Is Primerica Life Insurance worth it? Review (2023)

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Alexandre Desoutter updated on 11 September 2023

Primerica provides life insurance and financial solutions to middle-income markets in Canada, 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?

This review dives into Primerica life insurance and 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 insurances in Canada and get free personalised quotes using our comparator.

Primerica life insurance Canada: 5 Key takeaways

  1. Primerica specialises in providing life insurance and financial solutions tailored 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. Primerica provides rider options for their term life products allowing customisation to policyholders' needs.
  5. Compare plans with other providers and also get free quotes using HelloSafe comparator.

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

Primerica Life Insurance Company of Canada has a vast presence throughout North America and provides good-term life insurance products to millions of individuals. The Atlanta-based insurance and investment firm was started with the aim to provide life insurance products and investment services to middle-income markets throughout Canada and the US.

Primerica’s online presence is extensive with dedicated websites for both their Canadian and US customers and an online membership portal for policyholders. They pride themselves in being the go-to option for “Main Street Families” or those in the middle-income bracket.

Offering term life products with guaranteed renewals up to age 95, Primerica caters to those looking for affordable coverage with flexibility. The company's rider options allow customization, making it suitable for those with specific needs.

However, individuals seeking online quotes and complete transparency might find the sales-driven approach less appealing. Primerica's focus on term life and absence of whole life or universal insurance might not align with those seeking permanent coverage. Despite this, Primerica's strong AM Best rating and extensive network of representatives make it an option to consider.

Pros

  • Guaranteed renewal up to age 95
  • Strong online presence
  • 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

  • No online quotes
  • Policies must be bought via sales reps
  • No whole life insurance
  • Poor transparency on products and prices
  • Sales structure criticised 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.

Compare the best life insurance companies

Get 20+ quotes in seconds

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 does Primerica life insurance Canada cover?

Primerica life insurance Canada is a great way to get coverage for a variety of different needs. Often, these include coverage for family protection, business continuation or special needs that may be specific to your situation.

Life insurance can cover your family's needs by paying for:

  • Mortgage or Rent
  • Education costs
  • Funeral & final expenses
  • Survivors' income

Life insurance can also cover any business needs that may arise such as:

  • Funds for a company buy and sell agreements
  • Family business continuance
  • Collateral Insurance

Special needs vary depending on the family and the cover needed can range from:

  • Surviving critical illness
  • Maximizing retirement income
  • Bequest to charity

Expert advice

Not sure how much life insurance you need? Unfortunately, Primerica does not have an online calculator to help prospective clients find a suitable policy or plan for their budget. However, HelloSafe’s dedicated life insurance calculator quickly lets you figure out just how much coverage you need and can afford.

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 the 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 deteails

Primerica life insurance: 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

Primerica life insurance: TermNow

The TermNow life insurance policy offered by Primerica is their limited product which has a maximum coverage limit of $300,000 for 18-45 year-olds, or $250,000 at 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

Primerica whole life insurance

Unfortunately, Primerica does not offer whole life insurance or any permanent life insurance policies such as universal life. 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.

Compare the best life insurance companies

Get 20+ quotes in seconds

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 is to speak directly to one of the company’s sales representatives. Fortunately, Primerica have 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 Primerica Company of Canada’s 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 Canada life insurance welcomes anyone to contact their customer support with any queries. The contact details are listed below and indicated on the website that any communication will be forwarded to the appropriate department.

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

How to cancel Primerica life insurance?

For Primerica life insurance cancellation, you typically need to contact customer service or your representative. They will guide you through the cancellation process, which may involve filling out a cancellation request form and providing necessary 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 in relation to the representatives that 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

Primerica Life Insurance Company of Canada does have an online login and membership portal for their policyholders. Anyone that 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.

primerica login screen image.
Primerica sign-in
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Alexandre Desoutter
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Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.

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