As with many things, if you search google for the string "Primerica scam" you'll find lots of negatives.
If you just search "Primerica," you'll find lots of evidence that makes it seem like a legit company. It IS publicly traded.
Backstory: Thinking about taking a second job with them. Seems at the worst, i get some licenses out of it.
Anyone have any anecdotes?
Looks pretty sketchy.
http://www.consumerfraudreporting.org/primamerica.php
I was with them for awhile in college. They are a part of Citi Group. Like you said, I did it to get some licenses (none of which I now use, but, hey). When you start going to the meetings and stuff, it seems a little pyramid-schemey, but they are legit and offer decent services. The insurance part of it is much better than the financial management part of it, IMO. Hope that helps some.
GameboyRMH wrote: Looks pretty sketchy. http://www.consumerfraudreporting.org/primamerica.php
Yeah, those i saw....
Also saw this: http://www.ripoffreport.com/reports/0/229/ripoff0229393.htm
This is why it's confusing. 
DustoffDave wrote: I was with them for awhile in college. They are a part of Citi Group. Like you said, I did it to get some licenses (none of which I now use, but, hey). When you start going to the meetings and stuff, it seems a little pyramid-schemey, but they are legit and offer decent services. The insurance part of it is much better than the financial management part of it, IMO. Hope that helps some.
When you say the insurance part of it is much better, do you mean that it's easier to make money in that portion, or that it's just a better business model in general?
I would be very interested in selling insurance, but i'm not sure if that would end up as "conflict" of interest considering my main job.
http://www.primerica.com/public/
http://en.wikipedia.org/wiki/Primerica
Multi-level marketing company where the product is life insurance and mutual funds.
The funds are legit as is the insurance, the difference is the sales style.
A successful individual will need to keep bringing new salespeople in under himself.
What you will want from these new people is access to their family and friends who will buy off your trusted recommendation.
If you plan to be part-time, the money will always be small.
If you can build an army of reps and work through their social groups constantly, it could be financially rewarding.
92CelicaHalfTrac wrote: When you say the insurance part of it is much better, do you mean that it's easier to make money in that portion, or that it's just a better business model in general? I would be very interested in selling insurance, but i'm not sure if that would end up as "conflict" of interest considering my main job.
I personally found it easier to get customers more willing to purchase insurance than financial planning & mutual funds, but that may just be how I sell.
jrw1621 wrote: http://www.primerica.com/public/ http://en.wikipedia.org/wiki/Primerica Multi-level marketing company where the product is life insurance and mutual funds. The funds are legit as is the insurance, the difference is the sales style. A successful individual will need to keep bringing new salespeople in under himself. What you will want from these new people is access to their family and friends who will buy off your trusted recommendation. If you plan to be part-time, the money will always be small. If you can build an army of reps and work through their social groups constantly, it could be financially rewarding.
Quoted for truth. The guys who kept new people coming in did well, and supported thier families. As a single guy at the time, I was more interested in the pay than the work, and it gave me enough money to support my lifestyle, but not much more.
DustoffDave wrote:92CelicaHalfTrac wrote: When you say the insurance part of it is much better, do you mean that it's easier to make money in that portion, or that it's just a better business model in general? I would be very interested in selling insurance, but i'm not sure if that would end up as "conflict" of interest considering my main job.I personally found it easier to get customers more willing to purchase insurance than financial planning & mutual funds, but that may just be how I sell.
Got it!
I'm not looking to get rich here... just something for a little extra cash flow. If i could bring home an extra grand a month, i'd be more than ecstatic.
I have a friend who works for them. I'd say not a scam, but it is also not what I would be doing for extra cash.
mtn wrote: I have a friend who works for them. I'd say not a scam, but it is also not what I would be doing for extra cash.
I'm trying to get a feel for how much extra cash we're talking for how much work. If i wanted to really rake it in again i'd bartend, but i'm not really up to those hours considering i get up at 4:45-5am every morning for work.
