Most likely you have been solicited by a Primerica agent or a close relative who just signed up to be an agent and now you want to know a little more about the company. Well first off let me go ahead and clarify that Primerica is not a fly by night company. We will go into their history and community involvement so you can get an idea for yourself of who the company is and where their values are. Primerica Life Insurance Company is one of those companies that receive a lot of mixed reviews and we are here to set the record straight. Here at InsureChance, we only provide the most honest and unbiased reviews because we believe these kinds of articles will better help our clients then shoving down our personal opinion of the down your throats. We only state facts and facts only! We will be laying out all the cards so you can make an informed decision and what we will be covering in this article is our honest review of them with an accurate rating, whether or not Primerica is a scam, and of course, we will go over some highlights of their life insurance products. The following are some key points from this article;
- Primerica Life Insurance Company has been around since 1977 and it’s founder is Arthur Williams.
- The Primerica Foundation has been awarded 237 grants, has given over $5,000,000 in grant funding, have impacted an average of 200,000 lives each year, and was also named by the Atlanta Business Chronicle as one of the “Top 25 Georgia Based Company Sponsored Foundations.”
- According to A.M Best, they have rated Primerica Life an “A+” or superior.
- A pro of Primerica’s is that they have a pretty high rating from A.M Best who is one of the most well-known rating companies in the market, this is a hard rating to achieve so it’s safe to say that the company is financially stable. Another pro is that they offer term life insurance as we mentioned earlier. Term life insurance policies are already less expensive than a whole life insurance product which means that you can get good coverage at a very reasonable rate.
- One of the cons that Primerica Life doesn’t offer any other life insurance products such as whole life, universal life, variable universal life, or index universal life insurance.
- Another con of Primerica’s is yes, they offer term life insurance which is technically cheaper than any other product on the market but it is particularly higher than another company.
- If you have diabetes you should not buy coverage from Primerica because another one of their cons is that they don’t offer low rates for those with an existing health condition.
- Since they offer a term life insurance product it is more common than not that another company offers the option of conversion which allows you to move from a term life insurance product to a permanent life insurance product but since there is no permanent life insurance product there is no conversion.
Primerica Life Insurance Company 2017 Review and Community Involvement
Primerica Life has been around since 1977 and they don’t offer online quotes or direct sales instead their business model is similar to that of the network marketing firm. Just like many other big box life insurance companies, Primerica Life Insurance Company takes great pride in their community involvement. On their website, they state that giving back is an idea close to their hearts. They support their local Metro Atlanta community through the work of The Primerica Foundation which is a Georgia-based program and organization that helps families in crisis to work toward a better quality of life. Since 2011, The Primerica Foundation has been awarded 237 grants, has given over $5,000,000 in grant funding, have impacted an average of 200,000 lives each year, and was also named by the Atlanta Business Chronicle as one of the “Top 25 Georgia Based Company Sponsored Foundations.” According to A.M Best, they have rated Primerica Life an “A+” or superior. Regardless of how great the company is it might not be the best for everyone so let’s take an in-depth look to see if it is the right choice for you.
Why you should read a company’s rating
Looking at a company’s rating really benefits you as much as you think it won’t. When you are purchasing a product such as life insurance from a company you are making an investment for future profits to be given to your beneficiaries. With such an important topic you want to make sure you have exhausted your research of the company before you buy a product from them. You probably have seen other reviews that consist of ratings from one of the top rating agencies such as A.M Best, Standard & Poors, Moody’s, and Fitch’s Ratings.
If you see a good rating such as an “A+”, “A”, or “A-” this basically means that the company is financially stable and very capable of paying out your policy’s death benefits when you pass away. This is important to read because if a company has a low rating it means that they are not really capable of paying out your policy’s benefits and that they are unstable. Honestly, you don’t want to risk your death benefit because it’s not for you, it’s for your family and you don’t want them to stress out when they already are mourning over their loss. A low rating also shows that a company is vulnerable and if something happens around them such as the market crashed they wouldn’t know how to handle the situation and they would pull out or file bankruptcy. Either way, you won’t be getting your money back and your policy will be gone with the wind. The reason we are telling you this is so that you can understand why you should read a company’s rating.
Primerica Life’s Cost
Nowadays consumers are looking for the best value for the least amount of dollar expenditure. Being an independent agency we see quotes from all the companies in the marketplace and Primerica is more costly than others. There are companies such as Banner Life, Genworth, American General and Protective of which some are much larger players in the industry that offer more affordable rates. If you are looking for the best deal it’s in your best benefit to shopping around with all the top life insurance companies.
Primerica Life Insurance Product
Primerica only offers term life insurance so your options are limited to only one product. For starters, term life insurance is a form of temporary life insurance that provides coverage for a short and specified period of time. “Term” refers to the length or period of time you would like to receive coverage for such as 10, 15, 20, or 30-years. The reason is that their company slogan is to buy term and invest the difference, which they will solicit you for other financial services products later on. Term life insurance is great since you can buy a lot of coverage for a small monthly payment. Most term life insurance plans are convertible so when you come to the end of your term policy you can easily convert to a smaller permanent life insurance policy without any questions but not with Primerica. The reason is that they can’t convert your policy to something that they don’t offer. Another downfall with this is that if you are in a position where you no longer need a large policy but want to make sure your final expenses are taking care of when you pass. You need a permanent life insurance policy so again Primerica might not work for you.
Primerica Life Insurance Pros and Cons
There are a couple of pros and cons for Primerica Life that will hopefully help you determine whether or not you want to buy term life insurance from Primerica. A pro of Primerica’s is that they have a pretty high rating from A.M Best who is one of the most well-known rating companies in the market, this is a hard rating to achieve so it’s safe to say that the company is financially stable. Another pro is that they offer term life insurance as we mentioned earlier. Term life insurance policies are already less expensive than a whole life insurance product which means that you can get good coverage at a very reasonable rate.
With everything good comes bad and one of the cons that Primerica Life doesn’t offer any other life insurance products such as whole life, universal life, variable universal life, or index universal life insurance. This is a big no-no because not everyone wants a term life policy because they want to have coverage for a lifetime and those people wouldn’t be satisfied with the product they offer. Another con of Primerica’s is yes, they offer term life insurance which is technically cheaper than any other product on the market but it is particularly higher than another company. If you have diabetes you should not buy coverage from Primerica because another one of their cons is that they don’t offer low rates for those with an existing health condition. Since they offer a term life insurance product it is more common than not that another company offers the option of conversion which allows you to move from a term life insurance product to a permanent life insurance product but since there is no permanent life insurance product there is no conversion.
When Shopping Around for Quotes
If you are reading this article it is clear that you use the internet like most people to research first and then purchase products with the convenience of online shopping. Primerica, unlike other companies, will not provide you quotes over the internet and you won’t be able to apply online because you would have to speak with one of their agents first. I am not sure what the reason is but it is unfortunate since you can easily do it all online for the majority of life insurance companies out there. Sitting across from the table from an agent is becoming a thing of the past. Also if you are shopping for life insurance with preexisting conditions you may be wasting your time since Primerica is not as lenient with certain medical conditions like other big carriers.
The best way to shop for life insurance is to work with an independent online broker like us. Since we can shop with over 60 top life insurance companies based on your needs to find you the best deal on the market. On top of that with one medical exam, we can apply to as many companies as necessary or we can go with no exam altogether. Please feel free to use our quote engine to compare quotes from all the top life insurance companies here. If you have any other questions feel free to drop a comment below or call us at 1(888)492-1967.
