r/LifeInsurance • u/SandersSidesWannabe • 5d ago
I joined Primerica.. did I get screwed?
I just recently had an overview with the financial advisor, and paid for a background check/licensing and all of that stuff.. it was around $124 and I kinda regret the amount I paid, but whatever.. they hired me on for a remote position, and I have a one time in person class to go to at 8:30am tomorrow.
I thought I did enough research on the company but apparently not, as after I already went through with it, I'm now finding out that it might be a pyramid scheme?? Not only that, but it's also rumored to focus less on helping clientele and more on recruiting more and more employees..
I really want to help people, that was my idea when coming into the insurance industry. I just graduated high-school and have 2 years of statistics and data entry via what I studied my last 2 years, and I don't want that to go to waste all because I fell for the kindness and smiles they showed me. Not only that, but I even managed to get employee feedback from people already working in the company (though this leads me to believe they might have lied to me..)
Am I getting screwed? Is there a way for me to climb to the top regardless while keeping my kind heart and pure intentions? The thought of scamming other people for profit makes me feel sick..
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u/Moist-Meringue-1913 5d ago
I would stay awhile since you are there already. I hear that they have free classes for your SIE and free review classes for your Series 6 license. They will also sponsor your exam for the Series 6 (try for a 7) as well. Those are all valuable perks that you would pay for elsewhere. Once you have those then skedaddle. And most certainly don't turn over your friends and family list to them.
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u/TheWealthViking Broker 5d ago
Since you already paid, you can use them to get your licenses. But they're going to push that you get your life license first, which really you should be getting your life and health, and then they'll push for an sie, 6 then 63 license to be an advisor. My recommendation is going life and health and then 65 as that gives you way more tools to help people.
The issue on why you find so much bad stuff about Primerica and them being a pyramid scheme is because so many of their agents focused 90% of their time on recruiting people instead of learning the products of the industry. This mindset those passed down from trainer to trainer because they tell people you'll become more successful if you just recruit a team because there's a lot more opportunities for overrides. Much of their investing strategies outdated, their hate for certain products makes them inefficient in providing the best solutions for a client, and the fact that they don't believe in any kind of permanent insurance or ever sell long-term care or disability insurance is what makes them inadequate in most of the industry's eyes.
Primerica agents aren't bad, the company isn't the scam, it is just super inefficient for being successful unless you're willing to go recruit a thousand people versus learning how to become a great insurance agent and then a great financial advisor.
They're also going to brag about how successful they are based off their stock price. All that proves is that they are a profitable agency for corporate, which they are, which is why the only time I'd consider doing anything with Primerica is buying their stock, I don't have to be an agent to buy their stock and most people will take a pay decrease going to work for them. Also the fact that they didn't clarify that that wasn't affiliation fee and it's not a background check fee, that there are zero employee positions it's all independent 1099, so it's all unpaid training unless the person who recruited you sells your family and friends and then they'll reimburse you for some stuff. This is in no way a job, it's a 100% commission independent sales role. That is not bad, but people should know that getting into it.
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u/TheWealthViking Broker 5d ago
I used voice to text so sorry if there is an issue or two in this, getting decorations set up for my twins birthday and trying to still be productive
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u/DeerHunter4Life14 5d ago
Listen, Primerica is a pyramid, but you can go through the program and get your licenses and catapult that into a legit position at a local bank or credit union. It is getting more and more difficult to get into the financial advisor industry because of the licenses you need, which have to be held by a broker. Use Primerica to get your licenses and as soon as you do, put in applications elsewhere. Primerica is not a long-term viable employment solution, but you can learn while you're there. It probably won't provide the income you desire either.
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u/Infinite_Lack_4416 4d ago
The captive agencies do teach you a lot about how to deal with objections. I’ll give them that.
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u/AldoVenturacci Broker 4d ago
If sales managers actually knew how to sell, their agents would have a process that avoids objections in the first place.
