Primerica Life Insurance

[mikeyrobbie]

Hey y’all! I didnt know where else to ask so I thought I’d ask here. I recently applied for insurance with a company called Primerica Life Insurance. I’m not familiar with them at all, so I thought I’d ask on Reddit in hopes that someone has heard of them. What can y’all tell me about them? Are they legitimate?

 

[rev2104]

@mikeyrobbie Never (ever) work for a company that requires you to pay for your training or licensing. Both Primerica and World Financial Group are MLMs that focus on recruiting more people (none of whom make much money) using vague calls to action around pursuing financial freedom, protecting your family, etc. My favorite corny saying from WFG was "Life insurance is love insurance". As others have said, the products are inefficient, with outsized fees. They prey on the financially unsophisticated (again using those vague promises), with some reps making bolder (and completely illegal) promises about product performance.

Run, don't walk.

 

[mikeyrobbie]

@rev2104 I understand the working aspect. They even offered my mom to sell life insurance policies with them too. As far as their life insurance plans go, should I back out? How can I do so if I gave them my routing and account numbers?

 

[rev2104]

@mikeyrobbie I can't tell you for certain about how you can back out of the policy purchase. Check the paperwork they gave you and do some research online to see your options. Complain with the state DOI or other regulator if necessary. Look up the free-look period in your state. Expect them (Primerica) to slow walk your request but be persistent. And pay close attention to the fine print, including fees and cancellation penalties.

 

[mikeyrobbie]

@rev2104 Ok. I don’t think we got any paperwork, unless they sent it to me through email. My mom and I still need to complete some sort of medical exam with a representative of ExamOne (a Quest Diagnostics company), so I don’t know if we should even schedule an appointment

 

[rev2104]

@mikeyrobbie My recommendation is to not schedule an appointment, and go back to whoever or wherever you completed the application to cancel. Probably want to move quickly. Simply canceling the medical appointment (and blocking them from drawing money from your account) may not be enough. I don't know (my background is in P&C insurance) but I am paranoid about companies trying to rip me off, FWIW.

 

[mikeyrobbie]

@rev2104 Yeah I’ll probably have to resort to calling them directly to cancel my plan and all, and I won’t be scheduling the appointment at all. Thank you!

 

[soldier_of_god]

@mikeyrobbie

I understand the working aspect.

You think a company taking advantage of their own people is totally loyal to their customers?

 

[ifitry]

@mikeyrobbie pyramid scheme

 

[mikeyrobbie]

@ifitry How so? Can you elaborate?

 

[ifitry]

@mikeyrobbie they hit all the benchmarks

• make way more money recruiting suckers to sell crap than by being a sucker selling crap
• offer shittier products at higher prices than the market as a whole
• nobody's sellling anything there (average rep sells three policies a year)
• nobody makes any money working there (only 4000 reps out of 10 million have ever grossed $100k in a rolling year, average rep income is $6k a year)

there are plenty of legit insurance agencies and companies out there that will pay for your licensing, pay you while you study for your license and learn to be a sales rep, and provide you leads to sell a legitimate product to

 

[soldier_of_god]

@ifitry

average rep sells three policies a year

and one of those could be the policy they bought after joining. And your estimate is before cancellations.

 

[mikeyrobbie]

@ifitry So it’s a pyramid scheme for the people selling and it’s not really a good life insurance plan for the customers?

 

[ifitry]

@mikeyrobbie yep

 

[chrisdmeadows]

@mikeyrobbie Please see r/antiMLM there are plenty of posts about them. Scam company, scam product.

 

[mikeyrobbie]

@chrisdmeadows Got it. I think what’s crazy is they even offered my mom to join them in selling their life insurance stuff to other people. That was a major red flag and I can’t believe I missed it. My mom enrolled in their plan immediately, and I followed after. She’d be paying $118 a month while I’d be paying around $55. If we gave the salesman our routing and account numbers, can we still drop out?

 

[ovlov90]

@mikeyrobbie For sure you’re getting over charged from what a usual policy would cost

 

[kevt]

@mikeyrobbie Bottom of the barrel slime.

 

[col1]

@mikeyrobbie AVOID PRIMERICA......

 

[jalek]

@mikeyrobbie https://preview.redd.it/9t4yqtoofks...bp&s=c61f514ecc40158d98e69734bd6eda4b42a9f947

I literally just got off an interview with one of them, who called me outta nowhere to offer a job, knows only my first name, and would not tell me what position he's trying to offer or what they do, not even the name of the company. But I was desperate enough to accept the invite. My dude began selling a millionaire future to me and how this opportunity will change my life. Asking me pretty generic questions. Soon as I set eyes on the dude, I felt it was fishy. My dude finally pulled out a ppt presentation to tell me about his primerica. Bailed after 20mins. Point is, if they're probably full of BS. Don't be nice when confronting them. They're the type to take advantage of desperate people.