Primerica Life Insurance Review [2024]
In our Primerica life insurance review, we discuss how Primerica provides a guaranteed insurability rider on policies to prevent against rate increases following major or terminal illnesses. It also allows you to increase your death benefit contributions as you age. Enter your ZIP code for personalized quotes.
Kalyn Johnson
Insurance Claims Support & Sr. Adjuster
Kalyn grew up in an insurance family with a grandfather, aunt, and uncle leading successful careers as insurance agents. She soon found she has similar interests and followed in their footsteps. After spending about ten years working in the insurance industry as both an appraiser dispatcher and a senior property claims adjuster, she decided to combine her years of insurance experience with another...
Insurance Claims Support & Sr. Adjuster
UPDATED: Jul 18, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jul 18, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Primerica Life
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N/AA.M. Best Rating:
A+Complaint Level:
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- Pros and Cons of Primerica Life Insurance
- As always, consider the benefits and disadvantages to see if Primerica Life Insurance is right for you.
- Pros:
- Term life insurance periods are longer than average, up to 35 years
- Fast rate of approvals for new policies
- Fast claim payouts averaging 14 days
- Lower-than-average NAIC score, which means fewer complaints
- Offer no-medical-exam term life insurance to various groups, though a health questionnaire may be required
- Strong financial ratings and adaptability
Cons
- Cons:
- Only offers term life insurance
- Life insurance rates tend to be 10% more expensive than competitors
- Low rate of approvals and higher premiums because it offers term life without a medical exam
- Lower-than-average J.D. Power Customer Satisfaction rating
- Primerica agents work on commission, fees, and a tiered earnings structure, which can encourage bottom-line profits at the expense of actual consumer or policy value.
- Overall, Primerica Life insurance is a top pick for term life insurance. It’s also a viable option for other investment products through Primerica Inc. partnerships, which include many other household names in the insurance business, like Fidelity and AIG.
Primerica Life Insurance is worth checking out if you’re in the market for a term life insurance policy or have an interest in doing your investing and retirement planning with their parent company, Primerica, Inc.
Primerica Life has relatively few complaints with the NAIC and the financial strength to pay out claims, but it ranked below average for all insurance companies by J.D. Power’s Customer Satisfaction Survey. This may be partly due to the nature of its multi-level marketing business model.
To get more personalized life insurance quotes from companies near you, enter your ZIP code in our free comparison tool below.
What You Should Know About Primerica Life
- Primerica, Inc. offers life insurance in every U.S. state as well as Puerto Rico, Guam, and Canada
- Primerica Life Insurance isn’t the cheapest term life insurance company due to its no-medical-exam requirement for most of its TermNow coverage policies
- Primerica offers a guaranteed insurability rider on policies to prevent a rate increase after an event or major or terminal illness and lets you add higher contributions to your death benefit even as you age
What is Primerica? As a provider of financial services, Primerica, Inc. primarily serves and targets the middle-class population in the United States, Canada, Puerto Rico, and Guam. Primerica’s motto has always been, “Buy Term and Invest the Difference,” since 1977, when the company was founded.
Without permanent or whole life insurance, this approach still addresses two of the most pressing financial needs almost every family has — income protection through term life insurance and future planning.
Its parent company accomplishes this through products featuring wise investment and retirement choices, home and auto insurance through Primerica Secure and Answer Financial, pre-paid legal services, heft insurance, and overall savings and returns through annuities.
With a book of business totaling over $700 billion and its sheer size, one might assume Primerica is a safe bet. However, we recommend you read our Primerica Life Insurance review before deciding so you can get all the Primerica information you need.
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Primerica Life Insurance Contact Information
In 1981, the organization that would become Primerica was established. In 2010, Primerica conducted its initial public offering, making it a publicly traded company on the New York Stock Exchange (NYSE), symbol PRI. Their headquarters are located in Duluth, Georgia.
Their customer service contact number is 1-800-257-4725, or you can reach Primerica, Inc. at the following address — Primerica Parkway Duluth, GA 30099.
Primerica Group, due to its dedicated delivery affiliate, Primerica Financial Services, LLC, which has almost 130,000 life agents and roughly 26,000 mutual fund-licensed representatives nationwide, is one of the largest writers of term life insurance in the U.S.
