Welcome to “What Is Primerica Financial Services? Before you decide to become a Primerica rep let me share with you our personal experience with Primerica when my wife was an agent for three years.
She is no longer a Primerica rep so this review is unbiased. I just want you to be informed prior to making a decision to become a rep or not.
Primerica Financial Services has been around for some time now and is well-established in the insurance and financial sectors.
Their annual revenue was:
- 2017 – $1.7 billion
- 2018 – $1.9 billion
That is a $200,000,000 increase… in ONE YEAR, that’s pretty good if you ask me.
They do this by offering quality products like:
- Family Insurance
- Debt Consolidation
- Auto & Home Loans
- Prep Paid Legal
- Identity theft
They serve both United States where it originated and also Canada. In Canada the part-time opportunity may be subject to certain restrictions, depending on your occupation.
Table of Contents
What is Primerica Financial Services?
Primerica is a Main Street Company for Main Street North America.
Their GOAL is to create Financially independent families by educating them and offering product solutions through network marketing.
Their main product is not Financial but Term life insurance in the amount of $9.1 billion.
In 2017, they report that they have 120,000 independent rep’s throughout United States and Canada.
Primerica was listed by Forbes as one of “Americas 50 Most Trustworthy Financial Companies” in 2015 but was not included in the 2017 list.
Their moto since 1977 is “buy term and invest the difference”.
They would sell you the term insurance and invest the money you would save into a mutual fund.
I won’t bore you with all the technical detail of the mergers, you can easily read about it in Wikipedia.
They are all about helping the lower class population.
Is Primerica a MLM or pyramid Scheme?
The answer is… well, YES it is.
According to Wikipedia Multi-level marketing is also called:
- pyramid selling
- network marketing
- referral marketing
“which is a marketing strategy for the sale of products or services where the revenue of the MLM company is derived from a non-salaried workforce selling the company’s products/services, while the earnings of the participants are derived from a pyramid-shaped or binary compensation commission system.”
Isn’t MLM products bad?
Some can be good while most you want to stay clear of.
Keep in mind that MLM is a marketing strategy to sell products and how the company layers the strategy will determine if it’s something worthwhile to invest your time and money into.
With most MLMs because of the way they are structured it’s a direct selling method to your family and friends, then to strangers. This makes all MLM programs very difficult for most to do especially if you’re quiet, shy.
However, in my experience Primerica sold very well for me and my wife. In fact, it was my wife that decided to do it while I stayed in the military giving us an income until it got more established.
Even though she was shy, she had no problem introducing and selling this product and the biggest reasons is due to the quality of the products and the impact it has on a families future.
My wife loved the people in it and the pleasure she received by helping families was very real and rewarding to say the least.
Sad to say we no longer sell Primerica products which I briefly explain below.
Who Can Benefit From Primerica
Everyone can benefit from Primerica’s products if you have an income and especially if you have a family. What they teach you is taught by no other organization.
As for becoming a rep, anyone that’s interested in selling insurance and investments and doesn’t mind talking to strangers would probably do alright with this business.
However, I do not believe this is for everyone retired. The last thing I want to be doing is running around to appointments selling insurance despite the great pleasure you receive when you get to help someone.
If you’re out of work this could be a hard go for you, you will need money to run a vehicle, gas and money to attend functions and it costs around $175 / mth on top of that.
Primerica is the only company I know of that offers a true personalized strategy for families financial security and they do that using their “Financial Needs Analysis (FNA). This product I can’t say enough about, in my opinion every family need one.
Let’s face it, most people are not aware of their financial situation until it’s too late. Most will just keep on going to work, pay the bills and buy their toys with what’s left over. We see this all the time especially with today’s’ kids.
I didn’t wast a lot of money and my parents or their parents didn’t have it to waste.
Primerica will come in to your home and educate you on your situation and give you some scenarios of “What if’s” that is sure to wake you up to reality in a hurry.
Then they will work with you to get your finances cleaned by finding money been wasted and converting it into an investment for you and your family.
