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Primerica life insurance review 2022

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Bottom Line: If you’re shopping for term life insurance, Primerica could be a good choice. However, the company’s life insurance offerings are limited to term, which means you might not have the flexibility you would have with other life insurance companies.

Perks Drawbacks
No medical exam required Only sells term life insurance
A+ (Superior) financial strength rating from AM Best No online quotes
Strong social responsibility programs No online life insurance calculator

Primerica, which was 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 doesn’t require medical exams for its policies, but prospective policyholders will still have to meet underwriting guidelines to qualify for coverage. Bankrate’s Primerica life insurance review could help you decide if the company is right for your situation.

Primerica life insurance coverage types

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

  • Term: A term life insurance policy offers coverage and death benefits for a specific period of time. 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. However, you may have the option to renew the term or convert policy to a permanent option, depending on the company. Unfortunately, since Primerica does not offer those types of life insurance, you would not be able to convert your policy with them. Primerica offers policies with terms up to 35 years.

    Primerica life insurance also offers an extensive range of riders for further customization. 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. 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. Furthermore, no medical exam is required.

Primerica life services

In addition to term life insurance, Primerica offers a few other financial services. The company’s Financial Needs Analysis can help you understand your entire financial situation and could help you create a financial roadmap that works for you. Primerica also offers investment solutions, tools to help you pay down your debt and a pre-paid legal protection program through LegalShield, in addition to identity theft monitoring and restoration services.

Other Primerica perks worth considering

Primerica also offers the following types of insurance coverage:

  • Auto (through Answer Financial Inc.)
  • Home (through Answer Financial Inc.)

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

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 U.S. Individual 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 0.55 index for registered customer complaints with the National Association of Insurance Commissioners (NAIC). The national baseline is 1.0, which means a score of .55 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.

Primerica social responsibility

Primerica publishes an annual Corporate Sustainability Report showcasing how it has performed across several categories in the past year. The 2021 report includes breakdowns of the company’s social, environmental and governance initiatives. The company puts a special focus on helping middle-class consumers create financial plans and understand their money needs. Primerica has its own financial literacy publication called How Money Works to help its customers gain more confidence with their finances.

In terms of social initiatives, Primerica requires Diversity, Equity and Inclusion (DEI) training for all its employees. Additionally, the company is working with a third party to expand its research into gender and ethnicity pay gaps. Finally, when it comes to environmental programs, Primerica has started recycling initiatives, energy-use programs and alternative transportation offerings to its employees.

Not sure if Primerica is right for you? Consider these alternatives

Finding the best life insurance company for your needs can involve researching and comparing quotes and products. If you’re not convinced that Primerica is the right choice, here are some alternatives:

  • State Farm: In addition to winning a 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.
  • 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 customize your coverage to your needs.
  • 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.
Written by
Cate Deventer
Insurance Writer & Editor
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by
Insurance Editor