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Primerica Overview

Founded in 1977 and headquartered in Duluth, Georgia, Primerica is a financial planning services company that provides term life insurance, personalized solutions, and financial education services. Primerica, whose mission is "to help families earn more income and become properly protected, debt-free, and financially independent," generates $1.34 billion in annual global revenue, insures over 4 million people, and is listed on the New York Stock Exchange.

The Good

  • Training
  • Products and services
  • Financial needs analysis
  • Company reputation

Training

To become a Primerica agent, there is a one-time fee of $99 and an optional monthly fee of $25. The optional fee provides the agent with training materials. This training includes instruction on life insurance, variable annuities, legal services, mutual funds, and various loans. DVDs, manuals, and online training modules are used to help agents acquire licensing and operate a successful business. Agents utilize the Primerica app from their smartphones which allows them to receive insurance quotes quickly and fill out applications without using paper.

Products and Services

Primerica works to help families invest for the future by teaching financial principles that the company states are not covered in school. These principles include The Rule of 72, Rate of Return, Bypass the Middleman, Dollar-Cost Averaging, and Tax-Deferred Savings. Primerica also offers a product that helps consumers to understand the information included in an Equifax credit report and develop a simple plan to pay off debt.

Financial Needs Analysis

Primerica offers a financial-needs analysis to consumers who are interested in developing a personalized strategy for their unique financial situation. The process takes about 30 minutes to complete and helps consumers develop a plan for debt elimination, retirement solutions, income protection, and education funding. The analysis also helps consumers figure out how much money they will need to acquire in order to meet all of their financial obligations. Interested consumers will need to set up an appointment with their local Primerica representative and bring all needed financial documents, which are listed on the company’s website.

Company Reputation

Primerica was recently named one of America’s 50 Most Trustworthy Financial Companies by Forbes Magazine. Additionally, Primerica’s global revenue and overall sales forces has exponentially increased over the past several quarters, according to public statements made by Primerica. With close to 40 years of experience, it appears that Primerica is a reputable and legitimate multi-level marketing company.

The Bad

  • Inexperienced agents
  • Questionable recruitment tactics
  • Lack of information on commissions

Inexperienced Agents

Primerica only sells term life insurance with terms ranging from 10 to 35 years. Additionally, Primerica’s agents generally do not have the background and experience that independent life insurance brokers do. Many of Primerica’s agents have no previous financial background and have learned almost everything they know about investing from company training.

Questionable Recruitment Tactics

Consumers have reported a “job interview” recruiting ploy used by some Primerica agents to get members to join the business opportunity. Representatives who use this tactic will scroll through job search sites and contact seekers with an interview offer. Representatives do not disclose anything about the alleged job but tell the candidates that if they have the necessary skills, they will be invited to stay longer for an information session. However, consumers have reported being strongly coerced into signing up as an independent agent during the information session.

Lack of Information on Commissions

Primerica has a compensation plan that gives distributors “kickback” commissions down to 11 levels. However, the company does not disclose any detailed information on commission percentages or other financial incentives on its corporate website. Additionally, Primerica does not offer any pricing comparisons.

The Bottom Line

Primerica is a financial services company with nearly 40 years of experience in the industry. The company offers term life insurance, investment options, auto and homeowner policies, and prepaid legal services. Distributors receive “kickback” commissions on product sales, but the company does not disclose any details regarding specific percentages. Additionally, there have been reports of Primerica agents being inexperienced and using questionable recruitment tactics.

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16 Primerica Reviews

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  1. User Score

    10

    March 27th, 2017

    Great company to build future, been prepare is a success!

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    1

  2. User Score

    10

    March 23rd, 2017 Palm Beach Gardens, FL

    They educate you on the good and bad of the financial services industry and after you know whats really going on, you can decide for yourself how to protect your family and invest for your retirement.

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    1

  3. User Score

    10

    March 13th, 2017 Alexandria, VA

    Very reputable company. I’e been with the company for over 10 years & I’m committed to helping my clients improve their financial situation. The products are among the best in the industries. I’ve heard all the accusation of pushy & miss leading agents. There are good & bad apples in every industry. Primerica goes to great lengths to be in compliance of the laws & ethically above approach. I feel its the #1 company to generate a additional income stream of passive income.

