The answer to that question depends on several variables.
If your research proves that Primerica mostly has more expensive rates for the same age, face amount, length of term, health status, AND the “same features and benefits”, there are 2 points that I would like to address:
1) many traditional life insurance companies carry what I like to refer to as “salvage your client” term life insurance rates. They “need” that because they rarely sell term life insurance in comparison to the far more expensive permanent life insurance for the sole reason of a higher commission for the selling agents and higher profits for the company. However, if the traditional company is faced with the situation where a permanent life insurance policy is going to be replaced with a competitor’s term life insurance policy, the traditional company can have a very cheap term rate as a back pocket offer to salvage their client. Furthermore, they can “afford” to have very cheap term rates because of all the profit that is being generated from the far more expensive and less suitable permanent insurance that is being sold to the vast majority.
Primerica is the only company to ever sell term life insurance only when it comes to life insurance. It would be interesting to see how well our competitors could compete with rates if they did the same.
Which one is doing the greater good for the general public?
a) Selling very cheap term life insurance “some of the time”
OR
b) selling the best and cheapest “type” of life insurance “100% of the time”?
Which of the 2 is more virtuous?
2) If Primerica had the cheapest term rates or simply had rates that were extremely competitive, wouldn’t that be a good indicator of the company’s stability and capability to pay out death claims every time? Would you sleep better knowing that you’re paying the least amount possible or knowing that the likelihood of the full death claim being paid out is at its highest? For example, Primerica paid out all the death claims to the beneficiaries of 9/11 victims who owned Primerica policies. There were Primerica term life insurance owners in both towers, the Pentagon, and in all the planes.