I Just Started at Primerica. Looking for Advice.

Jan 30, 2016

  1. New
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    Yes. I've googled and read a lot about the good and bad things at Primerica. Below I will write down a list of pros and cons that I have come up with myself about Primerica.

    Ultimately, I want to learn more about insurance and the financial industry while making a good amount of money and help people by doing so. I am pursuing a degree that will ultimately lead me to either become a financial advisor/analyst, actuary, and if I could maybe investment banking. Somehow my life and Primerica's crossed and I thought it would be a good opportunity to learn and possibly look good on a resume if successful. I know that it's going to be a lot of recruiting and prospecting at the same time, and I have had a lot of experience in networking so I don't see this as a problem (yet) and think I can be successful at both.

    Now that that's out of the way, I will list things that I like and dislike about Primerica so far and in doing so I hope that you guys can help me add more things to each side to see if Primerica is a good fit for me or lead me to decide to do something else instead.

    PROS
    • The people that own the firm seem very knowledgeable about the field and I think I can learn a lot from them as well as some other successful team members. They don't seem reluctant to answer the questions I have had so far and I don't know whether or not I could get the same type of mentoring at other "firms?"
    • I am free to reach whatever goals I want to. I don't have to have X amount of clients by N days unless I want to make more money or move up. (No one will yell at me for not getting clients) Although the only way I'll make money is to sell/recruit, I'd list not being yelled/pressured to work is relieving and will make me produce better numbers than being told that I have to
    • I like that, so far, most of the people that are "agents?" not sure of the term, but they feel like they're helping families. I do like the idea of helping families and I'm glad to be around peers that feel the same way.
    • Mostly Everyone seems happy. Everyone that I see who sticks around the office is really enjoying their life. Some claim to have quit their jobs, and when I ask them if they're glad they did, they aren't hesitant nor give a weak reply like, "Yeah, I guess so", but have that look on their face as if Primerica changed their lives and they weren't quitting any time soon. I mean how much are they making for them to be that happy? IDK, but I enjoyed their cheerful vibes.
    • Adding on to my previous point, they have these meetings where everyone is cheering each other on about their numbers and stuff. They have to have been making a lot of money to be that excited to whistle and howl for a couple of hours at their own and others success. I still don't understand the culture.
    • The job was easy to get. I am not sure how difficult it is to get a sales position at another company
    • I can work whenever I want to. Not sure about other companies.
    • They will pay for, I think, all of my licensing exams such as life, securities 6 and 69, etc. and if I leave, I get to keep them. (So I was told..)
    • The branch that I am a part of is one of the more successful Primerica branches, or so they say.
    • I can recruit well and if I put my energy into recruiting, I can rely on my recruits to do the prospecting which results in me getting money from either closing for them, or them closing themselves. I'm just hoping this works out.

    CONS
    • Their product is a bit more expensive than competitors. Having not sold anything yet, I already feel bad thinking that as their "financial advisor of sorts" I'm basically ripping them off by not finding them the best deal. The purpose of buying term is to invest the difference, but the best way to do that is buy getting the cheapest deal. I've read that most people that do buy the cheapest rates for term life end up cancelling. So if I worked at a place that sold cheaper term, I wouldn't be making money if they are cancelling their policies.
    • After reading around, I think the commission might be a little low starting. Which I think is around 25% and then promoted to 50% after first 4 clients. Whereas I've read people saying they get around 80-100%+.
    • Maybe I'm being lied to by everyone, maybe they aren't successful but just want to project that they are and everyone is doing the same thing because they have nothing else going for them. I am not sure. After seeing their numbers for the week and calculating their potential income that week, they make an okay amount, maybe around $1000 a week, but I have nothing to compare that to.

    I've really been on the fence about this job. I know I can do it well, but I don't know if I could have more success elsewhere.

