Primerica Living Benefits Review
Primerica is one of the most recognized names in the term life insurance market, known for its agent-driven business model and focus on middle-income families. One of its key selling points is the inclusion of living benefits in its term life insurance products. These benefits allow policyholders to access a portion of the death benefit while still alive if they experience a qualifying health event.
If you're considering a term life policy from Primerica, understanding how its living benefits work—and how they compare to other insurers—can help you decide if it's the right fit for your financial protection needs.
What Are Living Benefits?
Living benefits, often referred to as accelerated benefit riders, let you tap into your life insurance policy while you're still alive. Primerica’s version covers three major types of conditions:
- Terminal Illness – A diagnosis with a life expectancy of 24 months or less
- Chronic Illness – Inability to perform two or more activities of daily living (ADLs)
- Critical Illness – Events such as cancer, heart attack, stroke, kidney failure, or major organ transplant
These benefits are built into Primerica’s Custom Advantage and TermNow policies and do not require an extra premium.
How Primerica’s Living Benefits Work
When a qualifying diagnosis is made, you can apply to receive a portion of your death benefit early. The amount available depends on several factors, including:
- Your age and health at the time of claim
- The severity of the condition
- The remaining term of the policy
- The face value of your policy
Payouts typically range from 25% to 95% of the death benefit, depending on the illness and the terms of the claim.
Pros of Primerica Living Benefits
1. No Extra Cost
Primerica includes living benefits in its term policies without increasing your premium.
2. Broad Coverage
Covering terminal, chronic, and critical illnesses gives policyholders flexibility and access to funds in a variety of serious health situations.
3. Simplified Claims Process
Primerica agents often help clients through the claims process, providing a more guided experience.
4. Reputable Brand
With millions of policies issued, Primerica has a long-standing reputation and an established network of agents.
Cons of Primerica Living Benefits
1. Term-Only Coverage
Primerica does not offer whole or permanent life insurance. If you outlive your term, your policy—and living benefits—expire unless renewed or converted.
2. Higher Premiums Compared to Online-Only Insurers
Because Primerica uses a large agent network, premiums may be higher than comparable policies from online-focused carriers.
3. Limited Online Application Tools
Primerica’s model is built around face-to-face or phone sales, which may not suit those who prefer fully digital policy management.
4. Medical Underwriting Required
While the coverage is comprehensive, approval typically involves a medical exam, which may delay the process.
How It Compares to Other Insurers
Many top life insurance providers—such as Transamerica, Ameritas, and Mutual of Omaha—also offer living benefits. However, not all include them automatically. Primerica stands out by bundling these benefits into the base policy without requiring extra rider fees.
That said, some competitors offer more flexible product types, including permanent policies and options to customize the scope or payout of living benefits.
Who Is Primerica Best For?
- Families looking for term coverage with living benefits included
- Those who prefer working with a licensed agent
- Individuals who value simple, fixed-term protection over lifetime coverage
- People concerned about serious illness during their working years
Final Thought
Primerica’s living benefits provide valuable protection beyond traditional death benefit coverage. For those seeking term life insurance that can also serve as a financial safety net during serious health events, it’s a strong contender. While it lacks the flexibility and digital tools offered by some competitors, its bundled benefits, agent support, and solid coverage make it worth considering.
If living benefits are a key factor in your life insurance decision, and you’re comfortable with a term-only policy, Primerica may be a good fit for your needs. Always compare quotes and policy features across multiple providers to ensure you're getting the best value for your goals and budget.