Primerica May Not be the Affordable, Reputable Life Insurance Company You Thought They Were
When Primerica first came to the insurance industry, insurance shoppers started turning out in droves to take advantage of their affordable life insurance rates. Over time, however, more and more people have complained that while their prices and policies look good on paper, they’re actually very misleading.
From those who have already tried their luck with Primerica and struck out, there are a few common complaints about Primerica. Learning about these before you purchase a policy may persuade you to look elsewhere for coverage.
The first is that Primerica’s prices can actually be high, when compared to many of the insurance companies with well-known names and reputations. In fact, a company like ING actually provides rates at prices that are anywhere from 20 to 50% less costly than those sold by Primerica. You see, Primerica doesn’t just sell life insurance and, when they have a customer in their sites, they do what they can to sell you an entire financial services package. Plus, they won’t shop around on a client’s behalf or check out other rates in the market because they want you to buy their life insurance.
The second downfall of buying from Primerica is that they aren’t a company made up of industry experts. In fact, many of their employees only sell life insurance as a side gig so you know that their only real interest is making a quick buck.
What’s more is that Primerica is somewhat limited in terms of their product offering, as they only sell term life insurance policies. If you’re interested in permanent coverage, you won’t find it with this company. They do this because they want you to be able to have enough money left over to invest with them. The more of your assets they control, the more they can make in surcharges and fees.
The last thing you might not know about Primerica is that they sell a great deal of Annual Renewable Term policies. The reason they like to focus in this area is because these policies go up in price each year, and they don’t let their customers know that they could, in fact, qualify for a policy with level premiums and complete underwriting.
Primerica may be a well-known name, but that doesn’t mean they deserve your life insurance business. Be wary!