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Primerica
Bottom line: Primerica's sales approach may not be for you, but it has a low complaint volume and strong financial backing.
on Nerdwallet
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
on Nerdwallet
Primerica
Bottom line: Primerica's sales approach may not be for you, but it has a low complaint volume and strong financial backing.
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term
How we review life insurance companies
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
Primerica recruits people to sell its policies, encouraging these new insurance agents to start by selling to family members, friends and co-workers and recruiting them to join the business. Primerica agents also make money based on sales by agents they recruit, which is known as multilevel marketing, or MLM.
» MORE: Compare life insurance quotes
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.
Primerica life insurance
Primerica earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Primerica life insurance policies
Term life insurance. Primerica sells term life insurance nationwide, though you’ll need to contact a representative to apply for or buy a policy. In most states, you can choose a policy lasting 10, 15, 20, 25, 30 or 35 years. Primerica issues policies worth as little as $15,000, and they can go up to $10 million or more for qualifying applicants.
The insurer offers a range of add-ons, including a waiver of premium rider that pauses your premiums if you become disabled and cannot work, and an accelerated death benefIt rider that allows you to access up to 40% or $250,000 of the death benefit (whichever is lower) if you’re diagnosed with a terminal illness.
» MORE: Largest life insurance companies
Primerica customer complaints and satisfaction
Over three years, Primerica has drawn fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
Primerica ranked No. 13 out of 22 companies for customer satisfaction in J.D. Power's 2022 U.S. Individual Life Insurance Study. .
Where Primerica stands out
Primerica is one of the biggest sellers of term life insurance in the U.S. It also offers a complimentary “financial needs analysis” to help its customers figure out how much life insurance to buy.
Where Primerica falls short
Be aware that Primerica uses a multilevel marketing structure for sales. Its agents are not employees, but rather independent contractors. For context, most other companies sell their products through full-time agents who make a career in life insurance sales.
Because of Primerica’s sales strategy, you may find friends or family members pitching the products. Your personal connection with these salespeople could create extra pressure to buy from Primerica, and perhaps pressure later to become a part-time Primerica agent. But it’s always a good idea to compare options and prices from several companies before committing to a personal finance product.
More about Primerica
Primerica offers additional financial products and services through its partners, such as auto insurance and homeowners insurance.
The company also offers investment accounts like annuities and education savings plans, as well as prepaid legal and identity theft services provided by third parties.
Find the right life insurance plan for you
Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2019-2021. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsem*nt of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
