Is Primerica a Scam?

Primerica screenshot high cost of waiting pageThis review may be a bit controversial so let me just start off by saying that everything I write about Primerica is based on my personal opinion. Is the company a scam? I don’t think so. There is opportunity within the company to make money and it does offer legitimate services. That being said, this is not a place I would personally become a part of for a number of reasons as I’ll explain below. 

Let me just say that even though the content of this website deals with making money online, there are a lot of people using the internet to get others into Primerica and it is therefore a form of online marketing as far as I’m concerned, thus why I am covering this subject. So let’s get to it.

What is Primerica?

It is a company that delivers services ranging from various life/auto insurance programs to opportunities in working for the company via recruiting other people to join it. Though you won’t find much information on the recruitment process (I couldn’t to be honest), much of what is said around the website revolves around this message:

They (Primerica) are saying something along the lines of them wanting to help “mainstreet” people get financial security in their lives through their program. By signing up with them and/or seeking a consultation, people can find out how this program can help them better stabilize their financial future. Some of their services are labeled as PFD (Primerica Financial Services).

The overall business is legitimate. It’s been around for decades and does provide some really good services to people. 

What I don’t personally like is the ability to make money through it which is ultimately why I cannot join this program nor recommend it to others. 

Reasons why I can’t recommend Primerica:

1. Making money through it recruiting others. I’ve looked at this information on their main website and couldn’t find anything. All I saw were opportunities and how great Primerica is. This kind of information is in my opinion “masking” what’s really going on, so I had to do further research to see just how people have businesses set up & are making money with this company.

My research led me to reading about how sales people for Primerica try to recruit others through various online/offline avenues such as job seeking websites where people who are looking for work are encouraged to join this company. But here’s the thing:

Based on what I’ve seen, you’re not really working a 9-5 type job and working paycheck to paycheck. You’re recruited and only make money when you recruit others into the company. You’re basically a sales person. This leads me to my next point

2. I believe the process of making money with them is very difficult. Yes you do get information and materials on helping get people into the company, but with most businesses where selling like this is involved, I rarely find that people succeed. 

In my experience, with programs like these, you’ll be lucky to even make 1 sale and a lot of people end up trying to convince their friends/family to join. This is where I believe a slippery slope exists. I don’t know if you’ve ever had a friend or someone close try to sell you something and say it’s an opportunity, but I have.

We are no longer friends, because I could see right through their facade. I don’t like to be sold to and anytime someone tries to tell me how great something is, I always know they are doing it to make money of me. I feel like I’m being sold out. The resulting feeling is awkward and all I want to think about is how to end the conversation. 

But that’s me and you could certainly be different, but I don’t think I could ever sell this kind of stuff to people, let alone friends/family. What I do is affiliate marketing in which people who already know what they want find me and I just let me them know if it’s a good buy or not. I don’t sell anything. I give people what they want. There’s a big difference and it’s rewarding.

But back to the main point, making sales for these types of programs is in my opinion very difficult because most people don’t like to be sold to and there’s already other companies offering similar services. From my experience, most people who try to sell MLM type programs to others do not succeed which leads me to the next point…

3. The MLM argument. There are some who say Primerica is an MLM and if that’s the case, then there is also the argument that it could potentially be a pyramid scheme. Is that so? I don’t believe it is. Pyramid schemes usually carry 2 main characteristics:

1. No product or service.

2. Vastly overpriced services/products you could get elsewhere for less.

In Primerica’s case, you do have a good product/service which from what I’ve seen is priced fairly, although I’m sure some competitors have better/worse prices. So no, it is not a pyramid scheme.

But it does look like an MLM based on the compensation model I’ve looked at which basically involves you building a downline and upgrading your position within the company anywhere from a district leader to a regional leader. Each level entitles you to a higher payout.

As a sale’s person for Primerica, you can earn money from not just recruiting others into the program, but also selling the services this company provides and earn commissions from them which are re-occurring. In addition, if you can get enough recruits to join under you, you can essentially build a downline in which you can earn commissions of their membership and/or services they buy as well as other recruits/sales your referrals make.

I am typically NOT a fan of the MLM model for these reasons, but because Primerica does actually have REAL services/products, it’s OK in my book, though again, I would never join this program because I feel there’s better alternatives out there.

On a side note, when I was researching Primerica, I couldn’t help but feel this company reminding me of another called MCA (Motor Club of America) which sells road side assistance and other services, but also features a recruitment type process where it’s members can get others into it and earn commissions. I also rated MCA the same way I’m going to rate Primerica…

Final Rating: Primerica

3 stars

Yellow flag (caution)

3 out of 10 stars. I’m sure the services are good, but as for making money with them, I just don’t see there being much potential and I don’t like dealing with MLM companies, neither from a sellers/buyers perspective. I believe in better ways to succeed in making money and securing your future. Here is my #1 recommendation for doing so.

My final thoughts:

Let me say once again that everything I write here is based on my opinion and while I am not questioning the quality of the services/products being offered by Primerica, I am questioning if it’s really possible to earn a lot of money being a sales person for them.

The answer is yes, BUT only if you possess great knowledge in sales and marketing, but even in that best case scenario, I don’t agree with the business model this company follows and personally do not wish to be involved with it. I have read about some very questionable marketing techniques (supposedly fake “job interviews” leading into a recruitment process) followed by some of their reps which is honestly not surprising to me, but I would rather not post about it here and give rise to gossip. So unless you have your own personal story about Primerica you’d like to share (let me hear about it!), we need to go by what we know. 

If you’re going to join Primerica and do so to try and build financial stability via recruiting others, ask yourself if this something you TRULY believe in. Because if you don’t, you’ll find it even more difficult building financial stability, not just with this place but any like it. 

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