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Started By
Message
re: Is Primerica a pyramid scheme?
Posted on 5/24/12 at 1:20 pm to kevv824
Posted on 5/24/12 at 1:20 pm to kevv824
quote:
Primerica
Is the epitome of everything wrong in our industry. I know 2 "big" producers in our city that ran around town for 5 years boasting their production. Neither is in the industry anymore and both have remedial jobs at best.
1
Posted on 5/24/12 at 1:26 pm to cas4t
quote:
One of my clients is a Primerica agent. He's an LSU alumni in engineering but made the career change to investments and is OT rich now.
If he is indeed OT rich now and not just talking about it....
He accumulated those assets by screwing little old ladies and less than financially savvy individuals. He exhausted his relationships with friends and family. Everyone that trusted him has taken money out of their own pockets and padded his indirectly. And that's just the people that purchased his inferior products and services, let's not get into the gullible individuals that are now on his "team".
Posted on 5/24/12 at 1:29 pm to Signature
In order to "make it big" in Primerica, what exactly does it take? Obviously you have to establish a large network, but it just seems like there is a very limited group of people to target outside of your family and friends and what I mean is that let's say we are talking about just the Baton Rouge area. I seems like it has grown to the point that A LOT of people have been targets from someone selling this at some point so what does one have to do to survive in the company?
Posted on 5/24/12 at 1:31 pm to OweO
quote:
so what does one have to do to survive in the company?
You have to talk to and scam on everyone you know basically, then you have to recruit people to work under you who will do the same. The only way the people at the mid levels make big money is by having successful underlings
Posted on 5/24/12 at 1:34 pm to RonFNSwanson
I keep my mouth shut in these Primerica threads.
Posted on 5/24/12 at 1:34 pm to OweO
One of my husbands friends was a part of this cult. And yes, I consider it cultlike
Its all he EVER talked about
We went on a tubing trip with the guy, and I almost drowned the fricken dude he was so annoying
When he brought his boss over to do their pitch, I kicked them out of my fricking house and called them scam artists.
I dared my husband to give him contacts of our friends/family.
Its all he EVER talked about
We went on a tubing trip with the guy, and I almost drowned the fricken dude he was so annoying
When he brought his boss over to do their pitch, I kicked them out of my fricking house and called them scam artists.
I dared my husband to give him contacts of our friends/family.
Posted on 5/24/12 at 1:36 pm to whit
quote:
I keep my mouth shut in these Primerica threads.
What side of the fence are you on?
Posted on 5/24/12 at 1:56 pm to WDE24
quote:
Most sell their family and close friends who are more willing to buy to help them out
Straight up, this is the Candy Bar selling tactics used in middle school. Tap out your close friends and family and you get a prize. Go door to door and get better prizes.
Posted on 5/24/12 at 1:57 pm to fisherbm1112
quote:
Exactly. Plus Cutco Knives, Team National, A couple of make up companies, and Pampered Chef.
Had an old high school buddy talk to me about Team National. Only reason he came to the reunion was to try and recruit more people. I looked into it...went to one of their "rah rah" sessions and said no thanks.
He's doing very, very well with them but it's just not my cup of tea. They put the high pressure sales pitch on you to sign up. The one question they all ask..."don't you want to make more money with minimal effort?" Well, no shite Dick Tracy - we all do but not in this manner:
"A pyramid scheme is any "business opportunity" in which the only real way to make money is to recruit more salespeople."
This is what it all seems like to me.
Posted on 5/24/12 at 2:01 pm to SpicyStacy
quote:Remind me never to piss you off!
SpicyStacy
Posted on 5/24/12 at 2:12 pm to SpicyStacy
quote:
One of my husbands friends was a part of this cult. And yes, I consider it cultlike
Its all he EVER talked about
We went on a tubing trip with the guy, and I almost drowned the fricken dude he was so annoying
When he brought his boss over to do their pitch, I kicked them out of my fricking house and called them scam artists.
I dared my husband to give him contacts of our friends/family.
I am always interested in what causes people to get involved in "cultlike" organizations. Actually, when I start reading/talking/hearing about it it fascinates me.
Think about it. When the average person gets off of work, is the firs thing they want to do when they are off is discuss work with everyone they see?