Believe it or not insurance is where Primerica got started over 40 years ago when life insurance was sold door to door by big firms that took all your money and gave you very little in return. This action by the big corporations’s pissed off a guy named Art Williams who set out to change the life insurance industry, and he did.
You see Art’s Mother and Father thought they were set with insurance because they were paying a big premium for insurance at the time until one day his Father passed away his Mother discovered the insurance wasn’t worth very much.
Art then set out on a big mission, to start educating families on what was the best insurance to buy and when you need it. Of course this throw every other insurance company in a rage and tried to shut him up. Nope, Art didn’t give up he continued to share all their little secrets to the public.
Eventually he joined up with other forces and started selling other products that can help families.
I don’t believe anyone knows a families need for life insurance like Primerica.
And they make it simple and affordable for everyone.
Most insurance companies just don’t like to pay out but Primerica always paid out and in most times within 2 weeks. There are cases I do recall when policies took a little longer but never did know why that was.
The investment side of Primerica didn’t come out until 1977 when most financial institutions were not interested in working with the middle class. Most firms are out to fill their pockets and there’s just not enough money in the middle class.
Primerica stepped in and started educating the middle class about:
- short term and long term goals
- Managed Investments
- Mutual Funds
- and even business retirement plans
Their moto is PAY YOURSELF FIRST.
And the most important thing they teach you is the cost of waiting.
The Recruit Training
All training as a recruit is held in your local RVP office where you mingle with other more experienced members and share tips and ideas. Some training is done in the field by tagging along with someone else to see how it’s done.
Once you find your own clients you will have someone follow along with you to ensure your doing it right and to assist if needed.
You are required to complete a couple of Government exams to qualify to sell insurance and investments.
After that it’s just practice practice and practice.
You will be required to travel to several functions during the year and until you start making money it can add up very quickly.
It is best if you already have some form of income. Don’t’ expect to make money at this until about 6 months in.
As a recruit you can make money by selling the products which is a very small amount however the real money will only come when you recruit other members under you.
Now that you have a better idea of “What Is Primerica Financial Services?” lets recap some points.
Their products are pretty good, I still have money invested with them and it continues to grow through all the up’s and downs in the market.
In fact, we decided to stop primerica when we got posted in the military.
- We just had a hard time to find clients in a lower economy where we moved to.
- We were tired of all the running around and to attend any functions where we were now living was going to cost even more.
- It takes too damn long to make any money and even as RVP you are not making a lot of money like they make you believe.
Their products have a high interest with the public. Around 90% of the people we introduced the product to became a client. This of course would depend on the location and the saturation of reps in the area.
Their Commission payout is 25% which is a pretty good payout.
The problem I have with Primerica as a business is that:
- it is an MLM which means you have to climb the pyramid.
- It leans heavily towards recruiting and you need a lot of reps under you to see the money
- Once you have a team built you need to take care of them, even open your own office.
- The running around never stops, is this what you want as you get older?
- You do need to study for your insurance and securities license.
- The reality is most members don’t make it past the entry level which is 0 commissions.
- They have a 1 year charge back if a client defaults – that is very long but is standard in the insurance and investment industry.
- It’s only the insurance and investments that pay such a high commission.
I would only recommend this product if you really want to be a sales rep and enjoy a lot of driving around for appointments. It will cost you around $175 in fees and then you have gas expenses, events to attend along with the regular training meetings.
I have to tell you, with today’s internet there are much easier ways to make a living.
If you’re looking for a good legit online program to make money in the comfort of your own home with faster results then check out my #1 recommendation. It’s a whole lot cheaper to get started and to run.
Primerica’s training makes it look easy however like most MLM’s you won’t see any serious money until you have built up your team. And even then you won’t be replacing your day job for several years. Primerica in 2017 on average paid out $6,000 to their licensed sales reps. How the hell can anyone survive running a business on $500 a month.
Perhaps online yes but not a door to door sales man with vehicle expenses added on top.
This would explain why so many licensed reps quit each year, I am sorry but it’s just not sustainable to make a living at it.
Put your questions in the comments section and I will be glad to answer them for you.
I hope you found this review helpful… thanks for reading