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
I’m not going to bash the company off because obviously people do make a lot of money doing the business. I wouldn’t call it a scam either. They would be out of business by now if that was the case. And it is true is NOT for everybody.
Before anything, I want to make clear that I’ve been booking at least 1 presentation a week and I’m on my second month, so is not like I’m not trying. With that said, this is just my honest personal opinion so far:
To me, it all depends on how you see life as far as work and financial goals. They talk about how they have the freedom of not having to work 40 hrs. a week for someone else and able to set up your own hours etc. and indeed it’s true. However, it is also true that you have to put a lot of hours out there finding prospects and trained them to get license so they can do the same and make you money, and that’s not an easy task and can cause a lot of stress. True, the compensation is greater, but it’s hard to achieve in my opinion. If you don’t mind doing it, then it’ll work for you. It is true that you can make good money in a few hours selling life insurance. But it’s also true that in most cases, you have to spend a lot of time and energy getting those clients. If you don’t mind talking about it to every person you run into, this would definitely work for you.
I’m not that kind of person yet. Maybe after more training I’ll get better. But I know for experience that trying to change people's mentality and gain their trust, even with the noblest intention, it's hard and discouraging. That's one of the reason why this business is NOT for everyone. So far I haven’t been able to save none of my contacts any money on auto or home insurance. But in all fairness, I only talked to about 5 of them. One of my recruits (Yes, I’ve signed up two guys) felt obligated to buy a life insurance and that bothered me a bit since is not how I want to do business.
They encourage you to go to every meeting. But I’m not too reluctant to drive 45 minutes to see a bunch of guys running up on stage telling their wonderful stories and how great their life is, giving high five with loud background music for 2 hours over and over. I’d rather be out making appointments, selling life insurance or recruiting people. I understand they want to motivate people, but it’s not my cup of tea. I attended one of their annual meetings at this hotel and was not happy to spend almost the whole day again listening to a bunch of guys telling how much money they make and stand up clapping every 5 minutes. I understand it’s okay to be excited about making money, but some people were acting like if it was a religious convention dancing and raising their hands like if they were in a trance. I just want to make a profit and don’t really care about the hype. Maybe when I make 1 million you probably see me up on stage jumping and giving high fives to everyone like a crazy man.
Another observation is that, in my opinion, if you're going to get up on stage and talk about how much money you're making in front of an audience, at least present yourself accordingly. I'm aware that looks can be deceiving and that they try to show humbleness. But it's hard not to be skeptical when you see someone looking like if they get their clothing at a Good Will store, telling you they make a million dollars a year.
I have to see how training day is, and if it is what they say it is, then I will attend often. Right now I’m in the process to get licensed. I will give it an honest shot for a few more months to see what happens. I will post the outcome then.
Have you ever paid a death claim to a family who just lost a loved one. You go tell that family that Primerica is a scam. Tell them that even though the death claim was able to pay off the mortgage and give them some much needed income, its all a scam. Tell them they were better off not speaking to these scam artist and that going in foreclosure would've made more sense. Tell them how dare these scam artist give the children an opportunity to have money to save for college.
First, I'd like to start by mentioning that I am, and am still in the process of deciding whether I would like to transition from an agent/owner for an Insurance Company, or to make a career change with Primerica. So for the critics who want to claim that the people speaking anything other than negatively about Primerica are just defending the company and are all "brainwashed" and in a "cult" and are being "captivated" can go ahead and wing that out as a reason to dispute as I'm not actually apart of the company. Financial services and the insurance industry possess some of the same features but are two completely different ball games. Now, I do understand where some of the skepticism derives from those people who may of had a bad experience from the demeanor of some of the recruiters who appear to be all about pressuring you to join out of their own implied selfish motive (sure none of them actually came out and said directly to you, I just want you here so I can make more money). But as agreed with some others who've already stated, to base your opinion on the entire company as a whole out of one bad region or office, seems a little too harsh to say that the company as a whole is a scam. Seeming that every company out there including, McDonalds ( I worked for as a high schooler), Verizon Wireless (worked for freshmen year of college), and even the Insurance company I work for now (Farmers), there will be people who have a bad experience at maybe one certain Mcdonalds location, one Verizon Wireless store, or maybe even with one Farmers agent, and thus claim the entire company is bad. That's life people. And I'm sure I can pull up complaints about Farmers Insurance company although we are rated top 3 in personal lines out of hundreds of other insurance companies. The Gist of the my point is that every single company existing is inevitable to bad complaints as well as good. Some people love it, some people hate it. It's what each person finds suitable to them as an individual in which they have that right to express their opinion. But as for the ones like me, who are mutual and maybe even in the process of making a decision, remember that just because the majority rules, doesn't make the crowd right. Find whats best for you whether it be with Primerica, what you went to college for, or in the best laymans phrase I can think of "whatever floats YOUR boat". I will say, that as far as people projecting their approval/disapproval, for both parties, it is immature let alone unprofessional to taunt and tease by name calling and insulting somebody else for whatever their personal decision or opinion is about the company regardless of your status or profession.
Oh, and Faith tx, I really appreciate and like your analogy between the concept of recruiting in the company as to witnessing to others in a religious aspect. In my opinion that couldn't have been explained better. Likewise you can tell people the potential they can possess with God on their side according to their faith and if they will truly believe instead of attending church whether to challenge God on whether he can show them a big sign he is real by making them instantly rich. As the bible states "faith without works is dead". I believe that the gist of that can be applied to many situations involving success through hard work, genuine strive and motivation to win. Just like the process of getting to heaven. It takes going through trials with genuine strive to get through it with faith, prayer and motivation to get to heaven. That was very nice and personally, the majority of the region I am may decide to partner with in Primerica, possesses that quality of spirituality. Again, just weighing the pros in the cons I see in the company (which is in everything we do). And that demeanor of the region I may partner with is appealing to me as that is something I seek to do in my career, is to help people beyond a sell and something I can also implement my spirituality into without feeling like it's all about business and out their getting peoples money. And again, without being a hypocrite of my own sermon, that is just something that "floats my boat."
Rude, fake recruiters, shady business practices in general, and the company preys on the poor in all aspects. Disgusting. It displays the worst aspects of capitalism and nobody with a conscience should work there.
Primerica is some kind of pyramid,scam cult hybrid company. i have noticed that primerican reps take offense with people that disagree with them by calling them stupid or lazy or even using very vulgar language . this company is a joke, the buildings where they have their meetings or seminars are "generic" as they seem set up to vacate with in an 1 hour notice. every company and especially a financial company i have ever known has desktop computers and servers on the premises but not primerica. Also you see no office supplies no files or if i remember correctly no active phone system or intercom. just a plaque on the wall which says rvp and the his name. I personally think they have a room somewhere , where they search the internet for people that have anything negative about primerica and they react quickly to these negative blogs or articles. Sort of like a damage control war room of sorts. Hey Primericans get a life!!! Also if your going to try and fool people at least drive a bmw or mercedes not a mid 2000s honda civic, a person who is supposedly make 300,000 to 500,000 does not drive a honda civic... sorry honda no offense! . BRING IT ON PRIMERCANS, all of you are full of it, and you prey on the weak and people with lower paying jobs thinking they will get rich or at the very least make lots of extra income all you have to do is give them all your contacts which usually are family and friends and eventually the contacts run out and then they dont need you anymore. I do have to admit i have not figured the entire scam but it seems to be some sort of multi level marketing scheme of sorts. I do know its a scam but to what degree who knows.