Primerica Life Insurance Question

graytscott

New Member
2
Hello all. I was hounded by a Primerica agent for months, and looking back, I must've been too kind or just not stern enough. Regardless, I got a small policy to get him off my back, and I was having a child, so I thought it couldn't hurt to insure my unborn child with 5k or so, and me with 50k. The policy goes up every year, a buck or so, and I get an additional 5k added the coverage. No medical checks needed, not ever. My payment is about $31 a month for now 65k total. Is this a rip off, and should I cancel? What's done is done, I just want to be smart and move forward. I'm sort of sick of paying the premium here. I'm 39 years old, in good health. Both my wife and I have term policies for 300k each, (I think) and we pay like $60 a month total.
Any advice would be appreciated! I'm about to close a checking account, so now would be the time to make the call, I can just have the auto deposit expire and be done with it.
 
$31/mo for 65k in coverage? Odds are, you are massively overpaying. You should get with a licensed agent in California and see what your options are.

Coverage on your child is not a bad idea. Some will say to get a term rider added to yours, others will tell you to get a permanent policy on the child (myself included). It all just depends on your situation, keep your mind open and you might be pleased with what you learn.
 
The fact that you're already paying ~$30/month each for $300k of term tells me that price is awfully high, and will only get higher. You should be able to get $100-250k of 30-year term for the same price. You may want to consider re-writing all of the coverage. Both policies will have a policy fee regardless of the coverage amount - if you consolidate and buy one new policy (assuming you're still healthy), you'd only pay one policy fee and get more coverage for the same price.
 
Thanks for the advice everyone. I'll let this expire. The selling point from this guy was the, "it goes up every year, (coverage) and you never need to be checked out again, not ever." Truth is, I never felt good about Primerica's selling tactics, (after being recruited to work for them as well, LOL) and they were relentless. On principle alone I'm gonna let it expire, I really don't want that guy making another penny off me.
 
Thanks for the advice everyone. I'll let this expire. The selling point from this guy was the, "it goes up every year, (coverage) and you never need to be checked out again, not ever." Truth is, I never felt good about Primerica's selling tactics, (after being recruited to work for them as well, LOL) and they were relentless. On principle alone I'm gonna let it expire, I really don't want that guy making another penny off me.

I wouldn't do that until you get it replaced. Yes, Primerica term is pretty crappy, but crappy beats none. I know you think you are healthy, but get a replacement offer in hand and bound before you drop any policy.
 
Smart move..but would not drop until you have a new plan in place..there is a big difference in life insurance planning as opposed to buying life insurance.....


Thanks for the advice everyone. I'll let this expire. The selling point from this guy was the, "it goes up every year, (coverage) and you never need to be checked out again, not ever." Truth is, I never felt good about Primerica's selling tactics, (after being recruited to work for them as well, LOL) and they were relentless. On principle alone I'm gonna let it expire, I really don't want that guy making another penny off me.
 
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I would run 30 year term rates here...yearly renewable plans suck and for the most part are not sold any more....

Term4Sale.com - Term life insurance comparisons (over 100 companies)

Great advice. FYI, They do not sell a YRT. It is a level term policy with a built in increase. It is just a rider that increases the face and cost. The sad part is that we can usually write what the rider will eventually be in year one for the first year cost - level. Also if it is a 30 year term, it is only guaranteed 20 years. The Primerica "agent" probably does not know that. At least here in California. I have to think it is the same nation wide.


Edit: I second the other guys. Get issued somewhere else first. Also you may have some conversion options in your old policy that you should review.
 
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I have over $1M of term at less than $60/month with a company that is not known for cheap term. You can do much better given your health isn't awful.
 
I live here in Georgia where there is a Primerica agent on every street corner and I replace their term policies on a weekly basis. They are very crappy.
 

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