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 a 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 two 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 years
  • 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 Term®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 years
  • 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

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 ®

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

2Policy form ICC18-TERM (ST) 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 ICC18-FESWL or applicable state variation.

7Policy form ICC18-TERM (FVT)  or applicable state variation. Premiums are subject to change after the initial term period. Available face amounts may vary.

FL-11     06/19