This is a blog about my experiences at Primerica and my opinions about this great fantastic company. Primerica does what is right for their clients 100% of the time. I'm an agent and I feel positive and good about what I do for families.
Disclaimer: The postings on this blog does not represent Primerica Financial Services as a whole, but as a matter of opinion and information based by me.
I found this article on Yahoo today. Primerica offers an opportunity where you can build a business and then let it grow on its own with or without you. That to me is financial freedom. No more worries about money because your business will keep generating income. To achieve this, you really have to work hard in the beginning and have patience.
Want to Make More Money? Understand the Multiplying Effect.
How much money do you want to make every year? If you haven’t seriously asked yourself that, you should. Why wouldn’t you? It’s a very easy question to answer. And until you’ve really thought about it, it’s impossible to determine how you’re going to get there.
When I was in my early twenties, my father sat me down and asked me that same question, point blank. The advice he gave me after fundamentally changed the way I thought about work and led me to my current career.
I told him I wanted to make $100,000 a year. At the time, I thought that was a lot of money. You’ll work for about another 30 years, he told me. So how much money would I make in my lifetime? I did the math: $3 million.
He asked, was I happy with that amount? If I wasn’t, what was I going to do about it?
My father was a smart man. Three million didn’t seem like a lot of money over 30 years, given taxes and living expenses. The math didn’t add up: Life is short, and it didn’t seem like enough for a lifetime of work. When I looked at the last paycheck I had received, I wasn’t happy.
My father told me the only way to create wealth was to find a business opportunity that had a multiplying effect and that didn’t require my presence. It took me some time to figure out what that meant. The latter part was easy enough. He explained, “A doctor can only help so many people in a day and in a year. A lawyer can only try so many cases.” To create great wealth, I needed to find something that didn’t require my hands or my presence. Fair enough.
The second was trickier: What did having a multiplying effect mean? He told me that I needed to piggyback on or create something that would be used over and over again -- that people never stopped needing. In other words, he explained to me the idea of collecting a royalty. That made sense to me. And it’s what spurred me to start licensing my ideas.
Today, there are many examples of businesses that share these qualities. App developers, for one. Franchises are another. And of course, there are countless examples of more traditional methods, like the stock market, bonds and real estate.
For me, the concept of the multiplying effect was tremendously attractive. Some people derive pleasure and contentment from being masters of their craft, from working day in and day out with their hands. That’s not me. I wanted to make money and I wanted to be able to do new things, to constantly challenge myself in new ways.
How much money do you want to make? How are you going to make it? Finding my multiplying effect -- writing a book, offering a course and licensing my ideas -- has allowed me to live where I want, have people working for me elsewhere and be my own boss. It is incredibly freeing. It works for me.
I’m not saying it’s for everyone. But I want you to critically ask yourself how much you want to make. And do the math.
On May 20, 2013, Primerica open their new headquarters building, which is about 365,000 square feet. It is the largest single office space in Gwinnett County, Georgia. Previously, Primerica had 10 separate buildings that had 1 million square feet of office space. Now all 1600 employees can work together under one roof.
The Governor of Georgia, Nathan Deal, was there for the ribbon cutting. He says, "the accomplishments of the financial services marketing company are a great example for other businesses. In addition to bringing jobs, it also brings economic help to our state and to this local community."
Primerica has had it's headquarters in Gwinnett County since 1985 and is the county's fourth-largest private employer.
(Reuters) - Life insurer Primerica Inc's (PRI.N) quarterly profit rose 23 percent and came in above Street estimates on strong sales at its term-life insurance segment.
Net income for the company, which was spun off from Citigroup Inc (C.N), rose to $46.2 million, or 73 cents per share, for the second quarter, from $37.6 million, or 49 cents per share, a year earlier.
Operating income, a key measure of profitability for insurance companies as it excludes investment gains and losses, was 71 cents per share.
Analysts on average expected Primerica to earn 65 cents per share, according to Thomson Reuters I/B/E/S.
The company, which has been buying back shares from large stakeholders to have greater control over its operations, also authorized a share buyback program of up to $75 million.
Term-life insurance sales rose 24 percent to $162.7 million, while operating income at the segment was up 44 percent to $51.7 million.
Shares of the company closed at $27.17 on Tuesday on the New York Stock Exchange.
(Reporting by Aman Shah in Bangalore; Editing by Sriraj Kalluvila)
The answer is simple: Primerica Financial Services.
