Top 8 Insurance MLM Companies

Insurance agents often face a negative reputation, being perceived as pushy and intrusive when trying to sell insurance. It’s no wonder that the idea of insurance network marketing companies doesn’t fare much better in public opinion. But what if we take a closer look at the potential from the perspective of an insurance network marketer? Can it be a viable avenue for making money?

On one hand, insurance is a crucial service that people regularly pay for, and the potential for ongoing income from long-term customers is appealing. However, the challenges lie in the competitive landscape, the difficulty of the sales process, and the existing negative perception of insurance salespeople. These factors highlight the importance of carefully evaluating any MLM company before diving in.

In this article, we will provide an overview of the top insurance MLM companies, allowing you to make an informed decision. We’ll examine their requirements, compensation plans, and potential income opportunities. 

Best Insurance MLM Companies

1. Primerica

Overview: Primerica, founded in 1977, is the leading MLM company in the insurance industry, with approximately 120,000 independent representatives. While it has gained recognition and has been featured in Forbes, Primerica also faces criticism for its sometimes aggressive sales approach, particularly when friends and family members are involved. The company primarily focuses on term life insurance, although it offers other insurance types like long-term care and investment insurance.

Products: Primerica’s primary focus is term life insurance, complemented by offerings like long-term care and investment insurance. As insurance plans and prices are tailored to individuals, direct comparisons between companies are difficult. Reviews of Primerica’s insurance are mixed, with some praising the benefits and competitive pricing, although acknowledging potential bias from distributors.

Negative feedback often revolves around sudden price hikes upon term renewal and substantial rate increases with age. Customers also express frustration with limited insurance options and difficulties obtaining refunds. While Primerica’s insurance may not be as comprehensive as other providers, its long history supports the legitimacy and suitability of their offerings for many individuals. However, customers should exercise caution and seek a comprehensive understanding of their policy before committing.

Commission and Income Potential: Primerica operates on a commission-based structure, similar to other MLM programs. Agents start with a 25% commission on contracts, which can potentially increase to 35%. However, it is unclear what specific factors determine these percentages, leaving ambiguity regarding the source of earnings.

The MLM aspect involves team earnings through a unilevel model, where overrides are earned from downline members based on positioning. Advancement through the ranks provides the highest income potential. Primerica’s unique requirements and licensing obligations set it apart from other MLM companies, significantly restricting income potential.

Some former agents have mentioned subpar training, potentially affecting their ability to provide comprehensive advice on insurance and Primerica’s specific plans.

2. Symmetry Financial Group

Overview: Symmetry Financial Group is an MLM program that offers a diverse range of insurance products, including life insurance, disability insurance, critical illness coverage, and retirement plans. With a focus on different life stages, Symmetry recommends various services tailored to individuals’ specific needs.

Products: Symmetry Financial Group primarily acts as a referral agency, working with up to 30 insurance companies to provide their products. However, detailed information about the individual insurance carriers and their offerings is not readily available on the company’s website. To find specific details, potential customers must request a quote, which can be inconvenient and limit the ability to research and compare options beforehand. Some reviewers even express frustration at unknowingly signing up for insurance during the inquiry process.

Commission and Income Potential: Agents with Symmetry Financial Group start with a 60% contract rate, which is based on the commission received by Symmetry, rather than a percentage of the total contract amount. However, this rate may not apply to all products and insurance carriers, as new agents reportedly earn commissions on less than half of the offered carriers.

Symmetry’s commission rates and renewals are lower compared to other insurance companies, even for similar products. The company utilizes a rank structure, allowing agents to increase their commission rates as they progress through the ranks. The highest commission rate reaches 110%, but achieving this requires meeting significant targets, including individual writers and annualized premium milestones.

Commission percentages vary depending on the insurance carrier and specific product, potentially resulting in lower-than-expected earnings for certain sales. Agents are responsible for tracking their progress towards promotion guidelines and must contact their sponsor to request commission increases. Failing to do so may leave agents at their previous commission rate. Additionally, there is a potential expectation to purchase leads, with costs increasing as agents move up the ranks.

