Is Primerica A Scam That Will Rip You Off
Company: Primerica
Website: www.primerica.com
Type: MLM
Products: Financial products and services, etc.
Rating: 5/10
Will Primerica Scam You
Primerica is a multi-level marketing company that sells financial products and services to individuals. One thing that sets this company apart from the others is that you are not being pushed to recommend the services to your families and friends. Since the company operates financial services like life insurance, legal services, it is good for your family too.
However, the cost of signing up could amount to hundreds of dollars. If you have that kind of money, it is rational to want to think twice before you spend it and not only that, you have to understand what you are spending the money on. As far as Primerica is concerned, there are some grey areas regarding the process of registration and working with the company itself.
Sometimes, these things are not usually clear until you register. However, in this article, I will try to cover some of these things so that by the time you are through with this article, you will be able to make an informed decision regarding whether this MLM system is legit or not.
When someone registers with this company, they will still need to introduce other people into the system and possibly have them sell the products and services offered by this company.
In the subsequent paragraphs, I am going to show you facts that will help you determine if you are capable of joining this program or not. With the amount of information available on the internet for programs like this, it can actually be difficult to conclude at once whether a program is legit or not. You need to look at the facts and be objective in your own analysis.
Primerica Products
This company deals mainly in financial products and it is a people-to-people business. You are strongly advised to evaluate your skills before you want to join this program. It is not the membership fee that you pay or the effort that you put into the program that will help you; it is actually your business and interpersonal skills. If you are lacking in any of these, you may not do well selling the following products:
- Life Insurance
- Prepaid Legal Services
- Auto Insurance
- Mutual Funds
- Managed Account
Primerica Compensation Plan
Making money from this program is about sales and volume. The more people you have under your belt, the bigger you’re earning potential. No matter how much you try, the amount of success you can see from Primerica is dependent on how well you can recruit and lead people in your team. If you are not a people person or you lack the business acumen that can help you sell many products to keep up with the membership requirements, then this is not for you.
In order to join this program and become a rep, you have to pay $99 membership fee with $25 monthly fee to maintain your membership.
Consequently, you can earn while you pay for the services. As long as you can maintain a steady flow of recruits to the program, you should be okay in terms of earning potential. While this may seem straight forward and simple on paper, the practical aspect is different. Reselling products, interacting with people, and introducing new people into the system are not as easy as it might seem. For a newbie, it can be overwhelming. I will only recommend you look at this system, only and only if, you have unique selling skills and your interpersonal skills are above average. You will see the importance of these if you join the program as a new rep.
Should You Join Primerica?
Businesses like this often ask you to sell to your family and friends first to get a head start. Most of the time, members follow this guideline but the problem that can arise from this can destroy family ties. The reason why these companies do that is the family ties will prevent the member from seeing through the problems with the products. This will only benefit the company but will be at the cost to the customer.
If such an introduction actually leads to failure because the family member can’t figure out what the business is all about, the member can start to have problems with their family. As a result, it might not be good to go this route.
The question then is if one cannot recommend this product to family, who then can they recommend the product to. This is a fine question and that needs considerable attention.
Alternative ways to earn a passive income online
Affiliate marketing is better than MLM in terms of the cost of setting up as well as the experience level required to steer a successful business. Affiliate marketing requires solid steps that need to be followed precisely before you can be successful with it.
If you are able to follow these steps religiously, you will definitely enjoy a large dividend for your efforts. That is not the end. If you have taken a certain combination of steps or strategy that lead to a success in a niche, then you can repeat the process in another niche and so on. This makes affiliate marketing flexible and straight forward.
As for MLM, it is rigid and often difficult to maintain. Once you are successful at a level, you have to move to another level where you will meet different challenges and requirements. You may need to start from scratch because the next level is indeed another stage that needs fresh and different experience. In fact, this is the number one reason most reps drop out from MLM. They just can’t have peace of mind – they have to keep learning and learning until it becomes unbearable to continue. This is why most internet marketers recommend affiliate marketing to those who are just starting out in the make money online niche.
> Get Started With Your Very Own Affiliate Marketing Business Here <
I just read your review on Primerica, this is a very honest review. A 5 out of rating…meh…if a 50/100 on a report card is an “F”, that seems like a program that I’ll say PASS. I’m also a broke-ass guy and WA student stil learning things about affiliate marketing. Good chart you got there, we live in a visual world now, and people are always wanting to see pictures.
Hi Lakan
Thanks for the compliment. It took me a while to design that chart. If you want to invest in MLM, then you need to have a huge amount of money to start with. You might even wait for 2 years to get a positive ROI and that is if you will have a positive ROI.
MLM is just not the way to go anymore.
Thank you for providing all these info so more people are aware of what these programs are about before they decide to go with the program. It’s just my opinion but I feel like most of the dubious program companies have “merica” at the end of their names lol. My paranoid nature always give me red flags when I run into these type of programs.
Hahaha, I also noticed it. I think they want to piggy back on the authority of “America” to make their product seem more legit.
Hahaha, I also noticed it. I think they want to piggy back on the authority of “America” to make their product seem more legit.
Well described. Even I am a victim of one of these MLMs. They got me into costly membership and I had no choice other then selling their products or recruiting people for them. Eventually my friends started to run away from me. I decided to quit and got started with affiliate marketing and came across WA.
I am cool now.
Hi Nirmal
I had the exact experience. I lady called me recently (I do not know where she got my number from) and tried to recruit me to an MLM company.