These people are talking about this 24/7. I know the guy I knew who was in it was talking about the shite at our fantasy football draft, at a card game and anytime you saw him. Do they use some kind of brainwashing method?
Posted on 5/24/12 at 2:14 pm to Count Chocula
Ive had 2 buddies that have sold through Primerica. Neither lasted more than about 2-3 months. One was bragging that I should quit my current insurance agency to go to work for the because he was gonna make 250K+ a year. From what I've heard they are supposed to have a decent Term product, but when it comes to working for them and recruiting family members is when it gets suspect. Plus any company that sends out people to sell life products before they have taken any licensing courses is also suspect. Not sure how they are able to get away with that??
Posted on 5/24/12 at 2:16 pm to Rayford118
quote:
Not sure how they are able to get away with that??
I wouldn't have a clue, but maybe they are doing it under someone else's license?
Posted on 5/24/12 at 2:19 pm to OweO
quote:
I wouldn't have a clue, but maybe they are doing it under someone else's license?
They must be, probably some technical loop hole. I know when I started with State Farm they wouldnt let us do anything with a policy until we were licensed.
Posted on 5/24/12 at 2:24 pm to Rayford118
quote:
that sends out people to sell life products before they have taken any licensing courses is also suspect
Not only suspect, it's illegal.
Posted on 5/24/12 at 2:26 pm to TIGRLEE
quote:
I my years selling ins I found that primericas 30 yr term was as inexpensive as any I saw.. actually they were one of the first that came up with the 30 year term.
Primerica has never and will never be even reasonably priced in any category. The premium is expensive for the client and the comp for the writing agent is the shittiest in the industry. Sure the whole purpose of the agency system is to build a base. However, any General Agent paying a writing agent under 50% is a fricking crook.
Posted on 5/24/12 at 2:27 pm to OweO
Their sales pitch is good I guess? Lookin to get rich quick...
Poor guy is dumb as a box of rocks and took their insurance exam over 30 times. No, Im not exaggerating either!!
He does some manual labor job, and could do soo much better if he went into business for himself. Hubby and I even offered to "invest" in his startup equipment for him to do so, just so he could get away from the primerica crap.
Its just really sad. Hes actually done fairly well with them as far as selling their products, but from what I understand he does NOT get a paycheck unless he passes that insurance exam.
Poor guy is dumb as a box of rocks and took their insurance exam over 30 times. No, Im not exaggerating either!!
He does some manual labor job, and could do soo much better if he went into business for himself. Hubby and I even offered to "invest" in his startup equipment for him to do so, just so he could get away from the primerica crap.
Its just really sad. Hes actually done fairly well with them as far as selling their products, but from what I understand he does NOT get a paycheck unless he passes that insurance exam.
Posted on 5/24/12 at 2:30 pm to SpicyStacy
quote:
Poor guy is dumb as a box of rocks and took their insurance exam over 30 times. No, Im not exaggerating either!!
Good God. I was hungover and didn't study and I passed.
Posted on 5/24/12 at 2:30 pm to SpicyStacy
quote:He has to have an Insurance License to solicit/sell insurance, therfore, he cant receive commmissions from the sale of insurance products without first having an insurance license.
but from what I understand he does NOT get a paycheck unless he passes that insurance exam.
Posted on 5/24/12 at 2:30 pm to Rayford118
Thinking about it, I want to say the guy I knew who did it, said someone (maybe the guy who recruited him) was going to attend "official meetings" he set up with people so I am sure that the sale would go to the guy recruiting him.
I know you have to make so many sales before receiving commission so I assume while you do that you are also in the process of getting your license?How long does getting your license take? Just thinking about that seems so shady..
I wish I remember the number of sales the guy told me he had to make.. I want to say it was somewhere around 10, but it was enough that my first thought was that they are obviously setting people up to fail.
I know you have to make so many sales before receiving commission so I assume while you do that you are also in the process of getting your license?How long does getting your license take? Just thinking about that seems so shady..
I wish I remember the number of sales the guy told me he had to make.. I want to say it was somewhere around 10, but it was enough that my first thought was that they are obviously setting people up to fail.
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