Team aspects within Symmetry are mentioned, but detailed information about team structure and benefits is not readily available.

3. World Financial Group

Overview: World Financial Group (WFG) operates as an MLM program that focuses on financial services and insurance. Rather than offering their own products, WFG serves as an intermediary, promoting a variety of insurance plans and financial services from different companies.

Products: WFG primarily offers insurance policies sourced from various providers, including Transamerica, AMS Financial Solutions Group, Pacific Life, and Prudential. Transamerica, in particular, is highlighted as a significant insurance partner. While Transamerica has received high ratings from some rating agencies, customer reviews and satisfaction appear to be low, which raises concerns about the overall quality of insurance offered through WFG. The selection of policies offered by WFG is relatively simplified compared to other insurance companies, which may limit the options available to customers.

Commission and Income Potential: WFG’s compensation plan is tied to licensing, requiring agents to pass licensing exams to sell specific services. Base compensation starts at 25% and increases with rank, potentially reaching up to 65%. The compensation structure includes various income streams such as Personal Income, Agency Income, Expansion Income, and Bonus Income. Agents earn from their own sales success, as well as from the sales made by their team members.

The team aspect of the plan follows a unilevel design, where agents earn from multiple generations in their downline, starting at 12% from the first generation and 6% from the second generation. However, the specifics of how the percentages are calculated and based on what criteria are not clearly explained. It is likely that agents receive a percentage of the money that WFG is paid from the insurance provider, rather than a percentage of the customer’s premium.

Advancing in rank is contingent not only on recruiting new members but also on ensuring they become licensed. This requirement emphasizes the importance of team sales and growth for progression within WFG.

4. PHP Agency

Overview: PHP Agency is an MLM program that positions itself as a financial services company, primarily focusing on insurance. The company works with various insurance carriers, including National Life Group, American National, and National Western. This partnership approach suggests that PHP Agency aims to provide tailored insurance plans to individuals, although it becomes challenging to assess the quality of the insurance itself due to the multiple companies involved.

Products: Life insurance, including term life insurance and indexed universal life insurance, is PHP Agency’s main focus. However, specific pricing details are not provided on their website, which is typical for the insurance industry. Unfortunately, there is a lack of online reviews about PHP Agency’s insurance, with most reviews centered around recruitment tactics. Complaints often revolve around pushy representatives and pressure to make purchases.

Commission and Income Potential: New agents at PHP Agency start at the Trainee rank and must progress through higher ranks with increasingly stringent requirements. For example, to reach the second rank, agents need to recruit three people, generate three sales, and achieve 3,000 Group Volume per month. The requirements become more demanding in subsequent ranks, including the need for active recruits, higher sales volumes, and insurance licensing.

It is concerning when compensation plans heavily rely on recruitment. The commission rate starts at 30% and increases with rank, potentially reaching up to 82%. Agents can also earn up to a 40% bonus commission by achieving specific sales and recruitment targets. However, reaching the higher ranks necessary to access these commission rates is challenging.

PHP Agency’s team structure follows a unilevel model, allowing agents to earn from up to seven generations, starting with 10% from the first generation and 5% from the second generation. Notably, PHP Agency calculates the generational structure separately for each unilevel leg, which differs from the approach of most companies.

5. Premier Financial Alliance

Overview: Premier Financial Alliance operates as an MLM program focused on insurance. However, it is concerning that the company’s website primarily emphasizes their opportunity rather than the actual products they offer. The lack of a dedicated products or services section on the website raises questions about the transparency and clarity of Premier Financial Alliance’s offerings. Instead, the website focuses on promoting their “duplicatable business system” and “unlimited advancement” potential.

Products: Unfortunately, the Premier Financial Alliance website does not currently provide specific information about their insurance products. The absence of a clear product overview raises doubts about the range and quality of insurance options available through the company. Without detailed information about the types of insurance policies they offer, potential customers and aspiring agents are left in the dark about the specific coverage and benefits provided by Premier Financial Alliance.

Commission and Income Potential: Details about Premier Financial Alliance’s current compensation plan are difficult to find amidst the ongoing debate surrounding the company. According to one source, initial sales commissions may start at 30% and potentially increase up to 55%.

