Term Life Insurance Policies
Term life insurance policies generally offer the greatest amount of coverage for the lowest initial cost – they are the most straightforward form of coverage. If you have shorter-term needs and limited money to spend on insurance, a term life insurance policy from Farmers New World Life Insurance Company may be the best fit for you.
Policyholders generally pay a premium on a monthly or annual basis for the length of that term. Proceeds help to cover financial responsibilities that decrease or end over time, like mortgages or car loans, should something happen to the insured. With term life policies, premiums will increase at the end of the fixed-term period.
Term life insurance policies are typically used to help provide additional life insurance coverage during child-raising years, to help pay for short-term debts, to help pay off a mortgage, or to fund a college education should the unexpected happen.
Farmers Simple Term2
Simple Term life insurance coverage is designed with a simplified life insurance application and accelerated underwriting process. This product offers level-term insurance with face amounts low enough to fit many budgets, and premiums that are guaranteed level for 10, 20, or 30 years.
- Coverage starting at $75,000
- Convertible to lifelong3 coverage that may build cash value regardless of health
- No lengthy forms, medical exams or lab tests required, however, issuance of a policy may depend on answers set forth in the application
Farmers Value Term4
Farmers Value Term® provides affordable life insurance coverage with premiums that are guaranteed not to increase for 10, 20, or 30 years. When you need enough coverage to help protect your family against loss of income or the cost of a mortgage, Farmers Value Term may be a cost-effective solution for you.
- Guaranteed level death benefit5
- Convertible to lifelong coverage that may build cash value, regardless of health
- Coverage starting at $150,000
Farmers Decreasing Term6
Farmers Decreasing Term life insurance is decreasing-term coverage with premiums guaranteed to remain level as long as the policy is in force. The death benefit decreases monthly, rather than annually, to more closely follow the declining loan balance of a traditional fixed home mortgage. The death benefit amount decreases to 20% of the original face value over the duration of the term.
- Coverage starting at $25,0007
- 15, 20, 25, and 30-year policies are available
- Convertible to lifelong coverage that may build cash value regardless of health
2 Policy form 2005-261 or applicable state variation. Available face amounts may vary. Premiums are subject to change after the initial term period.
3 Lifelong coverage is guaranteed as long as all the premiums are paid to keep the policy in force.
4 Policy form 2000-228, 2000-230, 2002-226 or applicable state variation. Premiums are subject to change after the initial term period.
5 The death benefit is guaranteed according to the terms of the contract and provided that premiums are paid.
6 Policy form 1995-255-258 or applicable state variation.
7 Coverages starting at $25,000 in most states; $50,000 in TX and CA.