Primerica Life Insurance Companyoutrageous increase in life insurance premiums

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Twenty years ago I purchased Life Insurance with this company hoping to be able to cover my debts in the event of my death so as not to put a financial burden on my children. This is the main reason most people invest in Life Insurance, right? I knew at the time that in 20 years my premiums would increase in order to keep my same rate of coverage. Well, I've been expecting...maybe a 50% increase, which would be what I considered...a hard enough pill to swallow at best. Boy, was I wrong. I just received a notice that in less than 2 months, in order to keep the same coverage with the same policy, my rates will increase 400%. Yeah... it literately took my breath. There is no way I can afford to keep my life insurance. So here I am ...59 years old... and unable to get life insurance. After investing all that money with this company for the last 20 years they simply raise my premiums to the point where I can't afford to keep it. They DID, however, offer me a 10 year term policy at just a 300% increase in my premiums. Nice of them wasn't it?
People, DO NOT PURCHASE a life insurance policy with this company.

Responses

  • Le
    Lewis Calhoun May 03, 2010

    Twenty years ago I purchased Life Insurance with this company hoping to be able to cover my debts in the event of my death so as not to put a financial burden on my children. This is the main reason most people invest in Life Insurance, right? I knew at the time that in 20 years my premiums would increase in order to keep my same rate of coverage. Well, I've been expecting...maybe a 50% increase, which would be what I considered...a hard enough pill to swallow at best. Boy, was I wrong. I just received a notice that in less than 2 months, in order to keep the same coverage with the same policy, my rates will increase 400%. Yeah... it literately took my breath. There is no way I can afford to keep my life insurance. So here I am ...59 years old... and unable to get life insurance. After investing all that money with this company for the last 20 years they simply raise my premiums to the point where I can't afford to keep it. They DID, however, offer me a 10 year term policy at just a 300% increase in my premiums. Nice of them wasn't it?
    People, DO NOT PURCHASE a life insurance policy with this company.

    0 Votes
  • Fo
    former Termite May 07, 2010

    In most cases, they sell only TERM life insurance, dude. They were spawned off the old A.L. Williams', "buy term and invest the difference"...Check your policy schedule. You indicated they raised the price after 20 years. If your term policy was a 20 year term, then the price guarantees expired, but your coverage remained guaranteed as few other term policies even provide. Buy a new term policy from somewhere for more reasonable premiums for your current age. You must've thought that you bought whole life?

    0 Votes
  • Ch
    ChazzMannn Jul 14, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I don't think you understand even the basic concept of life insurance.

    That's not unusual, because traditional commission-paid life insurance salesmen will sell you the crappiest product they have as long as you're really confused. By 'crappiest' I mean 'highest commissions paid to the salesman because it gives the most profit to the company.' Their profit exactly matches your lost savings. Fortunately, all life insurance salesmen seem like really nice guys.

    But you don't buy life insurance to make a loved one a zillionaire when you die, which is what you're describing.

    You buy life insurance to protect your spouse and dependent children from the premature loss of your income. That's all. Same way you buy car insurance to protect you from the premature loss of your car.

    Once they become adults, your children can pay their own bills, thank you. If you're still supporting your grown children, that's beyond the scope of this discussion.

    If you died young, and you were single (or your widow had her own income or assets) with no youngsters, and no one depended on your income except you, you wouldn't need ANY life insurance. As long as you have $5, 000 in savings (or home equity, or a car, or . . . ) that would be sold to pay for a funeral, you'd be self-insured. Nobody would miss your paycheck.

    If you're 59 years old and you still have young children living at home, you're a rare bird. Paying for life insurance is the least of your problems. Loans to the kids, gifts, used cars and college come to mind . . .

    If you've been saving/investing throughout your earning years, you should have accumulated enough money to be (nearly) self-insured by now. If so, you no longer need insurance; your spouse has your assets to live on if you died.

    You were sold a 20-year policy because that should be long enough to get the kids out of the house and accumulate some decent assets for the wife. In fact, if the wife were the major breadwinner, it's HER income you'd want to protect with insurance unless you didn't need her income.

    If you've re-married and decided to have babies in your 50's, that's your choice. It's an expensive choice.

