primerica business plan

Primerica featured on FOX Business - Talk Business 360

Business Opportunities

If you've ever dreamed of having a business, being your own boss, setting your own schedule, and earning income that's based on your own efforts not what an employer says you're worth, then the Primerica Business Opportunity was built for you.

Our business opportunity puts YOU in the driver's seat of your own financial future. You'll have the freedom to create a life − and a business − on your own terms. You'll be making a difference in the lives of the people you care about the most, helping families just like yours become educated about their finances and then providing the solutions they need to achieve their goals.

The more good you do in your community, the more your family can benefit.

• Pay down or reduce debts
• Save for the future
• Give your kids a better life
• Maximize your efforts and entrepreneurial spirit to make a full−time career change!
• Become educated about your own personal finances.

*In Canada, the part-time opportunity may be subject to certain restrictions, depending on your occupation.

The more good you do in your community, the more your own family can benefit.

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What is Primerica? The Company, Business Model, Financial Product

Primerica is a company that offers financial products such as mutual funds, annuities, and insurance policies . It also provides banking services and retirement planning advice.

• They present themselves as ‘A financial services company for families’.

Primerica is also one of the most important MLM companies in the world .

Here is an in-depth analysis of the company, its business model, and its financial products.

• Primerica is a financial services company that offers mutual funds, annuities, insurance policies, banking services, and retirement planning advice.
• Primerica offers term life insurance, annuities, mutual fund investments, and retirement planning services.
• On average, Primerica representatives earn less than $5,000 per year.

Section 1 – The Company

The first section focuses on Primerica as a company. We analyze the history, numbers, market, and relevant data.

What is Primerica Corporation?

Founded in 1977, Primerica Life Insurance Company is a Duluth, Georgia-based company.

Primerica Life Insurance Co. provides life insurance coverage through its subsidiaries, including Primerica Financial Services Inc., which administers individual retirement accounts, annuities, and mutual funds.

Primerica provides various products, including term life insurance, annuities, mutual funds, retirement plans, mortgages, and student loans.

They offer an online FNA tool to help customers figure out what they need to save for retirement or college tuition.

Their FNA tool helps them determine if they should buy term life insurance or invest elsewhere.

The key points that characterize Primerica’s corporate vision are:

• They recognize that many Americans don’t know how money works.
• They want to teach others about money through free resources like videos, articles, and quizzes.

Data / Statistics

Their ratings include AAA/Aaa/AA/A+ from Moody’s Investors Service and AA+ from Standard & Poor’s.

Among the relevant data to consider this company as big enough to matter are:

• They are profitable and growing steadily.
• Their financial statements are available online.
• Their financial strength rating is A+, which is better than most other companies.
• In 2020, Primerica ranked as the leading distributor of financial products to middle-income households in North America.

Section 2 – Business Model

The second section delves into Primerica’s business model, and we analyze the company’s sales system and the proposed opportunity for independent sales representatives.

What type of business is Primerica?

Primerica is structured through the MLMs business model and offers financial services through the MLM business structure.

Is working for Primerica worth it? (Video)

From the data collected, Primerica pays out over 1 billion dollars annually, but their representatives make less than 5k $ per year on average.

In short: working for this company is worth it overall?

• According to the company, 91% of claims are paid within 14 days.
• You get the lesser of $400,000 or 70% of the face value of the terminal illness benefit with the waiver of premium rider.
• According to its brochure, Primerica employs over 100,000 salespeople who go out and market financial products such as term life insurance, mutual funds, life insurance, and annuities.
• According to Primerica, these 100,000 representatives earn an average of $5,156 yearly.
• Primerica’s term life insurance is around 11% to 29% more expensive than comparable plans from a group of 50 large competitive businesses.

Section 3 – Products

Section 3 analyzes the types of products brought to market by Primerica, their characteristics, costs, and consumer reviews.

What does Primerica sell?

Primerica offers a variety of products, including term life insurance, annuities, mutual fund investments, and retirement planning services.

Primerica’s life insurance

Term Life Insurance is the most common type of life insurance, and several different kinds of life insurance policies are available.

In general, life-term life insurance differs from life insurance on these points:

• Term life insurance provides temporary protection against death.
• Term life insurance covers a fixed amount of time, usually 5 to 30 years.
• Term life insurance is less expensive than whole life insurance.
• Term life insurance is the cheapest form of life insurance.

How much does it cost?

Many factors determine how much life insurance costs.

Primerica offers a variety of plans ranging from $1,000 to over $100,000

Premium increases are based on age, and the guaranteed insurability option allows you to renew your policy without a medical exam or application.

Primerica’s financial services

In addition to term life insurance policies and term life insurance products, which are the company’s core product, Primerica provides other financial services. The main ones are:

• auto and home insurance;
• investment funds;
• debit management plans;
• mutual funds;
• credit monitoring.

