The TRUTH About Primerica – Scam Or Legit?
last updated on August 7, 2021
Are you looking for a Primerica review to determine if the insurance company is a scam, multi-level marketing company, or pyramid scheme?
Many new agents are brought into insurance sales through Primerica’s recruiting effort.
However, many wonder if Primerica is a legit company based on their first interaction.
In today’s article, I reveal the truth about Primerica, and what (surprisingly) is concerning about working with Primerica.
Also, I’ll also address:
- how the Primerica business opportunity works,
- how Primerica agents make money,
- my opinions of a Primerica job, and,
- steps disgruntled Primerica agents can take to find the right insurance agency to work with.
Let’s start!
PS: Check out my insurance sales jobs reviews of other agencies for more information.
Overview
Is Primerica A Scam?
Allow me to address the most pressing questions many have reading this Primerica review article.
Is Primerica a legitimate company? Is Primerica a scam you should avoid?
Here’s the truth…
Primerica IS a legitimate company.
In fact, they are a publicly-traded company on the stock market, and have operated for decades, helping people with their life insurance needs.
Further, people DO make money in a Primerica career.
Many attest to their positive experience working for the company and the income they make.
But here’s the thing…
Just because the company is legitimate, doesn’t mean that it is the best insurance agency to work for.
In fact, ALL insurance IMOs and agencies claim their organization is the best thing since sliced bread.
It’s only through comparing one insurance sales business to another that you can determine which agency is best FOR YOU.
Luckily, by the end of this article, you’ll have a good idea of what the answer is as I describe the different variables.
Is Primerica A MLM/Multi Level Marketing?
If Primerica isn’t a scam, why do so many people say it is?
One reason is because of their multi-level marketing (MLM) culture of recruiting.
In case you didn’t know, MLM companies encourage new recruits to recruit friends, family, and co-workers into their downline.
The concept is that you can increase your income through duplication, faster than simply selling a product alone.
In turn, this creates a passive income stream, as you make commissions off of every sale your downline recruits make.
An emphasis on recruiting
In short, Primerica follows a multi-level marketing formula of duplication and recruitment.
If you attend a Primerica opportunity meeting, you’ll notice a sizable effort placed on recruiting new agents recruiting others.
And if you think this sounds silly, I tend to agree with you!
Not that there’s anything wrong building an agency. It’s what I do in my national agency.
I recruit agents and make money off of each of their sales. It’s a great business and I love it.
Do First Things First
However, you must learn to crawl before learning to walk.
You need to develop your skill set as an insurance agent prior to bringing on new agents.
Why?
Because they depend on you to train them.
Imagine if you were a resident doctor. Would you train with a surgeon who’s done zero surgeries?
Of course not!
This is where I find fault with the MLM insurance recruitment strategy Primerica follows.
Master the craft of selling insurance
A new agent should focus on one thing. And that’s getting REALLY good at selling insurance!
Selling insurance is similar to the old guilds and apprenticeship ages.
This is where fathers would teach their sons his craft for a number of years before striking out on their own and doing the same.
For many, multi-level marketing causes a visceral reaction.
Usually, they had friends or family pitch them on joining their MLM, making them uncomfortable, avoiding phone calls, texts, emails, and social media postings.
We’ve all had those people in our life!
And the last thing we want is to partake in that seemingly pestering approach and potentially ruin relationships.
The good news is that not all insurance sales opportunities are like this. I’ll cover this later in my wrap-up section.
MLM 101
Now we’ve covered Primerica as both legitimate and operating as a MLM, let’s describe what it’s like working at Primerica and detail how the Primerica business opportunity works.
For full transparency, I have never worked with Primerica.
I’ve always operated as an independent agent and have never sold a single Primerica life insurance plan.
However, I’ve recruited more than 1,000 agents in my career.
I’ve developed a good idea of how Primerica careers work, and feel comfortable informing you of what to expect.
The Interview
As most insurance companies who use a multi-level marketing strategy, expect a smooth, stress-free interview with Primerica
Companies who use multi-level marketing recruitment tactics tend to put little to no emphasis on experience, resume, etc.
In other words, MLMs hire anyone with a pulse!
Bottom line, don’t worry about the interview.
If anything, Primerica’s managers will spend more time pitching YOU on joining than you spend time pitching them why you should join.
A Typical Day
Here’s what to expect on a typical day in a Primerica job.
Once recruited, you’re shown:
- how Primerica works,
- how to sell the company’s insurance products, and,
- how to generate policy sales.
Like many large insurance marketing organizations, Primerica does not provide any paid-for insurance lead programs to generate interested prospects.
Instead, Primerica teaches you to prospect in your “warm market.”
Your warm market are friends, family, and business associates in your sphere of influence who may show interest in buying (and selling) insurance.
These are your first targets for insurance appointments.
Your job is to contact them, set an appointment, then sell them a policy or recruit them.
Getting Paid
Let’s shift gears and discuss Primerica’s compensation plan and pay structure.
First, Primerica does NOT pay its insurance agents a salary.
Instead, Primerica is a straight commission sales opportunity.
In other words, you eat what you kill! No production means no income.
This is the norm in the insurance business. The best insurance sales opportunities are all 100% commission based.
Primerica start agents around 25% of 30% commission based off of the sale of their insurance products.
Commission goes higher with production and recruiting.
Best Way To Make Money With Primerica?
