Primerica Term Life Insurance: How Long Does It Last?

Primerica offers term life insurance with policy terms ranging from 10 to 35 years. The company was founded in 1977 and has since offered term life insurance, giving families the coverage they need at affordable prices. Primerica's term life insurance is available in all 50 states, Washington, D.C., Puerto Rico, and Guam, as well as Canada. The company has received recognition and high ratings from entities such as AM Best, Forbes, and Investor's Business Daily.

Primerica's term life insurance coverage period

Primerica offers term life insurance policies in increments of 10, 15, 20, 25, 30, and 35 years. The maximum term length is 35 years, with fixed premiums and guaranteed insurability until the age of 95. The company's term life insurance products are underwritten by National Benefit Life Insurance Company in New York and by Primerica Life Insurance Company in the rest of the United States.

Primerica's term life insurance policies are renewable until the age of 95, with rates increasing at each renewal based on the policyholder's age. The company offers two types of term life insurance: Custom Advantage and TermNow. Custom Advantage policies require a medical exam and have a minimum coverage amount of $150,000, while TermNow policies do not require a medical exam and offer coverage of up to $300,000.

Primerica's term life insurance policies can be customized with several riders, including:

• Increasing Benefit Rider: This rider allows the policyholder to increase their coverage amount by up to 10% per year over 10 years.
• Terminal Illness Rider: This rider provides access to a portion of the death benefit if the policyholder is diagnosed with a qualifying terminal illness.
• Waiver of Premium Rider: This rider waives the policyholder's premiums if they become disabled and unable to work.
• Child Rider: This rider extends coverage to all eligible children in the policyholder's family.

Primerica's term life insurance policies do not build cash value and do not allow policyholders to invest. The policies only provide a death benefit to the beneficiaries if the insured dies during the policy term and the premiums are up-to-date.

Primerica's term life insurance riders

Child Rider: This rider provides coverage for all eligible children in the policyholder's family. It ensures that the policy's benefits extend to the children, offering financial protection for the entire family.

Increasing Benefit Rider: This rider allows policyholders to increase their coverage amount by up to 10% per year over a period of 10 years. This helps the policy to keep up with inflation and ensures that the benefits remain adequate over time.

Terminal Illness Rider: This rider provides access to a portion or the entirety of the death benefit if the policyholder is diagnosed with a qualifying terminal illness. It offers financial support during the policyholder's lifetime if they are faced with a critical health situation.

Waiver of Premium Rider: With this rider, Primerica will waive or reduce the policyholder's premiums if they become disabled and are unable to work. This rider provides financial relief during periods when the policyholder might be unable to pay the regular premiums.

Primerica's life insurance riders offer flexibility and customization to its term life insurance policies, allowing policyholders to tailor the coverage to their specific needs and circumstances. By adding these riders, individuals can enhance the protection provided by their life insurance policy and ensure that their loved ones are taken care of in a variety of situations.

Primerica's term life insurance cost

Primerica offers term life insurance policies with terms ranging from 10 to 35 years. The cost of a Primerica term life insurance policy will depend on various factors, including age, gender, location, and health condition. Working in a high-risk occupation or participating in high-risk hobbies will also impact the cost, with higher premiums for those in riskier professions or pastimes. The amount of coverage desired will also affect the price, with policies offering more coverage having higher premiums. Additionally, longer-term policies will cost more due to the extended coverage period.

Primerica's term life insurance policies are designed to be affordable, especially for younger and healthier individuals. The company follows the “Buy Term and Invest the Difference” philosophy, encouraging clients to invest the money saved by choosing term life insurance over more expensive permanent life insurance options. This approach is intended to help clients accumulate savings without committing to permanent life insurance as a permanent fixture of their financial lives.

Primerica offers two types of term life insurance policies: Custom Advantage and TermNow. Custom Advantage requires a medical exam and has a minimum coverage amount of $150,000. TermNow does not require a medical exam and can provide coverage of up to $300,000. However, due to the lack of a medical exam, TermNow policies can be expected to have higher rates than Custom Advantage policies.

