Primerica Life Insurance Review (2024)

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate life insurance products to write unbiased product reviews.

Primerica is a financial services company founded in 1977. The company offers a range of financial services and products ranging from investments to auto and home insurance and identity theft solutions. It also offers term life insurance.

Business Insider compared Primerica Life Insurance to the best life insurance companies and found it to be a lackluster option compared to other term-only life insurance companies.

Primerica Life Insurance Overview

Primerica sells its term life insurance policies throughout the United States, and consumers can choose a plan for 10, 15, 20, 25, 30, or 35 years. It offers death benefits from $15,000 up to $300,000 with no medical exam required and up to $10 million for eligible applicants who take an exam.

Primerica life insurance provides a surprising level of customizability for a company that only offers term life insurance. Applicants can choose to add several riders, including terminal illness and waiver of premium riders. Primerica does not offer the option to add a term life conversion rider.

While Primerica's term life policy is solid, the company's business structure may give you pause. While Primerica isn't, strictly speaking, a multi-level marketing company, it contains elements. For one, Primerica agents, mostly independent contractors, make a commission on sales they make and sales made by agents they recruit into the company. As a result, agents may put pressure on you to buy a policy, even if it's not the right fit for your needs.

Primerica Life Insurance Pros and Cons

Primerica Life Insurance Pros

No medical exam policies available
Up to $10 million in coverage
Additional riders available

Primerica Life Insurance Cons

No medical exam policies only offer max benefit of $300,000
No term life conversion available
Quotes must be obtained over the phone
Agents receive commissions on policies sold

Primerica Life Insurance Plans and Coverage

Primerica focuses its life insurance offerings exclusively on term life insurance, which policyholders can customize with a handful of riders.

Term life insurance from Primerica

Primerica offers two main types of term life insurance coverage:

Custom Advantage: This policy from Primerica is available in terms of 10 to 35 years, and it requires applicants to complete a medical exam.
TermNow: This coverage is available to eligible applicants with no medical exam required. However, coverage can only be for up to $300,000, and rates can be higher than Custom Advantage policies.

Primerica does not offer any permanent life insurance plans, so consumers cannot use this provider to purchase whole life insurance, universal life insurance, or any life insurance policy building cash value. In addition, term policy owners cannot convert to whole life insurance later on.

Additional coverage options from Primerica

While term-only life insurance companies usually don't offer riders, Primerica offers a few limited options. The available riders may help individuals get better coverage or recover from financial losses caused by specific situations.

Primerica riders include the following:

Child rider: This rider lets Primerica customers purchase additional term coverage for eligible dependents.
Increasing benefit rider: This rider enables the policyholder to increase coverage over time, usually up to 10% per year over 10 years. Keep in mind that regardless of the increase in payout, the term stays the same unless otherwise specified.
Terminal illness rider: This rider lets the policyholder access up to 70% of their death benefit (up to $400,000 maximum) after being diagnosed with a terminal illness. You can immediately use this to pay rent, medical costs, and other bills or put it aside for funeral and other expenses.
Waiver of premium rider: This rider allows for an automatic waiver of life insurance premiums if a policyholder becomes entirely disabled while coverage is in force.

Primerica Life Insurance Cost

Primerica does not allow customers to obtain quotes or purchase policies online. To start the purchasing process, customers need to talk to one of Primerica's insurance agents.

We were able to get average costs for term policies with Primerica, but buyers should discuss exact pricing with a licensed life insurance agent. A 30-year-old male in excellent health may be able to purchase $250,000 in term life insurance lasting 20 years for as little as $192 annually (or $16 monthly).

Meanwhile, a 30-year-old woman in excellent health will pay an average of $240 annually ($20 monthly) for $250,000 in term coverage lasting for 30 years.

Primerica term life insurance premiums depend on the following factors:

Your age
Your health
Death benefit
Riders you select

How to File Life Insurance Claims with Primerica

Primerica runs its operation with the help of experienced local agents who often sell to friends and family first. In an ideal world, customers can rely on representatives to help them file a life insurance claim. However, Primerica also offers a few ways for consumers to initiate a claim without an agent.

File a life insurance claim with Primerica:

Call the company at 1-888–893-9858 to begin a claim (in the United States, Puerto Rico, and Guam)
Email the company at us_lifeclaims@primerica.com

It's also possible to begin a life insurance claim through the regular mail using the following address:

Primerica Life Insurance Customer Reviews and Ratings

Primerica has mixed customer reviews, receiving an average of 2.6 stars out of five on its BBB page and a 3.9 on Trustpilot. Most negative reviews came from policyholders who took issue with lack of communiciation from the company. Some reported losing coverage because Primerica didn't receive their payment and ended their policy without notifying the policyholder.

