Primerica Life Insurance Company of Canada was founded in 1986. It is one of the newest teams to life insurance in Canada and aims to change the life insurance industry.
“Buy Term and Invest the Difference” is the company’s slogan. The saying reflects the company’s main beliefs and values, which support the option for term life insurance.
With term life, families are able to get the protection they need, at a price they’re comfortable with. People use the money saved to invest in their families’ futures.
The company became independent in 2010 and is traded on the New York Stock Exchange under PRI.
Primerica Life Insurance Review
People who are considering this company as their life insurance provider should know that the company received an A+ rating from A.M. Best. This rating looks at the financial strength of the company, as well as their operating performance and business profile.
Canadian families have invested more than $110 billion in life insurance with Primerica, and this company is the largest distribution force in the country.
Primerica received a rating of 4.1 stars out of 5, with 85% of reviewers saying they would recommend the company to a friend.
Primerica Term Life Insurance
Primerica’s goal with term life insurance is to support families and individuals with their long-term financial goals. The idea is to provide coverage, while still allowing families to pay their bills, reduce debt and maintain a strong quality of life.
Primerica is a strong advocate for this type of coverage. This is why they continue to put this product at the forefront of their services.
Benefits of Primerica Term Life:
- Affordable and straightforward coverage
- Policies that allow for features and add-ons
- Increasing Benefit Rider
- Renewal options
Tools for Life Insurance
The Primerica Life Insurance Company of Canada offers a range of tools on their website. These tools help people to navigate their life insurance process more easily.
Not only that, but many of the tools available can help people to decide what kind of life insurance is best for them.
Some of the tools include:
Financial Needs Analysis
The Financial Needs Analysis (FNA) is offered by Primerica to help families better understand their financial situation.
With a person’s financial information provided, the comprehensive report can make suggestions for personalized strategies. These suggestions take into account the family income, any debt, financial needs of the family and more.
This service is complimentary and is a great way for families and individuals to gain a better understanding of their options.
People that would benefit from this service include:
- Young families
- People with debt
- Those with future retirement plans
- Those who need financial assistance before making any decisions
People can learn more from this kind of analysis:
- Retirement Income
Offers insight into the amount of money that would be needed to retire comfortably in the future.
- Education Needs
This portion takes into account the schools that a parent is looking at for student enrollment. It will consider these costs, and make suggestions about how to save for them.
- Debt Solving
Offers policyholders suggestions about how to get rid of built-up debt, including that on credit cards and in loans. Suggestions include the most efficient solutions that do not require cash outlay.
The analysis will consider all of the information provided, and come up with straightforward solutions to being money-smart. This includes building savings accounts, prepping for large expenses and decreasing debt.
Many people do not consider buying life insurance because they cannot afford it. Another reason is that they’re trying to pay off debt.
At Primerica, debt consolidation is a huge part of helping families get back on track financially. This service helps to consolidate the amount owed so that families can begin to feel confident with their money.
Primerica avoids the “revolving debt” cycle that credit card companies use. While credit card debt may have no real end in sight, consolidating means paying a flat fee every month until the debt is relieved.
Payees will be able to see when they’re debt is done, without worrying about insanely high-interest fees. Additionally, debt can be paid off sooner, so money saved can go into other more beneficial policies like life insurance.
Primerica Life Insurance Statistics to Consider:
- $1.3 billion in death claims paid in 2016
- A+ rating from A.M. Best
- More than 90% of claims paid to beneficiaries within two weeks
- More than 5 million Canadians with a life insurance policy from Primerica
- $728 billion in active life insurance
- Had one of the best life insurance rates for a 25-year term at $68.50/month
Finding The Best Life Insurance Company in Canada
Many people seek the best life insurance company in Canada, in hopes, they’ll find the lowest rates and the best policy.
When it comes to life insurance, however, there is not one company that is better than the rest. This is because insurance is based on the insured person, not on the company itself.
When people are looking for a life insurance representative, there are a few things to think about:
- Variety of products
- Years in the field
- Customer service and reviews
- Number of clients
- Employee satisfaction
All of these things can change how well a company runs.
For those people who are thinking about Primerica Life Insurance Company of Canada, it’s helpful to note that while this company is young, it is a part of a very successful parent company.
While their life insurance products offer only term life options, those who are seeking this type of coverage may benefit from getting a quote from this company.
People looking for term life insurance can get a quote from Primerica Life Insurance Company of Canada.
This company sees the financial needs of young families, individuals, and businesses, and it may be the perfect fit for someone with a tight budget.