Customer’s reviews

The most critical points of the online reviews (*) on Primerica left by customers are:

• A common complaint about Primerica is that the company uses aggressive sales techniques.
• Agents who don’t like Primerica often leave negative comments online.
• Consumers complain that Primerica doesn’t provide enough information on how much coverage costs or what benefits come with different plans.

Section 4 – FAQs About Primerica

In section 4 of this report, we fix the last essential concepts about Primerica through a question-and-answer format.

Is Primerica a trustworthy company?

Yes, Primerica is a reliable firm. The company has been operating for almost 40 years and pays out over a billion dollars in life insurance payouts to clients’ families annually.

Has Primerica considered a Pyramid scheme?

Primerica is not a pyramid scheme. The company is a renowned financial services company with over 40 years of experience, is publicly listed on the New York Stock Exchange under the symbol “PRI,” and is rated A+ by the Better Business Bureau.

What is Primerica, and how does it work?

Primerica provides low-cost term life insurance to help you safeguard your family during the years when they need it the most. What exactly is term life insurance? Primerica invented the “Buy Term and Invest the Difference” plan, which combines Term Life Insurance with a smart investing strategy.

What does the company Primerica do?

Primerica has a multi-level marketing system, with eleven layers of agents and recruiters offering financial goods and services for commission. The corporation primarily provides term life insurance, but it also offers car and house insurance, mutual funds, and credit monitoring.

What are the cons of Primerica?

Primerica’s cons that result from its customers’ major online reviews are: there are no internet quotations, and overall customer satisfaction is low due to a lack of transparency.

Does Dave Ramsey recommend Primerica?

According to his Twitter account, Dave Ramsey does not support Primerica and claims that their insurance cost is ‘high’.

How do I quit Primerica?

1- Dial 888-737-2255 for customer assistance. 2- Request to talk with an agent. 3- Give them your policy number and customer information. 4- Request that your coverage and periodic payments be canceled. 5- Request a confirmation email.

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• What We Do & Why
• HOW MONEY WORKS™

Primerica is perfectly positioned to serve the wide open Main Street market − just as we've done for more than 40 years. While the financial services industry is shrinking, Primerica is thriving! Families need the solutions we offer − and that need only grows stronger every day.

The potential for future growth is unlimited and we are committed to helping even more families and changing even more lives. Yet, we need more people like you − people who are as passionate about making a difference as we are, and who want to have their own business − in order to do the most good.

• What We Do & Why
• Our Opportunity
• Part-Time Opportunity
• Freedom for Families
• Partnership
• Media Center
• Investments
• Auto & Home
• Legal Protection
• Identity Theft
• Home Office
• Strategic Partners
• Marketing & Support
• Recognition & Events
• Become a Fan
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We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

Primerica Life Insurance Review 2024

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on Nerdwallet

Financial strength rating These ratings indicate an insurer’s ability to pay future claims.

Online purchase This indicates whether the company offers a way to apply for and purchase policies entirely online.

NAIC complaints Ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.

Policies offered Term policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.

• Low volume of complaints compared to companies of a similar size.
• Only sells term life insurance.
• Minimal policy information on website.

In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories:

Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.

Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.

No-exam life insurance issues coverage without the need for a medical exam.

Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:

Exceptional: A+, A++.

Strong: A-, A.

Moderate: B, B+.

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

Dive deeper: Ratings methodology for life insurance

Primerica recruits people to sell its policies, encouraging these new insurance agents to start by selling to family members, friends and co-workers and encouraging them to join the business. Primerica agents also make money based on sales by agents they recruit, which is known as multilevel marketing, or MLM.

» MORE: Compare life insurance quotes

Primerica life insurance

Primerica earned 3.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

» MORE: Best life insurance companies

Primerica life insurance policies

Term life insurance. Primerica sells term life insurance nationwide, though you’ll need to contact a representative to apply for or buy a policy. In most states, you can choose a policy lasting 10, 15, 20, 25, 30 or 35 years. Primerica issues policies worth as little as $15,000, with an unlimited maximum coverage amount for qualifying applicants.

The insurer offers a range of add-ons, like a waiver of premium rider that pauses your premiums if you become disabled and cannot work. An accelerated death benefit rider allows you to access up to 40% or $250,000 of the death benefit (whichever is lower) if you’re diagnosed with a terminal illness.

Primerica customer complaints and satisfaction

Over three years, Primerica has drawn fewer than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

Primerica ranked No. 14 out of 22 companies for customer satisfaction in J.D. Power's 2023 U.S. Individual Life Insurance Study [0] J.D. Power . 2023 U.S. Individual Life Insurance Study . Accessed Apr 29, 2024. View all sources .

Where Primerica stands out

Primerica is one of the biggest sellers of term life insurance in the U.S. It also offers a complimentary “financial needs analysis” to help its customers figure out how much life insurance to buy.

