Primerica life insurance review 2024
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At a glance
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.
- Focuses exclusively on term life insurance with TermNow (no-medical-exam) and fully underwritten Custom Advantage
- Holds an A+ (Superior) rating from AM Best
- Guaranteed insurability allows policyholders to renew up to age 95
- No online quotes; customers must contact a representative for pricing
- Uses a representative-based model, which may limit purchasing flexibility
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. Policies are underwritten either 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 can 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. Because Primerica does not offer permanent life insurance, there aren’t any conversion options on their term policies. 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 fixed rates throughout the policy’s initial term period. 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 significant 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 independently 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
When conducting your Primerica review, it’s helpful to weigh the benefits and drawbacks before making a decision. Below are some of the key pros and cons of the company.
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
- Low coverage limits with all policy types
Primerica life insurance riders
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. For those unfamiliar with riders, they are additional policy features or options that can be added to a standard life insurance policy to tailor it to your needs. Riders can offer extra benefits like accidental death coverage, waiver of premium due to disability or child life insurance coverage, providing a more comprehensive and personalized policy.
Primerica customer satisfaction
When considering Primerica's customer satisfaction ratings, it's important to consult reputable third-party assessments like J.D. Power and AM Best. J.D. Power measures customer satisfaction across key areas such as policy offerings, pricing and claims handling, providing a comprehensive view of how insurers meet customer needs. In the 2023 U.S. Individual Life Insurance Study, Primerica scored 784 out of 1,000, falling below the industry average of 790. However, Primerica holds an A+ (Superior) rating from AM Best, reflecting its strong financial stability and historical ability to meet financial obligations. These ratings suggest that while Primerica may not excel in customer satisfaction compared to some competitors, its financial strength is reassuring for those seeking reliable coverage.
Primerica insurance 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’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.
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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
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Compare Primerica with other insurers
Finding the best life insurance company for your needs likely involves researching and comparing quotes and products. It's a good idea to check with multiple insurance companies if you have any health issues. Insurance companies each have their own underwriting criteria and can vary significantly on how they price specific health conditions. 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 2024 Bankrate Award for Best Term Life Insurance, State Farm also offers whole life and universal life, including 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.
Learn more: State Farm Insurance review
Primerica vs. Prudential
In addition to term life insurance, Prudential offers an assortment of permanent coverage options. They also offer 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
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Primerica insurance review.
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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.
What are real-life customers saying about Primerica?
To gain a more personal perspective on Primerica, we explored feedback from real customers on platforms like Trustpilot and Reddit. While Trustpilot and Reddit are not dedicated review sites, they offer spaces where users discuss their direct experiences with insurance companies, sharing insights about the sign-up process, customer service, claims handling and more. This feedback offers a glimpse into how Primerica interacts with its customers and provides its services, helping prospective policyholders understand what they can expect when choosing Primerica for their life insurance needs.
Trustpilot reviews
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
Reddit reviews
Reddit forums discussing Primerica often feature a common mix of opinions, with some users claiming the company operates as a multi-level marketing (MLM) scheme. Critics argue that its recruitment-focused business model resembles a scam. However, other users defend Primerica, sharing positive experiences and emphasizing that the company provides legitimate services and financial products. This range of opinions reflects the varied perspectives held by those who have interacted with or held policies with Primerica.
Primerica company details
If you are looking to get in contact with Primerica, here are a few ways:
- Customer service: 1-800-257-4725
- Claims number: 1-888-893-9858
- Claims email: us_lifeclaims@primerica.com
- Website: https://primerica.com
State availability
Primerica term life insurance policies are available in all 50 states and Washington, D.C.
Primerica tools and benefits
Primerica also offers the following types of insurance coverage and other financial products:
- Mutual funds: Offers a variety of mutual funds to help families save and invest for both short-term and long-term financial goals.
- Managed accounts: Provides managed investment accounts to give families professional management for their savings.
- Annuities: Offers annuities to provide a stable income stream for retirement.
- 529 educational savings plans: Enables families to save for their children's education through tax-advantaged 529 plans.
- Business retirement plans: Helps small business owners and their employees plan for retirement with tailored business retirement plans.
- Mortgage products: Partners with Rocket Mortgage and Spring EQ to offer conventional, FHA, jumbo, VA, YOURgage and home equity loans and lines.
- Auto and home insurance referral program: Refers customers to Answer Financial Inc. to find competitive rate quotes for auto and home insurance.*
- Identity protection: Offers IDTheftDefense through Pre-Paid Legal Services, Inc. to monitor, counsel and restore personal and financial accounts in the event of identity theft.
- Financial education and planning: Provides comprehensive financial assessment and planning to guide families in taking control of debt and achieving their financial goals.
*Answer Financial Inc. in turn uses licensed affiliated companies to underwrite its products.
Frequently asked questions about Primerica
