Primerica is a financial services company that states it's mission is to help underserved communities gain access to top level investment and insurance products.
The company has been in business since the late 70s and has steadily grown throughout the years. They provide financial education and sell products through a network of individual associates.
This business opportunity allows those interested in finance a chance to make a supplemental income by sharing Primerica solutions with their networks and communities.
Their motto has been to focus on Main Street, and help those families address their needs, whether that may be building wealth, protecting their savings, or investing for the future.
Products and Services
Through their network Primerica offers the following services:
- Term Insurance
- Debt Solutions
- Auto & Home
- Long Term Care
- Legal Protection
Their process starts with a Financial Needs Analysis (FNA) - this complimentary service helps you identify your most pressing needs and learn where you are most exposed.
Primerica specializes in Term Life Insurance and has been selling this product since 1977. According to their website their insurance division:
- Pays an average of $3.5 million in benefit claims every day
- 94% of claims are paid within 14 days
- More than $728 billion of life insurance in force
- Rated A+ (Superior) by A.M. Best
From the investment standpoint they provide mutual funds, managed investments, Annuities, and retirement plans.
They are partnered with some of the largest companies and can sell funds from such major players as Fidelity Advisor Funds, Franklin Templeton Investments, and AIG.
Primerica Business Opportunity
What you get from the Primerica business opportunity is a chance to enter the financial services industry without any prior experience or qualifications. They provide the necessary tools and training needed for success.
If you join Primerica you will receive training in the sales of financial items such as life insurance, mutual funds, variable annuities, various loans, and legal services.
The introductory cost for joining the company is only one hundred dollars followed by the monthly Primerica Online fee of $28.00.
Throughout the years Primerica has been integrating the latest technology in order to provide their representatives with all the tools necessary to earn money and help their clients.
For Instance since 2005 Primerica Life agents have been issued electronic handhelds that let them get insurance quotes on the spot and fill out applications without paper.
Income differs per independent contractor and depends on your grasp of the materials and ability to set appointments and close clients.
Primerica discloses their payouts to its representatives and from January 1 through December 31, 2016, paid an average of $6,088 per life licensed representative.
Online Reviews & Complaints
There has been some controversy over the recruitment practices of some Primerica Financial Services representatives. However, this kind of recruitment activity was limited to a few bad apples and is strongly prohibited by Primerica's policies.
Primerica Financial Services has also maintained a solid reputation with the Better Business Bureau, successfully resolving the majority of its few complaints.
Some people are ready to call Primerica a scam simply because it's a multi level marketing organization. There have been accusations made regarding whether the real focus of the business opportunity is to sell product or to recruit more people.
As with most direct sales companies there are mixed reviews and in the end you have to decide for yourself if this is the type of business model for you.
Competitors and Alternatives
There are a few companies that use this hybrid model of recruiting independent associates to market and sell financial products, most notably the World Financial Group.
If you have any experience with Primerica or their services, please leave your reviews below.
You may also be interested in
Primerica Customer Reviews
Sort Reviews By:
The company is not a scam.
It's a legit company, but it's practices are garbage. I have just cancelled my policy after 20 years because they increased my premium by 370%!!!! It went from $53 per month to $197!! And they didn't even give me a heads up. And they didn't really seem to care that I was cancelling. Stay away!
The reps know nothing about finance.
I've been associated with this company and found them looking to help their own selves and not others .Their all about themselves and couldn't care less about their clients. A soon as you start its about getting a life ins license. Start selling to your family and friends. Who is the biggest recruiter and how many sales you can make.
They tempt you with exclusive trips and awards. But only the upper management make money. Its all network marketing. If you do well your friends and family will disown you. Not exactly the kind of company I want! Another thing is the way they say they put together a financial plan that can literally wipe out your retirement.
Never ever get any services from Primerica.
A Primerica lady, recruited my wife then one of the requirements to start is to buy insurance from her and then she cancelled our policy. our policy was a permanent, less premium because we are young at that time 13 years ago. Now my policy has 7 years more left, and it is time to renew and the premium will be five times higher.
