When planning for the overall financial security for yourself and those you love, life insurance should typically play a part. This is because the proceeds from a life insurance policy can be used to ensure that dependents and survivors won’t be left with having to pay a debt or other expenses out of their own pockets. These funds can also be used for ensuring that the daily living expenditures of a spouse and children can continue – without those you care about having to go into a financial hardship, or even to change their lives drastically.
If you are in the process of shopping for life insurance – or you soon will be – then several key factors are important to keep in mind. These include securing the right type and amount of insurance coverage, as well as making sure that the company you plan to purchase the coverage through is safe and stable financially, and that it also has an excellent reputation for paying out its policy holders’ claims. One carrier that meets these standards is Primerica.
Table of Contents
- The History of Primerica Insurance Company
- Primerica Life Insurance Review
- Insurer Ratings and Better Business Bureau (BBB) Grade
- Life Insurance Coverage Offered Through Primerica
- Other Products and Services Available Via Primerica Insurance Company
- How to Get the Best Life Insurance Rates with Primerica Insurance Company
- The Bottom Line – Primerica Life Insurance Review
The History of Primerica Insurance Company
Primerica has been in the business of offering term life insurance that is affordable since 1977. Since its beginning, the company has had a key focus on serving middle America’s “Main Street” families in neighborhoods across the country. Primerica was started by Arthur (Art) Williams, a former high school football coach turned life insurance advisor.
Within just the first few years of operation, the company contracted with Massachusetts Indemnity and Life Insurance Company – and by 1982, the company had gone public and started trading its stock on the NASDAQ market.
The company takes more of an educational approach, and in addition to insurance coverage, it also focuses on educating its prospects and customers. For instance, the company’s complimentary Financial Needs Analysis asks some important questions to pinpoint exactly where an individual or family is on their goals, and then it suggests various financial solutions that fit both their needs and their budget.
There are currently three components to Primerica’s life companies. These include the following:
- Primerica Life Insurance Company
- Primerica Life Insurance Company of Canada
- National Benefit Life Insurance Company
Primerica’s products are offered through independent representatives, many of whom work on a part-time basis. Over time, Primerica has earned numerous awards and accolades, including being named to the 2023 Forbes list of America’s 50 Most Trustworthy Financial Companies. The company has it main headquarters in Duluth, Georgia.
Primerica Life Insurance Review
Today, Primerica is a leading provider of term life insurance in the industry. The company pays out an average of $3.5 million in benefit claims every day – and more than 90 percent of these allegations are paid out within 14 days of the claim being submitted. Currently, Primerica serves more than 4.3 million customers and policy holders.
The company currently has more than $728 billion of life insurance in force. A significant portion of the policies that are sold via Primerica agents are done so using the “Buy Term Invest the Difference” philosophy. This alludes to having clients purchase affordable life insurance, and use the remainder of their funds (that may have been spent on more expensive permanent insurance protection) to invest in mutual funds and other appropriate investments for the client.
Using this concept, Primerica believes that people should look at purchasing life insurance in the same manner that they view buying auto, health, or homeowner’s insurance – in other words, maximize the amount of the coverage and invest the difference. Doing so can provide individuals and families the ability to accumulate more money, and in turn, live a stress-free retirement in the future.
Certainly, one of the key advantages of the term life insurance products that are offered through Primerica is the lower rates (as compared to a comparable permanent life insurance policy). While an insured can get a nice amount of coverage for a reasonable rate, especially if they are young and in good health at the time of application, it is important to keep in mind that term life insurance is only issued for a set period, such as ten, fifteen, twenty, or thirty years. Then, once the initial policy has expired, it will be required that the insured renew the policy if they want to keep coverage in force. This, however, will typically be at a much higher premium rate, given the insured’s then-current older age.
However, for those who are seeking a way to cover “temporary” needs, such as the payoff of a mortgage and ensuring that a child or grandchild has enough money to attend college in the future – then a term life insurance policy could be a viable option.
Insurer Ratings and Better Business Bureau (BBB) Grade
Due to its robust and stable financial footing, and the timely way it pays out claims to its policyholders, Primerica has earned high ratings from the insurer rating agencies. This includes an A+ (Superior) by A.M. Best Company, of which less than 20 percent of life companies meet this standard.
Also, Primerica has been an accredited company via the Better Business Bureau (BBB) since January 1, 1980. The company has been provided with a grade of A+ by the BBB, on a scale of A+ to F.
Over the last three years, Primerica has closed out a total of 140 customer criticisms through the Better Business Bureau (12 of which were closed out within the past twelve months). Of the total 140 customer complaints, 77 of them focused on problems with the company’s products and services, 33 focused on billing and collection issues, and the other 30 had to do with advertising and sales issues.
Life Insurance Coverage Offered Through Primerica
Primerica offers straightforward and affordable term life insurance coverage. Many of the policies that are sold by this company offer renewal options, so that the insured may continue coverage once the initial period of the policy has been surpassed.
There are many different ways in which policyholders may structure their insurance coverage through Primerica, as the company offers individual riders and add-ons like terminal illness benefit, waiver of premium, and increasing benefit riders.
Primerica offers value through their unique approach to buying life insurance. Its primary life insurance offerings include the TermNow and Custom Advantage plans. Both options offer guaranteed insurability to the insured’s age 95, as well as a terminal illness benefit, industry leading renewal options, affordable renewal rates, and the flexible use of riders that can help with increasing the coverage and / or better “customizing” the policy to better fit the insured’s needs.
