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Primerica Life Insurance Review

Primerica may not be as well known as some other life insurance companies, but they’re a major player in the life insurance business.

In this Primerica life insurance review, we detail the policies and services offered by the company and explore customer satisfaction reviews to help you shop for the right insurance company for your life insurance needs.  

About Primerica Life Insurance

Primerica was founded in 1977. Primerica claims to be the leading provider of term life insurance in the U.S., and term life insurance happens to be the only type of coverage the company offers. Primerica does, however, sell additional financial products outside of the realm of life insurance.   

Primerica is based in Duluth, GA, and is licensed to sell insurance in all 50 states. 

What Kind of Life Insurance Does Primerica Sell?

As noted above, Primerica only sells term life insurance through independent contractors across the nation. 

Primerica Term Life Insurance

Primerica sells two different term life insurance policies: Custom Advantage and TermNow. 

  • Custom Advantage requires a health interview and medical exam. Death benefits range from $150,000 to $400,000, and terms are available in 10, 15, 20, 25, 30 or 35 years. Most life insurance companies do not offer terms of more than 30 years, so Primerica’s 35-year option is unique and may be an attractive feature for some. 

  • TermNow allows you to skip the medical exam and get approved for coverage in rapid fashion. Term lengths are the same as Custom Advantage, but death benefits are capped at $300,000. 

Can I Cash Out My Primerica Life Insurance?

Term life insurance typically does not include a cash value like certain types of whole life insurance. However, you may be able to cash out a portion of your Primerica policy if you add the terminal illness benefit rider and are diagnosed with a qualifying condition. (See below for more information about Primerica’s life insurance riders.) 

Does Primerica Pay Out Death Benefits?

There is little reason to doubt Primerica’s ability to pay out death benefits. The company paid out $1.7 billion in life insurance benefits in 2020 alone and pays an average of $4 million in benefits every day. Over 90% of claims are filled within 14 days.1

Does Primerica Life Insurance Have Any Riders?

Primerica offers a few riders that may be added to a life insurance policy to more closely align with certain needs. 

A child rider allows you to add your children to your policy with up to $50,000 in death benefits. 

Primerica’s increasing benefit rider allows those under the age of 56 to increase the face amount of the policy by 10% for 10 years up to a maximum of $500,000 with no additional underwriting. 

The aforementioned terminal illness benefit rider provides early access to some of your death benefits if given a life expectancy of six months or less. 

Finally, a waiver of premium rider lets you waive your premiums if you become disabled and unable to earn a working income.   

How Much Does Primerica Life Insurance Cost?

Unlike most life insurance companies, Primerica does not provide online quotes for its life insurance policies. You will have to contact an company representative who is licensed to sell Primerica policies in order to gather information about the company’s pricing.  

Does Primerica Insurance Have Good Customer Service?

Primerica’s customer service and satisfaction seem to have some mixed reviews. 

J.D. Power ranked Primerica well below the industry average for overall customer satisfaction in its 2021 U.S. Individual Life Insurance Study. And the company’s Consumer Affairs rating is just 2.9 stars out of five.

However, the National Association of Insurance Commissioners’ Complaint Index Report shows Primerica as having a lower rate of customer complaints than the industry average in 2021. 

Primerica Life Insurance Phone Number

Current Primerica life insurance customers can contact the Primerica customer service phone number by calling 1-800-257-4725. Primerica policyholders can call to get general policy information, make changes to their policy or cancel their life insurance policy.

To file a claim, Primerica policy members can call 1-888-893-9858.

How Is Primerica Rated?

Primerica maintains an A++ rating from AM Best, a Baa1 rating from Moody’s and an A- from S&P, all of which suggest strong financial security.1

Can Primerica Be Trusted?  

Primerica was recently ranked among Forbes’ Most Trustworthy Financial Companies and in 2022 was named among Forbes’ list of America’s Best Insurance Companies.2

Primerica only offers term life insurance, however, and the company is not as transparent about its rates as some other life insurance companies and has mixed reviews for customer service and satisfaction. 

Call to chat with a licensed insurance agent to compare the life insurance companies and policies available where you live. A licensed agent can help you compare rates, coverage amounts, eligibility and more. 

1 https://www.primerica.com/public/primerica-life-insurance-faq.html
2 https://www.primerica.com/public/index.html

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