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Primerica Life Insurance Review

When it comes to your family’s financial future, will you be able to provide for them if you die?

It’s essential to take appropriate steps to ensure that your life insurance will care for loved ones if something tragic occurs.

Primerica Life offers insurance products that may be a great way to help safeguard your family’s future.

Primerica has been named by Forbes as one of America’s Best Insurance Companies for 2022.

Since 1977, Primerica has offered term life insurance to its customers.

Read on to learn more about Primerica Life insurance and whether or not this could be right for you.

Will Primerica Be There When You Need Them?

Primerica has more than 11 million customers who rely on the company’s financial expertise to help them reach their goals.

Headquartered in Duluth, Georgia, Primerica has approximately $781 Billion of life insurance in force.

According to Primerica’s 2021 annual report, the average face amount of policies issued in 2021 was $251,500 and 323,855 policies were issued in 2021.

As of 12/31/2021, Primerica had 2,885,963 active life insurance policies and processed over 22,300 life insurance claims in 2021.

In addition to providing life insurance, Primerica also offers disability insurance and loan products.

The company is Primerica Life in most states and National Benefit Life Insurance Company in New York.

Financial Strength

Financial strength ratings matter when choosing a life insurance company.

Primerica has some pretty good ratings with the following.

  • AM Best – “A+”
  • Moody’s – “A1”
  • Standard & Poor’s – “AA-”

Ratings as of 12/31/2021

How Easy is it to Get a Policy with Primerica?

It’s pretty easy to get a policy with Primerica.

Primerica has approximately 100,000 part-time and full-time representatives selling its products with their philosophy of “Buy Term and Invest the Difference”.

We agree with that philosophy for most people as term life insurance offers you the ability to get the coverage you need at an affordable price.

The term products offered by Primerica are the TermNow rapid issue accelerated underwritten policy and the Custom Advantage Term policies.

TermNow

  • TermNow Details
    • Rapid Issue Accelerated Underwriting
    • $300,000 maximum face amount
    • Terms of 10, 15, 20, 30* and 35*
      • 10 years – 18-70
      • 15 years – 18-65
      • 20 years – 18-60
      • 25 years* – 18-55
      • 30 years* – 18-50
      • 35 years* – 18-45

* Quick note – According to Primerica’s 2018 life operations guide Primerica Life Insurance Company policies issued on and after April 3, 2018, guarantee the scheduled premiums for the entire first term.

You may obtain up to $300,000 of coverage in minutes if you qualify.

Underwriting rate classes for TermNow include:

  • Select
  • Non-Tobacco
  • Tobacco

The “Select” rate class is available only if you apply for $150,000 or more.

With Primerica’s rapid-issue term life policy, underwriting will access the Medical Information Bureau, prescription databases, clinical lab, motor vehicle, and criminal databases.

The company uses the above information and your application answers to determine if a policy can be rapid issued.

Custom Advantage Term

The Custom Advantage has better pricing than the TermNow policies.

In addition, the Custom Advantage plan requires a paramedical exam.

  • Custom Advantage Details
    • Terms of 10, 15, 20, 25*, 30*, and 35* years
    • 10 year – 18-70
    • 15 year – 18-65
    • 20 year – 18-60
    • 25 year* – 18-55
    • 30 year* – 18-50
    • 35 year* – 18-45

* Quick note – According to Primerica’s 2018 life operations guide Primerica Life Insurance Company policies issued on and after April 3, 2018, guarantee the scheduled premiums for the entire first term.

Underwriting Rate Classes for Custom Advantage include:

  • Preferred Plus
  • Preferred
  • Non-Tobacco
  • Tobacco

The “Preferred Plus” and “Preferred” rate classes are only available when applying for $150,000 or more of coverage.

Are Primerica Policies Competitive?

No, Primerica’s term life insurance policies are not competitive.

There is no comparison to the best term life insurance companies like Banner, SBLI, or Protective.

Three of the most glaring reasons Primerica is not competitive include:

  • Expensive Pricing
  • No Conversion Privilege
  • Limited Coverage Amounts

Expensive Pricing – Primerica’s term life insurance policies are more costly than the most competitive companies.

Here’s a quick example:

  • Male, age 35 in PA.
  • Preferred Best Health
  • $250,000 of coverage
  • 20-year term life insurance policy.

Primerica’s price is $235 annually or $22.33 per month.

Banner’s price = $158 annually or $13.39 per month.

If you decided to spend $235 at Banner, they would give you $448,000 of coverage!

Lack of Guarantees – With all companies we offer, if you buy a 30 or 35-year term life policy, the premium is guaranteed for the 30 or 35-year term.

With Primerica, they only guarantee the rate for 20 years.

In 2018, Primerica changed this policy to guarantee level premiums for the initial term period.

No Conversion Privilege – Primerica policies do not offer conversion privileges.

While not used very often, conversion is an important feature should you become uninsurable and need coverage beyond the term.

Most companies have a conversion privilege built into their policies for no additional cost.

Limited Coverage Amounts – Primerica focuses on smaller policies.

The TermNow product is limited to $300,000

The Custom Advantage is available for up to $9,000,000 or more but requires full underwriting for all amounts.

Features and Benefits Available

Primerica Life has a number of life insurance riders available.

Child Rider – Up to $50,000 of coverage is available as a child rider.

Increasing Benefit Rider (IBR) – Allows for 10 increases in coverage at 10%. (Some older policies had 5%). If you decline the IBR increase, all future IBR increases are forfeited.

The IBR is an interesting rider as not many companies besides Northwestern Mutual offer similar things.

The IBR rider is not available if your policy has a table rating.

Waiver of Premium Rider – Is available up to age 55. In addition, premiums are waived should you become disabled.

This rider is not available if your policy is table rated.

Terminal Illness Rider – If you have been diagnosed with 6 months or less to live, 40% of your death benefit may be accelerated now.

If you have the waiver of premium rider, you may accelerate up to 70% of the death benefit.

Does Primerica Offer Good Customer Service?

Primerica offers customer service via telephone, online, and mail.

You can reach customer service at 800-257-4725

Online login to your life insurance policy is available here

Corporate headquarters is located at 1 Primerica Parkway – Duluth, Georgia 30099

Conclusion

Primerica targets middle-class Americans with its products and service.

From a life insurance standpoint, better products and pricing exist elsewhere.

However, the IBR mentioned is an individual rider for a term policy.

Primerica agents also sell Pre-Paid Legal Services, identity theft products, and investment services.

Please take a few minutes to submit your quote request.

We’ll provide you with quotes to compare Primerica life insurance to the companies we offer.

Thank you.


Other Companies We Reviewed

Custom Life Insurance Quote In less than 5 minutes!

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  • RiskQuoter.com, Life Insurance, Lakewood Ranch, FL

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Meet the Author - Michael Horbal

That’s me to the left. I’m the founder and owner of RiskQuoter. I hate the fact that many people pay too much for life insurance because they end up with the wrong life insurance company, agent or both.

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There’s never any pressure or obligation with my life insurance service. Get the information you need to make an informed decision for yourself.

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