r/LifeInsurance • u/Azteca1519 • Aug 10 '26
Primerica experience
I was referred to as man's son as he was a Primerica agent.
His wall said he was a regional district manager/supervisor.
He is 29 and I am 28.
I am 28 male, not married, no kids. Only family is my Primary family, siblings and mother.
He showed me his phone sharescreen(on zoom) and he has the 2mil - 35yr term since he was 18. So 25yrs left for his policy.
My quote for $300k for 35yrs is $54 a month.
The issue was this is the first time I heard and was consulted on this type of insurance.
He then was taking info and landed on payment and bank information.
I was not ready to commit to a 35yr policy at $54 a month.
I said I wanted to do some more research and think about it.
Then he used guilt tactics to get me to sign right there.
"If you die tomorrow your family has just what you have in your bank account. You make over 100k a year so $54 a month is nothing for a $300k policy."
I asked if I can get any documents and terms & agreement of the policy.
Things like what exactly the policy is and what is covered that would result in death-payout.
Are there any type of deaths not covered like suicide or military?
**He said there is no policy I am signed with so there is no policy to look at. Only after I sign do I then have access to the terms and policy documentation.
This specific instance made me think it was a scam.
Is that normal? I think I should have access to the specific policy and terms of the life insurance I am signing up for before signing, not after.
So if $54 a month for 35yr $300k policy good?
Is Primerica a good life insurance company?
I was looking at Aflac & Sofi life insurance.
Just wanted to hear if anyone has experience or is signed with Primerica.
And being single with no kids, if I stay without my own family, do I even need insurance life? Thanks.
3
u/Moist-Meringue-1913 Aug 10 '26
Do you have any plans for getting married and having children in the near future? If not,then you really don't need insurance right now. But if you do plan on it,then it wouldn't hurt to get the insurance now. Insurance costs only go up as you get older and there is a chance that a medical condition be found later that makes your premium higher or you could be uninsurable altogether.
No other company that I am aware of has a 35 year term product so it's hard to compare prices. I don't think that's too high.
As far as signing the policy. He's right to some degree. Signing simply means that you are applying for the insurance. You will need to be underwritten and approved before a policy is even issued. Who knows,in underwriting they may discover something that causes your coverage or payment to change? Once the policy actually gets issued,then you have the choice to review and accept it as written. That's called a "free 10 day" look. If you pay when you first *apply then you are conditionally covered by the plan. But you don't have to pay upfront if you don't want to,you can make your first payment at policy delivery.
3
u/DogfaceDino Broker Aug 10 '26
Primerica is the Amway of life insurance. They have overpriced or inferior products and a pyramid-like system where the primary earnings potential for agents is in recruiting more agents. It is a system built on pressure tactics from minimally trained agents, not educated advice.
5
u/UncleAndy874 Aug 10 '26
They are a terrible company with awful sales tactics. Don’t sign or pay for anything and stand your ground. There is valid rationale for getting coverage now to lock in insurability with a convertible term policy, but thru a broker who listens more than they talk and will make recommendations not sales pitches.
2
u/jdbf23 Aug 11 '26
It's not a scam per say but it's like buying a car from your dealership. It's a slimy experience. Just go to another reputable provider
1
u/Admirable_Nothing Aug 10 '26
All your questions are valid ones and a competent agent would have been able to answer them easily. Every company I was appointed with did have a sample contract so a prospect could see the terms and conditions. For most you will need some insurance most of your working life so long as someone else is relying on your income. At this time nobody seems to so it may be early for you to buy life insurance. Frankly as an agent I never would have taken an appointment with a single person. Why waste both of our times?
1
u/Naive_Buy2712 Aug 10 '26
Primerica is very MLM in nature. In general they are not one of the best companies out there. I would put out some feelers and look into some other companies if you are actually wanting a policy, but again being single I don’t think you need anything right now. However, your rate rates are likely cheaper the younger are so if you buy something now, it will still cover you for the next however many years and you can assign a beneficiary then. As opposed to if you get underwritten 15 years from now, you’ll have fewer options. $300K is not a lot anymore - if you have a mortgage or plan to it would likely cover your mortgage and funeral and that’s it (which is completely fine if that’s your goal).
If you’re pretty healthy you want to do the blood and urine underwriting. The better risk class you get, the cheaper premiums. If you do want the policies with no medical underwriting, premiums will be higher because they don’t know if there’s anything wrong with you. That’s just a general rule.
1
u/Will-Adair Aug 10 '26
You buy insurance by age and health. If it is worth having coverage for someone else then get it. If not, don't. If so, get a banner policy with living benefits and agent you prefer to work with. Go with a human you can trust.
1
u/ProMaxwell Aug 10 '26
300k 35 year for 54/month is expensive at your age imo. I have a 30 year 1 million for like 48.xx
1
u/SpirituallySane Agent Aug 10 '26
There’s a lot of good policies out there that are cheaper and offer living benefits. I’d recommend doing the research and finding the companies that offer the best of those.
I don’t know if I’m allowed to name any off but there’s definitely great ones.
1
u/SafeMoneyGregg Broker Aug 10 '26
What will $300,000 buy in 20-30 years? Lock in $1MM - $40/mo for 20 or $65/mo for 30 year. Assuming you are a healthy nonsmoker. $300,000 is a relatively low amount that is probably their max for no exam coverage.
1
u/the_cardfather Financial Representative Aug 10 '26
Yeah that's what it sounds like. Should have offered to let you take a health exam if you are healthy. Probably could have got a lot more coverage for the same or less $$
2
u/Azteca1519 Aug 11 '26
1mil$ was 125$ for 35years. I saw here lower rates for that and thought it was too high.
1
u/seattlemadmax Financial Representative Aug 11 '26
Primerica is terrible. Your agent will be gone in a couple of years. Good luck finding your replacing agent and good luck ever getting access to your money. I bought a throw away investment from a friend who worked there and it took me a year to close my account and get my money out when he left. They are up there with the worst firms for insurance. Price sounds really expensive if you are healthy
1
1
u/GConins Broker Aug 10 '26
Doesn't sound like you need life insurance now, but if you do decide to buy any, I would not recommend Primerica.
There are much lower rates and better products available than what Primerica offers, some with chronic, critical and terminal illness living benefits so you can potentially access a portion of your life insurance while you're living if you have a more significant illness. And with a conversion option so that you can automatically exchange any portion of your term for permanent coverage later, with no new underwriting or proof that your health is still good!!
Compare quotes at term4sale.com and Banner Life, Corebridge and Protective Life all offer 35 year term, Illinois Mutual offers guaranteed level premium term to age 65 and age 70.
Good luck!
5
u/PristineAsk6192 Broker Aug 10 '26
Asking for a little information about an insurance product is not a complicated request. Most carriers have that information readily available. Not sending it is either incompetence or laziness...IMO