About Primerica Financial Services
Primerica Financial Services is a company with a mission to help underserved communities gain access to top level investment and insurance products. 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. The company has been in business since the late 70s and has steadily grown throughout the years.
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.
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 are a customer of Primerica or are an active associate please leave a detailed review below describing your experience with the company.
95 ‘Primerica Financial Services’ Reviews
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 give a sh&* that I was cancelling.
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 liscense. 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 finanacial plan that can literaly wipe out your retirement. The reps know nothing about finance.
People are free to form their own opinions, but they should be fact based. Since 2009, over 1.7M people have joined and left this opportunity. And in spite of the ra-ra, the average office sold a total of 58 policies last year while losing 39 policies to cancellations/non renewals and paying out 3 additional claims, for a net growth of 16 policies for the entire year. The only thing that churns more than their rep force is their number of policies.
A primerica lady,recruited my wife then one of the requirements to start,is to buy insuranace 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 permanentplan from other company, it was declined because of my health.My advice to every one is never ever get any services from 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 licence 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 planing and the software.” She responded by saying something like, “That’s good you’re learning the estate planing 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 planing 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.
The whole purpose of hiring new people is to get your friends and families contact number, and sell the products to them. If you dont want to get unfriend with friends, stay away from this company. But if you dont really care, keep trying to expand your own team to be success
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.
Primeamerica Big Big Scammers,they prey on low level or uneducated immigrants from all over the world,especially Armenians,Filipinos,and others.
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.
The insurance agents or fiancial 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.Its looks ...another PYRAMID SCAM....