Let’s get life insurance off your to-do list

Are you looking to help protect your loved ones financially? Life insurance can be the final act of love for your family if you pass away unexpectantly.

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Life insurance issued by Farmers New World Life Insurance Company

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What is life insurance?

  Life insurance can help to provide financial support for your family or other loved ones — anyone you choose — if you pass away. The simplest way to explain how life insurance works: you pay premiums, and, in exchange, your insurance company will pay a death benefit to your qualified beneficiaries after your death.

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 exams) resulting in a 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.1

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.

Selecting life insurance coverage

Young professionals, busy families, retirees, business owners — no matter where you are in life, thinking about your short- or long-term financial goals often comes with questions. For some, life insurance may be a simple answer.


Types of life insurance

Term life
insurance

Provides coverage for a specific period of time without increasing cost and provides a death benefit as long as you keep paying premiums until the policy term expires.2

Learn more

Whole life insurance

  Lasts your lifetime,3 which means that as long as you pay your premiums, your beneficiaries will receive a payment based on the amount of your coverage.

Learn more

Index universal life insurance

Like whole life, but with more flexibility.  The distinctive feature is the option to link cash value growth to the performance of one or more stock market indices, such as S&P 500® or S&P® MARC 5% ER.

Learn more

What type of life insurance do I need?

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:

Permanent life insurance

May be ideal for you if:
  • More affordable coverage is a primary goal.

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

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

Return of Premium Term

May be ideal for you if:

  • You want term coverage, but don’t mind paying a little more in monthly premium.

  • You want a refund of up to 90% of the premiums paid if the insured survives the term period.4

  • You want financial protection plus potential refund of premiums.
  • You want the option of using the available cash value3 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

Frequently asked questions

To determine how much coverage you may want, start by considering a few questions:

  • How much debt (e.g., mortgage, car loan, credit card) would your loved ones have to pay if you died?

  • Do you provide financial support for someone who depends on your income, such as a child, someone with a disability or a spouse, and how long will they need that support?

  • What financial priorities or obligations do you want life insurance proceeds to cover?

  • How much might be needed to help pay medical bills, funeral costs or other final expenses?

Some people use a common rule of thumb to determine an amount, like seven to 10 times your annual income.

Whether you have life insurance through your employer or you’re starting a policy from scratch, read more here: How much life insurance do I need?

Several factors can affect the cost of your life insurance policy — including your age, health, whether you smoke, and the type of policy you’re interested in.

For more details, see What factors should I consider when evaluating life insurance coverage and cost? Your agent can also walk you through coverage options and life insurance costs.

Start by thinking about where you are in your life and what goals or needs you want to meet with your life insurance benefit. Whether you’re a young professional, a business owner, a soon-to-be retiree or fully retired, consider your current and future financial status, debts, obligations and concerns. Ask yourself the following questions, then reach out to an agent to learn more about your life insurance options with Farmers®. 

  • Do your financial concerns have an end date, like saving for college or paying a mortgage?

  • Do you want to provide for lifelong financial needs, like retirement? 

Do you want a policy that may build cash value you can use? For example, to help supplement your retirement income or help pay for emergency home repairs.

Many people think about getting life insurance when their life is monumentally changing or if they are taking on new financial responsibilities. Common turning points include:

  • Change in relationship status
  • Change in career or income
  • New or expecting parents
  • Homeownership
  • Retirement
  • Business succession planning

The same kinds of major life events that prompted you to consider life insurance in the first place — getting married, having a child, buying a house, changing careers, a divorce, graduations — can shift the goals you have for your existing life insurance policy. Each significant change is a good cue for you to review your policy with your agent and make sure your coverage still meets your needs.

Applying for life insurance can be straightforward, and understanding what to expect during the underwriting process can help make it even smoother. Here are some tips for how you can prepare:

  • Be honest and transparent
    Providing accurate and complete information on your application helps -determine a fair and timely decision. Answer all questions truthfully to avoid delays or issues with your coverage.

  • Review your information
    You’ll be requested to verify personal, financial and medical information. Be prepared to provide accurate and current information about your health, lifestyle, income, occupation and other in-force life insurance policies that you may have with another carrier.

  • Understand the process
    In many cases, no paramedical exams or lab tests are needed. Instead, we use digital records to assess your application with accuracy. With your authorization, we may collect information from a variety of sources such as:
    • Prescription drug history
    • Motor vehicle records
    • Diagnosis codes and electronic health records from healthcare providers
    • Medical information and claims databases  

Most policies are issued with automatic underwriting and do not require a medical exam. Historically, 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

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

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

3 Lifetime coverage (or life of the policy) is guaranteed provided premiums are paid per the terms of the contract.

4 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.

5 Cash values may be accessible through policy loans or partial surrenders. Policy loans that are not repaid and partial surrenders will reduce cash surrender value and death benefit. Policy loans are subject to interest charges. If your policy is a modified endowment contract, loans and surrenders may incur taxes and penalties.

The "S&P 500 Index" is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Farmers New World Life Insurance Company.  Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).  Farmers Index Universal Life is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

The "S&P MARC 5% ER Index" is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Farmers New World Life Insurance Company.  Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).  Farmers Index Universal Life is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P MARC 5% ER Index.

 

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