Primerica.......is this multi-level marketing (aka pyramid scheme, Ponzi scheme, etc)

[iamme]

Primerica.com

My brother in law is getting into this, and I want to make sure he's not going to get ripped off. I want to be supportive if it's legit, but I don't want to sound like a downer (I've looked into multilevel marketing when I was in college, and know how easy it is to get sucked in).

Just wondering if anyone has had experience with it. You have to pay $199 to get started which was a huge red flag for me.

Please LMK if you've heard of them, so I can warn him or feel at ease about it.

 

[UberDave]

WHen i got out of high school a couple years back, they gave me a call after putting my resume online and they wanted me to work with them and even scheduled an appt. I didn't go, figured it was a scheme.

 

[XZeroII]

Bad news. There are some legit ones, but the odds of finding them are slim. Keep us informed.

 

[sandorski]

MLM isn't exactly a Pyramid scheme. Anyway, Primerica is a MLM type setup, but that doesn't mean money can't be made, hard work is still a requirement for success.

 

[iamme]

When my brother in law first mentioned it to me, I looked up their website, and say "CitiGroup" on their homepage. I was busy, so I just regarded that as proof that it wasn't a fly by night thing. I'm no expert, but it just sounded like it was backed by a large reputable organization. Family members have been cautioning him, and I'm a little worried as well.

 

[iamme]

Originally posted by: XZeroII
Bad news. There are some legit ones, but the odds of finding them are slim. Keep us informed.

When you say "legit ones", do you mean Primerica "branches" or MLM schemes in general?

 

[Antisocial Virge]

I just got a call from them last week. Its typical MLM scam. You have to pay money up front for training and tests and surprise surprise everyone who they "interview" would make a great insurance salesman.
ripoff report

They probably got his name off an internet job board.

 

[TNTrulez]

Sounds like it

 

[MrHappyMonkey]

Primerica is no scam. They have financial offices all over the place. My company even built their Company store.

 

[HiveMaster]

Well, lets see how it works. Your uplink is a person who is licensed to sell life insurance and stocks. YOU give a list of everyone you know and all of your relatives to your uplink. Your uplink schedules "kitchen table" sessions with everyone you know and sells them stocks and life insurance. Oh and if they have a house, maybe refinances the house and sells them house insurance.

Your UPLINK gets the huge broker fees and a big cut of every payment from all the people you provided. YOU try to recruit more people, get your stock brokers and insurance brokers license, and keep up the payments on the insurance that they make YOU buy when you join up.

And when you drop out (as the majority of folks do), your UPLINK continues to make money off of all the people who once were your friends and friendly relatives.

I am NOT saying that they sell crappy products, they don't. They have an investment scheme that will help a lot of people get their retirement in order. But that is not the true nature of the business...the true nature of the business is making money for the uplinks.

I got out of Primerica when I saw my uplink fire his gardner, because the gardner would not buy one of the Primerica insurance plans.

If your brother is that kind of person, he will do well in this MLM scheme. Just keep your hand close to your wallet, and don't answer the phone.

--Primerica rep for 2 years--

 

[iamme]

Originally posted by: MrHappyMonkey
Primerica is no scam. They have financial offices all over the place. My company even built their Company store.

Not a scam, where they'll take your money and run away. I mean MLM, where the only way to make money is to recruit people. Where they use emotion to make you believe that all their members are going to make six figure salaries. Just because a company makes a website, doesn't mean they aren't out to rip people off.

 

[iamme]

Originally posted by: iamme

Originally posted by: MrHappyMonkey
Primerica is no scam. They have financial offices all over the place. My company even built their Company store.

Not a scam, where they'll take your money and run away. I mean MLM, where the only way to make money is to recruit people. Where they use emotion to make you believe that all their members are going to make six figure salaries. Just because a company makes a website, doesn't mean they aren't out to rip people off.

Also, to me, an MLM is where you goto a weekly "corporate meeting" that has the same script for would be recruits to come watch. They rehash the same 'ole "are you sick of your job?" "want to be your own boss?" "want to be rich?" etc, etc....

 

[SyahM]

for more answers on primerica business and other financial planning advisers, visit Financial Planning.com and do a search for primerica on their forum board. Of course, you have to register to search, or just browse throught the forum msg one by one here