Primerica Life Insurance Review (2024)

A publicly traded company, Primerica was founded in 1977 and considers its market middle-income families. The company earned 3.85 out of 5 stars based on our provider review methodology.

Primerica offers two options for term life policies but does not sell whole life insurance. While Primerica offers riders to customize your policy, you will need to speak with a customer service representative for complete coverage details. Primerica’s website does not provide enough details online about term lengths, coverage limits or riders for a consumer to make an informed decision.

Primerica is financially stable, holding an A+ rating from AM Best. It scores high marks for customer satisfaction with a low National Association of Insurance Commissioners (NAIC) complaint index score. The company also sells auto and homeowners insurance and investment products such as mutual funds and annuities.

Primerica sells two term life insurance policies that include various coverage options and riders. The company does not sell whole life coverage.

Term life insurance is a policy that lets you buy coverage for a specific period, generally between 10 to 30 years. If the insured person passes away during the defined term, the insurance company will pay a predetermined amount to the named beneficiaries. When the term period ends, the policy is no longer in force.

Primerica issues term-life policies in increments of 10, 15, 20, 25, 30 and 35 years, but available options depend on the applicant’s age. Some of Primerica’s longer-term policies (such as the 30-year and 35-year options) only guarantee level or set premiums for the first 20 years.

Policyholders also have guaranteed insurability until age 95. After you meet underwriting guidelines, you can renew coverage terms up to age 95, although your new premium rate will depend on your age. Your premiums will likely increase upon renewal, and you might lose coverage if you can’t afford the extra cost.

Primerica’s term life insurance offerings include:

• TermNow: A no-medical-exam life insurance product that offers coverage from $15,000 to $300,000 for people younger than 45. This policy has select, nicotine and non-nicotine plans. Primerica uses a rapid data check to run background checks through the Medical Information Bureau and DMV, so you may get coverage in as little as a few minutes. Policy premiums are typically higher because of the simplified underwriting process.
• Custom Advantage: Applicants for this policy must go through a traditional underwriting process, but can qualify for up to $5 million or more in coverage. Minimum face value amounts vary by age, starting at $50,000 for older applicants and $150,000 for younger applicants. The underwriting process can take between one and six weeks and includes a medical exam, but you will pay less for comparable coverage than with TermNow policies.

Primerica does not offer whole life insurance, a permanent life insurance policy that provides coverage for your entire life as long as premiums are kept up to date. Unlike term policies, whole life plans also have a cash value component you can borrow against.

Primerica Life Insurance Available Riders

Life insurance riders are add-on coverages that let you customize your plan to meet your needs. Primerica doesn’t share a full list of riders available for its term life insurance. Details are limited, but you may learn more by contacting an insurance agent. Among the riders mentioned on the Primerica website include:

• Waiver of premium: This rider allows you to pause your premium payments if you become totally disabled and unable to work.
• Terminal illness: Also known as a living benefits rider, this add-on provides partial benefits while you’re still living if you’re diagnosed with a terminal illness. Primerica will pay 40% of your death benefit or $250,000, whatever is less. You can get the lesser of $400,000 or 70% of your death benefit in advance of your death if you also have a waiver of premium rider.
• Child coverage: For a small fee, you can add term coverage for all your children as part of your term life policy.
• Increasing benefit: This rider is available to applicants under age 56 with non-rated coverage. It allows you to increase your policy’s death benefit by up to 10% per year for 10 years.

Primerica does not allow you to obtain a quote online. You must contact customer service and speak with an insurance agent for pricing information.

Life insurance is competitively priced throughout the industry. Each insurer will have its own methodology to arrive at policy costs, but several factors are standard across the board. The premium you pay for term life insurance will typically depend on your:

• Age
• Health and medical history
• Occupation
• Gender
• Lifestyle
• Policy type
• Coverage amounts

Some states also let insurers factor in a credit-based insurance score when determining premiums.

Primerica received slightly below-average scores from J.D. Power’s 2022 U.S. Individual Life Insurance Study. It ranked 13th out of 22 companies, scoring 766 out of 1,000 against an industry average of 774.

The National Association of Insurance Commissioners (NAIC) tracks the number of complaints an insurance company receives compared to its size and market share. The National Complaint Index is always 1.00, so a company with a complaint index of 2.00 has twice the number of complaints as expected. Primerica had an average complaint index of 0.28 in 2022, indicating fewer complaints than expected given its size.

Primerica has mixed customer reviews on sites like the Better Business Bureau (BBB) and Trustpilot. While some customers reported positive interactions with Primerica representatives, others noted instances of insurance agents trying to recruit customers to work for the company.

“Primerica is a phenomenal company. It offers the only product on the market that has term-to-term conversions and a living benefit included in every single policy. My rep spent time educating my husband and I and we got an extremely affordable life insurance policy and a will. We also saved money on our home and auto!” —Liz. G via the BBB

“Wonderful company, very knowledgeable agents. [Primerica] helped my family with our finances and spent time educating us on this stuff. In-person or on the phone, [Primerica agents] have always been very kind and helpful.” —Casey via Trustpilot

“This is a pyramid scheme company. I had a classmate try getting me to sign on with [Primerica]. [Primerica] asked for me to pay for my own background check and to pay money each month for a potential return of ‘a lot of money’ and that I would eventually own my own company.” —Ian via Trustpilot

Here’s how Primerica Life Insurance compares to some other life insurance providers:

Primerica Life Insurance has a strong financial strength rating and a low incidence of consumer complaints. It offers up to 35-year term policies and no medical exams for some applicants. However, it doesn’t offer any form of whole life insurance. Its website lacks transparency, so customers must work with agents for quotes and other inquiries.

It may be worthwhile to consider other companies in your search along with Primerica. Many companies offer term insurance policies, and you can see our top term life insurance providers.