Primerica????

[RookieDisneyMom]

Please tell me if you have used Primerica for mutual fund accounts. A guy talked to my husband and I last night. We are in our 20's and we both have 401k plans through work. We both have life insurance policies both through work and privately. The Primerica guy says he can save us $30 a month and get us more coverage by going with an insurance plan they offer and we can invest the $30 a month that we save in mutual funds. This sounds like a good idea but I have heard bad things about Primerica and I just wanted to get The Disboard Members opinions.

 

[leight]

Find out if the funds that he's offering are no-load. Why pay a broker to sell you a fund? You can go direct to a no-load Mutual Fund company to invest- usually $50 a month automatically with no money as a lump sum- just google them.

If he can lower your monthly payment to term life insurance take that. You're young enough that payments should be very low- just make sure the insurance company is highly rated and that the term (yrs) are the same or longer to be worth the switch. We didn't like Primerica- dh only went thru them to house his series 7 and insurance licenses to see if he wanted to stay in the industry. It always felt like a legal pyramid scheme- but they are owned by Citi.

 

[Gr8t Fan]

Run the other way! Their high pressure sales tactics are terrible. I agree with the PP that investing directly with a no-load mutual fund is the way to go.

 

[Tracerr00]

I had an experience with Primerica and the guy was so pushy! I ended up going with Edward Jones and I'm very happy with our FA there. It seems less shady (for lack of a better word!).

 

[leslie826]

I would not do it. We talked with a Primerica saleman, and he promised us ALL kinds of things (helping us get our mortgage modified, opening IRAs). Fact is, the only thing he ever followed through with is pushing the life insurance thing hard. That's where they make their money. This same guy talked my BIL and SIL into switching to Primerica's insurance to save a few bucks. They regret it, as they gave up a whole life plan to switch to term (after being convinced it was a great idea). After the life insurance was said and done, he also dropped the other things he was supposed to be helping them with. I don't normally write posts like this, but this struck a cord. We felt as if we were being scammed. Did your guy try to convince you to work for them as well? They are also a pyramid, and make money by recruiting... Bottom line, I would run from Primerica. Do your own research on life insurance and see if you can save through a reputable company. Take your extra $ and invest in a mutual fund on your own.

 

[Ericandjenng]

My DM thought about getting into working for them. I googled Priamerica and one of the first things that pops up is "Priamerica Scam"....I would be VERY leary of any dealings with this company.

I first heard of them more than 12 years ago when I was living in SC and even then there was issues about whether it was a scam or not.

 

[PatsMom]

Avoid Primerica at all costs. You might want to shop your life insurance through an independent agent that will also do a needs analysis to determine if you have the appropriate amount. Then if you replace your existing coverage and it frees up cash flow, set up monthly deposits into a discount brokerage account. If you don't want to research mutual funds, just pick a total market index fund and a total international market index fund. And add a bond fund for fixed income to moderate your allocation to where you are comfortable.

 

[MickeyManiac]

Run the other way! Their high pressure sales tactics are terrible. I agree with the PP that investing directly with a no-load mutual fund is the way to go.

That was going to be my exact response! I had a friend who started working for them. Yes, she had to pass the required insurance exams but other than that there was little training. She really only knew what her "scripts" told her. IMO

 

[nunzia]

This is the only fund offered at one of my jobs..long story..anyway..not a good fund! High costs..many many MANY better options. Research differnt funds and buy your funds online without that middle man.

 

[Disnydad]

DANGER, DANGER, WILL ROBINSON!!!!!!!!!!! One of my brother in laws (the one who is always into get rich quick ideas) fell for Priamerica. They even signed him up for training (at his expense) to sell for them. He never did pass his state exams (he even paid for his own retraining) and he was pushing family and friends real hard to buy. This same BiL has been in Amway, Shacklee, New Skin and none have made him his millions.

 

[STLDisney_Freak]

Run the other way and stay AWAY far AWAY from that company!

 

[Familyx4]

As others have said, RUN! Primerica is a extremely low end investment/insurance firm focused on lower income clients. In fact, Primerica advisors are trained in selling - not providing sound financial advice.