» MORE: Largest life insurance companies

Where Primerica falls short

Be aware that Primerica uses a multilevel marketing structure for sales. Its agents are not employees, but rather independent contractors. For context, most other companies sell their products through full-time agents who make a career in life insurance sales.

Because of Primerica’s sales strategy, you may find friends or family members pitching the products. Your personal connection with these salespeople could create extra pressure to buy from Primerica, and perhaps pressure later to become a part-time Primerica agent. But it’s always a good idea to compare options and prices from several companies before committing to a personal finance product.

More about Primerica

Primerica offers additional financial products and services through its partners, such as auto insurance and homeowners insurance.

The company also offers investment accounts like annuities and education savings plans, as well as prepaid legal and identity theft services provided by third parties.

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders , if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide .

Life insurance ratings methodology

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines .

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

On a similar note...

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Welcome to Shareholder Account Manager (SAM)

Welcome to the Primerica Shareholder Services Shareholder Account Manager (SAM) website. Here, you can access your account, obtain tax forms, view prospectuses and perform other account management activities. PFS Investments Inc. (PFSI) clients with American Century, Amundi US, Invesco, Franklin Templeton, Fidelity and Nuveen funds may check their portfolio here.

Information regarding portfolios at other fund companies may be found on those companies' websites.

Latest News:

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We are migrating to an upgraded version of our Shareholder Account Manager website (SAM 2.0) with additional features to better serve you and your investments, and benefit your relationship with your PFSI Representative. We are confident you'll see the value of the new site once you familiarize yourself with it.

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Press Releases

Primerica Senior Field Leaders Meet to Plan for Growth in 2024 and Beyond

Addressing record need for financial solutions expected to drive momentum into the new year

DULUTH, Ga.--(BUSINESS WIRE)-- Primerica, Inc. (NYSE: PRI), a leading provider of financial products and services in the United States and Canada, will kick off the new year with over 800 of its top field leaders meeting in Dallas, Texas on January 4-5, 2024. Along with discussing company-wide initiatives for 2024, the annual leadership meeting will celebrate 2023 milestones and discuss opportunities ahead for the year.

“During 2023, Primerica grew nearly 5% to 141,572 1 life-licensed representatives. We issued just over $119 billion of term life insurance raising our term life insurance coverage in force to nearly $945 billion. Most importantly, we paid approximately $1.8 billion in death claims, bringing cumulative death claims to nearly $32 billion, to help relieve financial stress for families when they needed it most,” said Glenn J. Williams, CEO of Primerica. “In addition, we helped clients invest over $9.2 billion toward their future goals, bringing our client asset values to approximately $96 billion.”

The 2023 growth of Primerica’s distribution capabilities was driven by nearly 361K recruits. The company also ended the year with over 49K newly life-licensed representatives and over 2.4K newly securities-licensed representatives, bringing the company’s total number of licensed securities representatives to over 25K.

1 All production results contained herein are preliminary.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial products and services to middle-income households in North America. Independent licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of third parties. We insured over 5.8 million lives and had over 2.9 million client investment accounts on December 31, 2023. Primerica, through its insurance company subsidiaries, was the #3 issuer of Term Life insurance coverage in the United States and Canada in 2022. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240104068029/en/

Public Relations Gana Ahn 678-431-9266 [email protected] Investor Relations Nicole Russell, 470-564-6663 [email protected]

Source: Primerica, Inc.

Released January 4, 2024

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Primerica Corporate Careers

Why consider a corporate career with Primerica?

At Primerica, we strive to create a workplace that offers our employees a wide range of opportunities to learn, grow and thrive in their careers while also fostering an engaging environment fueled by collaboration and inclusion. We are proud to be recognized as an employer of choice for our culture and positive work environment.

Diversity, Equality, Inclusion & Belonging (DEIB)

Fostering diversity, equality, inclusion and belonging are very important to Primerica. We work to build an inclusive workplace where our employees feel accepted, where their ideas are welcomed, and they can work in a collaborative environment. We take pride in our diverse workforce who come from all walks of life, reflecting the communities in which they live and serve. Find out more here .

Awards & Recognition

Primerica's commitment to excellence is evident through various awards and recognition we've received for our service and our dedication to creating an open and inclusive organization. To learn more, click here .

Employee Benefits

We are committed to the well-being of our employees and offer flexible and affordable benefit options, some of which may include:

• Health, dental and vision insurance
• Retirement plans with competitive employer match
• Vacation, sick, holiday and volunteer time off
• Life and disability insurance
• Competitive salaries
• Flexible work schedules
• Insurance designations and certificates
• Professional learning & development
• Tuition reimbursement
• Company-sponsored social and philanthropy events
• Flexible Spending Account or Health Savings Account (U.S. only) and Health Spending Account (Canada only)

Community Involvement & Employee Volunteerism

Giving back is part of our DNA, and our culture of caring is reflected in the active employee participation of our Employee Volunteer Program. We support our employees' dedication to volunteerism by giving them an extra paid day off each calendar year to volunteer at a non-profit of their choice. For more information, click here .