As you’ll discover, recruiting a large downline of agents is the best way to make a high income with Primerica.
For example, if you look at Primerica’s pay structure, you’ll see compensation promotions depend on mass recruitment, not massive personal production.
As with all sales organizations, Primerica’s pay structure is a direct reflection of what the values are of the company.
The company’s main concern is recruiting as many agents as possible. That’s why Primerica promotes recruiting heavily.
My Thoughts
Now you have a basic understanding of how Primerica is not a scam, but a heavy recruiting operation, let me give you my opinions on working with Primerica.
I’ve sold insurance since 2011, and recruit agents nationally into my agency that want to become top producers.
I understand what it’s like to be a new agent, and know what matters in order to get the highest levels of success.
What follows are my opinions on what I think the biggest problems are working at Primerica, and how you can avoid these problems.
The Primerica Cult
One complaint I hear from agents is Primerica almost seems like a cult.
People working for Primerica are especially zealous about their product and company in my experience.
In fact, most Primerica agents are completely sold on the “buy term and invest the difference” philosophy.
Many argue any other insurance other than term is a waste and rip off to the client.
Term is good, but not always the best option.
Those who look at insurance holistically think of term insurance as another tool to help solve our clients’ insurance problems, not an end-all-be-all type of product.
For example, for my agents I teach to sell final expense, I almost never advise them to sell a term insurance policy.
Why?
Many seniors in my market are health-compromised and looking for final expense coverage they cannot outlive.
Term insurance does not solve my seniors’ insurance problems because of their health, age, and the possibility of losing coverage if they live longer than the term period.
This is why blind faith in one product is not a good idea, whether working for Primerica or selling any other insurance product.
Lower Commission Than Other Organizations
Like many MLMs, Primerica starts agents off at lower commission levels than with other agencies.
And the less commission upside an agent has, the more difficult it is to make a profit.
Make sure you do your due diligence, comparing other organizations’ commission offers.
For example, my new insurance agents with no experience literally start at commission levels 4 times as high as Primerica!
Commissions aren’t everything
Along with commission levels, you must also consider:
- the quality of training,
- the support you’ll receive, and,
- how advancements in your insurance career look like over the long-haul.
Definitely quiz Primerica on all of this. In fact, question EVERY organization on these same factors.
If you like what you hear, you may find the offer of partnering with Primerica or another agency appealing, despite lower starting commissions.
What I have found is that there are many strong organizations that offer similar levels of support, mentorship, and training, yet offer compensation levels at a higher amount than Primerica offers.
One Product Solution
Let’s say you believe in the “buy term and invest the difference” philosophy.
You believe term insurance is the only policy to sell to all of your prospects.
Even though I don’t agree with that premise in 100% of all cases, let me describe what problems you’ll have.
Anytime you work with only one carrier, you pigeonhole your ability to maximize your sales. This limits the number of prospects you can help.
You see, not all insurance companies take the same set of health conditions. And not all insurance companies price their product the same.
What happens when you have limited product availability?
You have increased odds of selling an noncompetitive policy that could cost you in reduced new business written.
The results could be devastating.
For example, you lose new business opportunities because of non-competitive pricing and tougher underwriting.
Become Independent
What’s the solution?
The solution is to become an independent agent!
Unlike one-product sales systems, independent agents have access to many insurance carriers.
And having access to multiple companies increases the odds your client receives both competitively-priced coverage with the best value intact.
I’m a big advocate of selling insurance as an independent agent.
And if you think about it, you’d want your mother buying insurance from an independent agent over a one-company agent, right?
Would you want any sales person selling something to your Mom that’s overpriced relative to other options and isn’t the best deal?
Of course you wouldn’t. You want Mom to get the best deal in terms of coverage and value.
This is why the independent agent insurance sales model is usually the best outcome for our clients. Better selection at better prices!
A Couple Of Final Points
Primerica Vs. WFG/World Financial Group?
Some agents wonder what the difference is between Primerica and what’s known as World Financial Group (WFG).
In essence, they operate very similarly. Both are multi-level marketing oriented insurance agencies focusing on recruitment. .
Ultimately, you’ll find more similarities in company culture and structure than differences, especially when it comes to recruiting and commission levels.
How To Quit Primerica
If you’re reading this and agreeing with a lot of what I’m saying, give serious consideration to changing affiliations from Primerica to another insurance agency.
Quitting Primerica is simple.
Simply take time to find a new organization to work with.
Interview different agencies to learn about their sales and marketing systems.
You’ll find many that aren’t a good fit, and a few that seem like they are.
Ask about:
- The company culture.
- Is production more important than recruiting?
- Are you 100% vested in owning your book of business from day one?
- What’s your starting commission levels?
- How do you get higher commission levels?
Any good agency will answer these questions with full transparency.
In fact, if you get push back asking these questions, that’s a huge red flag!
If you’re not happy with your Primerica career, this will probably be the best thing you ever do for your insurance career.
Companies Like Primerica
Let’s take a look at some insurance agencies and companies similar to Primerica in case you’re interested in doing a comparison.
Symmetry
Symmetry Financial Group is an insurance marketing organization based out of Swannanoa, North Carolina.
SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. The company also offers final expense insurance, a type of whole life insurance designed to cover medical bills and funeral expenses after the policyholder’s passing.
