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Primerica review: legit financial services MLM?
Primerica is a popular network marketing company that offers financial services to middle-income clients, with a focus on families.
Services are sold through a blend of direct selling and franchises located in just about every US state also across Canada.
They are a great company and all, but you have to really know how to recruit if you want to make enough money to quit your job and work from home.
Primerica has been around since disco was the prevailing music style and Star Wars was the hottest new movie in theaters. The company is based in Duluth, Georgia, where they employ around 2,600 people. Their revenue for 2013 was $1.27 billion�.
Having starting out as a life insurance company, they have since branched out into offering a long list of financial services. In the late 1980s Primerica purchased Smith Barney for $750 million and together they were sister companies under Citigroup for about ten years.
They went public in 2009-2010 and are now traded on the New York Stock Exchange. Primerica is now the largest independent financial services marketing organization in North America.
Primerica explains several financial concepts very clearly on their website, each one corresponding to a financial service they offer.
For example: the sooner you start saving, the easier it is to reach retirement goals. That�s one of their concepts, which they�d like potential customers to grasp in order to spur then on to invest with the company. It�s not a false sense of urgency, either- if you know the tiniest bit about financial investing you that when it comes to saving for retirement your best friend is time (see: OneCoin, Numis, or Swissgolden).
There are other �concepts� that Primerica would like you to embrace, too. None of them are too radical- they�re all based on sound financial principles. Of course the question becomes �why should you invest with Primerica?�. To answer that, let�s look at their products and how they measure up in the marketplace.
The Primerica Life Insurance Company has received awards, and not from some unknown outfit, either. Awards received are from highly recognized and respected Standard & Poor, A.M.Best and the Insurance Marketplace Standards Association. They�ve been noted for their financial strength and their high standards. That should put your mind at ease concerning their life insurance services.
But what about the rest?
Well in 2015, Primerica as a whole was named one of America�s 50 Most Trustworthy Companies by Forbes.
And what are the other services they offer? Take a look:
Financial Needs Analysis
Term Life Insurance
Auto & Home Insurance
Long Term Care Insurance
Primerica Legal Protection Program
The legal protection program is through a partnership with Pre-Paid Legal Services�. People sign up for a subscription and get services of individual lawyers and firms from the company�s provider list. Compare it to medical insurance where there�s a network of doctors you can use with any given insurance plan.
The investments include annuities through Metlife, a major financial services company with over 90 million customers worldwide. This is the company that many Fortune 500 companies use.
Primerica also partners with other big-name financial companies like Morningstar, Franklin Templeton, and AIG Financial Distributors. Here are others whose products are offered through Primerica:
Lockwood managed accounts
Lincoln Financial Group
Freedom Financial Network
Voya 401(k) plans
There are more than 4 million life insurance policies currently active through Primerica. There are more than 2 million investment accounts.
The most important thing to know about the Primerica compensation plan is that in order to sell financial products, one must be licensed. That means there�s a pretty hefty (yet rewarding) up-front investment for anyone who�s interested in joining.
Around 90,000 people have done this, however, and are now enjoying the benefits of the Primerica compensation plan. 22,000 of them are FINRA Series 6 licensed. Primerica uses broker-dealer affiliate PFS Investments to achieve the Series 6 status for its reps.
You�ll pay $99 for the startup kit. Then you�ll pay for state insurance and financial sector exams, plus the license once you pass.
Secondly, like utility MLMs, not all these financial products are available in every state and province.
There are two separate compensation plans for Primerica: one for selling the insurance and a separate one for all the other products.
There are 4 ways to earn, from a simple binary structure:
Commission on selling term life insurance plans (25% on each annual premium so it�s recurring). The percentage rises as you rise in rank�all the way up to Regional Vice President where you make 95% commission.
Overrides from your downlines. Make it to Senior agent and get 10% of your downlines� sales.
Differentials on downlines. Commissions pass up to you from 2nd generation on down if the 1st level doesn�t qualify.
Commissions on selling the other financial products. These percentage rates vary by state, not depending on your rank. They pay one-time commissions (e.g..3% to .5% of the loan amount on a refinance).
Becoming Regional Vice President means you must rent and maintain a brick-and-mortar office somewhere, and be there for a minimum of 40 hours per week.
Finally, reps have a cool app they can use to obtain the data they need when making sales. That would include insurance quotes and as well as the entire life insurance application which is submitted electronically. The app will also work offline for the insurance quotes, meaning even if you�re in someone�s home where there�s no wifi or cell coverage, you�ll be able to pull up those quotes.
There�s no doubt that Primerica is a solid business that isn�t out to steal your money. They�ve been around since 1977 and they partner with some of the biggest names in the financial industry.
Make no bones about it though: this job is mainly about moving up the ranks and recruiting more reps. A District Leader describes his job in Indeed.com and says his goal is to recruit 10 people per day. That�s where the �real� money is, but even at lower ranks there�s money to be made.
But lower levels are also about recruiting. A Senior Rep describes the toughest part of her job as weeding out the people who aren�t a fit for selling Primerica services. An Assistant Manager also describes his job as primarily meeting with prospects.
Nevertheless, there�s nothing wrong with recruiting, and the company has been around for decades selling real services to real people. Just not the best opportunity for building a home based business.
Primerica is a Main Street Company for Main Street North America. Our mission is to help families become properly protected, debt free and financially independent.
Today's families face major financial challenges. They're being forced to downsize their goals and dreams � to settle for less. Primerica shows them how they can change their life. We are the one company focused on the middle market and helping Main Street families get the financial help they need.
We help Main Street families get the protection they need at a price they can afford, invest for the future and get out of debt. We teach families fundamental financial principles that aren't taught in school and we give them an opportunity to build a business and transform their life.
Primerica, Inc. is a United States-based multi-level marketing company that sells insurance and financial services. As of September 2017, it had 124,436