Complaint / review text:
It's almost 2 yrs. Since I looked into Primerica in BC, Canada. I dropped it.
I learned some useful things, even tho the evangelistic style hype turned me off, as did the many presenters labelling people with other ambitions and lifestyles as losers. The encounter did help me sort out some things.
But I also asked around. An independent insurance professional said self-employment was paid work without a boss. She said Primerica was good as a training ground in the short term, at least.
When is employment employment? While the gov. Of BC is hazy and lazy about that, the Primerica routine fills the criteria of employment, for the first phase or 2 of involvement anyway—even if the gov. Is reluctant to force paybacks from and penalize violators who should have paid wages and commissions. (100s of co. S in BC alone are hiring employees called "self-employed" and enslaving them and the gov. Doesn't care.)
Primerica might work for a certain demographic, which I don't fit. It can work for people who already have steady decent paying jobs, i. E., have families and property worth insuring and money to buy it with and invest further. People like that have co-workers and neighbors to be potential clients and recruits.
By the way, that demographic is the shrinking middle class who experiencing bankruptcy, reduced wages and pensions, lay-offs, rising living costs... So how is the market, really? They talk about the pre-retirement sector who have oodles of assets stored and on the of being transferred into a retirement lifestyle, but how many will have houses worth much and decent pensions, how many will not have to continue working past 65, and how many will need to keep working but be forced into retirement by 55?
The Primerica pitch claims that the average person will need some four to six million dollars to live on in retirement if you want to have a good house and money for travel and fun. Well, those figures are exaggerated. And what is fun for one person is not necessarily for another. Come on, there are supportive family units, seniors' or shared housing, community resources, and reductions of various costs such as transportation for seniors. And prospective health care expenses vary too; the situation in Canada is not like that in the US. And, let's be realistic. How many people over 70 are healthy enough, if alive even, to live independently, run a house and travel?
Consider me, a 50-year-old. When Primerica whistled at me, my issue was steady decent paying work. True, I'd reached an age where I needed to start thinking about retirement finances. But I had no spouse and kids, little debt and nothing to insure. I was surrounded by people like that. Hey, Stats Can says over half the population of Canada is single (not married or in common law partnership)! So why did they beckon me? I don't fit the profile.
I couldn't afford to go through the necessary steps of multiple licensing, and not interested enough in the course materials. Nobody coached me on the course. Nobody had told me that insurance agents have to be constantly studying and licensing and renewing year after year. I wasn't interested in all the courses.
Also, the product they recommended me, a minimum $25,000 RSP loan, was inappropriate at the time. Where was the tax saving if I wasn't making enough to be taxed much? And how could I handle the extra expense without regular good monthly income.
After 3 months or so, I gave up Primerica and explored other options. What happened to me? Two years later, I'm working full-time as an English teacher in a foreign country having rich experiences and traveling farther while socking away cash now that I'm completely debt free, not having to pay for housing and not having much tax to pay. I'm writing. I'm getting lots of exercise. I'm making loads of new friends. The prospects are bright.
I wonder what happened to my recruiter. Last time I saw him, he was scraping buy on a monthly income from Primerica of $600 or so, and into his 6th month of full time activity for Primerica (after a year or so part-time at it).