Philanthropy

Primerica is deeply committed to making a difference in the communities we live and work. Our commitment to serve extends to every area of our business – from the financial education we provide to supporting local non-profits that help underserved people achieve self-sufficiency. For more information, click here .

A Message from our Leadership Team

Lisa Brown Executive Vice President and Chief Administrative Officer

Glenn Williams Chief Executive Officer

"At Primerica, we are committed to fostering a workplace that offers our employees a wide range of opportunities to learn, grow and thrive in their careers while creating an engaging culture fueled by collaboration and inclusion, reflected in our employee tenure and retention rates. We also strive to be an attractive employer of choice with a competitive employee value proposition for new teammates."

Disclosures:

Forbes 2022 – The Best Employers for Diversity: Forbes.com, "Forbes 2022 The Best Employers for Diversity," April 13, 2022.

Forbes 2023 – The Best Employers for Women: Forbes.com, "Forbes 2023 The Best Employers for Women," July 25, 2023.

Bloomberg Gender-Equality Index 2023: From Bloomberg Finance L.P, "2023 Bloomberg Gender–Equality Index," January 31, 2023. The 2023 Bloomberg Gender-Equality Index logo mark is associated with the Bloomberg Gender Equality data for the 2021 fiscal year.

Forbes 2024 – America's Best Midsize Employers: Forbes.com, "Forbes 2024 America's Best Midsize Employers," February 13, 2024.

Analysts Set Primerica, Inc. (NYSE:PRI) PT at $245.50

Primerica, Inc. ( NYSE:PRI - Get Free Report ) has earned a consensus recommendation of "Hold" from the five analysts that are currently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $245.50.

Several research firms have issued reports on PRI. Truist Financial increased their price objective on Primerica from $260.00 to $275.00 and gave the stock a "buy" rating in a research report on Thursday, February 15th. StockNews.com cut Primerica from a "buy" rating to a "hold" rating in a research report on Tuesday, May 7th. Raymond James cut Primerica from a "strong-buy" rating to a "market perform" rating in a research report on Monday, February 12th. Keefe, Bruyette & Woods increased their price objective on Primerica from $255.00 to $260.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 10th. Finally, Morgan Stanley raised their price target on Primerica from $245.00 to $250.00 and gave the company an "equal weight" rating in a research report on Monday, April 15th.

Get Our Latest Stock Analysis on PRI

Insider Activity at Primerica

In other Primerica news, President Peter W. Schneider sold 1,500 shares of the firm's stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $243.41, for a total value of $365,115.00. Following the sale, the president now directly owns 13,259 shares of the company's stock, valued at approximately $3,227,373.19. The sale was disclosed in a filing with the SEC, which can be accessed through this link . In other news, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $243.41, for a total value of $365,115.00. Following the transaction, the president now directly owns 13,259 shares of the company's stock, valued at approximately $3,227,373.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website . Also, insider Nicholas Adam Jendusa sold 234 shares of Primerica stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $249.81, for a total value of $58,455.54. Following the completion of the transaction, the insider now directly owns 100 shares in the company, valued at $24,981. The disclosure for this sale can be found here . Insiders have sold a total of 3,234 shares of company stock valued at $764,731 over the last quarter. Insiders own 0.61% of the company's stock.

Institutional Investors Weigh In On Primerica

Several hedge funds and other institutional investors have recently bought and sold shares of the business. ORG Partners LLC acquired a new position in Primerica during the 4th quarter valued at approximately $26,000. Benjamin F. Edwards & Company Inc. boosted its position in Primerica by 493.3% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 178 shares of the financial services provider's stock worth $45,000 after acquiring an additional 148 shares during the period. Sound Income Strategies LLC boosted its position in Primerica by 121.9% during the 4th quarter. Sound Income Strategies LLC now owns 233 shares of the financial services provider's stock worth $48,000 after acquiring an additional 128 shares during the period. GAMMA Investing LLC acquired a new position in Primerica during the 4th quarter worth $133,000. Finally, Fidelis Capital Partners LLC acquired a new position in Primerica during the 1st quarter worth $163,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Primerica Price Performance

Shares of PRI stock traded down $0.99 during trading hours on Monday, hitting $225.40. The stock had a trading volume of 162,089 shares, compared to its average volume of 162,995. Primerica has a twelve month low of $184.76 and a twelve month high of $256.56. The stock's 50 day moving average is $225.08 and its 200 day moving average is $227.40. The firm has a market capitalization of $7.76 billion, a PE ratio of 13.72 and a beta of 1.08.

