Choosing a life insurance company can be overwhelming – with so many choices, it’s difficult to narrow things down and find the right insurer for your needs. One insurer you may have heard of while shopping is Primerica. Primerica is a multi-level marketing group that sells term life insurance policies. Is Primerica A Good Company? Here’s what you need to know about Primerica before you purchase a policy.
Primerica was founded in 1977 and is currently headquartered in Duluth, Georgia. Primerica focuses mainly on selling term life insurance policies, which are available throughout the United States and Canada. They also offer other financial services, such as retirement plans. Over time, they have become one of the largest issuers of term life insurance policies in the US.
Primerica differs from other insurers in that they are a multi-level marketing organization. This means that each seller makes money by recruiting others to sell life insurance policies as well. A very small percentage of people recruited by Primerica actually end up passing their state’s life insurance exam and becoming agents. Most people who sell Primerica life insurance policies don’t do it as a full-time job, but instead, take it on as a side gig to make some extra money.
What Kind of Life Insurance Policies Does Primerica Sell?
Primerica only sells one type of life insurance – term life insurance. Term life insurance policies last for a specific amount of time, usually somewhere between 10 and 30 years. After the term ends, the policy expires. Most people purchase term life insurance policies to cover their student loan or mortgage debts until they are paid off, or to support their children if they pass away while they are still young. It’s important to note that Primerica has very strict standards for their life insurance policies. They are known to deny completely deny coverage to applicants who have pre-existing health conditions or who have a history of using tobacco.
Primerica doesn’t offer permanent life insurance policies, so if you are interested in whole or universal life insurance, you’ll need to look elsewhere for coverage. However, Primerica does offer riders and benefits, such as terminal illness benefits. This allows you to customize your life insurance policy to suit your family’s unique needs. They’re also very unique in that they allow you to renew your term life insurance policy if it expires without having to undergo a second medical exam or application. This means you won’t be denied coverage in the future as a result of your age.
Is Primerica A Good Company?
Primerica IS a legitimate company.
In fact, they are a publicly-traded company on the stock market, and have operated for decades, helping people with their life insurance needs.
Further, people DO make money in a Primerica career.
Many attest to their positive experience working for the company and the income they make.
But here’s the thing…
Just because the company is legitimate, doesn’t mean that it is the best insurance agency to work for.
In fact, ALL insurance IMOs and agencies claim their organization is the best thing since sliced bread.
It’s only through comparing one insurance sales business to another that you can determine which agency is best FOR YOU.
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What Are the Advantages of Using Primerica?
There aren’t many advantages of using Primerica that you wouldn’t get from other companies. The biggest advantage that Primerica offers is its long-lasting term life insurance policies. They also have a very strong financial rating from AM Best and have riders that you can use to customize your policy. This includes some living benefits.
What Are the Disadvantages of Using Primerica?
There are many disadvantages of Primerica life insurance that it is important to be aware of before you sign up. Primerica’s multi-level marketing structure means that you may not get the expert, professional guidance that you would expect from a life insurance company. This is because many Primerica agents are spending their time trying to recruit other agents instead of regularly selling policies.
Primerica also only offers term life insurance policies. They don’t have any universal or whole life policies available. Additionally, these policies can get very expensive when compared to competitors, and they don’t offer quotes online. This makes it difficult to comparison shop before making a purchase. Finally, Primerica is known for denying customers with chronic health issues, whereas other companies are able to offer high-risk customers the policies they need.
Is Primerica Financially Stable?
Primerica’s multi-level marketing setup may (understandably) have you feeling a little bit wary. However, they do offer legitimate life insurance policies. Primerica has an A+ rating from AM Best, an organization that rates the financial stability of insurance companies. This means that Primerica can be trusted to pay their insurance claims, regardless of the current economic climate. On their website, Primerica claims that they pay 94 percent of their claims within two weeks.
What Is Primerica’s Customer Service Like?
The customer service that you’ll get from Primerica will depend on the agent who sells you your policy. Some Primerica agents are experienced, committed experts who can help you find a policy that’s the right fit for your needs. However, many of Primerica’s agents don’t sell insurance full time, so you may not get the same quality of service from them. Primerica does have an online platform that you can use to make your policy payments. To make a claim, you’ll need to contact them by phone or email.
Final Word – Primerica Review
While Primerica does sell legitimate life insurance policies, you will generally find much better value by shopping elsewhere. Since Primerica is sold by multi-level marketing recruits and not full-time insurance agents, you won’t get the same expert guidance that you would by going to another company. When shopping for life insurance, you should always get quotes from many different providers to see who can offer you the best pricing as well as the best service.
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