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If you are in the midst of creating your overall financial plan, then it is possible that you will need to consider the purchase of a life insurance policy. This could be the case, regardless of your current age or stage in life.
That is because the proceeds that are obtained from a good, solid life insurance policy can be used by loved ones and survivors for some items. These could include the payment of large debts (including the balance of a home loan), the continuation of ongoing living expenses, and/or the upkeep of a business until it can be sold, or a new owner/partner can be located.
In any case, before you commit to buying a life insurance policy, there are several factors that are important to keep in mind. These include ensuring that you'll have the proper type of policy and that you will have enough coverage to meet your survivors' anticipated needs.
It is also essential to make sure that the life insurance company that you're thinking about buying your policy through is strong and stable financially, and that it has a good reputation for paying out its policyholder claims. One life insurer that meets these criteria is Farmers Life Insurance Company.
Farmers Insurance has been in the business of offering insurance protection to its clients since 1929. Throughout the years, the company has stood by its commitment to provide quality insurance at a reasonable price, as well as to offer first-rate services to the customers that they serve.
Farmers is made up of the Farmers Insurance Group of Companies, which provides a firm foundation of reliable businesses and a dedication of continual improvement. Starting as a simple auto insurance company for farmers, this entity has become a multi-line, multi-company insurer, as well as a financial services group.
The Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Exchange are inter-insurance exchanges that are owned by their policyholders, and are organized under the laws of the State of California. These exchanges, either directly or via their subsidiaries, offer a myriad of insurance coverage, including:
The company also has other subsidiaries, such as:
Farmers products are offered via more than 13,000 Farmers agency owners across the United States and who receive training from the University of Farmers, an entity that offers industry-leading learning and development programs to help such agents in enhancing their skills.
As a company, Farmers also gives back to the communities in which it serves. The company sponsors community outreach programs, such as Thank America's Teachers - which has given away more than $1 million in educational grants to deserving teachers across the United States. The company also supports employee generosity to schools via its Matching Education Gifts Program.
Today, Farmers Insurance Exchange - which is the largest of the three primary insurance entities that make up the Farmers Insurance Group of Companies - ranks among the largest U.S. companies. It is also listed on the Fortune 500 list.
For the year 2016, this exchange held more than $16 billion in total assets, and it brought in an estimated $12.5 billion in revenue for the year. Combined, the three primary exchanges that makeup Farmers Group are estimated to hold a total of $20.6 billion in combined assets, and had a 2016 revenue figure of over $15.5 billion.
Farmers, which today insures more than 10 million households with more than 19 million individual policies, is headquartered in Woodland Hills, California, and the Farmers Exchanges has regional facilities that are located throughout the U.S., including major centers that are located in Austin, Grand Rapids, Kansas City, Oklahoma City, and Portland.
Due in large part to its strong financial position, Farmers New World Life Insurance Company has achieved very good ratings from the insurer rating agencies. This includes an A+ from A.M. Best Company.
In addition, Farmers Insurance Group has been an accredited company through the Better Business Bureau ever since 1951. The Better Business Bureau (BBB) has given Farmers a grade of A+ (which is on an overall grade scale of A+ through F).
Over the past three years, Farmers Insurance Group has closed out a total of 627 customer complaints, 211 of which have been closed out within the past 12 months. Of the 627 customer complaints, 298 have had to do with problems with the company's products and/or services, 216 were related to advertising and/or sales issues, 101 were related to billing and/or collection issues, 8 were related to delivery issues, and the remaining 4 complaints had to do with guarantee and/or warranty issues.
The life insurance coverage that is provided through Farmers is underwritten by Farmers New World Insurance Company. Headquartered in Mercer Island, Washington, this company has a long history that dates back to 1910. This company offers a wide range of life insurance products, both permanent and term.
Farmers offers several different options for term life insurance coverage. With a term life insurance policy, there is death benefit protection only, without any cash value or investment build up. Because of this pure death benefit protection that is offered, term life insurance is often very affordable in comparison to permanent life insurance. This is especially the case for those who may be young and in good health at the time of policy application.