    If your assets won't keep your widow in the style to which she's become accustomed, you'd make up the difference with a small life policy and keep working until your assets grow enough to replace any need for life insurance altogether. Your ultimate goal is to have enough money so you don't need any life insurance at all. You should be there by now, or nearly so. If not, you screwed up on your IRA, 401K and home equity plans. If you have no money now, you simply lived beyond your means all those years you were supposed to be saving money, and now you're looking for a way to weasel out of paying the piper.

    Look at it this way. If you were a multi-millionaire, and your new $25, 000 car just got smashed, you wouldn't need to rely on an insurance company to buy you another new car, you could afford to just go buy another one. But if you make $50, 000 a year, you're going to need the insurance company to take care of it for you.

    0 Votes
  • Wp
    Wpayton5599 Oct 29, 2010
    This comment was posted by
    a verified customer
    Verified customer

    What you have is a guaranteed renewalable term policy. You can probably apply for a new policy and pay a much lower rate.

    Also, you may not need as much coverage now. Look around for quotes and only insure yourself with A+ rated insurers by AM Best and Weiss.

    1 Votes
  • Ge
    geeem Nov 14, 2010

    If you take a 20 year term life insurance, that is what you paid for and that's what you got. Primerica has not promised you renewal foe what ever you think is reasonable now! Check with other companies too. The premium for induvidual at Age 59 IS about 4 times that of an individual at age 39! So you are complaining about something that you miscalculated. I do not think at the age of 59, your insurance needs are the same as that of age 39. So, talk to a good insurance agent and find out the best deal you can get for your current needs rather than talking about renewing the policy with the current terms.

    gm

    0 Votes
  • Wp
    Wpayton5599 Nov 22, 2010
    This comment was posted by
    a verified customer
    Verified customer

    Sandra, you have to be careful about the rating of the company you are buying from. Does it make sense to buy a 30 year term life policy from a company that may not be functioning in 20 years? Find out if the policy you bought is from an A+ rated company. Go to ambest.com and weiss.com to check their financial security. Remember, anyone can offer a low rate, but if they don't collect enough to pay premiums, then what happens?

    0 Votes
  • Wp
    Wpayton5599 Mar 30, 2011
    This comment was posted by
    a verified customer
    Verified customer

    Hey Sandra...Ask Heath Ledger's family if there is no reason to buy life insurance through a good company. There is indeed a reason to go with a company that will pay claims as opposed to one that may try to side-step having to pay.

    0 Votes
  • Da
    Dave80 Apr 10, 2011

    I checked quotes on yourlifesolution.com. Primerica quotes didn't appear. However, Hancock, American General, Axe Equitable, Aviva, SBLIGenworth, BannerLife, Ing, and Metlife came in higher. Some are cheaper, yes. Some have A ratings some don't. My question is this, would the higher rates make the other companies bad? I would like to know the difference between bannerlife 20 yr term @$38.06 and bannerlife 20 yr term @$52.94 and Bannerlife 20 yr term @$66.94. How can these be? One company offering 3 different quotes for the same 20 yr term? Now if I am shopping I am very confused. Is the less premium less of a product? If you are going to give quotes please explain the differences between all 3, 4 or 5 price ranges for one 20 yr term from the same companyl

    0 Votes
  • Wp
    Wpayton5599 Apr 11, 2011
    This comment was posted by
    a verified customer
    Verified customer

    Dave...What they are showing you is three different quotes based on the health level you qualify for. You will have to take an exam and then you will be placed in a category based on that exam. Do not accept any rating if they do not agree to provide the exam results to you. If you are in perfect health, you will get the best rate.

    0 Votes
  • Cf
    C.Fowler Feb 29, 2012

    Same here! This company has become a major ripoff! Our rates went up to $302.00 a month from $67.00 a month for the last 25 years...PRIMERICA SUCKS! They auto withdrew this increase amount from our bank account without our approval too! All of the offices locally and in Dana Point & Yorba Linda are closed and their phones are disconnected. I smell a RAT!

