Life Insurance
You have worked hard to create a foundation, a lifestyle, a path forward for your children.
Don't let a single incident take all of that away.
Protect the future of your loved ones, should the unthinkable happen, with Life Insurance.
Don't let a single incident take all of that away.
Protect the future of your loved ones, should the unthinkable happen, with Life Insurance.
Types of Coverages
Term Life
Farmers Life® offers Term Life Insurance in fixed terms of 10, 20 or 30 years. Both payments and face value (amount of benefit) are locked during the duration of the term policy. At the end of the policy, you will have the option to either convert some or all of the face value to a whole life policy. You will also have the option to continue payments, at an adjusted rate due to your age, and maintain the same face value.
Term life insurance typically has the lowest initial cost for a given amount of coverage.
A Term Life policy is a great tool for younger adults, planning to have a family, to get a 30 year term while the rates will be lower, due to your younger age, and later in life when you do decide to begin a family, you already have your Life Insurance coverage in place and at a great price.
Term life insurance typically has the lowest initial cost for a given amount of coverage.
A Term Life policy is a great tool for younger adults, planning to have a family, to get a 30 year term while the rates will be lower, due to your younger age, and later in life when you do decide to begin a family, you already have your Life Insurance coverage in place and at a great price.
Whole Life
Whole life insurance is a conservative type of permanent insurance whose coverage remains in place as long as premiums are paid until the person covered by the policy passes, the policy is canceled, or the policy pays out its benefit when the person insured lives to the policy maturity date. Whole life insurance premiums remain the same over the life of the policy.
The cash value of a whole life policy is guaranteed, so long as payments are made, and the balance can help provide many financial options. The policy owner may borrow from the cash value of the policy, cancel (surrender) the policy for the cash value, (canceling a permanent life insurance policy may have income tax consequences) or use the balance to make premium payments.
With a guaranteed death benefit, guaranteed level premiums, and guaranteed growth of cash value, whole life is an option for people with very conservative risk tolerance.
The cash value of a whole life policy is guaranteed, so long as payments are made, and the balance can help provide many financial options. The policy owner may borrow from the cash value of the policy, cancel (surrender) the policy for the cash value, (canceling a permanent life insurance policy may have income tax consequences) or use the balance to make premium payments.
With a guaranteed death benefit, guaranteed level premiums, and guaranteed growth of cash value, whole life is an option for people with very conservative risk tolerance.
Universal Life
Universal life offers the advantages of permanent insurance coverage with flexibility in the death benefit and the amount and timing of premium payments (within limits) to fit your changing life insurance needs.
You may choose how much premium to pay and when to pay it. The cash value accumulates in a separate account, earning generally income tax-deferred interest, and policy costs are deducted from that account.
You may choose to pay more premium to build cash value faster. Or choose to reduce or suspend the premium payments, and allow the cash value to carry the costs of the policy for a time. As with whole life, you may also borrow from the cash value of the policy, or surrender the policy for the cash value.
You may choose how much premium to pay and when to pay it. The cash value accumulates in a separate account, earning generally income tax-deferred interest, and policy costs are deducted from that account.
You may choose to pay more premium to build cash value faster. Or choose to reduce or suspend the premium payments, and allow the cash value to carry the costs of the policy for a time. As with whole life, you may also borrow from the cash value of the policy, or surrender the policy for the cash value.
"You Don’t Buy Life Insurance Because You Are Going To Die, But Because Those You Love Are Going To Live."
Unknown
