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Prime America Life Insurance Company

Prime America, also known as Primerica, has been a big contender in the life insurance industry for several years – primarily for those who are familiar with the phrase “buy term and invest the difference”.

The company is known for helping “Main Street” families to get the life insurance protection that they need at an affordable price, as well as for helping middle class America to get out of debt and to invest for the future.

History

The history of Prime America life insurance company goes back to 1977. At that time, the company started, with a mission of transforming the life insurance industry. While many of the other companies in the industry were focusing heavily on permanent life insurance coverage, Primerica had a different idea.primerica life insurance review logo

Rather than have their life insurance and savings components all bundled into one entity as is done with permanent policies, Primerica opted to instead focus on offering the benefits of buying less expensive term life insurance so that clients could invest the money they saved on their premiums in whatever else they chose.

Primerica’s products were sold in a unique manner, using the multi-level marketing concept where agents not only offer the company’s insurance and other offerings to clients, but also recruit other agents to also do the same.

This eventually led to a revolution of thousands of agents working with middle class Americans, assisting them with the purchase of affordable life insurance coverage and in turn, providing them the option to invest in mutual funds and other alternative options.

Another of Primerica’s popular concepts was that of “paying yourself first.” Just as clients sort out and pay their mortgage and utility bills, Primerica agents stress how it is equally important to set aside money each month for yourself and your future.

For example, a person who earns $25,000 per year for 40 years will earn a total of $1 million dollars. Someone who has earned $45,000 per year for 40 years will have earned $1.8 million dollars.

By paying yourself first, you can truly get ahead in terms of saving. By setting aside even just $100 per month, over a 40 year period of time, here is what that money can grow to:

  • At 3 percent interest, the funds would grow to approximately $93,000
  • At 5 percent interest, the funds would grow to approximately $153,240
  • At 9 percent interest, the funds would grow to approximately $472,000

By consistently keeping at their focus, Primerica grew significantly over the years both in terms of its life insurance in force, as well as in terms of its agent sales force. In 2010, Primerica began trading on the New York Stock Exchange under the symbol of PRI. Today, the company is considered to be the largest independent financial services marketing organization in North America.

Primerica has also made a big impact in the communities that it serves. Headquartered in Atlanta, Georgia, the firm has given back in a number of different ways via corporate donations, grant funding, and employee volunteerism.

Just some of the grants that Primerica awards are in the area of Arts & Culture, Health & Human Services, and Education. Many of these have helped people to become financially self-sufficient and have broken the chain of poverty for them.

For those who are interested in furthering the mission of Prime America life insurance, the company provides the opportunity for individuals to become agents, starting on a part-time basis and working on their own flexible schedules. This allows people to have freedom from a “job” and a boss, yet the ability to still earn a good income and to help others in terms of protecting assets and loved ones through the sale of life insurance, as well as to invest.

Products Offered Through Prime America

Prime America offers a wide range of both protection and investment products to the customers that it serves. These include the following:

  • Life Insurance – Prime America life insurance focuses on offering affordable term insurance coverage to middle class America. Since 1977, the company has focused on providing coverage that is affordable to individuals and families so that they are able to invest the funds that they save over a more expensive permanent policy. Primerica’s slogan, “Buy term and invest the difference” has been synonymous with the company for many years, as it strives to move more of its customers towards financial independence. The firm has over $675 billion of life insurance in force, and in just 2012 alone, it paid out approximately $1 billion in life insurance death benefit claims. Approximately 92 percent of the company’s life insurance claims are paid out within just 14 days, helping its customers to alleviate stress during an already emotional time in their lives.
  • Homeowners and Auto Insurance – Auto and homeowners insurance can help to round out any good, solid financial plan by protecting precious assets from damage, loss, theft, or vandalism.
  • Long-Term Care Insurance – Today, the cost of just one year in the semi-private room of a skilled nursing home facility can cost nearly $80,000 – and with the odds of roughly half the population needing this type of care at some point in their lives, that is a risk that should be protected by insurance. Prime America underwrites their long-term care insurance coverage by some of the most respected names in the long-term care insurance niche, including John Hancock and Genworth.
  • Legal Insurance – While many people understand the risk of a potential health or life insurance need, one risk that is oftentimes overlooked is that of a possible legal situation. Yet, should you ever need the services of a lawyer, it can be extremely costly. This is why legal insurance protection should be considered. Even potentially “small” issues such as contract questions, tax situations, and parking tickets can turn into large cases if not careful. The Primerica Legal Protection Program provides prepaid services for legal advice from real lawyers that can help clients with issues such as trial defense benefits, wills, probate, durable powers of attorney, and other legal consultation and legal assistance services – at a price that is much less than you would pay out of pocket.
  • Investments – Prime America offers a number of different types of investments. These include mutual funds, managed accounts, annuities (both fixed and variable), business retirement plans (including 401k and individual 401k plans, SIMPLE IRAs, SEP IRAs, profit sharing plans, money purchase plans, and payroll deduction plans), and retirement solutions for government and non-profit organizations.
  • Primerica DebtWatchers – Regardless of how well you save, if you are in debt, you won’t likely get ahead in the financial game. The Primerica DebtWatchers service assists customers in becoming debt free, and it helps them to work towards essentially becoming financially independent. This service works in conjunction with Equifax, and it keeps clients updated with monitoring their debt, along with creating a plan with working towards eliminating it. This service also includes protection for identity theft.

Buying a Policy

In today’s tough market and economic conditions, it is important to save and invest as much as possible. However, it is equally as important to ensure that those funds are being protected – especially in case of the unthinkable. If something were to happen tomorrow, would your family be able to get by financially? Could they still live in the same house, drive the same car, and maintain the same lifestyle? If not, then it is time to consider the purchase of life insurance.

For those who need life insurance protection, but who are also on a strict budget, term life insurance may provide the ideal answer. This type of coverage can offer you a high amount of death benefit protection, yet without the high premium cost of a comparable permanent life insurance policy. Term insurance can also provide you with the ability to invest any additional funds that you may have into the investment vehicles of your choosing.

If you’re seeking protection for those that you love, we can help. We can show you the life insurance policies and the benefits that you may qualify for, along with the premium quotes. We can get you all of the details that you need quickly and conveniently – directly from your computer – and without having to meet in person with an insurance agent. If you’re ready to begin the process, all you need to do is use the form on this page.

Should you have any additional questions about life insurance through Prime America, how much coverage you need, or how much a policy may cost, please feel free to call us directly. Our experts are here to help. You can reach us toll-free by calling 888-229-7522.

While we may not like to think about it, the unexpected can – and often does – occur. So, if and when the times comes, shouldn’t you be prepared. Don’t leave the ones you love without the financial protection that they need. Contact us today.

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