Primerica Review: The Insurance MLM

primerica insurance reviews

Are you familiar with Primerica? There are many who claim it is one of the fastest growing MLM companies in the world. Well, we will be the judge of that!

I am going to provide you with a Primerica review. This review is completely unbiased. I am not affiliated with Primerica so you will be getting accurate information.

In this Primerica review, I will tell you about the history of the company. I will also tell you about the leadership. We will look at the various services sold by independent Primerica representatives and I will tell you about the compensation plan. Lastly, I will look at the pros and cons with a deep look at what other people have to say about this company.

Primerica Review – Primerica History

The history of Primerica goes back over 40 years. But it wasn’t named Primerica then.primerica financial services

In 1977, Arthur Williams Jr grabbed many associates from the insurance company he was an employee at and founded A.L. Williams & Associates. The selling point behind this new life insurance company was opening up consumer’s minds that term life insurance may be much better for their needs then whole life insurance.

The marketing concept that pushed the company into the limelight was

In the early 1980’s, A.L. Williams & Associates expanded and went public with a listing on NASDAQ.

While it would take an encyclopedia sized book to go through all the various acquisitions that A.L. Williams had, the result of the Primerica name came when PennCorp and American Can merged and the result was Primerica.

Primerica moved into financial service when they purchased Smith Barney.

More and more moves were made and everything fell under Citigroup. But in 2011, Citigroup has no more ownership in any of the Primerica company.

Primerica has been recognized as a strong and powerful company. They have received various awards from A. M. Best, Standard & Poor's and the Insurance Marketplace Standards Association (IMSA) for their financial strength, high standards and quality business.

Primerica Review – Company Leadership

The leadership managing Primerica consists of:

  • Chief Executive Officer Glenn Williams
  • President Peter Schneider
  • Chief Financial Officer Alison Rand
  • and Chief Operating Officer Gregory Pitts
  • Chief Compliance Officer Jeffrey Fendler
  • President, PFS Investments, and CEO, Primerica Life Insurance Company of Canada William Kelly
  • Chief Marketing Officer Chess Britt
  • Chief Business Technology Officer Michael Adams
  • and General Counsel Alexis Ginn

and being a public corporation, Primerica has a

Board of Directors

  • Chairman of Primerica Distribution John Addison Jr.
  • CEO Narrative Content Group LLC Joel Babbit
  • Past President of the College of Charleston George Benson
  • Gary Crittenden
  • DLA Piper Partner C. Saxby Chambliss
  • CEO Citizens Trust Bank Cynthia Day
  • CFO Institutional Clients Group, Citigroup Mark Mason
  • Robert McCullough Jr.
  • Senior Vice President Coca Cola Beatriz Perez
  • Chairman of the Board D. Richard Williams
  • CEO Glenn Williams
  • Barbara Yastine

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Primerica Review – Primerica Services

When Arthur Williams founded the company, the only service offered was term life insurance. Since that time, Primerica has added many other services which give home based Primerica business owners many other ways to make money.

Financial Needs Analysis

Every family and individual has different needs financially.

This free service from Primerica helps determine your financial needs for the future and the best ways to meet those needs. They will develop a personalized strategy that is based on your current situation.

You can choose to follow the strategy or take a different direction.

Term Life Insuranceprimerica forbes

This is the service that Primerica built its solid foundation with. It is a more affordable way to have life insurance.

This life insurance is rated A+ by A.M. Best.

Pre-Paid Legal and Identity Theft

Primerica partnered with Legal Shield to be able to offer members and clients pre-paid legal services as well as Identity Theft protection through the leader in I.D. Theft Protection services, Kroll.

Investment Services

Primerica offers a wide range of investment services to meet your financial needs. They offer investing in:

  • Mutual funds
  • Retirement plans
  • Managed investments
  • and Annuities

The experts at Primerica can show you how investing can be managed safely helping you build a safe and comfortable future.

Debt Solutions

It can be easy to get into a position of debt where you feel like you are drowning.

Primerica instituted DebtWatchers to help people find the best solutions to get debt free. Using information from the person’s credit reports, the software will find the most efficient way to pay those debts off.

Auto and Home Insurance

Primerica does not offer auto and home insurance, but they do have a referral program that will find you the most affordable insurance to fit your needs.

And, Primerica does the shopping for you and you will get rate quotes within 10 minutes.

Long Term Care

The fact that a person may have to enter a nursing home or other long-term facility is seldom discussed in families. When it does happen and the person has no insurance to cover the costs, they have lost everything they worked so hard for and wanted to leave their heirs.

The long-term care insurance has saved many people from that travesty. These plans are sold via Primerica and managed from Genworth Financial

As you can see, Primerica offers a huge range of services. And nearly all of these services are needed by all humans.

At this time, Primerica serves the United states and Canada.