Primerica ( NYSE:PRI - Get Free Report ) last released its quarterly earnings results on Monday, May 6th. The financial services provider reported $3.91 EPS for the quarter, missing the consensus estimate of $4.12 by ($0.21). Primerica had a return on equity of 27.35% and a net margin of 20.44%. The company had revenue of $742.83 million for the quarter, compared to analysts' expectations of $740.57 million. During the same quarter last year, the company earned $3.49 EPS. Primerica's revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, equities analysts predict that Primerica will post 17.66 earnings per share for the current year.

Primerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Investors of record on Tuesday, May 21st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Monday, May 20th. Primerica's payout ratio is currently 18.26%.

About Primerica

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Should you invest $1,000 in Primerica right now?

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While Primerica currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

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Best Life Insurance of June 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate insurance products to write unbiased product reviews.

Life insurance is as complicated as the policyholders and beneficiaries who use it. That means there's no single "best" life insurance company. Instead, you can find the best option based on what you want or what you prioritize.

Summary of the Best Life Insurance Companies

• Best for customer satisfaction:   State Farm Life Insurance
• Best for older adults:   Prudential Life Insurance
• Best for agent support:   New York Life Insurance
• Best for long-term care:   Columbus Life
• Best for high returns:   Allianz Life
• Best for term life:   North American Company

Best Life Insurance Companies of 2024

While there is no such thing as the objective best life insurance policy, you will be able to find the best insurance policy for your specific needs. Here are our picks for the best life insurance companies, whether you want to use your life insurance policy to build wealth through cash value or you're just looking for a term life insurance policy .

Best Life Insurance for Customer Satisfaction: State Farm Life Insurance

Bundling is standard, and agents often quote with multiple discounts.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Best in JD Power customer service ratings
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Company offers a range of different insurance products to meet buyer needs
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Agents are knowledgeable about its products
• con icon Two crossed lines that form an 'X'. Life insurance products are conservative and limited
• con icon Two crossed lines that form an 'X'. Buyers may be subject to multi-year waiting periods before they qualify for full payouts on life insurance policies
• con icon Two crossed lines that form an 'X'. State Farm agents cannot offer alternative options if State Farm is unable to bind a life insurance policy

State Farm is one of the insurance industry's most prominent insurers offering auto, home, and other insurance. Bundling is standard, and agents often quote with multiple discounts. Its term, universal, and whole life insurance products are no exception.

• Life insurance products include term and permanent life
• Ranks highly for customer satisfaction

State Farm Life Insurance gets the best life insurance ranking in J.D Power's Individual Life Insurance Study, with a score of 843/1,000. The company is also ranked A++ with AM Best for its financial stability with term, universal, and whole life insurance options. 

All State Farm policies have to be purchased through a State Farm agent. Your agent can help you bundle and save or buy one policy. State Farm is also among the companies offering "survivorship universal life insurance ," which means the policy covers two people, and it kicks in after the second person dies. Couples looking to maximize their death benefit for beneficiaries with one premium payment each month may enjoy lower overall costs.

State Farm agents can run quotes and compare options to find the right plans for each applicant. The range of options, discounts, and familiar name all contribute to the popularity of State Farm's life insurance.

Read our State Farm Life Insurance review here.

Best Life Insurance for Older Adults: Prudential VUL Protector Life Insurance

Offers aggressive financial plans.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Available in all 50 states (New York residents may have different plans)
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Buyers can withdraw money to pay for nursing home bills due to severe illness or disability
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Knowledgeable agents who can walk you through your options
• con icon Two crossed lines that form an 'X'. Financial returns are limited
• con icon Two crossed lines that form an 'X'. Limited policy options for seniors and other groups who might struggle to find life insurance

The aggressive financial plans offered by Prudential may appeal to many younger buyers and those with a stable income. However, those with lower income or buyers who aren't sure about the financial system may be more hesitant to engage with Prudential. Like many other industry giants, Prudential is working to change this perception.

Prudential Life Insurance is available in all states except New York. New York residents can buy the Pruco Life of New Jersey VUL Protector plan. This plan allows buyers to pull money out of their plan to pay for nursing home expenses. Cash value policy premiums are fixed, so you won't have to worry about extra costs later on. Internal costs are low, which minimizes risk. Due to age, many older adults want a safe investment option for their money. Prudential VUL Protector invests to avoid loss. That also means you're not as likely to see big increases in your available funds outside of what you deposit.

Read our Prudential Life Insurance review here.

Best Life Insurance for Long-Term Care: Columbus Life Insurance

Offers lien method to makes it easier to calculate the financial impact of pulling money out early.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Buyers can pull money out for medical and other bills in the event of disease or disability
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Columbus uses lien method to simplify accelerated death payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Company offers a wide range of riders to customize policies
• con icon Two crossed lines that form an 'X'. Premiums may be higher than competitors
• con icon Two crossed lines that form an 'X'. Term policies are not guaranteed to be converted to whole

Best for long-term care and accelerated death benefits.