Yeah, it does involve quite a bit of time, especially upfront. You have to go to their Insurance Licensure prep classes, weekly meetings, etc. If you're willing to go through that, then you will probably start bringing in some side money a few months down the line. Keep in mind, this was 11 years ago for me, so things may have changed.
I would go to the meetings at first and ask around. Ask the normal folks how it's gone for them, not the guys who are making a killing, afterall, they're salesmen and can talk you into it. Just do your due dilingence, analyze whether the return on investment is good enough for you and make your decision.
I suppose there are worse ways to make an extra buck.
If you start by contacting your friends, you will cease to have any.
jrw1621 wrote: A successful individual will need to keep bringing new salespeople in under himself. What you will want from these new people is access to their family and friends who will buy off your trusted recommendation. If you plan to be part-time, the money will always be small. If you can build an army of reps and work through their social groups constantly, it could be financially rewarding.
Sounds like Amway.
The thing about sales jobs is you can do well in them if you're a good salesman, but most people are not.
92CelicaHalfTrac wrote: I would be very interested in selling insurance, but i'm not sure if that would end up as "conflict" of interest considering my main job.
If I remember your current job correctly, I would be very wary of this. My employer has conflicts of interest spelled out in our Code of Ethics, and that would most certainly qualify for me (financial services).
Contact your employee helpline or ethics line if they have one and just flat out ask.
As far as "sounds like Amway"; it is.
Amway, Vitamins, Pampered Chef, there are millions of them. It does not make them all bad but it does make many of them shady.
To have a successful Multi-Level Marketing (MLM) program you need a reoccurring purchase and typically a high margin product. Amway found this in soaps, detergents and other consumables. Vitamins also fit the profile as well as food can fit the profile as well. In this case it is long term life insurance policies (that have a monthly premium) and monthly contributions to mutual funds.
What makes MLM shady is if the profits come from the system and not the products. What I mean is some of these MLM's have high upfront costs to get involved as a salesperson. The idea is that you will recoupe the dollars as you make sales of the product. All too often the case is that this recoupe never happens and the real profits are coming to those who bring on new salespeople. The upfront fees and even ongoing fees, are where the real generation of pofits is coming from. An easy way to see into this is to ask the person who has sponsored you to join questions about the smallest details of the least popular product. What I think you will find is that this "sponsor" knows very little about the products that he actually sells because what he sells the most is just "the system" itself.
If there is not real product then the whole thing is just a Ponsi Scheme.
A sample Ponsi scheme would be where you pay $200 to be a "salesperson." That $200 is shared by the two people who started the idea (and you are now the third.) When the forth person joins the $200 enrollment is shared by the 3 of you. When the 5th person joins that $200 is shared by the 4 of you. Everyone is getting some or all of their money back but the last guy to join is out $200. If the last guy in never gets anyone to join then he will not be sending the money needed to those above him. Therefore, there is great pressure from above to bring on new people.
Primarica has a real product and even if another salesperson was not brought in there would be profits from the sales made of the actual products.
How Primerica may seem shady is what is often the preying on relationships.
I've had a couple experiences with Primerica.
My wife was job hunting and got called in for an interview. The interview wasn't a job interview, it was a recruiting session from the local Primerica office. The managed to waste a good half-days worth of her time before they started answering her questions and all the bullE36 M3 started to surface.
The second was a guy I had the misfortune of working with was a part-time Primerica rep. I have my own investments and investment strategies and they seem to be working fine.
Constantly telling me how I could be doing better but offering absolutely no proof of it is a turnoff. Moreso when the market takes a dive and he loses his shirt and then gets all confused when I'm still doing fine.
Sorry, all the Primerica folks I've met have been the "get rich quick" hucksters who are madly in debt but are going to make it big any minute now.
I'm starting to think that i could probably make some money over the winter building patch harnesses for obscure-ish cars and it would be more fun anyways. I already work 60 hours a week, i'm not sure i want to spend hours chasing a sale.
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