Questions About Getting into the Insurance and Financial Services Industry

[thekmeisterishere]

The primerica agent that I met with several years ago (before I had ever even considered getting into this business) got my name from a friend who had just gotten married and bought life insurance from him. The friend thought that I was someone who would like to learn more about investing, and I did want to learn more, so I agreed to meet with the agent. We talked for a long time and he didn't try to cram life insurance down my throat so he at least had that going for him, but we didn't talk about actual investments AT ALL. All he talked about was how much money he makes and how much I could make just by recruiting people. I told him I was happy with my current job and just wanted to learn about ways someone like me (didn't make a lot of money at the time. Come to think of it that part hasn't changed much!) could invest a little bit every month and have it grow. All he would talk about was building a passive income through Primerica and how that was the best investment possible and would beat anything I could hope to get from the market. I basically said "Yeah, but that's going to be a whole second job at that point so it ought to".

I'm not sure why he didn't mention anything about mutual funds. I would have been all about putting aside a few hundred every month right then and there if he had even given me the most basic explanation of how they work (I was still young and clueless). Isn't buy term and invest the difference supposed to be their whole thing? He couldn't have touched on the investment side just a bit? Yet all he talked about was becoming an agent and recruiting.

From what I understand that is more or less everyone's experience.

No offense to Primerica or anything, but it seems as if they are really heavy on recruiting and not seriously building agents, but just simply growth, as a company. It's also good intentioned of them to promote financial products and policies to sell to people who usually cannot afford it, too. But I am curious how strong the products they sell are, and also, how customers are able to deal with the customer service. The good part was is I met some guys who have a little bit of experience that are my age (20 somethings). The positives were you have a encouraging environment but I am not sure to proceed due to the MLM structure of the company.

Note: I really need to learn the details and realities about things so I can make an informed decision on where to commit and get a job for. Because I want to work somewhere where I can not only help people save $$ on their insurance policies, but is known for selling their own high quality financial products that can help people be protected in the future when they need it the most. (I am specifically curious to look at being more of a captive agent).

 

[thekmeisterishere]

I can't tell you much about Primerica but I CAN tell you that MLM are seldom lucrative. I've worked with a couple of different ones and won't make that mistake again. I did make a little bit of money (not near as much as I put into it) with MLM but as a whole, it's very difficult. Your pay is based more on recruiting other people into the business to also make sales, versus the amount of product that YOU actually sell. Generally also, the products are more expensive that what you would get by purchasing through a non-MLM company. I would imagine that Primerica (and NAA) are no exceptions.

That is true, usually MLM companies earn revenue by more people that are hired usually. I have heard people having some issues dealing with customer service when it comes to Primerica, as well as claims of earning a buck from recruiting, but the people I have met who worked there seemed to be really cool and helpful (they were 20 somethings in their early to mid 20s) and I myself am in my mid 20s. So there are many upsides and downsides to everything. I have to spend some time evaluating each potential set of options before I proceed making a decision.

 

[WorldIsMyOyster]

That is true, usually MLM companies earn revenue by more people that are hired usually. I have heard people having some issues dealing with customer service when it comes to Primerica, as well as claims of earning a buck from recruiting, but the people I have met who worked there seemed to be really cool and helpful (they were 20 somethings in their early to mid 20s) and I myself am in my mid 20s. So there are many upsides and downsides to everything. I have to spend some time evaluating each potential set of options before I proceed making a decision.

You definitely need to do what's best for you, but also remember that people who work for the MLM are ALWAYS going to be cool and helpful, regardless of their ages. They do that to rope you in. Also, age is really kind of irrelevant in the insurance industry. Some make it, some don't, regardless as to how old you are.

Do a search for Primerica here in this forum. That should help give you the information you need to decide whether or not you really do want to pursue it. There are plenty of non-MLM companies out there that will give you the experience you seek since you are interested in going captive. Good luck either way!

 

[thekmeisterishere]

You definitely need to do what's best for you, but also remember that people who work for the MLM are ALWAYS going to be cool and helpful, regardless of their ages. They do that to rope you in. Also, age is really kind of irrelevant in the insurance industry. Some make it, some don't, regardless as to how old you are.

Do a search for Primerica here in this forum. That should help give you the information you need to decide whether or not you really do want to pursue it. There are plenty of non-MLM companies out there that will give you the experience you seek since you are interested in going captive. Good luck either way!