Luckily I had a bit of experience about MLM and turned her off. This is what they teach you to do. You should talk to random people (family and friends included) and try to recruit them.
Why not create or promote something wonderful and let the people come to you???
I have never heard of Primerica, however I have been with Wealthy Affiliate and can tell you it is the best place to be when starting out in the online world of business. I have learned so much. If anyone is trying to get an affiliate marketing business started Wealthy Affiliate is definitely the way to go.
I also got started with Wealthy Affiliate and I am not also a yearly member of them. Through the training they gave me, I created several websites in different niches and are making money each and every month from those sites.
Wealthy Affiliate is really a goldmine.
Thanks for the warning.
I think you need to be a very special person to be successful in a mlm business long term.
Most of these types of models tend to fade out over time and not surprisingly as there are really high drop out rates for these types of businesses.
You are quite right about affiliate marketing being the better option.
Hi Michel
To succeed in MLM, you need to be able to recruit new members into the company and you need to be able to teach them how to recruit their own downline.
You are only as strong as your downline, so you need to make sure that they are working.
From your review of Primerica I understand that this program is very specific and limited opportunity in terms of making money online. It looks like it’s not a scam and you give your honest opinion. But I agree that affiliate marketing is a much better way to make money because anyone can succeed in this compared to MLM where you need to have some specific skills. BTW, do you have any experience with MLMs?
Hi Rufat.
Yes I do have. Was involved with 2 companies in the past. I ended up spending more money than what I was earning.
I did not know about affiliate marketing back then and I really wished I did.
Hi Rufat.
Yes I do have. Was involved with 2 companies in the past. I ended up spending more money than what I was earning.
I did not know about affiliate marketing back then and I really wished I did.
Hi Viljoen
Thank you for sharing this valuable information about Primerica.
When I started out reading, I thought, well the thing that sets them apart from the other MLM companies is that you are not pushed to recommend the services to your family and friends and since they operate financial services like life insurance and legal services, it is good for your family too.
But then I read further and I realized I love my family more than money and I don’t have hundreds of dollars, unique selling skills or interpersonal skills that are above average.
I agree with you, Affiliate Marketing and especially with the help of Wealthy Affiliate is far better and safer.
thank you for sharing
Blessings
Linda
Hi Linda
I tried my family and also my boxing coach. He told me straight that I am busy wasting his time. It was a very bad experience. All of these conferences that you attend are there to brainwash you and where the top 1% brag about their income.
With Affiliate marketing you do not need to sell anything. When you write a review on a product and someone searches for that product on Google and they land on your article, then they have a choice on whether they want to buy it or not.
You just provide them with more information to make their choices easier.
I really like your Primerica Review. I believe you gave it a fair review. I am curious if you have been a part of this comapany at anytime and have a personal experience or have done a thourough amount of research to get your information.
Either way is fine, I think you have done a great, an unbiased job, I am just curious.
I myself was with the company for 5 years. At my peak, I had about 30 licensed agents under me. I ran my own office. I was making close to 100k a year, working only about 20 hours a week. Some personal things took place right around the 2008 recession, and I decided I needed to leave the company.
I would rate the company more like an 8 out of 10, or at least a 7 out of 10, mainly because the training you get is awesome. And you can get licenses through the state and federal government that can allow you to get a job that can pay you anywhere between 60-120k+, trust me that is what I did.
Now, I also agree with you, that unless you have above average selling or interpersonal skills or are really wanting to learn those, it will be harder for you to be successful in this business model.
That is why like you, I am a big fan of affiliate marketing!!! Now, I love MLMs too, but I only recommend them once someone has mastered affiliate marketing and has learned how to drive traffic to their website and make passive income without having to rely on family and friends.
Is there a specific program you would recommend for learning affiliate marketing?
Thanks for your input Jason.
I am happy to hear of someone that has actual experience with MLM and this company. If you already have the marketing skills (such as driving traffic) then it will be so much easier for you to succeed with MLM.
If you are new to this business model, then I would not recommend it. I am glad to see that you have made money with MLM because now you know what it takes to be successful with it.
For beginners I would recommend affiliate marketing and once you know how to promote and drive traffic to your offers and products, THEN you can try out MLM.
Only 1% of all Primerican reps since 1977, ever broke the $50k level once, or more, yet they make it sound like every other guy is making $100k, and that is where the scam is!
It is true what they say about the 1% rule in MLM. If you can manage to become part of the 1%, then maybe you stand a chance.
The company is not a scam. It’s a legit company, but it’s practices are garbage. I have just cancelled my policy after 20 years because they increased my premium by 370%!!!! It went from $53 per month to $197!!
And they didn’t even give me a heads up. And they didn’t really seem to give a sh&* that I was cancelling.
Stay away!
Hello Viljoen,
I appreciate your article very much much. And I really like your honesty in reviewing this MLM program. You were unbiased at all in doing this review and anyone who reads your article can now make his or her decision as to whether it will be worth joining Primerica or not.
As for me, I have never recommended any MLM program to anyone before, because of my personal experience with them and and what I know about them.
I really don’t like the idea of having to recruit others to join you in your MLM business and also, I have noticed that, almost all MLM programs are not free to join. For instance, looking the amount of money required to join this program – $99 is so high to pay and besides you will have to maintain your membership by monthly payment of fees.
Besides,products from MLM programs are too expensive to buy and even to sell to others, making it difficult to make any success with them.
Thanks a lot for your honest review.