Bankers Life
Bankers Life was established in 1879 in Chicago, Illinois. The company is a subsidiary of CNO Financial Group.
Bankers Life offers life insurance, long-term care, annuities, Medicare (Supplements, Advantage Plans, Part D prescription drug coverage), critical illness insurance, as well as vision and dental plans. It targets the senior market, typically people age 60 and older who are near retirement.
People Helping People (PHP)
People Helping People was established in 2009 in Northridge, California. The company serves the middle markets for insurance-based financial planning. It focuses on term insurance, index universal life insurance, and fixed indexed annuities.
American Income Life (AIL)
American Income Life, a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental life insurance. The company was founded in 1951 and is headquartered in Waco, Texas.
American Income Life’s core markets are labor unions, credit unions, and associations for insurance solicitation. Its insurance products include life insurance and supplemental health.
New York Life
New York Life, established in 1845, is the largest mutual life insurance company in the country. It offers premium life insurance, long-term care insurance, retirement income insurance, and investment plans, including annuities, mutual funds, and ETF saving plans.
USHEALTH Advisors
USHEALTH Advisors is a wholly-owned national sales and distribution subsidiary of USHEALTH Group, one of the largest employers of health insurance agents in the United States.
USHEALTH offers individual health coverage plans and a number of related supplementary products. It specializes in marketing innovative and affordable health coverage plans. The company is focused on providing healthcare solutions to individuals and families, as well as self-employed and small business owners.
Equis
Equis is a marketing organization for independent insurance agents and agency builders.
Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. The company also offers final expense, living benefits, and indexed universal life insurance products.
Freedom Equity Group
Freedom Equity Group, based in Arroyo Grande, California, is an independent marketing organization (IMO) that contracts with insurance companies to promote and distribute a range of life insurance products.
Freedom Equity Group focuses on selling life insurance and annuities. Its main product is indexed universal life insurance, a form of permanent coverage that provides a cash value in addition to life insurance.
Summary
Thank you for reading this article on answering whether or not Primerica is a scam, pyramid scheme, or multi-level marketing organization.
I hope you learned some important lessons on how the company operates, and what other agents think about it, so that you can decide if Primerica career is a good long-term decision for you.
Keep doing your due diligence. I think my article is really just the start.
If there’s anything I can do to help, please reach out to me here.
If you’d like to learn more about how my insurance agency works and how I focus on taking agents and helping them become top producers, go here for an overview of how all my sales and marketing systems work, and how they can help you.
Also, check out my many Agent Success Stories and my highly-reviewed insurance sales books.
70 Comments
Charles Grewcock
Thank you David, I have just started with Primerica and I am very put off by the MLM aspect of this company. Your article has moved me closer to ending this Primerica thing.
David Duford
Glad to help!
Alejandro Chetto
Hola Jefe,
You are dead on with everything about Primerica as this is how I first was introduced to my insurance career. After just 9 months I was closed to getting RVP (Regional Vice-President) status, and instead ended quitting Primerica due to everything you described, but more importantly I was losing a lot of client's due to not being taught to best qualify them before to see if they are a fit to PFS product. I feel blessed for becoming an independent agent since leaving PFS and now I continue to stride in my own book of business that I continue to create. If anyone is reading this response. Do it for your family and future to researching and moving forward to becoming an independent agent to better assist your clientele with multiple carriers that will insure them and then reap the rewards in the future in getting referrals from these same clients that will amaze you. Day 1 you are vested with your own book of business with all of your client's and then you will see the rewards of residual income in building a book of business, something you will never see in PFS or any other MLM IMO.
Finally,
I am blessed in finding David as my mentor back in December 2015. David is a Diamond gem as it has taken me trials an errors since May 2004 to finding the my mentor who truly cares about me achieving my success. If you want to become a top producer it is very important that you find a mentor as it will propel you to your future success and reaching all of your dreams and goals, by working hard and having guidance along the way. Every successful person in all walks of life if you study them will tell you they had a mentor and continue to have a mentor to assist in successes and in failure to reach the top. Again I am blessed to have David as my mentor and friend.
Gracias Jefe
Alejandro Chetto
DeVanté Snell
I had the same recruitment experience with Primerica — you were spot on. I’m currently with a captive company and I’ve been in the industry for a year and four months now.
Learning a lot about Non-Captive IMO’s thanks to you!
David Duford
Awesome, you're welcome, DeVante! Reach out anytime I can help.
Frank Henak
great info its true you are the best Frank
David Duford
Thanks Frank!
Ashley McCormick
I just got off a zoom meeting with a Primerica recruiter and he had me input my credit card info for the license fee. I have no doubt that i will get the reimbursement for it, as many places online state this in their reviews but I am very concerned with the fact that I was essentially pushed into signing on to being a recruiter when I am pretty bad with getting people to buy things. Is it worth it to stick around to get my license for selling insurance and then leaving for individual work? Or should I ask my credit card company to cancel the charge and go ahead and cancel my account? I thought I was just in an interview but i ended up with a weird commission job…it leaves me with bad vibes.
David Duford
Ashley, bottom line, always trust your instincts!
Chris
Hi David interesting article, you bring a lot of valid points about Primerica, however as a representative of 6 years. I must tell you that I find the concept of selling elderly people just enough money to get buried thoroughly unscrupulous. Not that your motives aren't pure as indeed we all hope they are. My goal personally when I was recruited was to help people avoid the same pitfalls that troubled my own family.
