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.

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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 Term1 life insurance has an automated underwriting process. In most cases, medical exams or lab tests are not required2, 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 benefit3 that is generally income tax-free4
  • Guaranteed level premiums for the initial term period
  • Convertible (within certain limits and regardless of health) to Farmers EssentialLife® Simple Whole Life5 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®6 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.

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

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

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

4 Farmers® companies, employees, agents, and representatives do not provide legal or tax advice. In general, partial or full surrenders from a permanent life insurance policy in excess of the policy’s basis are taxable. Limited circumstances exist where death proceeds will be taxable. This material has been prepared for general informational purposes only, and is not intended to provide and should not be relied on for tax, legal or financial advice. Because eachindividual’s situation is different, specific advice should be tailored to your particular circumstances; you should always consult your own tax, legal and other advisors before engaging in any transaction. This material reflects our general understanding of current law as of the date hereof, but tax laws and IRS administrative positions may change. This material is not intended to and cannot be used to avoid any Internal Revenue Service penalties. We specifically disclaim any liability resulting from the use or application of information contained in this publication.

5 Policy form ICC18-FESWL or applicable state variation.

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

Benefit amounts provided will depend on the product selected and the premium will vary with the amount of benefits.

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