You have a growing family — and the financial obligations that come with it. Let’s say you have a house with a 30-year mortgage, a 48-month auto loan and a college fund you’ll start using in 10 years. In a circumstance like this, a term policy might be an economical way to carry a large amount of life insurance.
Term life insurance offers level premiums for specific period of time — generally 10, 20, or 30 years. The initial level premium tends to be lower than comparable permanent coverage. And proceeds may help your family financially if the unexpected happens when they still have major expenses.
Generally, the shorter the term, the less expensive term coverage can be. While premiums remain level for the term period, they will rise if you decide to continue the coverage beyond the level premium period.
Farmers New World Life Insurance Company offers three types of term life policies. Here’s how each may help you address your financial priorities:
Your family’s needs are growing and so is your career. You want life insurance that helps you with financial obligations — but it needs to be quick, easy and convenient.
The group life insurance from your employer is equal to one year of salary — not nearly enough to pay off the mortgage or put your kids through college if something happens to you.
Farmers Value TermSM 7 proceeds can help support financial obligations with fixed end dates — like mortgages, car loans and college tuition.
You finally bought your dream house — and worry your spouse will be forced to sell if something happens to you before the mortgage is paid.
Farmers Decreasing Term8 proceeds may be used to help support obligations with an amortized loan like a traditional mortgage. The death benefit lowers each month by the same amount, designed to reduce as your debts reduce with regular payment, until reaching 20% of its original amount.
Farmers Life® has spent more than 100 years putting customers first. Are you shopping for coverage, or do you have a question about your policy? Maybe you’re ready to get a term life insurance quote. Be sure to let a Farmers agent deliver personalized service and support.
It only takes a few minutes to discover which type of life insurance you may want to consider.
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.