Primerica Life Insurance Review
Learn more about Primerica life insurance in Canada. Talk to one of our experienced advisors, today!
6 Minute read
Originally published: November 7, 2022
Primerica Life Insurance Review
Learn more about Primerica life insurance in Canada. Talk to one of our experienced advisors, today!
6 Minute read
Originally published: November 7, 2022
Primerica operates as a financial services company that offers investment, financial, and insurance services. Life insurance wise, they specialize in term life insurance up to Term 35, and often encourage their clients to purchase their investment products in tandem with their insurance products. Primerica’s term insurance is often more expensive than their direct competitors and is the only product in their product shelf, thus leading us to the rating of 1/5 Stars from Protect Your Wealth.
In this article:
Company Overview
Financial Strength Rating from A.M. Best Company: A+
Financial Outlook: Stable
The Primerica Life Insurance Company is a relatively new company, founded in Georgia, USA. Despite being an American company, it provides life insurance to Canadians as well. It was started in 1986, after Primerica started selling term life insurance. Its term life products are available in increments of 10, 15, 20, 25, 30 and 35 years, with coverage of up to $400,000. All policies have a “guaranteed insurability” option, so you can renew your policy without a new medical exam or application until age 95.
Primerica’s main focus is on investments and insurance products that are linked to insurance along with the rest of its financial services. It does offer basic term life insurance, but insurance is a very small part of their overall business. Note that other Canadian insurance companies offer better prices and more options for term coverage than Primerica, and they don’t try to bundle other financial products at the same time.
Primerica Life Insurance Pros
Large range of term periods (10 – 35)
- Renewable until age 95
Primerica Life Insurance Cons
- No permanent life insurance, only term coverage
- Term Coverage only up to $400,000
- More expensive compared to competitors
- No online quote, limited information on their website
Primerica Life Insurance Products
Primerica Term Life Insurance
Term life insurance provides coverage for a fixed span of time (a term). The term can last for a specific number of years, like 10 or 20, or until you reach a certain age. Primerica offers two term life plans: Custom Advantage and TermNow.
Custom Advantage
This is Primerica’s most popular product. It’s a traditional term life insurance plan that needs a medical exam. As such, it is much cheaper than TermNow, which is a No Medical policy.
Key Highlights
- Coverage from $150,000 to $400,000
- 10, 15, 20, 25, 30, and 35 year terms available
- Medical exam required to prove eligibility
- Comes with a “guaranteed insurability” option – you can renew coverage without evidence of insurability up to age 95.
- Each renewal premium will be higher than the previous one, but the increase will only be due to age
- Life insurance riders are available to add to customize your coverage
TermNow
TermNow is Primerica’s No Medical policy, and is a good option for all those with an underlying condition that makes it difficult for them to qualify for a medically underwritten life policy.
Note that although TermNow does not require a medical exam, Primerica runs a background check through the Medical Information Bureau as well as DMV. If there are no issues, you will receive coverage in a few minutes of applying.
Key Highlights:
- Coverage from $15,000 to $300,000
- 10, 15, 20, 25, 30, and 35 year terms available
- No medical exam
- You can get coverage within a few minutes
- Comes with a “guaranteed insurability” option – you can renew coverage without evidence of insurability up to age 95.
- Each renewal premium will be higher than the previous one, but the increase will only be due to age
- Life insurance riders are available to add to customize your coverage
Primerica Life Insurance Riders
A life insurance rider is an add-on that you can choose to buy and that lets you change your coverage for a small fee. Riders help you increase and customize the life insurance coverage of your policy or add benefits that were not originally there.
Primerica offers the following riders:
- Child Rider – This add-on allows you to buy coverage for your children — both biological and adopted — under the age of 24. Your future children will be covered automatically. The coverage amount available is $50,000.
- Terminal Illness Benefit Rider – This rider offers extra financial protection for you and your family if you are diagnosed with an illness that you are unlikely to recover from. Primerica allows you to take 40% of your life insurance benefit if you are diagnosed with a terminal illness and expected to live less than six months. If you have also opted for the waiver of premium add-on, you can take 70% of your coverage amount.
- Waiver of Premium Rider – This optional benefit prevents your policy from lapsing if you cannot make the premium payments due to disability. If you become disabled while your policy is active, Primerica will waive off your future premiums. You can add this rider to your policy until the age of 55.
Increasing Benefit Rider – This rider allows policyholders to increase their coverage amount for a specific period. You can increase the life insurance amount of your term life insurance policy by up to 10% per year for a period of 10 years — up to a maximum of $500,000 — from the second policy year onward. You do not need to undergo any further underwriting, though your premium rate will go up along with your death benefit amount. This add-on is available until the age of
Primerica Customer Reviews
Finding reviews for insurance companies can be tricky, as taking online life insurance reviews at face value will not always be a good representation of an insurance company as a whole. Statistically speaking, people share their bad experiences more often than their good ones, which means, in a review section, you are likely to come across many customers who were not fully satisfied with something or had a bad experience.
The following are some of the major issues that Primerica Life clients have encountered:
- Difficulty with customer service
- Difficulty finding information about life insurance products
- Pushy sales
Frequently Asked Questions (FAQs) about Primerica Life Insurance
No, Primerica doesn’t have whole life insurance. They only offer term insurance, from years 10-35.
Based on Primerica’s ability to maintain an A+ rating from A.M. Best, the company’s life insurance policies clearly provide real coverage.
Primerica’s term life insurance costs more than other major life insurance companies in Canada. Primerica’s costs are roughly 11% to 29% more than equivalent policies.
Primerica offers basic term life insurance, and very few riders to allow for further customization of their policies. Note that other Canadian insurance companies offer better prices and more options for term coverage than Primerica, and they don’t try to bundle other financial products at the same time.
Finding the right life insurance for you
If you’re not sure of what’s the best insurance plan or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007. As your trusted life Insurance broker and financial planner, we work with you to create a plan for your family or business that covers and meets your needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, including areas such as Dundas, London and Windsor.
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