Primerica – Primed to Make You Money [MLM Review]

Primerica, Inc. is a multi-level marketing company based in Duluth, Georgia, USA. Founded in 1977, Primerica was initially a part of Citigroup but parted from the group through public offering in 2010. The company operates different financial services such as mutual funds, insurance, legal services, annuities, debt management plans, and credit monitoring. In 2015, Primerica was listed by Forbes as one of the 50 most trusted companies in the USA. The vision of Primerica is to help main street and middle-class families so that they would not have to compromise on their goals and dreams just because of financial constraints. The company provides its services to such families at affordable prices so that they can invest in their future and live debt free. The company operates on the philosophy of “buy term and invest the difference”.

The company provides great opportunities if you want to make it big through multi-level marketing (MLM). The company’s MLM structure works in eleven different levels, with the representative selling any financial service get commission. This commission is further divided to the person who recruited the representative, continuing through all eleven levels. It is the largest independent company dealing in financial services in North America with a growing network of representatives, investors and affiliates. Primerica is already earning around $1.70B in annual revenues with total assets value of more than $12B. Primerica is working with around 2,500 staff members at its corporate office and over 100,000 sales representatives selling company products and services. 

Primerica’s Products

Primerica’s core business is providing financial services, managing investments and mutual funds, and providing business solutions.  Primerica is also provides business insurance with offerings best suited to middle income subscribers. The following are major products and services provided by Primerica:

1. Financial Need Analysis (FNA). These services are better suited to individuals who are unaware of where their finances are going (ex. unaccounted expenditures). Through FNA, families can become more informed about their personal finances. Primerica gives you detailed a analysis of your current financial situation, your financial needs, and a plan to guide you towards financial security. The program is customized for every family depending upon their income, needs, wants, and future strategies.
2. Term Life Insurance. A key service offered since its introduction in 1977, life insurance coverage is available to families and individuals at a price that is affordable and suit them according to their needs. Primerica provides insurance that covers your debt, income, education or mortgage. Insurance plans are offered by Primerica Life Insurance Company, National benefit Life Insurance Company and Primerica Life Insurance Company of Canada.2
3. Investments. While most financial service providers are out of touch with everyday families, Primerica provides solutions for middle-income families by securing their investments and savings for the future. The company provides these services through mutual funds, managed investments, annuities, and business retirement plans. This comprehensive approach helps families to meet their short term and long term goals.
4. Auto and Home Services. Primerica provides home and auto financial services through referrals to Answer Financial Inc. The company provides a hassle-free protection to your assets. You can get competitive quotes for your properties in less than 10 minutes.
5. Long Term Care. The costs associated with long term care are increasing every day due to increasing costs of health care that can wipe out hard-earned family savings. Primerica’s long-term care program covers a number of needs including medical and non-medical expenditures. This program provides people with care and a peace of mind in their financial assets.  
6. Pre-paid Legal (Legal Protection Program). This program helps its subscribers from devastating legal hurdles. The Legal Protection Program equips you with legal knowledge and empowers you with a qualified law firm near you for support. This program can give you a peace of mind by providing protection from legal fraud. The program is run in collaboration with LegalShield.
7. Identity Theft. According to the Federal Trade Commission, identity theft has grown to become the most common complaint over the past 15 years. Hackers are becoming active and smarter every day, leaving victims saddled with debt. The company oversees consultancy programs against such practices and advises its subscribers on how to protect them against identity theft and how to control the damage done. This is done in three ways: Restoring your identity if any breach occurs, keeping check on your financial accounts and personal information, and by providing emergency and counseling services.

Primerica’s Compensation Structure

Primerica compensates its representatives through a solitary level pay plan. A big benefit of the program is that all Primerica agents get equal commission, irrespective of the level they are in. A representative receives commission from sales and the same commission goes to representative’s recruit and recruiter’s recruit until the 11^th level downline. The company has parted away from rank-based bonus system toward a recruit-based system. 

To earn bigger commissions with the company, you must acquire a life license from the company. You can do this by paying a one-time $99 fee with an optional fee of $25 monthly to get access to the Primerica online customized portal. You will get 25% of the subscription cost on your first recruit fee that grows to 50% once you make a minimum of 3 sales or recruits. 

Let’s look at an example: an insurance plan. If the premium is $1000 for a 25-year plan you will get 25% or $250 upfront as sales commission. 

For investments, an agent’s commission would be 30% of the dealer’s cut. This is usually around 4.5% to 5% in most cases. So, on an investment of $1000, you will make around $50.

For loan deals, the commission rate for representatives is 0.312%. For example, when a representative recruits someone for a loan of $10,000, they will make around $31 as commission. 

