Primerica Life Insurance Review 2021

Primerica recruits people to sell its policies, encouraging these new insurance agents to start by selling to family members, friends and co-workers and recruiting them to join the business. Primerica agents also make money based on sales by agents they recruit, which is known as multilevel marketing.

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Primerica life insurance

Primerica life insurance earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Primerica life insurance pros and cons

Primerica life insurance policies

Primerica sells term life insurance policies but does not provide life insurance quotes on its website, making it hard to compare its prices with other insurers.

Available options include a terminal illness rider — often referred to as an accelerated death benefit — that allows you to withdraw up to 70% of the death benefit early if you’re diagnosed with a terminal illness.

Primerica uses a multilevel marketing structure. Its agents are not employees, but rather independent contractors. For context, most other life insurance companies sell their products through full-time agents who make a career in life insurance sales.

Because of Primerica’s sales strategy, you may find friends or family members pitching the products. Your personal connection with these salespeople could create extra pressure to buy from Primerica, and perhaps pressure later to become a part-time Primerica agent. But it’s always a good idea to compare options and prices from several companies before committing to a personal finance product.

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Primerica life insurance customer complaints and satisfaction

Over three years, Primerica drew fewer complaints to state regulators than expected for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

Primerica ranks 20th out of 23 companies in J.D. Power’s 2020 U.S. Life Insurance Study for overall customer satisfaction.

More about Primerica

Primerica offers additional financial products and services through its partners, such as auto and homeowners insurance. The company also offers investment accounts and other financial services, as well as prepaid legal and identity theft services provided by other companies.

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.