If you decide to purchase a life insurance policy for yourself or a loved one, it is important to understand your options. Whether you are looking for cheap life insurance companies or unique benefits, there are many options to choose from. Primerica Life Insurance is a company worth checking out.
Who is Primerica life insurance for?
Primerica has certain restrictions on its life insurance products. This company may be an option to consider if:
- You are in good health. Primerica is known to be stricter than some of its competitors when it comes to approving or denying applicants health insurance. If you are in good health, you will likely qualify for Primerica life insurance. If you are a smoker or have a medical condition, you may be less likely to be approved.
- You only want a term insurance policy. Term life insurance is a popular option for good reason. It tends to be cheaper and many companies offer a full conversion policy. However, you will want to consider what you will need in the long term from your life insurance policy. If you think you might later want to switch to a permanent insurance policy, Primerica might not be the best option for you. If you know you only want a temporary policy, its products may be right for you.
- You wish to continue to increase your death benefit. Most life insurance policies provide a death benefit that remains the same throughout your term. Others may even decrease your death benefit over time. Primerica can be a good option if you want to be able to increase your death benefit in the early years of your policy.
Primerica Life Insurance Products
- Term life insurance contracts: Primerica only offers term life insurance, which is a life insurance policy that lasts only a certain number of years. After you reach the end of the number of years — your term — your life insurance policy will expire. This means that beneficiaries will only receive life insurance benefits if the insured dies before the policy expires. After your policy ends, you will need to purchase a new term life insurance policy to continue your coverage.
Your life insurance policy with Primerica may also have additional features and endorsements, including:
- Benefit increase addendum: This unique addition is rare among life insurance policies. It allows you to increase the death benefit value of your life insurance policy by up to 10% for 10 years. Most life insurance companies offer policies where the benefits stay the same or decrease over time.
- Guaranteed insurability: All Primerica policies offer this option until the insured person turns 95. It allows you to renew your term policy after it expires without having to submit another application or undergo an additional medical examination.
- Compensation in the event of terminal illness: If you have a life insurance policy with Primerica and are diagnosed with a terminal illness while covered, you may be eligible for this benefit. It offers a waiver of your premiums and up to 70% of your payment before death. You could use this payment to help cover medical expenses while your illness is being treated.
Spotlight on Term Life Insurance: Term Life Insurance Policies from Primerica
Although Primerica only offers term life insurance policies, it offers different options for your term policy. Its 2 types of life insurance policies are:
- Primerica Custom Advantage: The Custom Advantage option provides death benefits of up to $1,000,000 or more. This life insurance is also fully underwritten. If you choose the Custom Advantage option, you can expect the application process to take 1-6 weeks. You will also need to pass a medical examination.
- Primerica TermNow: This life insurance option does not require a medical examination. Primerica will instead conduct a background check against multiple databases to determine if you qualify for the policy. The background check will likely include your DMV records and your records with the Medical Information Bureau. The TermNow option only offers death benefits up to $300,000. Prices for this type of policy are often higher than Primerica’s fully underwritten policies under the Custom Advantage option. However, you can expect a much faster application process with this option — just a few minutes.
Discounts available and tips for Primerica Life Insurance
To get the best rate on your Primerica life insurance policy, you must first familiarize yourself with what a life insurance policy is. A big part of that is understanding what the terms associated with your policy mean.
When you take out a life insurance policy, you are entering into a contract with an insurance company. To keep your policy active, you will make premium payments. You will likely make these payments to your insurance company monthly. The advantage of a life insurance policy is that when you die, the insurance company will pay out a lump sum to the beneficiaries you have listed on your policy.
Here are some of the terms you’re likely to see when looking at your policy options:
- Beneficiary: The beneficiary of your policy is the one who will receive the capital payment upon your death. You can name one or more people as beneficiaries of your policy. You can also designate an institution or organization as the beneficiary.
- Death benefit : When you see “death benefit”, know that this is the lump sum that is paid to your beneficiary.
- Insured: The policyholder is the holder of the life insurance contract. If you purchase a life insurance policy for yourself, then you will be the policyholder. You may also be able to take out a policy on someone else’s life.
- Prime: Your premium is the amount of money you will need to pay regularly to keep your policy active or “in force”. Most people have monthly premiums, but it may be possible to pay annual premiums instead. If you do not pay your premium, your policy will become inactive and your beneficiaries will not be able to receive the death benefit from your policy.
To get the best rate, it’s important to understand your needs and what you’re getting from your policy. Be sure to compare quotes between insurance companies. You can also talk to a few insurance agents to understand and compare your options. Each person’s needs are unique and there are a number of life insurance policies that can provide you with the coverage that is right for you.
Primerica Life Insurance Coverage Selections
When choosing from Primerica’s term life insurance options, you will be able to choose from a number of terms. The options available to you may vary depending on your age. If you choose a term of 25 years or more, you should understand that your premium may increase after a certain number of years.
Primerica offers the following terms:
- 10 years
- 15 years old
- 20 years
- 25 years
- 30 years
- 35 years
In addition to life insurance, Primerica also offers a few other types of insurance:
- Car insurance
- home insurance
- Long term care insurance
Primerica also offers additional financial services, including:
- Debt consolidation loans
- Mutual fund investments
Primerica Life Insurance: Pricing and Value
One downside to Primerica is that it’s not as transparent as other insurance companies when it comes to its pricing. You will notice that you will not find the option to receive a life insurance quote on the Primerica website. To get a quote or find out how to get life insurance, you will need to call or email a local agent.
When it comes to value, it really depends on what you’re looking for in your life insurance policy. Primerica has unique offers, including the Growing Benefits Rider. This may bring you more value than a cheaper policy with a competitor. It’s best to shop around and compare policies to find the best value for your situation.
Primerica Life Insurance Customer Service
Primerica offers several ways to contact its customer service. If you need help with general policy information for Primerica life insurance products, you can:
- Call 800-257-4725
- Email [email protected]
- Send correspondence with your 10-digit policy number to:
Primerica Life Insurance Company
1 Primerica walk
Duluth, Georgia 30099
Primerica Life Insurance: Claims Support
You can contact Primerica in several ways to submit a complaint or obtain more information about the complaints process:
For general information, you can email the Claims Support Department at [email protected]
To start a new claim, you can call the Claims Office at 888-893-9858.
You can also access claim documents by logging into your online account.
Is Primerica life insurance right for you?
To decide if Primerica is the right option for you, there are a few things you should do:
- Ask yourself: How much life insurance do I need?
- Determine if a temporary policy is the right choice for you.
- Talk to experienced life insurance agents and compare your options.
You will need to determine what you need from your life insurance company and your policy before you can make the best choice. Take your time to understand your needs so you can feel confident in your decision. Keep in mind that when you contact a Primerica agent, they will not be able to provide you with information about life insurance products from other companies. Contact a few other insurers to help you get a more complete picture of your options.
Although Primerica life insurance has its share of drawbacks, it may be the right option for you. Primerica offers unique benefits to its life insurance policies, so keep that in mind in your hunt.