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Reasons to be weary of Primerica (also known as Prime America)

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Disclaimer: We are not affiliated with Primerica or as some refer to them as Prime America.  This article is our review of Primerica and their Life Insurance Products

 

Primerica has become a very well-known name in the life insurance industry.  Many consumers find their insurance over priced with lots of fine print in their marketing and selling affordable life insurance. Here are a few reasons that reveal why Primerica  or Prime America is a company you should review and compare.

1) Annual Renewable Term: Primerica or Prime America as some people refer to them as, only sells term life insurance, they do not offer permanent life. After the level term period Primeirca sends a letter to the insured giving them options. Consumers have told me that if they declines to make a change the policy converts to an increased flexible premium without an exam. Prime America also offers ART or annual renewable term after the level term period ends in some instances. ART policies increase in price ever year. Primerica offers this as a quick solution to continue coverage.  Many consumers have problems with receiving a letter of explanation versus a phone call explaining in detail that the insured, if healthy could apply for  level premiums for ten or more years at more affordable rates. Its easy to understand why this is common,  no exam coverage is more expensive and more profitable and I am sure its too hard for Primerica to call each policy holder.

2) High Prices: Primerica is not as competitive as the typical well known insurance companies like Banner Life, Genworth, SBLI, Prudential, ING, and AIG. Primerica is more than a life insurance company. They sell other financial services and their business model is to sell many financial related products. Many consumers find that because  they do not compare rates from multiple companies to shop for the client, they are getting the short end of the stick. ALWAYS shop and compare rates before purchasing a life insurance policy.

3) Jack of all Trades, Master of None: Primerica or Prime America offers term life insurance quotes only, they do not provide whole life insurance quotes. Many of their agents sell life insurance part time, while the majority of their time is spent trying to sell other financial products and or working other jobs. Some agents only work part time and have full time jobs. Some of Primerica’s agents lack the knowledge and experience that an Independent Life Insurance Broker has, because they only work part time. Primerica also pushes agents to recruit new agents without any experience or financial education. Would you want a part time doctor performing surgery on you, of course not, so why let a part time insurance agent attempt to protect your family or business?

4) Where’s the beef, no Permanent Products: Primerica only provides term life insurance quotes. Customers looking for a permanent policy won’t find it from this company. Primerica does this mainly because they want you to buy term and invest the difference, just like Zander Insurance and Dave Ramsey suggest. Prime America or Primerica is a full service financial services company, their model is to manage all your assets  so they can generate fees. Just like the other companies I’ve wrote about. It is important that consumers looking for life insurance for seniors understand this because they need permanent policies for funeral planning and burial policies and Primerica or Prime America doesnt sell these type of products.

Primerica is a very popular name in the life insurance industry, unfortunately name recognition doesn’t always equate to quality of service.. Just like Globe Life and Colonial Penn, Primerica is overpriced and only sells term life insurance.  If in the market for a free term or whole life insurance quote please click below to get free life insurance quotes from over 50 different companies.

4 Responses to Reasons to be weary of Primerica (also known as Prime America)

  1. J. Howell says:

    Thank you for sharing this valuable information regarding Prime America. I received a phone call from them today for an interview for a job prospect. I asked about their company and the person stated — “We’re Prime America, formerly Citi Corp.” I pursued to research them and learned that this company is lacking integrity, at many levels, therefore as badly as I need a job I can not bring myself to work for such an organization. So, I thank you for your input and advice for searching for reputable life insurance companies and about the return of premium policy. Thank you again, and appreciate your help.

  2. bigal1969 says:

    I ah prime america life insurance for years and I failed to check around to compare prices. That was stupid on my part. I’m looking for life insurance for me and my wife, can some one recommend a reliable company that I can contact to get coverage. Thank you.

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