David Duford
Thanks Chris. Can you explain why helping seniors with affordable burial insurance so family doesn't have to pay out of pocket is, in your words, "thoroughly unscrupulous?"
Jenny E. Ballard
Very interesting article. I just had and interview with Primerica and there were a ton of red flags. When I told him that I needed to think things over, he seemed irritated.
David Duford
Trust your gut =)
Carloz
Hey I was invited to join Primerica recently but now that I have read your article about am stuck in between now.. 🧐
David Duford
No worries – take your time deciding if it's a good fit. Nothing wrong with that.
Rebecca
Thanks for this article! I joined Primerica a few months ago, truly interested in helping families with their insurance needs. However, only after one week, I realized that emphasis was more on recruitment (giving my upline my contacts and family members names) than learning about the product.
I started feeling like I had made a mistake, as I was trying to learn and pass my licensing course, which was my main goal. Just before my 30 day deadline to get my money back, I quit. I couldn’t take the meetings about how rich we could get due to passive income stream. No trainings about the insurance products, but focused on recruitment only.
Of course, I didn’t get all my money back as promised, I had to fight for some of it to be reimbursed, and I didn’t get it all back as promised when I signed up. Glad I am out of Primerica.
David Duford
Sure thing, you're welcome, and thanks for providing us your first-hand experience!
Mary
This guy barely knows about the Company. He uses another company to get people in his Company how to listen to someone who has never been in the company. It's like requesting a job in MacDonald's and asking an employee of Burger King asking if MC works or not. I have friends in the company that are successful in the company. Don't believe in someone who doesn't work in FINRA.
David Duford
Hi Mary, thanks for the comment. Just because you know of several agents that are successful, doesn't mean it's a great choice for every agent considering joining. That's the purpose of this article: to give potential agents considering Primerica some additional points to think about before making their decision to join. What's wrong with that?
toolbelt
Actually Mary, MLM is like asking McDonald's staff to pay for the cooking oil and utilities used to make french fries, as well as paying for the lease on their building, while also suggesting that consuming their own fries is the path to financial freedom.
Jose
David, honselty even though I dont work for you, I do read up on your articles, I loved the article specifically about bankers life and honselty myself, I did back out of it after knowing what process they use with the cold calling, I did go with primerica for now based on your article and based on the interview I recently had with them. Later on down the road if things don't pan out you may expect a call for me, ive looked a tons of info for different companies and I always thank you so much for your in detail descriptions of what you've gone through. With captive agencies like primerica and the hart group, they do make the start easy for at least gaining experience and just getting comfortable with selling in general, they do make it even easier by providing you with free leads to call yourself. They do promise they are direct leads and not cold calling, but after I get a few sales in myself and see what this game is all about, one day id love to give you a call and talk some business about me possibly joining on your team. Hope you have a great and everyone who sees this, I wish you luck on the sales guys. Oh and last thing, David, if you can tell me how the numbers change has been in insurance since covid start in 2020 vs the start of this 2021, that would be cool.
David Duford
Hi Jose! 2020 was my absolute best year in the business, and I experienced more growth than any year prior when I started in 2011.
Eli
Hi David,
I agree with many other respondents (I didn't read them all) that this is a very interesting article. Full disclosure, I have been with Primerica since 2018 and have been in the business longer than you. Right now I am a Regional Vice President, so I guess it works for me. I am also securities licensed and have been since 2012.
Therefore my opinion will be somewhat bias but also a testimony to the potential success. Primerica does emphasize recruiting and passive income. That is what you are doing as well. If you were to research the reason why the company was founded as a term Insurance only company you would find that the founders truly believe that Whole Life has its downfalls in the long term and Universal Life is a dangerous product. Additionally, Primerica does not target the "Senior Market" so making that a talking point seems a little misdirection. Much of the training issues, etc. depends on the agency or "baseshop" a person is in. My agents definitely know products as well as the sales process. I understand that there are bad apples in the barrel but not all of us are and we can be successful as professionals. Just my thoughts. Thank you.
David Duford
Hi Eli, thanks so much for your contribution, and congratulations on achieving RVP. For most of the organizations I review, the issue with training usually comes down to the local office or direct upline the agent is affiliated with. In other words, who you work with makes a huge difference.
Pixie
I had weird experience with Primerica. I was very seriously considering it. However, when I started asking legit questions the representative completely quit communicating with me, and what questions were answered were always vague responses. There was a "deadline" to enroll to get a certain "deal" off of the joining fee's which they claim are just for your background check. Anyhow I decided rushing into something was a bad idea and when I didn't jump to sign by Feb 1 she was done with me I guess.
What I find absolutely frustrating is they lie to your off the bat, the advertisement I replied to says "HIRING SEVERAL POSITIONS". They are not HIRING anyone. They are offering you a business opportunity as an agent on their platform. Why not be forthcoming with that? Why lie and act like you're presenting a job opportunity vs a business opportunity. Its very off-putting that their first point of contact with a customer/business associate is dishonest. For me the was my first red flag, my second red flag was they called themselves Arrizon in the presentation and didn't mention Primerica once, but I continued on to see what it was about. It was my own research that connect the two, I literally had to ask my reps if they were Primerica. I had set through a Primerica presentation about 20 years ago and decided no then but I had since changed so why not hear it out, I thought, and so I let it continue. I told her a warm lead marketing style would not be a good fit for me but she continued to try to sell me on the idea. So I did some research, started asking questions, and then as I mentioned above the representative just stopped communicating with me.