Don't believe it? Do your research and you won't find any other company with people earning 7 figure income every year. Primerica has a proven track record of success. You will be a fool to not look at the business opportunity.
Not only does Primerica has the 7 figure income earners, it also has the most 6 figure income earners as well.
Yesterday, Bob Safford has passed away at age of 77. I barely knew him, but I seen him do training couple times for the Keith Otto Hierarchy. The things he taught has greatly improve my business. He taught the 3rd party referral system. The last time I saw him do training was probably in 2008 in Bushkill, PA.
I remember he was the most excited and energetic person I ever met, especially for his age. I don't remember his entire history. I know he grew up poor above some bar when he was a child. I think he served in the military. Then he built a very successful insurance company. Then he joined Primerica long time ago (I think it was in the early 1980s) and built an amazing business.
There some people out there that feel when they join a MLM (multi-level marketing) company, they don't want to work because every time they get paid, their uplines get paid too. So basically they are selfish and want to keep all the money to themselves OR they are just lazy. But you know what? They are only hurting themselves by not going to work and fighting for their future. They won't make any money and their business won't grow. Their uplines will make money whether their downlines work or not. Why? Because the uplines can do the work themselves and also they will continue to recruit more people. If you take a look at the larger picture, everyone are independent business contractors. You work for your own business. It doesn't matter if the person who recruited you is also earning profits from the production of your business. You have the same opportunity to recruit more business associates.
Also, commission rates are base on your sales level. In MLMs, there are several sales level. Everyone starts at the bottom and they have the opportunity to move up to the highest paying sales level. It's their choice on whether to stay at the bottom or work their way up. When you make a sale, you are paid a certain percentage base on your sales level. Every time you make a sale, the company pays your uplines an override. An override is the difference between your sales level and your upline's sales level. There is no split-commissions, unless more than one sales agent was needed to make the sale.
What if you do reach the top? Your uplines will still continue to earn overrides off your business. It will be a small override, but it will be a very big paycheck. People at the top are usually earning 6 to 7 figure incomes. I know that in Primerica, people at the top earn 7 figure incomes or close to it. Guess what? Most of them are not even working. They are enjoying life. If they die or wish to retire, they can pass their business to their kids and grand kids or sell it to another agent.
Can you do any of this at your job? Can you even earn this kind of income? If you can earn this kind of income, are you able to enjoy your life by doing things you want to do at any time? I know for a fact that in a job, the more money you earn, the more stress and responsibilities you have. Also, if you earn too much income at that position, the company has the right to fire you and hire another employee with a lower paying salary. You could be the best employee, but you have to know you are an expense to the company. In MLMs, everyone is a profit to the company because everyone is a sales agent. Every time someone makes a sale, the company earns a profit. So the company has no incentives to terminate the agent's independent business contract.
The convention is about 3 weeks away and the person who started it all, Art Williams, is going to be there! If you been to the previous Primerica conventions, you have no idea what this convention is going to be like. Primerica is running the show now since the company is an independent financial company.
My advice, get to work and go to the convention with a good feeling. Don't go there alone. Bring people with you. This event can change your life forever. Then come out with a great feeling to take your business to the next level.
I don't know how many times I answer this question but if you really did the research, you will eventually find out that Primerica is not a scam, a pyramid scheme, or a ponzi scheme. I will provide the facts to you on how Primerica is not a scam, but first lets define what a pyramid scheme or a ponzi scheme is.
A pyramid scheme as define by the Securities Exchange Commission is where participants solely make money by recruiting new participants into the program. The hallmark of these schemes is the promise of sky-high returns in a short period of time for doing nothing other than handing over your money and getting others to do the same.
The fraudsters behind a pyramid scheme may go to great lengths to make the program look like a legitimate multi-level marketing program. But despite their claims to have legitimate products or services to sell, these fraudsters simply use money coming in from new recruits to pay off early stage investors. But eventually the pyramid will collapse. At some point the schemes get too big, the promoter cannot raise enough money from new investors to pay earlier investors, and many people lose their money.
