Term Life Insurance

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:

You want convenient coverage

Challenge:

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.

Consider:

Farmers Simple Term2 life insurance has an automated underwriting process. In most cases, medical exams or lab tests are not required3, and you may get a decision in as little as one business day.

Here are some features of Farmers Simple Term:

  • Coverage issued between the ages of 18 and 65
  • 10-, 20- and 30-year level premium periods with coverage starting at $75,000
  • A guaranteed death benefit4 that is generally income tax-free5
  • Guaranteed level premiums for the initial term period
  • Convertible (within certain limits and regardless of health) to Farmers EssentialLife® Simple Whole Life6 coverage that builds cash value

You need high coverage levels  

Challenge:

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.

Consider:

Farmers Value TermSM 7 proceeds can help support financial obligations with fixed end dates — like mortgages, car loans and college tuition.

Here are some features of Farmers Value Term:

  • Coverage issued between the ages of 18 and 75
  • A medical exam is required
  • 10-, 20- and 30-year level premium periods with coverage starting at $150,000 — and no maximum
  • A guaranteed death benefit4 that is generally income tax-free5
  • Guaranteed level premiums for initial term period
  • Conversion (within certain limits and regardless of health) to permanent coverage that may build cash value

You want coverage that tracks with a loan balance

Challenge:

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.

Consider:

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.

Here are some features of Farmers Decreasing Term:

  • Coverage starting at $25,000
  • Guaranteed level premiums while the policy remains in force
  • Available in 15-, 20-, 25- and 30-year policies
  • The flexibility to convert (within certain limits and regardless of health) to permanent coverage that may build cash value

Farmers® works to build strong customer relationships

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.

Life Compass

 

Life CompassSM

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

2Policy form 2005-261 or applicable state variation. Premiums are subject to change after the initial term period. Available face amounts may vary.

3 Issuance of a policy may depend on answers to questions set forth in the application.

4 The death benefit is guaranteed according to the terms of the contract and provided that premiums are paid.

5This material is for informational purposes only.  Neither Farmers New World Life Insurance Company, nor its employees nor its agents provide legal or tax advice. Limited circumstances exist where death proceeds will be taxable. Always consult your own attorney, accountant or tax adviser as to the legal, financial or tax consequences and advice on any particular transaction.

6 Policy form 2008-352.

7Policy form 2000-228, 2000-230, 2002-226 or applicable state variation. Premiums are subject to change after the initial term period. Available face amounts may vary.

8Policy form 1995-255-258 or applicable state variation. Available face amounts may vary. The death benefit amount decreases to 20% of the original face value over the duration of the term.

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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