Primerica's life insurance rates are not available online, and interested individuals must speak to one of their representatives to get a quote. The company's website provides a list of life insurance representatives by state and ZIP code, along with their contact information.

Primerica's term life insurance cancellation

Primerica's term life insurance offers affordable protection for a specific period of time, ranging from 10 to 35 years. It is important to note that Primerica does not offer permanent life insurance options such as whole life insurance or universal life insurance. Their policies are designed to provide financial protection for a specified term, and individuals can choose the duration that best suits their needs.

When it comes to cancelling Primerica's term life insurance, there are a few important things to keep in mind. Here is a step-by-step guide to help you through the process:

• Understand the policy: Before making any decisions, it is crucial to thoroughly understand the details of your Primerica term life insurance policy. Make sure you have a copy of the policy document and carefully review the terms and conditions, including any applicable fees or penalties for cancellation.
• Contact Client Services: To initiate the cancellation process, you or your authorised representative should contact Primerica's Client Services team directly. The phone number for Client Services is 1-800-257-4725. They will be able to guide you through the necessary steps and provide you with any required paperwork or documentation.
• Provide necessary information: When contacting Client Services, have your policy number and other relevant information readily available. They may ask for personal details such as your name, address, and date of birth, as well as the reason for cancellation. Be prepared to answer any questions or provide additional documentation if needed.
• Follow up in writing: After speaking with Client Services, it is a good idea to send a written confirmation of your cancellation request. You can send a letter or email to the client services team, outlining your intention to cancel the policy and providing all the relevant policy details. Keep a copy of this correspondence for your records.
• Understand the impact of cancellation: Depending on the specifics of your policy and the timing of your cancellation, there may be financial implications. For example, if you have a Custom Advantage policy that requires a medical exam, there may be different considerations compared to a TermNow policy. Consult with a financial advisor or insurance professional to fully understand the impact of cancelling your Primerica term life insurance policy.
• Explore alternative options: Before finalising the cancellation, take the time to explore alternative insurance options that may better suit your needs. Shop around for similar policies from other providers and compare rates, coverage amounts, and other features. Consider seeking advice from an independent insurance agent or broker who can provide quotes from multiple companies, ensuring you make an informed decision.
• Finalise the cancellation: Once you have confirmed your intention to cancel and explored alternative options, finalise the cancellation process by following any remaining steps outlined by Primerica's Client Services team. Ensure you receive written confirmation of the policy cancellation and that all necessary administrative tasks are completed.

Remember, it is important to carefully consider the implications of cancelling your term life insurance policy and ensure that you have adequate alternative coverage in place to protect your loved ones before finalising the cancellation.

Primerica's term life insurance customer satisfaction

Primerica's term life insurance has received mixed reviews when it comes to customer satisfaction. On the one hand, the company's complaint level for individual life insurance is very low, indicating good customer satisfaction. The National Association of Insurance Commissioners (NAIC) reported an average complaint index of 0.28 in 2022, which is lower than the expected number of complaints given Primerica's size. This suggests that customers are generally satisfied with the company's services.

On the other hand, Primerica has received low scores in customer satisfaction surveys conducted by J.D. Power. In the 2022 US Life Insurance Study, Primerica ranked 13 out of 22 companies, and in the 2024 US Individual Life Insurance Study, the company ranked 20 out of 21 companies. These results indicate that Primerica's overall customer satisfaction levels are relatively low compared to other major life insurance providers.

Primerica's term life insurance products are designed to be affordable and accessible, with policies ranging from 10 to 35 years. The company offers a "Buy Term and Invest the Difference” philosophy, which encourages clients to invest the difference in premiums for future savings. However, some customers may find the sales approach off-putting, as Primerica uses a multilevel marketing structure where agents are independent contractors who sell to their family and friends, potentially creating extra pressure to buy.

Additionally, Primerica's website has been criticised for its lack of transparency and limited information about term lengths, coverage limits, and riders. Customers must contact an agent directly for quotes and simple inquiries, which can be inconvenient for those who prefer online research and purchasing.

Overall, while Primerica has a low volume of complaints and strong financial backing, there is room for improvement in terms of customer satisfaction, especially when compared to other companies in the industry.

Frequently asked questions