I have a Primerica life ins policy that is about 25 yrs old, can it be cashed in?

Question

I bought this policy about the time my first child was born and now the premium is more than double what it was when I bought it. I have divorced and have not yet found the policy and do not have alot of details but would rather cash it in than lose all of the money I have paid in over the last 25 yrs.

Answer 1

The money you've paid in over the years is already lost, except for the cash surrender value, if any.

Find the last invoice you paid. The policy number should be there. Contact the company and ask them to provide you with the surrender value.

Then decide if that is really want you want to do.

Answer 2

Primerica's life insurance policies are always term insurance. Term insurance does not build any cash value. Therefore, you will not get any money back. Its similar to auto insurance. You pay money for it to protect yourself from financial devastation. But if you cancel it, there is no such thing as getting money back.

If you questions in regards to your life insurance, call client services (M-F 9AM to 6PM EST) at 1-800-257-4725

If you speak spanish, call 1-800-338-6866

For hearing impaired, call 1-800-824-1715

Answer 3

I would suggest getting in contact with a current Primerica agent.  They should be able to contact home office to get the information and can replace it with a cheaper current one, of if you insist on canceling it, can get you the address to send the letter to.

The policies we have now are much better than they were 25 years ago.  More client friendly.

To be honest though, the owning agent (the one currently responsible for it) should have contacted you before this happened anyway to get it replaced.

Answer 4

I doubt there is any value at all. Primerica was famous for selling "buy term and invest the rest", trading in peoples whole like policies for a term policy + investment.

Which is why your premium went up - it is most likely term and after 15 or 20 or 25 years (depends on the term length) you then renew or requalify based on your present age.