In other words, people pay money to join and this money goes to the recruiter and to all the people above that recruiter. Eventually the pyramid will get to big where there isn't enough people joining to pay off everyone already involve. In Primerica, this does not happen. In Primerica, it cost $99 to cover licensing fees and a background check. The recruiter or the company does not earn income from this. I recruited lots of people and I never got paid for recruiting. The $99 goes to the state department of insurance. If you were to get a life license, a securities license, and a mortgage license, its going to cost you almost $1000 or more on your own. At Primerica, its only $99. $99 to have an opportunity to build a business and earn unlimited income is a joke because most people who join the company don't treat their opportunity as a business. They treat it as a hobby or something to do on the side. So they won't work as hard as they need to. If they open their own business that's going to cost at least $100,000 to start up, they would work hard every single day to earn that money back and it will take them at least2 years to finally break even and start seeing profits. At Primerica, you can earn that $99 back by helping one family, which takes 4 hours of work. With my first client, I earn $300 by replacing a variable universal life insurance with a 20 year term insurance. I saved the client over $600/year and double their coverage.
What is a ponzi scheme? The SEC has full information about it. Web address is: http://www.sec.gov/answers/ponzi.htm Primerica has over 25,000 registered representatives, the largest mutual fund sales force in North America. They market mutual funds from well known companies such as Legg Mason, Fidelity, Inveco, American Fund, Oppenheimer, and many more. Primerica has done very well in regards in providing customer service. They have won the Dalbar Service Award every year since 2004.
So what is Primerica? It is a multi level marketing company (MLM) and there are thousands of companies that are MLM in the United States. It is estimated that over 1 million people are currently involved in MLM companies. People who have problem with a MLM company are usually people with a job and they are stuck with a job mindset. But people with a business mindset will say that Primerica is the best business opportunity in America so far that is worth trying.
Anyway, I'm here to discuss on how Primerica is not a scam. Here is a list of facts about Primerica:
1) There are over 100,000 life licensed representatives in the company, the largest marketing organization in North America.
2) Primerica been in business since 1977.
3) There are currently over 4.3 million clients in Primerica. That's lots of clients for a company that you think is a scam. Not only that, clients has invested over $28 billion through Primerica in various mutual funds and money market funds.
4) Primerica has marketing agreements with various companies. They market Citicorp Trust Bank debt elimination loans, Metlife's Variable Annuities, ING 401(k), Genworth Financial's Long Term Care, Auto&Home Insurance referral program for Answer Financial Inc, mutual fund companies such as Fidelity, Legg Mason Partners, Oppenheimer, American Fund, Invesco, and so on. Primerica Financial Services owns their own life insurance company called Primerica Life and an investment company called PFS Investment Inc. It markets term life insurance for National Benefit Life in New York.
5) Primerica has over 5000 offices in USA and Canada. The home office itself (located in Duluth, GA) is over 1 million square feet and it has its own zip code.
6) Primerica spun off from Citigroup on April 1, 2010 and is listed on NYSE as symbol "PRI". Prior to this historic event, Warburg Pincus has agreed to invest $230 million in Primerica (which by the way spent $10 million researching Primerica), owning roughly 23% of the shares. Citigroup will own 50% of the shares. 12 months later, Primerica was named the best IPO of the year.
7) Every financial company in America has to hold an annual compliance meeting. Primerica holds their Annual Compliance Meeting in the month of November. Every representative in those companies that are licensed in life, mortgage, and/or securities must attend that meeting. The purpose of this meeting is to keep representatives up to date to rules and regulations set by the federal government. By having this meeting, it protects the consumer as well as the representative.
8) Primerica representatives are require to get certain licenses in order to talk about certain financial products. For example, if you wanted to solicit life insurance, you need a life license or a producer license. If you want to talk about mortgages or debt consolidation, you need a mortgage license. If you want to talk about investments, you need a securities license. These licenses are only issued by the state or the federal government (mostly state, except for the securities which is issued by the federal government), they are not issued by individual financial companies. To get these licenses, you have to pass a test. After you get your licenses, continuing education is required.
9) Besides the fact that Primerica has over 100,000 licensed representatives, they also have about 2000 employees.
10) Primerica has its own TV network that does live broadcast every Mondays and Wednesdays at 12pm. The broadcast usually has Co-CEOs or the President of Primerica speaking first. Then after they speak, successful leaders in the company does live training.
11) Over 60,000 people attends the Primerica convention, which occurs every other year on an odd year. I'm not sure if they will still hold it at the Georgia Dome in the future since the company is getting bigger and bigger. I've been to every single convention and that dome is packed from the seats to the field. Its the most amazing event where everyone gets together. "One team. One dream."
12) Primerica is member of the Better Business Bureau, which gave Primerica a business rating of A+ (as of April 1, 2010)
15) Member of American Council of Life Insurers, as association of 377 companies representing 91% of total life insurance assets in the US, 90% of life insurance premiums, and 95% of annuity considerations.
