Primerica MLM Review: Money Maker or Money Pit?
Have you been wondering about a new career or starting a part-time income in the marketing niche? You must have explored or heard about Primerica, a financial solutions company that provides just the opportunity that you may be looking for. In our Primerica MLM Review, we will go through the promises and methods of Primerica’s business model to better understand how it works.
Who are We
Eve Pacific Media is an affiliate marketing firm that provides support and guidance to those contemplating or who have chosen to become content creators. We help aspiring bloggers, content creators, and affiliate marketers with their strategies.
My relationship with multi-level marketing or network marketing started in the late 80s. I have had involvement with Shaklee, Primerica, Amway, and, yes, the infamous Consumer Buyline. I enjoyed various levels of success.
Back then, I aspired to become an MLM or Network Marketing Pro. Savvy top MLM earners would build massive downlines, breakaway, and move to programs with the most lucrative opportunities during that era. This was a common practice before many States barred those multi-level marketing schemes.
Our goal at Eve Pacific Media is to use my vast experience to benefit others with a series of reviews of multi-level marketing companies.
What is Primerica?
Primerica is a financial services marketing organization that has helped millions of middle-income Americans protect their hard-earned incomes. Since 1977, Primerica has focused on providing affordable ways of investment, insurance, and savings to the common citizens who cannot afford the higher-end insurance companies.
People from the United States, Canada, Puerto Rico, and Guam can start saving for education and other important life goals with as little as $25 per month. The organization is a promising one providing debt solutions, savings strategy, and term insurance ensuring that a middle-earning family does not have to compromise their life goals.
With more than 130,000 licensed representatives, Primerica has insured 5.5 million people through its life companies. It has over $900 billion worth of term life insurance in place currently. Primerica shares can also be traded on the New York Stock Exchange and there is an established trust for the organization. Let’s dive into detail about how Primerica (Link) works.
How does Primerica Work?
It is important to know how Primerica works so one can be sure of its legitimacy, methods and if it is worth your time and money. It is worth mentioning that Primerica provides customized solutions to its clients after a detailed Financial Needs Analysis.
In simple words, it figures out for you what you really need and where you should invest according to your budget and lifestyle. What is different between Primerica and other insurance companies is that it is a Multi-level Marketing company or MLM.
This means that instead of hiring employees who work as professional insurance salespersons making it their career, Primerica uses independent licensed representatives for its sales. How does that work?
If you sign up for being a Primerica representative, you will have to study and get a license for insurance marketing. Of course, this license will be subject to the conditions and methods that are in your state of residence. Once you have the license, you may need to study more for Primerica policies and services.
You will then find yourself among the Primerica representative force, creating a difference in the insurance market. There are no hard and fast rules as to where or whom you sell to, your first clients can and most likely will be from your family or friends.
The success of the representative can depend on their social capital, communication skills, and knowledge of the policies. There are people who are competitive and take it as their career, others find it a way to earn part-time or side income while there are those who leave and come back time and again.
Can you make money with Primerica?
This is a million-dollar question! It might be why you are here, reading this review. A simple answer would be Yes, you can make money with Primerica. In detail, there is more than one way to do so. Just like other sales or marketing jobs, Primerica representatives also earn according to their sales.
Apart from the policies and term insurance, there are other financial services and products that you can sell. These include mutual funds, annuities, long-term care, debt solutions, pre-paid legal solutions, and segregated funds. You will get a commission for each policy sale before its expiration and the commission also depends on your rank in the representative force.
Commissions:
Furthermore, because it follows the MLM business model, you can earn by being an active recruiter as well, welcoming more people into the business. On top of this, you will get a commission on the sales of the people you recruit as well.
Thus, we can say that there are plenty of ways to earn with Primerica and so far, it has benefited over 130,000 representatives since 2018. If this clicks in your mind as a good idea, then you can learn more about it in this video titled ‘a simple philosophy’. https://www.youtube.com/watch?v=3lhlo4VhWA4&feature=emb_imp_woyt
Ranks among the Primerica Representatives
As a representative, you can access higher ranks depending upon the sales and recruitments. Starting from an associate sale with 0% sales, you can reach the position of Regional Vice President with 95% of your own sales.
Of course, there is competition and mentorship in the culture of this MLM business like others and there are people who strive to get higher ranks.
Term Life Insurance:
When we say that Primerica provides Term Life insurance, it means that Primerica gives its clients benefits upon their death to cover funeral costs and other debts. With its limitations, it is still the most affordable insurance method. It has been the only form of insurance they provide.
It is also the safest and most middle-income-friendly insurance. This also helps in the MLM model because there are fewer risks and no overpromises, most representatives end up buying the term insurance themselves.
Pros:
Apart from benefitting millions of clients and becoming a flexible source of income for hundreds of thousands, Primerica is essentially an opportunity to learn and broader your horizon of skills and financial knowledge.
It is a great way to learn about the financial world and how money works, while also helping you get a license in your state. This pushes you in a new direction where even if you don’t stick with Primerica forever, you will definitely have more doors open in front of you.
Cons:
Being an MLM business, Primerica receives its fair share of criticism.
It is a tough job for those who struggle with communication or lack social capital.
There can also be a lot expected of you and you will need to work hard continually.
Is Primerica Legitimate?
Yes, Primerica operates within the law and within the bounds of legitimate financial businesses. The representatives are licensed and work closely with qualified law firms for their services as well.
Final Thoughts
To conclude, we can say that depending upon your commitment to the business, your experience will be different. There are both positive and negative aspects of working for Primerica so, in the end, it falls on the person’s choice and the effort that they are willing to put in. It is still a legitimate way of earning handsome money, a flexible model of business that allows you to work at your own pace.