    How much commission do other companies give starting?
    Are those other jobs difficult to obtain?
    Is there a better chance for me to learn just as much elsewhere?
    Am I being brainwashed to thinking this place will make me the most money for my work?
    Is the product bad besides the high rates? Should families be worried about any sort of mishaps or fine print at Primerica vs another company or vice versa?
    A lot of people claim that Primerica reps often say that Primerica products are the best and believe that others are evil. Are there a lot of shady/unethical/evil companies out there? Is Primerica good/evil??

    I really don't know much. I just want to learn, sell, help, and make the most money doing so.

    Am I heading in the right direction?
     
    New, Jan 30, 2016
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  2. critter
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    Welcome to the industry and the forum.

    First of all, I will let others reply to Primerica allowing you to get a "securities 69" license.

    Many of the pros you listed are true for most firms out there. One of the things that struck me the most is that you will not be yelled at if you don't bring in a certain number of clients. I have been with my current firm for almost 3 years and have never heard of anyone getting berated for not bringing in clients. If you are truly about helping people, though, why would you see a low client count as being a positive thing. That means you really aren't helping people.

    Depending on where you live, you will most likely get better products and support from almost any other agency. You are still in school, so perhaps an internship would be a better start for you right now.
     
    critter, Jan 30, 2016
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  3. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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    As Barney Fife used to say, "NIP IT IN THE BUD". Leave now!:yes:
     
  4. heynow5
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    I hate when people say, "you don't know, what you don't know," but here I see a useful application for it. Do more research and go work somewhere else...maybe the reason they're all so happy is that the new securities rep will get 25% of the commission and they get the rest. Don't drink the kool-aid until you've talked to at least 3-5 other companies.
     
    heynow5, Jan 30, 2016
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  5. Newby
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    Think about what you said. The next 100 people that YOU sell a policy to are going to be the same people whether you sell them Primerica or Prudential. Do you really think more of them would cancel if Prudential was cheaper? Or any other term policy? The answer is no.

    Commissions for most term companies range from 70% to 110%. Some that are priced higher (like Primerica) pay 125% or more.
     
    Newby, Jan 30, 2016
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  6. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I'll help you with a few of these "pros":

    Let me put that into perspective: People need to close themselves. People buy for THEIR reasons... not yours. Good agents and advisors just help people to make informed and educated decisions that feel right to them. Now... based on how I described that, do you think that calling in a "heavy closer" would help people to make a BUYING decision that would FEEL RIGHT to them? So, you are NOT needed for "closing". Sorry. Your presence at closing would ONLY be appropriate if you were there during the fact-finding or discovery process.

    The #1 hurdle for even the most experienced agents... is prospecting.

    [​IMG]

    Profiles Of Success - What It Takes To Be A Top Earner | InsuranceNewsNetMagazine.com

    Now, I want you to THINK about this: If even the highest skilled and trained agents & advisors have challenges in prospecting... then who deserves the majority of the compensation for making the sale? It's the one that gets someone interested in the process in the first place.

    How much compensation can you get selling "over-priced" term insurance at Primerica? You start at 25%. You increase your personal commission rate by getting more licenses and recruiting others.

    Or... you can get basic training at other firms (or great training with 3rd party companies such as the Insurance Pro Shop) and start out at about 45-55% on their term. Or you can become an independent agent and start out with 70% - 110% on their term products.

    Why would you deserve the higher amounts? The better question is why does anyone else deserve to be paid on your prospecting efforts if prospecting is the #1 hurdle for ALL professionals in this business?


    And I'm not even talking about their agent brainwashing program that says that "buy term and invest the difference" is their favorite "planning" strategy. (BTW, it never was and never has been a planning strategy. That's a replacement strategy by an investment salesman who wants someone to NOT buy a permanent policy and instead buy insurance and invest the rest... with them.)

    ----------

    Now, to add to the case of joining other 'captive' firms... is that they typically have better progressive training. As you move "up market" (such as business planning, retirement planning, and/or investment strategies), they have additional support services and advanced market consultants both in the agency as well as in the home offices. That kind of support does come at a cost of some kind because of local agency staff. That's why captive companies have a lower commission rate than being independent and that it's generally better to start out 'captive', so you can be exposed to as much of this as you can.

