Anyone use Primerica Financial Services?

[bedgraynexl]

My BiL paid $250 for the "training".

ouch, I guess I got off easy. Then again it was almost ten years ago. I guess different offices have different fees for "training". Or else I am not remebering correctly. Way too much time has since passed. Anyway, as far as I am concerned it was a rip-off and I am now wiser for the experiance. Because of this I was able to see Quixtar coming from a mile away.

 

[ducklite]

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.

We were both into our 40's and I have asthma, we have almost double the combined policy amount that you do, and we pay right about double the premium. We are through SBLI, and were both at least 43 if not 44 when we switched from another insurer to them.

Anne

Anne

 

[Melrosgirl]

Although I have never used them for investing, I did have a life insurance policy through them (I was the beneficiary). I had to make a claim on it and it was very smooth. This was years ago, but as far as being a company that has money behind it (can pay on their life insurance claims), it is reputable.

 

[korbbec]

I would not do it. They offered me a job a few years ago. For some reason I brought it up to my mother, who worked for Citibank - I did not know the 2 companies were related at the time. As much as my mom wants me to get a "real" job, she said "absolutely not" to Primerica. I would not trust them with my money after what she had to say.

 

[Belle5]

Sorry to dig up this old thread but I just wanted to rant. The Primerica salesperson (step-cousin) that sold us the prepaid legal program just gave us the hardest time about canceling our enrollment! He had the nerve at one point to say, "It's only $25 a month!" My DH responded, "Yeah, and that's $300 per year--that's $1500 over the five years we have paid it and we have never even used the service!" He just twisted and manipulated in every way he could to not let us back out. When he finally relented he reminded us that he would be calling back soon because he just thought of something else we "need" to discuss. Oh, goody! I am sure we need to double our life insurance coverage or join the pyramid or something...

Note to self * Do NOT do business with friends or family.

Note to others *Do not pressure friends or family to do business with you. If you have a great product at a great price total strangers will want it and your friends and family will come looking for you to get it!!!

 

[Helene]

Even though it's been said before, I just have to add.....stay away!

My SIL's fiance was a recruit about 2 yrs ago. We agreed to sit through the "pitch" because he had to line XX amount of people up so he could be trained.

Anyway, after a lenghthy discussion reviewing our finances, we were told they would design a plan just for us and returned a few days later to review it.

The person actually tried to convince me it was better to give up the 15 yr fixed mortgage I have @ 4.75% and "invest" with them by re-mortgaging my home and consolidating other debt to the tune of an 11% mortgage rate

Because I antcipated what the pitch was likely to be, I was prepared and in fact talked circles around the guy. I actually asked how he could, in good conscience, suggest this was somehow going to benefit us. I basically called him on the fact that I felt "offers" like these really preyed on individuals who aren't savvy about their $$. When I threw out the word "unethical" my SIL's fiance was about to crawl under the dining room table.

Needless to say, I never heard back from that guy & SIL's fiance has never hit us up for something like this again

 

[MsAmerica]

Within the insurance industry, Primeamerica is considered the bottom of the barrel. Their agents have the reputation of used car salesmen.

Run, don't walk, away from this company.

MsA

 

[Kellydelly]

I have to say that the agent we dealt with was very nice, not pushy at all and the financial plan he gave us was actually a good one (better than what we were currently doing). It was the phone calls from the company trying to recruit us the following few years afterwards that were annoying, not the actual agent himself. We recently were approved for new term insurance through another company; I hope that cancelling our Primerica policies doesn't turn into a big pain in the butt!

 

[jgates]

We have just term life insurance with them and will only keep that. AWhat amazes me is that we have never been aproached about the financial services aspect!!

Anyway - for investments I would recommend an LPL rep. Linsco Private Ledger. Our bank chose that company to work with because their reps can sell anyones product so they are not 'obligated' to anyone. Our rep is very particular on trying to choose the right product for the right person and I know she comments that some of her friends are also. They are not trained to just sell the most profitable item for them - just to sell what the customer needs.

 

[tchrrx]

OK. We use Primerica & think it's good. However, after telling DH about this post, I found out that he hasn't ever really checked into other life insurance plans. So, any advice on what other companies we should look at?

We also have several investments through Primerica. Do you think those are ok?

 

[poober25]

I haven't read all the replies, but I would not go with Primerica. DH and I were involved with them about 10 yrs. I do think DH was well trained, but it is most definetly a pyramid scheme. Their life insurance products are good, but that's probably all I would ever do with them.

To those wondering about switching life insurance may years later, here is my advice on that: Get quotes and and apply for a policy with another company. Do NOT NOT NOT cancel your current insurance until you are covered by another company, then cancel you older policy. This is what DH and I did when I became pregnant with our second child. I as recall his new rate (5 yrs. later) was approximately the same as it was with Primerica, and mine went down, a lot! Actually, we had to get more insurance then we planned on me to get up to the company's min. monthly payment, which is somewhere around $27-$28/mo. One of our policies is $27.13 and the other is $28.xx. Can't remember whose is whose, since it's on automatic deduction! LOL.