How To Cancel Primerica Life Insurance And Switch To A Better Option

Are you unhappy with your Primerica life insurance policy? Do you want to switch to a different provider or cancel your policy altogether? If so, you might be wondering how to cancel Primerica life insurance without any hassle or penalty.

Primerica is a multi-level marketing company that sells term life insurance and other financial products to middle-class families in North America.

While some people are satisfied with their services, others have complaints about their sales tactics, transparency, and coverage.

In this blog post, we will explain the reasons why you might want to cancel Primerica life insurance, the steps to do it online or by phone, and the alternatives to consider before making your final decision.

We will also share some tips on how to find the best life insurance policy for your needs and budget.

An image of Primerica Life Insurance
Primerica is a multi-level marketing company that sells term life insurance and other financial products to middle-class families in North America.

Primerica Life Insurance Cancellation Letter

A Primerica life insurance cancellation letter is a document that you can write to request the termination of your life insurance policy with Primerica.

You may want to cancel your policy for various reasons, such as finding a better deal elsewhere, changing your financial situation, or being dissatisfied with Primerica’s service.

To write a Primerica life insurance cancellation letter, you should include the following information:

  • Your full name, address, and phone number
  • Your policy number and effective date
  • A clear and concise statement that you want to cancel your policy
  • A brief explanation of why you want to cancel your policy (optional)
  • A request for confirmation of cancellation and any refund due to you
  • Your signature and date

You should also attach a copy of your policy document and any other relevant documents to your letter.

Primerica Life Insurance Cancellation Fee

Canceling your Primerica term life insurance policy is usually free of cancellation fees.

However, it’s important to note that surrender charges may apply to permanent life insurance policies like whole life or universal life.

These charges aim to recover the expenses incurred by the insurance company, including death benefits and other costs.

The actual surrender charge varies based on your policy type, duration, and cash value.

When considering canceling your Primerica life insurance policy, keep the following points in mind:

  1. Cancellation Process:
    • To cancel, submit a written request either through the Primerica website form or by reaching out to your agent.
  2. Free Look Period:
    • Take advantage of the free look period, typically 10-30 days from policy purchase, to receive a full premium refund if you decide to cancel.
  3. Post Free Look Period:
    • Cancelling after the free look period might result in incomplete premium refunds and could subject you to surrender charges.
  4. Outstanding Loans:
    • If there are any outstanding loans on your policy, they must be repaid before canceling the policy.

Primerica Life Insurance Reviews

Primerica specializes in term life insurance, exclusively offering options like TermNow with a swift approval process, although rates are higher with lower coverage compared to the Custom Advantage policy requiring a medical exam.

The company’s policies feature flexible terms, spanning 10 to 35 years, but post-level term periods, rates increase substantially, renewing annually until age 95.

Sold through a network of representatives using a commission-based structure resembling multilevel marketing (MLM), Primerica boasts a robust A+ financial strength rating from A.M.

Best, indicating superior claims payout capabilities.

However, potential customers may face challenges in obtaining online quotes or comprehensive information from Primerica’s website, hindering easy comparisons with other insurers.

While Primerica might appeal to those seeking straightforward and budget-friendly term life insurance through representatives, others desiring more options, transparency, and convenience may find better alternatives.

It’s prudent to explore multiple quotes from various life insurance companies before making a decision.

Primerica Life Insurance Complaints

Primerica life insurance experiences vary, with feedback stemming from different sources and the nature of the feedback. Here’s a breakdown of common concerns and positive aspects:

Customer Concerns:

  1. Sales Tactics: Some customers report feeling pressured by Primerica representatives, experiencing misleading or aggressive sales approaches that push them to purchase policies or join as agents.
  2. Cancellation Challenges: Difficulty canceling policies or obtaining refunds, particularly regarding the Initial Business Application (IBA) fee required for becoming a Primerica agent, has been a source of frustration.
  3. Customer Service Issues: Complaints about poor customer service include extended wait times, unresponsive agents, and a lack of online accessibility.
  4. Coverage and Rates: Unsatisfactory coverage or rates, such as high premiums, limited policy options, and low death benefits, are among the reported issues.

Positive Feedback:

  1. Financial Strength: Many customers appreciate Primerica’s financial stability, supported by a superior rating from A.M. Best and a low complaint ratio.
  2. No-Exam Option: Some customers find value in Primerica’s no-exam option, enabling quick coverage without a medical exam, albeit at a higher cost and lower limit.
  3. Flexible Term Lengths: The flexibility of term lengths, customizable to individual needs, is a positive aspect. However, it’s noted that rates may increase significantly after the level term period ends.

Primerica Life Insurance Refund Policy

If you decide to cancel your policy within the initial 10 days of purchase, you’re eligible for a complete refund of your premiums12.

Should you choose to cancel after this period, your refund will be prorated based on the remaining term of your policy12.

In cases where your policy includes a cash value component, your refund will encompass the cash value minus any applicable fees or charges13.

However, if you opt to cancel your policy after the conclusion of the level term period, there may be no refund of premiums, as they are determined by your current age and health status12.

To initiate the cancellation process, reach out to Primerica and submit a written request, which may necessitate providing proof of identity and other documentation12.

For precise details regarding your refund policy, it’s advisable to review your policy contract or directly contact Primerica for clarification on the terms and conditions.

Primerica Life Insurance Alternatives

  1. Coverage and Term Length: Tailor your choice to align with your specific needs and budget.
  2. Premium Rates: Understand how premium rates are structured and how they may evolve.
  3. Financial Strength and Reputation: Assess the company’s financial stability and reputation within the industry.
  4. Customer Service and Online Accessibility: Evaluate the level of customer service and the convenience of online access.
  5. Policy Features and Benefits: Examine policy features, including riders, conversion options, or cash value components.

Some noteworthy companies offering term life insurance and other options are:

Haven Life:

  • Offers term life insurance policies issued by MassMutual.
  • Policies are affordable, straightforward, and quickly applicable.
  • Instant decisions are possible without a medical exam for qualifying applicants.
  • Access online tools and resources for financial planning.


  • Online insurance marketplace facilitating comparison and purchase from multiple insurers.
  • Provides term life, whole life, universal life, and no-exam life insurance options.
  • Assists in finding the best coverage and price, offering expert advice and customer support throughout the process.


  • Offers term life insurance policies issued by Fidelity Security Life Insurance Company and Allianz Life Insurance Company of New York.
  • Policies are flexible, affordable, and easy to apply for.
  • Adjust coverage amounts easily without fees, and skip the medical exam if you qualify.
  • Quick online quotes and application process.

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