Primerica Jobs – Learn the Truth!
A Review of Primerica
Back in 1977, Primerica was founded as part of Citigroup by Arthur Williams. The company was based in Duluth, Georgia. Williams had a clever strategy. Instead of using full-time agents to sell expensive whole life insurance, he hired part-time sellers to promote the more affordable term life insurance. Buyers could invest the money they saved and after just a few years they would earn enough in investments so they could cancel their term life coverage.
As mentioned already, Primerica is part of Citigroup, and this was once a relationship to be touted. However, most of the independent agents working for the company now don’t bring that up too often since the parent company lost over $20 billion and its stock value dropped 77% in the last few years. There are even rumors that Citigroup wants to sell off the subsidiary.
Currently, Primerica has more than 6 million customers and has more than 100,000 part-time sales representatives working in all 50 states, Spain, and Canada. Each representative not only sells the loans, investment products, and mutual funds but also recruits others to join the team – a team that generated $2.3 billion in revenue in 2007. Of that total, more than $540 million was profit.
Members of the independent Primerica sales force make money in a couple of ways. First, they make appointments with consumers who are interested in learning more about the available investment products. During the appointment, they conduct a financial needs analysis to determine which products are best for the consumer. Second, they recruit other members to join the sales team. While there is money to be made here, if you are not in a good financial position yourself or if you need more than part-time work you may find Primerica challenging.
Furthermore, some people do not like the idea of bringing in their friends and family to make sales and to expand the sales team. Since is very important however, and failing to take this step frequently leads to failure for new Primerica members.