Exploring Primerica Insurance: Costs, Reviews, and Legitimacy
Primerica insurance offers a range of financial products, but one of the most commonly sought is life insurance. When evaluating how much is Primerica life insurance, it’s important to consider the specific needs and circumstances of the policyholder. The Primerica life insurance cost, including Primerica term life insurance cost, varies depending on factors such as age, health, and coverage amount. For those curious about the specific pricing, Primerica term life insurance rates are generally competitive within the industry, although they can vary significantly based on the aforementioned factors. Primerica life insurance in Canada provides similar options tailored to the local market, ensuring that Canadians have access to their life insurance solutions.
When researching the company, potential clients often look for Primerica reviews and Primerica insurance reviews to gauge the experiences of others. Despite some criticisms, many reviews highlight the company’s dedication to customer service and financial education. Some online discussions raise the question, “is Primerica legit?” and often address the controversial topic of a Primerica pyramid scheme. It’s worth noting that It’s worth noting that Primerica provides numerous resources online for both clients and representatives, facilitating ease of access to information and account management by logging in to their Primerica account.. While some may refer to it colloquially as Prime America insurance or Primeamerica, it is crucial to recognize that Primerica is a legitimate, publicly traded company. However, understanding the nuances between their term and Primerica whole life insurance offerings can be essential for making an informed decision.
Primerica Life Insurance: Services, Costs, and Controversies
Primerica customer service is often highlighted in discussions about the company’s overall performance. Clients can reach out to Primerica life insurance phone number for inquiries about their policies or to address issues. The company provides detailed information on various topics, including Primerica life insurance policy specifics and the process for checking Primerica life insurance claim status. Additionally, prospective clients can obtain Primerica quotes to compare different plans and costs. However, it’s important to be aware of any Primerica monthly fee that may be associated with maintaining a policy.
There are also discussions about Primerica being under investigation and allegations about Primerica’s pyramid scheme in Reddit threads. These controversies have led to mixed Primerica ratings and varied Primerica review posts online, including detailed Primerica life insurance reviews on Reddit. Despite these challenges, many clients still appreciate the company’s diverse offerings, such as term life insurance of Primerica and even Primerica car insurance. For those interested in life insurance payouts, understanding the Primerica life insurance payment process and potential Primerica life insurance payout amounts is crucial. The company also extends its services to other financial areas, like Primerica mortgage solutions, aiming to provide comprehensive financial support to its clients.
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Primerica Life Insurance Coverage Options
Primerica Life is adamant about permanent life insurance — they firmly declare it’s unnecessary for most people. As such, Primerica offers only term life insurance.
Term life insurance offers financial security for a predetermined time span, often 10 to 35 years. Primerica offers a $300,000 maximum death benefit for its TermNow policy and even more for policyholders who take a medical exam.
Unlike permanent life insurance, which is typically more expensive, term life doesn’t increase cash worth. It is frequently used when you believe your family’s future insurance needs will decline. Plan ahead for the end of your policy term because life insurance rates, including “Primerica rates,” will go up if you plan to renew or extend your term life insurance coverage.
Primerica Offers Two Different Term Life Plans
Depending on your age at the time of application, Primerica offers term life insurance in ten-year increments of 10, 15, 20, 25, 30, and 35 years. Depending on the type of term life insurance you get with Primerica, you may qualify for much higher limits after evaluating your total assets, liabilities, and current medical/health status.
Take a look at the list below to see what kind of Primerica term life insurance works best for you:
- TermNow. Term life insurance policy open to ages 18-60 with no medical exam requirement and simplified underwriting.
- CustomAdvantage. Term life insurance covers those aged 18-70, but the maximum age for signup is 45. You may be expected to have no significant health or medical issues to qualify for coverage.
Policy limits can exceed $1,000,000 if you get a medical exam, which often takes less than an hour and is easier than most people think. It does, however, add a potential week to half a month to the approval time for a policy.
Primerica Life Insurance Rates Breakdown
Is Primerica good according to ratings? The Primerica financial rating with A.M. Best is “A+,” or “Superior,” which is the highest rating a company can achieve.
A Top 1000 Fortune company, its revenues are at the top of all American companies by revenue, and it also scores high with Forbes and Moody’s.
Primerica Life Discounts Available
Primerica offers great value when it comes to life insurance costs, at least according to our analysis.
