Provide an unbiased/accurate source of information about Primerica. That was the mandate I tried to accomplish while writing my Primerica series. When I receive questions such as the following ones, I think I got pretty close. So here’s the email I receive about the business opportunity offered by Primerica:
I have not yet joined Primerica because I haven’t been able to find enough unbiased information regarding the opportunity and others similar. I am hoping you can help me a little bit…
Here are the reasons I was attracted to Primerica:
I currently have a full time career that I would like to continue at least UNTIL my income that I currently generate is COMPLETELY or close to being replaced by something else. I like the fact that you DO NOT have to do Primerica full.
I also like that Primerica does not require large capital to start (ex. buying a franchise) etc.
I like some of the products that they offer (Ex: S.M.A.R.T. Loans)
I do believe in the concept of Buying Term and Investing the difference.
I like that you do not have to open a store front and I thinking meeting clients in their home is more suiting and gives them a higher comfort level.
Here are my main concerns and questions unanswered yet:
Whether Primerica has ENOUGH products to effectively offer a complete financial plan for families.
Whether their rates are reasonable or if they have substantial benefit to be higher.
Whether you can operate a reasonable business ACTUALLY selling and writing financial plans without recruiting. I don’t mind helping others get licensed in insurance, mortgage, or securities if they want to but I don’t care for it to be to benefit me. I prefer to have my OWN success determined by me.
Are there any other companies that you would suggest that allow me to do what I want on a part time basis like I mentioned?
As you can see, Chris (fictional name ;-)) resumed most of Primerica attracting points such as:
- Being your own boss.
- The option of working part time and not leaving your current job.
- The company culture of offering the best product for the client (don’t misunderstand me, I am not saying that Primerica is offering or not offering the best products, but they truly believe in helping the client in their company culture).
- Low start up cost.
I actually agree with most of his points. However, before I start answer his questions, I must say that in this kind of business (personal financial services, insurance, investment), it is really hard to succeed if you don’t work full time. While you have the option of making a lot of money, you need to put a lot of work into it as well.
In regards to product competitiveness (in term of pricing and global offer) I would say that even though Primerica was one of the first (or maybe the first) to offer term insurance, all insurance companies are now offering similar product. Therefore, I don’t think their product structure will give you an advantage neither become a flaw to your business. The main reason is that financial institutions are so strong that they can develop any good products offered by a competitor within months.
I actually don’t believe in pricing as a marketing tool anyway. I rarely negotiate with my clients. Why? If you are selling based on price, you will always have to be the lowest in town for everything, which is impossible if you want to still make money. Make your clients believe in you and in your added value (it can be responsiveness, competency, planning quality, etc.).
However, Primerica’s reputation might affect (for good or bad) your business. Let just say that it is a highly controversial company
Can you work for Primerica and not recruit people? Sure, but if you do not recruit other Primerica agent, you are missing the main strength of Primerica business model: Multi Level Marketing (MLM). Your commission level is lower than other company in the industry in order to provide you the opportunity to recruit other Primerica agent. If you don’t want to, you are better of with another company.
Do I know any company where you can work part time in this kind of industry? I would answer that most investment and insurance companies where you act as a self-employed agent should let you do it. However, I did not have yet verified with other companies.
I would like to have your input for the benefice of Chris and everybody that is wondering if whether or not they should join Primerica Multi Level Marketing Business Model.
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