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What do you think about the future of Primerica?

By
Real Estate Broker/Owner with Cimpler Real Estate, Inc. CA BRE# 01330941

For those who don't know who Primerica is, the following text is taken from their website:

"Primerica’s roots date back to 1977 when the company embarked on a crusade to transform the life insurance industry. Primerica’s “Buy Term and Invest the Difference” philosophy encourages middle-income families to purchase affordable term life insurance so they can have more money to invest in their family’s future. Later, Primerica expanded its crusade to address the number one financial disease facing families today: debt. Primerica offers solutions to help families eliminate crippling debt from their household finances and save more of their hard-earned money for the future."

They use the multilevel "Amway" like marketing approach to selling financial services. Just by curiosity I "googled" - Good and bad about Primerica.  Here are links to several posts trying to answer this question:

There are many, many more. 

Here is my question (please forgive my an exaggeration): "Can company like Primerica, which markets to primarily "underinformed" clients using "underinformed" agents survive and prosper in the Internet age? What do you think? Will they have to change the way they do business or people always will believe things they might here from other people than they read on Internet?

Liz Moras Migic
Chilliwack, BC
Chilliwack, British Columbia - Realtor
I imagine it would be important to know what their demographic area was..........if its over 60 lower to middle class people...I imagine they might have some success?  Sad to say..........
Apr 13, 2008 07:11 PM
Artur Urbanski
Cimpler Real Estate, Inc. - Burlingame, CA
Helping property owners to maximize property value

Liz,

That's a good point.  There is still a lot of  people out there who don't feel comfortable looking for their information.  Thank you for your reply.

Apr 13, 2008 07:39 PM
Dan Homan
Coldwell Banker Ellison Realty, Inc - Ocala, FL
I had gotten involved with primerica about 20 years ago, I actually got my life and health license in NY and tried selling the product.  There were several major hindrances to success.  First I was an accountant at the time and had no sales skills - like most associates I had no clue about what the term "cold calling" really meant.  Second the products were great in concept, but poor in performance.  The life insurance was priced higher than most other companies, and the Mutual funds were all front loaded.  Inexperienced sales people relying on SOI - friends and relatives to make sales of products they had little product knowledge of and could not answer the questions CNN and Money magazine were saying should be asked.  Add to that the fact that an insurance agent with any other company was getting a far better split and much more company support.  I am surprised that they are still in business.
Apr 14, 2008 02:06 AM
Artur Urbanski
Cimpler Real Estate, Inc. - Burlingame, CA
Helping property owners to maximize property value

Hi Dan,

Thank you very much for your reply.  As usually - very informative.  it would be interesting to see how the age of their clients and agents is changing - they might be moving "towards the point of no return".

Apr 14, 2008 03:51 AM
Anonymous
Anonymous

Primerica helps people in an industry that has always acted like you had to be inteligent to sell insurance and securities.

The search for virtually all people is to pay off their current debt and  get the best bang for the buck they cqan invest

Primerica, AL Williams cut to the chase and help people do just that.

Financial services is far from rocket science. Dollars are involved so people naturally are impressed by the industry because of the potential to be wealyhy. Remember the horse race track also has the same potential.

People should stop looking for fault with PRIMERICA and listen to the COMMON SENSE they offer. It is possible you wasted your time with a businessinvestement or fince degeree.

I do not sell for primerica. I listened to their logic. My house is paid off. My kids college education has been paid with no debt. for my kids . I will retire at age 55 in 5 years with a cool million to live on

May 07, 2008 03:18 PM
#5
Artur Urbanski
Cimpler Real Estate, Inc. - Burlingame, CA
Helping property owners to maximize property value
Thank you very much for your input.  I really appreciate it. I certainly believe that it is very important to show different points of view.  It helps people in doing their homework and making their own decision. Thank you again for sharing your opinion with us.
May 07, 2008 03:43 PM
Anonymous
Mr Dave

Primerica is a really great company for the right person. Their producs logically make sense and the knowledge I learned from my brief time as a PFS rep is invaluable. True, I did come out in the red, but the experience has allowed me to earn that money back with the life skills and knowledge I learned from PFS. For me, PFS wasn't my career calling. I wrote an article on PFS ifyou want to know more of what I learned from my experience. It is totally free to read and is found at http://www.associatedcontent.com/article/777477/the_pros_and_cons_of_becoming_a_primerica.html?cat=3

Jun 13, 2008 01:22 PM
#7
Artur Urbanski
Cimpler Real Estate, Inc. - Burlingame, CA
Helping property owners to maximize property value

Thank for sharing Dave.  There is definitely a lot to learn from.  I wish all agents were required to do it for a few months to learn basics about key financial products one might need during the life time.

