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In Reply to: Re: Re: Re: Primerica posted by Bashing one company doesn't make sense on March 23, 2004 at 19:01:41:
First, you are wrong about primerica not being involved in any lawsuits. Lets clear that up right now. Most, if not all insurance companies have been involved in some sort of lawsuit over the past several decades...primerica included.
I also agree that a number of agents outside of primerica have little knowledge of life insurance and whether intentionally or not, misled and misguided clients about life insurance, such as vanishing premium.
There are many agents that lack the knowledge and education on life insurance.
My point is that primerica reps are taught that anything but term life is essentially "evil" Thats a bunch of crap! I have yet to meet a pfser who understands cash value life insurance, so its wrong for them to make recommendations on it in my opinion. Just because the company they work for says "no" to cash value life doesn't mean its right.
I'm not much for this captive agency stuff (which primerica is, I don't care what you say)
The best route is to be an independent planner and broker. This gives you and the client the most options and you can be as unbias as possible.
Finally, another serious problem with primerica is that they tell their reps that they are not financial planners. BS. I don't care what name you come up with, what you tell the world you do IS financial planning (or your attempt at it).
Saying you're NOT, is just a marketing scheme. Being in this business, you should becoem a CFP, CLU, ChFC, etc. This is REAL education. These designations doesn't mean you have to sell cash value life insurance, but it does teach you how any life insurance works and thats what really matters. In the end, independence is whats best for the reps and the clients. Anything else, results in being bias.
: Enrique may be off base, and I admit there's better ways to make a point, but this focus on bashing one company doesn't make sense, given the facts. Any amount of research reveals that traditional companies and agents have, for at least the last 25 years, severely abused consumers.
: Do a search using "lawsuits" as the search term on the insure.com website. You'll get over 450 hits, and none of them involve an action against Primerica.
: The most common deceptive ploy companies and their agents have used over the past 25 years is the "vanishing premium" deception -- Prudential, Knights of Columbus, General American, Provident Mutual, Lincoln National, the list is a long one.
: But that's not all traditional company agents have done: they've engaged or allegedly engaged in race-based premiums (Reliable Life), price gouging (Farmers), misrepresentation of rates (Conseco), you could go on for pages and pages. See it for yourself at
: http://info.insure.com/search/sitesearch.cfm?search=lawsuits
: I notice these "critics" aren't posting their own company names, but dump all over one company. Embarassed? I would be. The one thing these agents have gotten right every time is that the consumer has been given a good fleecing by traditional agents and companies.
: Vanishing premium? If it sounds too good to be true, it probably is. Millions of Americans got googly-eyed over the vanishing premium deception, and the only thing that vanished is their agent and their premium dollars.
: I think it's highy hypocritical to be bashing one company. Maybe you're looking for a scapegoat, some company to use to distract consumers from the real issue, which is that for 25 years now, probably longer, traditional life insurance companies have been sticking it to their clients.
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: : Actually, Enrique, the AM Best ratings only mean the company has financial assets sufficient to meet potential claims liabilities. It has nothing to do with the quality of its products, only its ability to deliver what it promises to deliver.
: : Why is it everyone with a criticism of your company is a "loser"? Oh well...
: : : "PFSers always refer to CitiGroup when trying to add credibility to their company. Having CitiGroup as your parent company proves NOTHING!"
: : : Right, because GE Finance has NO RELATION WHATSOEVER to GE...... I mean, you can buy GE Finance Stocks, right? Its a totally separate company, right?
: : : And you can buy Primerica Stocks, too, right? CANT YOU ?!
: : : CitiGroup - Part of the Dow 30 (uber prestige) - #1 financial services company on the planet - PFS is AM Best Rated A++ (highest rating).
: : : Suck it, loser.