Primerica Life Insurance Review [2023]

Primerica Life has been creating life insurance policies for over 40 years. It doesn’t offer permanent life coverage, but it does provide the option to invest and save through other products.

UPDATED: Jan 12, 2023Fact Checked

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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 in...

Full Bio →

Written by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs. Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times...

Full Bio →

Reviewed by Benjamin Carr
Former State Farm Insurance Agent Benjamin Carr

UPDATED: Jan 12, 2023

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

UPDATED: Jan 12, 2023

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Jan 12, 2023Fact Checked

The Bottom Line

What is Primerica? As a provider of financial services, Primerica, Inc. primarily serves and targets the middle-class population in the United States, Canada, Puerto Rico, and Guam. Primerica’s motto has always been, “Buy Term and Invest the Difference,” since 1977, when the company was founded.

Without permanent or whole life insurance, this approach still addresses two of the most pressing financial needs almost every family has — income protection through term life insurance and future planning.

Its parent company accomplishes this through products featuring wise investment and retirement choices, home and auto insurance through Primerica Secure and Answer Financial, pre-paid legal services, heft insurance, and overall savings and returns through annuities.

With a book of business totaling over $700 billion and its sheer size, one might assume Primerica is a safe bet. However, we recommend you read our Primerica Life Insurance review before deciding so you can get all the Primerica information you need.

Primerica Life Insurance is worth checking out if you’re in the market for a term life insurance policy or have an interest in doing your investing and retirement planning with their parent company, Primerica, Inc. 

Primerica Life has relatively few complaints with the NAIC and the financial strength to pay out claims, but it ranked below average for all insurance companies by J.D. Power’s Customer Satisfaction Survey. This may be partly due to the nature of its multi-level marketing business model.

Is Primerica Life a Good Choice?

Is Primerica good according to ratings? The Primerica financial rating with A.M. Best is “A+,” or “Superior,” which is the highest rating a company can achieve.

A Top 1000 Fortune company, its revenues are at the top of all American companies by revenue, and it also scores high with Forbes and Moody’s.

Primerica Life Insurance Customer Reviews

Overall, customers are generally satisfied with their experience at Primerica. It has fewer complaints than most large insurers and ranks in the top 15 among customer satisfaction.

However, its use of commission-based insurance agents is a black spot on an otherwise decent reputation. For example, firefighters, teachers, and other public employees in Florida received over $15 million from a Primerica lawsuit after the insurer deceived residents with its Florida Retirement System plans.

Keep reading for more Primerica customer reviews from various sources.

National Association of Insurance Commissioners (NAIC)

The National Association of Insurance Commissioners (NAIC) keeps track of how many consumer complaints for different insurers. It uses that information to create a relative complaint index, adjusted for company size so an accurate result can be obtained across different carriers.

A business with a score above 1.0 received more complaints than expected. A score below 1.0, on the other hand, signifies that the company received fewer complaints than expected.

On average, the complaint index for Primerica Life was 0.36, indicating that the company received fewer complaints on average than most life insurance companies its size.

J.D. Power

Primerica Life, however, performs slightly below average in terms of overall customer satisfaction through other important metrics. According to J.D. Power’s 2022 U.S. Life Insurance Study, the company came in 13th place overall at 761.

This lower perceived rating could also be affected by a few things:

  • People who work for the company who’ve also bought a policy themselves and were not happy with their earnings as marketers since the average earnings of an individual Primerica agent was just above $5,000/year in 2010
  • People who have purchased policies they didn’t need through an aggressive sales agent

It’s important to remember a business’s logistical realities when considering these ratings and comparing quotes.

The Better Business Bureau (BBB)

Accredited by the Better Business Bureau (BBB), Primerica Inc. receives an “A+.” However, realize that these ratings a from Primerica agents who’ve also purchased a policy.

The BBB website demonstrates that Primerica Life company representatives regularly leave Primerica customer reviews as customers themselves since technically they are if they’ve purchased a policy, but then acknowledge or drop hints that they also work for Primerica.

Primerica Life Insurance Contact Information

In 1981, the organization that would become Primerica was established. In 2010, Primerica conducted its initial public offering, making it a publicly traded company on the New York Stock Exchange (NYSE), symbol PRI. Their headquarters are located in Duluth, Georgia.

