BroadbandReports.com censors Primerica representatives. Read
about it here: This site has been moved from this
spam-ad-infested server to a clean server--no more obnoxious multiple popups! For Bass Pig's web site, Go here from now on: ..and enjoy spam-free Bass Pig's Lair! UPDATED: Be sure to scroll down! DSLREPORTS OSTRACIZED ME FROM ONLINE COMMUNITY
BECAUSE OF WORK AFFILIATIONS Here is an update, Friday, Dec 15, 2006: Justin Beech, the owner of DSLReports.com, has
deleted my account with the forum. The alledged reason being "complaining about
moderation" or the moderator's decisions to delete any messages where I discuss
Primerica or even mention the name. Recently, there was a user on the forum who
posted a possible scam, stating that he was giving away free money. Justin did
not delete the thread. I posted and mentioned that I thought it was peculiar how
he deletes any messages mentioning Primerica, but does nothing about the guy who
posted the suspect offer. A moderator is supposed to be fair and
impartial. Justin Beech has demonstrated that he is biased. So I got curious. I
suspected he might have some sort of relationship with Primerica's competitors.
Sure enough, my investigation revealed that he works or has recently worked for
Lehman Brothers. He immigrated from Australia, where he worked for Bain & Co
Asset Financing. So his roots are becoming very clear to me. So let it be known, that DSLReports.com, a/k/a
BroadbandReports.com, is affiliated with Lehman Brothers and actively censors
all messages containing the name "Primerica". Furthermore, if a user argues with
Justin about the policy, Justin simply deletes the account. If anyone else has had problems, why not make
your dissatisfaction known to him. Here is his contact information: Justin Beech http://www.dslreports.com Here are the specifics of his web domain
provider: broadbandreports.com For Bass Pig's web site, Go here from now on: ..and enjoy spam-free Bass Pig's Lair!
This is an incredulous story that I’m about to relate.
I’ll get to the background and then the shocking part:
I’ve been a member of a mostly techie web site called BroadbandReports.com, also
known as DSLReports.com for about five years now. I’ve been a member in good
standing, never spammed the discussion forums and, while often held a contrary
view on property taxes and was somewhat notorious for that, never got into a
clash with the board’s management because of my views on taxation. Same goes for
religion. I was able to express some pretty “radical” views without censorship.
Then one day, I responded to a thread about some Wal-Mart employees who walked
off the job because they didn’t like some new policy that the management had
implemented. One person lamented that Wal-Mart was the only job in town and that
those people had nowhere else to find a job.
I chimed in that perhaps those displaced employees would be better off if they
all went to work for Primerica, a business opportunity where one works in
business for themselves. Well, to my surprise, the software that runs the forum
has “Primerica” in its list of keywords to censor the entire post, delay it and
mark it for moderation.
I was rather angry about that and wrote the moderators to tell them how I felt,
as a longtime BBR member in good standing, suddenly being treated as if they had
discovered me to be a Nazi party member.
Furthermore, the replies given were full of patently false accusations, stating
that Primerica was a scam, that I was just a loser and a low man on the totem
pole, etc. All my attempts to respond publicly in that thread with facts from
the government regulatory agencies that refute these lies, were censored and
blocked/deleted.
My response included the statement that if they wanted to know the truth about
Primerica, they should visit the NASD and Better Business Bureau sites, as well
as A.M. Best, Standard & Poors, Moody, etc., for the accurate facts.
Primerica has a lot of enemies in the traditional Whole/Universal Life insurance
industry. There are several web sites that are produced by a man from the
competing insurance industry, and he makes a bunch of half-true statements, and
provides no facts to substantiate the claims made.
The other ‘enemies’ are the many people who dipped their toes in the Primerica
waters, didn’t have the discipline or the initiative to do what it takes
(statistic: only 19% of people who join Primerica ever get their life insurance
license) to be successful in the business who go on public forums and whine
about how it’s “a pyramid scheme,” “a ripoff,” “taking advantage of poor
people,” etc., ad nauseum.
The whole matter is, any idiot can put up a web site. The information can be
totally false, and since the web is largely unregulated, there’s very little
that can be done about it.
Getting back to the BroadbandReports.com site putting me on watch (they hate
spammers with a passion and I don’t blame them) as a regular contributor to
their forums who has never spammed their forums, I found the action to be
knee-jerk and extremely unfair. But then, it’s their site. For now.