With that in mind, term life insurance policies can often provide the greatest amount of death benefit protection for the lowest amount of initial premium cost. Because these policies do not often have a lot of "bells and whistles" that are attached to them, they can also be the most straightforward form of life insurance coverage.
As its name implies, term life insurance is purchased for a set period of time, or "term." Typically, terms can be as short as just one year (where the coverage is usually renewable each year after that), up to 30 or more years. In many cases, the amount of the life insurance coverage will remain level during the term of coverage, and the premium will not go up (although this is not necessarily always the case).
There are three-term life insurance policies that are offered via Farmers Life Insurance Company. These include the:
The Farmers Simple Term policy is designed with a simplified life insurance application and accelerated underwriting process. With this plan, an insured will be covered with a level amount of death benefit throughout the entire policy duration, and premiums that will also remain level. The term durations that are available with the Farmers Simple Term plan are ten years, twenty years, and thirty years.
With this plan, the amount of the death benefit protection begins at $75,000, and this policy is convertible over to a permanent life insurance policy. If that occurs, the insured will then be covered for the remainder of his or her lifetime (provided that the premium continues to be paid), and they will be able to build up cash value in a tax-deferred manner.
It is important to note that, while there is no medical exam required for approval, the issuance of a policy can still be dependent upon the answers the applicant provides to a set of health-related questions.
Farmers also offers a Farmers Value Term policy. Here, the plan offers affordable life insurance coverage with premiums that are guaranteed not to increase for ten, twenty, or thirty years, depending on which term is chosen by the policyholder.
With the Farmers Value Term plan, the amount of death benefit coverage starts at $150,000. The plan is also convertible over to a permanent life insurance plan - and there is no evidence of insurability required. This means that the insured can convert over to a permanent life insurance policy, regardless of his or her health condition. Having a permanent life insurance policy also means that the insured can begin to build up tax-deferred cash value. This cash may be either borrowed or withdrawn in the future for any reason.
With the Farmers Decreasing Term life insurance policy, coverage starts at $25,000 with durations of fifteen-twenty, twenty-five, or thirty years. This plan has a death benefit amount that decreases over time (however, the amount of the premium will remain level). This means that the decreasing term option could be a good alternative for those who are covering the remaining balance of a home mortgage or other similar needs.
Unlike many other decreasing term life insurance policies, the death benefit on the Farmers Decreasing Term plan goes down monthly as versus on an annual basis. It will continue to decrease until it reaches 20 percent of the original face value of the policy.
This policy is also convertible over to a permanent life insurance plan. This means that, as long as the premium continues to be paid, the insured could have coverage for life, and could also build up tax-deferred cash value.
For those who have shorter term coverage needs, and / or a limited amount of money to spend on life insurance premiums, a term life insurance policy could very well be the best alternative - especially one that has the option of being converted over into a permanent policy in the future, regardless of the insured's health condition.
In addition to term life insurance coverage, Farmers Insurance Company also offers a long list of other products and services. With regard to life insurance, Farmers provides several permanent coverage choices, including whole life and universal life. The company also offers an accidental death insurance plan.
Other products and services that are offered through Farmers Insurance Company include:
If you are looking for the best premium rates on term life insurance from Farmers - or from any life insurance carrier - then it is typically recommended that you work with an independent life insurance agency or broker who can show you comparisons of policies and premium prices in an unbiased manner. That way, you can pick and choose the plan that works best for you, your needs, and your budget.
When you are ready to see which type and amount of life insurance coverage that you may be eligible for, we can help. We are an independent life insurance brokerage, and we work with man of the top-rated insurers in the industry today. We can assist you with obtaining all of the key details that you will need for making a well-informed decision. We can do this for you quickly and easily - all directly from your computer. To get started, just take a moment to fill out the quote form on this page!
If you still have any additional questions or concerns, please feel free to contact us, and one of our experts can discuss any life insurance related issues with you. We can be reached by phone, toll-free, at 541-400-9040. We understand that choosing the right life insurance can seem a bit confusing. But with an ally on your side, this process can be easy. So, contact us today - we're here to help.