    0 Votes
  • Jr
    JR Decanon Nov 08, 2013

    An RVP once said in a meeting "Mutual Funds never hurt any one, Term Life insurance never hurt anyone" I was a representative believing in their so called cause; I went out of their box to help consumers with a real financial foundation. I am not soliciting to anyone here, I do not hate Primerica, they do the selling and I do the fixing of the aftermath. JR DECANON

    2 Votes
  • Ru
    RubenDM Jan 07, 2014

    from 54 dollars to 280 for Term life. I did not give authorization for the increase, but the when ahead and charged me using my automatic payment through my bank. I paid for stop payment and had them stop accepting any more charges from these crooks. Life Insurance is a good product given today's world and it protects those you love, but Insurance crooks belong in jail and out of business. I hope the state's Insurance Commissioner do his job and stop these bad Life Insurance policies that rip us off.

    Now I have to shop for insurance knowing that my advanced age will be a factor. They know this and the figure profits over what we have already paid them. Actuary numbers(insurer) that work without consideration to the person(insured). This is also happening with people loosing their jobs when they get close to retirement. I think I will drop a note to the AARP people just to see what they have to say.

    0 Votes
  • We
    wendy osorio Feb 02, 2014

    I am not longer interested in this company so I would like to get my $99 refund back.thank you.

    1 Votes
  • Em
    EmmaLemmas Feb 12, 2014
    This comment was posted by
    a verified customer
    Verified customer

    Not only buying or do any business with that company ...be very careful with that so called agents going into your home and gaining your trust. Many are there because they are child predators wearing a mask. "Working with families" that's just bs!

    1 Votes
  • La
    Ladyrahrah Feb 24, 2014

    Life insurance is based on the status of your health and age. Everyone varies. The older you are the more you will pay which is why you should look into life insurance around the age of 30 if you are in good health and go for term life insurance through primerica which is 35 years. I would suggest looking into the financial services so that you can be covered beyond 65 yrs like 401k or other investments that Primerica offer. They even have debt solutions that get you out of debt. Primerica offer many financial advantages other than life insurance. I have life insurance through Primerica and policies are lot different than they were 20 yrs ago. That company has an A+ rating and has linked with many multi-billion companies. I'm speaking from experience because I am a policy holder through Primerica.

    0 Votes
  • Wa
    Wallstreetbroker Aug 07, 2014

    Say your 29 years old and you buy a 35 year term policy for 85$ a month... A whole life policy at the time would cost 160$ at the same time.
    Over those 35 years you have paid 35, 700 into your term policy and would have spent 67, 200 into your whole life policy if that's what you had chosen.
    Even so with your "adjusted rate" it would take up to 15-20 years of paying the higher term rate to spend as much as you would have with a Whole life policy.
    Once the 35 years is up your rates don't go up... they adjust to the inflation over those 35 years and match what a term policy would sell for during that year...

    an 84$ term policy in 1985 is really the same price as a 240$ policy in 2020 because of the average 2.1% inflation rate per year

    In the long run if you plan your money you will ultimately save money by doing a term policy because you will understand that a dollar today is not the same price as a dollar tomorrow.
    You were not smart and did not plan your money so this seems like a big surprise but its really just a contract that expired and needs to be renewed in that day and ages market.
    We all still wish gas was 99 cents a gallon but its now how the world works friends.

    0 Votes
  • Hi
    HilltopBob101 Jul 20, 2015

    I am appalled at some of you that seem to think you can just mouth off to someone that didn't know what they were getting. It happens, DUDE. I didn't either and just out like they did. Perfect health, paying $120/mo. and BAM! $500 in 6 weeks. To tell someone here that they should have invested their money better is rude beyond contempt. Some of us DID invest and lost much of it to the economic downturn and never recovered. I lost my business of 15 years. Go ahead and mouth off to me! Had my insurance agent told me that in 10 years I should expect a 400-500% increase I might have shopped around more. That apparently is HIS retirement plan. Making matters worse I call his office and he tells me that God wishes me a great day. I too am a Christian but I don't include it in life insurance transactions. Now that I recall that was his hook into me to begin with. I think you miss the point. A failure to communicate or disclose the terms is what is at issue here. A salesman counted on our ignorance. Whose to blame? Enough to go around? No. The salesman that knew in 10 years this would happen.

