My husband got 'hired' by Primerica about two months ago through CareerBuilder.com. He has a bachelors degree in Public Relations, has no experience in financial industry and had never taken a single class in finance but was looking for a sales job. Needless to say, he was an easy target for Primerica's smooth talkers. Just two days after he got recruited his 'trainer' had invited herself into our home to do a 'kitchen table' with us to help us set our financial goals and help Paul 'train'.

Me being a recent MBA graduate I prepared a whole list of questions like 'So how exactly is Primerica different from say Mary Kay other than the fact that Mary Kay sells makeup and Primerica sells financial services?' and 'Is there really a business need for my husband to recruit his friend the plumber and our neighbor the Secretary to sell insurance with him so that he can make money of their sales to their friends and family?' I had all kinds of questions that I was so sure she wasn't going to be able to answer at least not to my satisfaction and that because of that we would not ever see her again.

Boy was I wrong. She had me completely showed. She was throwing around arguments about baby boomers retiring soon and how they'll be rolling their 401ks and all of this money will be exchanging hands and there will be no one to help them with their insurance and investment needs. And this is because companies like Merrill Lynch wouldn't even talk to you unless you have $100, 000 to invest and Primerica fills in that growing market of middle class people that do not yet have clear financial goals set.

To my question on whether Primerica is a multi-level-marketing company she exhaled: 'But of course it is multi-level! Every single corporation in the United States is multi-level. Everyone including CEOs have people below them, above and them or both.'
Not 30 min. into it we were already going into our Financial Needs Analysis (aka FNA) and through Primerica's 'Show Me the Money' 6 months plan. She was throwing charts, graphs and all kinds of flyers at us showing exactly how much money will my husband making over the course of next 6 months being on the fast track 'trainer's plan'.

Among other things she kept saying that if the wife isn't happy then no one will be happy and that she wanted to make sure I was agreeing with what Primerica had in plan for him and that I was satisfied with it. Along with six figure income after 6-7 months she showed us that the first month while he is training he will make exactly $565 - by his trainer giving him or finding him a client for a life insurance policy. Yes its small, $565, but its guaranteed and it will help pay for our daughter's daycare.

When she left our house I left pretty good about my husband's new job. Sure, its commission only but with all the 'training', help networking from his trainers and colleagues and his sales skills he is be bound to succeed. But my piece of mind did not last very long. In less than two weeks I saw what was going on. He was 'training' for about an hour on Saturdays only and spent all day Tuesdays interview new recruits. Outside that all he did was make endless phone calls soliciting new recruits.

As I work from our home office I get to hear the same sales pitch over and over again. Several friends started avoiding us as he tried to recruit them, they refused but he wouldn't back off. Around that time is when I found out that not only did we pay for the $199 membership fee but we also bought a term life insurance policy on my 27 year old husband's life that we needed so much as he could die any second and what would I do than to replace all of his income (with Primerica) ? And we didn't stop there.

We got an emergency mutual fund investment too. And all of this before trying to pay off all of the high interest debt we have that is costing it a lot more any investment we could make. Needless to say I went ballistic but as soon as I came down I started doing my research. Here is what I found out through watching him recruit and talk about Primerica:

Primerica is nothing but a pyramid scheme that depends on constant influx of new recruits that will pay the $199 membership fee and purchase number of financial services/ investments most of which they do not need or are not suitable for them. The manner in which Primerica sells these financial services involves some very questionable business practices and by sales reps with very little or no training, education or credentials in financial advising.

Even though my husband had now spent almost two months with the company he could not give you the definition of term life insurance let alone explain the difference between term life insurance and cash value insurance. Despite of this, he managed to recruit some 6-7 new people most of which he solicited off CareerBuilder. It's been two months now he did not make the promised first month $565. When he asked his trainer about it she told him she couldn't help him with it because he did not have a 'warm market'.

Primerica was been and is under investigation by the SEC, FTC and numerous other government bodies. Listing of investigations and litigations can be found SEC's and other sites -->
http://www.sec.gov/cgi-bin/txt-srch-sec?text=Primerica&mode=&start=&count=§ion=
Litigation&sort=rank

If you just do a goggle or Yahoo search on 'Primerica fraud' you will get hundreds of hits explaining lawsuits, Primerica's deceptive tactics and testimonials of people defrauded. Most concerning of all though is that members of Primerica during company's presentations and speeches yell out 'Amen' and 'Hallelujah' (my husband admitted hearing this too) and insist upon Primerica being a 'Christian' organization.

The two of us had never went to church on our own before but only a month after he started working for Primerica he insisted on going to church every Sunday. And not only going to service but to Sunday school, Wednesday service and church softball and basketball leagues- its good for meeting contacts for Primerica.