After the recruitment of 3 sales associates, you will become a senior representative and your commission rate will increase by 10%. Primerica distributes commissions equally in a single rank until 11^th level. The following are ranks you can achieve working with the company: sales representative, senior representative, district leaders, division leader, regional leader and regional vice president.

What Makes Primerica Great? 

• Financial services provided by the company are unparalleled for middle-income families. 
• Primerica has been delivering reliable, quality life insurance to customers for over 40 years.
• The compensation plan, unlike a rank-based system, allows all representatives to get uniform commission until reaching the eleventh level.
• Complete details of products and services provided by the company are clearly outlined and recruits are given a comprehensive training in what is offered.
• Subscription cost is very low.
• Market appeal of the company is high and has won a number of awards.
• As income is commission based, the harder you try the more financial benefits you will gain. 
• Primerica is one of the very few MLM companies that have survived for more than four decades.
• The company provides flexibility of working hours with a lot of support to representatives.
• New representatives have opportunities to gain bonuses.

What’s not to love about Primerica?

• Product training starts at beginner levels. 
• Insurance costs are high with no conversion options.
• It had some legal issues in the past.
• insurance or security plans cannot be sold by representatives without a license.

Recap

Primerica is one of the most experienced financial service providers in North America, with more than 40 years of experience in the field. The company offers services in life insurance, mutual funds, investments, home and auto protection plans, and legal services. It can easily be said that Primerica is a legitimate financial service provider who constantly enjoys good ratings with Better Business Bureau (BBB). The company parted ways with its parent company Citigroup in 2010 and now maintains a workforce of  over 200,000 sales representatives with more than $1.70B in revenues. If you like the idea of recruiting agents, flexibility in works schedule, and opportunities for promotion in rank then Primerica is a great fit. The company provides its customers with great financial tools to put their plans into action with expert consultancy. 

Marketing Primerica the Correct Way

The most successful representatives are those who have been able to make it big on the multi-level marketing platforms of the digital world.  

It doesn’t matter where you live or who your target audience is, the goal of the sales representatives has always been to maximize product/service sales through innovative means.

A traditional MLM approach has been selling the product or service to one’s close sphere of influence such as family, friends, relatives and neighbors.

With the rise in digital technologies and more advanced means of marketing and communication, representatives now have more diverse means to address their audience and make themselves heard regardless of geographical and language barriers. The importance of internet marketing increases even more while working with an MLM Company like Primerica. 

If you are looking for the marketing tools through which you can intensively market your MLM Company, check out this book.

The book gives you complete detail on how to market a MLM and how to increase your target audience exponentially. 

This guide will not only be helpful to you, but to those in your target audience considering MLM as well. Those who join will become s source of sale leads, allowing you both to earn more. MLM is not as difficult as it seems. To be successful in MLM, you should know how to create a captivating digital page, generate a target audience, and eventually introduce this audience to the products/services you are selling. You can learn more by checking out ClickFunnels.

If you want your MLM business be promoted even while you sleep, then this book is your holy grail! 

The following strategy can be used to generate a successful income:

1. Create a lead landing page on software such as ClickFunnels. Click-funnel is highly appreciated for its methods of making lead landing pages as it also provided free templates to work on. You can also find some of those templates here. 
2. When you are done with your landing page, you will start to get traffic on it automatically.
3. You can then offer a high-demand lead magnet on your landing page (this can be done by advertising high-demand products to attract potential customers). This lead magnet will be delivered in exchange of customer’s contact or email address.
4. Next, you can share details of the product, service, or working opportunity you have. As you already have their emails contacts, you can use any autoresponder (ex. GetResponse or AWeber)  to remind your client to join you as a recruiter and buy your products or services.

FREQUENTLY ASKED QUESTIONS

Before we conclude, here are some FAQs about Primerica:

1. What is Primerica’s BBB rating?

A+.

2. How long has Primerica been in business?

Since 1977.

3. What is Primerica’s annual revenue?

$1.7 Billion.

4. What does Primerica sell? 

Primerica offers financial services, mutual funds, term life insurance plans, investment management, and legal assistance programs.

5. What are Primerica’s most popular products? 

The most popular product from Primerica is Term Life Insurance.

6. How much does it cost to join Primerica?  

A one-time $99 fee with an optional fee of $25 monthly, to get access to Primerica’s online customized portal.

7. Is Primerica a scam? 

No, Primerica is a legitimate financial service provider.

8. How many Primerica representatives are there?

More than 100,000.

9. Comparable companies:

Prudential financial, AIG, Metlife.