Primerica Review – Primerica Compensation Plan

The Primerica Compensation plan is really not as hard to understand as some people may claim.

Due to the fact that this is a regulated business structure, you will need to obtain licensing which means there are some upfront costs to start your Primerica Business. That would include:

  • a startup kit for $99
  • exam costs
  • and license costs

As you gain seniority by meeting requirements, you will gain higher commission rates and overrides on people who join your downline.

Here are the levels:

  1. Associate – When you first sign up and are in the licensing process.
  2. Representative – 25% commissions
  3. Senior Representative – 35% commissions and bonuses
  4. District Leader – 50% commissions and bonuses
  5. Division Leader – 60% commissions
  6. Regional Leader – 70% commissions
  7. Regional Vice President – 95% commissions and bonuses
  8. Senior Vice President – 95% commissions and bonuses
  9. National Sales Director – 95% commissions and bonuses
  10. Senior National Sales Directors – 95% commissions and bonuses

You may wonder how Primerica can pay out 95% commissions.

With this being insurance and such, the payments will be monthly. The Primerica business owner is getting commissions on the initial sale.

This PDF download explains more about becoming a Primerica representative.

Primerica Review – The Pros And Cons In My Opinion

As with any business opportunity, there will be pros and cons. I studied the Primerica MLM structure and I found:

Pro

Primerica offers services every person needs.

Con

When you look closely, insurance salespeople are paid better rates, but the Primerica representatives have an easier sales system.

Pro

You don’t need a college degree to do a financial analysis for potential customers. Primerica has a software that does it all for you when you enter the information.

Con

Primerica services are quite expensive compared to similar.

Pro

The training for Primerica reps is outstanding and because of this, the majority of Primerica representatives are highly ethical.

Primerica Review – What Others Are Saying

Well you saw what I believed to be pros and cons, now let’s look at what other people have to say about Primerica:

Con

I'm very disappointed with this company. I should have done my homework and check first. And, I paid the “overcharged” $99 fee for the background check plus $25.00 monthly fee. I went to their meetings twice a week. No sales. My friends were not interested. My closest family too old. We went to the malls, train station, etc. Nothing. And it was not just me. My colleagues too. I listened to their Earnings Release for March 2017 and it says on the presentation that the average Sales Agent sell 0.20 policy a month!!! And that is before taxes. I should have checked their financial reports first. Primerica may have been good at some point but not anymore. I encourage you to check their financial reports and see the section about the sales force. On these previous year our of 108,000 they added just about 11,000 new recruits! Not even 1 per agent in a year. These are facts!

Pro

In 1985 I joined Primerica and applied their financial principles regarding my financial matters, but also became an agent. In a few years I was promoted to the coveted RVP position. And, in 1992 I quit after having an absolutely fun and fantastic time. I (We) helped so many people. It was truly magical. All my life people have walked up to me and remembered me having been to their homes and have always said positive things to me about the positive impact I (Primerica) had on their life.

Now, I'm finished. Retired. I never really made “a lot” of money in my life but I can tell you this one thing. Using those principles I live in a $500K plus home that's completely paid for, own a home by the lake, have a home on the French border with Germany, have a few nice cars, sent the kids to college, have a great IRA withdrawal going, and don't owe anyone a nickel. Thank You Primerica. I'll tell you what that agent who recruited me back in 1985 said to me “Most people have two great opportunity presented to them in their life time. Is this the first time you have been offered an opportunity Mr Jon? Or is it the last one”? That really made me think hard. The Win-Win is that whether you become an agent, or a customer only, You Win!

Con

My husband died on March 18th 2017. His mother had taken out insurance with Primerica in 1988. After she died he took it over. I called the insurance company the Monday after he passed and they said they were sending out a claim form. Well it took a whole week before they sent me a claim form. I had a copy of his death certificate. It's all filled out the claim form. Had it notarized. Sent it off Priority Mail. I called on April 7th and they said the claim has been processed and the check was sent out. It is now April the 17th and I still have not received the check. Then, I called them check to make sure they have the right address because they had sent a letter out 2 weeks after I had sent them the form and the death certificate saying they needed a death certificate.

To make a long story short they’re full of bull.

Pro

Don't let some bad reviews stop you from making the best decision of your life. I am a client of the company and have been for several years. Our financial adviser has properly protected our family and set up different accounts for retirement and our children's college savings. They are a blessing and should get so much more credit for their hard work and determination to help the middle class. I do see negative reviews about working with the company and I would suggest taking into consideration who is trying to recruit you.

Primerica Review – Conclusion

Overall, I believe with the proper methods, a person could do quite well with a Primerica business.

If you have used or been with Primerica, we would love to hear your thoughts.

If you are considering Primerica, you may want to visit their website at: http://www.primerica.com/public/

I hope this review gave you some insight and if you have any comments or questions, just post them below.

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