This difference could add up to huge savings over the course of a 20 or 30 year policy. Competitors quoted are Protective Life, Pacific Life and AIG.Īs you can see, Primerica’s rates are higher across the board for coverage when compared to the competitors we quoted. Quotes are as of and furnished by Compulife. That is the case, but premiums go up substantially once the level premium term runs out.Ĭost of Primerica’s Term Coverage Versus Its CompetitorsĪnnual rates are for 35 year old male and female nonsmoker applicants qualifying for best health rating. A Primerica agent will tell you that the policy is renewable to age 95 without proof of insurability. What if you develop an illness and you want to lock in your health rating for the long haul? You wouldn’t have that option with a Primerica policy. Primerica’s term life insurance product is not convertible to permanent coverage.You can find much more competitive rates with other companies if you have health issues. Primerica does not offer competitive rates for applicants who have health issues.Women applicants should definitely look elsewhere for their term life insurance coverage. Women have a longer life expectancy than men which is why they pay less for life insurance. Primerica offers unisex rates even though every company we’ve seen offers lower rates for women.What if your situation calls for permanent coverage? Primerica only offers one life insurance product – term life insurance.For a company that focuses on term life insurance as its only life insurance solution, you would think that it would offer a more competitively priced term product. Primerica’s term life insurance product is expensive when compared to other companies in the market.What You Need to Know About Primerica’s Term Life Insurance This puts an emphasis on aggressive recruiting and most likely is a major factor in Primerica’s higher rates. Primerica offers an 11 tier system in which agents get a percentage of commissions from their recruits and their recruit’s recruits.This article from Business Insider and will shed some more light on Primerica’s business practices. If you research Primerica online, chances are you will find quite a bit of information that might make you think twice about doing business with the company.Don’t you want an agent that will be around for the long haul? It should also be noted that the company has come under fire in the past for its recruiting practices. Primerica recruits many people each year but only a small fraction of them actually become long term producing agents.
Essentially if you do business with Primerica, there is a very good chance that your agent will try to recruit you to join Primerica’s salesforce.
If you purchase a life insurance policy from Primerica, you should feel comfortable that the company will be able to pay your claim if necessary. They also offer insurance products such as home, auto, long term care and term life insurance. The company offers investments that include mutual funds, managed accounts, annuity plans and business retirement plans. Primerica was founded in 1977 with the purpose of teaching Middle America the fundamentals of saving, investing and protecting assets. In this post we will talk about how Primerica’s term life product stacks up to the competition. You will find that Primerica’s term life coverage is not competitive with other companies and lacks a very important feature found with almost all term policies. With all of the choices you have for term life insurance coverage, it makes sense to shop around before considering a policy from Primerica. If you are considering a term life insurance policy from Primerica or you already have one, you might want to read our review.
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