Primerica was founded in 1977. It is a well-known provider of term life insurance, focusing on middle-income families. Their philosophy, “Buy Term and Invest the Difference,” encourages people to choose affordable term policies over pricier permanent ones, like whole life insurance.
By saving on premiums, families can invest in other financial goals, such as retirement or college funds. Primerica’s commitment to financial education and affordability has made it a trusted name, recognized as the #1 Most Trusted Life Insurance Company in 2022 by Investor’s Business Daily (Primerica).
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Overview of Primerica’s Life Insurance Products
Primerica offers a range of term life insurance policies designed to fit the budgets of middle-income families. Their policies are underwritten by National Benefit Life Insurance Company in New York and Primerica Life Insurance Company elsewhere in the U.S., with Primerica Life Insurance Company of Canada serving Canadian customers. Here’s a look at their main offerings:
- Primerica PrecisionTerm: Offers flexible terms from 10 to 35 years, with coverage renewable until age 95 if premiums are paid.
- Primerica PowerTerm: Similar to PrecisionTerm, providing level premiums for various term lengths.
- TermNow: A no-medical-exam policy with a maximum death benefit of $300,000, ideal for those seeking quick coverage.
- CustomAdvantage: Available in New York, this policy allows for customizable coverage options.
These policies are designed to be affordable and easy to understand, with plain-language contracts. Primerica uses advanced technology for real-time underwriting, speeding up the application process. As of December 31, 2024, Primerica insures over 5.5 million lives with $953 billion in coverage, paying out $4.9 million in claims daily (Primerica Term Life).
| Policy Name | Term Lengths | Key Features | Medical Exam Required? |
| PrecisionTerm | 10-35 years | Flexible, renewable until age 95 | Yes |
| PowerTerm | 10-35 years | Level premiums, renewable until age 95 | Yes |
| TermNow | Varies | No medical exam, up to $300,000 coverage | No |
| CustomAdvantage | Varies | Customizable, available in New York | Varies |
Understanding the Cost of Primerica Life Insurance
The cost of Primerica life insurance varies based on individual factors, and specific pricing isn’t available online. To get a quote, you must contact a licensed Primerica representative, which ensures a personalized rate but may be less convenient than instant online quotes offered by some competitors. Industry averages provide a helpful benchmark for what you might expect.
According to the nerdWallet The average cost of term life insurance is about $26 per month for a $500,000 policy (NerdWallet Rates). Policygenius reports a similar average of $26 per month for a $500,000 term policy, while Forbes notes that a 20-year, $250,000 policy for a healthy 30-year-old costs $12-$14 per month. These figures suggest that Primerica’s rates are likely competitive, though actual costs depend on your unique profile.
Primerica’s “Buy Term and Invest the Difference” philosophy emphasizes affordability. By choosing term life over permanent policies, which can cost significantly more due to their cash value component, you can save on premiums and invest elsewhere.
For example, a 30-year-old non-smoker might pay $26-$40 per month for a $500,000, 20-year term policy, but rates could be higher for older individuals or those with health issues.
Factors That Influence Life Insurance Premiums
Several factors determine how much you’ll pay for a Primerica life insurance policy:
- Age: Younger people pay less because they’re less likely to have health problems. Premiums rise as you age.
- Health: Good health leads to lower rates, while conditions like diabetes or heart disease can increase costs.
- Gender: Women often pay less due to longer life expectancies.
- Coverage Amount: Higher death benefits result in higher premiums.
- Term Length: Longer terms, like 30 or 35 years, typically cost more than shorter ones.
- Lifestyle: Smoking or risky hobbies, like skydiving, can raise premiums.
- Occupation: High-risk jobs, such as construction, may lead to higher rates.
| Factor | Impact on Premium | Example |
| Age | Younger = lower premiums | 30-year-old pays less than 50-year-old |
| Health | Better health = lower premiums | Non-smoker pays less than smoker |
| Gender | Women often pay less | Female rates lower than male rates |
| Coverage Amount | Higher coverage = higher premiums | $1M policy costs more than $250K policy |
| Term Length | Longer term = higher premiums | 30-year term costs more than 10-year |
| Lifestyle | Risky habits = higher premiums | Smoker pays more than non-smoker |
By understanding these factors, you can take steps to lower your premiums, such as quitting smoking or choosing a shorter term if it suits your needs. Always provide accurate information during the application process to ensure your quote reflects your actual risk.
