Primerica Life Insurance Review 2025 (Updated)

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Nishadh Mohammed updated on 2 December 2024

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Primerica Life Insurance company provides financial solutions to middle-income markets in Canada, the USA, Puerto Rico and Guam. Though a fairly young company founded in 1977, Primerica is now the second-largest issuer of term life insurance in North America covering over 5.7 million people.

But what makes Primerica Life Insurance the go-to insurer for millions of people and would they be right for you?

In this Primerica life insurance review, we cover its policies, pros, cons, costs, and more, to help you decide if it is the right choice for you. You can also compare coverage and prices of the best life insurance in Canada and get free personalized quotes using our comparator.

Primerica Life Insurance Canada: 5 Key Points

  1. Primerica specializes in providing life insurance for middle-income markets.
  2. It offers term life insurance products, focusing on guaranteed renewals up to age 95.
  3. Their products come with flexible coverage and renewal options.
  4. There are rider options allowing customization.
  5. No online quotes and you must speak to an advisor for policy purchase.

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Our review of Primerica Life Insurance Company: Best for middle-income families

If you’re seeking affordable, straightforward life insurance, Primerica Life Insurance could be a great option to consider. It offers term life insurance policies with coverage from $100,000 to $5 million, and flexible term lengths ranging from 10 to 35 years.

A standout feature of Primerica is its guaranteed renewability up to age 95, meaning you can extend your coverage without needing additional medical exams, though premiums will increase as you age. This makes it a solid option for long-term protection. Primerica also holds an A+ rating from the Better Business Bureau and an A (Excellent) rating from AM Best, highlighting its financial strength and stability.

However, it's important to note that Primerica only offers term life insurance, which means there is no cash value accumulation or permanent coverage options. In this aspect, it lags behind other providers like iA Financial Insurance or Canada Protection Plan, both of which offer an extensive range of insurance options, term, whole life and universal life, for all needs. This could be a limitation for those seeking investment-linked policies or lifelong protection.

While Primerica's affordability and simplicity are impressive, some may find it inconvenient to work through an independent representative and the lack of online tools for instant quotes. If you're looking for no-frills, low-cost term life insurance with guaranteed renewals, Primerica is an excellent choice. But if you need permanent coverage or more customization, you might want to explore providers like Sun Life or Manulife.

Is Primerica life insurance good?

Primerica is ideal for individuals seeking affordable, straightforward term life insurance. It's best for young families or individuals looking for temporary coverage without cash value accumulation. However, it may not be the right fit for those seeking permanent coverage or policies with cash value growth. For more complex insurance needs or long-term solutions, other providers like Manulife Insurance, Canada Life, or Sun Life may offer better options.

Pros of Primerica Life Insurance Canada

  • Guaranteed renewal up to age 95
  • Strong online presence
  • A vast network of sales representatives
  • No medical exam is necessary for TermNow product range
  • Strong A+ AM Best rating
  • Online membership portal available for policyholders

Cons of Primerica Life Insurance Canada

  • No online quotes
  • Policies must be bought via sales reps
  • No whole life insurance
  • Poor transparency on products and prices
  • Sales structure criticized for being like MLM schemes, per many Primerica life insurance reviews

Before you decide on Primerica we recommend that you weigh options from other providers. All you need to do is use our comparator tool below to compare coverage, pricing, and get free personalized quotes from Canada's best life insurance companies, and in a few seconds.

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How much does Primerica life insurance cost?

Primerica’s life insurance costs depend on a range of factors including an individual’s age, current health status, residence, death benefit limit and the type of life insurance bought.

Unfortunately, Primerica does not have an online quote system nor do they have any indication of costs available through brochures, marketing material or on their websites. The only way to know how exactly much a policy will cost you is by speaking directly to one of their representatives as detailed later in this review.

However, we managed to put together pricing information based on several online forums, reviews and the average term insurance quote in Canada, that could serve as a reference point. The premiums shown are based on a death benefit value of $500,000 for a non-smoker in good health.

AgeFemaleMale
25
$22.05$31.05
30
$23.40$31.95
35
$27.00$35.55
40
$39.15$52.20
45
$60.75$83.70
50
100.80$144.00
55
$187.20$263.70
60
$332.55$470.70
Primerica term life insurance pricing example

What types of life insurance does Primerica Canada offer?