It's worth noting that reviews for Primerica are for all its services, not just its life insurance.

Primerica scored 766 out of 1,000 possible points in JD Power's latest US Life Insurance Study. This score put it a few points below the industry average of 774 and ahead of competitors like Protective Life, Corebridge Direct, and Transamerica (AEGON). The company also has solid ratings for its claims performance, as evidenced by the A+ rating Primerica received from AM Best regarding its financial strength.

Primerica Life Insurance Alternatives

Primerica Life Insurance vs. Ladder Life Insurance

Like Primerica, Ladder Life only offers term life insurance. It offers policies with terms from 10 to 30 years and death benefits that start at $100,000 up to $8 million. Applicants can opt out of a medical exam and still get up to $3 million in death benefits, which is more than Primerica's no medical exam insurance, which maxes out at $300,000.

Ladder's big selling point is its laddering feature, which allows policyholders to adjust their death benefit and premiums throughout a policy's life. This gives policyholders flexibility if they experience a period of financial hardship and can't afford their current premiums.

Though Primerica doesn't offer the same flexibility that Ladder offers in death benefits and premiums, it offers several riders while Ladder doesn't offer any. Primerica has riders for terminal illnesses, increasing benefits, and child insurance.

Ladder's purchasing process is more convenient than Primerica's. Not only can you obtain quotes online, but you can also fill out an online application. Some customers may even receive instant decisions about coverage.

Ultimately, Ladder is a stronger choice, especially if you're looking for quick no medical exam life insurance.

Read our Ladder life insurance review.

Primerica Life Insurance vs. Lemonade Life Insurance

Primerica and Lemonade Life Insurance both only offer term life insurance, however the buying process is radically different. While Primerica requires you to obtain quotes and buy insurance through one of its agents, Lemonade's buying process is completely automated, allowing customers to obtain quotes and purchase their policy without talking to a single person, though a live agent can be reached if need be.

Lemonade's policies do not require medical exams and offer coverage up to $1.5 million, which is greater than Primerica's $300,000 limit for policies with no medical exams. However, Primerica offers greater coverage if you take a medical exam: up to $8 million. Primerica also offers several optional riders, while Lemonade doesn't offer any.

Primerica premiums are also generally cheaper than Lemonade's, though Lemonade offers discounts on other Lemonade insurance policies — like auto, pet, renters, or homeowners insurance — if they bundle with life.

Ultimately, Lemonade is the simpler, more convenient policy, but Primerica may offer more value — if you don't mind the MLM aspects of the company.

Read our Lemonade life insurance review.

Primerica Life Insurance FAQ

Is Primerica a pyramid scheme?

Primerica is not a pyramid scheme, but the company does have some of the characteristics of a multi-level marketing company (MLM). For example, Primerica allows agents to earn commissions for the products they sell as well as on products sold by other agents they recruited to work for the company.

Does Primerica sell whole life insurance?

Primerica does not sell whole life insurance. You can read our guide to the best whole life insurance.

Is Primerica a trustworthy company?

Even if you don't like its hierarchy or sales tactics, Primerica is a legitimate company. Primerica is publicly traded on the New York Stock Exchange under the stock symbol "PRI," and it is rated A+ by the Better Business Bureau (BBB). In addition, Primerica has received an A+ rating from AM Best for its financial strength.

Can I buy Primerica life insurance online?

No, you cannot buy Primerica life insurance online. You must contact one of Primerica's agents to purchase term life insurance.

Why You Should Trust Us: How We Reviewed Primerica Life Insurance

As Primerica only offers term life insurance, our review compared the company's life insurance policies to similar policies from other popular competitors. We based our comparison on the unique details of the policies offered, the coverage options, and available riders and add-ons. We used this information to rank companies based only on the facts we gathered.

To find the right life insurance coverage for your situation, however, you'll want to take steps to compare policy options and premiums across a range of insurance companies. You'll also need to determine whether you want term life insurance coverage or a permanent policy.

While Business Insider offers a comprehensive overview of the life insurance options offered by a range of providers, working with a professional life insurance agent can also help you find the best coverage for your personal needs and goals.

You can read more about Business Insider's life insurance rating methodology.

Holly Johnson

Holly Johnson is a credit card expert, award-winning writer, and mother of two who is obsessed with frugality, budgeting, and travel. In addition to serving as contributing editor for The Simple Dollar and writing for publications such as Bankrate, U.S. News and World Report Travel, and Travel Pulse, Johnson ownsClub Thriftyand is the co-author of "Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love."