Riders and Add-ons Available with Primerica Policies
Primerica offers several riders to customize your policy, adding flexibility and extra protection. These riders come with additional costs but can enhance your coverage:
- Waiver of Premium Rider: If you become disabled and can’t work, this rider waives your premium payments, keeping your policy active.
- Accelerated Death Benefit Rider: Allows you to access up to 40% or $250,000 of your death benefit if diagnosed with a terminal illness, or up to 70% or $400,000 if combined with a disability rider.
- Child Rider: Provides coverage for your children under the same policy, typically at a low cost.
- Increasing Benefit Rider: Lets your death benefit increase by up to 10% per year for 10 years, useful for growing financial needs.
These riders can make your policy more comprehensive, but you should evaluate whether the added cost aligns with your goals. For example, a child rider might be valuable for young families, while the waiver of premium rider could benefit those in high-risk occupations.
Customer Reviews and Satisfaction
Primerica has a mixed reputation among customers. Many appreciate its focus on affordability and financial education, particularly for middle-income families.
The company’s A+ rating from AM Best reflects its strong financial stability, ensuring it can pay claims (NerdWallet Review). Primerica also has fewer customer complaints than expected for its size, according to the National Association of Insurance Commissioners (NAIC).
However, some customers find Primerica’s sales approach, which relies on commission-based representatives, to be aggressive. The lack of online quotes and limited policy details on their website can also be a drawback for those who prefer transparency and convenience.
Despite these concerns, Primerica’s recognition as one of America’s Best Insurance Companies by Forbes in 2022 highlights its reliability (Primerica News).
How to Get a Quote and Purchase a Policy from Primerica
To get a quote, you’ll need to contact a licensed Primerica representative, as online quotes aren’t available. You can find a representative through Primerica’s website or by calling their customer service at 800-257-4725.
Be prepared to discuss your age, health, desired coverage amount, and term length. For most policies, a medical exam is required, though the TermNow policy offers no-exam coverage up to $300,000.
When speaking with a representative, ask about all available options, including riders and end-of-term choices, such as continuing coverage with increased premiums or switching to a decreasing term policy.
Providing accurate health and lifestyle information ensures your quote is precise. Once approved, your policy will outline your coverage, premiums, and renewal options.
Comparing Primerica to Other Insurers
While Primerica’s focus on term life insurance is a strength, it’s wise to compare their offerings with other insurers. Companies like Progressive or Policygenius provide online quotes, which may be more convenient for some. Primerica’s rates are reportedly competitive, but some reviews suggest they can be higher than average for certain profiles. Shopping around and getting quotes from multiple providers can help you find the best deal.
Tips for Lowering Your Life Insurance Costs
To get the most affordable rate from Primerica or any insurer, consider these tips:
- Apply Early: Younger applicants typically get lower rates.
- Stay Healthy: Maintain good health and avoid smoking to qualify for better rates.
- Choose the Right Term: A shorter term, like 10 or 15 years, costs less than a 30-year term.
- Compare Quotes: Get quotes from multiple insurers to ensure you’re getting the best value.
- Limit Riders: Only add riders that are essential to your needs to keep premiums low.
Recent Updates on Primerica
Recently, Primerica reported issuing 86,415 new life insurance policies in the first quarter, consistent with the previous year (Primerica Q1 2025). They also noted a slight improvement in their Household Budget Index, indicating better purchasing power for middle-income households, which aligns with their target market. These updates suggest Primerica remains a stable and growing provider.
Conclusion
Primerica life insurance offers an affordable, straightforward option for middle-income families seeking term coverage. Their “Buy Term and Invest the Difference” philosophy encourages financial planning beyond insurance. This makes it appealing for those looking to balance protection and savings. While exact costs require a personalized quote, industry averages suggest a $500,000, 20-year term policy might cost $26-$40 per month for a healthy adult.
The company’s strong financial ratings and low complaint volume are positives, but the lack of online quotes and commission-based sales model may not suit everyone. To make an informed decision, compare Primerica’s offerings with other insurers, ask detailed questions about policy terms, and ensure the coverage fits your needs. Life insurance is a long-term commitment, so taking the time to research and shop around is essential for securing the best value.