Primerica Life Insurance Company of Canada specializes in term life insurance and does not offer any whole life insurance or universal insurance products. Despite Primerica only offering term life insurance, they have developed products that can be tailored to customers’ needs by way of add-ons (also known as riders) while also having a range of terms and coverage. 

Primerica term life insurance

Primerica’s term life insurance is offered through two products: Custom Advantage and TermNow. Both of these term life products offer guaranteed premiums for specified terms and the possibility to renew policies until the age of 95. The premiums will be updated at each opportunity for renewal depending on the individual’s age. Locking in a long plan early will save you.

The table below shows the various term lengths offered, how long the premiums are guaranteed and the availability of the terms depending on age.

Availability by AgeTerm Length
(years)
Guaranteed Premium Length
(years)
18-70
1010
18-65
1515
18-60
2020
18-55
2520
18-50
3020
18-45
3520
Primerica term life insurance details

Custom Advantage series

The Custom Advantage term life insurance is Primerica’s leading insurance product. Like most traditional term life insurance, the Custom Advantage series requires full medical underwriting including a medical examination. The medical examination takes around 1 hour and can be completed at a location of your convenience.

Advantages of Primerica Custom Advantage

  • Full medical underwriting gives clarity of coverage
  • Death benefits for several million dollars is possible
  • Premiums are cheaper than Primerica TermNow
  • Guaranteed renewal up to the age of 95

Disadvantages of Primerica Custom Advantage

  • Sign up process can take up to 6 weeks
  • Full medical underwriting and a medical exam is necessary
  • Pre-existing conditions can disqualify you from cover

TermNow life insurance

The TermNow life insurance policy offered by Primerica is their limited product which has a maximum coverage limit of $300,000 for 18 to 45 year-olds, or $250,000 for ages 45+. Due to the limited death benefit, the TermNow life insurance allows for simplified underwriting without the need for a medical examination. 

Advantages of TermNow

  • No medical exam is necessary
  • Fast sign-up process
  • Good for smaller amounts of coverage
  • Guaranteed renewal up to the age of 95

Disadvantages of TermNow

  • More expensive than a fully underwritten policy
  • Risks involved with insurance without medical exams
  • Limited coverage with a maximum of $300,000 death benefit

Is there Primerica whole life insurance?

Unfortunately, Primerica does not offer whole life insurance or any permanent life coverage policies such as universal life insurance. Primerica’s ethos centers around buying cheaper term life insurance products and investing the difference. As such, Primerica also does not offer term life conversions to their Custom Advantage or TermNow life policies, but they do allow you to renew insurance policies up to the age of 95. 

If you are interested in whole life insurance or universal life insurance, try comparing quotes from more than 20 of Canada’s best life insurers! You'll find a great quote on a product that makes sense for you. All you need to do is just use our free comparator tool below and get quotes in a few seconds.

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Can I cash out my Primerica life insurance policy?

Primerica specializes exclusively in term life insurance, which does not accumulate cash value over time.Unlike permanent life insurance policies, such as whole or universal life, term life policies provide coverage for a specified period—typically 10, 15, 20, 25, 30, or 35 years—and do not build up a cash value that policyholders can access during their lifetime.Therefore, there is no cash value to "cash out" from a Primerica term life insurance policy.

If you're seeking a life insurance policy that offers a cash value component, you might consider exploring permanent life insurance options from other providers. These policies not only provide lifelong coverage but also accumulate cash value over time, which can be borrowed against or withdrawn, offering additional financial flexibility.You can explore the best permanent life insurance options with a cash value right here using our free tool below.

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What types of life insurance add-ons does Primerica offer?

Primerica offers four life insurance add-ons that can be added to both the Custom Advantage and TermNow insurance products. The four riders are

  • Increasing Benefit Rider - This provides the policyholder with the option to increase the death benefit of your term life insurance up to 10% a year for ten years.
  • Child Rider - Allows you to get term life cover for your eligible children.
  • Terminal Illness Rider - The terminal illness add-on can allow the policyholder to receive a portion of the death benefit prior to passing if they’re diagnosed with a terminal illness.
  • Waiver of Premium - This rider usually allows the policyholder to pause premium payments you they become unable to work through illness or disability.

How to get Primerica life insurance quotes?

To get a life insurance quote from Primerica you need to speak directly to one of the company’s sales representatives. Fortunately, Primerica has over 130,000 independently licensed representatives so wherever you live, there will likely be a representative close by. 

primerica locations list of provinces.

