Written by Matt Zavadil
Updated January 26, 2024
Is Primerica an MLM?
Primerica is a company that’s often misunderstood.
Is Primerica a legit company?
Some people see it as a pyramid scheme, while others view it as a legitimate financial services provider.
So, what is Primerica really? In this Primerica review, I’ll take a closer look at the company and determine whether it’s a network marketing opportunity or not.
By the way, it’s not Prime America 🙂
Some folks ask me, “What is PrimAmerica” or is there a Prime America scam? As we’ll see, there’s no Pri Financial Services, Prime America, Priamerica, or Primerica scam LOL
Are you:
- Considering Primerica as a client?
- Working as a PFS rep (jump ahead to business-building training here)?
Either way, the following info will help you see the validity of Primerica Financial Services, and answer: Is Primerica an MLM?
Related Bible Verse: Numbers 6:24 The Lord bless thee and keep thee. Commentary: Translated from the Hebrew text, "bless" in this passage means to transfer prosperity in the sense of the financial, material, and physical. The word "keep" is correctly translated to mean "guard," as in guarding us from straying from the Word after prosperity & abundance become potentially dangerous distractions. Lesson: Pray to God for help with your business and finances. He will answer. Once blessed, remember the Source of your financial abundance and keep walking with Him.
Related Reading: How The Attraction Marketing Formula Will Build Your MLM Business My Review Of The Attraction Marketing Formula How To Buy Leads For Your Network Marketing Business
Feature Download (if you’re a struggling PFS rep): I’ve put together a free “Primerica Quick-Start Video Guide” that shows you How To Attract 3-7 New Primerica Clients & Team Members Per Week Without Prospecting A Single Person. In it, I show you how to intimately know the pains & goals of your prospects so that you attract the BEST leads for your Primerica business. You’ll never have to spam strangers scripted messages OR bug your friends and family ever again… Click here to grab it all.
What is Primerica Financial Services?
Primerica is a financial services company founded in 1977.
The company sells clients a Primerica life insurance policy, mutual funds, and other investment products.
Primerica is not a pyramid scheme. It’s a legitimate business opportunity with an A+ rating from the Better Business Bureau.
However, Primerica is also a network marketing company.
This means representatives have the opportunity to recruit other life insurance agents and earn money through commissions.
How Does Primerica Work?
The Primerica Life Insurance company offers several types of products in addition to term life insurance.
Financial Needs Analysis: The company offers its clients a Financial Needs Analysis (FNA) along with its term life insurance policies. The FNA is a free consultation to help people determine their financial goals and objectives.
The Financial Needs Analysis helps clients find the right products and services from Primerica that meet their needs.
Primerica Legal Protection Program: As a part of its suite of products, Primerica offers a legal protection program. It’s a pre-paid legal services plan that provides members with access to attorneys for a variety of legal needs.
Legalshield administers the program (formerly called Pre-Paid Legal Services). Legalshield is the largest provider of pre-paid legal services in the United States.
Mutual Funds: Primerica offers a variety of funds, which are investment products that allow you to invest in stocks, bonds, and other securities.
The company has several funds to choose from, including:
- Primerica Foundation Fund
- Income Builder Fund
- Balanced Index Fund
Life Insurance: The main product offered by the Primerica Life Insurance company is its term life insurance coverage.
Term life insurance is a type of life insurance that provides coverage (or death benefit) for a specific period (usually 20 or 30 years).
As you may have read while reading any number of “investing with Primerica reviews”, the company doesn’t offer permanent life insurance options…instead, you pass a medical exam and obtain straight term coverage.
Feature Download (if you’re a struggling PFS rep): I’ve put together a free “Primerica Quick-Start Video Guide” that shows you How To Attract 3-7 New Primerica Clients & Team Members Per Week Without Prospecting A Single Person. In it, I show you how to intimately know the pains & goals of your prospects so that you attract the BEST leads for your Primerica business. You’ll never have to spam strangers scripted messages OR bug your friends and family ever again… Click here to grab it all.
Is Primerica a Scam Or Pyramid Scheme?
In a word, no.
Primerica is not a scam or pyramid scheme.
It’s a legitimate financial services company & publicly traded on the New York Stock Exchange.
The company is a member of the Direct Selling Association, the trade association for direct selling companies in the United States.
Primerica has an A+ rating from the Better Business Bureau.
Legal issues
I do need to point out that at least three lawsuits have been brought against the company about denials for paying out claims.
The courts will determine the settlements. Keep in mind that other life insurance companies get sued when people dispute whether they deserve a claim payout.
Is Primerica a Good Opportunity?
Is the thought of selling term life insurance and investments attractive to you?
Then, of course, it’s a good opportunity… in the same way selling life insurance for a different company is a good opportunity.
The difference from most other financial services companies is that there’s a multi-level marketing arm attached here.
Unlike other life insurance companies, Primerica agents can basically become brokers.
You can recruit other insurance company reps and override the commissions they bring in on the term life insurance or investment sales.
Can Primerica Make You Money?
That’s probably the wrong question to ask.
Selling Primerica life insurance takes a lot of work…
…as does any other business opportunity.
If you’re looking for a traditional job, then Primerica isn’t the right opportunity for you.
However, if you’re interested in becoming a life insurance agent and earning money through commissions, then Primerica is a quality option to consider.
Why Does Primerica Have a Bad Reputation?
To me, this is an odd question.
It doesn’t have a bad reputation with everyone.
- Does Sprint have a bad reputation?
- How about T-Mobile?
- Facebook?