I feel David's review is very fair, if it were me I would have said run bases on my own personal and very recent experience (Jan/2021). It may very well be working for some people but I was lied to twice right off the bat. I personally can't support that type of business model. Naturally it feels scammy, I'm not sure how agents don't see that but I guess they are taught to believe in this dishonest, unforthcoming business model.
The only good that came from it, is it prompted me to start doing research into insurance sales and what type of company I want to work for and or build an agency with. As someone who, as a long term goal, may want to build an agency myself I would WANT my agents to ask ALL the questions. I want them to be comfortable and SURE. If this were not the case I would not be setting them up for success. However with Primerica it didn't feel, in the case of the agent I was working with, that she cared anything about my success or if I was a good fit, she just wanted to get me signed and signed fast.
This has not been the case with Duford or a few other agencies I have been researching. They are not pushing me, they are not giving me a deadline, they seem very open to my questions and actually encourage them. Up front and honest. I am still researching the best fit for but Primerica was the first to be cut!
David Duford
Thanks for your detailed comment, Pixie. I really appreciate it (and so do those who are in the middle of doing due diligence).
John
Full disclosure: Work as a dual career independent agency in a large IMO/MGA after starting with Primerica in 1997, being an independent producer in a very broad and diversified brokerage across securities and insurance, and writing indexed annuities as an independent agent.
The Good: Primerica let me get licensed part-time while in the Navy, learn about the industry from the inside, and meet the gentleman who helped me in the intermediate steps to where I am today.
The Bad: Dave was charitable in his discussion of Primerica's balance between recruiting and training you for insurance sales as a well-rounded professional from my experience. My experience, and experience of more recent "Primerica refuges" I've talked with is it's recruit first, second and third and then minimal time given to anything more than very basic insurance training, plus a very broad portfolio of other products including variable annuities (a very complex, risky, fee laden product NOT to be sold or recommended by new and inexperienced agents imo). Also, at least when I was a Primerica agent, you had to "give your upline" your most productive leg-in an MLM focused business. What? My upline gets my best line, cutting my core leg "teammates" out of my organization/agency and now basically makes them a competitor instead of a teammate? What kind of long-term culture do YOU think that creates?
My recommendation: If you are an MLM person and love recruiting, maybe find a different type of MLM with less licensing and complexity and build a huge network. If you want to be an insurance professional-a very noble calling as you'll realize when you pay your first claim-I did to my best friend's widow-find a good firm that fits your business ideas/product mix goals, culture and values and join, not because you went to some rah-rah opportunity meeting. Dave provides a good service here objectively covering a number of well-known agencies, and there are other growing companies like my current one that treat the clients with respect, allow you to build an agency if you want to or just personally produce. Best wishes for success!
David Duford
Thanks John and I certainly appreciate you sharing your experiences as a former Primerica agent.
Kristen Campbell
I just signed up with primerica 30 days ago and was told leads would be provided. Most top teams are couples. I really thought my training appointments were for me to gain knowledge. Yes it is but, its to offer our products or business to family and friends. Know my understanding is I have to build business partners get 15 family and friends contact info and thats how I get my sales. I was explained you can make 600 per a sell up to 1000 around there. In order to do that you schedule 8 to 10 appointments a week which take 1 to 2 hours and you may only get one sell. I dont want to sell to family or friends. Also they always have you in trainings and meetings. Now I appreciate the motivational stories but, its the same every week. I am just disappointed.I manange to get a life policy to before I understood what term ment. I just finished my lincense course and next will be taking my test. I wish I had seen your article before I joined primerica in other words I am going to get my license so I can get my refund and my bonus and look in to FFL or any other insurance. This was spot on.
Anthony Catalanotto
I joined Primerica in 1998 after moving from NY to NM in 1996.
I didn't know a lot of people, therefore had little credibility, and didn't do too well (other than selling some term life insurance and retirement plans) and after 4 years, became inactive, and transferred my licenses to MetLife Auto and Home as a captive P and C agent that sold some term life. I did well with Met, becoming top producing agent in my state 4 years in a row, and going to annual conference in 2008.
Fast forward, I grew tired of "sales" and in 2009, persued a career in pharmacy and became a registered pharmacist.
As a hospital pharmacist in rural NM, I see the great disparities between the "haves" and "have nots", the treatment they receive, and the health outcomes.
Although I am compensated well, and also have a part-time consulting pharmacy business, I have decided to get back into Primerica part time, with no expectations.
I've seen firsthand, with co-workers, and patients, the difference between having a financial road map for retirement, and relying on a hope and a prayer that social security will provide in the golden years. One of my pharmacy techs in my pharmacy lost her husband to COVID-19, and left her a small amount of life insurance ($20K), no retirement money to speak of, and she'll have to work the rest of her life because social security alone won't sustain her. My Primerica RVP from 1998 is still in the business, he's not hugely successful, but he gets to work when he wants to and spend time with his family when he wants to. He's a decent, honest, low key person, and probably the main reason I want to get back into Primerica. He's also knowledgable about the insurance and investment products (he's a former CPA). Are there pushy, unscrupulous RVPs and leaders in Primerica? Sure, but I'd rather focus on the good than the bad. What's wrong with talking to family and friends about getting out of debt, having the right kind (term for young families with financial responsiblities) and proper amount of life insurance, and saving money for emergencies and retirement? No where did you mention the FNA (financial needs analysis) that is provided at no cost. I'm not doing this for the money (I make well over 6 figures), I'm doing this to get the word out that people are hurting financially out there, especially now.
