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Our Expert Take
Our Expert Take
Primerica offers a limited selection of life insurance options, and rates are reportedly high. It specializes in term life insurance but also offers other financial products through full-time and part-time representatives. We think life insurance buyers are better off working with an independent insurance agent who can collect quotes from several companies best suited to their specific needs.
Pros
- Offers no-exam life insurance.
- Offers term lengths up to 35 years.
Cons
- Rates are high.
- No permanent life insurance options.
- Quotes are not available online.
- Lack of policy information on its website.
See Plan
Via Forbes Advisor's Website
Company structure
Stock
A.M. Best financial strength rating
A+ (Superior)
Availability
All 50 states and Washington, D.C.
Table of Contents
- Types of Life Insurance Sold by Primerica
- Primerica’s Life Insurance Riders
- How Do I Buy Life Insurance From Primerica?
- How to File a Claim with Primerica
- Primerica Consumer Experience
- Primerica Life Insurance Frequently Asked Questions
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Types of Life Insurance Sold by Primerica
Primerica sells term life insurance. It does not offer permanent life insurance policies such as whole life insurance.
Primerica Term Life Insurance
Primerica’s term life insurance targets middle-income families. It sells two term life policies, Custom Advantage and TermNow. Primerica’s term length choices are 10, 15, 20, 25, 30 and 35 years, but the 35-year term policy is available only to buyers ages 18 to 45.
Primerica’s term life insurance policies are renewable until age 95 but rates will be significantly higher with each renewal.
Primerica’s term life insurance options are:
- Custom Advantage. A term life policy that requires a l medical exam. The minimum coverage amount is $150,000.
- TermNow. A term life policy that does not require a medical exam and can be issued quickly. Coverage is available up to $300,000.
| TermNow | Custom Advantage | |
|---|---|---|
Death benefit | Up to $300,000 | Minimum of $150,000 |
Term options | 10, 15, 20, 25, 30 and 35 years | 10, 15, 20, 25, 30 and 35 years |
Medical exam required | No | Yes |
Available for applicants | Age 18 to 70 | Age 18 to 70 |
Primerica’s policies do not include a term life conversion feature because it does not offer any permanent policies.
Primerica’s Life Insurance Riders
Life insurance riders allow you to customize a policy, usually with extra coverage or features for a cost. Primerica’s offers:
- Child rider. This rider covers eligible children.
- Increasing benefit rider. You can increase your coverage amount by up to 10% per year over 10 years with this rider.
- Terminal illness rider. This rider gives you access to some or all of your own death benefit money if you are diagnosed with a qualifying terminal illness.
- Waiver of premium. If you buy this rider, the life insurance company will waive part of your premiums if you become disabled and can’t work.
Compare Primerica With Other Insurers
1
Primerica
Company structure
Stock
A.M. Best financial strength rating
A+ (Superior)
Availability
All 50 states and Washington, D.C.
1
Primerica
See Plan
Via Forbes Advisor's Website
2
Colonial Penn Life Insurance
Type of policies offered
Guaranteed acceptance life insurance
2
Colonial Penn Life Insurance
See Plan
Via Forbes Advisor's Website
3
Globe Life Insurance
Types of policies offered
Term life, whole life, child life, burial life
AM Best rating
A (Excellent)
3
Globe Life Insurance
See Plan
Via Forbes Advisor's Website
How Do I Buy Life Insurance From Primerica?
 | From a Primerica agent Primerica life insurance policies can be purchased only from one of its representatives. |
How to File a Claim with Primerica
You can initiate a life insurance claim with Primerica by calling (888) 893-9858. A claim representative will advise what documentation you need to mail to the company with your claim form.
For customer support, you can email plic@primerica.com. The customer service number is (800) 257-4725.
Primerica Consumer Experience
Primerica’s complaint level for individual life insurance is very low, indicating good customer satisfaction. The National Association of Insurance Commissioners collects complaint data from state insurance departments across the country.
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Primerica Life Insurance Frequently Asked Questions
Can I cash out a Primerica life insurance policy?
No, because Primerica sells only term life insurance and there is no cash value, there is nothing to cash out. You can cancel a Primerica life insurance policy by contacting its client services team at 1-800-257-4725.
Is Primerica life insurance worth it?
The information publicly available about Primerica’s term life products is limited. We also discovered that agents with access to Primerica rates say the rates are not competitive. We recommend considering one of the companies in our best term life insurance companies rankings instead.
Do all Primerica life insurance policies pay dividends?
Primerica does not sell whole life insurance, where you’d typically find dividends. But even if it did, Primerica is not a mutual company and therefore does not pay life insurance dividends to policyholders.
Is Primerica a MLM?
Although Primerica says it is not a multilevel marketing, or MLM organization, its compensation structure for representatives is similar to that of an MLM. Like an MLM, its agents can make commissions based not only on their sales but also on the sales of those they recruit.
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