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Primerica life insurance review 2023
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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 good choice 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
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No-medical-exam option for term coverage
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A+ (Superior) financial strength rating from AM Best
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Strong social responsibility programs
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Only sells term life insurance
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Uses a representative-based business model to recruit new agents and sell policies
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No online life insurance calculator or online quotes available
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
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 a good fit 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 get a better sense of how actual Primerica 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 (A+ (Superior)) indicates a historical ability to meet financial obligations, the carrier scores below the industry average for overall customer satisfaction with J.D. Power.
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
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:
- 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.
*Answer Financial Inc. in turn uses licensed affiliated companies to underwrite its products.
Frequently asked questions about Primerica