David Duford
Thanks for sharing your experience, Anthony =)
William
I should report your ass to Finra for defamation.
David Duford
For what? Evoking my First Amendment rights?
Ryen McWilliams
I just started with Primerica. I didn't fully read your article, mainly because a lot of it seems far more than biased, but I did skim through it. I don't feel that you're being fair with a lot of the things you said, but, since you have no actual experience with Primerica, I'm not too worried about it. In my experience so far, Primerica is so much more than just an insurance company. They help people to get out of debt and prepare for the future. Personally, my trainer does not talk about targeting Seniors, at all. I think that you are more focused on making money through sales sales sales and one of the best parts about Primerica, in my opinion, is that I don't have to sell sell sell people, friends and family, products that they don't need and don't want. Are there bad apples with Primerica? Probably. There are bad apples with every company, ever. Maybe I just got lucky and got on the right team. I don't know. I suppose we shall see. Good luck.
David Duford
Hi Ryen, thanks for commenting. I appreciate you admitting you didn't read the article entirely before commenting. I'd recommend carefully reading through everything top to bottom as I address all of this in great detail. Otherwise, best of luck to you working with Primerica; there are certainly people who do very well there.
Erica Sorrells
I just got off an interview call with Primerica and it was totally off-putting to me. The 2hrs I spent were all about recruiting family members and friends and very little on actually selling the product. It reminded me of those pyramid schemes. I'm glad I read this article, you were spot on! Thank you
David Duford
Glad to help =)
Travis Nguyen
Thank you for being very neutral. You said it wasn't a pyramid and its not. It’s a 3d triangle! lol! You wrote a great article. The recruitment piece should be enough for anyone with half a brain.
David Duford
Haha, I lol'd at 3D triangle. Thanks =)
Albert
Hi David.
I fired corporate America two years ago and made the jump to Primerica. Been an agent ever since. I did read your review in full and fond you were fair and unbiased. Also read through most of the comments. Not every company is the right fit for everyone just like not every product is the right product for everyone. Here is my two cents worth.
Why recruiting? – I emphasize on recruiting and believe it’s more important than a transaction. Recruiting is an essential part of growing a business. As an entrepreneur, if you were to open a restaurant, you wouldn’t be able to run that restaurant on your own. You can’t bake, fry, serve and answer the phone at the same time. You need a host, cooks and servers, etc… Without them, you probably wont survive. The point is to eventually have others run your business while you earn passive income. It’s called being an entrepreneur and having your money work for you instead of you for it.
Why friends and family first? – It’s not that I want my agents to recruit them. Friends and family will be the first to help in spreading the word about your new venture. They may even benefit from what you may have to offer. Going back to the restaurant, before you open it to the public you want your friends and family to come by and try your food first. If they like your food, they’ll spread the word and become an advocate. If they don’t, you would hope the tell you and give you the opportunity to make things better before you have a food critic secretly patronize your place and end your dream before it ever takes off.
MLM? – Yes. MLM’s are everywhere including your job. That’s right, your job. I hate to reference a pyramid because that’s not what Primerica is but here you go. Draw a triangle and at the very bottom start with the employee. Above the employee is the supervisor, then the manager, then the department head, etc… all the way up to the owner. No matter how hard you work or how many extra hours you put in, you’re not getting promoted unless someone else is promoted leaving a vacancy. Then you have to take into account seniority. Chances are you’ll be waiting a long time for a promotion. As a Primerica agent, your advancement depends on you and you alone. No other factors to consider like those of an employee at a job.
The Company? – Primerica independent offices are just that, independent. Like many franchise restaurants, you could have great service one day and the next time a different server that makes your experience less than desirable. It doesn’t mean the restaurant is bad or the cook is bad. You just had a bad server. Unfortunately, one bad experience makes the whole company look bad.
Training? – Training is a crucial part of the business. If you don’t know what you’re doing, you’re obviously not going to succeed. My mentor has been in the business of finances for over 28 years. He's a straight shooter. Put your clients needs first and your pocket second is his motto. If you feel you’re not being properly trained, ask around and interview other RVP’s. You have options. I was lucky to land where I did.
And there you have my two cents worth.
David Duford
Thanks Albert!
Gabriel
Hi, I'm young and 22 and just looking for some insight. I joined primerica and got life licensed and securities licensed. I am not a fan of the emphasis on recruitment and on farming my loved ones (friends and family) for sales and leads.
I am essentially wondering two things:
1. If I do decide to leave the company, will my licenses be revoked such that I cannot use them when applying for other securities or Life insurance jobs? I would hate for all that studying and money to be for nothing. (I'm from Ontario, Canada btw and the FSRAO handles licensing). Can the company do anything to revoke my licenses out of spite for leaving or are the licenses contingent on staying w/ the company primerica (contractually) because in Ontario you need to be sponsored by a financial company to get licensed in the first place.
2. Do all insurance (& securities) jobs require you to garner sales from loved ones for commission or are there salary jobs? I don't see long term success just asking those close around me.
