Primerica Life Insurance Review 2021

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Primerica was founded in 1977 and has grown to become the second-largest issuer of term life insurance in the U.S. While term life insurance is the only insurance product offered through Primerica, Bankrate’s Primerica life insurance review also recognizes another unique factor about the carrier: the sales structure. Each insurance agent is an independent contractor, although they must be licensed in the state they sell within. Not only do agents sell Primerica life insurance policies to families, but they also focus their selling on other financial products and recruiting other agents to join the company.

  • Date established: 1977
  • Insurance products offered: Term life
  • AM Best financial strength rating: A+ (Superior)
  • J.D. Power rating for overall satisfaction: 747/1,000 
  • Availability: All 50 states and Washington D.C.
Pros Cons
One of the few insurance carriers offering a 35-year term life option Must work with a local representative for a quote, no online quote option.
Highly customizable term life policy options Term life is the only life insurance product offered
A+ (Superior) financial strength rating from AM Best Uses independent agents, similar to a multi-level marketing company
No medical exam required No online life insurance calculator

Primerica life insurance coverage types

Primerica life insurance coverage is unique compared to other insurance carriers because it focuses exclusively on one coverage type: term life. When you consider Primerica’s main customer focus, which tends to be middle-income individuals and families, offering only term life seems to align. Other types of insurance policies, such as whole life, can be quite expensive and may require a medical exam, but term life is usually a more affordable life insurance alternative.

  • Term: A term life insurance policy offers coverage and death benefits for a specific term. Unlike whole life options, which last a lifetime as long as premiums are paid, term life coverage will end at the end of a specified period. Primerica offers policies with terms up to 35 years. In addition to coverage, Primerica life insurance offers an extensive range of riders for further customization. Riders, or options, include an increased death benefit, premium waiver if you or your spouse become disabled or terminally ill, as well as several others. After settling on how much coverage you need, the policies offer guaranteed rates throughout the life of the policy. Customers also have guaranteed insurability until age 95. Furthermore, no medical exam is required.

Primerica life insurance customer and claims satisfaction

Primerica life insurance sees mixed ratings in terms of customer satisfaction and complaints. The 2021 J.D. Power Life Insurance Study reports a customer satisfaction score for Primerica of 747 out of 1,000 points. This is well below the industry average of 776 and ranks near the bottom among numerous life insurance carriers.

However, for individual life insurance, Primerica earns a .51 index for registered customer complaints with the National Association of Insurance Commissioners (NAIC). The national baseline is 1.0, which means a score of .51 places the number of complaints well below industry standard. Primerica also receives a high rating through AM Best, which measures the historical financial strength of an insurance carrier and its ability to payout claims. Primerica earns A+ (Superior) financial strength, which is one of the highest possible ratings.

Other insurance products

Primerica only offers term life for its life insurance products, but it does have an insurance referral service that it offers auto insurance and homeowners insurance through. The carrier operates a service called Primerica Secure. It is a personal lines insurance referral program where the representatives refer customers to Answer Financial Inc. Answer Financial then offers insurance products and services through its licensed affiliates.

In addition to term life policies and property and casualty insurance, Primerica offers other financial services, such as building business retirement plans, managed investments, annuities, mutual funds and identity theft protection.

Written by
Sara Coleman
Insurance Contributor
Sara Coleman has three years of experience in writing for insurance domains such as Bankrate, The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability.