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Primerica life insurance review 2020

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You can only get term life insurance policies sold through this broker's dubious 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

Free quote No
Monthly cost Not listed
Policies Term
Coverage maximum $400,000
Term lengths 10, 15, 20, 25, 30 or 35 years
Riders Accelerated death benefit rider, Accidental death benefit rider, Waiver-of-premium rider
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.

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

Established in 1977, Primerica has sold more than 5 million active life insurance policies. Operating on the mantra of maximum coverage for minimum cost, this insurer offers full-service term life insurance.

But Primerica operates under what appears to be 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. 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?

Unlike most insurance providers of its size, Primerica sells term life insurance only. Operating on the principle of maximum coverage for minimum cost, the company encourages its customers to “buy term, invest the difference.” While it offers other financial services like mutual funds and annuities, you’ll need to look elsewhere for permanent life insurance policies.

Primerica doesn’t underwrite its own life insurance policies. Instead, it’s a broker whose policies are underwritten by a subsidiary, National Benefit Life Insurance Company. Because of this, its site offers limited details about coverage and options. You’ll need to call customer service at 800-257-4725 for details.

However, a few things are clear about its policies:

  • Agents offer a financial-needs analysis to better understand your financial situation.
  • Term life insurance is not convertible to a permanent policy.
  • Policies are available in different term lengths and feature level premiums.
  • If your policy expires, the renewable policy does not offer level premiums.

What riders can I get?

  • Accidental death benefit rider. Your beneficiaries will receive an increased death benefit if you die in an accident, like a car accident.
  • Accelerated death benefit rider. Access up to 70% of your death benefit if you’re diafnosed 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 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 unlike its competitors, this provider doesn’t advertise how you can qualify for these rates.

To get the lowest rates, you typically must meet general health and lifestyle guidelines that include:

  • No tobacco use in the past five years.
  • A low-risk occupation.
  • Height and weight guidelines.
  • 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

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Is Primerica legit?

While Primerica hasn’t been around as long as other insurance providers, it’s made a name for itself in the past 40 years. Known for its alternative approach to selling policies, Primerica is the largest financial service marketing company in North America.

Its alternative 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.

Although this business model may allow for a more personal experience, it’s scrutinized by industry professionals who cite the appearance of 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.

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.

Compare alternatives to Primerica

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Prudential
18 - 75 years old
$100,000
$10,000,000
10, 15, 20, 30 years
Yes
Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
Transamerica
18 - 75 years old
$25,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
MassMutual
18 - 80 years old
$2,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
AIG
AIG
20 - 85 years old
$5,000
$2,000,000
10, 15, 20, 25, 30, 35 years
Yes
Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
John Hancock
18 - 65 years old
$25,000
$1,000,000
10, 15, 20 years
Depends on policy
Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.
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2 Comments

  1. 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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