I had a friend who recruited me to join Primerica in early 2007. Well, actually, he made me aware that they were looking to hire people at his office and when I got laid off from my job, I inquired about Primerica.
We agreed to meet up at a public area. We sat down at a table and he began his presentation, which covered a lot of basic financial stuff from mortgage refinancing to life insurance and mutual funds. Most of this was knowledge to me, but some of it I knew. Basically, Primerica did basic financial services such as debt consolidation, refinancing, loans, term life insurance, mutual fund investments, IRA's, pre-paid legal, and Long-term care insurance. What made the company different was that it was on a mission to help free Americans from debt and teach people how to make their money work for them.
Reasons to want to become a representative for Primerica were tax breaks (business expenses can be deducted,) Ownership of the business, Education, and you can sell the business if you become a Regional Vice President. If you help one family a month in the three basic areas of debt, insurance, and investments, you can earn $1000 for 10 hours of work. If you were a district leader, you would earn $1,600. I guess those numbers had me convinced for a day.
I crunched them and found that the average earnings for a Primerica representative were $6,333 a year. And since more than 50 of the 100,000 reps were earning over a million a year, the number was probably a lot less for a newcomer. I went to call my friend back to quit and he emphasized the education factor. So I ended up becoming a Primerica representative for the education. (I found out later that most reps were lucky to help a family a month.)
They also talked extensively about residual income from overriding the commissions of people you bring on. Two things have to go right for that to work, though. First, you have to find the people who will actually stick, and second, you have to be good enough to get promoted to a higher level of commission.
We agreed to meet up at a public area. We sat down at a table and he began his presentation, which covered a lot of basic financial stuff from mortgage refinancing to life insurance and mutual funds. Most of this was knowledge to me, but some of it I knew. Basically, Primerica did basic financial services such as debt consolidation, refinancing, loans, term life insurance, mutual fund investments, IRA's, pre-paid legal, and Long-term care insurance. What made the company different was that it was on a mission to help free Americans from debt and teach people how to make their money work for them.
Reasons to want to become a representative for Primerica were tax breaks (business expenses can be deducted,) Ownership of the business, Education, and you can sell the business if you become a Regional Vice President. If you help one family a month in the three basic areas of debt, insurance, and investments, you can earn $1000 for 10 hours of work. If you were a district leader, you would earn $1,600. I guess those numbers had me convinced for a day.
I crunched them and found that the average earnings for a Primerica representative were $6,333 a year. And since more than 50 of the 100,000 reps were earning over a million a year, the number was probably a lot less for a newcomer. I went to call my friend back to quit and he emphasized the education factor. So I ended up becoming a Primerica representative for the education. (I found out later that most reps were lucky to help a family a month.)
They also talked extensively about residual income from overriding the commissions of people you bring on. Two things have to go right for that to work, though. First, you have to find the people who will actually stick, and second, you have to be good enough to get promoted to a higher level of commission.
Comments
David
(Guest)
(Guest)
01/16/2010
I am a Division Leader and have made it in a 2.5 month period. My success ratio is awesome compared to most. I believe Primerica is a BAD idea if you are unemployed and needing money fast, if you cannot find a job then it is much better than nothing. However if you have a Full-time job and you start Part-time, and with hard work, then things are more relaxed, I have seen agents with no other job, that are so desperate to make that sale in order to survive, that in my opionion can have negative consequences: 1. May not do what is best for the client. 2. Prospective clients can tell when someone is desperate to make a sale, and that scares them off. Many negative comments I see on the web are peeps in this catagory. Some people are just STUPID: comments like, they made it sound so easy, think about it, I mean crap, IT IS NOT SUPPOSED TO BE EASY TO MAKE SIX FIGURES or more. MD's go to school for 10-12 yrs are more to make that type of income, amd highly educated people never make
anonymous
(Guest)
(Guest)
11/25/2009
part 2 because I type too much! :o)
It definately isn't for everyone, I completely agree. I still haven't figured out if I'm gonna make this a full-time thing ever, but I do have some licenses out of it that I could take elsewhere if I wanted too. Also, I have 3 years to decide if I want to renew. Which I will say, I understood the renewing aspect since 1. I've held a certian license before which also has to be renewed (and I paid to get it the first time too) and 2. my base shop made that clear.
Anyway, thanks for the comments from everyone!
anonymous
(Guest)
(Guest)
11/25/2009
I joined recently and maybe I am very lucky to be in the base shop I'm in because they make it very clear that it is hard and you will hit bumps that make you want to quit. They also make it very clear that not everyone succeeds and the percentages that go full time and make RVP are small. But you will never know if you don't try, so good for you that you at least tried.
