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Primerica Life Insurance Company Review

Life insurance coverage is a key part of most any overall financial plan. One of the biggest reasons for this is because life insurance coverage can provide financial stability to families and other important people in the event of the unexpected.

When purchasing a life insurance policy, it is not only important to ensure that you have the proper type and amount of coverage, but also that you are buying that life insurance coverage from an insurer that is strong and stable financially, and that is reliable in terms of paying out its policy holder claims.

One company that meets these criteria is Primerica Life Insurance Company. With its focus on middle America, this company – which is sometimes referred to as “Prime America” – targets households that fall into the middle income, or the $30,000 to $100,000 per year, annual income range. Many of these individuals and families have inadequate or no life insurance coverage, and may also be in need of assistance with saving for retirement and other personal financial goals.

With its face-to-face approach of meeting with customers, the reps from Primerica Life Insurance Company work to assist their clients with reducing debt, and getting on track financially. The customers of Primerica reside in the United States and Canada.

About Primerica Life Insurance Company

primericaPrimerica has been in the business of offering life insurance products to its customers since 1977. From its beginnings, this company was a crusader for “buy term and invest the difference,” and for providing affordable term life insurance coverage – and because of that, also allowing their clients to be able to save or invest the money that they saved on insurance protection.

For many years, Primerica was a part of the Travelers Insurance group of companies. Prior to that, the company was named A.L. Williams, after its founder Art Williams. However, in 2010, Primerica became a newly independent company, and it is now publicly traded on the New York Stock Exchange (under the ticker symbol PRI).

Primerica is today considered to be the largest financial services marketing organization in North America, and the company’s key goal is to dominate the changing financial services landscape so that individual investors can have the same opportunity to build and create wealth as those who are on Wall Street.

In 2016, Primerica brought in more than $1.5 billion in operating revenues, and the company also had an increase of 16 percent on its earnings per share. It’s net operating income return on adjusted stockholder’s equity also rose by 19 percent in 2016, continuing with its upward moving pace. Primerica had more than $693 billion of life insurance coverage in force as of 2016.

The company is strong and stable financially, and it has earned high ratings from the insurer ratings agencies, including an A+ (Superior) from A.M. Best Company, an A2 from Moody’s, and an AA- from Standard and Poor’s. It also has a grade of A+ from the Better Business Bureau (BBB), on an overall grade scale of A+ to F, and the company has been an accredited member of the Better Business Bureau since 1980.

Primerica has its headquarters in Duluth, Georgia. It has a key mission to make a positive impact on the communities that it serves. For example, Primerica has made a great impact on numerous communities all around Georgia through grant funding, corporate donations, in kind services, and many hours of employee volunteerism.

Just some of the areas through which Primerica donates include:

  • Arts and culture – Grants in this area include the Children’s Museum of Atlanta, the Woodruff Arts Center, and the Gwinnett Council for the Arts
  • Community development – Some grants in the area of community development include the United Way of Greater Atlanta, and the Community Foundation of NE Georgia
  • Education and Youth Enrichment – Here, Primerica has provided funding to Big Brothers & Big Sisters of Metro Atlanta, the Boys & Girls Clubs of Metro Atlanta, and Teach America
  • Financial Education / Self Sufficiency – Just some of the grants in the area of financial education / self sufficiency include the Direct Selling Education Foundation, Lift Up Atlanta, and the Wounded Warrior Project
  • Health and Human Services (Critical Human Needs) – In the area of health and human services, Primerica has provided funding for Action Ministries, Safe Path, Sunshine on a Ranney Day, and the Gwinnett Coalition for Health and Human Services.

Between just 2011 and 2016, The Primerica Foundation granted more than $5 million to non-profit organizations that serve low- to moderate-income populations.

Types of Life Insurance Policies Offered Through Primerica

The insurance coverage (and other products and services) of Primerica are sold through a large network of independent representatives – many of which work part-time. As of year-end 2015, Primerica had more than 106,700 licensed life insurance representatives, and more than 23,000 securities registered representatives.

Because this company’s products are sold via a network marketing strategy, representatives will oftentimes work to recruit other agents, in addition to offering Primerica’s insurance and financial products. Through its life insurance companies, Primerica has insured approximately 5 million lives, and throughout 2015, it delivered roughly $2.1 billion in term life insurance claims to customers.

Primerica Life Insurance offers a line of term life insurance products. In fact, term life is the only form of life insurance that is offered through Primerica. This goes hand in hand with Primerica’s motto of “Buy term and invest the difference.”

With term life insurance, there is a death benefit that covers the insured, and no cash value or savings / investment build-up within the policy. This type of coverage is considered to be the most basic form of life insurance – and because of that, it can typically be purchased very affordably. This is particularly the case if the applicant is young and / or in relatively good health at the time of application.