Use this table to understand the average term life insurance rates by age:
Average Monthly 20-Year Term Life Insurance Rates by Age and Gender
| Policyholder Age | $100,000: Male Average Term Life Monthly Rates | $100,000: Female Average Term Life Monthly Rates | $250,000: Male Average Term Life Monthly Rates | $250,000: Female Average Term Life Monthly Rates | $500,000: Male Average Term Life Monthly Rates | $500,000: Female Average Term Life Monthly Rates |
|---|---|---|---|---|---|---|
| 25 | $14.53 | $12.70 | $23.27 | $18.72 | $34.79 | $27.39 |
| 30 | $14.96 | $13.22 | $24.59 | $20.44 | $37.39 | $29.59 |
| 35 | $17.57 | $15.40 | $26.09 | $22.19 | $40.04 | $32.19 |
| 40 | $21.40 | $18.62 | $33.72 | $28.49 | $54.79 | $45.69 |
| 45 | $26.54 | $22.97 | $45.47 | $37.42 | $79.19 | $66.14 |
| 50 | $36.02 | $29.32 | $69.59 | $54.59 | $126.14 | $96.99 |
| 55 | $50.98 | $38.11 | $105.72 | $78.97 | $203.14 | $143.99 |
| 60 | $84.91 | $60.20 | $183.79 | $131.17 | $355.39 | $248.84 |
| 65 | $144.51 | $97.44 | $323.42 | $220.99 | $625.09 | $432.84 |
Primerica does not offer the cheapest term life insurance, with premiums coming in 10-25% above industry norms.
Primerica Life Insurance Rates vs. Competitors
Primerica life insurance quotes are more expensive for 30-year term life policies with $250,000 in death benefits for healthy people aged 25, 40, and 55, but policy options are much more varied.
Compare life insurance quotes from Primerica to other top life insurance companies in the country:
Life Insurance Monthly Rates & A.M. Best Ratings by Provider
| Insurance Company | Monthly Rates | A.M. Best Rating |
|---|---|---|
| Allstate | $15 | A+ |
| AIG | $14 | A |
| Banner Life | $9 | A+ |
| Erie | $12 | A+ |
| Bestow | $10 | A |
| Guardian Life | $10 | A++ |
| Haven Life | $11 | A++ |
| John Hancock | $11 | A+ |
| Liberty Mutual | $13 | A |
| MassMutual | $10 | A++ |
| MetLife | $14 | A |
| Mutual of Omaha | $12 | A+ |
| Nationwide | $13 | A+ |
| New York Life | $11 | A++ |
| Principal | $9 | A+ |
| Protective | $9 | A+ |
| Prudential | $16 | A+ |
| State Farm | $15 | B |
| USAA | $13 | A++ |
| TransAmerica | $13 | A |
A close competitor in terms of price, offering, rating, and overall customer satisfaction is Protective Life Insurance, whose variable and universal life insurance policies are comparable to having a term life insurance policy, where cash value savings over a permanent policy are invested instead into index funds or riskier investments.
Read more: Protective Life Insurance Review
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Primerica Life Insurance Riders
Primerica Life Insurance offers the following life insurance riders:
- Child Life Insurance Rider. You will receive term coverage for all of your family’s eligible children with this rider.
- Waiver of Premium Rider. If you become totally disabled and cannot work, a premium rider waiver typically enables you to pause premium payments.
- Increasing Death Benefit Rider. Applicants who receive non-rated coverage and are under the age of 56 are eligible for this rider.
- Terminal Illness Rider. If you are diagnosed with a terminal illness, this living benefits rider offers the lesser of 40% of the death benefit or $250,000 while you are still alive. In addition, you can receive the lesser of $400,000 or 70% of the death benefit in advance of your death if your policy also includes a waiver of premium rider.
These riders are designed to keep policyholders covered even in situations where a temporary loss of income or other condition might cause coverage to lapse, such as identifying a serious or persistent illness, without the need to create a new policy.
Primerica Life Insurance Discounts
Customers of Primerica Life may not expect to receive discounts, judging by their website. Additionally, it is not possible to receive quotes online. You must contact a representative or use the website to locate local Primerica agents near you.
Because of this, your best bet when receiving an overall discount is shopping around for life insurance quotes from multiple companies and evaluating if specific policies, including Primerica life insurance prices, can meet your individual needs. Consider bringing a trusted friend or family member when meeting with a Primerica agent.
