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Primerica life insurance review 2021

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You can only buy term life insurance policies through this broker's MLM model.

Bottom line: Primerica’s agents sell basic term life with few riders or options. Because its sales model is reminiscent of an MLM, agents may not have your best interest at heart.

18 to 45

Issue Age

N/A to $400,000

Coverage

No medical exam for less than $300K coverage

Medical Exam Required

Details

Policies Term
Coverage maximum $400,000
Term lengths 10, 15, 20, 25, 30 or 35 years
Medical exam required No medical exam for less than $300K coverage
Available states All states
Issue age Not listed

Pros

  • Strong financial stability.
  • Offers educational resources.
  • Quick claims.

Cons

  • Appears to operate under MLM structure.
  • Strict underwriting.
  • No permanent policies.
Riders Accelerated death benefit rider
Accidental death benefit rider
Waiver-of-premium rider

Expert review

Peter Carleton

Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

While Primerica’s business model may raise red flags, it’s a real company selling real term life insurance policies. It appears to operate under a multilevel marketing business model, which allows anyone to become a full-service, licensed agent. These agents help you decide on your policy and options, and they’re paid commission on any sales.

But because they can sell you Primerica insurance only — and not another brand — we suggest shopping around to make sure you get the right policy.

What life insurance coverage does Primerica offer?

Primerica is a broker that only sells term life insurance, and its policies are underwritten by the National Benefit Life Insurance Company. You can buy coverage lasting 10 to 30 years, but the term policies aren’t convertible.

The company encourages its customers to “buy term, invest the difference.” Its agents offer a financial-needs analysis to help you understand your financial situation.

What riders can I add to my life insurance policy?

You can customize your coverage with common riders, such as:

  • Accidental death benefit rider. Your beneficiaries will receive an additional death benefit if you die in an accident.
  • Accelerated death benefit rider. Access up to 70% of your death benefit if you’re diagnosed with a terminal illness.
  • Waiver-of-premium rider. Waive your premium for a set time if you become terminally ill or are unable to work.

How much does Primerica life insurance cost?

Primerica’s rates tend to be on the higher end of the spectrum. To give you an idea of how much you might pay, these are sample rates for a 35-year-old nonsmoking man and woman in good health.

PolicyManWoman
10-year/$500,000$20.00$18.81
20-year/$500,000$27.91$25.22
30-year/$500,000$30.83$28.74

How can I get a low rate from Primerica?

Primerica offers two rate classes that reward nearly perfect health with the lowest rates — Preferred and Preferred Plus. But the insurer doesn’t disclose how you can qualify for these rates.

Typically, you’ll need to meet these general guidelines to access cheap rates:

  • No tobacco use in the past five years.
  • A low-risk occupation.
  • No diagnosis or treatment for a cardiovascular disorder, diabetes, cancer or any other substantial medical condition.
  • No diagnosis or treatment for high blood pressure in the past five years.
  • No parental death from cardiovascular illness or cancer prior to age 65.
  • No flight as a pilot, student pilot or crew member of any aircraft other than commercial aircraft in the past three years.
  • No engagement in any hazardous sports in the past three years.
  • No more than three moving violations in the past three years and no DUI, DWI or license suspensions.

Primerica optimal height and weight chart

Primerica life insurance chart

Is Primerica legit?

Yes. Primerica is a legitimate company that manages more than 5 million active policies — and it’s the largest financial service marketing company in North America. However, it does have an alternative business model that’s reminiscent of a multi-level marketing scheme.

Its business structure allows independent contractors to become licensed insurance agents to sell its policies. The only agents that aren’t licensed are Primerica’s trainees. Still, the representative we spoke to did not divulge exactly what it means to be a trainee or how they get paid.

Unless you’re signing up to help out a friend or family member selling Primerica products — which we don’t recommend — there’s little that stands out about this company.

How do Primerica agents get paid?

Primerica agents follow a commission-based multi-level marketing structure. Though business model may allow for a more personal experience, it’s scrutinized by industry professionals who believe there’s a conflict of interest between its limited products and commission-based multilevel marketing structure. Despite the controversy, this provider offers comprehensive term life insurance and other financial services.

Pros and cons of Primeria life insurance

Pros

  • Added value. Primerica agents provide a financial needs-analysis to help you determine the coverage you need
  • Quick claims payouts. According to the company, more than 94% of all claims are paid within two weeks.

Cons

  • Possible MLM. While all Primerica agents are licensed, the company is often accused online of being a multilevel marketing scheme.
  • Strict underwriting. If you’re in poor health or have a pre-existing condition, you may find a better rate elsewhere
  • No online quotes. Primerica doesn’t offer the option to get a quote before applying for coverage — you’ll need to call customer service to get a ballpark price.
  • No permanent policies. The company only offers term life, and the policies aren’t convertible. However, after your policy expires, you can renew your term policy without going through another medical exam.
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Primerica reviews and complaints

Primerica has been accredited with the Better Business Bureau since 1980, and has an A+ rating for its customer interaction. Customers award the company 4 out of 5 stars, but the BBB has recorded 122 complaints over the last three years. Most of the complaints had to do with billing issues, with many customers struggling to cancel their policy or communicate with the broker.

On TrustPilot, Primerica has 4 out of 5 stars based on just a handful of reviews.

AM Best financial rating A-
BBB accredited Yes
BBB rating A-
3.88/5 out of 41 customer reviews
Trustpilot score 4/5 out of 3 customer reviews
JD Power score 732
Customer reviews verified as of 22 January 2021

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2 Comments

    Default Gravatar
    Silvia
    March 18, 2019

    Can I change my term life insurance?

      Avatarfinder Customer Care
      Joshua
      March 18, 2019

      Hi Donna,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      That would depend on what type of change you want to have. It is important to note that you can’t convert your term life policy to a permanent option if that’s what you want. However, you can renew your term policy after its expiration.

      You can get in touch with Primerica as well to obtain a more personalized answer.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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