I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Nov 19, 2021

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What’s New in 2021 for Primerica Life Insurance

Primerica Life Insurance is a financial services and insurance company headquartered in Duluth, Georgia, which focuses on serving middle-income families in Canada and the USA. The company was founded in 1977 and today brings in revenues of over 1.6 Billion.

How Has Covid-19 Affected Primerica Life Insurance

As a disease that has vastly affected our lives and led to millions of deaths in the past year, Coronavirus has had a massive effect on the life insurance industry.

On a November conference call, the CEO of Primerica Life Insurance, Glenn Williams, noted that the pandemic was making it difficult to get prospective insurance salespeople their licensees from state governments.

He also said that the number of people letting their insurance policy lapse was 35% lower in the third quarter of 2020 than during the third quarter of 2019 (the final pre-Covid financial quarter).

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New Products or Changes

Primerica Insurance company didn’t make any new products or implement significant changes to their existing ones during this period and haven’t announced any plans that are in development.

Primerica Life Insurance in the News

In 2020 and 2021, Primerica Life Insurance has mostly been in the news for a large rally in its stock value, which has gone up over 85% over the period. 

 

2021 Latest Primerica Life Insurance Reviews 

On Consumer Affairs, Primerica Life Insurance has an average satisfaction rating of three stars based on 913 reviews. It has quite a few five-star reviews by people who liked the company’s affordable life insurance policies and the ease of signing up. 

Several reviewers mentioned that they could sign up for the service after a quick meeting in their home. There were, however, many one and two-star reviews. Some of them had to do with the company processing claims slowly after someone had died, but others came from people who had worked in the company and had disappointing experiences.

Life Insurance Reports starts their review of the company by drawing attention to how Primerica Life Insurance sells their products through part-time salespeople who make a commission when they get more salespeople to join. They bluntly write that “Primerica is a multi-level marketing scheme (pyramid scheme) that sells life insurance products.”

Focusing on the products they offer, Value Penguin notes that the beneficial aspects are the company’s large network of agents and that no medical exam is necessary for policies that provide less than $300K of coverage. They fault the company for high average premiums and its pushy sales tactics.

Primerica offers term life insurance policies. The goal of the company is for you to buy a policy with them and then invest the money they save you into their other products.

They are structured as a Multi-Level Marketing (MLM) company, where sales agents are independent contractors who make most of their money recruiting other agents.

Primerica has plenty of positive ratings and minimal complaints. Since the company operates as an MLM for the sales portion of their business, you need to understand what they offer. Doing a little research and keeping the following information on hand should help you make an informed decision.

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Does Primerica Have Good Life Insurance?

Primerica has term life insurance policies that pay out benefits quickly. The policies are fundamental to what you’ll find anywhere, and there’s nothing unique about the products on offer.

An essential aspect to keep in mind is that Primerica only offers term policies, which means that if you live past the policy expiration date, you don’t benefit from it at all.

It cannot convert to Whole Life, you can’t borrow against it, and it could expire before you do.

What Does Primerica Offer?

Primerica only has term life insurance policies, and you won’t be able to purchase whole life plans through them.

At the time of writing, Primerica offered two life insurance products: TermNow and Custom Advantage Term Life.

TermNow Life Insurance

TermNow allows you to purchase a policy between $15,000 and $300,000 for ages 12 to 70 years. No medical exam is required.

Instead, they use a background check that reveals medical information.

Custom Advantage Term Life

The Custom Advantage Term Life policy ranges from $15,000 to over $1,000,000 for ages 12 to 70 years. You will need to undergo a medical exam with this policy.

Unlike independent insurance agents who try to help you find the best policy for your needs, Primerica sells you only Primerica products. They won’t compare their offerings to other life insurance companies for you or ensure that you purchase the best option.

RELATED: 5 Critical Tips You Must Know Before Buying Life Insurance

Financial Products

In addition to their term life insurance policies, Primerica also has other financial products, like:

  • Debt Consolidation Loans
  • Primerica DebtWatchers™
  • Mutual Funds
  • Annuities

Primerica’s goal is to have you purchase insurance from them and then invest your money with them as well. Their philosophy is that their term life policies are so affordable that you’ll have money left to invest in your future.

Is Primerica Life Insurance Expensive?

Primerica Life Insurance is expensive. Their reputation regarding pricing is that if you compare companies, Primerica is always more expensive.

Primerica’s main marketing message is that they’re for middle-class families who need affordable insurance. Their agents push this message hard as well, but keep in mind that you may find cheaper coverage with another company.

Unfortunately, you won’t be able to get an idea of their pricing online because they don’t disclose it. It can be enough to deter people not to inquire at all because they don’t want to deal with an agent when the cost is far out of their budget.

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Is Primerica a Reputable Company?

Primerica is a reputable company. They began in 1977 and are accredited by the Better Business Bureau with an A+ rating. If you do a little research about Primerica, you will see that customers either love or hate them.

The problem that many people have with Primerica is the multi-level marketing aspects of the organization. For some, MLM is synonymous with a pyramid scheme.

The company has a decent rating and few official complaints, but the MLM side of it makes it an option that won’t be right for many customers. You can expect Primerica Life Insurance to pay out quickly without a lot of trouble, though.

The bottom line is that Primerica is a reputable company, but there is more to it than meets the eye. If you’re considering Primerica, the pros and cons lists below may help you feel more confident about your decision.

Pros & Cons of Primerica Life Insurance

The pros and cons of Primerica Life Insurance are about even in number, so you’ll have to decide which points are more significant.

Pros

  • Primerica is backed by Citigroup, which means they have a solid financial foundation and won’t go out of business in the years to come.
  • They offer other financial products in addition to term life insurance, allowing you to use one company for multiple needs.
  • You can purchase a policy without a medical exam.
  • The policies are simple.
  • You can apply and obtain term life insurance in a few minutes if you choose the policy that doesn’t require a medical exam.

Cons

  • The agents are MLM independent contractors whose primary goal is to recruit more people into the company. Employee turnover is high, so you may never work with your agent again in the future.
  • Primerica agents are only allowed to sell Primerica insurance products. Finding the best policy for you isn’t one of their priorities because there is no comparison shopping.
  • The company only offers two term life policies that may not be right for everyone. Keep in mind this means that your policy would never be converted to whole life.
  • Primerica’s policies are generally more expensive than others on the market.
  • You won’t find the pricing online to help you shop around.

Is Primerica for You?

The pros and cons are balanced, so the determining factor will be your unique needs. Some of the pros and cons may not be important to you at all, while others may be deal-breakers.

When you’re purchasing life insurance of any type, you should shop around. Find several quotes and look up reviews for each company. Understand exactly what you’re buying and how you’ll cash it out in the future.

To sum it up, Primerica Life Insurance is a reputable company with term life insurance policies. Their policies are generally more expensive than other companies, however, and their agents are more motivated to recruit than to help you find the best policy for your needs.