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 sure what's going on here. I recently graduated from law school and was stunned to discover that I know nothing about money. It was crucial for me to acquire financial knowledge about my money. getting 2-3% wasn't going to cut it. In short, I don't see how you lose. Should you chose not to work for primerica you still obtain valuable financial knowledge and trust me...they don't teach that in law school
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 wasshut 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 ist good I will share that if bad, I will rally against it! Stepping out in Faith.
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 whrn the market is correcting? Do they even know if the merket 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 consutant for very long
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 yopu 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 whats 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.
Boy there are some real idiots on this site. 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.
Tried it and just didn't worked for me. Is not about being lazy or a loser. It's just that not everyone has a salesperson personality. Just like not everyone can be a doctor or brain surgeon. And that's exactly how they make me feel when I quit. Is not a scam. It's simply SALES, period. The goal is to sell and sell as many Life insurance policies as possible. Plain and simple. Their products are pretty decent. However, none of them worked for me or for any of my friends. Took a life insurance for me and my wife and the guy never follow up. I had to call him several times. Finally he send another guy with the policy papers only to find out it was about $100 more bc they found out my wife's mother died of breast cancer. That, and the fact that every meeting was about making money totally turned me off. Again, I'm not saying it's wrong. But is hard for me to get motivated when I don't feel comfortable on what I'm doing.
While Primerica may not be a scam/MLM thier very close. Enough people have commented the company so I don't think I have too. My issue is thier "Recruiting" & asking friends to join/forcing you to give phone numbers of people you can recruit or sell to. They, especially at the beginning, get a cult like mindset where it becomes thier life & every conversation revolves around you either coming to a meeting or letting them go through your personal finances to see how they can "help you". We had a guy at work that joined & every conversation revolved around coming to a meeting or letting them "run my numbers" to set me up for retirement. I had zero interest in showing my personal finances to a friend/colleague, I know not everyone was or is in my position, but I consider owning a .6 million dollar house, bank accounts with 6+ figures (of course it's not not just sitting in a savings account earning close to nothing in interest), life insurance bought by our parents on our & our childrens behalf, trust funds, yearly income, etc, to be information I want to share with a friend. After a while of him coming to my co-worker & my office, we'd start to "play busy" when he came & avoid him in the hallways.
Basically, my advice to people considering joining is if you want to alienate your friends & family, have your friends at work run the other way when they see you, & have friends & family stop answering your calls (god bless caller ID), then by all means go for it. Seriously, you will lose most of your friends & family as they, while being nice on the outside, on the inside resent your constant talk about Primerica. I'll glady show my accountant, lawyer, & financial advisor (that I was referred to by someone I trust) but is someone I either don't know or is a minor acquaintance my financial situation, but I'm not showing a friend that has no experience & simply knows how to plug numbers into a computer, & as others mentioned, they can't shop around to get you the best deal, they can only use Primerica products, my financial situation.
It seems lime they get a cult like tunnel vision & are unable to see the big picture. This guy was a smart guy & nice guy but couldn't see the big picture. Does he really think that someone that owns & lives in a nice house, drives nice cars, spends money at work on lunch, etc, knows, while not the details, but that our yearly income is well in the six figures, etc, (& can truly afford to do so) is really interested in calling friends & family at night to sell them insurance or have them spend a night at a meeting instead of relaxing.
I actually remember something I read that could help a lot, if you do go to a meeting get there a half hour early & stay a half hour after in the parking lot when its only Primaricans there, so you can watch what these people who are doing so well & promising you riches beyond your wildest dreams riches are driving. (my friend at work was borrowing his Mom's car!).
Now I know people will say many people don't drive nice cars even though they could (ala Warren Buffett, driving a 20 year old beat up car). But, if you can back away & be honest with yourself (which I think is the biggest thing you lose if you join), you'd admit that 90-95% of people making big money are driving decent cars, not a Ferrari, or Lamborghini, just a an under 3-4 year old decent car.
Sorry so long, just hope people will read this & be able to see the big picture & ask themselves if they want to be the person the people run from instead of to, & I hope after thinking about it you'll save yourself before 3-6months down the road your asking yourself, where have all your friends gone? & why at a family event when your talking to someone, within 2 minutes they have an excuse as to why they need to go say hi to someone else.
Whether its this or another company with a similar setup, my advice is while money's important, having friends & family that enjoy spending time hanging out & talking with you is a lot more important & it's just not worth the alienation & loneliness that inevitably ensues.
They are coming door to door to my apartment complex. I thought our local Mormons were at the door, but it was another form of peddler: Primerica. I'd seen their ads up above the mail boxes. I didn't expect them to show up at 8:14 PM selling their so-called "business opportunity". Well hello, Amway 2.0.
On top of it all, they claimed to be from our leasing office. Thought it was the plumber at first. Apparently, they will be holding a seminar in the office. I didn't realize our office permitted solicitation, apparently rules have changed. Not sure why the apartment is getting in on this. At any rate, I felt their door-to-door solicitation was rude, and I'm not into these obvious Amway scams. If your business can't afford to market on television and internet like most companies, you're not much of a company, and it's clear to me that you're making bucks on hiring underlings in yet another pyramid scheme.
Just had a young man from Primerica come knocking on my door saying he was a financial advisor asking me if I knew about all these financial laws I have never heard of. After having some concerns and reading allot of theses reviews, I will say this...this is definitely sounding like a MLM situation and most of the people posting all the good things about it are writing log files bc in MLM they have a vested interest in growing and helping others grow their trees, more toys for them. Yeah you work hard, hard at signing people up. 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.