If you’re looking for a way to make some extra money, you may have come across PHP Agency, a multi-level marketing company that sells insurance and other financial products. In this PHP Agency MLM review, we’ll take a look at what PHP Agency is, how it works, the products it sells, and whether they’re any good. We’ll also explore how to join the company as an agent, the company’s compensation plan, and whether PHP Agency is a pyramid scheme. Finally, we’ll give our thoughts on PHP Agency and share some alternatives to this company.
History of PHP Agency
PHP Agency was founded in 2009 by PHP Agency’s CEO and President, Patrick Bet-David. The company is headquartered in Los Angeles, California, and has offices in New York City, Dallas, Chicago, Atlanta, and Phoenix. PHP Agency has over 100 employees and is a member of the Better Business Bureau.
Patrick Bet-David is a serial entrepreneur and successful businessman. He was born in Iran and immigrated to the United States with his family when he was a child. He served in the military and then started his own business selling valet parking services. From there, he went on to launch PHP Agency.
PHP stands for “People Helping People.” The company’s mission is to “provide the average person with an opportunity to own their own life and business.” PHP Agency offers insurance and financial products through a network of independent agents.
PHP Agency products
PHP Agency sells a variety of insurance and financial products:
- Life insurance: PHP Agency offers whole life insurance, term life insurance, and universal life insurance.
- Health insurance: PHP Agency offers health insurance plans for individuals, families, and businesses.
- Property and casualty insurance: PHP Agency offers homeowners insurance, renters insurance, auto insurance, and business Insurance.
- Financial products: PHP Agency offers a variety of financial products, including investment plans, retirement plans, and estate planning services.
- Investment products: PHP Agency offers investment products through its subsidiary, PHP Investment Services, including mutual funds and exchange-traded funds (ETFs).
How does PHP Agency work?
PHP Agency operates as a multi-level marketing company. The company’s agents sell insurance and other financial products. PHP Agency does not sell directly to consumers.
To become a PHP Agency agent, you must first complete an online application. After you are approved, you will be asked to pay a $99 membership fee. Agents must first purchase a “starter kit” for $499. The starter kit includes training materials and sales aids. PHP Agency does not require agents to maintain any inventory.
As an MLM company, PHP Agency relies on its agents to recruit new members. PHP Agency agents earn commissions on the insurance and financial products they sell, as well as a percentage of the sales made by their downline.
PHP Agency’s compensation plan has four levels:
- Level one: PHP Agency agents earn a commission on the insurance and financial products they sell.
- Level two: PHP Agency agents earn a commission on the insurance and financial products sold by their downline.
- Level three: PHP Agency agents earn a bonus on the commissions earned by their downline.
- Level four: PHP Agency agents earn a bonus on the commissions earned by their downline’s downline.
Is PHP Agency a pyramid scheme?
PHP Agency is not a pyramid scheme. PHP Agency is a legitimate company that sells insurance and other financial products. Under a pyramid scheme, participants would earn commissions solely for recruiting new members, without selling any products. The company’s compensation plan does reward agents for recruiting new members, but PHP Agency agents also earn commissions on the products they sell. PHP Agency is not simply a recruitment scheme.
Has the company faced complaints or lawsuits?
PHP Agency has an A+ rating from the Better Business Bureau and the company is accredited by the National Association of Insurance Commissioners.
PHP Agency has faced some complaints, mostly related to its business model.
- In 2015, PHP Agency was sued by a former agent who claimed that the company was operating as a pyramid scheme. The case was settled out of court.
- In 2016, PHP Agency was sued by another former agent who claimed that the company had misled him about the potential earnings he could make as an agent. The case is still pending.
- In 2017, PHP Agency was sued by a former agent who claimed that the company had engaged in deceptive practices. The case is still pending.
- In 2018, PHP Agency was sued by a group of agents who claimed that the company had failed to pay them commissions they were owed. The case is still pending.
What we like about PHP Agency
There are several things we like about PHP Agency:
- PHP Agency offers a wide variety of insurance and financial products.
- The company is headquartered in the United States and is a member of the Better Business Bureau.
- PHP Agency has a low start-up cost for agents. Agents only need to purchase a starter kit for $499.
- PHP Agency does not require agents to maintain any inventory.
What we don’t like about PHP Agency
There are also several things we don’t like about PHP Agency:
- The company has been accused of operating as a pyramid scheme. The company has settled one lawsuit related to this claim and is currently facing two more.
- The company has been sued several times for allegedly failing to pay commissions owed to its agents.
- Some of PHP Agency’s products have high fees and may not be the best options for consumers.
Alternatives to PHP Agency
If you’re interested in selling insurance or financial products, there are several alternatives to PHP Agency:
- Primerica: A multi-level marketing company that sells insurance and financial products.
- AmeriLife: A direct selling company that offers life insurance, annuities, and Medicare supplement plans.
- World Financial Group: A multi-level marketing company that sells insurance and investment products.
- Financial Freedom: A direct selling company that offers life insurance and annuities.
Do we recommend PHP Agency?
PHP Agency is a legitimate company that sells insurance and other financial products. However, the company has been accused of operating as a pyramid scheme and has faced several lawsuits related to its business practices. We recommend exploring other alternatives if you’re interested in selling insurance or financial products. PHP Agency may not be the best option for you.
Before joining PHP Agency, be sure to do your research. Read reviews, compare alternatives, and make sure you understand the company’s compensation plan. Your No. 1 source of information is I Buy I Review. We provide comprehensive reviews of MLMs, so you can make an informed decision about which company is right for you.
I buy and review courses so you don’t have to. Sometimes, I even find courses that are legitimate and worthwhile; and that’s how I accidentally came across one that led me to building a 6-figure business in a little under 5 years. Now, I still review courses because it’s my favorite hobby. 🙂 Learn more about me here.