The number of MLM programs that are available these days are numerous. The problem is that not all of them are up to the mark, something that is difficult to know until you join.
Most MLM programs are in the fast-moving consumer goods industry. That is why joining the MLM program in that industry does not make much sense.
There are, however, a few MLM problems which are in other industries as well.
How about financial services?
Yes, there are MLM programs that allow you to sell life insurance policies, mutual funds, and so on.
The name of the company is Primerica. However, before joining the MLM program of this company, it is better to find out everything you can about it.
Today, I will share with you our Primerica review. To research this company, we have gone through numerous other Primerica reviews as well. In a nutshell, the post below is one of the most comprehensive ones which you will find about Primerica.
Primerica has been around since 1977. The founder of Primerica was A.L. Williams. The company is headquartered in Duluth, Georgia. Over the years, it has expanded its services across the USA, Canada, and even Puerto Rico.
With 130,000 life insurance independent representatives (at the time of writing this article), it is one of the largest insurance selling companies. It is also registered as a broker-dealer. In a nutshell, every product of Primerica is legal and follows the regulatory guidelines.
The company aims to sell financial products to the middle class using its wide network of independent representatives.
Now that you are aware of the company’s basic background, let us look at the products it has on offer and how you can make money with those products.
The Primerica Products
The best thing about Primerica is that it offers various financial products like:
- Mutual funds
- Term life insurance
- Managed accounts
- Long term care insurance
- Auto insurance
- Homeowners insurance
- Segregated funds
- And various other investment options.
While the company is gaining traction in all of these segments, its most sold product is term life insurance. Below we will shed some light on its term insurance record.
Term life insurance:
The best thing about term life insurance plans by Primerica is that their claim settlement ratio is 92%. Most claims are paid within 14 days. The high settlement ratio is a huge selling point.
It’s also the reason why making Money with Primerica can be possible (if you are good at prospecting).
Now that you are aware of the company’s products let us understand it’s a compensation plan.
The Primerica compensation plan:
To join Primerica, you will have to shell out $99. That is the price of the start-up kit.
The $99 includes the state insurance and the financial services exam charge. In case you need to access the optional online tools, you will have to shell out $28 per month.
We will go into the details of the commission rates below.
How the Primerica Agents make money?
On the sale of financial services, you can make 25% in commissions. The commission is recurring, just like the premiums. As long as your customer is paying for the policy, you will get the commission.
Once you advance your rank, you can make up to 70% as well. There is an option of 10% overrides on sales of recruited agents.
The way to recruit agents is the same. They will have to buy the $99 start-up kit. The online tools section is optional for them as well. You can make 10% of their sales as well.
The real way to make huge money when selling Primerica products is to recruit as many people as possible. That way, you can leverage your network and make a good amount of money.
How to promote Primerica products?
The company advises you to first start with the warm list. A warm list is a list of friends and relatives whom you know. Most people invest in financial products and starting with the warm list can get you the first few sales.
After that, you have to employ sales techniques to get sales. The online tools section of the company can help you with the same.
Is Primerica suitable for you?
Now that you are aware how you can make money with Primerica, of course, you would want to know whether it is worth opting for or not.
The answer is; it depends. Although most people are interested in one or the other financial products, not everyone can promote this type of product.
If you are interested in promoting MLM products, then I think Primerica would be the best as you will be selling something useful that can benefit your customer and make a commission in the process. It is a win-win situation.
You might know at least a few people who are active investors. If you do, then, getting a kick start with Primerica might not be a problem.
Since you are selling regulated products, you can be confident that these products are useful for your customers and prospects. Unlike other MLM programs where you’re selling diet pills or weight loss programs, Primerica is different.
Due to these reasons, it is certainly suitable for everyone who wants to make money through an MLM program.
Below l will shed light on the pros and cons of the MLM program.
Pros and cons of Primerica:
- Wide range of financial products
- Reasonable deals on offer
- A bit overwhelming at the start
- Every time a customer stops paying for the policy, your income drops
- It is difficult to make a full time income unless you recruit others to do the same. The people you recruit should also be active
- The business s not 100% yours. If by bad luck the company closes, you lose almost everything including the customers.
Primerica is one of the rare MLM programs that allows you to step into the financial services industry. Moreover, instead of selling short lasting products to your prospects, you will be selling them something of value. Not only that, you can easily help your prospects secure their financial future as well with the help of Primerica products.
Due to the same, it is easy for you to develop a working relationship with your prospects. That will increase the lifetime value of each prospect and customer. It also means more money for you as a Primerica independent distributor. In a nutshell, if you’re looking for an MLM program that is beneficial for the customer and the agent, you should go with Primerica.
But if you are looking for something NON MLM, I would like to recommend you to do Affiliate Marketing.
Affiliate Marketing is a business where:
✅You don’t need any downline
✅The business is 100% yours, your own asset that nobody can take away from you
✅No buying products
✅No upfront fee
✅No making phone calls
✅No home meetings
And the best thing is: it’s Global; you could be anywhere in any country and succeed and because it is Global, you can trade in any country.
You can also market any products even from a country where you don’t live in; for example, if you live in UK, you can market Affiliate products in USA and Vise Versa.
Same applies to most other countries. This is a business you wouldn’t want to miss.
You will be shown where to get the free products regardless of the country you live in. You will also be shown how to Market the products that can be Physical or digital depending on what you prefer. You could also Market both.
The choice is yours.
Everything in Affiliate Marketing will be based online and this means that you will be asked for your name and email so that you can access all the steps.
Please note that this is genuine but if you don’t feel comfortable giving your email, you can create a new email just for this but make sure you can receive emails; otherwise, you won’t be able to benefit.
Why am I telling you all this?
I am telling you this because I am one of those people who were skeptical particularly in cases where I had to give my details.
I used to be an MLM distributor (not Primerica) and l know how much I wanted to succeed but things didn’t work out for me. I had a full-time job and a family to look after.
MLM takes a lot of your time and money.
When I found Affiliate Marketing, I was blown away. You can sell any product you want without any limitation and the products can even be from as many companies as you wish. And the best thing is:
You don’t spend any penny on the products and you don’t do any customer service.
If this sounds good to you
You will be shown every step on how to do it plus 24/7 support meaning that you can never be stuck.