16) Listed on Russell 3000 index and Russell 2000 index as of July 1, 2010. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
But if you think Primerica is still a scam after all this proof, I got news for you. You are either ignorant to information or someone who really hates Primerica. No matter what you think, Primerica is here to stay for generations to come because the company always do the right thing with their clients. If you seen what I seen, you will be heart broken by how so many people out there screw up their finances. What's even worse, many people don't know they are financially hurt or they think their problems will go away. Its not that these people wanted to be in that position, they just don't know there are far better options out there.
I believe there is no company out there that is better than Primerica. I help people save money on their life insurance and providing them 2 to 5 times their current coverage. I help people get out of debt. Banks want people to stay in debt for the full term so they can collect all the interest. Primerica helps people to get out of debt faster, therefore paying less interest and saving time. I remember helping one client pay off the mortgage 14 years sooner. He had 26 years left to pay on the mortgage and now he has 12 years to pay off all his debts. I help people build wealth toward retirement and other goals by investing in various mutual funds. There are all kinds of mutual funds that is right for any investor. There are mutual funds for the conservative investor who don't like to be exposed to high risks in the market and there are mutual funds for the more aggressive investors who are willing to accept high risks for potential of higher returns. On top of all this, I provide a free financial needs analysis to all my clients to help them reach their goals. I even take it a step further by inviting them to the business opportunity.
Do you know there is really a company called "Prime America" and they don't deal with any financial products. They are delivery service company that deliver goods across the US. Check them out at http://www.primeamerica.biz
If you have a job, you already know why a job sucks. If you ever got fired or laid off from a job in the past few years, then you really know how much a job sucks. Perhaps you need to be reminded about what a job is really about:
1) You are an employee
2) You have a boss telling you want to do
3) Your entire life evolves around your job. If you wanted to take time off to see your kid play sports or perform at a school play or visit someone who is in the hospital, you have to take sick days or vacation days.
4) Your life style is dictated by the fixed salary you earn at your job. This includes your home, your clothes, the food you eat, your car, your vacation, the schools your child attends, and so on. You know there's a higher quality, but you can't afford it.
5) The US government take taxes out of your paycheck before you get paid.
6) You can be fired in an instant without warning. You live with this fear everyday. As you get older, employer's tend to get rid of old people and hire younger and more energetic employees with a smaller salary.
7) A job is not going to teach you how to be successful. I believe the reason why is that they don't want you to be successful because you could be their competition if that happens.
8) There is no such thing as happiness at a job. You are delusional if you think having a job makes you happy because you will always live in constant fear. Your job such as working in a hospital may do good things for the public, but deep down you complain how long your hours are and sometimes how dangerous your job can be.
From 2008 to 2010, you have witness the death of American jobs and the worst financial crisis since World War 2. If you were affected by it, why go back and search for a job? To be fired later again? Why continue to do business with companies that put America and the rest of the world in a bad situation and yet the government bailed them out? To be screwed and ripped off by these companies again? Primerica didn't need a bailout. In fact, Primerica has survived every financial crisis since the company was founded in 1977. Primerica has zero profits. Primerica's clients didn't face a recession because Primerica teaches clients to invest monthly using dollar cost averaging, shows their client how to get out of debt, and educate clients the difference between cash value and term life. By the way, these companies that were bailed out are still screwing the consumer because they need to make lots of profits to pay off their government loan. How they make profits is by selling very expensive products such as cash value life insurance to the uneducated public who don't know a thing about these products work, but are very gullible to people who hold a formal title such as "financial planner" or "financial advisor." While the government has implemented tougher regulations against mortgage companies, I bet these mortgage companies will find some way to screw average and ordinary American citizens once again. Its in their culture to do so. If it wasn't, Americans would have lots of money saved, have very little debts, and maybe many of them would own their own business.