How Primerica Life Ranks Among Providers
Overall, customers are generally satisfied with their experience at Primerica. It has fewer complaints than most large insurers and ranks in the top 15 among customer satisfaction. (For more information, read our “How to File a Complaint Against a Life Insurance Company“).
However, its use of commission-based insurance agents is a black spot on an otherwise decent reputation. For example, firefighters, teachers, and other public employees in Florida received over $15 million from a Primerica lawsuit after the insurer deceived residents with its Florida Retirement System plans.
Keep reading for more Primerica customer reviews from various sources.
National Association of Insurance Commissioners (NAIC)
The National Association of Insurance Commissioners (NAIC) keeps track of how many consumer complaints for different insurers. It uses that information to create a relative complaint index, adjusted for company size so an accurate result can be obtained across different carriers.
A business with a score above 1.0 received more complaints than expected. A score below 1.0, on the other hand, signifies that the company received fewer complaints than expected.
On average, the complaint index for Primerica Life was 0.36, indicating that the company received fewer complaints on average than most life insurance companies its size.
J.D. Power
Primerica Life, however, performs slightly below average in terms of overall customer satisfaction through other important metrics. According to J.D. Power’s 2022 U.S. Life Insurance Study, the company came in 13th place overall at 761.
This lower perceived rating could also be affected by a few things:
- People who work for the company who’ve also bought a policy themselves and were not happy with their earnings as marketers since the average earnings of an individual Primerica agent was just above $5,000/year in 2010
- People who have purchased policies they didn’t need through an aggressive sales agent
It’s important to remember a business’s logistical realities when considering these ratings and comparing quotes.
The Better Business Bureau (BBB)
Accredited by the Better Business Bureau (BBB), Primerica Inc. receives an “A+.” However, realize that these ratings a from Primerica agents who’ve also purchased a policy.
The BBB website demonstrates that Primerica Life company representatives regularly leave Primerica customer reviews as customers themselves since technically they are if they’ve purchased a policy, but then acknowledge or drop hints that they also work for Primerica.
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How to File Primerica Life Insurance Claims
Start a claim online with the policy number and last name of the deceased or by calling 1-888-893-9858 in the U.S. or 1-800-387-7876 in Canada.
Written correspondence can also be submitted by mail to the following addresses:
Primerica U.S.A.
Primerica Life Insurance Company
1 Primerica Parkway
Duluth, GA 30099
Primerica Canada
Primerica Life Insurance Company of Canada
P.O. Box 174
Streetsville, ON L5M 2B8
Claim payments for life insurance and annuities are made after the company confirms that you are the legitimate beneficiary.
Frequently Asked Questions
How long do you have to file an insurance claim with Primerica?
You have as long as you need to file a life insurance claim with Primerica. According to state law where you live and to which the policy is assigned, Primerica may have to meet time requirements for contacting beneficiaries proactively.
The sooner you file, the quicker you’ll get the necessary money for burial responsibilities and financial obligations. Remember, receiving your benefit check could take anywhere from 10-21 days, though the majority require only 14 days with Primerica.
How much of your Primerica life insurance policy can you borrow?
Term life insurance policies, like those provided by Primerica, typically do not build up cash value, so you cannot borrow against the policy. But Primerica offers a range of investment opportunities via its subsidiaries and partners under its parent company, Primerica, Inc., that allow withdrawals.
Are dividends paid on all Primerica Life insurance policies?
Since Primerica Life only sells term life insurance, you cannot gain the benefit of dividends from their life insurance policies. However, their parent company, Primerica, Inc., does offer annuities, managed investments, mutual funds, college savings programs, 401ks and IRAs, and business retirement plans.
Does Primerica’s life insurance cover suicide deaths?
Generally, state laws governing payment for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years.
To learn more about Primerica’s policy, which may differ depending on the type of policy and the state, get in touch with the business or certified Primerica agent directly.
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Kalyn Johnson
Insurance Claims Support & Sr. Adjuster
Kalyn grew up in an insurance family with a grandfather, aunt, and uncle leading successful careers as insurance agents. She soon found she has similar interests and followed in their footsteps. After spending about ten years working in the insurance industry as both an appraiser dispatcher and a senior property claims adjuster, she decided to combine her years of insurance experience with another...
Insurance Claims Support & Sr. Adjuster
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
