Primerica Financial Services is a company that sells insurance and financial products, but it’s not like any other insurance company you’ve ever heard of. Primerica is actually a multi-level marketing company, which means that it employs a complex system of representatives and recruiters who sell its products. In this Primerica review, we’ll take an in-depth look at the company to see if it’s legitimate or a scam. You’ll learn about Primerica’s history in the insurance industry, how its products work, and how agents are compensated. We’ll also answer the question: Is Primerica legit?
Primerica was founded in 1977 by Arthur Williams, a man who had previously been involved with several other MLM companies. The company’s original name was A.L. Williams & Associates, but it was changed to Primerica in 1991 when the company went public. Today, Primerica is one of the largest financial services companies in North America, with over 100,000 agents in the United States and Canada.
What financial products does Primerica offer?
Primerica offers a wide range of products, including:
- Term life insurance
- Mutual funds
- Life insurance
- Auto and home insurance
Primerica’s most popular product is its term life insurance policy, which is offered through Primerica’s subsidiary, Primerica Life Insurance Company. Primerica’s term life insurance policies are some of the most affordable on the market, and they offer a variety of features and benefits that make them an attractive option for many people.
How does Primerica’s compensation plan work?
Primerica agents make money in two ways: through commissions on the products they sell, and through bonuses for recruiting new agents. Primerica calls its recruitment system the “career path,” and it employs a complex system of 11 different levels. As agents move up the career path, they earn higher commissions and bonuses. Primerica’s top earners make six-figure incomes, but the majority of agents make much less.
Primerica offers its agents a great deal of support, including:
- Training and education: Primerica offers its agents extensive training and education on its products and sales methods.
- Marketing materials: Primerica provides its agents with a wide range of marketing materials, including business cards, flyers, and brochures.
- Customer support: Primerica’s customer support team is available to help agents with any questions or problems they may have.
- A personal website: Primerica provides its agents with a personal website where they can sell Primerica’s products online.
- Access to leads: Primerica provides its agents with access to leads, so they can contact potential customers about Primerica’s products.
What do consumers say about Primerica?
Primerica has a mixed reputation among consumers. Some people are happy with the products and services they’ve received from Primerica, while others have had negative experiences. Nearly 700 complaints have been filed against Primerica. The company has been accused of being a pyramid scheme, and some customers have said that they were misled about the costs of Primerica’s products.
Primerica is not a pyramid scheme. Pyramid schemes are illegal, and they are based on recruitment rather than selling products. Primerica does employ a system of recruitment, but it also sells real products that have value.
How do you become a Primerica agent?
Primerica does not require its agents to have a college degree or any previous experience in the insurance industry. To become a Primerica agent, you must:
- Be at least 18 years old
- Have a valid driver’s license
- Pass a background check
- Complete Primerica’s training program
- Pay a $99 fee to join Primerica
What we like about Primerica
There are a few things we like about Primerica, including:
- Primerica offers its agents a great deal of support, including training, marketing materials, and customer service.
- Primerica’s products are some of the most affordable on the market.
- Primerica does not require its agents to have any previous experience in the insurance industry.
What we don’t like about Primerica
There are a few things we don’t like about Primerica, including:
- Primerica is a complex MLM company with a 11-tier system of representatives and recruiters.
- Primerica’s top earners make six-figure incomes, but the majority of agents make much less.
- Primerica’s products are only available through its agents, which makes it difficult to comparison shop.
Are there alternatives to Primerica Financial Services?
If you’re interested in Primerica’s products but not its MLM business model, there are a few alternatives to consider, including:
- Ameriprise Financial Services: Ameriprise is a full-service financial company that offers a wide range of products, including life insurance, investments, and banking.
- Fidelity Investments: Fidelity Investments is a large investment company that offers a wide range of products, including life insurance, investments, and retirement planning.
- Vanguard: Vanguard is a large investment company that offers a wide range of products, including life insurance, investments, and retirement planning.
Is Primerica a legitimate insurance company?
Primerica is a legitimate insurance company that has been in business for over 40 years. The company is publicly traded on the New York Stock Exchange, and it employs over 100,000 people in the United States and Canada. Primerica's products are available through its network of agents, who are compensated through a combination of commissions and bonuses.
Even though Primerica is a legitimate company, it is not for everyone. If you're considering becoming a Primerica agent, make sure you understand the company's compensation plan and how much money you can realistically expect to earn.
Primerica has an A+ rating with the Better Business Bureau, and the company has been accredited by the BBB since 1977. Primerica has also been named one of the World's Most Ethical Companies by the Ethisphere Institute for nine consecutive years.
We recommend that you research the company carefully and speak with other agents to get their opinion. Primerica is not a scam, but it's important to make sure that it's the right opportunity for you.Check out our other reviews
If you're researching possible ways to make money from home, I Buy I Review is your No. 1 source of information. We provide in-depth, unbiased reviews of opportunities in a wide range of industries, including insurance, home business, internet marketing, and more.
Our mission is to help you find the best possible way to make money from home. We provide all the information you need to get started, including step-by-step guides, tips, and resources.
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.