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Primerica Complaints

Primerica Complaints

The Site states "Primerica is a classic example of a pyramid scheme." Primerica is not a pyramid
scheme. It is a subsidiary of Citigroup, a New York Stock Exchange company, and has been in

business for 30 years in a highly regulated industry. Since pyramid schemes are unlawful and Primerica is not a pyramid scheme, your Site's statements are per se defamatory.

® The Site states "the Primerica job scams make money by recruiting other employees." The Site also states that your "research" showed "most people who peruse (sic) a career with Primerica earn less the (sic) $1,500 per year." Primerica offers a business opportunity that can be worked on a part- time or full-time basis. Representatives cannot be paid to recruit people into the business. They are
only paid based on product sales. Commission income results will depend upon the effort and
abilities of the individual representative, the organization size that the representative builds and the
efforts of the representative's life insurance and securities sales force. Many individuals are highly
successful and earn significant commission income, while others work part-time and earn less. The
"average", however, is significantly more that the "$1,500" your Site misrepresents.

. The Site states that "in fact Primerica has been under investigation by the Securities and Exchange

Commission since 1998," that PFS has been investigated by the SEC numerous times over the past

decade, and the Primerica companies have been found to be in violation of many life insurance
regulations since the early 1990's. This is another out-and-out falsehood. There was only one SEC
order in the 1990's and there has been no other order since then. Primerica's securities record is an
excellent one. With respect to life insurance, Primerica Life has an excellent record and its
subsidiaries have paid out approximately $800 million in death claims annually, including claims
from the September 11, 2001 World Trade Center tragedy and the Hurricane Katrina devastation.

 


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