Farmers Life Insurance Review

Determining which life insurance company to obtain coverage from can be frustrating when they all seem so similar. Reading some reviews on different life insurance companies can be beneficial since they give you a good insider look at the company. If you are looking for some information about Farmers Life Insurance Company then you have come to the right place. Here at InsureChance, we write the most unbiased and informative reviews to help our clients come up with their own conclusions without having opinions shoved down your throat. In this Farmers Life Insurance review, we will be talking about their history, community involvement, their products and most importantly, our review of the company with their rating.

Farmers Review and Rating 2017

For almost 100 years, Farmers Insurance has issued more than 10 million households with over 20 million insurance policies across all 50 states with over 48,000 exclusive and independent agents and nearly 21,000 employees. The company sells car insurance, renters insurance, business insurance and even life insurance products. The life insurance products are sold under the name Farmers New World Life Insurance Company. According to A.M Best, Farmers Insurance Company is rated “A” which also means excellent and is the 3rd best of the 16 possible ratings. Farmers is very well known thanks to their popular television commercials and a top 5 auto and home insurer in America. Since they provide life insurance (issued by New World Life Insurance Company) their rates may be higher than their competitors’ rates. Farmers Life may be among the top insurance companies with their high ratings and has a large selection of products from home, business, auto, and life, but they are just one of many high rated companies. Keep in mind that we always recommend to shop around before making your final decision on one insurance company.

Farmers Insurance Products

Farmers Insurance Company is known for their jingle “We are farmers, bum ba-dam-bu-bum-bum-bum-bum-bum” and their auto and home insurance, but they also provide life insurance like we mentioned before, through the New World Life Insurance Company. They offer Term, Universal, Whole, and even accidental death insurance. Before we go into the products and their highlights, we would like to explain what these terms mean. Term life is a type of insurance that you can obtain only for a specified, short period of time, it offers death benefits but no cash value opportunity. Universal life is a type of insurance that allows for flexibility and is a type of permanent life insurance. Whole life insurance accumulates cash value and pays death benefits, it also provides coverage for your entire lifetime. Accident insurance only helps you pay for your medical bills and out of pocket costs that may incur after an accidental death.

Farmers Simple Term Life

With this policy, the terms available are 10, 20, or 30-years.
This product has an application process that is simple and fast.
Simple Term pays out a claim to your loved ones in a lump sum payment.
You can convert at any time into a permanent life insurance policy regardless of your health.
Simplified issue plan wihout any medical exams.
This product has an accelerated underwriting process to help their clients get covered faster with no hassles.

Farmers Value Term Life

This policy is available for terms of 10, 20, or 30-years.
This product allows for your premiums to be fixed, meaning it will not increase nor decrease throughout your entire term.
Your death benefits are also guaranteed and fixed, meaning it will not decrease or increase.
You can convert this policy at any time to a permanent life insurance policy regardless of your health.
This policy offers coverage starting at $150,000.

Farmers Decreasing Term

This policy is decreasing term coverage which allows your death benefit to decrease monthly, rather than annually.
The death benefit decreased to 20% of the original face value over the entire term.
This policy is available in terms of 15, 20, 25, or 30-years.
Premiums with this product are fixed, meaning they will not increase or decrease throughout your entire term.
Coverage with this policy starts at $25,000.
You can convert into a permanent policy regardless of health.

EssentialLife Universal Life

This product gives you coverage for your entire lifetime.
This product also allows you to build and accumulate cash value.
Your death benefit with this policy is tax-deferred.
Your cash accumulation is also tax-deferred, meaning no taxes on what you build and earn.
With your cash value growing you can use it for emergencies or supplement your income.
The policy allows you to make adjustments to your death benefit.
You also have flexibility when it comes to your premiums. You can choose and adjust when and how often you want to pay your premiums.
Your cash value is accessible almost any time.
This policy can lapse if you underpay the monthly premium.

Farmers Index Universal Life

This policy offers coverage for your entire life.
This policy also allows you to build and accumulate cash value for your future needs.
Your cash value is accessible to help with expenses.
Your premiums are flexible with this policy.

Farmers EssentialLife Simple Whole Life

This policy is permanent life insurance that provides coverage for your entire lifetime.
This product allows you to build and accumulate cash value.
You can access your cash value at any time.
Your cash value is also income tax-free.
Simple Whole Life is payable to age 100.
This product has an easy application process without lengthy forms to fill out.
Premiums are fixed and never increases or decreases.
Your death benefits are also guaranteed as long as your premiums are paid.

Farmers Premier Whole Life

This policy offers coverage for your entire lifetime.
This product offers the highest face amount than other whole life products for most financial needs.
Your premiums are leveled and will never increase nor decrease at any time.
You can build cash value that is guaranteed.
You can also access the cash value generally income tax-free.
This policy can help protect your small business from the loss of the owner or key employee.

Farmers Graded Death Benefit Whole Life

This policy is for those who no longer qualify for life insurance and aren’t in perfect health.
This policy is permanent life insurance that provides coverage for your entire lifetime.
This product allows for you to build and accumulate cash value.
Your premiums will be guaranteed to be leveled and not increase nor decrease.
If you pass within the first two years the policy is issued, a limited death benefit may be subject to the terms of the policy.
This policy is for ages 45-80.
You can qualify for $20,000 of permanent whole life insurance.
There is a simple application and a simplified underwriting process.
With this process, there is no need for a medical exam, but there may be three health questions to determine eligibility.
You may be able to borrow from your policy’s cash value to cover unexpected expenses.

Farmers Accidental Death Insurance

This policy can provide an affordable way to provide financial support should the unexpected occur.
You can select from $50,000 to $200,000 in accidental death insurance protection.
This benefit can be used to help medical costs or other expenses.
Premiums with this product can be as low as $8 per month for $100,000 of coverage.
If you are between 18-59 years old, you are pre-approved with no physical exam.
You are also eligible regardless of your occupation.

Final Thoughts

In conclusion, Farmers Insurance offers a wide range of products from home, car, life and even for business. They are known for their jingle that is in fact stuck in my head from typing it earlier but don’t let their jingle and good rating be the only reason you buy life insurance from them. It is crucial to shop around and read reviews, just like you would shop around and read up on some cars before your buy the car.

Shopping around for life insurance can be time-consuming, and contracting an independent life insurance brokerage who works with many life insurance companies can cut your time completely. InsureChance is an independent life insurance brokerage and we work with over 60 top “A” rated companies who offer all sorts of products. This gives us more options to choose the right one for you. Other independent life insurance agencies have ties with some insurance companies, but we don’t, our loyalty is to our clients. Give us a call, we are a free service or click here to compare quotes!