|Written by Jaf09|
Primerica is a multi-level marketing company that sells term life insurance and mutual funds. Although it has received some bad press, the company provides opportunities to make a significant amount of money for the right individual.
Research Primerica to understand what you are getting yourself into. A "multi-level marketing" company is often called a pyramid scheme. This is a system where several layers of supervisors over you get cuts of your sales and you make money principally by recruiting other salesmen.
So why get involved with such a company? Two reasons.
Second, if you are not cut out for recruiting lots of people to work as your sales force, Primerica offers you a route to get your insurance license as well as securities licenses to sell securities and insurance products that require securities licences. You are under no obligation to stay with Primerica once you get these licenses. You can also register to sell life insurance with other companies and stay with Primerica.
Next, consider whether you are the kind of person to sell life insurance and mutual funds. Can you do direct sales? Are you comfortable approaching your friends and neighbors? Can you make cold calls and conduct sales meetings?
Contact a Primerica representative. There should be several listed in your phone book or you can click on the Primerica websiteĀ below. Primerica reps will eagerly sign you up.
Get your insurance licence. This will require class room training, usually a couple of weekends. You will need to pay for this. After the training, you will need to pass an examination.
After you pass your insurance examination, you will file forms and pay a fee to register to sell insurance. You will need to select which states you want to be registered in. After you are registered, you will be eligible to sell term and whole life policies in the states in which you are registered.
Get your Series 6 and 63 security licences, which qualifies you to sell mutual funds and insurance policies that require these licences. This also requires classroom training. After you pass, you will fill out forms and pay a fee to become a "Registered Representative."
When you get your licences, you are ready to try out the Primerica system. Use its sales materials and strategies to see how much you can earn. Since you are part of a Primerica sales team, make the people who are earning part of your commissions support you, such as going on sales calls with you and helping you rehearse sales pitches.
What Primerica will not tell you is that once you have your insurance and securities licences, you can transfer to another "broker-dealer" to sell mutual funds and earn commissions several times higher than Primerica offers. Search for "broker-dealer" on the internet to find names of such firms. There are many firms looking for licenced people to make this switch.
One final point -- consider other professional opportunities if you decide the insurance and mutual funds business is not for you. Why not look into buying a franchise business, such as a Subway? See my article below on how to buy a Subway Franchise for more details.