Is Primerica a scam or the real deal for insurance and financial services? Is the business opportunity associated with Primerica worth getting into, or just another run of the mill MLM scheme?
Pay close attention and read on…
For something easier than MLM to make money, click below…
Company Name: Primerica
CEO: Glenn Williams
Price To Join: $99 + $25/Month
My Rating: 4/10
~ The Primerica Review ~
Primerica Life Insurance Scam – Is That the Truth?
Primerica has actually been around for a long time, since 1977 in fact. So, if it is indeed a scam, as many people across the internet seem to adhere to, then they have been getting away with their scam for 40 years now. All those involved must be pretty clever to achieve that.
Let’s take a look at exactly what Primerica is, shall we.
Primerica was established as a financial services organisation, providing services such as life insurance. They target the middle class of America and also provide financial planning services. Their range of services includes:
- Financial Needs Analysis
- Auto & Home Insurance
- Long Term Care Insurance
- Primerica Debt Watchers
- Pre-Paid Legal Services
How Does the Primerica Business Opportunity Work?
If you want to make money with Primerica you will be promoting two things:
- Their financial services range
- The Primerica business opportunity
This is typical MLM, with earnings made on direct sales, commissions earned through your down line, plus the usual array of performance bonuses. When you sign on to the business side you become an independent sales representative. As with many MLM schemes, the focus is more on recruiting others into the system and selling them products, rather than just direct sales to the general public.
Why do so many MLMs do this?
Because when you’re involved in the business side of things and commissions and bonuses are at stake, it’s easier to lock people into a deal where they are forced, basically, to purchase a certain amount of product per month to remain eligible for the commissions and bonuses. When you just sell direct to the public, what incentive is there for them to keep paying you month after month, year after year? Not much.
MLM isn’t just about getting people to sell products and earn commissions. It’s actually a very smart business model that really locks people into the deal and makes them spend money on your products. In reality, all any MLM has to do is recruit members and sales take care of themselves.
I don’t really like MLM for this reason, as it’s almost a form of extortion in a way. But anyway, I digress.
The Primerica 11 level upline system will give you kickbacks from your down line. The bigger the direct down line you can create, the more money you are likely to make, so long as your recruits are motivated and active.
Generally people are recruited through the traditional multi level marketing/network marketing manner by enticing people to attend meetings and conferences with the promise of an exciting business opportunity to be discovered.
Primerica also use the usual hype to lure people in, things like:
- Be your own boss
- Time and money freedom
- Live the life of your dreams
- Make passive and residual income
There’s nothing wrong with any of these and they are all genuine reasons to get a business going, but that’s a tough ask when trying to peddle products with the MLM model, a really tough ask.
If you want to make more money, more wealth and more abundance, you need to learn to live from a wealthy mindset. Click here to learn the mind hacks that really fast-track your way to wealth…
By nature MLM is based on the pyramid structure, although all MLM companies will deny they are essentially a pyramid structure. Those at the top make most of the money, while the majority are left languishing down the base, doing all the hard yards and making mere pennies. It works very similar to government and multi-national corporations. It’s the way of the world, and it’s reflected, in a huge way, in the MLM way of doing business.
With other forms of business you are rewarded for performance and sales. With MLM you get rewarded based on how many people you can conscript into the system.
One of the best ways to promote MLM products and recruit new members is via your own website. It's very easy to create one yourself, and if you follow the training at Wealthy Affiliate, you'll have your own site up and running in no time. You can even get started for free!
All MLMs target people who are looking to get into business for the very first time without all the brainstorming, hassle and organisation required to get a business started from scratch. In a way, Primerica and others like it, target people with the get rich quick mentality, as essentially that’s how they often sell the dream. In reality, though, it’s a very slow road to wealth following a multi level marketing model on the path to riches.
- You actually have to pay to undergo a background check and obtain a sales license to be allowed to sell for Primerica (is that good or bad? You decide)
- Everyone needs life insurance and financial advice from time to time, so having it available at discount rates by being a Primerica member has to be a good thing
- The company has existed in one form or over for 4 decades
- Commissions are up to 25%
- MLM is a very hard business model to make money with
- Primerica is more interested in recruiting more sellers than it is in selling its products
- Primerica associates make less money than a kid working at McDonald’s
- Highly unrealistic income claims
- Only 3% of Primerica reps make a liveable income
Tools and Training
You receive marketing materials in order to explain and promote the business as well as the financial services. There is also training materials available in the member’s area of their website. Along with this there are some good videos that explain how everything works. These are a useful resource for both you and your recruits should you decide to join.
How Much Does the Primerica Business Opportunity Cost?
To get involved it costs $99 to join, then $25 per month. Part of this fee is for your seller’s license and also for the background check. They also encourage sellers to spend more and take out life insurance themselves.
Is Primerica a Scam?
All MLMs have some dodgy elements about them in my opinion. Primerica is not a scam, and their financial products are not bad, but from a business opportunity perspective, there are much better and far more profitable ways to expend your time and energy than following a multi level marketing system to earn an income.
Follow In My Footsteps and Make Great Money Online
I do affiliate marketing online for a living. It's how I make more than a fulltime income. Anyone can do it sucecssfully if you are shown exactly how to go about it.
Affiliate marketing is a far more profitable business model than multi level marketing, if you know how to do it right. Why not follow in my footsteps and create an online business that focuses on selling the products of other companies, without all the daily grind associated with network marketing? Affiliate marketing is so much easier than MLM on just about every level and far more lucrative. The overheads are way lower and the profits far greater.
I can show you the right way to do it so you can fast-track your way to success, freedom and the financial rewards you deserve. I trained with a place called Wealthy Affiliate and over a million people have successfully taken their training. Check it out below.
If you would like to learn more about Wealthy Affiliate and how you can get started, read my detailed review by clicking on the banner below. It's well worth a few minutes of your time and could be the very thing that changes your life.
Latest posts by Darren Burton (see all)
- Is Lotto Profits a Scam or Not? Read This First! - August 27, 2019
- How to Boost Your Website’s Affiliate Sales - November 22, 2018
- Top Affiliate Marketing Guide for Making Money Online - September 12, 2018