Primerica Life insurance do I really have money in there that I will get back?

Question

I was told I was buying life insurance and saving for my retirement at the same time and would be investing in my future. Will I really see this money or have I been taken for a ride I'd like to know if I should just be getting out as soon as possible or if I should continue. Please help!!!

Answer 1

Base on what you wrote, I'm speculating that the agent set you up with life insurance and a retirement plan. So your life insurance and savings are kept separate.

All Primerica life insurance policies are term insurance. Term insurance does not build cash value. If you cancel it, you will not get any refund of all the premiums you paid in the past. Its similar to auto insurance. There's no such thing as getting money back.

As for your savings plan, you can access your account at anytime by going to www.primerica.com. If your investments are inside a retirement plan such as a Individual Retirement Account (IRA), you should pay special attention to the rules of withdrawing money from it. Generally, you can't take money out when you under the age of 59 1/2 unless it is for a special need.

Answer 2

Primerica DOES NOT offer ANY whole life, universal life or VUL products. Primerica policies are ONLY level term insurance. So, no you will not get any money from our policy unless you asked for return of premium rider to be attached. Then you would receive what you put in as premiums if you didn't continue the policy at the end of the first term. Your agent will have or should have set you up with a mutual fund because, over the long term, you will make more money investing your money on your own than you EVER will in a cash value policy.

Was any of this explained to you by the agent? If not, I would like to apologize to you on behalf of the rest of us who try our best to do what is right for our clients.

Any other questions, please feel free to email me.

Answer 3

Primerica's philosophy is to buy term and invest the difference.  If you only bought life insurance, it is most likely term.  If you also bought Mutual Funds or some other investment vehicle, that is where your savings portion is held. You need to talk to the person who sold you, not the people here.  Only they can tell you what you actually have.

Answer 4

As long as your agent setup both the life insurance and the savings plan, yes you will see your money.  If they did not setup the savings plan, ask them to.

The life insurance by it self does NOT have any savings attached to it.

In reference to the above, Primerica does not offer a Return of Premium rider.

Answer 5

If you bought a "whole life" product from another company (primerica is against these) then there is almost certainly a cash value associated with the policy which you can access in several different ways.

If you bought term insurance from primerica then you almost certainly own some mutual funds that they sold you as well.

Either way there's money there.  But you need to keep track of these monies yourself on at least an annual basis.