Columbus Life offers a wide range of riders to customize your policy with affordable premiums. The company also allows you to convert term policies to whole life insurance policies until the end of your term (generally around age 70). For this and many other reasons, customer satisfaction is high.

When using living health benefits (otherwise known as accelerated death benefits), buyers are allowed to pull money from policies early to pay for medical bills, living costs, etc. under certain circumstances. Most companies use a discounted death benefit, which reduces your final payout using two models. Columbus uses the lien method, which makes it easier to calculate the financial impact of pulling money out early.

Best Life Insurance for High Returns on Income: Allianz Life Insurance

Offers life insurance policies for foreign nationals with H-1B visas.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Plans offer high returns on investment
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Great for investment and long-term retirement planning
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. May increase your income by as much as 20%
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Allianz offers plans for foreign nationals including H-1B visas
• con icon Two crossed lines that form an 'X'. Plans are meant specifically for high-income adults, alternatives may not be offered

Best for investing and high returns on income.

Allianz Life plans are geared towards high-income adults looking for more tax-free income. Allianz offers a 40% multiplier bonus with a 1% annual assets charge. In short, the professionals managing your investments take 10%. Overall, your investments would pull in an extra 14%-1% asset charge. This means you end up with 3% more than what you deposit every year your life policy is active. This plan offers strong returns when using a life policy to supplement your retirement savings. Allianz also offers specialized plans to grow your income by as much as 20% according to some estimates.

Of note: Allianz also offers plans for foreign nationals, including those with H-1B visas.

Best Life Insurance for Agent Support: New York Life Insurance

Offers aggressive financial products and extensively trained agents.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Strong life insurance options for financial planning and wealth building
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Policies available nationwide
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Knowledgeable life insurance agents
• con icon Two crossed lines that form an 'X'. May require a medical exam
• con icon Two crossed lines that form an 'X'. Buyers looking for more modest policies may not find the most competitive pricing

If you're preparing for a comfortable retirement or looking to build generational wealth, New York Life is one of the strongest options. If you have questions or genuinely want to understand your life insurance options, New York Life agents are among the most qualified professionals in the business.

• Life insurance provider with policies available across the US

New York Life Insurance agents go through extensive training before they ever hit the sales floor. What does this get you? Policies vary widely, and New York Life offers both large and small payouts. Some policies have significant penalties for early withdrawal, but taking a loan offers more options. Whatever your questions, New York Life agents are trained to offer comprehensive support giving you accurate information about its policies every time. The company comes in at position eight in J.D. Power's latest life insurance customer satisfaction study.

Read our New York Life Insurance review here.

Best Life Insurance for Term Life: North American Life Insurance

Offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers accelerated death benefits for critical, chronic, and terminal illnesses
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Offers conversion for life policies up to 70 years old
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Term policies can be renewed up to age 95 for qualifying applicants
• con icon Two crossed lines that form an 'X'. Not all term policies qualify for renewal or conversion

Best Term Policy.

North American Company offers term policies alongside accelerated death benefits for critical, chronic, and terminal illnesses and more. The company allows one conversion on a 20-year policy at 15 years or 70 years old (whichever is earlier). The conversion cannot happen later than the five-year marker regardless of which policy you choose or the length. North American Company also offers a term policy with a lower premium renewable up to the age of 95 for qualifying insureds.

Types of Life Insurance

While there's many different types of life insurance policies , broadly speaking, there are two types of life insurance: temporary and permanent. Let's go over each in detail.

Temporary life insurance

Temporary life insurance is often called term life insurance. This type of policy covers you for a set amount of time before expiring, usually between 10-30 years. If you pass away after your policy expires, your family won't receive any benefits. Additionally, your policy won't accrue cash value like a permanent policy. That said, some term life insurance policies offer a conversion from term to whole life insurance, so you can extend your coverage. 

Because its benefits aren't guaranteed, term life policies are generally cheaper than permanent life insurance. That said, the vast majority of term life insurance policies never pay out. on

Permanent life insurance

Permanent life insurance is an umbrella term for a variety of life insurance policies that will insure you indefinitely and guarantee a payout as long as you maintain your policy. Policy types that fall under permanent life insurance includes:

• Whole life insurance
• Universal life insurance
• Variable life insurance
• Variable universal life insurance
• Simplified life insurance
• Guaranteed issue life insurance

These policies vary widely in purpose and intended buyers, but all guarantee death benefits to your loved ones. Some permanent life insurance policies, like whole, universal, and variable have a cash value component , which you can use as a savings tool or to leave your heirs a larger death benefit.

How to Pick the Best Life Insurance Policy for You

Finding the right fit in life insurance starts with finding a trusted insurance agent. Because there are so many state regulations, shopping for homeowners or auto insurance can be easily done online. Life insurance is not required. So it's a voluntary purchase. Many buyers don't know what they need or when they need it. Before making your selection, consider a few things:

Some companies will sell you a policy for your child as soon as they're born. While this may seem morbid, early sign-up means lower rates for a policy your child could enjoy in the future. Regardless, early sign-up equates to more policy for lower premiums and a higher likelihood of acceptance. At 20, you may be healthier and be able to pay into the policy for a longer period compared to when you're 50 with more age-related conditions.