Personally, and based on interacting with them, I can’t stand those companies.
That doesn’t mean others might love working with them as customers, right?
And in certain circles, any network marketing business has a bad reputation.
That’s because there are people who misunderstand MLM…leading to “pyramid” talk.
In a lot of cases, people join network marketing with pie-in-the-sky expectations.
They also have no business building a business because they come in with the standard employee mindset of:
“I’ll punch the time clock and see what happens.”
You can’t build any business like that.
You gotta go hard if you expect to find clients to sell insurance to, find new insurance agents to recruit and build something solid.
It’s like someone getting their real estate license and then saying (while sitting on the couch), “Where’s the beef? Give me some dough!”
Understand that there’s nothing illegal going on inside a valid MLM company like Primerica.
Primerica agents don’t make money recruiting people.
They make money selling valid financial services products and also on the product sales made by their downline members.
All standard and legal, and similar to a real estate broker earning commissions off the homes sold by his or her agents.
Feature Download (if you’re a struggling PFS rep): I’ve put together a free “Primerica Quick-Start Video Guide” that shows you How To Attract 3-7 New Primerica Clients & Team Members Per Week Without Prospecting A Single Person. In it, I show you how to intimately know the pains & goals of your prospects so that you attract the BEST leads for your Primerica business. You’ll never have to spam strangers scripted messages OR bug your friends and family ever again… Click here to grab it all.
Primerica Awards
We can point to industry awards that reveal the legitimacy of the company. Here’s recognition by Forbes, revealing Primerica as one of America’s Best Insurance Companies:
Forbes
AM Best
Top Workplaces USA
Should I Join If Primerica Is An MLM?
Only you can answer that question.
Selling insurance and financial products can be lucrative. The key is getting good at marketing.
The challenge with providing life insurance policies is that you must get licensed in your state.
This means you can’t give life insurance quotes and sell policies to people worldwide.
Unlike other MLM companies that let you sell products to people of many countries, the pool of prospects is less when building an insurance business with PFS investments.
However, if you want to get into life insurance sales without needing to do all the work by yourself, get involved with the Primerica Corporation, and build a team of agents.
How To Make Money with Primerica
Once you get into the MLM business model, it’s key to eventually move away from only referrals and word-of-mouth. Use local Internet marketing strategies to find new clients and recruits.
You can use things like Google AdWords to find leads in your local area.
Also, use SEO on your website or blog to get found when people search Google for information about life insurance, legal issues, and investments.
Use Attraction Marketing
If you provide value while performing online marketing, you can get life insurance policy leads asking you how you can help them.
With attraction marketing, the idea is to help enough people that those who need life insurance will come to you.
This is how you generate MLM leads and grow your business without having to constantly pester friends, family, or acquaintances.
By adding more value than anyone else in your market, you attract an endless stream of new prospects who want to do business with you.
For example, on your blog, you can write helpful articles like:
- How to Choose the Best Life Insurance Policy
- The Pros and Cons of Term Life Insurance
- Investing for Beginners: A Simple Guide
Or, you might post on social media about investments. For example, you could post a video on Facebook about how to save for retirement.
Other ideas might be to write about the estate planning process, or how to choose the best financial planner for your needs.
The more value you add, the more people will see you as an expert in the industry – and the more likely they are to do business with you.
Whatever you do, make sure that the content is helpful and of high quality. That will help you attract more people interested in buying life insurance or learning more about investments.
Related Reading:
My Attraction Marketing Formula review
Feature Download (if you’re a struggling PFS rep): I’ve put together a free “Primerica Quick-Start Video Guide” that shows you How To Attract 3-7 New Primerica Clients & Team Members Per Week Without Prospecting A Single Person. In it, I show you how to intimately know the pains & goals of your prospects so that you attract the BEST leads for your Primerica business. You’ll never have to spam strangers scripted messages OR bug your friends and family ever again… Click here to grab it all.
FAQs About Primerica Life Insurance Company
Is Primerica a pyramid scheme? Is Primerica an MLM?
No, Primerica is not a pyramid scheme. It is definitely an MLM. It is a network marketing company that sells legitimate financial services products.
Do Primerica agents make money recruiting people?
No, Primerica agents do not make money recruiting people. They only make money selling valid Primerica life insurance policies and other financial services products. They can’t make revenue from the people they recruit until those downline members produce with products sales themselves.
Is Primerica worth working for?
Selling insurance and financial products can be quite lucrative. The key is getting good at marketing.
Is Primerica a hoax?
Whaaaaat? A hoax?
Where do these questions come from 🙂
LOL
No, Primerica is not a hoax. It’s a network marketing company that sells legitimate financial services products.
Final Thoughts: Is Primerica an MLM?
Yes, Primerica is an MLM.
Does that mean a problem exists?
No, it doesn’t.
My suggestion to you, if you’re a Primerica agent, or thinking of becoming a Primerica agent, is to block out any negative talk that uninformed folks like to put out…
…focus on your goals and go make your dreams of getting good at selling Primerica products a reality.
I can teach you, based on 20 years of lead generation experience, how to avoid costly mistakes and attract your best Primerica prospects.
Feature Download (if you’re a struggling PFS rep): I’ve put together a free “Primerica Quick-Start Video Guide” that shows you How To Attract 3-7 New Primerica Clients & Team Members Per Week Without Prospecting A Single Person. In it, I show you how to intimately know the pains & goals of your prospects so that you attract the BEST leads for your Primerica business. You’ll never have to spam strangers scripted messages OR bug your friends and family ever again… Click here to grab it all.
