Primerica Life Insurance Company Life Insurance Reviews

On the first page of the policy, it says Modified Term Life. Upon investigating I find that the 20-year term after the second renewal changes the term. Very odd! It eventually becomes an Annual Renewable Term meaning that it goes up every year. Especially after age 60 man does it every start to increase exponentially. Upon inquiring if it can be converted into a permanent policy; they have NOTHING. All term. They don't think people have taxes to pay upon death. How about those with investment properties? How about those Capital Gains? I asked how financially strong the company is and the representative that has an RVP title told me that it was strong and the stock price keeps going up. I told him that people aren't going to be able to afford the renewals in retirement. He said you should be wealthy by then and not need it. I asked him what PERCENTAGE OF POLICIES end up in a CLAIM. HE SAID 4%. Can you believe it a 4%, meaning that 96% of the clients would never claim. Why wonder the stock prices keep going up. They hardly pay any claims!

When I first signed up with Primerica, they told me my policy was for 30 years. A 30-year term life insurance policy is also the contract I signed. However, 20 years later, they are telling me that my term life insurance policy has ended. The copy I was given says 30 years, yet they are telling me someone in the office entered the policy as 20 years, and even though I have proof as to how long the policy should be, they are unwilling to honor their original word. So now, 20 years later, instead of 30 years, I am without a term life insurance policy. And if I wish to renew it then my rates are increasing by almost 50%! This is absurd and ridiculous. This is how Primerica treats their clients. This is the kind of service that others can expect to receive.

(1) Primerica employs a one size fits all philosophy. Term insurance may often be the best solution but what if insurance is needed a lifetime? Examples: disabled child, to offset taxes, funeral expenses for life.

(2) Primerica is more expensive than the traditional life insurers such as Sun Life Financial.

(3) Primerica's term policies are never convertible to permanent insurance, whereas traditional insurers allow this.

(4) Primerica is the only company that allows advisors to work part-time.

I compared pricing online and Primerica was charging my wife and I 63% more than equally rated insurers. Won't deal with them ever again.

Primerica only sells term life insurance. What if I want permanent insurance - where the insurance never expires and the premium never increases?

I want a choice! Therefore I will buy insurance through a "real" life insurance company.