As a general rule, never agree to more than you can afford. For the average life insurance agent, their job is to sell you a large policy with a large commission. Consider not only how much you make now, but how likely your current income is to continue. If you work on a project basis and your project is scheduled to end in 12 months, you may want to reconsider a policy premium outside your monthly savings.

How much are you prepared to buy? Some people only want a small policy to cover funerals and other end-of-life expenses. Others build a life policy into their retirement plan. Whatever direction you're going, involving a financial planner could help you make the right decisions. Depending on the carrier, customers can also compare set limits with index universal life policies, which set no limit. These policies never expire, and the value builds over the entirety of your life.

Living Benefits

Life happens unexpectedly. You could be healthy one day and in the hospital the next. Many life policies offer living benefits. These allow you to draw a limited amount out of your policy to cover medical and other bills you cannot pay while sick.

Much like a 401(k), many life insurance policies have penalties for early withdrawal. No matter what policy you want, this question is critical to an informed decision. It's a question of how early you can withdraw and how much you'll lose from the total to have the money in 10 years instead of 30 or after death.

Some policies require insured parties to pay premiums for at least one year before any significant payout would be available. Suicide exclusions are common. Even with no medical exam policies, the company may still do a check for known conditions. An insurance company has to mitigate its risk.

Flexibility

Once you've been denied a life insurance policy, a mark goes on your record. No matter the reasons, other insurance companies may deny you coverage based on the first denial. So consider your whole situation and choose your policy carefully before you submit any applications. Some policies have greater flexibility if you lose your job or otherwise can't make payments. Others will lapse if you miss even one payment.

Payment Type

Even within whole life or term life insurance policies, customers have the option to choose guaranteed fixed or variable rates. Some have guaranteed payouts, but you'll need to ask your agent for details.

What is your intended use? Why are you shopping for a life insurance policy in the first place, and what are your goals? Many successful financial planners also have a background in life insurance. So while they may not be able to find you a specific life insurance policy, financial planners can help you set out a blueprint for your purchase.

Why You Should Trust Us: How We Reviewed the Best Life Insurance Companies

In life insurance, it's easy to get "sold a bill of goods." Many life insurance agents pass a state test to be thrown into the deep end. Agents sell the company product, but not all know the products. In this vein, we look at the products each company offers. We also look at agent training.

A good life insurance agent may not volunteer all facts upfront. But a company's agents should answer questions about its products accurately and in a way the average consumer can digest. Agents should be able to inform you about the long-term benefits and limitations. This will help customers find the right policy for their long-term plan.

We consider affordability, policy sizes available, and performance for a comprehensive assessment in our insurance rating methodology . If you can, we recommend also working with a financial advisor to make a plan for your future with life insurance.

Our Expert Panel for The Best Life Insurance Companies

To inform our choices for the best life insurance companies, we spoke with the following experts:

• Paul LaPiana , head of product at MassMutual
• Barbara Pietrangelo , CFP, CLU, and chair of the nonprofit Life Happens
• Wykeeta Peel , Corporate Vice President and Market Manager, African American Market Unit at New York Life

The Experts' Advice on Choosing The Best Life Insurance for You

How much life insurance coverage do you believe the average buyer should have.

Paul LaPiana, Head of Product at MassMutual

"There are different approaches to determining how much life insurance you need. One is the 'human life' approach, which estimates the current value of your future earning potential. Another is securing specific coverage to pay off debts such as a mortgage or provide for the education of children. A comprehensive protection plan should provide the right amount of coverage over the course of your working life and into retirement."

Barbara A. Pietrangelo, Chair of Life Happens

"There is no one-size-fits-all life insurance policy because everyone is different. One way to get a rough estimate is to multiply your income by 10 to 15; another is adding $100,00 to that amount, should you have a child and anticipate college education expenses.

Your best bet is to talk to a financial professional or use the Life Insurance Needs Calculator on LifeHappens.org to analyze what's right for you."

Wykeeta Peel, Corporate Vice President & Market Manager African American Market Unit at New York Life

"As you consider what policy best meets your needs, it can help to answer four key questions: First, how much death benefit do you need? Second, how long will you need that coverage? Third, what is your budget (or how much monthly premium can you afford to pay?), and finally, what is your investment risk tolerance?

To determine how much death benefit makes sense, it's helpful to think beyond using life insurance to cover funeral expenses and consider whether anyone is relying on the policy owner's income to maintain a lifestyle, pay rent or a mortgage, or fund a child's education and for how long.

There are various rules of thumb regarding the right amount of Life insurance coverage. Some tips can be found online, but they only provide an estimate and don't necessarily factor in an individual's specific needs. In my opinion, human guidance, powered by technology, is required. Basically, it comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture and that is different for everyone."

