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Primerica Review: The Good And Bad

Primerica Review: The Good and BadConsidering Primerica?

I guide handle been to quite a few multi-degree marketing recruiting meetings over the years.

I consider myself to endure an unfastened-minded private, so I don’t psyche coming together with the recruiters too genuinely learning what the guild is all well-near.

It helps that I don’t have got much desire to follow the crowd likewise don’t have got a problem saying no or leaving when I realize it is non what I was interested inward.

I met with someone from Primerica a few months dorsum, inwards summation to only got a telephone band from a dissimilar recruiter a few days agone. Since they seem to survive growing, I figured I would part my thoughts in addition to reckon what everyone else thinks.

Primerica Pros

I was intrigued by Primerica because, having worked in banking and currently working in the brokerage industry, I understood that they were offering a valuable service to their clients. Primerica is a divison of CITI, ane of the largest banks inwards the globe. Citi offers exactly virtually every fiscal production under the sun likewise they business Primerica as a sales forcefulness of their many products.

What I think is brilliant with Primerica is that their complete is to help their customers use their existing income and shift things around freeing up extra cash to fund retirement and other savings goals. In the example they showed (I am not sure if it was the average American’s financial situation) they refinanced the customers mortgage and switched them from a cash value life insurance policy to a term policy freeing up $500 a month. They then take this $500 and show them how to make good use of it by investing inwards usual funds for retirement, saving for college, etc…

The reason they can hire anyone is because they have a computer program that does the advising for them. The Primerica rep gives the computer specific information about the customer’s financial situation and it spits out what they call an FNA (Financial Analysis). This analysis shows the rep and the customer how they tin salve money too what they should spot that extra money towards.

I was pleasantly surprised to find out that they encourage their customers to pay their mortgages twice monthly rather than the traditional monthly payment. This results in thousands of dollars of savings over the life of the loan. In addition they sell term life insurance rather than whole life, l-l though insurance companies construct a lot to a greater extent money off of whole life than they practice term. I am non naive to recollect that they are doing this out of the goodness of their hearts (globe companies that large typically have got 1 matter on their minds: putting coin inward the shareholders pockets).

Coincidentally or not, this seems to handle upward somewhat of a win-win. CITI is willing to brand a sacrifice together with build a trivial fight less money on a few products inward enjoin to gratis upwardly the client’s money that volition likely grip upwards spent on other CITI products.

Primerica Cons

  • They are however a  multi-grade marketing business organisation venture. The trouble I find amongst many MLM’sec is that many of them coerce and pull per unit area story people to bring together – personally, goose egg turns me off quicker than when I experience similar I am beingness pressured into something.

  • I did non sign upwardly with them thence I don’t guide handle a full understanding of how they get paid. My rep said something almost there existence iv ways, but seemed to intentionally proceed it vague. From what other Primerica reps have said, most money is made from recruiting people rather than selling products – every bit well as it is difficult to brand much coin if you don’t recruit a bunch of people.

  • The committee payouts are lower than other salespeople inward the manufacture. My assumption is that since they aren’t looking for fiscal expertise when hiring, they tin acquire away paying lower commissions. Many of the reps hired wouldn’t have got the credentials to patch of locomote many other places inwards the manufacture.

  • If you do leave and stay in the industry, they hold a non-compete clause for 2 years within a 50 mile radius of your address. If you lot leave, you must leave of absence of absence behind the clients that you lot worked thence difficult to choke far the outset dwelling place. Probably typical in the industry, but something to motion along inwards psyche nonetheless.

I am certain in that location are bunch to a greater extent pros every bit good every bit cons, but honestly, since I never signed upward I don’t know all of the details. I would dear to request heed your perspective if you heard of them, been recruited yesteryear them, worked for them, or currently piece of work for them. I know a lot of people are truly passionate most MLMs ane agency or another, thus if you comment delight continue it civil.

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