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by Avergage Canadian on Apr 17, 2020
5 out of 5 stars
Life Insurance Reviews
Primerica Life Insurance Company Life Insurance Reviews
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(33 reviews)
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On the first page of the policy, it says Modified Term Life. Upon investigating I find that the 20-year term after the second renewal changes the term. Very odd! It eventually becomes an Annual Renewable Term meaning that it goes up every year. Especially after age 60 man does it every start to increase exponentially. Upon inquiring if it can be converted into a permanent policy; they have NOTHING. All term. They don't think people have taxes to pay upon death. How about those with investment properties? How about those Capital Gains? I asked how financially strong the company is and the representative that has an RVP title told me that it was strong and the stock price keeps going up. I told him that people aren't going to be able to afford the renewals in retirement. He said you should be wealthy by then and not need it. I asked him what PERCENTAGE OF POLICIES end up in a CLAIM. HE SAID 4%. Can you believe it a 4%, meaning that 96% of the clients would never claim. Why wonder the stock prices keep going up. They hardly pay any claims!
My husband and I signed up with Primerica's 15-year term insurance. We pay the monthly premiums by automatic deduction from our joint bank account. We forgot that it was due to the end of March 2019. It was December 2019 when we realized that our monthly premium had increased from $169 to $403. We immediately contacted our original Primerica agent and inquired why the big increase took effect without prior notification. We met with the agent and discussed changing our terms based on the current situation. Then we formally inquired about how we can be refunded of the overpaid monthly premium from April 2019 to December 2019. Our agent and the Primerica team patiently reviewed our case until they found that the reason why we were not alerted about the term deadline and the premium increase was that the advanced notification letters they sent to us were mailed to our old address and that their system failed to update our home and mailing address. We thanked our agent and the Primerica (Canada) team for their kind attention and prompt response to our inquiry. They have helped us get the entire overpaid amount in less than 2 months. We can say that Primerica is indeed the "go-to" insurance company when it comes to customer service and client stewardship. They have agents that personally look after their clients' needs. We are optimistic that Primerica will continue to be of service to people who long for professionals dealing on insurance matters but prefer traditional attentiveness when it comes to overpayment inquiries.
Not sure if you can qualify for life insurance with existing health pre-conditions? Let us to help you with a no medical life insurance quote, meaning that you do not need to pass a medical exam to qualify for a life insurance policy.
When I first signed up with Primerica, they told me my policy was for 30 years. A 30-year term life insurance policy is also the contract I signed. However, 20 years later, they are telling me that my term life insurance policy has ended. The copy I was given says 30 years, yet they are telling me someone in the office entered the policy as 20 years, and even though I have proof as to how long the policy should be, they are unwilling to honor their original word. So now, 20 years later, instead of 30 years, I am without a term life insurance policy. And if I wish to renew it then my rates are increasing by almost 50%! This is absurd and ridiculous. This is how Primerica treats their clients. This is the kind of service that others can expect to receive.
I was able to compare prices with 5 different companies and this was better. The real value was their comprehensive, and complementary plan to help me figure out a lot of things in a financial needs analysis, that I have not been explained - in simple terms - before by many banks and institutions.
We have had Primerica life insurance for over 25 years. We just renewed at very reasonable rates for our ages. Our Primerica representative helped us to find more saving as I guess rates have gone down recently with new product lines. We had a free Increasing Benefit Rider that gave us a 50% increase in the face amount without having to prove that we were still healthy. We also have a free Terminal Illness Benefit rider that pays 40% of the death benefit in advance if either of us comes down with anything nasty health-wise...to cover better treatment or living expenses in case you couldn’t work for months before death. It’s the greatest, and any time that I have gotten a quote somewhere else, the other company couldn't give the same benefits or if they could, it was way more costly for a similar term length! We were also educated by Primerica that with term insurance you need to be saving money for the future because after your kids are moved out and your mortgage is paid, you need cash to live on during retirement. Why would we need any insurance then? We will be self-insured with a pile of money, no mortgage and no more kids to raise. We love good financial planning!
Did you know that mortgage insurance is the same as life insurance but more expensive and offers less protection? By cancelling it and getting life insurance, you would typically save around 30%-40% for the same coverage.
I had SunLife insurance for 35 years with 6000$ in cash value accumulated, the Primerica agent told me I was about to lose all my savings (6k$) and go from 42$ to more than 200$ per month. I called SunLife to find out it was all true! So, I switched to Primerica and I saved a lot!
Faithfully paid my premium for over 30 years. Then they have the gall to raise my rates 400 percent. Not good business practice. Thanks for nothing. Would be nice to get some money back other than an overpayment of $41.33. That's a joke. Don't waste your time with this company.
If I could give this company negative stars, I would. Too bad it's not an option. It's a sham, sham, sham. Since the late 1980's, my husband and I have faithfully paid our premium. In 2008, when my husband turned 56, understandably, there was a premium increase, but not horrible. It was modest and very manageable. We anticipated another premium increase in 10 years, but ... now that he has turned the RIPE OLD AGE OF 66, the premium QUINTUPLED. Yes, you read that right. Our premium is now FIVE TIMES MORE than it was. And, this company couldn't give a rat's a** about how we feel. Their nonchalance is astounding. So, for over 20 years we have paid our premiums and never ONCE did they have to chase after a payment. It was never late and we thought we had confidence that this was a company we could be with for yet another 10 years. Now, this has absolutely NOTHING to do with our health. Both of us are very healthy, as a matter of fact, my husband still works FULL TIME! We have set his retirement date for May 1 of 2019. But, maybe he'll keep working, too. I would never, ever recommend this horrible company to ANYONE. Run as fast as you can from ANYONE who mentions the name "Primerica". It's a horrible, horrible company and I feel for all of you who have left honest reviews about how you were deceived. Also, make sure when you cancel to also let your bank know not to let them take one more cent from you. Make sure you stop auto-debit so Primerica can't steal one more payment from you.
Did you know that if you are a 30-year old male, a term life insurance policy for 20 years with coverage of $200,000 will cost you around $19/month? Getting your term life insurance quote today will allow you to benefit from a great rate.
I applied for term life insurance. For some reason, I was declined. They supposed to send me a written letter and a refund of my money but they never did it. I called them many times to ask them why they still keep saying that they will resend it to me. They verified my address but I never received it. I waited 3 months already. I asked them if they can email the letter which explains about their declining my application and they are issuing my refund but they said they can't do it. It is really frustrating to get your money back after they charge you. I am also considering my husband's insurance with them because I can't trust the company anymore.
I had universal life insurance for $300/month for $250,000. My Primerica advisor helped me to reduce my monthly cost to $100/month and increase my coverage to $750,000 Amazing! 3X the coverage! (Since I got a mortgage and young kids). The money that I saved from RBC ($200/month), Primerica Advisor helped me open a TFSA account and invest in a mutual fund from Fidelity. I will have well over $210,000 in my savings account. That what I called the best deal I highly recommend Primerica products and services to you guys!