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Primerica

Primerica

Primerica

Has a friend of yours recently invited you to a Primerica meet and greet at a local cafe, restaurant, or another venue? Have you tried doing some research on the company to find out if this gathering would be worth your time?

Chances are, you’ve read some mixed reviews or are still wanting to decline the invitation. Before you do so, we want to tell you a bit more about the company. This will include potential opportunities, interesting products, and settle the question of whether Primerica is a scam. We will also take a brief look at the company’s history to give you an idea of its roots.

Keep reading to find out more!

Primerica Products

Whether or not you’ve heard of Primerica, chances are slim that you actually know their products. Primerica is a financial services company. This means that there are multiple products available to you that allow you to strengthen your financial health.

One of the best-known products Primerica offers is term life insurance. However, this company also offers mutual fund investments, auto & home insurance, debt consolidation loans, annuities, and pre-paid legal services.

Each of the products that Primerica offers is designed to help better your financial health by preparing for the unexpected.

Primerica Opportunity

Aside from the above listed financial products, Primerica offers a unique opportunity to help set your family up for long-term success. We do this by allowing all of our members to learn the “secret” to financial success and by allowing them to tell and help other families in need.

Basically, once you’ve learned about our products, you can share this helpful information with other families. You won’t need a financial background or to be highly educated (and it’s okay if you are). You can work when or how you want and there are no territory restrictions. The best part is all the necessary training is included and you can earn as you learn!

Primerica Compensation Plan

If you’ve done any research about Primerica, you probably already realize that it is a multi-level marketing (MLM) company. This means that once you join and choose to become a representative, you earn commissions off of every sale. You also earn money by recruiting people to your team as well as commissions from team sales.

Because many of the products offered are insurance-related, you will need to be licensed to sell them by the SEC. While you can opt to not be licensed, your income is severely limited by not doing so.

Starting as a representative, you can expect to make about a 25% commission on life insurance sales. Should you sell a debt consolidation loan, which is a much larger sale than a life insurance policy, you can expect around 0.312%.

Other than these two set rates, your clients can invest as little as $25 or as much as they’d like. Any of these investments will allow you to see some type of commission. Keep in mind, that smaller investments will mean a smaller payout and Primerica will only pay out once you reach a minimum of $25.

$25 isn’t much in the scheme of things, especially if you are busy selling life insurance policies or debt consolidation loans. However, if you are strictly selling smaller investments, the minimum amount may take a bit longer to reach.

The more sales you make and the more people you recruit, the faster you can climb the ranks of the company. Once you have a team in place and have taught them how to recruit new members, you can quickly become a District Leader. This allows you to see larger returns at a much faster pace, including commissions on your representatives’ sales.

With any new business venture, there is a start-up cost. Most of the time, this cost will be a large one and often requires the use of a loan. Primerica only costs $99 to start with a $25 per month subscription for online support. Other than these costs, you must keep your licensing up to date, but that’s it!

Primerica: A Scam, Pyramid Scheme, or Legitimate Business?

Unfortunately, many people don’t know the difference between a multi-level marketing company and a pyramid scheme. We’ll talk about that in just a moment, but you must realize that a true pyramid scheme is illegal. Pyramid schemes are illegal because they are unsustainable and primarily exist by using new recruits’ money to pay original investors.

You may be thinking that Primerica fits this description. However, instead of new investors never seeing or benefiting from a product, they end up with financial products, such as life or auto insurance, mutual funds, and even legal protection.

Pyramid schemes do not offer this benefit, and people who buy into them can kiss their initial investment goodbye forever. This is not so with Primerica.

Primerica History

As you can see, Primerica is a well-rounded company that offers everyday people the chance to succeed in life. So, how did it start?

On February 10, 1977, Art Williams founded A.L. Williams and Associates, Inc intending to take on one of the largest and oldest industries in the nation – insurance. Williams had the idea that he wanted to help families with the notion that they must have old, generational money. Instead, he liked the idea of talking with them in an open and honest setting.

Eventually, A.L. Williams became Primerica Financial Services, and later the company was acquired by Citigroup, Inc only to be “refounded” as an independent company.

Primerica: A Quick Review

If you glanced through this article hoping to get an idea of what Primerica is, chances are you figured out what you wanted to know. However, you may just be looking for the key points.

The things you should take away from this article include that Primerica is a financial services company that offers term life insurance, mutual funds, and other investments. They offer the opportunity for people to earn money while they learn and work for themselves.

Primerica is not a scam or a pyramid scheme. Instead, it is a multi-level marketing company and one of the oldest ones around.

So, whether you choose to invest or are interested in becoming a representative, Primerica is a financial solution you can trust!

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