and experienced thoughts..... Edward Jones is my pick!
Im not a fan of Merrill Lynch at all. I have lots of friends in the industry and I would try to stay away from a company that sells their own funds like Merrill does.

 

[ducklite]

Do you know of any good website to shop for life insurance?

DH took care of it, I'll ask him and let you know.

Anne

 

[bedgraynexl]

I agree with what everyone else says. They are pushy and only care about recruiting people not really about offering sound finaincial advice. Honestly I was swept in by it and after attending Primerica University I discovered I was a glorified Life Insurance Salesman, not a certified financial planner as I had been led to beleive. Other companies do a much better job of informing you about products and letting you make an informed decision rather than trying to push a life insurance product on you.

I also invest through Edward Jones, FWIW

 

[DVC-Don]

I had a BiL who fell for this company last year at about this time. Bought a lot of life insurance from them and then paid a lot of money to be "trained" by them. Then he flunked his state exam and they offered to "retrain" him at his expense of course.

Not a fan of Fedelity either. They play kind shady (IMHO) whenever we do a roll over from them.

 

[ilovejack02]

I had a BiL who fell for this company last year at about this time. Bought a lot of life insurance from them and then paid a lot of money to be "trained" by them. Then he flunked his state exam and they offered to "retrain" him at his expense of course.

Oh hell no, you have to pay to be trained by them? Thats insane.

 

[disneymom3]

Funny this came up--I just ran into my nephew--we live far apart--at the gas station and he told me he had started this recently. I know DH and I went to a seminar with them YEARS ago and smelled pyramid scheme from a mile away.

 

[jenimay]

Yes they're pushy. We got suckered into the savings and life insurance stuff. We ended up switching our savings over to a guy with Edward Jones who is much better. We still have our life insurance with them, but I guess we could shop around. After we signed up they wanted names of family, friends, etc. Dh is like, when I sign up with anyone else they don't ask for names, why should I give them to you? The guy called every 6 months or so to try and drum up more business and finally gave up cause we never answered the phone. So, the short of it-even though they are friendly and helpful they have other motives and will hound you for months if you give them any sign your interested (think Amway here ).

 

[bedgraynexl]

Oh hell no, you have to pay to be trained by them? Thats insane.

Yeah, their recruits pay about $100 or so to take the seminar to learn about the products and how to become a life insurance salesman and training for the state exam. I now look on it as a stupid tax, but I did learn alot about life insurance, especially the fact I did not want to sell it.

 

[STLDisney_Freak]

My best advice is to Run...Run...as fast as you can away from that company.

 

[Belle5]

Shop around, I GUARANTEE you will find insurance at half the price elsewhere!

We had gotten a quote from a friend who sells Primerica Life, and it was more than double what we got from SBLI, and at least 150% what EVERY other carrier was.

Anne

We have been with a step-relative (and friend) for our life insurance For 10 years. He is now a VP with Primerica. (He made it up the ladder of the pyramid ) My DH has been uncomfortable for at least 5 years with what we are paying for Life Insurance--but I encouraged him to stick with him because of the relationship we have. He also sold us "pre-paid legal" sevices. We pay $25 a month for that and it turns out that the one legal problem we have had, they could not help us with. We have closed out a savings account we had through him for years because the structure changed and became difficult to get our money if we needed it quickly.

Here is my question. I have toyed with the idea of bailing on the life insurance plan. My DH is 43. I am 40. My DH was 33 when he signed on. I was 30. Our rates and coverage were based on those ages. If you switch companies, do they take you as brand new 43 and 40 year old clients or do they consider how old you were when you started with the other company you are switching from? Also, I had a strike against me when I signed on because of the early death of my father (47-cardiac arrest). Since my brother passed away 2 years ago (45-cardiac arrest) I am concerned that no one will take me on at a decent rate. I am thinking, "Wow, I better not let go of that Primerica Ins. because no one else will take me."
Am I off in my thinking?

 

[DVC-Don]

Yeah, their recruits pay about $100 or so ..................

My BiL paid $250 for the "training".

 

[ducklite]

We have been with a step-relative (and friend) for our life insurance For 10 years. He is now a VP with Primerica. (He made it up the ladder of the pyramid ) My DH has been uncomfortable for at least 5 years with what we are paying for Life Insurance--but I encouraged him to stick with him because of the relationship we have. He also sold us "pre-paid legal" sevices. We pay $25 a month for that and it turns out that the one legal problem we have had, they could not help us with. We have closed out a savings account we had through him for years because the structure changed and became difficult to get our money if we needed it quickly.

Here is my question. I have toyed with the idea of bailing on the life insurance plan. My DH is 43. I am 40. My DH was 33 when he signed on. I was 30. Our rates and coverage were based on those ages. If you switch companies, do they take you as brand new 43 and 40 year old clients or do they consider how old you were when you started with the other company you are switching from? Also, I had a strike against me when I signed on because of the early death of my father (47-cardiac arrest). Since my brother passed away 2 years ago (45-cardiac arrest) I am concerned that no one will take me on at a decent rate. I am thinking, "Wow, I better not let go of that Primerica Ins. because no one else will take me."
Am I off in my thinking?

Put it to you this way. You can get quotes for free from other places based on your history, with no obligation to change and at no cost. I see lots of upside and no downside to at least look into it.

Anne

 

[Kellydelly]

We have been with a step-relative (and friend) for our life insurance For 10 years. He is now a VP with Primerica. (He made it up the ladder of the pyramid ) My DH has been uncomfortable for at least 5 years with what we are paying for Life Insurance--but I encouraged him to stick with him because of the relationship we have. He also sold us "pre-paid legal" sevices. We pay $25 a month for that and it turns out that the one legal problem we have had, they could not help us with. We have closed out a savings account we had through him for years because the structure changed and became difficult to get our money if we needed it quickly.

Here is my question. I have toyed with the idea of bailing on the life insurance plan. My DH is 43. I am 40. My DH was 33 when he signed on. I was 30. Our rates and coverage were based on those ages. If you switch companies, do they take you as brand new 43 and 40 year old clients or do they consider how old you were when you started with the other company you are switching from? Also, I had a strike against me when I signed on because of the early death of my father (47-cardiac arrest). Since my brother passed away 2 years ago (45-cardiac arrest) I am concerned that no one will take me on at a decent rate. I am thinking, "Wow, I better not let go of that Primerica Ins. because no one else will take me."
Am I off in my thinking?

I'm with you, we bought term insurance through Primerica 7 yrs ago and I'm not sure we got the best rates at that time, but now at our current ages (40,35), is it even possible to get the rates you see advertised? We are paying $86 a month for two policies that total $550,000. My husband has no health issues whatsoever and I have asthma, which means I can't even get an online quote. When we first signed on with Primerica their financial plan was smart, but the way they hound you to invest with them and then call you every other month to offer you a job was really annoying! I havn't heard from them in a couple years, they finally gave up trying to recruit us.