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    1 1

  4. User Score

    10

    March 6th, 2017

    Best products on market. Education top notch, never pay! Always there when I need them, providing best financial solutions, not just selling products.
    Exposing dirty secrets of the financial industry.

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    4 1

  5. User Score

    10

    February 9th, 2017

    This company is outstanding, after being a client I joined Primerica not because I was tricked because it over delivered. This company changes people’s lives. Doing the right thing for families 100% of the time.Correct the injustice in the Financial Industries. My advise don’t let the Naysayers ruin your opportunity to fulfill your dreams and goals.

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    11 1

  6. User Score

    10

    December 15th, 2016 Houston, TX

    This is the REAL deal. Believe in YOUR dream. Do it Right and Do It Big. God first, Family second, Business third. Training is across the kitchen table with real people, not in meetings on a “future” sale. By recruiting friends who are respected by their community who have families, homes, jobs and in the right market 25-55, one can possibly build their business much like real estate brokers do and override their downline, legitimately.
    Take the opportunity to see for yourself. If it feels right go for it. If not at least you got financial training found nowhere else…and on the right track towards protection and financial freedom!

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    13 1

  7. User Score

    0

    November 21st, 2016

    Primerica agents are trained to steal clients from other companies. The way they do it is they hang near the office of the competitor and wait for new clients to come. They approach them and say that this office had been raided because they do illegal stuff so here is my card come see our office we are so much better and blah blah blah, Plus they are so much limited in products so end up pushing same thing over again regardless of clients needs. We had to cancel their clients products every time and replace with smth more suitable based on clients situation. They will never be able to act as a fiduciary. Cant wait for this law to take place.

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    1 42

  8. User Score

    10

    October 26th, 2016 Columbus, OH

    I am not just a client of Primerica but I also saw it work for a close friend of mine when she passed away. After referring my family and friends to my Primerica agent I have seen for myself and for them how it has changed their lives. I know there is some ridicule about allowing people without a financial background into the company, but my encounter is that they are very well trained. If Primerica did not allow the “average Joe” an opportunity to work in financial services who would have ever helped me, my friends and my family? We don’t come from money and we were not taught how to make our money work for us. So if the average Joe isn’t given a chance by Primerica then the average family is doomed to a life of financial mismanagement. I am grateful for the company and it’s good agents.

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    25 1

  9. User Score

    10

    October 21st, 2016

    I’ve been with the company part time for over 10 years. They do the right things for middle income America. We may not have all the answers but we know where to go to get them-we are not taught simple financial principles in school so to have a company of representatives to share this info with people they care about, I believe is a good thing. Primerica has been around a long time and isn’t going anywhere anytime soon!!

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    17 2

  10. User Score

    2

    September 13th, 2016 Brooklyn, NY

    Expensive term insurance and after pressuring to be recruited and paying $99 they started charging $25 a month.. I wonder who I was supporting with my money.

