Primerica’s Life Insurance Products: A Detailed Analysis

Product Lineup Overview

Primerica offers two primary term life insurance products:

1. TermNow: A simplified issue product with streamlined underwriting
2. Custom Advantage: A traditionally underwritten term product with more comprehensive health evaluation

Both products provide level term coverage with the option to continue coverage until age 95, though premiums increase after the initial term period.

Term Now: Simplified Issue Term

Primerica’s TermNow product offers:

• Age Eligibility: 18-50+ years
• Coverage Range: $15,000-$250,000 (varies by age)
• Underwriting Approach: Simplified issue using electronic data reports (MIB, MVR, Rx History)
• Application Process: Streamlined with potential same-day approval
• Underwriting Classes:
  ○ Non-Tobacco/Non-Nicotine: No tobacco/nicotine use in past 12 months
  ○ Tobacco/Nicotine: Used tobacco/nicotine in past 12 months

TermNow is designed for consumers seeking quick approval with limited underwriting requirements. The maximum face amount decreases with age:

• Ages 18-45: Up to $250,000
• Ages 46-50: Up to $200,000
• Ages 51+: Up to $100,000

Custom Advantage: Traditional Underwriting

Primerica’s Custom Advantage product offers:

• Age Eligibility: 18-70 years (varies by term length)
• Coverage Range: Starting at $50,000-$150,000 (minimum varies by age)
• Underwriting Approach: Traditional with paramedical exam and blood/urine testing
• Underwriting Classes:
  ○ Preferred Plus/Preferred: No tobacco/nicotine use in past five years
  ○ Non-Tobacco/Non-Nicotine: No tobacco/nicotine use in past 12 months
  ○ Tobacco/Nicotine: Used tobacco/nicotine in past 12 months

Custom Advantage is appropriate for consumers seeking higher coverage amounts or potentially better rates through full underwriting. The minimum face amount varies by age:

• Ages 18-45: $150,000+
• Ages 46-50: $100,000+
• Ages 51+: $50,000+

Term Length Options

Primerica offers multiple term length options to accommodate various protection needs:

• 35-Year Term: Available for ages 18-45, provides level premiums for 35 years
• 30-Year Term: Available for ages 18-50, provides level premiums for 30 years
• 20-Year Term: Available for ages 18-60, provides level premiums for 20 years
• 15-Year Term: Available for ages 18-65, provides level premiums for 15 years
• 10-Year Term: Available for ages 18-70, provides level premiums for 10 years

All policies continue until age 95, with premium increases after the initial term period. For insureds under age 70 after the initial term, premiums increase every 5 years until age 70. Beginning at age 70, premiums increase annually for all insureds.

Freedom Accumulation Benefit

Primerica offers a unique rider called the Freedom Accumulation Benefit (APDA), which allows policyholders to:

• Prepay premiums and earn interest on the advance premium balance
• Protect against policy lapse by having prepaid funds automatically applied if needed
• Make minimum prepayments based on premium mode ($10 monthly to $100 annually)
• Prepay up to $5,000 annually (with state-specific variations)
• This feature provides flexibility for policyholders who want to ensure policy continuation even during financial hardships.

Underwriting Approach and Application Experience

Term Now Simplified Underwriting

Primerica’s TermNow product emphasizes accessibility through a streamlined underwriting process:

1. Electronic Data Reports: Utilizes MIB, MVR, and prescription history instead of fluid testing
2. Rapid Decisions: Potential same-day approval for qualifying applicants
3. No Medical Exams: Physical examinations are not required
4. Digital Application: Electronic submission with agent assistance

However, several factors can delay immediate approval, including:

• Invalid identification information (SSN, driver’s license)
• Applications submitted outside service hours (Monday-Saturday, 7am-Midnight EST)
• Prior or active Primerica coverage
• Certain medical conditions triggering additional review

Custom Advantage Traditional Underwriting

For their Custom Advantage product, Primerica employs a more comprehensive underwriting approach:

1. Paramedical Exam: Physical examination conducted by a paramedical professional
2. Blood/Urine Testing: Laboratory analysis of bodily fluids
3. Medical History Review: Comprehensive evaluation of health information
4. Home Office Coordination: Centralized management of underwriting requirements

This approach typically results in longer approval timelines but may provide better rates for healthier applicants seeking higher coverage amounts.

The Bottom Line: Is Primerica Life Insurance Right for You?

Primerica’s exclusive focus on term life insurance creates a distinctive value proposition in the marketplace. Their product lineup offers multiple term length options with the ability to continue coverage until age 95, though with premium increases after the initial term period.

For consumers specifically seeking term insurance with simplified underwriting options, Primerica presents a viable consideration. Their TermNow product provides accessible coverage with limited underwriting requirements, while their Custom Advantage product offers higher coverage amounts through traditional underwriting.

However, those seeking permanent insurance options or requiring coverage amounts beyond Primerica’s maximums will need to explore alternatives. Additionally, consumers prioritizing the absolute lowest premium rates might find more competitive options through insurers with more diverse underwriting approaches.

When evaluating Primerica or any insurance provider, consider your specific protection needs, budget constraints, and long-term insurance objectives. Consulting with insurance professionals who represent multiple carriers can provide valuable comparative insights and help identify the most appropriate coverage solution for your circumstances.

The most important consideration is ensuring adequate protection for your loved ones that aligns with your financial situation and goals. Whether Primerica is the right choice depends on your individual circumstances and how well their term-focused approach matches your insurance needs.