Their customer service contact number is 1-800-257-4725, or you can reach Primerica, Inc. at the following address — Primerica Parkway Duluth, GA 30099.

Primerica Group, due to its dedicated delivery affiliate, Primerica Financial Services, LLC, which has almost 130,000 life agents and roughly 26,000 mutual fund-licensed representatives nationwide, is one of the largest writers of term life insurance in the U.S.

Primerica Life Rates

Primerica offers great value when it comes to life insurance costs, at least according to our analysis.

Use this table to understand the average term life insurance rates by age:

Average Monthly 20-Year Term Life Insurance Rates by Age and Gender
Policyholder Age$100,000: Male Average Term Life Monthly Rates$100,000: Female Average Term Life Monthly Rates$250,000: Male Average Term Life Monthly Rates$250,000: Female Average Term Life Monthly Rates$500,000: Male Average Term Life Monthly Rates$500,000: Female Average Term Life Monthly Rates
25$14.53$12.70$23.27$18.72$34.79$27.39
30$14.96$13.22$24.59$20.44$37.39$29.59
35$17.57$15.40$26.09$22.19$40.04$32.19
40$21.40$18.62$33.72$28.49$54.79$45.69
45$26.54$22.97$45.47$37.42$79.19$66.14
50$36.02$29.32$69.59$54.59$126.14$96.99
55$50.98$38.11$105.72$78.97$203.14$143.99
60$84.91$60.20$183.79$131.17$355.39$248.84
65$144.51$97.44$323.42$220.99$625.09$432.84
Get Your Rates Quote Now

Primerica does not offer the cheapest term life insurance, with premiums coming in 10-25% above industry norms.

Primerica Life Insurance Rates vs. Competitors

Primerica life insurance quotes are more expensive for 30-year term life policies with $250,000 in death benefits for healthy people aged 25, 40, and 55, but policy options are much more varied.

Compare life insurance quotes from Primerica to other top life insurance companies in the country:

Average Monthly Life Insurance Rates by The Best Life Insurance Companies
CompanyAverage Monthly Life Insurance RatesA.M. Best Rating
Allstate$15A+
Banner Life$9A+
Guardian Life$10A++
Haven Life$11A++
John Hancock$11A+
MassMutual$10A++
Mutual of Omaha$12A+
Nationwide$13A+
New York Life$11A++
Northwestern MutualN/AA++
Pacific LifeN/AA+
PrimericaN/AA+
Principal$9A+
Protective$9A+
Prudential$16A+
State Farm$15A++
Get Your Rates Quote Now

A close competitor in terms of price, offering, rating, and overall customer satisfaction is Protective Life Insurance, whose variable and universal life insurance policies are comparable to having a term life insurance policy, where cash value savings over a permanent policy are invested instead into index funds or riskier investments.

Primerica Life Insurance Riders

Primerica Life Insurance offers the following life insurance riders:

  • Child Life Insurance Rider. You will receive term coverage for all of your family’s eligible children with this rider.
  • Waiver of Premium Rider. If you become totally disabled and cannot work, a premium rider waiver typically enables you to pause premium payments.
  • Increasing Death Benefit Rider. Applicants who receive non-rated coverage and are under the age of 56 are eligible for this rider.
  • Terminal Illness Rider. If you are diagnosed with a terminal illness, this living benefits rider offers the lesser of 40% of the death benefit or $250,000 while you are still alive. In addition, you can receive the lesser of $400,000 or 70% of the death benefit in advance of your death if your policy also includes a waiver of premium rider.

These riders are designed to keep policyholders covered even in situations where a temporary loss of income or other condition might cause coverage to lapse, such as identifying a serious or persistent illness, without the need to create a new policy.

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Primerica Life Discounts Available

Customers of Primerica Life may not expect to receive discounts, judging by their website. Additionally, it is not possible to receive quotes online. You must contact a representative or use the website to locate local Primerica agents near you.

Because of this, your best bet when receiving an overall discount is shopping around for life insurance quotes from multiple companies and evaluating if specific policies can meet your individual needs. Consider bringing a trusted friend or family member when meeting with a Primerica agent.

