Can some one aware me on Primerica

[marindependent]

Thanks for the Share @Al3x Lee - most informative. Another reason that you should run for CA insurance commissioner...

I like how to suggest folks submit an FTC complaint form if you have been involved.

Thanks Again.

 

[DHK]

I have been a licensed insurance agent for nearly 20 years. I hold CLU and ChFC advanced planning designations. I was in MLM decades ago. I have never been with Primerica. With that being said, Primerica is NOT a pyramid scheme. (Publicly traded companies are rarely operating illegally.) Pyramid schemes are primarily designed for compensation for INTERNAL CONSUMPTION of a product through recruiting. Primerica does recruit (as most companies do). The biggest issue (aside from policy misrepresentation) is that the recruiter sells the new recruit's contacts their policies. It's THAT method of selling that is still LEGAL, but FUNCTIONS like a pyramid.

There's certainly a lot of misrepresentation that he's exposing in his video... and I agree - the company is operating legally... but yes, there's a lot of issues.

 

[DHK]

Same YouTuber posted this video yesterday:



And he's local to me.

 

[Al3x Lee]

With that being said, Primerica is NOT a pyramid scheme.
Pyramid schemes are primarily designed for compensation for INTERNAL CONSUMPTION of a product through recruiting. Primerica does recruit (as most companies do). The biggest issue (aside from policy misrepresentation) is that the recruiter sells the new recruit's contacts their policies. It's THAT method of selling that is still LEGAL, but FUNCTIONS like a pyramid.

They recruited 359,735 new members but only sold 291,918 policies.

Only the top couple layers stay. The rest come & go & it is why the average production of their licensed reps is 1-3 apps a year or something crazy

Probably the only company out there that mails you your contract and your termination letter at the same time.

Actually, the number of policies issued closely mirrors the count of people recruited.

Sure sounds like a pyramid scheme to me. Let's not forget, child labor used to be legal. That didn't make it justifiable. Even the agents who responded on the first page opened this thread by saying "MLM", "Beware". Primerica and their ilk are the scum of the earth, and given that you have the designations you do, you should feel that way even more so. These people are giving your profession a bad name. One brush with Primerica could turn an entire family away from life insurance and financial planners for life

 

[DHK]

I do... but I have better things to put my time, effort, energy, and focus into than defending the industry against Primerica... at least on an active basis.

I'll do it passively through my blog and YouTube channel. Even then, the more balanced I am... the more credible I am perceived. If I'm always mad and upset at them... then I'm seen as being too far biased and obsessed over them.

But here's my recent stuff:
https://www.davidkinderfinancial.com/post/primerica-iul-hit-piece-de-bunked





This is just a segment from the first video I did a couple of years ago:


And there's this oldie but goodie:

 

[Al3x Lee]

I do... but I have better things to put my time, effort, energy, and focus into than defending the industry against Primerica... at least on an active basis.

I'll do it passively through my blog and YouTube channel. Even then, the more balanced I am... the more credible I am perceived. If I'm always mad and upset at them... then I'm seen as being too far biased and obsessed over them.

You had my curiosity... but now you have my attention. I'll give your videos a watch.

 

[toolbelt]

It's amazing MLMs can thrive in today's modern world, despite the plethora of information readily available. I'm glad people like him are taking a hard stance against them.

I think it's safe to say that MLM'ers perform absolutely no research before joining, including basic social media use.

 

[toolbelt]

Pyramid schemes are primarily designed for compensation for INTERNAL CONSUMPTION of a product through recruiting.

MLMs are NOT required to file ANY data with the FTC, unless requested during an extremely rare formal investigation. The FTC allows the MLM industry to self-regulate. Only 34 rare individual MLM investigations have been carried out by the FTC over the last 40+ years. ALL 34 resulted in fines/settlements and/or outright closures. There are over 800 MLM companies operating in the US each year. How's that for totally legal??

 

[toolbelt]

It's THAT method of selling that is still LEGAL

The unofficial FTC threshold is 30/70. MLMs are not required to furnish the FTC with that ratio, nor any info at all. The MLM industry is self-regulated.

 

[toolbelt]

a lot of misrepresentation that he's exposing in his video... and I agree - the company is operating legally.

Those misrepresentations are illegal according to the FTC, however the FTC allows the industry to self-regulate, nor do they have the manpower to monitor 1000's of MLM'ers social media accounts.