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Primerica life insurance review 2024

Updated Jan 03, 2024

At a glance

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Bankrate's take

Primerica could be a good choice if you’re looking for a variety of term life insurance options, but the company does not offer any permanent coverage policies.

Primerica may be a strong fit for customers looking for term life coverage and other financial products like investment accounts, mortgages and debt solutions. Primerica advertises that it strives to service middle-income families, so families in that financial bracket may benefit from its policies.

Primerica life insurance

Primerica’s life insurance coverage focuses exclusively on one coverage type: term life.  Primerica won't be an option if you are looking for another type of coverage, like whole life or universal life. However, Primerica could be worth looking into if you’re shopping for a term life insurance company. Depending on where you live, your policy may be underwritten by the Primerica Life Insurance Company or by the National Benefit Life Insurance Company (if you live in New York).

  • Term: A term life insurance policy offers coverage for a specific period of time, typically between five and 30 years. Unlike whole life options, which last a lifetime and guarantee death benefits as long as premiums are paid, term life coverage will end after the specified period unless it is renewed or converted. Because Primerica does not offer permanent life insurance options, you would not be able to convert your term policy to a whole one. However, Primerica does offer two types of term life policies, with terms up to 35 years:
    • TermNow: This policy is Primerica’s no-medical-exam option, with coverage up to $300,000.
    • Custom Advantage: This option requires a medical exam, but has a larger potential death benefit.

After settling on how much coverage you need, Primerica’s term life insurance policies offer guaranteed rates throughout the policy’s life. Customers also have guaranteed insurability until age 95. You initially have to meet underwriting guidelines, but once you have a policy, you have the ability to renew the term up to age 95, although the new rate will depend on your new age. This is not the same as guaranteed-issue insurance, but it does allow you to continue your policy for a length of time. 

No Primerica life insurance review would be complete without mentioning its representatives-based sales structure. While Primerica notes that it does not use a multi-level marketing (MLM) model, it does sell policies through independent contracted agents — not employees — who are compensated based on their own commissions and the “downline” commissions of agents they recruit. Some customers may find Primerica’s sales approach off-putting, but the company is still an accredited life insurance company with a strong AM Best financial strength rating. 

Pros and cons of Primerica life insurance

Pros
  • No-medical-exam option for term coverage

  • A+ (Superior) financial strength rating from AM Best

  • Strong social responsibility programs

Cons
  • Only sells term life insurance

  • Uses a representative-based business model to recruit new agents and sell policies

  • No online life insurance calculator or online quotes available

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Primerica life insurance endorsements

Primerica does not share its full list of riders available for its term life insurance, but you may learn more information by contacting an agent or customer service representative.

Compare Primerica with other insurers

Finding the best life insurance company for your needs likely involves researching and comparing quotes and products. Whether you’re looking for the cheapest life insurance or a specific rider, it’s important to recognize when a carrier might not meet your needs. If you’re not convinced that Primerica is the right choice or want other options for comparison, here are some alternatives:

Primerica vs. State Farm

In addition to winning a 2023 Bankrate Award for Best Term Life Insurance, State Farm also offers joint universal life coverage, which might be a good option for a family life insurance policy. Its many options make it easy for individuals and families to choose what kind of life insurance they want, especially if cheap life insurance is a priority. 

Learn more: State Farm Insurance review 

Primerica vs. Prudential

If you are looking for a permanent policy rather than a term policy, Prudential could be a good option. The company offers an impressive array of riders to help you personalize your coverage to your needs.

Learn more: Prudential Insurance review 

Primerica vs. Mutual of Omaha

If you like that Primerica offers other financial products in addition to life insurance, Mutual of Omaha could be a good alternative. The company offers annuities and investments, several life insurance products, a number of health insurance products and financial planning services.

Learn more: Mutual of Omaha Insurance review

Is Primerica a good insurance company?

Bankrate’s Primerica life insurance review could help you decide if the company is right for your situation. Our editorial team analyzed more than 50 insurance companies to see which ones offer the best financial strength, customer service, policy coverage, riders and more.

Primerica, founded in 1977, sells term life insurance in all 50 states and Washington, D.C., and could be well-suited for customers wanting to work with local agents. However, the company’s narrow product line — it only sells term coverage along with a few other financial products — means customers have fewer options to tailor their policy to their needs. The company has a no-medical-exam option, but prospective policyholders will still have to meet underwriting guidelines to qualify for coverage.

Primerica customer satisfaction

To round out our Primerica review and get a better sense of how actual customers feel about the company, Bankrate evaluated third-party ratings from J.D. Power for customer satisfaction. We also analyzed AM Best ratings for financial strength. Although Primerica's high AM Best rating indicates a historical ability to meet financial obligations, the carrier scores below the industry average for overall customer satisfaction with J.D. Power.

Study or Rating Agency Primerica Industry average
2023 J.D. Power Individual Life Insurance Study 784/1,000 790/1,000
2022 J.D. Power Group Life Insurance Study Not scored 797/1,000
AM Best rating A+ (Superior) N/A

Primerica customer complaints

Bankrate evaluated Primerica’s complaint index from the National Association of Insurance Commissioners (NAIC). The NAIC tracks the number of complaints filed by an insurance provider’s customers and calculates the carrier's complaint index based on its market share. The NAIC uses 1.0 as its baseline index. A complaint index higher than 1.0 indicates that an insurance provider receives more complaints than expected for a company of its size and vice versa.

Primerica life complaints

Primerica’s NAIC complaint index contradicts its low J.D. Power score. Over the last three years, Primerica’s complaint index has remained below baseline. This implies that Primerica policyholders are filing relatively few formal complaints for the company's life insurance product.

Other Primerica tools and benefits

Primerica also offers the following types of insurance coverage and other financial products:

  • Auto (through Answer Financial Inc.)*: Unlike its life insurance policies, auto insurance quotes through Answer Financial are available online.
  • Home (through Answer Financial Inc.)*: A Primerica home insurance agent may refer you to an Answer Financial agent to complete your online home insurance quote.
  • Investments: Primerica policyholders can also access the company’s various financial products, including mutual funds and annuities, to help plan for retirement.
  • Financial Needs Analysis: With this service, individuals can work with a representative to develop a personalized strategy for their financial goals, including planning for an appropriate amount of term coverage.
  • IDTheftDefense: Primerica offers customers a three-pronged approach to identity theft protection. This product automatically monitors financial accounts and personal information, can provide emergency assistance and help with the costs related to restoring a stolen identity.

*Answer Financial Inc. in turn uses licensed affiliated companies to underwrite its products.

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Written by
Natalie Todoroff
Writer, Insurance

Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.

Edited by Editor, Insurance