Primerica Life Insurance Reviews 2025: Is It the Right Provider for You?

Primerica is one of leading providers of life insurance across Canada. But how do their policies, pricing, riders, and reputation stack up against the competition?

This article of Life Buzz examines Primerica’s offerings in detail to determine if they are the right choice for your life insurance needs.

Who is Primerica Life?

Primerica Life Insurance Company has a long history as a major provider of financial services and insurance solutions to middle-income families in North America.

Headquartered in Duluth, Georgia, the company was founded in 1977 under the name A.L. Williams & Associates by entrepreneur Arthur L. Williams Jr. The company rebranded to Primerica in 1991 as it expanded its offerings.

Primerica has over 2,000 corporate employees and boasts a network of approximately 130,000 independent life insurance agents across the United States and Canada. They provide term life insurance, investments, mortgages, and debt solutions. (source: https://www.primerica.com/public/primerica-misconceptions-faq.html)

The company demutualized and had an initial public offering in 2010, trading on the New York Stock Exchange under the ticker PRI. Primerica serves over 5 million life insurance clients and has over $800 billion of coverage in force.

What Types of Life Insurance Does Primerica Offer?

Primerica solely focuses on term life insurance and does not currently offer permanent life insurance products like whole life or universal life. Its aim is to provide affordable and straightforward life insurance solutions to middle-income consumers.

The company offers two main term life policy options:

TermNow

TermNow is their rapid decision term life product aimed at simplicity and convenience.

• Eligibility: Ages 18-50
• Coverage Amounts: $15,000 to $250,000
• Available Terms: 10-year , 15-year, 20-year, 30-year
• Underwriting: Streamlined, no medical exam required

TermNow provides a fast and hassle-free way to obtain term life insurance coverage without comprehensive medical testing. Rapid underwriting decisions use database sources rather than exams.

Custom Advantage

Custom Advantage is their traditional, fully underwritten term life product for higher coverage amounts.

• Eligibility: Ages 18-60
• Coverage Amounts: $50,000 to $5 million
• Available Terms: 10-year, 15-year, 20-year, 25-year, 30-year, 35-year
• Underwriting: Full medical evaluation required

Custom Advantage requires a complete medical exam and evaluation to qualify for coverage. If approved, applicants can obtain higher insurance amounts.

Here is an overview of the key differences:

Primerica term life policies allow future conversion to permanent life insurance without new underwriting. Optional riders are also available to customize protection.

The company prides itself on paying over 90% of claims within 14 days to assist needy families. Their focus remains on competitively priced term life insurance solutions.

What Specific Factors Determine the Cost of Primerica Life Insurance?

Primerica uses a range of variables to calculate your exact term life insurance policy premiums, including:

• Age: Your current age is a significant pricing factor. Rates incrementally increase as you get older.
• Gender: Life expectancy differences mean women often receive lower rates than men.
• Health: Your medical history, lifestyle habits, such as smoking, high-risk occupations or extreme sports hobbies, and any pre-existing conditions impact your risk profile.
• Coverage Amount: Higher death benefit amounts equal higher monthly costs.
• Term Length: Longer terms, like 30 years, have more expensive premiums than 10 or 15-year lengths.
• Underwriting: Fully underwritten policies are cheaper than simplified issue life insurance.

For equivalent term life insurance death benefit amounts, their monthly premium rates are generally 10-15% higher than those of leading competitors such as RBC Insurance, Canada Life, and Sun Life Financial.

For a 35-year-old male seeking $500,000 in coverage for a 20-year term policy, here is how they compare cost-wise to top insurers:0 in coverage for 20-year term policy, here is how they compares cost-wise to top insurers:

Their pricing disadvantage remains consistent across most age demographics and coverage scenarios. Only applicants with specific health conditions may find their premiums more affordable than alternatives.

Full review: Life Insurance Rates By Age Chart in Canada

The Advantages of Choosing Primerica Life Insurance

Although their pricing may run higher, Primerica life insurance does have some positive features:

• Strong financial backing: the company maintains an A+ (Superior) rating from A.M. Best, reflecting excellent fiscal strength and claims payment capacity. This provides security.
• Guaranteed lifelong renewability: the company offers guaranteed renewability until age 95 without new medical underwriting. This makes maintaining coverage easier later in life.
• No medical exam for TermNow: Their simplified issue TermNow policies up to $300,000 in coverage do not require invasive health exams or blood work.
• Well-known brand: the company is an established, recognized term life insurance provider dating back over 45 years.
• Increasing benefit rider: An optional rider allows increasing the death benefit 10% per year for 10 years without reapplying. This is a unique offering.
• Strong complaint record: Primerica demonstrates a lower-than-average policyholder complaint ratio compared to competitors based on NAIC data.