I totally agree. People will act super nice at MLM oriented firms because they want to grow their groups, or, they want to see how big the company can grow. I have done research and heard some people complain. I don't know whether if it is because there was lack of a support system, or maybe it was just that some people were not cut out for this profession, to be exact. I am not trying to sound like an apologist for MLM, but I am approaching Primerica with extra caution, like I am approaching all potential companies I look into.

I have also looked a Farmers and am going to look at other firms/companies too before I make a decision. I need to know the company culture of each company and know which place will fit the best for me. I also need to look for a firm which will create a strong enough support system so one day, you can open an office and even have your own team of agents.

Right now I am going to be on vacation for a few weeks but I am looking forward to make a smart well informed decision after I come back from my trip.

 

[Gooner]

The primerica agent that I met with several years ago (before I had ever even considered getting into this business) got my name from a friend who had just gotten married and bought life insurance from him. The friend thought that I was someone who would like to learn more about investing, and I did want to learn more, so I agreed to meet with the agent. We talked for a long time and he didn't try to cram life insurance down my throat so he at least had that going for him, but we didn't talk about actual investments AT ALL. All he talked about was how much money he makes and how much I could make just by recruiting people. I told him I was happy with my current job and just wanted to learn about ways someone like me (didn't make a lot of money at the time. Come to think of it that part hasn't changed much!) could invest a little bit every month and have it grow. All he would talk about was building a passive income through Primerica and how that was the best investment possible and would beat anything I could hope to get from the market. I basically said "Yeah, but that's going to be a whole second job at that point so it ought to". I'm not sure why he didn't mention anything about mutual funds. I would have been all about putting aside a few hundred every month right then and there if he had even given me the most basic explanation of how they work (I was still young and clueless). Isn't buy term and invest the difference supposed to be their whole thing? He couldn't have touched on the investment side just a bit? Yet all he talked about was becoming an agent and recruiting. From what I understand that is more or less everyone's experience.

Hahaha...I love this post.

My cousin was training with Primerica and brought his trainer to my new house about 10 years ago. We had just sold a business and bought a nice house in the 'ritzy' part of town.

The guy sat at the table with my wife and I...then he started telling me how much money we could make...I let him go on for 5-10 minutes. Then I asked him if he could afford to buy my house for cash...he said, "of course not"...and that pretty much sums up the rest of that conversation.

 

[blue_wynd]

There is nothing wrong with the mlm type insurance outfits. It is just that most tend to emphasize recruiting rather than training the agent. If you can find one that trains you well, there is nothing wrong with that. Places like primerica and WFG is just more obvious when it comes to the downlines and overrides. If you think about it, all insurance is based on overrides. They just take it a step further.

 

[MWD]

No offense to Primerica or anything, but it seems as if they are really heavy on recruiting and not seriously building agents, but just simply growth, as a company. It's also good intentioned of them to promote financial products and policies to sell to people who usually cannot afford it, too. But I am curious how strong the products they sell are, and also, how customers are able to deal with the customer service. The good part was is I met some guys who have a little bit of experience that are my age (20 somethings). The positives were you have a encouraging environment but I am not sure to proceed due to the MLM structure of the company.

Note: I really need to learn the details and realities about things so I can make an informed decision on where to commit and get a job for. Because I want to work somewhere where I can not only help people save $$ on their insurance policies, but is known for selling their own high quality financial products that can help people be protected in the future when they need it the most. (I am specifically curious to look at being more of a captive agent).

I hope my typed message shows up here. I'm not very experienced in writing messages/replies on this forum (as you can see from my history!). Anyway, I love what I'm reading here. It's all about keeping an open mind about the opportunities and peeling back the layers to see what's really there and then choosing what really fits you -- that's true regardless of the product or company.

There were some statements and questions above about Primerica promoting and selling financial products to people who can't afford them and curiosity about how strong the products are that we sell. We offer term insurance and we believe in buy term and invest the difference. We have several strategic partners that we're affiliated with (Invesco, Lincoln Financial to name a couple) and as part of that partnership/affiliation we have opportunities to offer these products to our clients. If anyone wants to learn more details about our services/products, I encourage you to reach out to a Primerica agent and set up a call.

We all have our own convictions about what we believe the right course is and my course is Primerica. And by the way, I believe I am nice to people because that's who I am at my core and not because I'm pretending to be so I can recruit someone. In fact, the people and team members I have met and work with continue to show the same support and positive attitudes they did when I first met them. Part of what drew me to the insurance industry in the first place was because I enjoyed meeting new people, helping people, and building relationships.

Peace

 

[MWD]

I should have clarified in my earlier message that the financial products we offer would require securities licenses as well -- not just an insurance license. Most readers here realize that but nonetheless I felt I should circle back and clarify that.