We have all heard about different types of insurances and most of us even receive a lot of calls from different agents selling insurances and telling us how important it is for us to buy a particular insurance package from them.
But what you don’t know is that life insurance is nothing like home, jewelry or car insurance and it’s something that doesn’t involve the common direct selling method.
Yet, Primerica is the company that’s making it work.
Now, the question of the hour is that there’s a lot of money involved in the life insurance industry so should you be joining Primerica or not?
Well, if you are someone who has this question on your mind then stick with us till the end because today we are here with the Primerica review that will clear everything for you.
At a Glance
Owner: Glenn J. Williams (CEO)
Price to Join: $99 + $25 p/m thereafter
My Rating: 2.5/5 stars
What Is Primerica?
For those who don’t know what Primerica is, it’s a financial and insurance company that uses multi-level marketing to sell financial products and services.
It was founded in the year 1977, and it went public on NASDAQ in 1983. The headquarters of this company is now in Duluth, Georgia.
This company is world famous for providing different insurance and financial plans to all the middle-class families out there.
To be a part of this company you have to pay an initial fee of $99, and if you want to use their platform and their tools, then you have to pay an additional $25 every month.
It’s simple here, they use the multi-level marketing strategy where the Primerica agents make money that is based on sales of the other agents they recruit.
In a nutshell as an agent, you will have two primary responsibilities, you will have to promote their business opportunity and their financial plans too.
Moreover, if as a member you refer someone to Primerica and if that person buys any of the financial plans or becomes a part of the business then you get a bonus for referring that person.
The Company Officially Hires People
The background check is necessary for Primerica because they hire you officially.
This is why you have to give them an initial fee of $99 for the background check and the sales license too.
Moreover, the fee can always be refunded within a few months, so there’s nothing to worry about.
Now, you might be wondering what the other companies pay from their pocket for a background check of the participant, but in the case of Primerica, things are weird and opposite.
This doesn’t matter with Primerica because the fee is refundable, so it’s not a big deal breaker.
What benefit it brings to the company is that this way Primerica filters out all the untrustworthy members.
Another great thing to know about Primerica is that they officially give you your license to promote their business and it’s not something like an unreliable part-time job or something like that.
It’s all pretty much official!
Each member of Primerica can earn 25% of the sales they make which is some excellent money in my opinion.
Why Is Primerica Considered A Pyramid Scheme?
The only issue with Primerica is the fact that this company presents all the opportunities as the only solution to all the problems and this is their way of advertising.
For example, they use words like financial freedom, be your own boss, earn at home, earn money with comfort and dream big etc.
Now honestly, all these promises are vague.
The company makes it feel like earning money through it is very easy but the reality is totally opposite and making money through the company is sometimes a lot of pain.
Also, we will suggest that if you don’t have any experience with sales and marketing, then know this field isn’t for you as it will become harder for you to make some profit out of it.
Can You Make Fat Cash With Primerica?
To be honest, no, it’s not something as reliable as you think.
In fact, it all falls back to your skills, if you have the knowledge about selling insurance or a financial plan then yes, you can see some success in this business.
But again, if you don’t have the required skills, then you shouldn’t be relying on this business as it will be a complete waste.
A shocking statement about this company is that 60% of the people in this business fail to make even a single cent which is again the reason why you shouldn’t be expecting some fat cash here.
Pros Of Primerica
The one main thing to be appreciated about this company is that before participating, you first have to complete a background check to be a part of this business which means that it’s not for anyone and everyone.
This keeps the company away from those people who are marketing different companies without even knowing what they are doing.
Cons Of Primerica
There’s no such thing as cons of Primerica, it’s just that it’s a 100% commission based business and the more sales you make, the more you earn out of it.
It’s as simple as it seems.
Now, the commission based earning can be a problem for some people out there.
There will be months in which you won’t make enough sales to balance your budgeting which makes this job more difficult.
As far as the question of Primerica being legit is concerned, well, it is a legit company and it’s not a scam at all.
They work on the multi-level marketing strategy, and that’s what you need to understand to know the company accurately.
In a nutshell, Primerica is a not a pyramid scheme, but on the other hand, we won’t recommend it too as it’s not a reliable source of income.
You might be doing great in the first few months but then there will come a time when you won’t be able to make enough sales and hence there won’t be any commissions.
The point is that instead of investing your efforts into a business that can go under any time, you should be more focused on other things and businesses opportunities that you can opt for.
It’s all about the research you make because the online business market is vast enough for anyone to try their luck at.
It’s not necessary for you to invest money and effort into a marketing network that comes with no guarantee of the future and has no scope. The rest is entirely up to you!
What You Should Do Instead
Although Primerica is legit and a way to make money, it is NOT for everyone and that’s why over 60% of people that get into this business fail miserably.
My recommendation (Wealthy Affiliate) has a much higher success rate and you don’t have to muck around with getting licences and things of that nature.
In fact, you can get started today for no cost whatsoever because they have a free trial, which has an infinite time span so you can stay on the free trial for as long as you want.
I was hesitant about joining myself until I found out they had a free trial.
Until this day I have never looked back and continue to use Wealthy Affiliate to make a living wage all from my websites.
Thanks for reading. Kindly leave all your comments and questions below!