Jun 13, 2008 02:33 PM
Guy E. Gimenez
The PowerHouse Group - Austin, TX
ABR, CRS, GRI - Broker & Investor (512-731-5613)

I love watching the world and the people in it.  Because of this, I've come to some conclusions that are not necessarily popular.  I believe the masses will almost always be uninformed because it's easy.  It often takes at least a small amount of effort to become informed, to be educated about a specific thing or event...therefore they remain ignorant. 

I'm sure there are just as many horror stories about any company as there are about Primerica.  I would also agree with the previous post.  You don't have to be intelligent to sell anything, you just have to be good at selling and selling is much easier when one is dealing with the uneducated.  

Jun 13, 2008 03:28 PM
Artur Urbanski
Cimpler Real Estate, Inc. - Burlingame, CA
Helping property owners to maximize property value

Thank you for your comments Guy. Primerica is simply not for everyone. For some it serves well and it disagrees with others. The company does some good things for clients who might not have other options otherwise.

Jun 13, 2008 05:47 PM
Anonymous
Heber J. Blackner

It is as simple as Math & common sense.  Trust companies that have made profit by taking advantage of consumers for over 100 years.  Or trust a company that has taught it's consumers to do the math and with the math make wise decisions.  Trust a company that teaches get out of debt, save for the future & emergencies.  Protect your family, etc.  31 years ago this company started teaching these principles and more, not just when it became popular.  A company that has spent 31 years educating others and teaching consumers to do their home work when it comes to making financial decisions.  A company that has been innovative in the industry and introduced products that no other are willing to offer but can.  What's wrong with the world, have we all forgotten what integrity is that we can't see the truth for the truth.  Well, you can do as you wish, but as for me and my family, we will follow the truth.  Sincerely, a client and agent of Primerica Financial service for over 7 Years. 

Jan 10, 2009 10:16 AM
#11
Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

Interesting articles on Primerica's roots as A.L. Williams:

http://everything2.com/e2node/Primerica

http://www.businessweek.com/archives/1998/b3571114.arc.htm

I've yet to meet a Primerica rep that impressed me with their knowledge.  Most just repeat what trainers have drilled into their heads and quickly move into recruitment.

I've gone up against several Primerica reps trying to give mortgage advice.  They are clueless there as well, just pushing 15 years loans.  When I ask why, I usually get the drilled in response that it's what everyone should do.  Asking what analysis they did for the client, is a waste of time as they just follow the company line like lemmings.

In spite of all these shortcomings, they survive and prosper.  Because, as the Madoff Ponzi scheme shows, a sucker is still born every minute, as P.T. Barnum Bailey once said.

Jan 11, 2009 04:02 AM
Anonymous
Get A Life

Hey let's face it.  Everyone here is on there own soap box.  Primerica is a nuetral vehicle just like Metlife, Ameriprise etc.  It's these self-serving idiots who have hidden agenda's that spend time bashing companies on these blogs.  Get A F****N life!

Mar 12, 2009 12:51 AM
#13
Anonymous
Brad

No editorial comments. Just a couple of facts about Primerica. TheStreet.com rated the top 22 insurance companies last month. Primerica made the cut AIG, Met Life, and Prudential didn't.

http://www.thestreet.com/story/10503052/1/the-22-strongest-life-insurance-companies.html

http://www.askprimerica.com/primerica-is-strong/

Jun 12, 2009 07:09 AM
#14
Anonymous
Jennifer

I like what Brad had to say.  I have found that most people who have bad things to say about Primerica usually "tried working for the company", however, didn't even get licensed.  I tell you what, talk to all of the people who have been helped by the products.  Better still, talk to the people who Primerica has helped get out of the terrible mortgages that realtors helped to convince them were good for them.  I was one of those people.   Talk about people with an agenda.  I have never met a realtor who did not have one, and considering how many are out there, and how overly saturated that market is, you know how is, you know that I have run into quite a few.   The banks aren't the only people to blame for this mess. 