What you should really be doing is be open minded about going into business or go into business opportunities such as Primerica. At least with business, you own it and you are your own boss. You control your destiny and how much income you want to earn. You also get tax benefits of owning a business. If people say you are crazy and telling you not to do it, don't listen to them. They want to be losers for the rest of their life who will keep having a job and live in misery, but do you want to be like them? Do you want to work for the rest of your life at a job and get nothing in return? Do you know that in the early 1900s in America, there were 10% laborers working for 90% of business owners? Today, 90% of laborers work for 10% of business owners. It shows me that most of America has lost its ability to dream and fight for financial freedom. America needs to change, but there is so many obstacles in our way that prevents Americans to pursue their dream of owning a business. Do you know that most, if not all, colleges are funded by corporations? If you go into a college, you are very likely being brainwashed into getting a job. In fact, your own parents are even influencing you to get a job. If your parents are like my parents, they would say go to school, get good grades, and get a good job with benefits. Good job with benefits? What kind of crap is that? Benefits that comes out of your paycheck? That's not a benefit if you are paying some of it. Even today they still tell me the same thing. Know what? I don't care about what they want, this is my life. I choose to go with Primerica because I see the opportunity and know great things will come my way as long as I keep working and growing my business. I earn enough income that I can buy my own benefits such as health insurance, my own retirement plan called an IRA, and so on.
Yesterday, Primerica celebrated its 1st anniversary after becoming an IPO on April 1, 2010. Yesterday, the company labeled it "Freedom Friday." Sounds corny, but Primerica is all about freedom. What does freedom mean to you? In essence, it means more time and more money. Anyone can achieve freedom, but not everyone is willing to pay the price to earn it. I don't think its possible for anyone to achieve freedom if they have a job. There is no freedom in a job. Its impossible. You work on someone's else time and they pay you a salary. You fear everyday that you will lose your job or that someday, you will not have the ability to perform at your job.
I have been in Primerica for few years now and I grow more and more passionate about what I do. I love how this company gives ordinary people such as myself to build a business within their company. I get to start part-time and earn some extra income and still be able to keep my full-time job. Eventually, my business grew and so did my income. My part-time income at Primerica eventually replaced what I earned at my full-time job. I now don't have a job, but I own a business at Primerica. I am not a Regional Vice President yet in the company as I don't have enough people, but I have some people working consistently and they do it voluntarily. I don't tell them to work or force them to work. They do it on their own. Every time they get paid, I too get paid. Its called an override. If people don't want to work, that's their decision. I'll make money whether they work or not.
Some people say Primerica's term policies are expensive. While I do agree, they forget to mention that Primerica adds value to their clients and how much money clients are saving overall. People who say Primerica's term life insurance are expensive are only focusing on the life insurance aspect. It is also probable that some of these people sell whole life or universal life insurance and trying to bash Primerica and confuse the public. Whatever the case is, Primerica does the right thing for their clients. They help families get out of debt, get the right amount of life insurance coverage, and become financially independent. By showing clients how to get out of debt faster, the client would be savings thousands or tens of thousands of dollars from the total interest payment. Every Primerica's client gets a free, customized, and confidential financial needs analysis. Do other companies do this? I don't know any companies that does.
Primerica sells term insurance 100% of the time. When the term expires, the client can renew the policy every 5 years until age 75. After 75, it renews every year until age 95, which is when the policy expires. At age 75, who really needs life insurance? If your youngest child is 40, you have no debts to pay, and you are retired, making your savings last for the rest of your life is more of a concern than having life insurance. Primerica clients can also convert or exchange their term policies into another term policy. Primerica teaches their clients to also save or invest their money for the future.
With other companies, when the term expires, the client can renew every year or convert to whole life or universal life. If you don't know by now, whole life and universal life are more expensive than term insurance and if you study how they works (or if you have one, just read your own policy), you will see it is a total ripoff. Most companies don't teach their clients anything. They just sell products and its their clients that is getting screwed.
So who is really paying more? Primerica clients or the competitor's clients?
You will hear this often in Primerica: What is the ABC to building a business?
A-Always Bring People. Every opportunity meeting should be pack with guests. If you are not bringing people, you are not growing your business.
B-Be a student. Attend training and take notes. Instead of writing them, you should bring a recorder and record every training. Read self-help books and improve your way of thinking. Some day, you will own your own office and need to do training. Some day, you will be out in the field training others on how to do the appointment.
C-Cheerlead the system. You need to be enthusiastic about helping people. You need to get people excited about getting promoted. Encourage them to do the work. As stupid as it seems, people like positive people. If you are not excited about your business, then people you recruit won't be excited.
I should of posted this earlier in my career, but earning overrides is the best thing that has ever happen to me as I progress my career in Primerica. What is an override? To simply put it: "It's income earn when people in your business helps other people." Every time when someone on my team who is licensed and helps a family on his own, not only does he get paid full commissions, I too get paid by the company. Its unbelievable. There is no cut in commissions that is split between everyone. You get paid base on your sales level.