To sum it up:

What Primerica tells their recruits is that:

1) They can easily make a six figure income
2) Their greatest income opportunity comes from recruiting new people from whose sales they will receive overrides (or % of commission)
3) The $199 dollars is for a background check (that typically does not cost more then $65 or that $40 is for the background check and $159 is to cover the cost of government subsidized classes (which oddly enough cost exactly the same in every state)
4) That in order to be successful selling Primerica's financial services it is strongly recommended that the representative buys a portfolio of Primerica's products
5) That Primerica is in fact a 'Multi-Level-Marketing' organization but 'as is every single corporation in the United States' (or everyone but the CEO has people below and above them)
6) That they are being recruited as financial advisors
7) Primerica is in the business of “helping people'
8) That Primerica is a part of Citigroup - the largest financial company in the world

What they don't tell their recruits is that:

1) Only about 1.5% all Primerica's sales reps ever make a six figure income, if even that many
2) Primerica does not cover any of the business expenses or overhead representatives incur in the process of recruiting new members or selling Primerica's services
3) As a result of questionable business practices Primerica's has been banned from operating in the state of New York for two years (strangely enough my husband's recruiter had moved down from New Jersey?)
4) Even Primerica's disclaimers state that 'Representatives are not financial planners, investment advisors, financial consultants or other specialists who provide financial advice and whose compensation may be unrelated to sales.'
http://ww4.primerica.com/public/primerica_disclosures.html

5) That Citigroup is merely a sister company of Primerica that does not endorse any of Primerica's business

All that my husband has to say to this is 'I bet that if you look hard enough on the Internet you'll find that even Jesus is bad'. He does not want to even hear about anything about it much less consider doing his own research. He is now even planning on an advertising campaign to get his Primerica's sales started. Needless to say, Primerica will not pay for any of it.

Basically going forward my fear is that:

a) Him and I will pour hundreds if not thousands of more dollars into this 'business venture' before he figures out who he's dealing with
b) Some new recruit and/or customer will either break his jaw when they realize they had been defrauded or sue him

I have said so many things to him but nothing seems to be working. We just end up getting into fights about it. He is not himself anymore and has been completely brainwashed. He would not listen to me or his parents and family. His aunt actually had the exact same experience with Primerica and told him not to do it. But Primerica's answer to it is that its not for everybody - it is hard work and only determined and hard working ones succeed. But lately I've been feeling that the following applies.

Stay away from Primerica and their pushy salesman with no knowledge in any financial area. They are posing as financial advisors looking to take your $199 and sell you anything they possibly can. After all as a member you better be buying all you are trying to sell.

Susan
Atlanta, Georgia
U.S.A.

And you have way too much time on your hands - should have used that time toward your business, it may have worked for you. Otherwise, you sound like a raving idiot. If you would have just done what you were told to do, embraced the opportunity for what it was, you probably would have done just fine.

Everything is supposed to be told to you upfront, and if it wasn't then you encountered one of the bad eggs in the company. Sorry for you, but I don't think typing a 20 minute read on complaintsboard is productive use of your time regarding a situation you know very little about.

Primerica Financial Services a subsidiary of Citigroup (Bank) Is a Scam. They have you under the impression that you are going to have a job interview and that there are different types of position. Not true. You go there and find out that the address they gave you is a hotel. Hotel conference room. You go their, it turns out to be a seminar. No JOB. TRYING TO SCAM MONEY OUT FROM YOU. I was lucky I figure it out. I just walk out. A lot of people are getting scam. They claim that they are their for the poor not true. They are stealing from the poor. With the U.S. economy in crisis people losing their jobs. Primerica Financial Services Human Resources Rep shouldn't be misrepresenting them self. We should all get together a suit this company. I know what they are doing is not legal.

The man I was doing business with for primerica he called me everyday about doing this program so i went to the meeting that they have before they process your application so more than likely i was interested because they made it seem like the best thing to do so i filled out the iba at the moment i didn't have the money to pay them so surely the guy called me everyday and even on my payday and asked me did i have the money so he made it seem like i will be making money in the next week or so... so me being dumb i put my cell phone bill on the side thinking i am be making money like asap (thats what the man told me) so that day i gave him consent to take the 99$ out my account so sadly i didn't hear from him anymore so i called during business hrs telling him i wasn't interested in the program anymore he didn't answer so i left a message that next week i had appointments booked one was for 5 so he called me 15 min tell the appointment i made with someone and the person stays at least 30 mins away so i am thinking he 1 totally disregarded what i said in the voice mail and for 2its unprofessional for to show up at someone house late for an appointment or call me last min about it thinking ima rush and get dress he tried to talk me into staying but i am thinking bullshit you just after me for money i be *** if i let someone use me so 2 days letter checked my balance in my accounts them *** holes took more money out my account after i told the guy to cancel my employment opportunity so i called again during business hrs trying to keep it professional didn't answer so i left a message thank god i kept the letter that they send to you about thank you for joining because *** not answering his phone so something told me to read the letter in small print they had a number you can and so i did and i got everything taken care so i am just waiting for my money stupid *** *** over me and only why i was interested in the program and trust him because he was like a uncle to me and i been knowing him my whole life but like they say you don't know a person until you do business with them i hope no one fall in that scam and bullshit primerica thinking they have to offer because its straight up bullshit they make money for getting you to join thats why he not picking up his phone because he want that profit ain't going to happen because i just started so i am getting my full pay back but usually when your application get processed already they take 30 (but my application didn't have a chance to process) out wut u paid hahaha good thing i cough his bullshit ways in time and also who ever you refer or what ever person you sell the insurance to they get half your profit *** that PEOPLE PLEASE TO CAREFUL don't get no type on benefits from these con artist because its all game don't business with these people.

