Primerica life insurance review

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Term life insurance policies sold through what might be an MLM model.

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 for your needs.

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Promoted

Minimum coverage N/A
Terms available 10, 15, 20, 25, 30 or 35 years
Payment methods N/A
Medical exam required No medical exam for less than $300K coverage
Temporary underwriting coverage N/A

Pros

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

Cons

  • Appears to operate under MLM structure.
  • Strict underwriting.
  • No permanent policies.
Primerica has been accredited by the Better Business Bureau (BBB) since 1990 and earns an A+ rating. As of this writing, the reviews on the BBB website are a bit of a mixed bag: Of 17 total reviews, 10 are positive, one neutral and six are negative. However, it garners 130 official consumer complaints, mostly regarding issues with policies and pushy sales tactics.

Primerica is considered financially stable, capable of fulfilling its debt obligations. It received an A+ rating from A.M. Best, which is the most relevant ratings agency in the insurance industry. If you file a claim, you can be confident that the company has the ability to pay.

A.M. Best A+

What is Primerica known for?

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 among other financial services.

Pros

  • Simple. Because there’s only one type of insurance, deciding which plan you need is easy.
  • Educational. Primerica’s website offers a wide range of resources helping customers learn about personal finance.
  • Quick claims. Proud of its ability to pay claims quickly, this insurer states on its site that 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. Shop around to find the right life insurance policy and rates for your situation.
  • Strict underwriting. The underwriting for term life insurance at Primerica is stricter than other providers. If you’re in poor health or have a pre-existing condition, you may be better off looking elsewhere.
  • No permanent policies. You can’t convert your term life policy to a permanent option. However, after your policy expires, you can renew your term policy without going through another medical exam. But choosing to forgo a medical exam does not mean that your premiums stay the same — they’ll likely increase unless you reduce your coverage.

Compare life insurance providers

Name Product Issue Ages Coverage Range Medical Exam Required State Availability
18 - 85 years old
$10,000 to $10,000,000+
Depends on provider and policy
All 50 states
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
21 - 54 years old
$50,000 to $1,000,000
No
Not available in Alaska or New York
Affordable 2-, 10- and 20-year term life insurance policies. Instant quotes and no medical exams.
20 to 60 years old
$100,000 to $8,000,000
No
Not available in New York
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
18 - 64 years old
$100,000 to $3,000,000
No
All 50 states
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
25 - 60 years old
$100,000 to $5,000,000
No
Available in all states except for Montana
Offers term life insurance with accelerated underwriting. No-exam coverage up to $1,000,000 for those who qualify.

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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.

Term life insurance

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.

Riders

  • Increasing benefit. Receive an increased death benefit if the insured dies by accident.
  • Terminal illness. Receive a payout of up to 70% of face value before you die to help cover related expenses.
  • 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

How do I file a life insurance claim with Primerica?

Unfortunately, you can’t file a claim online with Primerica. Email the claims department at us_lifeclaims@primerica.com for more information, or call the claims office at 888-893-9858.

You may be able to access some claims documents by logging in to your online Primerica account.

What other services does Primerica offer?

Primerica specializes in annuity and life insurance products, but offers a wide range of others:

  • Mutual funds
  • Managed investments
  • Annuities
  • Business retirement plans
  • Auto and home insurance
  • Long-term-care plans
  • Legal and identity theft protection
  • DebtWatchers program

Bottom line

If you’re looking for term life insurance, you might find better options by shopping around. 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. Prices are average for the coverage you receive.

As always, compare life insurance providers to find the strongest coverage and rates for your lifestyle and budget.

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2 Responses

  1. Default Gravatar
    SilviaMarch 18, 2019

    Can I change my term life insurance?

    • Avatarfinder Customer Care
      JoshuaMarch 18, 2019Staff

      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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