However, these commission rates are relatively modest compared to other insurance-focused MLM companies. The limited information available regarding the income potential within Premier Financial Alliance, coupled with the controversies surrounding the company’s practices, raises concerns about the viability and profitability of joining their MLM program.

6. Freedom Equity Group

Overview: Freedom Equity Group operates as an MLM program, with a focus on insurance products. However, their website primarily highlights the business opportunity rather than providing detailed information about their specific insurance offerings. The lack of transparency and specific product details raises concerns about the quality and value of the insurance products provided by Freedom Equity Group.

Products: Freedom Equity Group acts as an intermediary, partnering with various insurance providers, including AIG, Fidelity & Guaranty Life, American National, and National Life Group. While the specific insurance products offered by Freedom Equity Group are not clearly outlined on their website, it can be inferred that they offer a range of insurance types, such as life insurance, retirement plans, and other financial protection services. However, without detailed information about their specific product offerings, it is challenging to assess the comprehensiveness and suitability of their insurance products.

Commission and Income Potential: In terms of commission and income potential, Freedom Equity Group offers a compensation structure that starts at a relatively low rate of 30%. However, agents have the potential to earn up to 93% commission through rank progression within the company.

Advancement within the ranks heavily relies on recruitment, as higher ranks require successful recruitment and retention of members. This recruitment-focused approach can pose challenges, as MLMs often face high turnover rates and the need to continuously build and maintain a team.

The team aspect of Freedom Equity Group follows a unilevel plan, where agents can earn generational overrides based on the levels in their downline. However, the commission percentages decrease as the levels go deeper, with lower levels offering lower percentages, making it more challenging to achieve significant earnings from deeper generations.

7. Family First Life

Overview: Family First Life is an MLM program that focuses on life insurance. While the company’s name suggests a priority on family and life insurance, their website predominantly emphasizes the business opportunity rather than the specific services they offer. The homepage highlights their lead program and compensation plan, providing limited information about their insurance products.

Products: Family First Life works with various insurance carriers, including Transamerica, AIG, Global Atlantic Financial Group, and Americo. Although the company claims to partner with top carriers in the industry, the website lacks substantial supporting information or specific details about the types of life insurance offered. This lack of clarity may raise concerns about the comprehensiveness and quality of their insurance products.

Commission and Income Potential: Family First Life boasts an appealing compensation plan, starting agents off with an 80% commission rate that can potentially reach an impressive 140%. Such high commission rates are uncommon in the industry. Training with the company appears to be free, but attending quarterly conferences may incur costs. Additionally, there may be expenses associated with licensing exams, especially if they need to be retaken.

However, achieving the highest commission rates requires meeting challenging criteria, including building a high-performing team that consistently generates over $100,000 in sales. Individuals must also demonstrate personal sales success, such as reaching monthly sales targets of $20,000. These requirements highlight the difficulty of attaining the maximum commission rates offered by Family First Life.

8. American Income Life

Overview: American Income Life is an MLM program that focuses on offering life insurance products. They provide both whole life insurance and term life insurance options. In comparison to other MLM companies, American Income Life stands out by actually providing some information about the services they offer, although it remains limited. They also offer various types of accident and supplemental health insurance that can be added to their insurance plans.

Products: American Income Life primarily specializes in life insurance products, including whole life insurance and term life insurance. They also offer additional accident and supplemental health insurance options. While the company provides some basic information about their services, specific details are lacking. However, this is still an improvement compared to many other MLMs in this industry.

Commission and Income Potential: Details about the commission structure and income potential with American Income Life are challenging to find. According to some online sources, new agents may start with approximately 50% commission, but only 65% is paid immediately, with the rest paid out after six months. The commission rate likely increases with rank, although specific details are not provided.

To achieve higher commission rates, building a high-performing team is crucial, as is the case with most insurance MLMs. American Income Life likely offers residual commissions from team sales, following a unilevel model. Unfortunately, there is a lack of information regarding the specifics and practicalities of the commission structure.

Read more: Best MLM Companies

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