Anonymous asked in Business & FinanceInsurance · 1 decade ago

Is Primerica a scam? or is it an amazing oppritunity?

I just started there and im in training so i was just wondering if its something that will make my future good or will i be disapointed.

i hear that they ask for money for the licence but i found out from them i can pay the $200 or it can just come out of my training because you get paid for training.. so help plz thanks

3 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    (The information I give is for US residents only. Canada and Spain have different laws and licensing costs)

    For one, Primerica is definitely not a scam. Its a legit business opportunity. Primerica been in business since 1977 and have over 100,000 licensed representatives. They have over 6 million clients and have offices throughout North America, Puerto Rico, and Spain.

    There's 2 ways you can pay for your licensing. The first way is the $99 for licensing + $25/month for POL access. This pays for your life license and your securities license. This is good for people who really wants their business to work. You get full access to company's support system and Primerica will create a website for you. The second way is the $199, which pays only for your life license. This is good for people who only wants to do this business on a spare-time and earn extra income on the side.

    As for getting paid for training, that is a false statement. You must be licensed in order to get paid. There are some products that don't require a license such as Prepaid Legal and/or Auto & Homeowner's Insurance (check with your RVP to see if you need a Property & Casualty license in your state). You can get paid on those, but it won't be much (for entry level reps, you get paid around $50). $50 to do half hour of work is better than nothing.

    As for it being an amazing opportunity, it is if you only get to work. There's many people who join Primerica, but they don't get to work. So they don't get paid for doing nothing. So many of them eventually quit. But if you get to work and do it consistently, Primerica will do everything it promise to give you.

    Anyway, only you can decide the outcome of your business in Primerica. You can treat it as a real business and work every day on it until you built enough business leaders to run your business. Or you can treat it as a hobby and work on it when you feel like it.

  • 1 decade ago

    You do not get paid for training. You can pay $200 or $99 plus 25/month. I have been there 6 weeks and made nothing. But if you are Very aggressive and put alot of time into it you will make money. I am working full time so I am not in a hurry. I am planning on sticking with it but feel it will take about 8 years to get where I want at my current pace. The statistics show most reps quit after 7 years just one year before people really see success. Its a great product line but the problem is the limitations on advertising so it takes much longer. They are trying to sell the company and get out from Citigroup and maybe then there will be some changes. But for now if you can hang in there for the long haul it will pay off in the future.

  • 1 decade ago

    Primerica is a good company. It is a good opportunity for the right person. But they are pretty cookie cutter with their offers. And they start off with a very low commission rate like 12 - 15%. But there tends to be a lot of motivational talk and personal development that you will be exposed to. Even if you never make a dime, exposing yourself to some positivity is well worth $200.00.

    The structure of being promoted to management and recruiting people is actually widely used by financial services firms. But Primerica and a few other firms take a more aggressive stance in structuring their company with a focus on recruiting and network marketing. And an intensive focus on recruiting can lead to a lot of bad eggs joining the company.

    If you're looking for something that can generate even more money with similar structures. There is a company called HBW that starts you out at a much higher commission rate (55 - 60%), lets you build a team, and focuses much more on being a financial advisor than Primerica. But there may not be quite as much hand holding with HBW. Primerica, depending on who recruits you, may give you a little more guidance.

    Either one would be good. Just depends on your flavor.

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