Primerica Life Insurance Company

5 Facts About Primerica Life Insurance Company

Primerica Life Insurance Company, known as Primerica, is an interesting company because of its relatively recent founding and strong growth.  Primerica strongly markets life insurance as a peace of mind purchase, and that Primerica is very reliable.  Primerica provides some specific figures front and center, to help bolster this assertion.  They claim:

  1. Primerica has always been a company that champions the needs of Main Street North Americans. While many other companies have increasingly followed the wealthy market, Primerica continues to focus on ways to help Main Street families become financially independent….Since our founding in 1977, Primerica has shown families how to protect themselves with affordable term life insurance, instead of more expensive cash value insurance, and how to invest the savings. We call our philosophy “Buy Term and Invest the Difference,” and it has given countless Main Street families the ability to build toward, and achieve, financial independence….At Primerica, we have always believed that term insurance is the best way to protect working families.” However, is this true?

Primerica is also very specific that:

2.“Primerica’s life companies Paid out $1.2 billion in death claims in 2015, has more than $693 billion of life insurance in force; Have an A+ (Superior) rating from A.M. Best. Only 15 percent of life insurance companies meet this standard.

3. Pay 92% of claims within 14 days, and ‘We Do What’s Right’ At Primerica, our mission is to “Help families become properly protected, debt free and financially independent.” We always strive to hold our company to the highest ethics and “do what’s right” by our clients.”

Primerica also says:

4. “it originated the ‘Buy Term and Invest the Difference’ philosophy which encourages families to purchase affordable term life insurance so they can get the protection they need at a price they can afford and have more money to invest in their family’s future.. . In 2010, Primerica became a newly independent company and is traded on the New York Stock Exchange under PRI. As the largest independent financial services marketing organization in North America, our goal is to dominate the changing financial services landscape for Main Street North America.”

However, are these “facts” true?

All it takes is a simple Google search to uncover a myriad of cases naming Primerica as defendant, for numerous causes of action.

5. Here’s a case  (ARELLANO v. PRIMERICA LIFE INSURANCE COMPANY CO), where ruling was found against Primerica and its agents for breach of contract, consumer fraud, bad faith as well as insurance producer malpractice, negligence and punitive damages.

Here’s an interesting snippet from the ruling:

“Mrs. Arellano’s handwriting expert testified that Application # 2 contained forgeries. Moreover, he testified that it was obvious some effort was made to mimic Mrs. Arellano’s signature. The expert also noted that the forger misspelled Arellano, and most people do not have a problem spelling their own name. “

Have you suffered the unexpected loss of a loved one, only to have a claim for life insurance benefits delayed, or denied? 

Do you get the feeling that the life insurance company is doing everything it can to avoid paying the claim?  Has the life insurance company sent you a letter stating that they are rescinding the policy, making a rescission, or just sending back the premiums paid? Especially if your loved one had the policy for less than two years before passing away, the life insurance company can become very aggressive at seeking to avoid the policy payment.  Rescission is a favored strategy of the life insurance company, if the policy was issued less than two years before the death.

We can help.  Call at (888) 997-4070, or (818) 937-0937, or send an email to us in the form on the side of the screen.  We are highly experienced lawyers, not paralegals, and we know this area.  We get right to it with you and the insurance company, and get many claims paid right away.  If court is necessary, we are regular Federal litigators and will push the life insurance company hard for the well being of you and your family.  We respect you, deal directly with you, and understand not only the law and facts, but what you are going through.  We are here to help.  Contact us as soon as possible, to get your claim paid faster.