    There are ways to offer all these things as an independent agent, but it certainly helps to have a foundation of knowledge before being independent.
     
    DHK, Jan 30, 2016
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    Yeah I forgot the name of the license but I am curious now about what I should know about it.

    And as far as a quota I just assumed I would get yelled at at other places and I just wouldn't appreciate that but I'm glad to hear that from your experience that doesn't happen.

    What are some things I could expect from an internship? Are they paid/unpaid or maybe both? I am really new to all of this I just want to get a start somewhere and although I have read bad things about Primerica, it just seems like a good place to start. I really don't know what's out there that would be a better fit for me.
     
    New, Jan 30, 2016
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  8. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    The only reason to assume that you "would get yelled at"... is if you already think that you won't be able to do the job.

    "A negative thought is a down payment on an obligation to fail." - John Savage

    What is the job?
    1 - Prospecting
    2 - Fact-Finding
    3 - Casework
    4 - Proposal Presentation & Paperwork
    5 - Obtaining Referrals
    6 - Ongoing Professional Skill and Knowledge Development
    7 - Ongoing Client Communication & Periodic Reviews

    Now that you know what this job entails, all you have to do is get trained in each area. Some firms offer quality training, but it may also be a "hit or miss" issue because it's all based on your local office, not just firm reputation. In most cases, you're going to need to find training from 3rd party firms.

    So... you need to interview other offices and try to get a sense of where you will fit in best and where they will give you the training you really need for long-term success. Notice what I said: YOU need to INTERVIEW THEM. It's your future on the line, and they risk very little to bring you on board.
     
    DHK, Jan 30, 2016
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  9. New
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    I can't say I disagree with anything you've said. Thanks for the awesome reply.

    As far as prospecting, I think I would be good at it. It sucks that I would only start off making 25% and soon 50% but do the most work. Up line gets matched my commission I think.

    The way I see it. Even though it's 50% commission but I also get matched commission from down lines. So I could possibly make more from the whole mlm style vs 70%+ at other places Am I wrong?

    Although I said I liked the aspect of it being part time if I begin to get busier, start making money, and actually enjoy this field I would definitely go full time. Primerica is just a place to start but is it a bad one? If I start making a lot of money because I'm good at what I do, would I have made more elsewhere? That's what I want to know... I just want to know that my efforts aren't being wasted when I slowly learn and just dive into it full force.

    Is it safe to drink the kool aid????
     
    New, Jan 30, 2016
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  10. Cornelius
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    Here's my take. Primerica has pretty much a target market of Miller to lower middle class. For the most part that's not a heavily direct targeted market. So they price and design their product for that market. As for pricing of products they may not be the lowest but on the flip side They may not be the highest.

    From my understanding they do support the series 6,63, 26 and the 65. The thing is to get to the higher incomes you must become a recruiter and trainer. One big advantage for Primerica is the system they have in place for new people. Start out part-time and get licensed and if it's not for you move on.

    I know, I know the issues people have with part-timers but once again there's the consideration of their target market. For the most part it's not about a sophisticated investor with major tax considerations.

    Another plus is for the new person the RVP basically runs the office at his own expense. That's where some of the commission payouts I would think factor in.
    There are many people over at Primerica who make some very decent incomes but to go big you just have to buy into recruiting to build a team of other recruiters and want to help people with the product line they have available to their agents.

    I say go for it. Also go to Twitter and follow Hector LaMarque.. Do a search on Grant Cardone and register on his site. It's free. Then search for the interview with Hector. It's very direct and informative. One thing that stands out is he mentions how his outside investment income is more that is PFS income. There are many people in the MLM world who used MLM income to seed outside investments. So just make an educated decision rather than what you may read on websites. It's your life and your future. Primerica has been around since the 70's and if they were such a bad company they would have been shut down by now. I will say people have tried. No I'm not with Primerica for my own personal reasons but I don't think they are a bad company.

    Who knows Primerica just might be what your looking for. If not then move on.
     
    Last edited: Jan 30, 2016
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