Also, some have said invest in no-loads direct with a fund company. That's great but be careful, most no-loads invest their profits in marketing. Loaded funds (A shares) and the no load semi-equivalents (C shares) invest their profits on good fund managers (American Funds, Franklin Templeton, etc). That can make it worth it to us a mutual fund that is not a true no-load. You have to compare returns net of fees. When you do, few no loads make the cut.

Do not invest in "index" funds. You are guaranteed to underperform the index. Why? Because index funds still have a fee. Your return will be the return of the index less the fee - a lose, lose situation.

I may get flamed for saying this but if your money is important to you - get some help. Research financial advisors and find one who has integrity and is honest and trustworthy. They are out there. Speaking from experience it is well worth what they get paid. If you are purchasing a security system for your home, would you get the cheapest and install it yourself or get the best system and installation that you can afford?

I hope this may help.

 

[Disney845]

I do not have any experience using them, but every so often they will come to my office to try and throw a sales pitch (we are in a commercial complex, and despite no solicitation signs, people still constantly come by trying to sell us stuff).

I personally do not like/approve of any MLM schemes.

I think you would be better off siting down with an independant insurance agent and looking at several different options/providers, as well as do some leg work of your own before making changes.

 

[mamaLori05]

I answered you on the family board too, but seriously, RUN!! And do yourself a favor, if you have caller ID, IGNORE any future calls from the sales person. They will NOT leave you alone!!!

 

[yakkin' yeti]

Just adding my voice to the chorus: Run!

 

[platanito]

Bad news,, Run like the wind... You have a bunch of options if you take the time and search...

http://www.kiplinger.com/magazine/archives/our-25-favorite-funds.html?si=1

 

[cm8]

Please tell me if you have used Primerica for mutual fund accounts. A guy talked to my husband and I last night. We are in our 20's and we both have 401k plans through work. We both have life insurance policies both through work and privately. The Primerica guy says he can save us $30 a month and get us more coverage by going with an insurance plan they offer and we can invest the $30 a month that we save in mutual funds. This sounds like a good idea but I have heard bad things about Primerica and I just wanted to get The Disboard Members opinions.

I would not go with them. They are a scam and are only out to get you to add life insurance and other stuff at your expense. I would find another company that really has your best interest at heart and deal with them. Good luck

 

[branv]

Oh my, yes get away quickly! Now I had already heard bad things about Primerica from a number of people. But I actually know two people who became Primerica Reps. One was a relative by marriage to DH, and another was one of my brother's boyhood friends. The former never graduated from high school, not because he was an unconventional go-getter, but because he was a lazy, scuzzy, brainless slime-bucket who barely skirted jail on a few occasions. He probably went into the job thinking stock had something to do with cattle (oh, how I wish I were joking). Needless to say he tried to hard-sell every relative and friend he'd ever had, and the few that were suckered in ended up with nothing but trouble. The latter had a decent amount of intelligence, but he would have sold his first-born child for a free trip to the salad bar. I wouldn't have bought girl scout cookies from either of those two, let alone trusted them with my finances. That's all I needed to know about Primerica.

 

[MickeyManiac]

Oh my, yes get away quickly! Now I had already heard bad things about Primerica from a number of people. But I actually know two people who became Primerica Reps. One was a relative by marriage to DH, and another was one of my brother's boyhood friends. The former never graduated from high school, not because he was an unconventional go-getter, but because he was a lazy, scuzzy, brainless slime-bucket who barely skirted jail on a few occasions. He probably went into the job thinking stock had something to do with cattle (oh, how I wish I were joking). Needless to say he tried to hard-sell every relative and friend he'd ever had, and the few that were suckered in ended up with nothing but trouble. The latter had a decent amount of intelligence, but he would have sold his first-born child for a free trip to the salad bar. I wouldn't have bought girl scout cookies from either of those two, let alone trusted them with my finances. That's all I needed to know about Primerica.

 

[Melrosgirl]

I had a different experience with them. Years ago someone I knew bought life insurance through them. Shortly after she purchased the policy, she unexpectantly passed away. I was in charge of her estate and checked into the policy when I found the paperwork. Primerica was the life insurance company. They paid the beneficiary within a week.

They are reputable as far as insurance goes.

Would I invest with them? No, but for term life insurance, I would recommend them.