Other Products and Services Available Via Primerica Insurance Company
In addition to term life insurance coverage, Primerica also offers several other products and services that can provide solutions to its clients. These include:
- Investments: Primerica offers mutual fund investments so that clients can put away money for the future. In many cases, clients may have the option of either investing a lump sum, or dollar cost averaging whereby they invest a certain amount of money on a regular basis over time.
- Auto Insurance Coverage: Primerica offers auto insurance coverage through the Primerica Secure Referral Program. Here, clients can obtain competitive rates in ten minutes or less, and most individuals will qualify for this coverage.
- Home Owners Insurance Coverage: As with the auto insurance coverage, the home owners insurance coverage that is offered via Primerica is done through the Primerica Secure Referral Program, which can make it easy for individuals to find out the quote they are eligible for, and to move forward if it is the plan they choose.
- Long Term Care Insurance: Primerica also offers long-term care insurance coverage via some of the oldest and most experienced companies in the long-term care insurance marketplace. Having this coverage can help clients to ensure that their other assets and savings are secure and in place for their originally intended purpose.
- Pre-Paid Legal Services: While many people may need the services of a lawyer, not everyone can pay the high fees that attorneys are known for charging. With legal insurance protection, though, the playing field is leveled. By having a legal insurance plan, clients can access a plethora of different services, such as will creation, legal consultation, motor vehicle-related benefits, durable powers of attorney, IRS audit assistance, and probate benefits.
- Identity Theft Defense: Today, identity theft is the fastest growing crime – which puts everyone in harm’s way when it comes to having their identity stolen. By having identity theft protection, though, if an incident occurs, the client may be covered from a financial perspective, as well as via a long list of other support services.
- Debt Reduction / Payoff Solutions: The debt solutions that are offered through Primerica can help individuals and families to get on the road to debt freedom. The Primerica Debt Watchers product allows clients to use the information that is contained in their Equifax Credit Report to put together a simple-to-understand plan towards paying off their debt. This differs from many of the other debt relief products that are found in the market place today because it doesn’t just limit clients to seeing debts on their credit report, but rather to create an overall plan for becoming debt free.
Also, in addition to the other educational solutions and concepts that may be provided include the following:
- High Cost of Waiting
- Pay Yourself First
- Theory of Decreasing Responsibility
- Rule of 72
- Power of Compound Interest
- Debt Stacking
Being out of debt, and well-protected with life insurance and other coverage, can make clients’ lives much easier.
How to Get the Best Life Insurance Rates with Primerica Insurance Company
If you are seeking the best rates on life insurance through Primerica – or from any other life insurance carrier – then it is recommended that you work in conjunction with an independent life insurance agency or broker. In doing so, you can compare different life insurance policies, companies, and premium prices – and from there, you can choose which one will be the best for you.
When you are prepared to proceed with finding out the best coverage option for you, we can offer support. We are an independent life insurance brokerage, and we work with many of the best life insurers in the marketplace today. We can get you all the necessary details needed to make a well-informed life insurance coverage buying decision. We can do so for you very swiftly, simply, and conveniently – all from your computer – and without you having to meet in person with a life insurance agent.
We understand that the process of purchasing a life insurance policy can seem a tad bit overwhelming. There are many different variables and components you need to consider while choosing the right coverage for your needs. But there is good news. This process can be so much easier when you are working with an ally on your side who can point you in the right direction. So, contact us today – we’re here to help.
The Bottom Line – Primerica Life Insurance Review
Primerica, founded in 1977 by Art Williams, stands as a reputable provider, focusing on educating clients about their financial needs. The company’s commitment to serving middle America is evident, with over 4.3 million satisfied customers. Primerica’s “Buy Term Invest the Difference” approach emphasizes affordable term life insurance, freeing up funds for investments. Despite its temporary nature, Primerica’s coverage offers flexibility and high renewal rates. The company’s stellar reputation, A+ rating, and diverse offerings make it a go-to choice for financial security.
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Primerica Life Insurance Review
Product Name: Primerica Life Insurance
Product Description: Primerica Life Insurance offers straightforward and affordable term life insurance coverage with a unique "Buy Term Invest the Difference" philosophy. This approach aims to provide clients with maximum coverage at lower rates, encouraging them to invest the saved funds wisely. Primerica is renowned for its timely claims processing and financial stability, making it a reliable choice for those seeking temporary financial protection.
Summary of Primerica Life Insurance
Primerica Life Insurance stands out in the industry with its emphasis on term life insurance policies designed to cater to a wide range of individuals and families. The company’s primary offerings, the TermNow and Custom Advantage plans, provide guaranteed insurability up to age 95 and feature flexible riders like terminal illness benefits and waiver of premium. Primerica’s commitment to educating clients on financial needs is evident through its comprehensive Financial Needs Analysis, aiding individuals in identifying their goals and suggesting suitable financial solutions.
Cost and Fees
- Affordable Term Life Insurance Options.
- Strong Financial Stability and Timely Claims Processing.
- Emphasis on Financial Education.
- Temporary Coverage, Requiring Potential Renewal at Higher Rates.
- Limited Coverage Options Beyond Term Life Insurance.