I’ve resolved that one of the things I will do when I start to make the really
big money is that I will buy or takeover the stocks, if the site’s management
company is publicly-traded by then, or the web site, and put up the truth about
Primerica in prominent places all over the site. It will remain as it was, but I
will take that former liar of a site whose bias and lack of integrity suggests
ulterior motives and alignments with unfavorable parties and sweep out the lies,
disinformation and innuendos and place the truth prominently on the front page.
Before I got involved with this company, I investigated it to a deeper level
than most people do. I was a person who had been burned by MLMs before. I’d been
in Amway, and later, some 3D camera outfit. Talk about pyramid schemes!
When I found Primerica, I learned that it’s a blue-chip company, part of the
CitiGroup Financial companies, which include a lot of prestigious firms, such as
Smith-Barney. The company has over a trillion dollars in assets. Somehow that
doesn’t come across as a scam company. They’re highly rated with numerous
independent financial institution ratings firms, and I verified that by doing my
own research.
The compensation structure is really clever. It motivates representatives to
build the business, and rewards them handsomely for doing so. The structure is
similar to real estate and even the competing insurance industry. We get paid by
the companies we place business with. Not from the people we hire. Every check
comes from the corporation. We do get overrides from the business that people we
hire do, but that’s our payment for training those people and bringing them on
board. It’s perfectly legitimate and honest. And it’s a great income once you’ve
built up your team. There is direct income plus residual income from the
business your team does. So the larger the team, the more leverage you have for
earning money.
The thing that really brought me on board was the education I received on life
insurance. The more I learned about how the various policies work, and seeing
how Primerica only offers Term insurance, the more I understood how the Whole
Life/Universal Life policies were such a huge ripoff.
Conventional insurance policies like Whole Life have a savings vehicle built
into the policy. The insurance companies make a lot of commission money off
these policies because although the company gets a 12% return on the
investments, they keep about three-quarters of that money and pay the client
about 2-3% on the interest.
Another thing is that no interest is earned for the first two years. And when
the client borrows his own money, he has to pay interest to the insurance
company! But the thing that made me want to throw a book at the wall was this:
when the insured person dies, the cash value saved up in that policy goes back
to the insurance company! Only the death benefit is paid. And as an adjunct, if
some of the cash value is out on “loan”, the beneficiary receives the death
benefit minus the loan amount and interest due! What a ripoff!
There are so many things wrong with the traditional insurance industry that it
could fill a book or two. I was reading an article on one of my radio journals
about Nikola Tesla versus Thomas Edison. Their rivalry was fierce—when Tesla
demonstrated his superior AC power generating system, Edision staged
electrocution of live animals in front of the public, in an attempt to discredit
Tesla’s AC theory. Clearly, Tesla’s work was superior, and eventually became the
standard for power distribution around the world. But Edison even stole credit
for that!
Now I liken Primerica to the rest of the industry in the same manner. The
industry is like Edison—established, had the whole racket to themselves and were
making excessive profits by nefarious sales practices and hidden disclosures,
while ripping the clients off. When A.L. Williams founded Primerica in 1977, he
started a new revolution of “Buy term and invest the difference”. It took off,
and took a lot of business away from the fatcat insurance industry. And that’s
where the smear campaign began. The insurance industry is guilty of Ayn Rand’s
“biggest sin”:: hating the good for being the good. Hating the efficatious for
their achievement.
I feel pretty good about this business. For me, it’s not easy. I have many
personal obstacles to overcome, but the reality I see around me is that people
are getting big checks every day. I was at a Filipino market last night and
bumped into a young lady from my office and she told me that she had just sold a
$1,000,000 life insurance policy to a doctor, saved him a lot of money over his
old Universal Life policy and earned a $13,000 commission. Not bad for an hour’s
work!
I’m drooling over the smorgasbord of profit centers in Primerica. The more
licenses I acquire, the more types of business I can transact. Securities is a
big income earner. The biggest commissions are there. Right now, I can write
mortgages and loans and produce life insurance policies. I have yet to study for
and take the test for the securities licenses. But that is my intent. For now, I
am learning the business and to improve myself, because to make it in this
business, you can’ t be a misanthropic xenophobe, like I was for so many years.
I’m learning to change myself, so that I can open new opportunities for myself.
Primerica has been a learning experience and a self-improvement program with a
real incentive to succeed.
And now that there are so many people who call me a fool for joining that
company, I am angry and motivated to succeed, so my ego-driven desire to show
them by example is one of my strongest motivators now. I can’t wait until the
day when I buy their web site and reverse all the lies and remove the Primerica
censorship. That will be a sweet day.
Phone: 212-269-7052 x252 FAX inbox: 212-937-3800
e-mail : jb@dslreports.com ---
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