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It is a given fact that multi level marketing work towards the sale of their products through its distributors. Their main concept is for the distributors to make the advertising to sell their products. These provide flexibility and ease of doing business.
One of the MLM’s which I was keen of is- Primerica.
I have gathered the necessary details of this organization and here it is the form of a review article.
What is Primerica?
Primerica is a leading distributor of financial products which uses the multi-level marketing business model. They sell a variety of insurance, investment and debt products to the customers. It isheadquartered in Duluth, Georgia, and was founded in 1977.
It is listed on the New York Stock Exchange which generates global revenue of about $1.34 billion. It aims to help families to become financially independent with the Primerica financial services.
It offers Primerica life insurance policies for customers between 18 and 70 years old.
Primerica offers a wide range of personal financial products which can be listed below:
- Term Life Insurance
- Mutual Fund Investments
- Segregated Funds
- Theft Protection
- Long Term Care Insurance
- Legal Services
- Auto Insurance
- Homeowners Insurance
- Credit Monitoring
- Debt Management Plans
- Smart Home and Security
- Disability Insurance
Primerica Business Plan
Initially it will cost you around $100 to sign up for Primerica. It will take another $25 if you want to have access to the Primerica Online, which is the members website. To start with in Primerica, all the customers and referrals will be on the first level. Its commission structure is an unilevel payment plan. To earn bigger commissions you will need to be licensed for selling insurance.
It will take around 3 months to get your required license. After you are licensed you start with the Representative Level. At this level you will earn $250 per sale for insurance plans. Furthermore, you can also earn by selling debt elimination loans and mutual fund investments. For Loans, the representative commission is 0.312% and for Investments, the representative commission is 30%. You have to reach $25 for Primerica to pay you a cheque.
Above the Representative level is the Senior Representative Level which can be achieved by recruiting 3 new associates. They earn slightly higher commission than the Representative level.
After which we have District Leader Level. So in order to reach District Leader level you have to recruit new members. These members have to intern recruit new members and train them for more earnings.
Then subsequently we have Divisional Leader Level, Regional Leader Level and ultimately the Regional Vice President Level. Besides getting the overrides, In Primerica you can also earn money from your downlines.
Primerica will also award you with special achievement rings as you reach certain levels in the earnings.
Is it Legit or Scam?
Yes, Primerica is a legitimate MLM. It’s a financial service provider which is publicly traded. It has its offices in almost all of the states in the US except North Dakota. It also accounts for more than 130,000 independent life insurance representatives.
As per the reports, the company has more than 4.3 million insurance clients and over more than 2 million client investment accounts. According to the reviews, real coverage is provided by the company’s life insurance policies. It is a good option for seniors as the coverage is active until the age of 95.
It is a legitimate firm which provides an unparalleled business chance of huge growth in your life. It provides a better platform for producing entrepreneurs and showcases their skills.
It is a public traded company registered in the stock market, operated for decades helping people through its various Primerica Financial Services.
Primerica Stocks Review
Through Primerica Online, the representatives can get required information with this website and can expand their business. In the recent 5 years, the company has increased its dividend from $1.6% to 17.6%. The Primerica Stock Price has changed from -40$ to -48$ so far this year.
The current selling dividend of the company is $0.4 per share. The life insurance industry yield of the company is 0.82% and the dividend yield is 2.17%. It is estimated that the shares can have a steep growth as per the Zacks Consensus Estimate for 2020.
You can access your Primerica account through the Primerica Shareholder Services Investor Line by dialing (800) 544-5445. Via the Primerica Shareholder you can call at this number and speak with Client Service Representatives if you find an error while logging in.
You would also want to consider its beta to understand how the stock impacts your portfolio. Beta is a measure of share price volatility. Looking into Primerica it can be found that it has a five year beta of 1.35.
Primerica stocks tend to move up when the market is going up and down when it is going down. Thus the potential investors need to check the overall market before considering the stocks.
How to Register on Primerica?
Initially the cost to join Primerica in the US is $99. Along with this there is a subscription fee of $25 for the online support system. While Canada has a bit extra cost to join which is $103.95 and the subscription fee would be $28 monthly.
To begin with, you sign your Independent Business Application (IBA), which includes the classroom course and books. After which you complete your Primerica Online Registration by verifying your personal details.
The online support system is password protected. It includes marketing content and other information which will help you to earn more with Primerica. You have to be cautious while advertising the business online. This is because as per the Primerica reviews it has strict guidelines regarding advertising.
Additionally you can expect more fees if you are not licensed to sell insurance and securities. The prices related also vary from state to state. There are certain federal laws needed to be followed to receive and use your license. These also include the billing and the renewal fees in order to maintain your license.
There is an annual fee of $50 for having an account with Primerica. In addition to this, there is a Primerica Account Termination fee of $95 as well regarding the withdrawal. They also have money back or reimbursement programmes which can be availed by the customers.
In view of recovery of the Primerica password, Click on “Forgot my password” option. Then enter your personal information and user id after which you can reset your password.
In order to cancel your primerica online account, You can dial 1-888-737-2255 to get in touch with the customer service and tell him to cancel your account. You will get an email confirmation regarding your membership cancellation.
There are certain trainings given by Primerica which include different qualifications such as Life insurance License, Health Insurance License etc. The time needed to complete these training sessions differ from 3 hours to 2 months based on the qualifications. The cost to attend these training ranges form $60 to $2,000 on the basis of your qualification with an average cost of $300.
Primerica Pros and Cons
There are certain pros and cons related to Primerica which can be listed below:
- It has been around for a long time
- It has high financial and credit ratings
- It has high market appeal
- Only offers term life insurances.
- Policies are not convertible
- It has no online quotes
- Better rates and prices are available elsewhere
Primerica is one of the largest distributors of financial products and services. It reported a total profit of almost $338 million in a particular year, mainly through multi level marketing.
It has an excellent work environment with a firm mission. People in Primerica earn a very considerable amount of commission on the products.
Primerica offers average individuals a chance to build their own business and change their lives. Primerica representatives can begin with low entry costs and help in flourishing a wide business.
Thus, If you are looking for an Investment in this MLM, Primerica is highly recommended.
- On April 30, 2020, Primerica announced the financial results of the First Quarter 2020.
- On June 4, 2020, For the first time in the company’s history, Primerica announced that it has been named to the 2020 Fortune 1000.
- On May 12, 2020, Primerica donated $100,000 to the Atlanta Community Food Bank to help those in need of food during the COVID-19 pandemic.
- In view of the pandemic, $175,000 is being donated by the Primerica Foundation to the Covid-19 relief fund.