Primerica Life Coverage Options

Primerica Life is adamant about permanent life insurance — they firmly declare it’s unnecessary for most people. As such, Primerica offers only term life insurance.

Term life insurance offers financial security for a predetermined time span, often 10 to 35 years. Primerica offers a $300,000 maximum death benefit for its TermNow policy and even more for policyholders who take a medical exam.

Unlike permanent life insurance, which is typically more expensive, term life doesn’t increase cash worth. It is frequently used when you believe your family’s future insurance needs will decline. Plan ahead for the end of your policy term because life insurance rates will go up if you plan to renew or extend your term life insurance coverage.

Primerica Offers Two Different Term Life Plans

Depending on your age at the time of application, Primerica offers term life insurance in ten-year increments of 10, 15, 20, 25, 30, and 35 years. Depending on the type of term life insurance you get with Primerica, you may qualify for much higher limits after evaluating your total assets, liabilities, and current medical/health status.

Take a look at the list below to see what kind of Primerica term life insurance works best for you:

  • TermNow. Term life insurance policy open to ages 18-60 with no medical exam requirement and simplified underwriting.
  • CustomAdvantage. Term life insurance covers those aged 18-70, but the maximum age for signup is 45. You may be expected to have no significant health or medical issues to qualify for coverage.

Policy limits can exceed $1,000,000 if you get a medical exam, which often takes less than an hour and is easier than most people think. It does, however, add a potential week to half a month to the approval time for a policy.

How to File Primerica Life Insurance Claims

Start a claim online with the policy number and last name of the deceased or by calling 1-888-893-9858 in the U.S. or 1-800-387-7876 in Canada.

Written correspondence can also be submitted by mail to the following addresses:

Primerica U.S.A.

Primerica Life Insurance Company

1 Primerica Parkway

Duluth, GA 30099

Primerica Canada

Primerica Life Insurance Company of Canada

P.O. Box 174

Streetsville, ON L5M 2B8

Claim payments for life insurance and annuities are made after the company confirms that you are the legitimate beneficiary.

The Bottom Line: Primerica Life Insurance

Primerica Life Insurance is worth checking out if you’re in the market for a term life insurance policy or have an interest in doing your investing and retirement planning with their parent company, Primerica, Inc.

Primerica Life has relatively few complaints with the NAIC and the financial strength to pay out claims, but it ranked below average for all insurance companies by J.D. Power’s Customer Satisfaction Survey. This may be partly due to the nature of its multi-level marketing business model.

To get more personalized life insurance quotes from companies near you, enter your ZIP code in our free comparison tool below.

Frequently Asked Questions

How long do you have to file an insurance claim with Primerica?

You have as long as you need to file a life insurance claim with Primerica. According to state law where you live and to which the policy is assigned, Primerica may have to meet time requirements for contacting beneficiaries proactively.

The sooner you file, the quicker you’ll get the necessary money for burial responsibilities and financial obligations. Remember, receiving your benefit check could take anywhere from 10-21 days, though the majority require only 14 days with Primerica.

How much of your Primerica life insurance policy can you borrow?

Term life insurance policies, like those provided by Primerica, typically do not build up cash value, so you cannot borrow against the policy. But Primerica offers a range of investment opportunities via its subsidiaries and partners under its parent company, Primerica, Inc., that allow withdrawals.

Are dividends paid on all Primerica Life insurance policies?

Since Primerica Life only sells term life insurance, you cannot gain the benefit of dividends from their life insurance policies. However, their parent company, Primerica, Inc., does offer annuities, managed investments, mutual funds, college savings programs, 401ks and IRAs, and business retirement plans.

Does Primerica’s life insurance cover suicide deaths?

Generally, state laws governing payment for suicide deaths bind life insurance companies. The majority of the time, claims can be made by policyholders who have had their policies for longer than two years.

To learn more about Primerica’s policy, which may differ depending on the type of policy and the state, get in touch with the business or certified Primerica agent directly.

Your life insurance quotes are always free.

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Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

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 in...

Full Bio →

Written by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs. Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times...

Full Bio →

Reviewed by Benjamin Carr
Former State Farm Insurance Agent Benjamin Carr

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