You do have to buy stuff but that is to run your business, just like you would have to buy pots if you were selling plants that you started from seed. Which by the way sounds like a fantastic job to me too! :o)
I do agree with Lucy, I have had no pressure to buy the life insurance or any other product they offer, so again possibly I have a better base shop. In fact, I started because I lost my full-time job and made it clear that as much as I know I do need life insurance (I knew that before I found Primerica), there is no funding at this time and my trainer was fine with that, no pressure at all.
It defi
Lucy, I'm not talking bad. I merely stated a fact. Primerica is a great company and I agree with everything that was said at the meetings. My problem was, financial services was not the career I wanted to be in. I know if Primerica had been about gardening or plants I definately would be an RVP now.
A Primerica representative succeeds or fails based on how good he or she is at recruiting and getting sales. Therefore, that leaves the situation open to telling the truth in a way to make it sound more enticing than it really is. Who wouldn't? Primerica is a great company. But it is what it is and I feel I called a spade a spade.
lucy
(Guest)
(Guest)
11/05/2009
Not everyone wants to succeed so they go back to delivering pizza. Primerica provides you with all the tools to become successful.
Like Bill Gates, many people laughed at his idea and those who did not take advantage of it, missed out on a great opportunity. Those millionaires in Primerica did not miss the opportunity, why did you? Anyone can learn and grow, most just don't want to because of the "confort zone". Get out of it, learn, grow in what ever you do in life. Primerica is for champions if they work hard and learn because the main goal is to help families get out of debt and become properly protected. I am getting there myself and do not regret it one day.
Lucy
(Guest)
(Guest)
11/05/2009
Like you say it is not for everyone. I recently joined, have not been there for a whole month and have worked hard towards my goals. The picture is good and you can accomplish it, if you work hard. I would rather work hard towards something that is mine, than work hard for someone that will be making money out of me (corporate world)and pay me minimum wage. When I reach my goals I can start my own business in whatever I want, but do you really want to work for it? is the question. I have been studying hard to have the right knowledge and will be getting my license soon. I have not been pressured into buying anything and have gotten support from my baseshop. If one has the mentality you have, when you become an RVP, YOU WILL FAIL and your baseshop will become full of discouragement. When I recruit my people, I make sure I qualify them and most representatives are now trying to change that, so that all of you stop talking bad. We give anyone the opportunity to success but not everyone ha
Gus
(Guest)
(Guest)
09/14/2009
Thank you Mr. Dave for writing this Pro/Con article about Primerica. I was recently approached by a very nice gentleman who is a Regional VP for Primerica.
I am a recent college graduate who cannot find a job due to the weak economy. The RVP knew I was having trouble finding a job and came to me offering this career in financial services where I could make up to $130K a year as an office manager, not a salesman. Being the boss, not being a mere, universally hated salesman, and making possibly six figures a year made my mouth salivate. I even began to fantasize about a riches filled future doing "financial planning" and not pursuing my original career path where it is hard to get a job and you make peanuts compared to other professions.
My parents were not pleased and told me I'd be nothing more than a salesman who would struggle to make ends meat given the economy. I later met again with the RVP who gave me his numbers presentation on compound vs simple interest, mutual
I would say definately look into it but take everything that the Primerica rep says carefully. Tell them you will get back in a couple days then consult sources that neither are biased for nor against Primerica. The Primerica representatives tak about all the good aspects of Primerica, but don't clearly say how hard or easy it is-it depends on the person. Make the decision to join based on you liking the opportunity as opposed to being sold by some enthusiastic, optimistic talking. And when you do join, go on several KTA's and take back the FNA to get a clear look at the business before you get yourself life licenced so you can still get the partial refund. Check with your primerica rep on that; this may have changed after I left Primerica.
If you are a "shy guy" you need to join ASAP.
(Guest)
(Guest)
08/04/2009
We live in a society where "shy guys" get a pay check with "shy digits" hense they never show up. Join at the least for the financial education you will recieve. If you've ever taken a college level course, you will pay hundreds for credits and 90% of the time without any life experiences attached to the lesson. Most of us have a great academic education but fall in the 1st grade level on finances. If you are in dept, you made bad financial decisions in the past. Undo your mistakes, get educated, get past the fear of expressing yourself in public, build a business and forget about what the critics say or what this "stat" or that stat says. Successful people didn't bother looking at the "stats" of failure they focused on being in the smaller % that succeeded vs. the larger % that stayed behind in fear. Every business has critics that just sit on the side line waiting for things to be handed to them, don't associate with critics, they're going no where and fast. You can do it. Get educat
mimi
(Guest)
(Guest)
04/19/2009
If you are shy person, I wouldnt recommend you join Primerica.
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