A company founded in 1977, by a football coach named Arthur L. Williams began his crusade against the life insurance industry. Primerica Financial Services, or PFS has been in the spotlight for many years. Offering what is called Term Life Insurance, the company serves only the middle income family. This market is based on the idea that many financial services companies overlook the middle class. The company has expanded into an international company working in the United States, Canada, Puerto Rico and Spain and has been rated by A.M Best as a A+(superior) rating in the insurance industry. Primerica offers many financial products to which it has much competition, but because it’s parent company Citigroup is such a widely known and profitable company that it offers much stability and credibility to its sub company.
Primerica is based upon a multi-level marketing business model which requires the recruitment of clients and persons to gain promotions and higher pay commissions. Before one can advance in the company, he or she must meet the provincial or state licensing requirements first. Recruitment and premium volume’s must then be met in a timely fashion which cannot be done entirely by the team leader. Each member of the team is responsible for contributing volume of sales to aid in leadership advancement. The team leader has the opportunity to earn override commissions on his or her downline only based on the downline’s own efforts.
To Join Primerica Financial Services, one must sign an Independent Business Application, including a one time fee of $ 99.00 plus tax(Canadian) and pay $ 28.00 per month to operate their business which includes the use of their personal website, the company scoreboard and access to the inside training tools.
Representatives are encouraged to attend all meetings out of their “base shop” or branch in which they were recruited out of and to bring guests with them weekly to these meetings which are hosted by the Regional Vice President or Branch Manager. A new representative is also encouraged to reach out to their warm market by speaking to friends, relatives and acquaintances. In turn these prospective people will allow the representative to come into their home and do a Kitchen Table Presentation, and conclude with a Financial Needs Analysis. This enables the representative to come back with the F.N.A carry-back at a later date and follow with a piece of written business, ie. life insurance application.
One may want to consider this opportunity if he or she is interested in finances, is comfortable engaging in a financial conversation with friends, relatives, or cold market prospects. The business is relatively cheap in cost to run and does not require much advertising other than word of mouth or referral marketing.
While considering this opportunity one should also be aware of the amount of man hours that go into to getting your business up and running. In order to earn money off of the written piece of business for life insurance, one must be licensed. This means they must pass the Life Licensing Qualification Program first, hosted by PFS, then pay additional money to the state or province to obtain the actual license which is released upon the passage of an exam. The representative has the ability to earn a small referral fee on Smart Loans and referral of Pre Paid Legal but the initial referral fee is very minimal. Depending on the new associate, it may or may not take a long time to obtain their license, hindering the money earning process. Before becoming licensed the agent goes out on training meeting with his or her recruiter, where if business is written then no commission is paid out to the agent regardless of the fact that it was through his or her efforts that the meeting took place. This business does not seem to be a popular business among parents as the further it grows, the busier the representative becomes.
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Christopher Federspiel is an online marketer who is in business for himself and is passionate about helping people to create wealth and financial freedom online! To find out how you can be successful and have a thriving business from your home then click here!
