Farmers Insurance Group is a large national insurance group in the United States. They are known for offering life insurance, automobile insurance, and home insurance and are present in all 50 states. With so many life insurance options to choose from, it can be difficult to figure out which one is right for you. In this article, we’ll take a look at farmer’s life insurance options to see if they’re right for your needs.
About Farmers Insurance Group
Farmers Insurance Group was founded in Los Angeles, California in the 1920s. As the name suggests, they originally targeted farmers and ranchers and focused on auto insurance. At that time, rural drivers statistically had better driving performance than city drivers. Since then, Farmers has significantly expanded its product offerings and serves people across the country.
Over the last century, they have acquired many smaller insurers to expand their services.
Types of life insurance offered
Farmers has three different types of life insurance to choose from. Each type of insurance has its own advantages and disadvantages. Which option you choose ultimately depends on your personal insurance needs. Here are the types of life insurance Farmers offers.
Term life insurance
Term life insurance is probably the most popular life insurance option for most people. With term life insurance, you choose a term for which the policy is valid – usually between 10 and 30 years. During this time, your premiums will remain the same, but may increase after the term expires if you decide to renew your policy.
Term life insurance is typically cheaper than other types of life insurance, making it more accessible to a wider range of people. This works well because most of the major expenses that life insurance covers go away after a certain age – for example, most people will eventually pay off their mortgage, and children will eventually grow up and become financially independent.
Farmers Insurance offers two types of term life insurance: basic term life insurance and value term life insurance. Both offer terms of 10, 20 or 30 years. The basic policy has coverage starting at $75,000 and typically does not require a medical exam. The Value policy has coverage starting at $150,000 and typically requires a medical exam. There is also no maximum coverage amount, which is difficult to find with term life insurance from other providers.
Whole life
In contrast to term life insurance, life insurance is designed to last a lifetime and does not expire. They also offer lifetime rewards. Farmers Insurance offers different types of life insurance to choose from.
The first is graduated life insurance, which does not require a medical exam. These policies are great for customers with pre-existing conditions that may make it difficult for them to purchase a more comprehensive policy. These policies provide death benefits ranging from $5,000 to $30,000 and are typically intended to cover funeral expenses.
They also offer their basic essential life insurance policy, EssentialLife, which is available to everyone up to age 80 and offers a death benefit starting at $15,000. These policies do not expire and are available up to age 121. You will be required to complete a medical questionnaire to obtain this coverage and some customers may also be required to undergo a medical examination.
Universal life
Universal life insurance is similar to whole life insurance in that it lasts for life. However, universal life is more flexible and also includes a cash value component. Farmers’ universal life insurance policies start at $50,000 in coverage and include a cash value component that earns interest over time. You can also opt for indexed universal life insurance, where you can invest a portion of your premiums.
These plans allow you to customize your premium amounts and the frequency of your payments over the life of your policy. You can also adjust your coverage if necessary. Many people enjoy the additional flexibility these policies provide. However, they tend to be more expensive than a traditional term or life insurance policy.
Driver available
Farmers Insurance offers a few riders to help you customize your policy. Compared to its competitors, Farmers doesn’t offer as many different drivers to choose from. Drivers essentially add clauses to your insurance policy to provide additional protection for certain situations. Here are three of the most common riders Farmers Insurance Group offers.
Critical illness driver
This rider is designed to provide additional protection if you are diagnosed with a serious illness. Farmers has a long list of illnesses that fall into this category, including cancer, heart attack, stroke and more. If you have this passenger and are diagnosed with one of these diseases, you will receive a lump sum payment from your life insurance policy.
Drivers with disabilities
The Disability Income Rider protects you if you become disabled and are unable to work at any time during the term of the policy. Depending on the policyholder’s exact terms, they may pay your premiums to maintain your policy and, in some cases, may even replace your loss of income.
Accelerated Death Benefit Driver
This tab kicks in if you are diagnosed with a terminal illness at any time. Your life expectancy must be below a certain level to qualify for this particular driver. In this scenario, you can access some of your death benefit early to pay medical bills and other related costs.
Unique Features of Farmers Insurance Group
What makes Farmers special is that it offers a very wide range of insurance products. In addition to life insurance, they offer automobile insurance, home insurance, business insurance and much more. This makes it easier for their customers to bundle their insurance and receive discounts on it.
Farmers Insurance sells its policies through company-owned and independent insurance agents throughout the country. This is ideal for customers who want to build a relationship with their insurance agent and get the advice they need when purchasing insurance. While you can’t purchase a policy directly online, Farmers has a robust website with a quote feature so you can compare plans yourself before contacting a broker.
You can also pay your bills and claim claims online on their website. Farmers also has a mobile appwhich you can also use to pay your bills and manage other aspects of your insurance policy.
Financial ratings
When purchasing your life insurance, it is very important to choose a financially stable provider. One way to check this is to look at the insurer’s financial ratings. There are many companies that rate the financial stability of insurance providers, with AM Best being the best known.
Farmers Insurance Group currently has a A review by AM Best. Although this is not the highest possible rating, it is still very good and confirms that Farmers Insurance Group can reliably pay your claims regardless of the current economic situation. Knowing that Farmers Group has weathered the Great Depression, the Great Recession and all other economic downturns can give policyholders the confidence that they are well-positioned to be a long-lasting company.
Farmers Insurance Group Reviews
Looking at reviews is another easy way to get an idea of how an insurer works and whether or not it’s a good fit for you. Of course, you should treat reviews with caution as everyone has their own situation and experience with the company.
Compared to other insurers of the same size, Farmers receives fewer complaints each year. This is according to data from the National Association of Insurance Commissioners. The company has also been accredited with the Better Business Bureau since the 1950s. While they do have some negative reviews with the BBB, most of those reviews are related to their car insurance rather than their life insurance.
Although the company receives relatively few complaints, some customers have been frustrated by its relatively limited customer service options. Purchasing policies online is not permitted and the customer service team is only available by phone or email during certain hours. There are no 24/7 chat lines to help.
How to Apply for Farmers Life Insurance
To apply for Farmers Life Insurance, you can first visit their website. They have an online tool called Life compass This will help you determine which policy is right for your needs. From there, you can either use the directory to find an agent in your area or choose to get a quote online.
If you decide to proceed at the end of your online quote, the website will put you in touch with an agent who you can speak to via email or phone. Depending on your location, you may also be able to meet your agent in person. Your agent will walk you through all of the more specific details of your insurance policy, including any riders you may need. You can also choose the coverage amount that makes sense for you.
Many Farmers life insurance policies are available without a medical exam. However, in most cases you will need to complete a medical questionnaire to determine your eligibility. The results of the questionnaire will also influence your final premium prices.
If you would like assistance in obtaining a Farmers policy, our agents can provide you with a recommendation.
Is Farmers legit?
Yes, Farmers is a reputable and very established insurance company with almost 100 years of experience. While they are known for their car insurance, they also offer very reliable life insurance. Customers can choose between term, comprehensive and universal life insurance, with some options also available for riders. All insurance policies are bought and sold through agents, but they have a very informative website where you can get a quote.
Overall, Farmers is a good option for life insurance coverage, especially if you already have auto insurance and want to bundle your policies. These policies are also very accessible since the agents are located throughout the United States.
When choosing life insurance, it’s always best to get quotes from multiple providers and compare your options. Each insurer has its own method for calculating premiums, so your costs and the services available to you can vary greatly depending on the provider. You will be surprised at which providers can offer you the best deals.
