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 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 disuade 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.
Not multi-level marketing.
Hi my name is stan ,hey I passed the insurance exam on the 4th of August this year still haven't gotten my insurance license, I have concealed hand gun license and don't have criminal record and everytime I speak with RVP he says that Texas has a back log in their licensing its going on two months and no license I will give them one more week and cancel the 25.00 month I pay for services with this company. Feeling ripped off so far.................
The only mistake that I found was that you state that we are a division of Citigroup. That is incorrect information. We separated ourselves from them and went public in 2010 starting out at 12 a share and we are currently close to 51 a share.
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.