Then I tried to apply a permanent plan from other company, it was declined because of my health. My advice to every one is never ever get any services from Primerica.
I question the competency of any attorney who is taken in by Primerica
I recently started working for a family law attorney as a paralegal. She hired me because she wants to expand her practice to include estate planning. Since I’ve been a tax prepare for 6 years, I was a good fit. The problem is, she keeps pestering me about getting my life insurance license with Primerica….
I finally went to a meeting with her and it was even worst then I expected. Very creepy to see all these gullible people drinking the cool-aid. When my boss asked me what I thought, and offered to pay the $99 fee for me, I polity said, “that’s ok. I just wanna focus on mastering estate planning and the software.”
She responded by saying something like, “That’s good you’re learning the estate planning so quickly, It’s very confusing to me, but your smarter then me, so I’m glad you’re doing it, but you could really make some extra money with Primerica.” (Run-on sentence intentional, that’s how she talks.)
I just can’t understand why when I try to talk to her about setting up seminars and ways to get her estate planning practice going, she diverts to Primerica. If it wasn’t for the fact that I just got my paralegal certificate and need the experience (and money) I might not want to continue this relationship. I question the competency of any attorney who is taken in by Primerica.
Exactly, they have alot lawsuits and a monopoly on most of the larger firms . Lawyers who want represent this guy's are just as shady as they are
In spite of their boasts, the earnings facts they present are very misleading, unless you read the fine print.
Out of the 500,000+ reps who've ever worked there since 1977, here are the true facts when you apply their fine print;
Primerica-The real numbers! Primerica's big earners list is not only cumulative back to 1977, but also cumulative by level (ie: a $1M dollar earner also counts as a $100+k and $50+k earner, etc). When you factor out this accumulation, here are the true counts as of 12/31/14. (Primerica "Destiny" Book)
$50+k earners-3067 reps
$100+k earners-2845 reps
$1M+ earners-51 reps
$2M+ earners-16 reps
$5M+ earners-1 rep
That is a grand total of only 5980 reps who ever surpassed the $50k level, at least once, during their best 12 month rolling window, including any advances, out of the 100’s of thousands of Reps who’ve ever worked there, since 1977. Many on the list achieved that level only once. That represents about 1% of all who've worked there, and even then, many on that list never repeated those earning levels since.
Primerica Big Big Scammers
They prey on low level or uneducated immigrants from all over the world, especially Armenians, Filipinos, and others.
The products sold by Primerica are excellent
I have worked for a number of excellent companies over the years, and set up and ran my own company for 28 years. As good as all these companies were, none of them could provide the remuneration or the
opportunity for personal and financial growth that Primerica offers. The secret is that their overall structure provides guidance and encouragement due to the overlapping supervision during training.
Because the trainee needs this tender loving care to withstand the discouraging remarks from skeptic family and friends, it is important the the person above him or her be properly paid for their time
and support - otherwise, that upper person could be out selling financial services independently.
I have no problem with multilevel marketing - it is far superior to the lineal earning of direct
hire employees, since it provides residual income that reoccurs, like a royalty on an invention or
a book. Multilevel marketing is the answer to the term "Income Equality", which was invented by the
proponents of the welfare state.
The products sold by Primerica are excellent, their company's people
have a positive philosophy, and their remuneration for their people is excellent. For those who have
the dedication and will to succeed, the sky is the limit. As one MLM group has stated, "for those who
have the will to succeed, our success rate is 100%." Like an old farm water pump, the handle
has to be worked or no water will come out.
It looks like... another PYRAMID SCAM....
The insurance agents or financial representatives explain me clients like a parrots that only talks what they taught. After all they are working for their commissions rather than consumer welfares. My suggestions is don't fall on their trap. Invest in real state or on your business better than stock, mutual fund.
They may focus on life insurance and other financial information but if the main thing is recruiting more people so I can make more money its not for me, if your a person who likes to recruit then hey this could be for you...just not for me.
I hope I'm doing the right thing by walking away.
