Primerica Life Insurance Review

Low customer satisfaction rating and limited information online

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Primerica

 Primerica

Investopedia’s Rating
2.8

Our Take

Primerica is a life insurance company that has a strong financial strength rating and fewer consumer complaints than expected. It also offers an unusual 35-year term policy. But its customer satisfaction rating is remarkably low. Plus, coverage information is difficult to find online, which means consumers will need to call an agent for quotes and simple inquiries. If you choose to get a quote from Primerica, be sure to get a handful of competing quotes from other companies with more transparent pricing.

  • Pros & Cons
  • Company Overview
Pros & Cons
Pros
  • Up to 35-year terms

  • Fewer complaints than expected

  • Superior financial strength ratings

Cons
  • No online quotes

  • Lack of transparency

  • Low customer satisfaction rating

Company Overview

Primerica was founded in 1977 with the intent to serve middle-income families. The company offers term life insurance to more than 5.5 million policyholders. Headquartered in Duluth, Georgia, Primerica offers life insurance nationwide in the United States and throughout Canada.

  • Year Founded 1977
  • Kinds of Policies Term life
  • Payment Plan Options Not disclosed
  • Customer Service Mail. Email: plic@primerica.com. Client service: 1-800-257-4725. Claims: 1-888-893-9858
  • Official Website https://www.primerica.com

Pros Explained

  • Up to 35-year terms: Most life insurance companies offer a maximum term of 30 years. With Primerica, you can get coverage for up to 35 years. Of the 91 life insurance companies we reviewed, only three others offered terms as long. 
  • Fewer complaints than expected: Given Primerica’s size, customer complaints have been relatively few in the past three years. 
  • Superior financial strength ratings: An A+ (Superior) rating from AM Best means Primerica has a superior ability to pay claims.

Cons Explained

  • No online quotes: Most term life insurance providers offer pricing estimates online. With Primerica, you’ll need to call and speak to one of its agents. Make sure to get quotes elsewhere for comparison before you do. 
  • Lack of transparency: Primerica doesn’t provide enough details online about term lengths, coverage limits or riders for a consumer to make an informed decision.
  • Low customer satisfaction rating: Primerica scored 18 out of 21 companies in the 2021 U.S. Individual Life Insurance Study, indicating poor customer satisfaction.

Complaint Index

The National Association of Insurance Commissioners (NAIC) reports a complaint index for every insurance company each year based on the consumer complaints the association receives. An index of 1.00 indicates that a company has about the expected number of complaints given its size. An index of less than 1.00 (the lower the better) bodes well for a company’s overall customer satisfaction. Over the past three years, Primerica has had an average complaint index of 0.595, which shows that the company had fewer complaints than expected given its size. Most of the top life insurers we review don’t score over 1.00. 

Third-Party Ratings

Primerica has an A+ (Superior) financial strength rating from AM Best, an independent rating agency that assesses insurance companies. A high rating from AM Best is important because it indicates a greater likelihood that Primerica can reliably pay claims in the future. We typically don’t recommend any insurance companies that do not score in the A bracket. 

Primerica was one of the lowest-scoring life insurance companies in the J.D. Power 2021 U.S. Life Insurance Study. The company was ranked 18 out of 21 companies, scoring 747 out of 1,000. The industry average is 776, and the top-scoring company, State Farm, received an 822 score. This indicates that even though complaints about Primerica to the NAIC weren’t rampant, the overall level of customer satisfaction for the company is low relative to other major life insurance providers. 

Competition

  Primerica Globe Life  Mutual of Omaha 
Types of Coverage Term life Term life, whole life, final expense Term life, whole life, universal life
AM Best Rating  A+  A+ 
Online Application  Not Available  Available  Available (for whole life only) 
NAIC Complaint Index (Averaged)  0.595  3.615  1.067 
J.D. Power Ranking  18 

Our ratings take into account NAIC complaint index scores and AM Best ratings. The NAIC complaint index indicates how many complaints a company receives relative to its size. AM Best assesses a company's ability to pay its claims on a graded scale, with A++ being the highest. All our best life insurance companies have at least an A rating.

Policies Available

Term Life Insurance

Term life insurance offers coverage for a period of time, typically 10 to 30 years. If you die after the term has ended and you haven’t renewed coverage, your beneficiaries would not receive a payout.

Primerica offers up to 35-year term policies and premiums stay level for the duration of the term. Both of Primerica’s term policies are renewable up to age 95. There are no war or terror clauses in either policy. 

Their website provides relatively few details about specific product offerings. The information below is from 2015, and we received no response from Primerica in our attempts to verify it. 

TermNow

TermNow, Primerica’s no-medical-exam life insurance product, offers coverage amounts of up to $250,000. This policy, which has two separate plans for nicotine and non-nicotine users, uses a rapid data check to get you insured faster. 

Custom Advantage

Custom Advantage applicants must go through traditional underwriting, but they can qualify for up to $5 million or more in coverage. Minimum face amounts vary by age and start at $50,000 for older applicants and $150,000 for younger applicants. 

Available Riders 

Life insurance riders are add-ons to a life insurance policy that allow you to customize your coverage. Primerica mentions several available riders but does not provide detailed information on how they work. 

Waiver of Premium

A waiver of premium rider typically allows you to pause your premium payments if you become totally disabled and unable to work.

Terminal Illness Rider

This living benefits rider provides the lesser of 40% of the death benefit or $250,000 while you are still living should you be diagnosed with a terminal illness. If you also have the waiver of premium rider on your policy, you can get the lesser of $400,000 or 70% of the death benefit in advance of your death. 

Child Rider

With this rider, you’ll get term coverage for all eligible children in your family. 

Increasing Benefit Rider

This rider is available to applicants under age 56 who are issued non-rated coverage. 

Customer Service

If you have questions about Primerica’s products, you’ll need to find an agent in your area and call them directly. You can also email plic@primerica.com. If you’re an existing policyholder or beneficiary, use one of the following phone numbers:

  • To manage your policy, call 1-800-257-4725
  • To file a claim, call: 1-888-893-9858

Primerica doesn’t disclose what hours their support team is available. There’s also no live chat, but there is an online policyholder portal you can use to manage your policy. 

Is Primerica Right for Me?

Primerica is a legitimate insurance company, but its limited offerings, limited transparency on pricing and coverage terms, makes it a difficult choice to recommend. While the company has excellent financial strength ratings and fewer complaints than expected for its size, there are other life insurance companies with more transparent product offerings, stronger financial strengths and higher customer satisfaction ratings. Many of Primerica’s term life insurance competitors offer a wider variety of riders, convertible term policies, and more accessible customer service.

Our Methodology: How We Review Life Insurance Carriers

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.

In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. NAIC. “Consumer Insurance Search.”

  2. AM Best. “Guide to Best’s Financial Strength Ratings - (FSR).”