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 have read multiple reviews about Primerica. I have noticed many people think its a "Job." To start let me state this is NOT a Job! It is a career where you actually have the opportunity to build a business, which is not accomplished over night! Some agents sadly state that its a quick way to start earning six figures a year! So many individuals believe ok, I'll definetly get started to get great money! The thing is that you CAN make six figures a year, but you have to build a team, interviewing others to see if they want what you want as well, and are willing to go out and get business, as well as start their own teams, which expands the business! This is NOT a get rich quick scheme! It will take a lot of effort on your part, but knowing this company, IF YOU FOLLOW THE TRAINING correctly, you have no way of failing! People with the RIGHT MINDSET first off do their own research, as well as getting peoples opinions that are worth considering, not a broke friend, then understand what the company offers you and others! I have seen plenty of life insurance policies that the Life Insurance companies have wrote people, that the customers didn't really understand! That should be considered scamming people!
Primerica is known as a crusade to correct the injustices that the life insurance industry has done to families when it came to the types of life insurance they wrote them! Most of it is more expensive then it should be and the clients are undercovered for all the debt they have! Primerica just rights the wrongs! Keep in mind, it takes the right person to do this business, you will have to care completely about what amazing things we do for families that the rest of the industry doesn't focus on; the MIDDLE CLASS. Overall I have read about the company from their very beginning which started with the A.L. Williams days, to now! It is a solid company with excellent reviews from the BBB, and AM Best, ect. Pay attention to the reviews that matter! Thanks for reading this, have a great day!
P.S. Read the book COACH!
Primerica is NOT for everyone. Certainly wasn't for me. There are people out there who are great at networking and ruthless at finding new hires to add to their "portfolio". What I really dislike about Primerica is how they claim to "help" people but are actually ripping them off and also applying underlying conditions which actually cheat the clients away from many benefits they signed up for.
Moreover all these people who support primera always talk in such a misleading way. They will answer your questions with another question that begs you to agree with them. throwing all sorts of unrelated examples that make the business feel more legitimate. And where the heck do they find all these numbers and awards and figures? If you search online you can barely find any of their claims - its usually only listed in their own site. Makes you question the credibility
I've read similar reviews here with my experiences.Recruiters are so persistent. They'd call you several times a week,tell you to come to the seminars, take the brochures,take exams, pay $500 upfront, etc. A couple of former friends joined this company and they were so persistent.They were just nuts! They don't even bother telling you what the business is all about.Once I told one of them loud and clear that I AM NOT interested in whatever they do, not to mention paying whatever the fee.I even noticed one of the recruiter failed four out of five exams! They stopped bugging me for a while but a couples of years later, they started bugging me exactly the same way. They harassed me! It is a CULT!
look at the facts. primerica is a great company. right idea wrong execution. not everybody can sell insurance just like not everybody can be a pilot or surgeon. if you like helping people and you are not afraid to go out and talk to strangers maybe this will be for you. if on the other hand living on commission scares the daylights out of you maybe not. remember people buy you not the company. i learned this over 20 yrs. selling insurance. good luck.
I've been to a few seminars of Primerica and I actually know a few people working for Primerica. Although it's technically probably not a scam, the ways they go about promoting employment and their business is. I was proposition by a friend who asked me if I wanted to make $1500 - $2000 a month working part time. I said sure. She then proceeded to tell me about the company which I had already heard before and she said all I have to pay is $99 for a background check and after I finish training I would receive $1500 from Primerica. My thing is, why don't Primerica pay $99 for the background check for me since they want it and when I'm done with my training just give me $1401. That's simpler. The thing is, they are banking on you not finishing the training. And if you do finish the training they'll tell you that you need to take series 63,65, and etc in order to start selling mutual funds and insurance policies and oh that;ll cost you $1401. So there you made no money at all in the first 6 months to a year. Meanwhile, you could have been working part time at Target or Walmart and made $4500 - $9000 during that time you wasted.
Now once you finish training with Primerca and have taken your tests, now you really can't make any money until you've recruited 4 - 5 people to work under you and they've committed their $99 a piece.
The only way you make money is this company is through recruitment scemes and probably from commission off of telemarketers already working in Bangkok somewhere selling the real products and services for way under US minimum wage requirements.