Primerica is a multi-level marketing company that sells life insurance and investment products. The company has been criticized for its high costs, aggressive sales tactics, and poor customer service. Here are some of the specific criticisms leveled against Primerica:
1. High Costs: Primerica's life insurance policies are significantly more expensive than similar policies from other companies. This is because Primerica uses a whole life insurance model, which charges higher premiums but also offers a cash value component that can be used as an investment. For many people, it makes more sense to purchase a cheaper term life insurance policy and invest the difference in a separate account.
2. Aggressive Sales Tactics: Primerica has been accused of using aggressive sales tactics to convince people to buy its products. The company has been investigated by several state governments for allegedly pressuring customers into buying unnecessary or overpriced products. In some cases, Primerica agents have even falsified information on applications in order to get commissions.
3. Poor Customer Service: One of the biggest complaints about Primerica is its poor customer service. Policyholders have reported difficulty getting claims paid out, long wait times when trying to speak with customer service representatives, and unhelpful or rude staff members. If you're considering purchasing a policy from Primerica, be aware that you may not be able to count on the company for good service if you ever need to make a claim.