I also find it interesting that this blog is about Primerica's ability to survive the internet age, when most of the people who have posted to this blog just seemed to have Googled information.  How about checking with the BBB in Georgia where the company's headquarters is located, or  AM BEST &  Standard and Poor's.  A+  and AA rating is what they got.  By the way Drew, check out Premier, the Wall Street Journal, Best Review, National Underwriter, and USA Today.  They have very excellent things to say about Primerica.

Feb 04, 2010 02:13 AM
#15
Anonymous
Farren Spaulding

If someone keeps and open mind and looks at the facts that  Primerica teaches their clients and their agents it is not hard to understand. Primerica pays the highest death claims of any insurance company out their. I have has two sisters who's husbands died prematurely in their twenties. They have been both affected in dramatically bad ways due to the financial crisis their husbands deaths caused. Both of their families, not to mention the fortune my father, was affected negativelydue to these events. Thier children have sufferd the most, It all could have been avoided with the inexpensive term insurance their husbands could have purchased to protect their wives and young children's future, I am quite surprised that you have failed to really look at the good Primerica does for families. Only the cash value life insurance salesman, bankers,  the mortgage salesman, and stock brokers involved in churning their clients portfolios,  have anything to fear from Primerica. They always have slick ways or just flat out deceptive ways to sell their products. Primerica shows you the real truth by showing you the details and the numbers through their free financial needs analysis. I am an engineer and have always heard from by managers "Show me the numbers, show me the numbers". When you look at the numbers Primerica is one of the few financial services companies telling the American public the truth 100% of the time.. Their customers have few complaints, their competition has tons of complaints. Wall Street certainly thinks Primerica is going to stick around. Where are you (negative bloggers) people coming from!!! I wonder???. Could it be that your greed in artificlally driving up the value of real-estate, the greed in selling ARM mortgages and rolling mortgages every time someone is in debt, your greed in selling universal life policies that silently rob thier clients retirement and underprotect thier families is skewing your reasoning and therefore your blog comments. By the way I would challange that the part-time agent for Primerica is far more knowledgeabel about properly protecting (more ins. fo the money), showing clients how to pay their homes off early, pay off their depts and truely become financially independent faster because thier hearts and minds are in a better place. Just because some one is not sucessful as an agent with Primerica has nothing to do with the truth. If selling was easy we would be reading about you and your companies sucess in the national news. Please give due diligence to your research. Do not believe anything on the internet without doing your own independent research and look at facts not opions. Examine the numbers ccarefully. and remember who you are talking to!

May 11, 2010 07:16 AM
#16
Anonymous
patrick

thats right a lot of people talk bad on primerica and never get licensed. besides that they take advice from people who never stuck with it for reasonble time.just like a contractor first day on job cn't buld a house why because not enough experince and training so got work at it and hard but in do time you stick with it you be bulidng your own house couple of years.im rep and proud to be it changing lives what advice we give and products have to offer is the right thing. we never offer anything if the client does not need it. for all you internet people do your research instead making long posts really google us we been look at by the goverment. if we wasnt legit we wouldnt be in buisness for as long.

Aug 05, 2010 05:42 PM
#17
Anonymous
Peter

I think the Internet hurts some forms of direct marketing, but Primerica is based on social networking, and the internet age is strengthening social networks. However, the Internet is also holding companies accountable by providing an easy way for mistreated and disgruntled employees to complain about their employers.

In Primerica's case, a Google search shows that some of Primerica's contractors think that Primerica is a Scam.

Primerica may have issues recruiting employees who are more likely to hear/research about Primerica from Google as opposed to their friends and/or family.

May 06, 2011 12:00 PM
#18
Anonymous
Elena

I am thinking about joing Primerica. I was going to meetings about two years ago, the meetings that I attended did not have a tiny tv. An overhead was provided with a projector. Primerica does not seem like a scam and I was told in order for me to joing and get my license I would have to pay $99. Now I am in Montgomery County, I cant speak on any other locations. I am very interested and I think I would be taking advantage of this opportunity to not only better my life but someone else's also.

Aug 02, 2011 04:06 AM
#19