I went to a financial help class to hopefully learn something to help me get out of my desperate situation. The class was great, I learned a lot. At the end of class we were asked to rate it and if we wanted to put our name and e-mail down for the class instructor to call with further ways he could help you. Well because I was pleased with the class and financially desperate I allowed him to come to my house. He was very polite and stayed for an hour and 45 minutes.
One word that passed through my mind was pyramid. Everything he said made sense, I was gung ho and went to a meeting at his office a few days later. Two different people schooled me on the company and it's benefits, next thing I know they want names and numbers of people I "care about." This still sounded great. Pyramid came up in my brain again.
When I decided not to share the numbers of the people I "care about" and told my original Primerica rep that I wanted my documentation back priority mail he stated they could not mail it to me. The only way to get my stuff back is for him to "stop by" next time he is in the area or to go to the office to get my personal documentation. I am frustrated that they refuse to mail me my documentation.
I'm scared to go to the office but was even more scared for the rep to come back to my house. I know they are going to try to dissuade me from not going forward. I just want my documents, my personal property. Hopefully there won't be a problem. I did report my concern that the rep might show up at my house unannounced to my towns police department.
I have kept copies of all communication/e-mails between Primerica and myself. I'm extremely disappointed and feel like I was almost made a fool. I hope I'm doing the right thing by walking away. I hope most of all that when I go to get my paperwork that there isn't a problem and it goes quickly without a guilt trip.
Primerica doe not hire just anyone
First of all, Primerica is NOT a division of CitiGroup! It is the largest independent financial services marketing organization in North America including Canada and Puerto Rico and is listed on the NYSE (PRI). Your information needs to be updated. I am very proud to be a part of this organization who continually tries to do the right thing for middle America especially since middle America has been beat up by the economy these last few years.
We give them hope and guidance to be able to get out of debt, become properly protected against income loss through the death of one or more of the primary breadwinners in the household, and become financially independent. We can also help them earn extra income through becoming a Representative working part-time or full-time.
They receive excellent on-going training as well. We teach people about financial concepts that we all should have learned in school to help us make better decisions about money. Go to an opportunity meeting in your area to find out more about this organization that has been in existence since 1977 and has helped countless people get a handle on their finances.
Another bit of information that is incorrect on your site is that the cost to join is now $99.00 not $200.00. Part of that fee is to pay for a background check of the potential representative. Primerica doe not hire just anyone. that person needs to have certain qualifications and meet the high quality standards of the organization.
My agent from Primerica was/is incompetent
When I had my 2013 income taxes done, the person said that any agent that would take an IRA Pension fund and put it into 3 tax exempt accounts, that agent is very Incompetent.
The agent lost $15,000 of my retirement fund when he said I WOULD NOT LOOSE ANY MONIES. He lied. - I talked to another financial advisor and was told the same thing, the agent for Primerica was VERY INCOMPETENT. I was scammed at the age of 70.
I worked until the age of 70 to have a good income. I did not know that Primerica used to be called A L Williams. My agent from Primerica was/is incompetent and I transferred the remaining monies out from my Primerica account to another financial institution. The agent with Primerica WOULD NOT give me copies of any papers I signed. My opinion, he should be in jail.
This agent is still working and claims to be a Christian. What kind of Christian scams an elderly woman of her retirement monies. He and his bosses wanted their commission. What a dead Christian mind they each have.
So much negative accusations
It is absolutely amazing to me to see how so many people can put out so much negative accusations about a company that's giving people from all walks of life the opportunity to become financial independent by showing other people how to do so.
Yes by doing so, you get people who joins for the wrong reasons, and really didn't take the to get an understanding how much we really help people, instead like a lot of other people when things not working out in the time manner they would have liked, they quit and now want to say it's a scam, but keep in mind winners never quit and quitters never win.
I am willing to bet everyone that's saying it's a scam is struggling right now, but is to scared to fight for prosperity for your family, I think you'll are just cowards, If becoming financial independent was easy everyone will be it, that's why it's lonely at the top because of cowards who is not willing to fight for prosperity, but rather complain and say everything's a scam, because you quit or let somebody who's broke talk you out of achieving your goals in life, only thing I can say to you'll is COWARDS.
