Key Takeaways

Smokers face higher life insurance premiums, but life insurance is still accessible across different types of policies.
Comparing quotes from multiple providers can help smokers find more affordable life insurance coverage that meets their needs.
Life insurance options for smokers include term life, whole life, and universal life policies; with potential for lower premiums if the smoker quits and remains smoke-free for a period of time.

Primerica life insurance review

Our rating for Primerica life insurance: ★★☆☆☆ (2/5)

If you're looking for an affordable premium plan with custom benefits, Primerica might not be the best bet for you. Their costs are much higher than other companies, and some reviews have said that getting help from the organization can be tough. But their Custom Advanatge and TermNow policies offer benefits like renewable policies until age 95 and an increasing benefit rider.

Generally speaking, you can probably do better.

Who is Primerica Life?

Primerica Life Insurance is a financial services company that specializes in providing term life insurance products to individuals and families. The company was founded in 1977 under the name A.L. Williams & Associates by Arthur L. Williams Jr. The company rebranded as Primerica in 1991 and has since grown to become a leading provider of life insurance and other financial services.

Primerica operates through something called a network marketing model, which is a fancy way of saying their products are sold by independent sellers. They have been criticized for having a similar model to multi-level marketing companies but rest assured, Primerica issued a statement reassuring customers they are not a multi-level marketing company.

Primerica life insurance quick facts for 2023

Headquarters in Duluth, Georgia
Founded in 1977
2,891 employees
A+ AM Rating 2023

How much does Primerica life insurance cost in Canada?

Roughly speaking, Primerica life insurance tends to be a bit pricier than what's on the market. In a comparison between Primerica and PolicyMe rates, we found that Primerica can be up to 41% more expensive for comparable coverage types, based on publicly available rates.

Primerica life insurance rates for 2023

Let's see how Primerica's term life insurance prices stack up against some of Canada's leading term life insurance companies.

What is this table about
Company	Monthly premium*
RBC	$31.32
PolicyMe	$31.46
Beneva	$31.50
Humania	$32.40
Wawanesa Life	$33.75
Sun Life	$35.10
Primerica	$44.65
CIBC Life	$46.53

*Pricing based on a 35-year-old man seeking $500,000 in coverage for a 20-year term policy.

Money gets tight sometimes, especially when we're paying for so many little things these days, like our children. See how affordable life insurance can be with PolicyMe.

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Primerica life insurance: pros and cons

Here are some pros and cons of Primerica life insurance that should be considered when evaluating whether it is the right option for an individual's needs:

Pros and cons of Primerica

Pros:

Financial education: Primerica offers financial education resources to help them make informed decisions about planning for their financial future.
Large network of agents: Primerica has a large network of agents who can provide personalized service to customers.

Cons:

Limited product options: Primerica specializes in term life insurance, so those who are looking for more permanent coverage options like universal life insurance will not find it here.
Pushy business tactics: Some people have reported feeling pressured by Primerica agents to sign up for Primerica products or recruit others to join the company.
Limited online resources: While Primerica offers some information on their page, most interested shoppers won't find a detailed policy outline like other companies. To get access to further information like monthly premium costs, medical exams, and can your children be covered through your policy, you will have to reach out to one of their advisors by phone.

Primerica life insurance customer reviews

Let's dive in and see what some of Primerica's policyholders have to say about their own personal experience:

Positive Primerica life insurance reviews

"Primerica did not just offer me the most affordable and effective insurance products, they explained how the policy worked and set me on a path to retirement." - Customer on Insureye

"When my old contract was examined next to my now Primerica contract, it was obvious that the slight price savings of the old insurer was not worth the major financial loss over the lifetime of the policy." - Customer on Insureye

Negative Primerica life insurance review

"Scam company using job sites to phish for people to bring into their ponzi scheme without pay. Beware of this company, if you want to get into being a financial advisor or insurance, don't do it through Primerica." - Customer on BBB

"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." - Customer on BBB

Primerica life insurance products

Currently, Primerica only offers one type of coverage: term life policies. Those who are looking for whole life insurance won't find Primerica the ideal organization to buy a life insurance policy from. Let's take a look at some of the assets their term life offers.

TermNow term life insurance policies:

Coverage amount: Up to $250,000 or up to $300,000 for applicants under age 45.
Term lengths available: up to 30 years available.
Riders: Increasing benefit rider option available.
Exclusions: The policy is not available to individuals over the age of 65
Convertible or renewable life insurance: You can qualify for renewal until age 95.
Medical exam: None required.
Level or decreasing: Level premiums remain consistent throughout the term of the policy

See how affordable fully risk-assessed term life insurance can be.

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Custom Advantage term life insurance policies:

Coverage amount: Up to $5 million depending on varying factors like age and smoker status.
Term lengths available: up to 30 years available.
Riders: Increasing benefit rider option available.
Exclusions: The policy is not available to individuals over the age of 65.
Convertible or renewable life insurance: You can qualify for renewal until age 95.
Medical exam: Required.
Level or decreasing: Level premiums remain consistent throughout the term of the policy

About Primerica's customer service and cancellation policy

Primerica has a different customer service phone line dedicated for Canadian customers; before calling in, save yourself the headache and verify that you are not calling the number for the United States, Puerto Rico and Guam. There are four main ways to contact Primerica customer service:

English phone number: 1-800-387-7876
French phone number: 1-800-265-4804
Email address: plicc_cn@primerica.com‍
Mailing address: Primerica Life Insurance Company of Canada, P.O. Box 174, Streetsville, ON L5M 2B8

How do you cancel your Primerica life insurance policy?

Primerica customers can cancel their life insurance policy similar to most other life insurance providers out there: calling their Client Services team. You can contact Client Services using their Canada-specific phone number at 1-800-387-7876 (EN) or 1-800-265-4804 (FR).

Bottom line: Primerica life insurance review

Primerica life insurance may be worth it if you have been denied for other term life insurance policies. For those seeking basic term life insurance coverage, Primerica's product may be a good option. But you can definitely get the same coverage for a far more affordable price with a different life insurance company.

The lack of riders and limited maximum coverage amount makes it hard for policyholders to get an answer to all their queries. We recommend to buy term from other companies that have more competitive benefits like PolicyMe, RBC or Wawanesa Life.