Intro- Did I find Primerica financial services a pyramid scheme?
Did I find Primerica financial services a pyramid scheme after joining it? In this article I will answer this question based on my encounter with them. Although many people who’ve worked for them might have a completely different opinion or experience than mine I can only share my story. Whatever feelings you have towards this company I hope that you can get something from this read.
Discovering if Primerica financial services was a pyramid scheme
Years ago I was unemployed and not doing much with my life. I had aspirations to be a small business owner, but never took the steps to get started. A friend of mine approached me about a job opportunity with a company that was unknown to me. All I had to do was show up to their meeting at a certain location and I’d get hired. Even though this sounded like it was too good to be true I trusted my friend’s word for it. I agreed to go and she quickly gave my contact information to one of Primerica’s recruiters. Didn’t know what to expect, yet I did not want to pass up a potential golden opportunity. After all, I did not think there was anything to lose from this meeting. It was sure better than wasting my evening sitting at home and being a zero.
I did not know what an MLM was at the time
MLM or multi level marketing was a completely foreign concept to me when I initially came into contact with Primerica. I could not tell you the difference between being an independent contractor, a small business owner or an MLM recruiter. I saw these professions as one and the same. My recruiter introduced herself by asking whether I wanted to make money, save money or help others. I got the impression that I was being recruited to be an employee, but questioned why they were so quick to hire so many people with no experience or knowledge of their industry. I did not know that I would later be required to pay fees, recruit people and take a series of classes. This was all happening too quickly and I had mixed feelings about all of it. Was I getting myself into something that I’d end up regretting?
I found them to be very pushy and intrusive
From the second I walked into the doors of Primerica I felt heavily pressured. The first thing I was asked to do was provide their staff with the contact numbers that were on my phone. I refused to do so at first, but after about 30 minutes of being there I was asked again. The rest of the time I was being presented with a sales pitch. People were trying to get me to sign up to something I knew nothing about. Despite being bombarded with all this information I had no understanding of the company, yet they wanted a decision from me. After a couple more visits to their office I agreed to join them. The most painful part of the entire process was paying the $100 dollar sign up fee. I was already limited on cash and wondered why I needed to spend money to work for them.
I had no interest in selling their products
There were two main tasks that both my recruiter and the people at the office wanted me to do. The first of these was to sell life insurance, preferably to the elderly and sick. I had to study a booklet and take several 3 hour courses in preparation for an exam. I found this to be frivolous and mundane. Before then, I never had dreams or aspirations to become a professional life insurance vendor. The second task, that I had to perform was to harass both strangers and those that were close to me. This meant that I had to use the same recruiting tactics on others that were used on me. I had to make phone calls, send text messages and make sales pitches in order for me and my recruiter to receive commission. Being an introvert and someone who gave people their space I found this task uncomfortable.
I felt like I had joined a cult
If you ever studied or been a part of a cult you would know what I am talking about. You have your recruiters who work for the people at the top. These individuals go door to door looking for new converts. Once you’re recruited you are brought to a meeting place of extended family members. Here you are indoctrinated with the values of the organization.You are also told that there is a particular hierarchy in the group. Through persistent hard work and loyalty you can reach the top. The more time you separate yourself from the outside world the more respect that you earn. Individualism and personal liberty are antithetical to the overall benefit of the organization. Your relationship with those closest to you gets cut off after time. Although people could quit Primerica without being ostracized some of their strategies were no different than those of a cult.
I ended up quitting after a month
There were several reasons why I no longer continued with Primerica. Firstly, my recruiter stopped contacting me as soon as I paid the $100 sign up fee. I felt used and completely manipulated by someone who was solely interested in making money from me. Secondly, I was turned off by the hierarchical structure that they had. I was never a person who was driven by receiving a title or position. Having to work my way up in order to gain value to a company was not an option. Thirdly, I wasn’t given assurance that this company would bring me a sustainable income. The amount of work that I’d have to put in trying to sell their products seemed agonizing. There was little assurance that Primerica would bring me enough of a financial profit to survive in NYC. In order to avoid wasting more time I stopped attending their meetings.
Conclusion
Did I Find Primerica financial services a Pyramid Scheme?
So did I find Primerica financial services a pyramid scheme after spending a month with them? I would not go so far as to identify this company as one. Pyramid schemes break the law and promise people false hope in order to extract money from them. Despite Primerica’s hierarchy, recruitment practices and commission system there was nothing fraudulent about what they did. They were completely legal and in compliance with rules and regulations. Would I recommend anyone to Primerica? I probably wouldn’t based off my experience. I believe there are better alternatives to earning a solid income other than being a part of any MLM. Some of these things include starting a business, feelancing or simply working a regular 9 to 5 job. But if MLM’s are your thing and you are skilled for it then, who am I to discourage you?
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