For example, an average annual premium on life insurance that a client pays is about $1000/year. If I was a District Leader in the company, I would get paid $500. My Regional Vice President, who train me, will get paid $450. What if I was a RVP doing the same work? I would earn $950 plus bonuses. What if I was a RVP who had 10 District Leaders and each District Leader helped out a family? I would earn overrides of $4500! As you can see, there's no split in commissions. Its only straight commissions (work you do) and overrides (work you didn't do).
As one Senior National Sales Director put it, "overrides = freedom" and its true. I hope that someday I will earn enough overrides that I'm comfortable with and stop working. My goal is to earn consistent overrides of $20k/month and stop working. I'm still young (less than 30 years old), so I still got lots of time until I retire. Hopefully I can get this done in 10 years. Right now, my goal is to get myself to RVP and then get more people to RVP position. How I plan to do that? By getting people to become District Leader.
... and you can't beat the numbers and the numbers can't beat you.
10 invites = 4 guest = 1 IBA
What are you doing to get 10 invites?
2 invites/day for 5 days/week = 10 invites/week = 4 directs/month
8 appointments = 5 FNAs = 3 Life insurance sales = 1 recruit.
Having 8 appointments in a month is ok for part-timers, but not acceptable for full-timers. I believe full-timers should be able to do 8 appointments in a week. I know people who can do that in 1 to 3 days. Why not you? What can possibly be more important than making money, helping families, and building a future for your family? Stop wasting time staying at home and watching TV or using the computer. If you work hard every day for the next 3 to 5 years, you can retire if you want, but its very unlikely that you will as you will become RVP and want to get more people promoted to RVP.
Understand the numbers and accept them. When you get the IBA, help that person grow their business. Get them on the fast start, help them get their bonus as soon as possible, and help them get their license. Show them how to get to District Leader. You just need to get 6 District Leaders and you pre-qualify for Regional Vice President promotion. If you are serious about getting your RVP contract, you need to have consistent monthly production. You should be fully license (life license, series 6, series 63, series 65, series 26, mortgage license) before getting your RVP contract. If you are in Primerica, just go to POL to learn how to get your next promotion or ask your RVP.
Primerica Inc, the largest independent financial service company in North America, has joined the Russell 3000 and Russell 2000 index. Russell 3000 is made up of the 3000 largest companies in the United States, making up 99% of the US equities market. Russell 2000 is subset of Russell 3000 that measures the performance of small-cap companies in the US.
I laugh at all the people who are still wondering if Primerica is for real or is it a scam or needs to do research. I think the only thing people should research is themselves. They should look at whether or not if they are able to build a business. Are they hard workers or are they lazy? Are they able to handle objections? How would they react when someone says no? Are they willing to make sacrifices and reap the rewards later? There's nothing to research about the company since the work has already been done by lawyers, attorneys, government agencies, non-affiliated organizations such as Better Business Bureau and Ripoffreport.com, investment firms, and large corporations. What more of a proof do people really need to finally be convince that Primerica is legitimate company? "Some will, some won't, so what." That's all I have to say to people who want to research. Waste your time and let this great business opportunity pass you by. It will be very rare if this opportunity comes their way again. I've been in Primerica since 2004 and haven't met another Primerica rep on the streets who prospected for me.
"And if this person actually gets their license and sells insurance, you, your immediate supervisor/mentor, the owner of the business, his boss, the regional manager, and so on up the ladder will get a piece of the commission. Hence the appearance of pyramid scheme." from "Mr.Prefect" from Yahoo Answers
This guy obviously has no clue what he is talking about. I've been in the business for years. When I make a sale, no one gets a piece of my commission. I get paid whatever my level is at and everyone else above me gets paid an override. An override to me is money earn when someone else does work. Hence, not an appearance of a pyramid scheme, but an appearance of a working business. You got to be crazy if you don't like overrides. If no one was getting overrides, there will be no point of recruiting. All business are structure this way, even in the corporate world. In corporate world, the CEO makes all the money. The entry-level employee gets paid very little and yet they do all the work. CEO earns all the profits from the work the employees does, which is one big override. Imagine that the CEO was not earning any overrides from the entry-level employee. Then the CEO wouldn't need employees and do all the work by himself. Eventually the CEO will either max out his time or burn out from all the hard work. Then the entire business will fall.
By Stephen Key | Entrepreneur – 15 hours ago
How much money do you want to make every year? If you haven’t seriously asked yourself that, you should. Why wouldn’t you? It’s a very easy question to answer. And until you’ve really thought about it, it’s impossible to determine how you’re going to get there.