Primerica specializes in Term Life Insurance policies
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Primerica is known for its Term Life insurance policies sold through a network of representatives. In this Primerica review we will explain what makes this provider unique.
Primera is the largest independent financial services marketing company in the U.S., with over 130,000 representatives across the states, Canada and Puerto Rico. Primerica’s agents are encouraged to go out and sell financial products such as life insurance, mutual funds and annuities to their family and friends, and recruit more representatives to join their network. Primerica has a structure similar to multilevel marketing companies, where agents receive a commission from their sales, but they also get a cut from what their recruits sell.
Primerica specializes in Term Life insurance which is a more affordable type of insurance when compared to whole life insurance. While highly rated by customers, as Primerica works differently from other providers, it doesn’t have any quotes on the website. This makes it difficult to compare to other life insurance providers.
Primerica Overview: Financial Strength, Availability, and History
In business since:
1977
AM Best financial strength rating: AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
A+
J.D. Power Customer Satisfaction rating: J.D. Power scores are based on surveys for customer satisfaction and product quality.
741/1,000
States served:
50, plus Canada and Puerto Rico
Provider best for:
Customer ratings
PROS
94% of claims paid in 14 days
Financially stable
Available nationwide
CONS
Multi-level marketing structure
Agents can only sell Primerica’s products
Website is unclear about policies or how to apply.
The Life Insurance Factors We Analyzed
Customer experience
Financial strength
Coverage and rider information
Primerica reviews are mostly positive, with a fairly high customer satisfaction rate according to ratings on BBB. This is also backed up by the National Association of Insurance Commissioners’ (NAIC) complaint index. This lists Primerica as having a below-average number of complaints. Nonetheless, the company ranks 16th out of 24 companies on J.D. Power’s Life Insurance Customer Satisfaction Index.
Primerica is commended for its fast claims processing, with most claims being paid within two weeks of filing.
Primerica has one of the highest ratings on AM Best which ranks the company A+ for its financial stability and strength. This is also reflected in Moody’s rating which was recently reviewed and maintains a strong A1 rating for its credit health.
Primerica does not list detailed policy information or pricing on its website so it’s hard to tell what Primerica will cover for you without speaking to an agent.
Primerica is a well-known insurance company with solid customer and financial ratings. There have been some complaints about the business method they use, however.
While it seems to be a popular company with lots of happy customers, the website does not have a lot of information about its services or policies. Anyone interested in their life insurance products will have to speak with a representative to get a personal quote.
Reviews.com scores products, services and companies using five quantifiable criteria to help readers choose the best one for them. For the life insurance companies, our editorial team evaluates financial strength, number of riders offered, coverage options, customer satisfaction scores and website functionality to produce our very own Reviews.com score. Since life insurance rates vary widely among different profiles, we encourage you to continue researching options that fit your specific needs.
Primerica ticks all the boxes in terms of financial stability and high ratings from customers. According to its website, Primerica had insured approximately 5 million people as of 2018. As well as life insurance, Primerica also helps people with investment, auto and home insurance, legal protection and identity theft protection.
Primerica specializes in Term Life Insurance, which is more affordable than other types of life insurance. Term Life insurance provides your loved ones with a cash lump sum if you die during a certain period of time.
The price of Primerica’s life insurance policies widely vary depending on your personal circumstances and how much coverage you need. Factors that may affect your quote include your age, pre-existing health conditions, whether you smoke and other lifestyle factors. The best thing to do is to get a personalized quote with Primerica while comparing insurance companies. Primerica life insurance reviews all your personal circumstances and gives you a quote to suit you.
Primerica has over 2 million client investment accounts as part of its business model. Primerica does pay out dividends to investors of its life insurance products. According to its 2019 report, the return on stockholders’ equity was 23.8%.
This will depend on what type of coverage you require and your individual circumstances. There is no mention of needing medical exams on Primerica’s website but you may still need one if you are over a certain age or are applying for a high level of coverage.
You can cancel your Primerica life insurance policy by calling its customer service line. An agent will be able to take you through the process once you provide your policy number and customer details.
Kara is a freelance writer for Reviews.com. For the past few years, she has covered a wide range of personal finance topics such as home insurance, mortgages and personal loans for a variety of websites. She has been featured in The Simple Dollar, Bankrate.com and Interest.com among others. She holds a bachelor's degree in Creative Writing from LJMU in the UK.
Kara's favorite review on Reviews.com is The Best International Travel Insurance Companies.
