Farmers Life Insurance Company provides life insurance solutions tailored to every person’s individual needs, taking factors such as age, health and occupation into consideration in calculating premiums.
Farmers offers several forms of permanent life insurance policies. Their graded benefit whole life policy does not require medical exams and covers final expenses like funeral costs or outstanding debts.
Term Life Insurance
Farmers offers term life insurance that guarantees a guaranteed death benefit over an agreed-upon time period, provided premiums are paid on time to guarantee the beneficiary receives their share if death occurs during that period. When coverage ends at its end date, premiums typically remain fixed but can be altered according to changing needs or lifestyle changes.
Farmers offers whole and universal life policies without medical exams that offer lower maximum death benefits compared to policies with an exam requirement. Unfortunately, Farmers does not permit customers to apply online like other insurers do for life insurance policies.
Farmers Life insurance policies may be enhanced with accelerated death benefits riders that allow the insured to access part of their death benefit while still alive if diagnosed with terminal illness or an injury likely to lead to death within two years. Furthermore, some whole and universal life policies offer chronic illness riders at no additional cost.
Farmers Life takes into account each insured’s health and lifestyle when setting rates, with smokers typically paying higher premiums and those in dangerous occupations being ineligible for coverage altogether. A.M. Best has given Farmers an A+ rating which indicates their financial strength to continue paying claims into the future.
Universal Life Insurance
Life insurance’s primary purpose is to provide financial benefits to your loved ones upon your death, pay off debts or establish a charitable legacy. Farmers offers various types of life policies to meet your specific needs.
Auto and home insurer Allstate may be best known for offering car and homeowner policies, but its life insurance options also boast an impressive presence. Their website features plenty of information on policies available and provides tools that help determine which policy best meets your needs; plus it makes managing policies effortless!
Farmers offers whole life policies with guaranteed fixed premiums and death benefits that provide peace of mind, including graded benefit policies that cap out death benefits paid out during the first two years of coverage and don’t require medical exams, and simple whole life policies which only require three health questions before disbursing all death benefits upon death.
Financial strength should always be considered when selecting a life insurer. That is why it is vitally important to review their complaint ratio and A.M. Best rating before making your final choice. Thankfully, Farmers has earned an A rating from A.M. Best which indicates they are financially sound enough to continue paying claims into the future.
Burial & Final Expense Insurance
Burial or final expense insurance provides coverage for funeral costs and final expenses, both individually or as a rider to an existing life policy. Burial/final expense policies tend to be less expensive than whole life or universal life policies and generally do not require medical exams.
Farmers also offers whole (sometimes known as permanent) life policies with guaranteed death benefits and cash value growth; these premiums tend to be much higher than for term life policies, however.
As you shop for life insurance policies, be sure to consider your occupation and lifestyle factors when making your choice. Dangerous occupations such as airline piloting may result in higher premiums. Furthermore, chronic illnesses like cancer or heart disease could significantly boost your premiums.
Farmers ranks well overall in customer service and offers an effective selection of online tools that can help you select a plan tailored to your individual needs. But, to get the best rates and coverage possible, always compare quotes from multiple insurers – Farmers offers multi-policy discounts when purchased with other forms of coverage such as home or auto policies.
Index Universal Life
Farmers offers whole life insurance policies that offer both a guaranteed death benefit and cash value build-up, making them generally more costly than term policies, but sometimes with added financial services. Farmers also takes risk into consideration when calculating premiums using an easy tool on their website to quiz people on everything from their home to job to make an accurate determination. In some instances, such as airline piloting or construction jobs, individuals may not qualify or may pay higher rates than others insurers.
The company also offers several riders that can increase the benefits of your policy, such as accidental death riders that provide additional payments in the event of accidental deaths and accelerated death benefit riders that allow access to some of your death benefit while you’re alive, but only under certain conditions.
Farmers provides an intuitive website with clear descriptions of each type of life insurance, along with helpful resources for shoppers such as advice for choosing which policy best fits them and tips on finding affordable rates. Independent rating agencies like AM Best evaluate insurers on financial strength; Farmers has earned high marks here as part of Zurich Insurance Group.