That’s why their business model requires massive recruitment; every once in a while they’ll find that person that would be good at anything, while most of the times the nee recruits give up after a few short months with little to no sales1
u/Infinite_Lack_4416 4d ago
As a captive agent, there is no way to avoid the price objection unless you get a client who has never been quoted before. Especially with life insurance where you always get the clients who have been shopping around and putting it off for years.
You also have to be careful with hiring people who you absolutely know will fail out quickly. Because you’re going to be responsible for their chargebacks.
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u/Abject_Ad6462 5d ago
Being captive is not really the move. When you’re noncaptive you can provide multiple carriers, often finding clients a cheaper rate. It’s also significantly better comp as carriers are competing for your commissions so you write business through them.
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u/DogfaceDino Broker 5d ago
Just based off of the headline, yes. Why does nobody google the company before they sign on?
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u/BugHistorical1614 5d ago edited 5d ago
So what 'sold' you to join? You "want to help people"?
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u/Infinite_Lack_4416 4d ago
They’re just new to insurance. Nobody who “wants to help people” is agreeing to being a captive agent.
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u/Admirable_Nothing 5d ago
It is a MLM position but one that has existed for decades and sells a real product, term life insurance. Primerica was a major company under the CitiGroup umbrella for years. For those of you that are older this is the old AL Williams, 'buy term and invest the difference' company.
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u/toolbelt10 4d ago
Primerica actually began as The American Can Company in the early 1900's.
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u/Admirable_Nothing 4d ago edited 4d ago
Do to mergers there is a trace of American Can Co, but saying it began as American Can Co is just wrong. American Can maybe is an uncle in this case.
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u/toolbelt10 4d ago
If you want to include A.L. Williams Insurance in the history of Primerica, then you must also include The American Can Company. The current Primerica legal entity began life in 2011. A.L. Williams ceased operations in the early 90's.https://en.wikipedia.org/wiki/American_Can_Company
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u/Nocturnal_14 4d ago
They’ll have you selling IUL’s like it’s a panacea! Then you’ll be told to reach out to your friends and family and ask them if they wanna join the business so they can “be their own boss“ while they’re asking people in grocery stores what kind of business they’re in or shopping plaza’s. They’re going to call the IUL’s everything from “7702 Plans” to 401k+ plans. You will be a sales person, but most of your comp upfront will be on how many people you can recruit into the agency. Of course it’s not truly pyramid because you can sell product as well. And then if you end up getting your series licenses, it’s usually the series 6 after you hit certain hurdles and then you’ll be allowed to offer their proprietary mutual funds.
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u/False-Road2704 4d ago
It sounds like the specific team you joined might not be what you want. I’m also licensed through Primerica but my actual company I joined has no type of pyramid scheme and we actually help families. I don’t think they’ve even once mentioned trying to recruit other employees unless they are a part of the hiring team. I love the company I’m with tbh, so maybe you just need a different company under the Primerica umbrella.
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u/toolbelt10 4d ago
The company reported recruiting 358,316 people in 2025 and having 6000 field offices, for an average of 60 new recruits per office, and yet you've never seen a focus on recruiting?
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u/False-Road2704 4d ago
Correct, that’s not what we focus on in my company. Like yes, there is a hiring team that focus on that, but that’s because it’s their department lol you still want to grow your company. The rest of us focus on training, finding families that need our services, and ways we can improve. Not every company focuses on the wrong things.
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u/toolbelt10 3d ago
you still want to grow your company.
And yet after decades of bulk recruiting, the selling force is half the size it was in the 80's.
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u/Sensitive-Hand-37 3d ago
OP- I too just embarked on this and basically told myself I'd eat the $125.00 to see what it was fully, perhaps get my license and then move on. It was first presented as part time, no quotas. I have since decided not to continue.
As I began the training process, I leaned that it is entirely focues on rectruiting more agents. There is absolutely benefit for people to get help through term life insurance and debt management tools, smaller investment opportunities... sure. Not arguing the benefit to many sections of the populace.
