Primerica Life Insurance Company

If you are in the market for a reputable life insurance company that has a solid reputation and a product that is affordable, Primerica Life Insurance Company is one you should consider. They sell one type of life insurance and one type only. Unlike other large companies, you will not be misled with underhanded techniques to try to get you to upgrade to a cash value life insurance policy, because Primerica doesn’t carry them. The only type of insurance policy you will get at Primerica is a level term life policy with level premiums.

Understanding Why Term Life is Preferable
One of the main concerns expressed by consumers’ advocate groups is that large insurance companies sell whole life or universal life insurance policies to unsuspecting consumers under the premise that they will be putting money away for financial security in the future. The policy does pay the face value should the policy holder die while the policy is in effect, but so does term life at a lot less the cost. What is the advantage of a cash value policy then? According to the insurance company, the advantage is that money will accrue over time so that when the policy matures it will have a cash value that can be redeemed. At some point that money can even be ‘borrowed against.’

Unfortunately, cash value policies cost a whole lot more money. You might have comparable death benefits to a term life policy, but at three or four times the cost. In the end, if you had bought a low cost term life policy and invested the money you paid on higher premiums, you would realize a significantly higher return for your investment. Even playing it safe with government bonds you would make a greater profit. What is the benefit then? You kept your insurance agent’s pockets lined with a nice fat residual commission check and made a bunch of money for that insurance company who invested your money to their benefit – not yours! Primerica Life Insurance Company does not do business this way because they do not offer misleading cash value policies.

Term Life Insurance Underwritten by Primerica

Understanding how cash value life insurance differs from term life insurance underwritten by Primerica is the most important thing you can learn about life insurance. The object of buying a life insurance policy is to provide for your loved ones upon your death. What happens in the meantime is also important to Primerica so they will only sell you a term life insurance policy that has a term of 10 to 35 years. For the term of the policy your premiums are level (they will not increase) and most often you will not need a physical to renew your policy when it expires. They do advise you that the premiums will most likely increase based on your age, but that is understandable and the work around is to take your policy out for a longer term!

Because your financial stability is important to Primerica, most of their agents are also licensed to provide a free financial needs analysis to help you determine how to better manage your money and get out of debt. Rather than promising you riches down the road with a cash value insurance policy, they can help you learn to pay off your mortgage quicker, save for your retirement and invest money wisely as many of their agents are also licensed to sell mutual funds. In fact, they can even help you start a College Savings fund, a Roth IRA or a self employed retirement fund. By providing you with low cost term life insurance, Primerica can help you do more with the money you have now.

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