What to Expect From Primerica Life Insurance

FT Contributor
An image of the outside of a Primerica life insurance branch.

Primerica Life Insurance Company was founded in 1977 and offers term life insurance, among other products through third-party providers, including homeowners and auto insurance. Not only does the company provide insurance solutions for consumers, it also offers opportunities for individuals to earn money selling insurance products.

Primerica customers are encouraged to sell insurance to their friends and family members to earn additional income. Some consumers may consider this strategy similar to a pyramid scheme while others simply look at it as a way to buy their own insurance and potentially make extra income selling the same product to others.

Reviewing the insurance products Primerica offers and learning how the company promotes its insurance through current customers will help you decide if it’s right for you. Review the sections below to learn more about Primerica and the lines of insurance this company sells.

Term Life Insurance

When you purchase a term life insurance policy, the beneficiary or family member you name on the policy is eligible to receive a lump-sum payout if you pass away during the policy term. Term life insurance is a way to ensure your family is financially supported if you pass away.

Primerica term life insurance is underwritten by the National Benefit Life Insurance Company. While anyone is eligible for term life insurance, your age, health, and other factors determine the policy premium you’re responsible for.

Generally, you can choose a policy term between 10 and 35 years and you can also choose the policy payout amount. The higher the policy payout, the higher the premium. As you age or if you develop medical conditions, your policy premium also increases. In some cases, you may not be eligible for certain policy terms due to age or medical conditions.


Primerica also offers several investment vehicles for individuals and families who are saving for retirement or attempting to grow their wealth. The investment products the company offers include the following:

  • Mutual funds: Through Primerica, you can invest in mutual funds from several providers, such as American Funds and Legg Mason. An advisor can help you determine which funds are right for you based on risk tolerance and investment goals.
  • Managed investments: The Primerica Advisors Lifetime Investment Platform provides access to a financial advisor and a range of asset allocation strategies to choose from.
  • Annuities: Your Primerica investment advisor helps you choose the right annuities. The company offers variable, fixed, and fixed indexed annuities through several providers.
  • Business retirement plans: Business owners can implement retirement plans for employees through Primerica or individuals can create their own retirement strategies without their employers. They can choose from 401(k), 403(b) and 457(b) plans.

Auto Insurance

Primerica offers an auto insurance referral program through Answer Financial. When you participate in the referral program, Answer Financial assists you in getting auto insurance quotes from participating insurance companies. This service allows you to compare coverage options and quotes from several auto insurance companies quickly and conveniently. When you obtain auto insurance through the referral program, you contact your insurance company directly if you need to make a claim.

Home Insurance

When you buy a home and finance your purchase, you may be responsible for obtaining homeowners insurance. This insurance protects your investment as the homeowner and is different from mortgage insurance, which protects your lender.

Getting a quote for homeowners insurance through Primerica works the same way as auto insurance. You participate in a referral program and go through Answer Financial to receive several quotes from homeowners insurance companies. Compare coverage and premiums and choose the best one for your situation. If you ever need to make a claim, you’ll contact your insurance company directly.

Identity Theft

Primerica partners with Pre-Paid Legal Services to offer identity theft insurance. When you request identity theft insurance through the company, you’re referred to this third-party provider that offers an identity theft insurance program called ID Theft Defense.

If you participate in the program, you gain access to the following features:

  • Financial account and personal information monitoring.
  • Identity theft counseling and emergency assistance as needed.
  • Assistance restoring your identity if a breach does occur.

To make an identity theft claim through the ID Theft Defense program, you must contact Pre-Paid Legal Services directly.

Prepaid Legal Protection

When you sign up for prepaid legal protection, you’re prepared for any legal actions that may be taken against you. Primerica partners with LegalShield to offer the Primerica Legal Protection Program (PLPP). As a program member, you have access to a local law firm for legal advice, services, or assistance when needed.

Financial Needs Analysis

Primerica offers a financial needs analysis (FNA) for individuals looking to create and implement a beneficial financial strategy. To participate in the FNA, you must contact a Primerica representative in your area and set up a 30-minute meeting. You’ll be asked to bring information on your current financial situation.

The representative analyzes your financial goals, income, expenses, and insurance. You may need to discuss important financial objectives you’re focused on, such as:

  • Eliminating your debt.
  • Creating a realistic retirement solution.
  • Protecting your income and your family’s well-being if you were to pass away.
  • Funding your child’s future education.

At the end of your meeting, the representative recommends insurance and investment products through Primerica and its partners that may help you progress toward your financial goals. The analysis is free and confidential and you’re under no obligation to purchase the financial or insurance products the representative recommends.

Pros of Primerica

If you decide to do business with Primerica Life Insurance Company, you may experience several advantages, including the following:

  • The opportunity to sell life insurance to friends and family and earn extra income.
  • A large network of Primerica representatives to help explain your coverage options.
  • Simple term life insurance policies with many term and benefit options.
  • A free financial analysis from a Primerica representative.

Cons of Primerica

Primerica Life Insurance customers have reported some drawbacks to doing business with the company, including the following:

  • Some consumers see the push to sell insurance products to friends and family as a pyramid scheme that may come off as too pushy to potential clients.
  • Aside from life insurance, all other insurance products are sold through referral programs and third-party providers.
  • There are no permanent, universal or whole life insurance solutions and the company only offers a term life insurance policy.

If you’re in the market for term life insurance but are also looking for a way to earn additional income, it may be beneficial to look into Primerica Life Insurance Company. Before purchasing a policy, consider the coverage options and how the multi-level marketing strategy works.

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