Primerica is a well-known insurance company that offers term life insurance policies with various coverage options and riders. Unlike some other insurance providers, Primerica does not sell whole life coverage. Term life insurance is a popular choice for individuals looking for coverage for a specific period, typically between 10 to 30 years. If the insured person passes away during the defined term, the insurance company will pay a predetermined amount to the named beneficiaries. Once the term period ends, the policy is no longer in force.
Primerica offers term-life policies in increments of 10, 15, 20, 25, 30, and 35 years, with available options depending on the applicant’s age. Longer-term policies, such as the 30-year and 35-year options, only guarantee level or set premiums for the first 20 years. Policyholders also have guaranteed insurability until age 95, allowing them to renew coverage terms up to age 95, although premiums may increase with age. Primerica’s term life insurance offerings include TermNow and Custom Advantage.
TermNow is a no-medical-exam life insurance product that offers coverage from $15,000 to $300,000 for individuals under 45. This policy has select, nicotine, and non-nicotine plans and uses a rapid data check for background checks, allowing for coverage in as little as a few minutes. Custom Advantage, on the other hand, requires a traditional underwriting process but offers coverage of up to $5 million or more. Minimum face value amounts vary by age, with the underwriting process taking between one and six weeks.
In terms of riders, Primerica offers add-on coverages that allow policyholders to customize their plans to meet their needs. While Primerica does not share a full list of available riders for its term life insurance, some mentioned on their website include the waiver of premium, terminal illness, child coverage, and increasing benefit riders. The waiver of premium rider allows policyholders to pause premium payments if they become totally disabled, while the terminal illness rider provides partial benefits if diagnosed with a terminal illness. Child coverage and increasing benefit riders are also available for additional coverage options.
Overall, Primerica’s term life insurance policies offer flexibility and customization options for individuals looking for coverage for a specific period. With various coverage options and riders available, policyholders can tailor their plans to meet their unique needs and circumstances. While Primerica does not offer whole life insurance, their term life policies provide valuable coverage and peace of mind for policyholders and their loved ones.