The Potential Shortcomings to Weigh with Primerica Life Insurance

There are also six disadvantages to consider if evaluating Primerica:

• Higher pricing: As evidenced in the pricing examples earlier, Primerica’s monthly premiums are noticeably higher than those of its leading rivals.
• Term life insurance only: The company does not offer permanent insurance policies like whole or universal life.
• There is minimal online information: their website lacks detailed pricing, policy terms, and rider specifics. Customers must connect with an agent.
• Captive agents: Primerica’s independent representatives can only sell Primerica policies. This contributes to aggressive sales tactics.
• Low coverage maximums: The maximum coverage amount of $400,000 is low compared to competitors like RBC Insurance or Canada Life, which offer $1 million or higher.
• Restricted customization: Beyond their unique increasing benefit rider, the company offers limited-term life policy customization options compared to rivals.

While Primerica’s financial stability and guaranteed renewable term life insurance are favourable, shortcomings exist around transparency, product range, and captive distribution.

Primerica Life Insurance Riders for Added Customization

Riders provide supplemental benefits or customization options for a base-term life insurance policy for an extra cost. Some riders reportedly offered by them include:

• Waiver of Premium: Waives future premium payments if you become disabled and unable to work.
• Terminal Illness Benefit: Early payout of 40% of the death benefit (maximum $250,000) if diagnosed as terminally ill.
• Increasing Benefit: Increase the death benefit by 10% annually for 10 years without reapplying. Up to $500,000 increase.
• Child Coverage: Add term life coverage for all dependent children under age 25. Minimum $5,000 benefit.

Unfortunately, the company does not publish full details on available riders or optional policy customization. You must inquire with an insurance agent about specific rider options and associated costs. This lack of transparency online is a drawback.

What Do Customers Report in Primerica Life Insurance Reviews?

The company earned an average of 2.7 out of 5 stars overall rating based on 152 reviews on Insureye. On Trustpilot, they have a 2.4 out of 5-star average across 89 reviews. The Better Business Bureau provides a strong A+ rating, although some customers cite overly aggressive sales experiences.

“I’ve had a Primerica term policy for 2 years. My agent explained everything clearly and helped me get proper coverage to fit my budget.” – Josie P., Insureye Review.

“Primerica has the worst customer service I’ve ever dealt with. They use false promises and excuses just to make sales, then never follow through or call you back.” – Sandra L., Trustpilot Review.

According to the National Association of Insurance Commissioners (NAIC), the company’s complaint index for 2022 was 0.28. This compares favourably to the industry-wide complaint index baseline of 1.00, indicating that they acquired fewer complaints than anticipated for their size.

How Does Primerica Compare to Other Major Life Insurance Providers in Canada?

Here is an overview of how Primerica life insurance stacks up against leading competitors in the Canadian market:

Primerica prioritizes term life insurance without any permanent or final expense products. Their pricing is noticeably higher than that of RBC Insurance and Canada Life, but their maximum death benefit caps are also low. However, they do offer renewable term insurance until the age of 95.

Sun Life and RBC have better pricing and higher coverage maximums, but Sun Life lacks long-term length options. Canada Life provides immense product breadth, although customer satisfaction is polarized.

Is Primerica Life Insurance a Good Option for You? Key Factors to Weigh

When evaluating if Primerica fulfills your specific insurance requirements, here are some important considerations:

Consider Primerica If:

• You want basic term life insurance without complex attributes or investment components
• You appreciate guaranteed renewability until age 95
• You may not qualify for traditional, fully underwritten life insurance
• You value personalized support from an insurance agent

Look Elsewhere If:

• You want permanent life insurance such as whole life or universal life
• You require coverage amounts exceeding $400,000
• You desire the lowest cost term life insurance rates
• You prefer handling insurance digitally without agent involvement

Primerica life insurance could be a good match if you know you just need simple-term life insurance and want an agent to walk you through the process. But those wanting permanent protection, high coverage maximums, or ultra-low premiums may discover better options elsewhere.

The Bottom Line

In summary, Primerica provides straightforward term life insurance supported by a positive financial outlook and reputation for fast claims payment. However, their pricing is steep compared to that of leading rivals in Canada. A lack of permanent protection or customizable offerings could also be limiting.

The company makes sense if you want easy term life insurance with an agent’s help. But those wanting a digitally focused purchasing experience, the lowest rates, or more robust products should consider top providers like RBC Insurance, Canada Life, or Humania Life Insurance first.

Regardless of which insurer you select, make sure to compare term life premiums across multiple carriers. Look beyond just Primerica life insurance to confirm you find the most cost-effective coverage that fully protects your family’s financial future. While they has some strengths, better options are likely to suit your specific protection needs and budget.

Answers to Frequently Asked Questions About Primerica Life Insurance

Before deciding if Primerica is the right life insurance provider for you, it helps to have answers to some common questions: