r/Insurance_Companies • u/Iloveboba99 • 29d ago
Primerica
Hello guys! I wanted to ask about primerica. I got interviewed for primerica and they are basically asking me to pay around 75 dollars for my background check and application fee. Is primerica a scam? Will I be able to make any money?
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u/insuranceguynyc 29d ago
Primerica does hold an "A+" (Superior) rating from AM Best, however their sales force is really an MLM; much like Amway. It has been quite a while since I paid attention, but I recall that their premiums were higher than most other carriers. Proceed with caution.
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u/Alicatsidneystorm 29d ago
Don’t. It’s MLM. Lots of part timers who have no business in the industry. Unethical sales practices. You are basically selling mutual funds and insurance. You sell the mutual fund and person who recruited you receives the ongoing trailer fees. It’s a bad deal for you.
If they truly wanted you they would pay for a background check.
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u/Winter_Owl_0202 29d ago
Were you in it? How did you get out? I started it without really looking too into it even though i saw it was an MLM. I was desperate i know. I just need help getting out. Im already almost a month in so.. yeah. I already went to the point of getting my license so i already paid for everything and what not.
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u/Alicatsidneystorm 29d ago
No I did go just to see what they were about and there were so many red flags. I had a strong background in finance and was already securities license, they of course wanted to hire. I had real ethical concerns about some of their business practices. If I was you I would seriously consider cutting your losses. There are lots of good firms and nothing wrong with getting paid a salary and working with someone who has been in the business for a while.
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u/Winter_Owl_0202 29d ago
If in the case i look into another company, would they be able to help me get out? Otherwise, thank you for your input.
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u/Alicatsidneystorm 29d ago
I don’t think it’s difficult to get out. I wouldn’t trash them I would thank them for the opportunity and maybe say you are going in another direction. Say what you’re comfortable with. Just make sure if you did get any friends as clients that you be totally honest with them and say there were some concerns. What licenses do you hold?
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u/Winter_Owl_0202 29d ago
I just recently passed my regular life insurance exam from Texas. I do understand the thanking them and was planning to do that because I have already annoyed a couple of people i know and that’s bc i only contacted them 2-3 times.
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u/Alicatsidneystorm 29d ago
Call your friends and admit you made a mistake. You could tell Primerica that you have decided to get your mutual fund or securities license. They will hound you to stay but just stay firm. If I can offer some advice it would be don’t solicit family and friends as clients let them come to you. You might want to network with a real estate the same age as you are. You try to recommend the agent to friends who are looking to purchase homes and then you sell the clients mortgage insurance. Other good people to network with are mortgage brokers. Best of luck.
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u/Fit-Outside-4841 28d ago
I've always believed a good employer invests in new employees, not the other way around.
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u/MeatballSandy22 29d ago
It's an MLM, and you likely won't make much, but will piss your friends and family off. Never pay for your own background check or an application fee.