|
|
 |
 |
 |
 |
 |
In Reply to: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: FORGET A MESSAGE BOARD AND DO YOUR OWN RESEARCH!! posted by Mislead by PFS on June 23, 2001 at 07:49:39:
I agree, to sign up for Primerica it's 99$ to start and then they deduct 25$ every month to go sell life insurance to friends and family... but usually everyone has life insurance. Sign up with Primerica and get screwed!!!
AnnFrank
: You are not MLM? Is that why the former chief of Primerica, Joe Plumeri did an interview with the MLM magazine and stated that PFS indeed WAS an MLM company? Because you're not? Get real!
: I've got the link exactly like the one below for the US as well, but since you're up in the great white north, here is Canada's definition of MLM. PFS fits it TO A 'T'!!! Check it out and then tell us you're not MLM.
: http://strategis.ic.gc.ca/SSG/ct01141e.html#1
: : : Oh boy, here we go on the lawsuit thing again.
: : : -- Loney v. Primerica Life Insurance Co., 231 Ga. App. 815 (1998)
: : : -- Released July 28, 1998 by the US Securities and Exchange Commission: certain PFS Investments "...representatives and their marketing hierarchies raised approximately $27 million from over 2000 investors. When the [Ponzi] scheme ended in 1994, substantially all of the monies raised from investors was lost.."
: : : --Travelers, Inc. et al. v. Patterman et al., S99G0530. Appeal from Gwinnett County Superior Court. "The Pattermans, who are California residents, filed a class action suit against Travelers, Inc., Primerica Financial Services, Inc. ("PFS"), Primerica Life Insurance Company ("PLI"), and National Benefit Life Insurance company (collectively Defendants), alleging fraud, negligence, racketeering, and unfair business practices."
: : : Should I continue?
: : : : point taken mr. retired agent. i would go after primerica as well. but since an independent dealer with primerica agrees to do business in an ethical and moral manner (which is in the Independent Business Application contract) primerica does not support them in any type of unethical business dealings. the first time they do that they violated their contract and primerica can not control the actions of each individual dealer. that's why it's in the contract to follow primerica standards. once the agent goes against that they are on their own.
: : : : maybe that's why there hasn't been a lawsuit vs primerica for lying to the client or unethical business practices. go check under your old company and see how many lawsuits were filed against yours.
: : : : yah i do have a lack of respect for the CASH VALUE LIFE INSURANCE INDUSTRY!! you lie to people. i have no problem with term. what were the majority of policies that you sold? was it whole life, was it universal... ? i bet your company didn't pay you a big commission for selling term did it? maybe that's why you sold cash value. so mr. retired agent...is it all about money or insurance for you hmm? is it about taking care of families or taking care of your own with a phat commission check off a horrible cash value policy. and just because you worked for an insurance company for however long doesn't mean that you know how all the policies work. you should go read some pages out of Financial Self-Defense by Charles Givens. he'll show you a thing or two about insurance. and try to destroy his credibility. he's one of the wealthiest people in the country and he knows alot more about insurance than you grasshopper.
: : : : don't feel bad about being mislead by insurance companies. it's what they do for a living. they fool millions of people all the time. that's why more people need to do their own research. don't listen to me...go get the books and prove it to yourself.
: : : :
: : : : it doesn't matter if i've been with primerica for 2 days or 2 months or 2 years... i don't even have to work with them at all... but i do know one thing: i can read (despite what you might think) and i can research my own info. if you read some pages out of that book...pages 111-133 you'll see that my opinions are gathered from a factual source and not primerica brainwashing. have some:
: : : : Cash Value. i went and got a book...(outside of PFS) called Financial Self-Defense by Charles J. Givens. this is available at any book store or you can order it. ooh ooh... it also tells you how to get around those pesky estate planners...(pg 149).and now i will commence the destruction of cash value as quoted by Mr Givens himself. i'll be sure to list page numbers so that all the fine, curious people out there can double check my findings. oh yah...there is a company that can settle all this bickering. they will tell you the truth since they are not affliated with any insurance company and they are not a part of citigroup. they have nothing to gain. call the INSURANCE CLEARINGHOUSE at 1.800.522.2827. 400 west main street Leesberg, Florida 34748-5123.