You can find a Primerica life insurance representative through the website under the locations tab. From there you can specify the state in which you live and narrow down your search for a representative using your postal code. 

How do I contact Primerica life insurance customer service?

Primerica Life Insurance Company of CanadaCanada Contact Details
Canada Address
6985 Financial Drive, Suite 400, Mississauga, Ontario, Canada, L5N 0G3
Canada Telephone
905-812-2900
Canada Fax
905-813-5312
Canada Email
[email protected]
Primerica contact information

It also has separate contact details specifically for claims management. So if you are looking to submit a Primerica life insurance death claim, or want information on Primerica life insurance payout timeline, you can use the claim contact details below. Make sure that you include your 10-digit policy number along with any correspondence.

Primerica Life Insurance Company of CanadaCanada Claim Contact Details
Canada Address
Primerica Life Insurance Company of Canada, P.O. Box 174 Streetsville, ON, L5M 2B8
Canada English Telephone
800-387-7876
Canada French Telephone
800-265-4804
Canada Email
[email protected]
Primerica claims contact information

There are many online Primerica life insurance reviews that range from good to bad. The majority of the Primerica life insurance customer reviews are about the representatives who work for the company or the company’s sales structure. 

The life insurance policy has a review rating of 4.1 out of 5 on Trustpilot, with a total of 12 reviews, and 2.9 out of 5 on Consumer Affairs, with a total of 926 ratings at the time of writing this article.

Primerica life insurance login

Anyone who owns either a life insurance policy or an open investment account with Primerica will be able to register via the online login page by providing their personal information. You need to head to the website and enter your login details after which you'll be able to manage your policy, claims, and cancellations.

primerica login screen image.
Primerica sign-in

How to file a Primerica Life Insurance claim?

Step 1: Contact a company advisor
Call (888) 893-9858 between 8 a.m. and 5 p.m. ET, Monday to Friday, to report a death. A claims specialist will assign a claim number and guide you through the next steps.

Step 2: Submit the Claim Form
Submit the completed claim form along with the following documents:

  • A certified death certificate
  • A copy of the beneficiaries' state or federal-issued identification
  • Any other requested documents

Once you have contacted a claims specialist and completed the claim form, please send it and the requested documentation to the following addresses:

Primerica Life Insurance Company
Attn: Claims Department
Executive Office: 1 Primerica Parkway
Duluth, GA 30099-0001
Fax: (470) 564-7662

National Benefit Life Insurance Company
Home Office: Long Island City, NY
Attn: Claims Department
Administrative Office: 1 Primerica Parkway
Duluth, GA 30099-0001

This streamlined process will help ensure your claim is handled promptly and efficiently.

How are Primerica Life Insurance reviews from customers?

Customer reviews of Primerica Canada are mixed. Some clients appreciate the affordability and straightforwardness of the term life policies, noting that the application process is relatively simple. However, others have expressed dissatisfaction with the company's sales tactics, describing them as pushy or aggressive.

Additionally, some customers have reported challenges with the lack of online quoting tools and the necessity of working through a representative to obtain policy details. The company also has a relatively low complaint index, suggesting a favourable customer experience compared to its size.

FAQs on Primerica Life Insurance Canada

Who is Primerica Life Insurance Company?

Primerica Life Insurance Company, a subsidiary of Primerica, Inc., specializes in providing term life insurance and financial services to middle-income families in the United States and Canada. Founded in 1981, it operates through a network of over 130,000 independent representatives.

Can I cash out my Primerica life insurance policy?

Primerica exclusively offers term life insurance policies, which do not accumulate cash value. Therefore, there is no cash value to "cash out" from a Primerica life insurance policy.

Is Primerica a good life insurance company?

Primerica offers term life insurance policies with flexible term lengths and competitive rates. However, it does not provide permanent life insurance options, such as whole-life policies. Customer reviews are mixed, with some expressing satisfaction with the coverage and customer service, while others have raised concerns about the lack of online quoting tools and the necessity of working through a representative.

How do I cancel my Primerica life insurance policy?

To cancel your Primerica life insurance policy, contact Client Services at (800) 257-4725 for assistance. Keep in mind that generally, term life insurance policies don't offer refunds on premiums you've already paid.

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Nishadh Mohammed
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Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.

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