Term life insurance is purchased for a certain length of time, or “terms.” These terms can typically range from just one year, up to more than 30 years, depending on the applicant’s age and health.

A Closer Look at Primerica Life Insurance Company’s Term Life Insurance Products

The term life insurance products that are offered through Primerica Life Insurance Company include the TermNow and the CustomAdvantage. Each of these term life policy options are offered for various terms, which include 10 years, 15 years, 20 years, 30 years, and even for 35 years.

These policies offer a number of features, including:

  • Guaranteed insurability up to age 95
  • The option to convert a child who is insured through a Child Rider to his or her own policy at age 25 without the need to take a medical exam
  • A terminal illness benefit, which can allow clients access to 40 percent of their death benefit proceeds after being diagnosed with a terminal illness that gives them a life expectancy of six months or less

Primerica’s term life insurance product also offers a conversion feature. This allows the insured to convert the term policy over into a permanent form of life insurance – such as whole life or universal life – at a future time. This may be done without the insured having to take a medical examination or to prove evidence of insurability. However, because Primerica does not offer any type of permanent life insurance coverage, in order to convert a policy over to a permanent plan, the insured would need to switch his or her coverage to another life insurance carrier.

In some cases, it can make sense for a client to keep their term life insurance policy, as it is possible that the plan was purchased for a “temporary” insurance need, such as the payoff of a mortgage balance. Keeping the term coverage – at least through its level premium period – will also oftentimes be the most affordable route.

However, if an individual has more of a longer term need for life insurance and / or they would like to also be able to build up a tax-advantaged cash or savings account, then moving over into a permanent life insurance policy could be a viable option.

Other Products and Services Provided By Primerica Life

In addition to term life insurance coverage, Primerica also offers a wide selection of savings and investment products and services. These include the following:

  • Mutual funds
  • Annuities
  • Managed accounts
  • Long-term care insurance coverage
  • Home insurance
  • Auto insurance
  • Investments
  • 401(k) plans

Many of these products are offered via Primerica’s relationships with other financial services entities, such as Invesco, Legg Mason, Franklin Templeton, Lincoln Financial, AXA, VOYA Financial, MetLife, and Lockwood Advisors.

The mutual funds that are provided by Primerica include more than 80 of the 4- and 5-star rated funds in Morningstar, and more than 325 Morningstar 3-star and above rated funds. So, clients have a long list of mutual funds investment offerings to choose from.

In addition, Primerica also offers pre-paid legal services, as well as debt solutions. The Primerica Legal Protection Program makes it much easier for people to access legal solutions for many different needs, such as contract questions, and other everyday situations that may occur – for far less than paying the hourly fee for a lawyer out of pocket.

And, with Primerica Debt Watchers, clients can plan their way to a brighter financial future, as they reduce – and eliminate – their financial burdens, such as credit card debt, personal loans, and other factors that may otherwise be holding them back from financial freedom. In partnership with Equifax, Primerica Debt Watchers can help clients to also get a handle on monitoring their debt going forward.

One of the other primary services that is offered by Primerica agents is a financial needs analysis. Many people are in the dark about their finances. With a financial needs analysis, though, clients can obtain an overview of their current financial situation, along with suggestions and a personalized strategy for their financial security. The FNA (financial needs analysis) is a complimentary, confidential, and customized service, and it is available to every family that is served by Primerica.

How to Get the Best Premium Quotes on Primerica Life Insurance Coverage

If you’re searching for the best premium quotes from Primerica Life Insurance Company – or from any insurance carrier – it can help if you work in conjunction with an independent life insurance brokerage or agency. In doing so, you will be able to compare the policies and the prices of plans from multiple insurance carriers, all in one convenient place. From there, you can then choose which will work the best for your needs and your budget.

When you are ready to move forward with comparing life insurance quotes, we can help. We are an independent brokerage, and we work with some of the top-rated life insurance companies in the market place today. Because of that, we can provide you with the details that you need – and we can do so for your right from your computer. This means that you won’t have to meet in person with a life insurance agent. If you are ready to begin, then just simply fill out our quote form.

Still have questions about the term life insurance coverage that is offered through Primerica Life Insurance Company – or even if you just have a question or concern about life insurance in general? Feel free to reach out to us directly via phone. We can also get other quotes for your review such as life insurance quotes from Allstate. If you’re interested our experts can be reached toll-free by dialing 877-235-9299.

We understand that the purchase of life insurance is a big decision. There are many different options to keep in mind, and you want to be sure that you are getting the proper type and amount of protection. The winning moment of this situation is the process can be much easier when you have an ally on your side. So, contact us today – we’re here to help.

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Liran Hirschkorn

Liran Hirschkorn is the founder of Chooseterm.com. His mission is to help individuals across the country in finding the best rates on life insurance as well as helping individuals with high risk life insurance.

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