Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Mar 12, 2021

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Of course, there are many insurance companies and life insurance policies out there. Today, we’ll take a close look at Primerica Life Insurance and see how it stacks up in the insurance marketplace.

In 2015, approximately 2.7 million people died in America. Around 2.6 million died in 2014. You get the idea.

Life is an uncertain proposition. Some people embrace uncertainty, but many people try to hedge their bets to protect their loved ones.

One of the main hedging strategies people use is life insurance. They pay a premium every month on the off chance they’ll die unexpectedly.

The endgame: a lump sum payout for their families.

What that monthly premium really buys you is a peace of mind. If you did your math ahead of time, the insurance payout will cover your debts and leave your family something to live on for a time.

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

What Is Term Life Insurance?

Primerica life insurance is term life insurance, but what does that actually mean?

A term life policy protects you for a specific length of time, usually 10, 20 or 30 years. It guarantees a payout of some fixed amount should you die. That’s assuming you don’t die in freak accident/act of God or in a way the policy excludes.Primerica Life Insurance Quotes

Policy exclusions vary, but a few common ones are suicide, acts of war, and dangerous activities. For dangerous activities, think base jumping or chainsaw juggling.

At the end of the policy’s term, a few things can happen. If you do nothing, the policy expires. You can often renew for another term. Some companies also let you convert it to a whole life policy.

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Primerica Life Insurance Cost

There is no official information available about Primerica life insurance costs, nor even general cost ranges for common age categories. A recent survey of insurance companies, however, gives Primerica life insurance prices a 2 out of 5.

That’s better than Congress’ approval rating, but not great.

That lackluster 2 of 5 suggests that Primerica charges more to give you the same coverage as other insurance companies. It should be noted that the rating is only based on responses from the people surveyed.

Our advice on the cost front is to comparison shop before you pay for anything. Get a quote from a Primerica agent if you’re interested or curious, but don’t commit to anything before getting quotes from other companies.

Remember, you’ll be on the hook to pay that premium for up to 30 long years.

Conversion

Most term life insurance policies provide for a conversion option. That means when your term life policy is about to expire, you get the chance to switch it over to a whole life policy. Primerica life insurance doesn’t offer this option.

That isn’t a red flag since Primerica doesn’t claim to offer whole life insurance. It may be a cause for you to consider other options.

There are several reasons you might want that conversion option available later, including:

  • Changes in your health
  • Better finances making whole life insurance affordable
  • A dependent with lifelong needs
  • Increase your savings, as whole life policies develop a cash value

The importance of the conversion option boils down to your current and future needs.

Say that you just want to make sure that your mortgage will be paid or your kid’s college costs will be covered if you die. Those are predictable lengths of time and the conversion option isn’t a big deal. If you anticipate wanting life insurance until they wheel you out of the rest home, it matters more.

Marketing Strategy

Primerica follows the same essential structure as a multi-level marketing company. If you aren’t familiar with the MLM concept, it works like this.

A person is recruited to sell a product or service. At this point, they can do one of two things: sell the product or service, or recruit other people to sell. If they choose to sell or recruit, they are encouraged to pitch to their “warm market.”

To clarify, “warm market” is double-speak for family, friends, and acquaintances.

Here is where things get sticky. As a recruit, part of the profits from your sales goes to your recruiter, some to their recruiter and so on. The company decides how many levels of people get a piece of your pie.

You get a piece of your recruits’ profits, and their recruits’ profits out to the specified number of levels. This marketing approach gets a lot of criticism.

Some of the criticism is because it resembles a pyramid scam. It also gets criticized because it often leads sellers to exploit people close to them.

After all, it’s not easy to say no to someone you care about. How often have you said yes to something only because it was a friend or family member asking?

Although Primerica appears to be a legitimate company that sells real life insurance, this marketing approach is a turn off for many customers.

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Transparency

Primerica life insurance doesn’t get great marks for transparency. Most life insurance providers offer information about term lengths, coverage amounts available, and give online quotes for costs.

You can usually find out what things will drive up costs, or if your plan to ride a homemade rocket into low orbit disqualifies you from coverage.

Primerica provides none of this information on its website.

The lack of this basic information is suspicious because most insurance companies provide it as a standard practice. While Primerica isn’t the only company in the world that withholds pricing information online, it suggests they want to force you to talk to a sales agent.

The main reason to force you into that situation is so the agent can run a sales script. These sales scripts are made to counter your arguments for not buying and to help distract you from objective considerations, such as cost and policy features. You get subjected to these scripts any time a telemarketer calls you.

Final Thoughts on Primerica Life Insurance

Life insurance is an important tool for protecting your family’s future and maintaining your peace of mind. Primerica life insurance will probably do an adequate job of it, assuming they offer policy limits high enough for you.

That being said, there are several reasons to spend your hard-earned money with a different company.

Primerica has terrible transparency in terms of policy features, term lengths, and policy limits. They also deny you pricing information and online rate quotes.

The company employs a sketchy marketing strategy. There is also no conversion feature available, which may or may not be a deal-breaker for you.

Top Quote Life Insurance is dedicated to helping you find the right insurance policy to meet your needs and your budget. If you need help figuring out what kind of insurance you need or who to get it from, contact us today.

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