Primerica – Is It A Scam Or Legit?
So, you are considering joining Primerica but is it a scam or is it legit?
Primerica or Primerica Financial Services, Inc. is a Duluth, Georgia based financial services firm that allows individuals from different walks of life an opportunity to earn a decent extra income.
Primerica offers everyone a chance to enter the financial services industry without requiring any prior experience of any sort. Primerica provides the tools and training that one needs to do well at the opportunity.
Some of the products the Primerica sells are mutual funds, term life insurance, auto insurance and home insurance, annuities, pre-paid legal services and more.
Primerica representatives are equipped with the latest technologies such as an electronic handheld device to get insurance quotes instantly and to fill out applications faster when making presentations to clients.
What does Primerica do?
Primerica may be a distributor of financial products to middle income families in the USA and Canada, but it is more than anything else a multi-level marketing business.
The company sells financial products such as auto and home insurance, mutual funds, annuities and pre-paid legal services to families across America and Canada. Primerica representatives reach out to those who are in debt and help them out with the right advice.
They give them the hope and guidance they seek in an hour of their need and earn an extra income by becoming a Primerica representative.
The Primerica Business Opportunity – How to Become a Primerica Representative?
To become a Primerica Representative you will have to pay a startup fee of $200 and $28/month thereafter to use Primerica Online. You will be given a brief training on life insurance so that you can get the license you need to sell insurance products.
You will be given a script and other material to promote the Primerica business opportunity to as many people as possible, in both warm and cold markets.
As a Primerica representative, you are essentially an independent contractor. You will get paid a commission on the sale of financial products with some of the profits passed to your upline.
Similarly, like with any MLM business, some of the profits earned by your downline or the people you recruit to the business will be passed on to you.
Primerica uses an 11-tiered system, which means you will get a fraction of the commissions earned up to the 11th tier of your downline – which can be massive income for you if it ever gets to that.
The Real Truth about Primerica – Is There a Primerica Scam or Is It Real?
Like with every MLM business, there is controversy associated with Primerica, especially with its recruitment process.
Here are some facts that you should know – Primerica is the biggest independent financial services marketing organization in North America. It is in fact listed on the NYSE. Primerica has been in business since 1977 and is still going strong.
For sure, there are many issues with some of the strategies used by some Primerica representatives to recruit people, but we are only talking about a few bad eggs. Such practices have been explicitly prohibited by Primerica.
Primerica enjoys a solid reputation with the Better Business Bureau and has resolved most of the complaints made against it successfully. No, Primerica is not a scam and it is an established and well run business that does a valuable service.
Can you make money with Primerica?
Ultimately, Primerica is an MLM business. Not everybody makes money with MLM businesses – it is just a hard truth. To make it big as a network marketer, you have to work hard and put yourself out there, and present the opportunity to at least 2 to 3 people each day.
You must explore more than just your warm market. Most people are unwilling to make this extra effort, get disappointed when they do not make enough money and end up quitting.
Yes, you can make money with Primerica and a lot of it, but you will have to work hard for it.