Life Insurance

What do you love about your life? You might be grateful for a partner who understands you better than anyone else. Maybe you delight in watching your children embrace their talents. Perhaps a recent promotion is giving you the chance to flex some leadership skills.

If all goes according to plan, you’ll pay off the mortgage, put your kids through college and enjoy a long retirement. But you know the unexpected could happen — do you want to help plan for your family’s future if they must go on without you? Life insurance may help lighten their financial burden.

Your Farmers® agent can show you a number of coverage options you can tailor to your priorities and budget. In fact, life insurance may be more affordable than you might think — in some cases less than your monthly spend on coffee.

Farmers Life® offers three types of life insurance — and each has unique characteristics:

Term Life Insurance

Term life is a type of life insurance policy where premiums remain level for a specified period of time —generally for 10, 20 or 30 years. After the end of the level premium period, premiums will generally increase. Coverage continues as long as the premiums are paid. Perhaps this is an option you may want to consider when you’re on a more limited budget and will have significant expenses over a shorter period of time.

You can often pay a lower premium when you select a shorter term — say, 10 years instead of 20. But since premiums are based on risk of death, once you are outside of the level premium period, a term life policy generally gets more expensive as you grow older.

Whole Life Insurance 

Whole life is permanent insurance — you’re insured throughout your lifetime, or until the policy matures, as long as you continue to pay your premiums per terms of the contract. And those premiums will stay level as long as the policy remains in force. Over time, permanent insurance typically accumulates a cash value that can be accessed2 for a variety of purposes while you’re still alive.

Universal Life Insurance 

Like whole life, universal life is permanent insurance that may also accumulate a cash value. It offers more flexibility, though. You can tailor a policy to meet changing priorities with flexible premiums3 and face amounts. Universal life also offers you more control over how quickly your cash value grows.

What’s the best coverage for you?

When it comes to life insurance, there’s no such thing as “one size fits all.” Everyone has different needs, goals and financial considerations. That’s why coverage comes in a variety of forms, with a range of features you can tailor to your unique situation:

  • Your family is young and growing, so you may be juggling a mortgage, auto loans and childcare costs. While your expenses may continue to expand over time, you may want an affordable policy that helps you plan for your family’s financial future until the kids are grown and the house is paid off.
  •  You’re more established in life. In addition to providing a death benefit to your beneficiaries, you may leverage the loan2 or partial surrender features of certain policies to help support things like supplemental retirement income, caring for a family member with a disability or preparing for eventual estate taxes.
  • You’re single and have no children. The death benefit proceeds from your life insurance policy may help support obligations such as the costs of your personal debts, medical bills or final expenses — and may also help leave a legacy to someone you love or a favorite charity.

Your Farmers agent can explain your options, along with information about riders4 like:

  • Disability riders that may help pay your policy’s premiums, and may supplement your lost income, if you’re disabled.
  • An accelerated death benefit rider that lets you collect a portion of the policy’s death benefit if you become terminally ill with a short life expectancy.
  • A critical illness rider that pays a lump sum to you if you’re diagnosed with one of several specified critical illnesses such as cancer, heart attack or stroke.

 

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Life CompassSM

It only takes a few minutes to discover which type of life insurance you may want to consider.

Why choose Farmers?

We’ve spent 90 years putting customers first — personalized attention is a hallmark of the Farmers experience.

Farmers Agents

The value of a Farmers agent

Are you shopping for coverage? Ready to get a life insurance quote? Maybe you have a question about a policy or need to file a claim. Be sure to let a Farmers agent deliver personalized service and support.

Farmers Claims

The ease of a Farmers claim

You’ll experience a similar level of care from our knowledgeable claims representatives, who will provide assistance as quickly as possible.

The experience of Farmers insights

You’ll probably have a few questions as you research life insurance coverage. If you’re not yet ready to speak with an agent, you may still have questions. Explore an archive of helpful information here.

2 Policy loans 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 be subject to taxes and penalties.

3The amount you need to pay to prevent your policy from lapsing will increase over time. This policy may lapse if premiums are not paid or if premiums are not sufficient to continue coverage.

4Insurers may charge for these riders.

*This material is for informational purposes only. In general, partial or full surrenders from a permanent life insurance policy in excess of the policy’s basis are taxable, and limited circumstances exist where death proceeds will be taxable. Neither Farmers New World Life Insurance Company, nor its employees nor its agents provide legal or tax advice. Always consult your own attorney, accountant or tax adviser as to the legal, financial or tax consequences and advice on any particular transaction.

All product guarantees are subject to the financial strength and claims-paying ability of Farmers New World Life Insurance Company, who is solely responsible for the obligations under its own policies.

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Call a Farmers agent today to learn about your life insurance options from Farmers.

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