Term Life Insurance

Find out if term life insurance – with level premiums1 and coverage for a specific period of time – is right for you.

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Life insurance issued by Farmers New World Life Insurance Company

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What is term life insurance?

Term life insurance pays a death benefit to your beneficiaries if you die during the term of your policy. You choose a length of time during which your policy premium won’t increase — such as 10, 15, 20 or 30 years. After that level premium period, the cost of the policy increases with age until the policy expires.

In addition, Farmers offers a return of premium term product option. It is a type of policy that refunds up to 90% of the premiums paid when the insured survives the term period.2 It is life insurance coverage that features a component offering a financial return at the end of the term.  This type of policy can be appealing to those seeking both financial protection and a refund of some premiums paid if the insured survives.

Often considered the simplest type of life insurance coverage, term life can help you provide basic, more affordable financial support for your loved ones when they may need it most — such as paying off a mortgage or college tuition — if you’re not there to provide for them.

When should I consider term life insurance?

You may want to consider term life insurance whenever there’s a major or financial change on the horizon, such as:

Getting married

Buying a new home

Growing your family

Buying a car

Starting a business

Divorce

Should I choose term or permanent life insurance?

No single type of life insurance policy is the best for everyone. You can choose a term or permanent (whole or index universal) life insurance policy to address your own financial and personal situation.

Term life
insurance

May be ideal for you if:

  • Affordable coverage is a primary goal.

  • You want coverage for a specific period of time, e.g., to provide for your loved ones if you die while your children are in college (to pay tuition) or you have a mortgage (to help pay the loan).

  • You want to leave an inheritance or money for funeral costs or other final expenses.

Permanent life
insurance

May be ideal for you if:

  • You want the option of using cash value to help:
    • Pay for large purchases or settle expensive debts
    • Pay medical bills during an illness
    • Save or pay for college
    • Provide financial support to loved ones in a time of need
    • Cover caregiving expenses, such as time off work to help a family member
    • Diversify retirement income  
family camping

Frequently asked questions

Coverage for a healthy, young adult could start as low as $15 per month3, while someone with a more complicated health status could see higher monthly premiums. The cost of term life insurance depends on several factors, including:

  • How much insurance you choose
  • How long you want your premiums to remain level4
  • Your age, your health and other risks in your life
  • Whether you choose a traditional term policy or the return of premium, which has a savings option.

Term life insurance is often popular with people who want to help with financial obligations and goals that may have an end date, such as paying off a mortgage or for a child’s college education. Term life insurance can also be popular with people who want a large amount of coverage — for example, to help provide financial support for a spouse and young children potentially for the rest of their lives — but can’t afford as much permanent life insurance right now. Learn more about different types of life insurance.

With term life insurance, you choose your initial level premium period, whether it’s a 10-year duration, 30-year or in between, and your premiums never change throughout the duration of that period. Coverage can continue after that level premium period; however, premiums will increase each year to keep the policy in force, as outlined in your contract, and stop when the policy term ends.

Yes, you may be able to convert all or part of your term life insurance into a permanent policy, such as a whole life or index universal life insurance policy, if your term policy contract has a conversion option5.

One advantage of converting from a term to a permanent life policy: you won’t have to requalify for the new policy based on your health and other risk factors. Eligibility is guaranteed during the conversion period of your term policy. However, because the conversion period has an end, it’s a good idea to review your coverage with your agent every few years, so you can plan ahead. If your term policy doesn’t have a conversion option, or the conversion period has expired, you will need to apply for a new policy if you want permanent insurance.

With straight-through processing and near-instant underwriting decisions, you can get life insurance coverage most of the time within minutes to hours. The streamlined, digital experience with human support allows for faster approvals. In some cases, traditional underwriting methods may be needed to obtain coverage.

Most policies are issued with automatic underwriting and do not require a medical exam. Traditionally, most life insurance policies required medical exams and answers to dozens of health history questions. Today at Farmers, only a small percentage of customers need to have a medical exam for coverage.

Learn From Experience

What can you expect when applying for Life insurance with Farmers?

  • Apply securely online in the privacy of your own home or with the assistance of a Farmers® agent.

  • Most applicants qualify for automatic underwriting (no medical exams6) resulting in same-day policy decision on the application.

  • For some applicants, a medical exam is necessary.  Coverage may still be obtained within a few weeks depending on the outcome of underwriting.

  • Self-service customer portal for viewing and managing your policy 24/7.

  • A simpler claims experience with convenient self-service options.

  • Bundle your insurance coverage under one brand you know.

  • Multiple policy pricing available for current Farmers customers.7

For generations, customers have turned to Farmers Life as they help protect the financial future of their loved ones. From term to permanent life insurance options, customers use our products to help them plan for the future of their loved ones, businesses, or both.

1Premiums are subject to change after the initial level premium period.

2 Policies must stay active for the level premium period to receive Return of Premium (ROP). Only Cash Surrender Value is paid upon early termination. The 90% ROP benefit is reduced by fees, rider and unpaid premiums, ratings, and loans.

3Premiums are subject to change. Issuance of a policy and premiums are subject to underwriting guidelines and approval. Premiums quoted are based on a Male Age 35, 100K face amount, non-nicotine, platinum, monthly EFT premium for 10-year level period.

4 This policy may lapse if you do not pay enough premiums to continue coverage.

5Talk to Farmers Life® or your agent about conversion limitations on applicable products.

6 Issuance of a policy may depend on answers to questions set forth in the application, including any conditions that are disclosed pertaining to the health of the insured.

7Multiple policy pricing available on selected life insurance products and may not be available in all states. Contact us to see if you qualify for the multiple policy pricing.

  

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