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In Reply to: Re: Deceptive Practices? posted by eric on February 26, 2004 at 11:44:24:
: I was in Primerica a few years ago. : Some examples are: I was never taught to call it "Trash Value" insurance. I guess situation's differ from office to office. Well, Primerica assumes that buy term and invest the difference is correct 100% of the time, and therefore feels that there is really not much need to touch on the other types of insurance. Now, granted there are times when cash value insurance is appropriate (to protect an estate, etc) but most of the time buy term and invest the difference is the way to go, especially when coupled with other Primerica practices (such as investing the difference saved in a mutual fund, bypassing the need for the cash value). Of course, Primerica is not going to develop the slogan "what we do is right 97.3% of the time." or whatever number it is, any more than Morgan Stanley is going to say "A Morgan Stanley financial advisor is unusually dedicated to your dreams... except the one or two that are not". I mean, I'm sure not every single last Morgan Stanley advisor is perfect (as we have seen). I would also just like to point out that VUL is about as approprate trying to win the lottery to protect your family. : (2)-Agents accept what is told to them by their uplines as gospel, and restate these as fact to clients, and many of these statements are false. By doing this, the Primerica Agent does not fulfill the fiduciary responsibility to the client, and uses false statements and half-truths to sell or recruit. (As noted by posts made by Enrique here on this board. He has stated the following: Primerica is not a MLM; his upline says Merill Lynch wont even talk to you if you dont have at least 200k; Primerica was the only company to pay out all claims on 9/11) These are all statements I heard my upline say as well, and we know they are all 100% false. I'm sorry to say, you are right, often times agents will listen to what their uplines say as gospel. However, in most companies, the bosses word is followed like he is the christ, and most employee's aren't going to tell their customer "I'm really just doing this cause my boss says to, not cause it makes any sense." Not everyone is perfect, and there are going to be a few bad uplines that give misinformation to the people under them. This doesn't make the company's philosophy as a whole one of deception, however. Often times, your experience of Primerica may depend on the office. Remember, Primerica is really a business plan implemented by many different offices, and sadly, some offices or RVP's or uplines choose to act in unethical ways, or spread misinformation, either intentionally or not. However, all the mis-facts you have stated that you heard from your upline, I actually haven't heard from mine, or from anyone in my office. Again though, an unethical RVP or a misinformed upline doesn't mean that the concepts on with the company is based on, such as "buy term and invest the difference" are wrong, and that Primerica as a whole is intentionally deceptive. Thanks for your response, and for reading mine :)
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