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Nicole Russell. VP of Investor Relations. Jeffrey Scott Fendler. Because Custom Advantage plans have a more thorough underwriting process, these policies tend to be less expensive than TermNow policies. The TermNow policy is a rapid issue plan, which means you may be able to skip the medical exam and get coverage within a few minutes of applying and completing a health questionnaire.
With most insurance companies, you can add riders, also known as insurance endorsements , to your policy. Riders are additional benefits or enhancements added to your policy that typically increase your insurance premiums but provide extra coverage. Adding a rider to your life insurance policy allows you to customize your plan to address your family's specific concerns or needs.
Primerica allows you to add the following riders to your policy. When you apply for either a Custom Advantage or TermNow policy, you can add the child rider to get coverage for your child. The increasing benefit rider is automatically applied to your policy. Increases occur on your policy anniversary, beginning at the start of the second year. You can decline the increasing benefit rider. However, if you decline any annual increase, all future increases will also be discontinued.
If diagnosed with a terminal illness with a life expectancy of six months or less, you can use the terminal illness benefit rider to tap into your death benefit. You can add the waiver of premium rider to your Custom Advantage or TermNow policy if you are under the age of With this rider, your premiums will be waived if you become completely and permanently disabled as diagnosed by a physician, and your policy will remain in force.
While most companies sell to customers through dedicated insurance agents or through their websites, Primerica utilizes a different business model. It has over , representatives who are independent contractors.
Those representatives sell insurance products to their own personal networks and within their communities. They earn commissions based on the sale of products and on qualifying product referrals. Because each representative is an independent contractor, the level of service and responsiveness can vary from person to person.
You have to contact a Primerica representative to get quotes for its life insurance policies; you cannot get a quote online. You can use the locator tool to find an agent near you. Thinking of becoming a Primerica insurance representative to boost your income?
The complaint ratio reflects how many complaints a company received relative to its share of the market. The national complaint index is 1. If a company has a complaint ratio below 1. By contrast, a complaint ratio over 1. In fact, Primerica has had lower-than-typical complaint ratios for the past three years.
AM Best is a global credit rating agency that is primarily focused on the insurance industry. In the J. Power U. Life Insurance Study, Primerica was ranked 16th out of 24 life insurance companies based on several factors, including product offerings, pricing, customer interaction, and communication. Primerica was given a rating of , which is below the individual life insurance company average. Depending on where you live, you typically have a free look period of at least 10 days, though it may be longer in your state.
During the free look period, you have a few days after receiving your policy to review the documents and cancel your plan if not satisfied. Once the free look period expires, you can still cancel your Primerica insurance policy whenever you wish. To cancel, contact your sales representative or call When you cancel, ask for a confirmation email to be sent to you for your records. There is not an option if you are nonbinary or prefer not to answer. You may find their application processes outdated and restrictive.
For middle-income families looking for a basic term life insurance plan and in-person assistance, Primerica may be a good fit.
And, you may be able to get a policy without getting a medical exam. For those who want more coverage and options, consider Transamerica. Transamerica has eight different plans to choose from, including term, whole, and universal life policies. Transamerica also has more insurance riders available to customize your policy, such as an accelerated death benefit with nursing home care, accidental death benefit , and chronic illness accelerated death benefit.
For families who are looking for basic life insurance plans who may have a friend or loved one who is a Primerica sales representative, Primerica could be a useful option. You can get a simple term life insurance plan and potentially skip the medical exam. However, Primerica may be more expensive than its competitors.
Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
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