What is the biggest opportunity you see for improvement in the life insurance industry?

"Increased accessibility through digital and other channels as well as through underwriting enhancements. Increased tailoring of products and features. And an increased emphasis on health and wellness programs."

"Having enough qualified insurance professionals to walk potential buyers through the multiple benefits of life insurance will be pivotal to the growth of the industry. Education is a key factor here, as professional agents also need to be able to explain life insurance and its benefits in an easy, digestible way, especially when there are so many misconceptions about life insurance."

"The need for life insurance is greater than ever. In fact, a recent New York Life Wealth Watch survey found that 37% of adults have been thinking about life insurance more often these days – and half of adults report that financial products that provide protection (50%) and reliability (50%) are more important now compared to last year. This may be especially true for middle-market and Cultural Market families.

Our organizational structure of having Cultural Market agents embedded in the communities where we live and work allows us to understand the needs of diverse communities and develop solutions that resonate with them."

What advice would you give to buyers who are debating whether or not to buy life insurance?

"It is difficult to say with any certainty how healthy you will be years from now. That's why securing life insurance, and insuring your insurability, today, when you are the youngest you'll ever be again, and perhaps your healthiest is a wise decision."

"Do you love someone? If the answer is yes, then life insurance is certainly something you should consider. Many buy gifts and experiences to express their love, but haven't considered that life insurance is just another way to say I love you. Nothing says support like ensuring your family's financial security and peace of mind."

"If you have someone depending on your income, you should consider purchasing life insurance. A death benefit from a life insurance policy can replace income from the loss of a breadwinner, ensure a family can stay in their home, fund educational or retirement expenses, address debt and so much more.

A life insurance policy can also help you grow your family's wealth over time. Once the risk of an unexpected loss has been managed, you can begin to think more broadly about your family's financial future. Life insurance can enable your mindset to shift from death to growth."

What's the most important thing buyers should look for when choosing a life insurance agent/company to buy from?

"With life insurance, you are securing a future commitment that may be decades away. Research the company behind the policy to ensure it has high financial strength ratings, longevity, and an excellent track record of paying claims."

"When looking for an insurance agent or company, be sure to do your research. When comparing companies, be sure to remember that the policy features that fit you and your loved ones best is the most important factor. Don't automatically assume you should buy from the higher-rated company.

If the policy from the other company has more of what you're looking for, it might be the better choice. If you're unsure where to start, try the Life Happens Agent Locator to find an insurance professional in your area."

• "The insurers' track record: At its core, life insurance is protection - a hedge against the unexpected - and you are paying premiums in exchange for the promise that the insurer will be there when you need them, so the financial strength and track record of the company backing your policy is critical.
• Customer service: Are service professionals available by phone and digital channels? Is there is an online dashboard where you can manage your policy? Beyond ensuring assistance is available after you purchase a policy, it's also critical to ensure you have access to trusted advice and guidance before you buy.
• Flexibility in conversion: How easy is it to change? Life can be unpredictable and while term insurance can cover your loved ones through a critical period of time, you may decide that access to cash value is an important piece of your strategy.
• Accelerated online applications : Online applications are convenient but don't replace human guidance. Keep in mind that accelerated online applications may have a maximum coverage amount, meaning that you may not be able to get all the coverage you may need exclusively through an online process.
• A range of payment options: It's important to understand how often you're required to make premium payments and whether and how often you can change the frequency of payments."

Best Life Insurance FAQs

According to JD Power's 2023 life insurance study, State Farm is the highest-rated life insurance company when it comes to overall customer satisfaction. However, you still may want to shop around for quotes from various insurers if you're looking to purchase a new policy.

There isn't one best life insurance company, because the best option for you will depend on the type of policy you're looking for. It's best to work with a qualified insurance agent to help you find the best coverage. If you're deciding between multiple similar options, it's also worth consulting J.D. Power's life insurance customer satisfaction study . The latest study ranks State Farm as the top pick for individual life insurance, outpacing Nationwide by three points.

The best type of life insurance policy for you will differ from someone else's, as your policy should be tailored to your needs. The best policy for you will be affordable and will offer the benefits best suited to your situation. For example, some policies are only meant to cover end-of-life expenses such as burial and funeral arrangements, whereas others include living benefits like a cash value insurance plan , which you can borrow against during your lifetime.

Some life insurance policies are advertised as "no medical exam." This doesn't mean the insurer won't ask you about known conditions or look at medical records. Policies with no medical exam also tend to offer lower benefits with higher premiums. Most companies have a network of medical examiners, some of whom can come to your home. You can find our guide on the best no exam life insurance here.

Each situation is different and requires a knowledgeable life insurance agent to assess your best options. Bring all your questions and the coverage you're looking for to an insurance agent near you to explore your options.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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