Primerica Life Insurance: Application Process Simplified

Primerica is a multi-level marketing company that provides insurance, investment, and financial services to middle-income families in the United States and Canada. The company specializes in term life insurance, which provides a level premium for a specified period. Primerica's term length choices are 10, 15, 20, 25, 30, and 35 years, with a maximum term of 35 years and fixed premiums and guaranteed insurability up to age 95. Primerica's life insurance policies are available exclusively through the company's agents and cannot be applied for online. To purchase a Primerica life insurance policy, you must contact a representative, who can help you determine the appropriate coverage amount and provide information about available riders.

Primerica's term life insurance options

Primerica has been offering term life insurance since 1977, providing families with the coverage they need at an affordable price. Term life insurance provides coverage for a specific period of time, during which, if the insured person dies and the policy is still active, the death benefit is paid out to the beneficiary.

Primerica's life insurance policies are customizable and offer various riders, including:

• Increasing Benefit Rider: The death benefit increases over time to account for inflation.
• Waiver of Premium Rider: This rider waives your life insurance premiums if you become unable to work.
• Terminal Illness Rider: This rider provides up to 70% of the face amount of the terminal illness benefit, with a maximum of $400,000.
• Child Rider: This rider covers all eligible children in the family.

Primerica's term life insurance is available in all 50 states, Washington, D.C., Puerto Rico, Guam, and Canada. The company has a strong financial backing, with an A+ (Superior) rating from A.M. Best, indicating superior financial strength.

To apply for Primerica's term life insurance, you must contact a local representative or agent, as online purchases are not available. They will help you determine the coverage you need and provide a quote.

How to contact Primerica

There are several ways to contact Primerica, depending on your query.

Phone

For policy information, changes, or cancellations, call Client Services at (800) 257-4725. To file a claim, call the Claims Department at (888) 893-9858 between 8 a.m. and 5 p.m. ET, Monday to Friday.

Email

For general policy inquiries, send an email to [email protected]. For claims, email [email protected].

Mail

For written correspondence, the address to write to depends on the nature of your query and your location.

For general policy information, the mailing address is:

Primerica Life Insurance Company

1 Primerica Parkway

Duluth, GA 30099

Be sure to include your 10-digit policy number on all correspondence)

For general policy information and claims in Canada, the mailing address is:

Primerica Life Insurance Company of Canada

P.O. Box 174 Streetsville, ON L5M 2B8

Again, be sure to include your 10-digit policy number on all correspondence)

For written inquiries regarding loans, mail to:

Primerica

Attn: Consumer Relations Department

1 Primerica Parkway

Duluth, Georgia 30099-0001

Online

To access fund or account information, go to www.shareholder.primerica.com.

Find a Representative

To contact a local Primerica representative, use the “Find A Rep” tool on the Primerica website. Here, you can input your zip code or search for an agent to schedule an appointment or phone call.

Primerica's financial strength rating

Primerica Life Insurance Company has received a financial strength rating of A+ (Superior) from AM Best. The company's balance sheet strength is categorised as "very strong" by AM Best, and it also boasts a very strong operating performance, a favourable business profile, and appropriate enterprise risk management.

AM Best's rating reflects Primerica Life's favourable risk-adjusted capitalization and generally high-quality investment portfolio. The company's reserve profile is viewed as low risk, as it is almost exclusively composed of term life insurance. Primerica Life is also recognised as one of the largest writers of term life insurance in the United States.

Primerica's customer complaints and satisfaction

Primerica has received a variety of customer complaints, which can be broadly categorised into issues with refunds, misleading information, and poor customer service.

Some customers have complained about being pressured to pay upfront fees and then being denied refunds when they decided to cancel their policies or withdraw their job applications. There are also complaints about the company's multi-level marketing (MLM) structure, where agents are incentivised to recruit new agents, and customers felt pressured to buy policies or join the business.

In terms of customer satisfaction, Primerica ranked 20th out of 21 companies in J.D. Power's 2024 U.S. Individual Life Insurance Study. The company's website also provides minimal policy information, making it challenging for prospective customers to make informed decisions.

However, it is important to note that Primerica has also received positive reviews from customers who appreciate the company's affordable and easy-to-obtain life insurance policies, especially for seniors. Some customers also praised the company's representatives for their patience and kindness in explaining different policy options.

Overall, while Primerica has received a significant number of complaints and has room for improvement in terms of customer satisfaction, it is a legitimate company that offers term life insurance to customers across the United States.

Primerica's sales strategy

The company's website provides a list of life insurance representatives by state and ZIP code, along with their contact information. Primerica does not offer an online purchase option for its policies. Instead, prospective customers are encouraged to reach out to a representative to discuss their options.

Primerica's sales approach may not be for everyone. Some have criticised the company's sales strategy, noting that it may create extra pressure to buy from Primerica due to personal connections with salespeople. It is always recommended to compare options and prices from several companies before committing to a personal finance product.

Frequently asked questions