    3 Votes
  • An
    Antonio49 May 17, 2016

    I have looked at many types of insurance policies. Everyone I have seen has always had rate charts that express the current rate and the length of the guaranteed rate. They also express the potential increase in premium that could happen if the insurance company decides it necessary to increase the rate for everyone in your policy class (must be approved by insurance regulators). The increase in the premium after the length of your term, no matter what the time frame is, is spelled out in the policy. If anyone has a policy for [protected] years and did not look to see what they would be paying in the future is not taking care of business. It is in there, you just did not take the time to look! Term insurance is not an investment, as whole life is purported to be. Some states do not even allow whole life companies, salesmen, to use the word investment, because the state knows it is not.. Term is just insurance, just like your homeowners, auto, health, boat, etc. Most insurances like those are 1 year term. At least you can get life products that are for a long period of time. If you worked for 20-40 years and did not save any money you did not help yourself financially. Now is not the time to expect any insurance company to come to your rescue if something happens to you and your family cannot live without your income.

    0 Votes
  • Ro
    Ron Reynolds Jul 02, 2016
    This comment was posted by
    a verified customer
    Verified customer

    Paid premiums since the "80's now that I am 72 they are increasing the premium from $119 to $381.19 per month. For the same coverage!
    Hope they can enjoy their future. I can't.

    1 Votes
  • Ri
    Rita K Randall May 05, 2017

    I know we have been lied to and stolen from by Primerica Life Insurance Co here in GA. We have faithfully paid premiums for about 17 yrs are now 67 & 70 & last yr were told our 250, 000 (each) policies would go down to 240, 000 because I turned 70 & our premiums would go up about 150.00 a month (totaling 350.00 a month) but would not change for 10 yrs. the policy is supposed to be in force til we are 90 or deceased. We are raising our 8 yr old grandchild & we dearly need what we thought we had. Today, another Agent at another Co, told us our policy was not worth 240, 000 but only 190, 000 fir one and it would go down to 75, 000. In 2 yrs. we are Angry and believe we have been defrauded. We want to start a Class Action Suite & plan to prosecute the Agent personally for lying point blank when questioned by us over the years. There must be many more out there in similar situations, thinking we were taking care of our family's needs only to find we were paying for non-existent financial security. Please respond to Stephen [email protected] if you have a similar story from Primerica Life Ins. for our upcoming Class Action Suit.

    0 Votes
  • Ch
    Charles M Flores Mar 08, 2018
    This comment was posted by
    a verified customer
    Verified customer

    Reading all of these responses make me sick. I'm sorry to hear how many of you got screwed over by this company. Being in the industry, I get plenty of people who stereotype me as an insurance agent, and not THE insurance agent. I proudly work with a company who's goal is to help more families. The more families I'm able to take care of, the more I'm compensated, sure. But that is how being a professional gets paid. I'm a broker, so I can always find a policy for someone. YES, some of these get to be pricey due to age or health. Unfortunately, I'm not the one to blame for anyone waiting to get coverage. I can only work in the guidelines of the companies i represent. Young, and healthy are perfect candidates for insurance, but unlike some companies who cant help elderly or the sick, I can! I have clients who have cancer, or are in imperfect health. Anyone can say what they want, but if I can represent more families, instead of turn them away because they don't fit inside any other companies, then I'm proud to do so. If anyone here wants me to overlook a policy (free consultation) email me at [email protected] and I'd be glad to sit down with you.

    0 Votes
  • Mi
    michele5491 Jul 26, 2019
    This comment was posted by
    a verified customer
    Verified customer

    We bought our policies in 1989 at ages 35 and 34, $150, 000 and $100, 000. Have paid quarterly since then. The past few years we have been paying $241.29/quarter, but recently received notice it is changing to $1235.97/quarter! I am turning 65. Think that has anything to do with it? We bought originally from A.L. Williams, but the agents have changed over the years. Our policy covers us until the age of 100. Or, it used to. We have to drop it, at ages 65 and 64, to find something else. We are not as financially independent as we'd like. Life happens, and things don't always turn out as one hopes. Very disheartened.

    0 Votes

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