Primerica Life Insurance Review 2022
Conclusion : If you’re shopping for term life insurance, Primerica might be a good choice. However, the company’s life insurance offerings are term-limited, which means you may not have the flexibility you would have with other life insurance companies.
|No medical exam required||Only sells term life insurance|
|Financial strength rating A+ (Superior) from AM Best||No online quote|
|Strong social responsibility programs||No online life insurance calculator|
Primerica, which was founded in 1977, sells term life insurance in all 50 states and Washington, DC and might be suitable for customers wanting to work with local agents. However, the company’s narrow product range – it only sells term cover along with a few other financial products – means customers have fewer options to tailor their policy to their needs. The company does not require medical exams for its policies, but potential policyholders will still need to meet underwriting guidelines to qualify for coverage. Bankrate’s Primerica life insurance review might help you decide if the company is right for you.
Types of Primerica Life Insurance Coverage
Primerica’s life insurance coverage focuses exclusively on one type of coverage: term life insurance. If you’re looking for another type of coverage, like whole life or universal life, Primerica won’t be an option for you. However, if you’re shopping for a term life insurance company, Primerica might be worth looking into. Depending on where you live, your policy may be underwritten by Primerica Life Insurance Company or National Benefit Life Insurance Company.
- Term: A term life insurance policy provides coverage and death benefits for a specific period of time. Unlike whole life insurance options, which last for life as long as premiums are paid, term life insurance will terminate at the end of a specified period. However, you may have the option of renewing the term or converting the policy to a permanent option, depending on the company. Unfortunately, since Primerica does not offer these types of life insurance, you will not be able to convert your policy with them. Primerica offers policies with terms up to 35 years.
Primerica Life Insurance also offers a wide range of endorsements for further customization. After determining the amount of coverage you need, the policies offer guaranteed rates for the duration of the policy. Clients also have guaranteed insurability up to age 95. You must initially meet the underwriting guidelines, but once you have a policy you have the option of renewing the term up to age 95, although the new rate depends on your new age. This is not the same as guaranteed issue insurance, but it allows you to continue your policy for a period of time. Otherwise, no medical examination is required.
Primerica Life Insurance Services
In addition to term life insurance, Primerica offers a few other financial services. A business financial needs analysis can help you understand your overall financial picture and could help you create a financial roadmap that works for you. Primerica also offers investment solutions, tools to help you pay off debt, and a prepaid legal protection program through LegalShield, in addition to identity theft monitoring and restoration services.
Other Primerica benefits to consider
Primerica also offers the following types of insurance coverage:
- Auto (via Answer Financial Inc.)
- Domicile (through Answer Financial Inc.)
Answer Financial Inc. in turn uses licensed affiliates to underwrite its products.
Primerica Life Insurance Customer Satisfaction and Claims
Primerica Life Insurance receives mixed ratings in customer satisfaction and complaints. The 2021 JD Power U.S. Individual Life Insurance Study reports a customer satisfaction score for Primerica of 747 out of 1,000 points. That’s well below the industry average of 776 and ranks near the bottom among many life insurers.
However, for individual life insurance, Primerica earns an index of 0.55 for registered customer complaints with the National Association of Insurance Commissioners (NAIC). The national benchmark is 1.0, which means that a score of 0.55 puts the number of complaints well below the industry norm. Primerica also receives a high rating from AM Best, which measures an insurance company’s historical financial strength and ability to pay claims. Primerica wins A+ (Superior) financial strength, which is one of the highest possible ratings.
Primerica Social Responsibility
Primerica publishes annual report Corporate Sustainability Report showcasing its performance in several categories over the past year. The 2021 report includes a breakdown of the company’s social, environmental and governance initiatives. The company is particularly focused on helping middle-class consumers create financial plans and understand their financial needs. Primerica has its own financial literacy publication called How Money Works to help customers feel more confident about their finances.
In terms of social initiatives, Primerica requires Diversity, Equity and Inclusion (DEI) training for all of its employees. Additionally, the company is working with a third party to expand its research on gender and ethnicity pay gaps. Finally, with respect to environmental programs, Primerica launched recycling initiatives, energy consumption programs and alternative transportation offers to its employees.
Not sure if Primerica is right for you? Consider these alternatives
Finding the best life insurance company for your needs can involve researching and comparing quotes and products. If you’re not convinced that Primerica is the right choice, here are some alternatives:
- state farm: In addition to winning a Bankrate Award for best term life insurance, State Farm also offers joint universal life coverage, which might be a good option for a family life insurance policy.
- Prudential: If you are looking for a permanent font rather than a temporary font, Prudential might be a good option. The company offers an impressive range of endorsements to help you customize your coverage to suit your needs.
- Omaha Mutual: If you like that Primerica offers other financial products besides life insurance, Mutual of Omaha might be a good alternative. The company offers annuities and investments, several life insurance products, several health insurance products and financial planning services.