Primerica sells two time period life insurance coverage insurance policies that embody numerous protection choices and riders. The corporate doesn’t promote complete life protection.
Time period life insurance coverage is a coverage that allows you to purchase protection for a particular interval, usually between 10 to 30 years. If the insured particular person passes away through the outlined time period, the insurance coverage firm can pay a predetermined quantity to the named beneficiaries. When the time period interval ends, the coverage is not in pressure.
Primerica points term-life insurance policies in increments of 10, 15, 20, 25, 30 and 35 years, however accessible choices depend upon the applicant’s age. A few of Primerica’s longer-term insurance policies (such because the 30-year and 35-year choices) solely assure degree or set premiums for the primary 20 years.
Policyholders even have assured insurability till age 95. After you meet underwriting tips, you may renew protection phrases as much as age 95, though your new premium price will rely in your age. Your premiums will seemingly enhance upon renewal, and also you may lose protection when you can’t afford the additional value.
Primerica’s time period life insurance coverage choices embody:
- TermNow: A no-medical-exam life insurance coverage product that provides protection from $15,000 to $300,000 for folks youthful than 45. This coverage has choose, nicotine and non-nicotine plans. Primerica makes use of a speedy knowledge verify to run background checks by the Medical Data Bureau and DMV, so you might get protection in as little as a couple of minutes. Coverage premiums are usually greater due to the simplified underwriting course of.
- Customized Benefit: Candidates for this coverage should undergo a conventional underwriting course of, however can qualify for as much as $5 million or extra in protection. Minimal face worth quantities fluctuate by age, beginning at $50,000 for older candidates and $150,000 for youthful candidates. The underwriting course of can take between one and 6 weeks and features a medical examination, however you’ll pay much less for comparable protection than with TermNow insurance policies.
Primerica doesn’t provide complete life insurance coverage, a everlasting life insurance coverage coverage that gives protection to your whole life so long as premiums are stored updated. Not like time period insurance policies, complete life plans even have a money worth part you may borrow in opposition to.
Primerica Life Insurance coverage Accessible Riders
Life insurance coverage riders are add-on coverages that allow you to customise your plan to fulfill your wants. Primerica doesn’t share a full listing of riders accessible for its time period life insurance coverage. Particulars are restricted, however you might be taught extra by contacting an insurance coverage agent. Among the many riders talked about on the Primerica web site embody:
- Waiver of premium: This rider means that you can pause your premium funds when you grow to be completely disabled and unable to work.
- Terminal sickness: Often known as a dwelling advantages rider, this add-on supplies partial advantages whilst you’re nonetheless dwelling when you’re recognized with a terminal sickness. Primerica can pay 40% of your demise profit or $250,000, no matter is much less. You will get the lesser of $400,000 or 70% of your demise profit prematurely of your demise when you even have a waiver of premium rider.
- Little one protection: For a small payment, you may add time period protection for all of your youngsters as a part of your time period life coverage.
- Rising profit: This rider is obtainable to candidates underneath age 56 with non-rated protection. It means that you can enhance your coverage’s demise profit by as much as 10% per 12 months for 10 years.