Farmers Life Insurance Review

Farmers New World Life Insurance Company sells term and whole life insurance products under Farmers brand in all 50 states except New York. This includes a term policy that does not require a medical examination.

Farmers may be an excellent choice for life insurance shoppers because they have few complaints to state regulators. They also offer a wide range of online tools that can help you learn more about your policy and manage it.

Overall performance for Farmers Life Insurance earned 3.5 stars from 5 Our editorial team determines NerdWallet’s ratings. The scoring formula considers data from the National Association of Insurance Commissioners as well as financial strength ratings.

Farmers life insurance policies

Term life insurance

Farmers sells two types of term life insurance policies that can be converted to whole life policies:

For 10, 20, or 30 years, Farmers simple term life insurance policies can be purchased for 18-to-65-year-olds. Premiums are flat throughout the term and coverage amounts start at $75,000 You could be approved for coverage in as little as 24 hours.

Farmers Value term life insurance policies can also be purchased for 10, 20, or 30 years. Premiums will remain the same regardless of whether you choose to extend your policy. The policy is available to anyone between 18 and 75, but requires a medical examination. The coverage starts at $150,000 with no maximum.

Permanent life insurance

Farmers offers four types of permanent insurance policies for life:

Farmers EssentialLife simple whole life insurance policies are available for ages 15 days to 80 years old, with proceeds paid to age 121. The policy covers $15,000, comes with a guaranteed demise benefit, and premiums are the same throughout the policy’s life. Approval of coverage is subject to a medical questionnaire, and possibly a physical exam.

Whole life policies that offer Farmers Graded Benefit with No Medical Exam are available to those who are healthy and able to care for themselves. For those aged 18-80 years, coverage is available from $5,000 to $30,000 and proceeds are paid until age 121. Farmers guarantees a cash value and premiums will remain the same throughout the policy’s life. The policy includes a graded death benefit, which limits the payout amount to 110% of premiums paid in the event that the policyholder is killed within the first two-year period.

Farmers EssentialLife universal life insurance offers flexible premiums with coverage starting at $50,000 for people between 15 days and 80 years old. You may be able to earn interest on the cash value.

People who are looking for protection against underperforming markets can benefit from Farmers Index universal life insurance. You can invest a portion of your premiums in accounts that are indexed to Russell 2000 or the S&P 500, or in fixed interest accounts paying 0.1% – 1%.

Farmers receive complaints from customers

According to NerdWallet analysis of data provided by the National Association of Insurance Commissioners, Farmers life insurance has received fewer complaints than it would have expected over three years.

Learn more about Farmers life insurance

Farmers’ website provides clear descriptions of all life insurance products and a variety of resources for customers who need assistance. This includes a Life Compass feature, which asks customers questions to help them determine the right type of life insurance coverage. Log in to view your policy details and make payments.

Farmers’ mobile app lets policyholders pay their bills, view policy documents, and connect to an agent.

Online, via the mobile app, or by calling a Farmers agent through the search portal, you can request a Farmers insurance quote for life.

Guide to buying life insurance

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Make sure that you are getting the coverage you need from the insurance companies you are considering.

Compare rates to ensure that they are comparable in terms of coverage and time. You should also ensure that the policy’s medical requirements are in line with your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.

The price of a product may not be the most important factor in your purchase decision. Take a look at the number and quality of complaints received by each company.