Thanks for the insight Mr. Duford. I wish I read this article a tad earlier.
David Duford
I'm not sure about Canadian law, so it's hard to answer. There rarely are salary-based insurance sales jobs.
Awilda Rodriguez
Hi,
So I was wondering what happened to this company in my area. About 10 years ago I was approached literally left and right and always declined. The biggest turn off was how were they “working” if they spent all their time recruiting . Then I haven’t heard about them since. Thanks for the info and reassurance I made the right choice.
David Duford
They're still around, but don't hear from them much these days.
Autumn
I agree with everything I just read, but how do I get out? I've only been with them for 2 weeks and I am never really comfortable selling things to people.
David Duford
You can always just walk away =)
R
I started working with Primerica about a month ago. I just got life licensed. There hasn’t been nearly enough emphasis on sales training for my liking. I’ve only had a dozen appointments in a month, and zero sales thus far. I don’t feel like too much emphasis is on recruiting, after all, you are building a business, and you can’t run a business alone. Okay, you CAN, but it’s really hard! My biggest problem with Primerica was, is, and will continue to be that they expect you to prospect your warm market. My family and friends are not the people who want to talk to me about their financial lives. That’s just not how the culture I live in works. I need to be able to present the product to people and make them WANT what Primerica offers! There’s just something about the marketing approach that may not work for me long-term, we’ll see.
David Duford
Remember, there's plenty of fish in the sea =)
Jacob
Hello, I was recently approached by a recruiter offering 6 figures and a full benefits package, and a "set your own pace and schedule" type of employment. While researching the company I came across your article. I was already apprehensive about joining due to the overhyped pitch he gave. My father always told me, "If it sounds too good to be true, it probably is." Thank you for the information. I will be declining the offer.
David Duford
Thanks for sharing, Jacob =)
Mike
Hello, as a Primerica agent I do appreciate your unbias report, however I believe you are not telling the whole story. We are a company of many things, just not life insurance. You can't compare apples to oranges. Primerica was built by a highschool coach, Art Williams, who got ticked off because his parents got taken advantage of by an insurance agent selling a product that wasn't fit. Our concept "buy term invest the difference" is one of the best things me personally has come across. I will put our life insurance product and concepts up against any other insurance company that is out there. Besides life insurance we offer many other services and products that other insurance companies do not. I think thats what makes us so great, diversity. Many people who come in the business complain of how this company is run. Everyone has a chance to make something of themselves, and what I have found over the years is most people think this a get rich quick type thing and when they have to put in a lot of work they start to bad mouth the company. You definitely have to put in the work to get results. I don't understand why people bad mouth a company when they didn't even try. With that said I think we have the best business opportunity available in the world for anyone who isn't afraid of work and who understands how a business works.
David Duford
Thanks Mike, I appreciate your comments. Every agent should read Art Williams' book "Coach!" – it's an excellent autobiography of a man who disrupted the life insurance business that no other person has done since.
LeVannah Forrest
Excellent article! I enjoyed being an agent, however I was put off by the aggressiveness of my up line. I allowed my credentials to expire, I wish I had not done that because I find it crucial for everyone, especially the African American community. I am working on recertification! Keep sharing valuable information. Each one, teach one.
KEVIN CARLISLE
The top 5 shareholders of Primerica are Vanguard Group, Kayne Anderson Rudnick Investment Management, BlackRock, BAMCO, and Fidelity Investments.
What do these companies know that you do not ?
Shawn Paul
Thanks for your article! I was recently approached to join Primerica. The approach was a bit unscrupulous. An acquaintance on IG sent me a message saying she thought she was me on a call to start a home business. When I expressed interest, she asked if she could get my feedback on a video. I knew it was a video about the business, but I thought she wanted my opinion on whether she should join. Little did I know that I was being recruited.
The first red flag: I got a call from a man that said he was her trainer, but I had to reschedule. So were set to talk the next day. The next day, it was a woman there as the trainer. (What happened to the man?)
I was expecting a discussion about the products, but I was shown a graphic that contained a list of agencies under Primerica.
Second red flag: The graphic listed companies that we had to work with. One of those listed is AXA. I had a very bad experience with AXA, and would not switch to them again. I can't trust any company that works with AXA. Even further, the IBA agreement states that we can only sell Primerica products. Fair enough, the companies needs to make money. But if I'm independent, I should be be able to sell people whatever works best for them. The point in this article about being limited by products is spot on.
Third red flag: I asked about the training protocol. What systems am I being trained on, and how will I be able to help people? What information will I be learning. I was hoping to see a graphic outlining the training timeline, model, process, etc. Instead I received a very vague answer. Never in my life have I signed on to a training program without seeing a syllabus of what I will be learning. It didn't give me much to base my decision on. Even further, when I was sharing some of my insight about financial freedom, I get the sense that I wouldn't be learning anything new, so to say.
Fourth red flag: The trainer tried to get me to rush into signing using my SSN. I said, hold on, I have to read through this agreement first. She did give me time to read through, but I didn't feel settled in what I read.
All in all, I don't think Primerica is a good fit for me. The part about higher commission elsewhere does make me curious about working with another company. So tell me about your group, David.
Kind regards,
S
David Duford
Hi Shawn! Thanks for the detailed reply. You can learn more about my agency at https://www.davidduford.com/faq/
James Rickie Wolfe
What are your thoughts about
Family First Life?