: : : : since i'm on the topic of estate planning let's start there shall we...?
: : : : "One error in judgment often made in estate planning by those whose estates are over the taxable limit is to assumethat the estate tax must be provided for while living." - p.149
: : : : "Let's say that your taxable estate is $1,350,000, exceeding the $600,000 exemption limit by $750,000. From the Unified Gift and Estate Tax Rates table on the following page (in the book only), you will notice that the taxes your estate would pay would be 39% of $750,000 or a total of $248,300."
: : : : "Whole life insurance agents would love to solve the problem for you by selling you an incredibly expensive $250,000 whole life insurance policy so that the cash would be there to pay the estate taxes. but when you buy a life insurance policy to pay estate taxes, all you are doing is paying the estate taxes before you die, instead of after."
: : : : is that right by the client mr. retired insurance agent...hhmm i don't think so. but let's continue.
: : : : "That's like paying income taxes on money you haven't earned yet. Realize that the insurance company must bring in more money in premiums than it pays out in death benefits or it cannot stay in business. Therefore, a majority of the people who buy life insurance to protect an estate will have paid more into the plan in terms of premiums and the interest they could have earned with other investments than will come out of the plan to pay the estate taxes. This one hard fact of life is often hard for me to get across, because the amount of money just doesn't seem as significant when you're making yearly payments in premiums and not seeing the investment return the INSURANCE COMPANY IS EARNING ON YOUR MONEY." p-149
: : : : whew... that was a keyboard full. and i haven't even touched the beloved cash value part yet. whose tired of learning how insurance companies screw people? hmm.. i see. a show of hands... who wants to hear more? wow. i guess i'll go on.
: : : : as stated on p-108 mid-page:
: : : : "Whole life insurance or cash value insurance is the worst of the three. The only good thing you can say about whole life is that it is named correctly. 'Whole' life is where your money goes down in a 'hole' never to be seen again. You overpay your premiums by 1,000 percent to create something called cash value, which neither you nor your heirs will probably ever see. Due to a slick maneuver in the policy (which we'll cover later), when the insured dies, the insurance company and not the beneficiary gets to keep every dollar of the cash value. Not 10 percent, not half, every dollar up to the face value of the policy. Why would you want to overpay your premiums by 1,000 percent to build something you'll never see?"
: : : : how many of you out there reading this are upset that i am slamming a policy that does this to people? that's what i thought. i don't have a problem slamming liars. while i'm thinking about it...go ask your local cash value agent how much of your money goes to pay premiums and how much goes into your cash value savings fund?
: : : : p-111
: : : : "The truth is there are no good whole life policies. NOT ONE, not for anybody. Even the concept, in my opinion, is a flagrant abuse of financial ignorance. To illustrate the deceptions in the whole life sales pitches, we don't have to look much farther than the promise of cash value."
: : : : i could go on and on but you see my point. for those of you who are interested go pick up this book... or better yet, save your money and check it out at your library and read it for yourselves. start on page 111, then you should read on page 117 "defense #38:Never buy universal life insurance" after that you can go on to read on page 127 why "Level Premium Term (LPT)--Best".
: : : : now that i have done all this research...do you still want to have an intelligent conversation? remember these quotes are of "Financial Self-Defense" and these are not mine. i agree with them but if you don't believe me go get the book and others like it and find out.
: : : :
: : : : so before you become all high and mighty...do like i said and read those pages out of that book and if i'm wrong about cash value insurance i'll post it for all webmasters to see.
: : Hey buddy I hear you and I am a beliver.Don't waste your time on whole lifers.They have already sold there sole.Go build your business.See you in Atlanta.I am on the team of destiny from Winnipeg.I know your pashion for the truth but this is not the place for it.You need to talk with the people face to face.And people Who want to lable things are small minded.WE are not MLM.I spend count less hours training the people who I hire for no pay on the front end so yes I should get payed later when they are trained!