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  11. User Score

    10

    September 12th, 2016 Meridian, ID

    I met a Primerica agent though a friend of a friend because I was shopping for life insurance for my wife and I and 4 kids. My goal was protection until I was retired at 65 years old. The Primerica agent was so confident that Primerica Life Insurance was better than any other company out there that after he explained the benefits of their Life Insurance to me he gave me his own policy and asked me to take it and shop around and ask agents from other companies to pick apart his policy and explain why their life insurance was better. I explained my goal to agents at 10 other mainstream popular life insurance companies, and after showing all of them the Primerica Policy, they all said the problem with it was there was no investment portion. However, each time, after much discussion I discovered I would not even get to keep my investment portion with them because the company would only pay out the difference of my investment and my insurance. So if we had a $100,000 policy with them, with $50,000 saved when one of us passed away, the company would only pay out $50,000 from their pocket and the other $50,000 would come from the savings. The Primerica policy was 6x cheaper for 3x the coverage to 65 years old. So I could have $300,000 with Primerica OR pay 6x higher premium to have $100,000 with the other companies. I could take the money I would save going with Primerica and have $50,000 in 17 years if I didn’t earn any interest, but if one of us died we would get $300,000 and still have our $50,000 saved. Why would I go with the other company???
    The other companies then tried to sell me their term insurance and it was sometimes a little cheaper premium than Primerica. However after comparing apples to apples, they could not match the benefits of the Primerica policy I had in front of me. First off, most of the companies required separate policies. Primerica does 1 policy for the entire family. Primerica can cover all 4 of my kids for the same price as just 1 kid or even 10 kids. The other companies charged an additional premium for each child after the first 2. Not only that, each of my kids were guaranteed a policy of their own when they turned 18 without proving they were healthy and it would be for up to 5x the coverage they had on our family policy and they would have all the same benefits that our policy had. With Primerica we could increase our coverage 10% every year for the first 10 years to have twice the coverage in 10 years if we needed it and we would get the new coverage at the price we would have gotten when we initially took out our policy, not our new ages. Also, if one of us grew terminally ill, we could use a portion of our life insurance while we were still alive to help pay for medical expenses or whatever we wanted to use it for and then get the rest when we actually passed away no matter when it happened. If for some reason we needed some life insurance at 65 when my policy was up, with the other companies,
    1) We could renew my policy at a standard insurance class regardless of whether I was Preferred Plus before but the new policy would be at my new age cost and a standard rate, not preferred plus. Some weren’t even sure if we would be guaranteed insurable for a renewal.
    2) We could convert my policy and be guaranteed insurable to the investment kind which I already knew was more expensive for less coverage so would be HUGELY more expensive at 65.
    3) We could apply for a new policy and prove we were still healthy enough to get insurance which is a lot less likely at that age.
    With Primerica we were guaranteed insurable no matter if we had gotten cancer or anything and
    1) If we got Preferred Plus, we were guaranteed Preferred Plus for life even at renewal which meant renewing at 65 would be far cheaper than other companies.
    2) We were guaranteed insurable and preferred plus (like before) and we could exchange our term policy for as much coverage as our old premium would buy (which I calculated to be about 35% of the coverage of the previous one) for another term policy and keep paying the same premium we were before. So if we had $300,000, we would be able to exchange it for another term policy of $105,000 and keep paying the same premium, if that wasn’t enough coverage we could double it and pay double the premium. The new coverage would be level decreasing term to age 100, so we would have coverage to age 100 if we needed it and no extra cost.
    3) Just like other companies we could apply for coverage at our new age and prove our health just like the other companies but there would be no reason to do this with the other two options Primerica offers.
    Needless to say there WAS ABSOLUTELY NO REASON to go with any of the 10 other companies. Not only that Primerica could put together an entire plan to get us out of debt as quickly as possible and start saving as much as we could for retirement. Every company should do business like Primerica. A+++++.

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  12. User Score

    10

    August 27th, 2016 Roswell, GA

    Great client services and best compensation plan with ownership opportunity!

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    15

  13. User Score

    10

    April 15th, 2016 Charlotte, NC

    I contract with PFSI Inc and find it to be the most customer minded investment company available to work for. I’ve worked with another well known insurance company and ended up leaving them because of what I was taught to sell. PFSI aims to assist clients that other insurance and investment companies ignore and our S&P ticker shows our performance and the trust that other groups have in joining us to teach the main Street families.

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    25

  14. User Score

    10

    April 6th, 2016 New Wilmington, PA

    This company is outstanding, after being a client I joined Primerica not because I was coersed but because the business model makes sense. So glad I didn’t listen to people who are lazy and want to complain all the time. This company changes people’s lives. Doing the right thing for families 100% of the time. Not sure about the negative comments but maybe its just a few bad apples in the bunch. 147 complaints against agents out of over 100,000 agents, thats less than 1%. All these issue and complaints would have been resolved without complaint if they would have just called home office or followed intructions from their financial coach.

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    34

  15. User Score

    10

    January 27th, 2016 San Angelo, TX

    This company helped me become and remain debt free. My local agent is always immediately available to answer any questions, and everyone I know who’s filed claims on their insurance policies, had those claims paid almost immediately. It’s all about finding a good agent. Report shady agents to the company and they will desend on them like a hawk. Primerica prides itself on their values.

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    34 1

  16. User Score

    0

    December 17th, 2015

    with an effective salesforce turnover rate of 67% (35% licensed reps/84%recruits) annually, and term rates 67-107% higher in most cases, I don’t see why anyone would call them a bad company. That would be too kind!

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    11 38