Dadriann Andre
Thank you for such detailed information about Primerica. I got introduced to Life insurance sale through Primerica recruitment process but have not sold or recruited anyone. I had close opportunities but my gut kept telling me something was not right and I have learned over the years to trust that feeling. Everything you have pointed out are the reasons I wasn’t sold.
I have worked in medical insurance billing for over 20 years and I know that there isn’t one medical insurance plan that is right for all. Some of the most costly plans actually work great for some patients and terrible for others, because of the individual needs.
I am thankful for this confirmation.
I have been vetting a company that I feel very good about but I am open to learning more about yours as well.
David Duford
Sure thing – check out https://www.davidduford.com/faq/ for more details on how my agency works.
Robert
You are pretty accurate with the process, however, the interpretation of many who will read this will take it as a negative.
I have been with Primerica for 17 years now. I was skeptical at first. But I BECAME A CLIENT FIRST. I had a cash value policy and was saving money in a bank savings account. When I saw what they did for me, I decided to give it a try as a part time agent. I had no intentions on quitting my job as a police officer for 15 years.
As far as the commission levels, when I started I saw that it was a 25% commission level. To me being, that seemed fair to me because I was inexperienced and making an extra $250 per sale was good to me for part time. But I also saw the highest part time level i can get to was 80% so I was pretty motivated to get to that level. To get there it wasn't by MASSIVE RECRUITING. It was through a combination of recruiting and production. For an example, if you helped 3 people licensed and trained and you and your team did $10,000 in production, you got promoted to the highest part time contract. I did it in 3 months.
Today I am a Regional Vice President with 3 offices in 3 different states. Primerica has been great for me. I understand people want to do research. I understand people are skeptical. My 2 cents is Primerica is a great company to start with.
Emma R Lee
I joined with Primerica about 2 weeks ago not really knowing anything except that you're supposed to sell insurance. All the team meetings are about recruiting and that seems to mostly be your money earner. I am not comfortable pestering people about seeing presentations. The few people that I've gotten to listen in on zoom were pressured to join.
Everyone I've worked with is nice but I don't think It's a fit for me. I've never been good at selling things or talking to random strangers. I would have liked to be told more about what my job entailed… Honestly I'm still not sure but I've found that my time lately been been spent obsessing over trying to get people interested and failing. I haven't had much time to study for the life insurance class.
David Duford
Thanks for sharing =)
Former rep
Loved your article. So I was recruited into Primerica 20 years ago. Got term life insurance with them, I regret that now, 20 years later we are so much older too elevator to buy elsewhere. During that process I found it funny they told us we do the best thing for you, the most cost efficient. That was a lie I found life insurance cheaper elsewhere but didn't know how to switch. Anyway, signed up for the life insurance, went through program, and basically was ghosted by them. They hounded me for names of all my friends and family and told me they would not train me until I have them 100 names. They also don't tell you, they will not stop bothering your friends and family until set up an appointment with them. I actually had several friends and family draw up letters with their lawyers cause they would not stop calling them after they said no multiple times. This went on for years even after I walked away. I never got any training, huge waste of money. My family was willing to give me business, but the people Thad recruited me would not give me the business and said it needed to go to them. Didn't make sense to me. 20 years later, I'm not a stockbroker with an international investment company. Assests needed to transferred over to new employer. It's 5 months since I moved my ira from primerica to new firm. They are still a nightmare to deal with. They refuse to give me online account access or mail me a final statement. While no company is perfect so much better than primerica. At least I'm salaried, with awesome benefits. During my college years, I raised my kids first then went back to school. They some how found my resume and tried to recruit me. I found it interesting they wouldn't tell me their business name when they originally emailed me. I went to "interview" found so much misinformation spread during it. They asked for feedback, I have it to them and never heard back.
David Duford
Thanks for your candid write-up =)
Aaron Jones
I agree with you, if you only have one product them you miss out on other sales, one size don't fit all.
David Duford
Thanks!
reneer
What really ticks me off about this company is they place ad's on job sites and label them as "Customer Service" then proceed to list what you'd be doing daily. Thing is, they don't tell you you're going to be recruited for sales, you'll have to pay to get licensed to sell health insurance and the listings NEVER tell you it's commission only. I know three people who've reported the company for a complete lack of disclosure and wasting people's time.
Tara Burmeister
Many of the things you say are true and sadly there are those teams that do not train their people corectly. However, I'm almost through my series 63 and am extremely grateful for the thousands of dollars in training, education, exam prep and simulators etc they've paid for. Even if someone joins me just to get their insurance licenses and securities licenses for basically free and then leave, I'm fine with that.
Just know, I train everyone that comes in and make sure they are on track. If someone doesn't do the work, then no… they not only don't get paid, but I don't chase them. This is a grown up world and this is easier than anything else I've done.
I'm not a total primerica groupie (because you're right about being too in love), but buy term invest the difference is THE way to go. Dave Ramsey would agree with me whole heartedly. We have tons and tons of products or referrals so don't be confused on that. I have been the victim of UIL, and whole policies that stole me blind. Since we take care of the investments without needing any more than 25 bucks, I'd say it's worth looking at for all middle class.
Over all, very well done article (and that's from a Primerican) You only missed a few details that are rather critical. Better than any other competitor's review I've seen by far.
Thanks for all the fish.
David Duford
Thanks Tara =)