It is the last honest and transparent company left
This all I can say about the company PRIMERICA, it is the last honest and transparent company left. the reason why a lot of people quit PRIMERICA or they said that PRIMERICA didn't work for them or PRIMERICA is a scam or the only way you can make "MONEY" is via recruitment , a lot of people failed, did really know the purpose of the company, or they are in it for the wrong reasons..
In any kinda of business or a job there are many obstacles and hurdles, and most people just quit because they are afraid to fail... Compared to successful people failure is a key part of becoming successful.
Remember the difference between success and failure is very small, so in turn majority of the people have fear or won't risk becoming a failure because it hurts and hurts a lot, but people who seeks victory, and success will fail, will fail, will fail, will fail and then finally they find success, they figured it out that success is trial, after trial and after trial then with the knowledge they gained from failures and trials, they suddenly made a road map, the right direction for success ..
PRIMERICA: So far so good!
I was recently recruited and will be willing to come back in a few weeks and than a few months to give my input on the statement Scam or Legit? I am aware after 25 hard years in this great country of ours feeling the trend of respect and honesty in a down hill spiral in business and the employment field.
But, I have faith things can turn around if we all start rowing the same direction, building the construction crew and eliminating the demolition crew! I am newly recruited and am about ready to pay for my upfront fee, which I am receiving at half the rate, $99.00. I was promised a bonus of $500.00 during training if I earn it by hit the mark at each level. I am assured that all licensing and training certificates are free.
I have attended one recruit meeting and I did not get sparks but seemed legit and sincere. The local office they had stationed in my residential location was one that was shut down do to some unethical practice and recruitment of that particular Broker for that office.
I can't wait to see where this leads! If it's good I will share that if bad, I will rally against it! Stepping out in Faith.
You get what you pay for in life and if you go with PFS
The problem with PFS is that the "consultants" don't care about forming a long term relationship with their clients. All this talk about taking care of people is BS. Do the PFS guys call you when the market is correcting?
Do they even know if the market is correcting as most are part time and there is such a high turnover rate, those inheriting your accounts do not even take the time to give you a call. You get what you pay for in life and if you go with PFS, good luck having a consultant for very long
I recently joined Primerica
I recently joined Primerica and to be honest some people I know will automatically think "Eugh this is a scam or one of those pyramids" I believe this company can help those who are open minded and hard workers succeed. I never go with what people have to say when is negative comments if they most likely haven't even tried it. Or probably tried it and gave up to soon.
There's too much ignorance from people that will hate other people actually succeed. Like I said before this business is not for everyone period, I believe is for those with an open mind who like to learn different things.
Funny to read some of these pathetic negative comments from "why would you pay 99 dollars to join" well hello I rather pay 99 dollars then to get more in debt with trying to get another student loan to get a career. You can be a nurse, teacher, doctor, lawyer ect.... But have any of you ask hoe much in debt you guys will actually be.
I mean common sense what's better to be debt free or be in debt all your life??? Makes perfect sense right?? Therefore, before bad mouthing something some of you guys haven't event tried do some research and stop acting so ignorant.
Primerica is REAL.
Primerica is REAL. Is it difficult? Yes. Can you make money? Yes. Is it for everyone? No. Are they selling the right types of products and services? Yes. I was with the company for 10 years. They are the ONLY Company that sells the right products every time. Yes there is cheaper insurance.
Yes there are mutual funds with lower fees and expenses. Truth is....No one sells those. Your typical life insurance agent makes TEN times as much commission selling a HORRIFIC Product and they do it all day long! Your average "Financial Consultant" is in a similar position. Trapped. Either sell inferior products and make a fortune or sell what they own themselves ...And Starve!
I am PROUD of my time with ALW and PFS! They have the consumers best interest at heart. Anyone that gets involved primarily for their own benefit (get rich quick) will not have enough belief to get through the hard times. If you join to truly help people the money will follow.
I agree they took all my retirement fraudulently . They are liars. Run fast and hard