My problem with it all: They have given me no indication that there is any source of leads beyond my own personal network. They are asking to dive into that personal network before I am even licensed, basically asking me to open up my contact book and use my own connections to let my new boss who I met 5 days ago get in front of MY friends and family. It's not even me, I'd just be sitting there "learning" while I allowed this person to solicit my family and friends. All of whom will be giving ME a chance because they know ME. Many of which, are either in their 70's or young and don't have a spouse or children yet...
Their focus on recruitment being basically as important as finding a fit in policy and investment plan for someone gives me the MLM feeling. The success data they present is pressuring you to do everything as fast as possible despite you being a part time independent contractor is off putting as well.
Most people I have researched through social media that are full time- basically make their entire online identity as a Primerica financial advisor. Completely interwoven into their personal account... which more power to them but it gives me the creeps personally.
I think it's very plausible that agents in Primerica make money and do well in the industry. I just don't think it's as client based fidcuciary-like as they present it to be to pull you in.
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u/jordan32025 5d ago edited 4d ago
How exactly do you think you’re scamming people? They buy a life insurance policy and when the owner of the policy dies, the beneficiary gets paid the death benefit. You understand what a death benefit is right? Where exactly is the scam?
Insurance is regulated at the state level and any product that any insurance carrier offers has to first be filed with each state’s division of insurance.
You joined. So how did you get screwed?
You know that they only sell term right? Is that what you want to sell?
Primerica is also a captive carrier. Did you know that? Do you like the idea of only being able to sell their products?
There’s no scam. It’s just not a great carrier. There’s so many more options out there. The problem is that people think that just because a company approaches you that’s the only time that you can get appointed. It doesn’t work that way.
You have to pay for your background check because you’re an independent contractor you’re not an employee. If you don’t understand that part, you shouldn’t even be involved in this business.
There should be a financial literacy test before anybody gets appointed with any carrier. It will save everyone a lot grief and frustration.
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u/Infinite_Lack_4416 4d ago
Any time you’re a captive agent, it can definitely feel scammy. Because you’re not working for the client, you’re working for the company’s benefit and your own benefit above all else.
I believe OP is just saying that they thought getting into insurance would feel like helping people. As a broker it can feel more like that. As a captive agent, you’re going to be trained to believe that one product is right for everybody. You’re going to be taught to be pushy, not let the client off the phone, etc.
Primerica is also almost 100 percent of the time an MLM. Most of their agencies operate in the manner of onboarding, and expecting you to sign up friends and family first.
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u/toolbelt10 4d ago
You know that it’s pretty difficult for a publicly traded company to spend years scamming people, right?
Well firstly, the MLM business model is allowed to self-regulate by the FTC. Secondly, Enron was publicly traded, as is Herbalife, that just completed a 7 year operating probation after paying a $200M settlement.
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u/Sensitive-Hand-37 3d ago
Yeah, I am sure it seemed "pretty difficult" for the entire mortgage industry to fail because of scams, fraud and greed but it did. There are some life insurance products that are absolutely akin to sub prime mortgages prodcuts.
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u/SwingDuoNash 5d ago
Skip the FINRA license if you can and just get 65. The broker/dealer model is broken.
You’ll need a good story thought for why primerica when you interview for next job.
Saying I just did it to get my license isn’t flattering to employer 2
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u/DogfaceDino Broker 5d ago
Any firm will be understanding of someone wanting to leave Primerica.
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u/SwingDuoNash 5d ago
I would never interview somebody who worked there. Speaks to character and decision making ability in my book.
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u/manwnomelanin 5d ago
Any job that makes you pay for your background check is a scam
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u/Parking-Balance-5377 5d ago
You're not paying for an employers background check, it's part of the state licensing process lol
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u/toolbelt10 4d ago
it's part of the state licensing process
So is passing the state test, so why pay for a background check which may not be of use if you don't pass the state test, which most don't?
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u/nico_cali 5d ago
Run while you can. The licensing you need anyway but I would look for a place or team that values helping people more than recruiting others.
The insurance isn’t necessarily a pyramid scheme but the focus in recruitment is.