Farmers Life Insurance Review

Considering Farmers' simple term insurance options and adaptable universal and whole policy options, this firm would be an excellent fit for younger individuals seeking a plan that can be modified or upgraded to meet their changing needs.

Individuals facing challenges qualifying for other life insurance plans and looking to streamline the underwriting process may find Farmers' policies beneficial. For example, the Graded Benefit Whole Life coverage plan is designed to meet the needs of those with health conditions who may have difficulty qualifying for other policies.

While Farmers offers many benefits, such as adaptable policies and competitive rates, there may be better fits for those seeking living benefits or guaranteed acceptance policies without a medical exam or health questions. In such cases, other insurance companies like Mutual of Omaha may be worth considering, which provides living benefits and guaranteed acceptance policies for eligible individuals.

By reading through our review of Farmers life insurance, you can gather more information about the insurer and its policy offerings to make an informed decision.

The Life Insurance Marketing and Research Association (LIMRA) observed in its 2022 Insurance Barometer Study that 31% of U.S. adults are more inclined to purchase life insurance after the pandemic. Farmers' six life insurance options make it easier for those interested in becoming policyholders. Learn more about the details of each policy to locate the one that best suits your family's specific needs and circumstances.

Term life insurance is a flexible and affordable policy type that offers level premiums for a predetermined amount of time, typically 10, 20 or 30 years, with coverage continuing as long as premiums are paid. A term policy could be a suitable option if you have significant expenses over a shorter period and are working within a limited budget.

Term life insurance can provide valuable benefits for individuals at different stages of their lives. Yet, it is best suited for younger buyers, those who have recently started a family or those with significant insurance needs or mortgage obligations. Although term life insurance is typically less expensive than other types of policies, it may be a more practical choice for those managing multiple financial responsibilities.

Policyholders benefit from a wide range of advantages with whole life insurance, including the ability to build cash value over time, which they can borrow against to meet financial obligations. This unique advantage, known as a living benefit, allows policyholders to enjoy the fruits of their investment while still alive. Whole life insurance policies are designed to provide higher coverage levels for your entire life to protect the financial futures of your beneficiaries, unlike term life policies, which are only in place for a specified period.

A whole life insurance policy ensures lifetime protection, whether it's for you or your children. It may benefit individuals with long-term dependents or permanent insurance requirements. In addition, the policy's cash value component makes it an excellent choice for individuals who may require long-term care due to a health condition in the future.

Universal life insurance provides permanent lifetime coverage with greater flexibility compared to whole life policies. You can adjust your premium payments, payment frequency and death benefit while your policy is active. Universal life insurance typically includes a cash value component, which allows for the investing of a portion of the premium payments.

Universal life insurance may be the most attractive option for buyers seeking permanent protection but anticipate changes to their insurance needs over time. With the flexibility to adjust coverage amounts as needed, policyholders are only bound to pay for what they require. It's also a good option for individuals interested in investment opportunities or wanting higher cash value growth.

Final expense coverage refers to life insurance specifically designed for seniors or individuals in end-of-life situations. This policy type's benefits can assist your loved ones in covering funeral expenses and other financial obligations you may leave behind.

Final expense insurance policies can help cover burial and other end-of-life costs despite their lower coverage limits. It’s best suited for seniors who only need life insurance benefits to go toward these expenses.

Rider insurance is an optional add-on feature that can be purchased at an additional cost. It allows you to customize your insurance plan according to your specific needs. Farmers offers a variety of life insurance riders, including:

After learning about the various life insurance products, the next step is understanding how to purchase a policy. In this section, we’ll provide tips for buying life insurance from Farmers and how to handle application denials.

We provided answers to the most frequently asked questions about Farmers life insurance policies to simplify the process for you.