LET'S MAKE IT SIMPLE for those who cannot read all of this expose at the present moment. Would you work in the following scenario? You go to work in an office after being told "you really fit this position. And it will be easy work, you will have lots of time with your family and you will make a tremendous amount of money". Firstly, you are told you will NOT be paid until you obtain a license. You say "nothing was said that you have to have a license to work here. And, you already have my SS number". Well, you were finally told AFTER the sleazy one got you all excited about making 50000, 100000 or even more less than .005 do. Secondly, you must "recruit" other workers so you can be paid. "What? What if I get five; they all get five; they get five? Where will all these workers fit? There's very limited space." You only hear: you must recruit, recruit, recruit. Thirdly, AFTER you pay out of your own pocket for this license, you cannot earn money yet.

"Why? You said I can collect commissions and recruit after I pay for this license, pay for the preparation, pay the fee and pay all of my expenses to get it. I'm having to go to the homeless shelter because I cannot meet my house payments" or "I cannot pay my rent". You hear a bunch of lies. This is to cover up the fact that you are not allowed commissions for a while. You see, your superiors superiors? NO ONE whom is dishonest is superior to I. NO ONE. - this upline - knows that you are going to hear the truth about Primerica. You will become very discouraged, very, very quickly. So your "superiors" have to hold something back to insure you remain in the trap that they have placed you in.

Fourthly, you are told or may be NOT told and all the implications of that! that YOU MUST HAVE $25 STOLEN FROM YOUR BANK ACCOUNT EVERY SINGLE MONTH!!! WHY??! This is such a great opportunity and you are in a 10, 25, 50, 100, 200 or 500 billion dollar company that you are in, depending upon how large of a lie your rvp told to you. You haven't seen a check for well over a month now, but you have to allow Primerica to STEAL - that's precisely what it is - from you. And they do not tell you up front. This means that you will be clubbed for $25 to Lord knows how much, depending upon how many checks you wrote that bounced as a result, how dishonest your bank is and the fee your bank charges per returned check presented.

Fifthly, you are NOT vested in any profit sharing plan after one year of employment in this supposed 500 billion dollar corporation. Sixthly, you are provided with NO life and health insurance after two or three months of employ, not even one with a large deductible. you are told that you MUST buy an insurance policy with this 500 billion dollar company!!! You must buy this policy as an EXAMPLE to all of your prospects, even though you supposedly have this secure job in an office where you are supposed to be making this huge salary and not have to waste $80 in gasoline per day trying to sway prospects and lying to potential recruits to get this downline!! You do the "hiring" for your superiors and they don't have to go to the expense of finding good help. But even though it's their fault, YOU still get the blame if your downline doesn't sell. And, in addition to that, it's not even the cheapest of policies!! Matter of fact, when you compare to other companies, you find that you are paying one of the

highest rates!! Further, you receive no discounts!!! You pay retail in this $500 billion company that should be insuring you and your family in gratitude for you putting in 80, 90, 100 hours/week worth of work attempting to get more "recruits" for the company!! Worse, you may already have a whole life policy that you are trapped in. It does not matter. You are told you MUST buy a policy with Primerica to make a good impression on all these customers you are going to get. No lead sheets from a professional marketing firm nor anything a quarter of the way convincing is presented to you that you will have good possibility leads. WOULD YOU GO TO WORK FOR A COMPANY LIKE THIS? READ ON.

Don't chase good money after bad! Have you taken a long time to mull over that? Had I done so when I was younger, I would've saved a little bit of money that is for ever gone. Defenders of the pyramid multilevel marketing fraud are posting because they do not want their downline and future downline to know they ghastly trap they are being enticed in to. ALL who get in to pyramiding do not know what they are getting in to. ALL who sign with Primerica do NOT understand the IBA that they are signing, nor do they go over with their attorneys. Some do not even understand that it is a sales job with NO base salary. Questions? Arrange for me to speak. I will doom pyramiding surreptitious, fraudulent, fleecing, abominable multilevel marketing.