Originally known as Country Mutual, Country Financial was created in 1925 to provided farmers with equipment and crop insurance. In fact, it did not add life insurance products until 1929.
Today, Country Financial offers various affordable universal, term, and whole coverage policies in 19 states across the country.
If you are considering purchasing a Country Financial life insurance policy, we will analyze the merits and drawbacks in this Country Financial review.
In this review:
Is Country Financial a Good Insurance Company?
Country Financial is regarded as one of the best-rated insurance companies in the country.
Over the years, it has continuously received high ratings. For example, both the Better Business Bureau (BBB) and A.M. Best give Country Financial a rating of A+.
According to the NAIC Complaint Index, the company has an average of .06, which is well below the nation’s average of 1.00.
These measurements are a positive indication of the company’s financial stability, customer satisfaction, and capability of meeting its claims obligations.
Life Insurance Products
Country Financial offers multiple policy options to fit various financial needs, but keep in mind that coverage is only available in the following 19 states:
- North Dakota
Country Financial Term Life Insurance
The company’s term life policy is an affordable life insurance product option.
With this policy, you could opt for various terms, including 10, 15, 20, and 30 years.
The policy also allows you to add different benefits and features according to your needs and preferences.
The term life insurance Country Financial offers has coverage ranging from $50,000 to over one million dollars.
Country Financial Universal Life Insurance
Unlike term life insurance, universal life insurance gives you permanent coverage if you consistently pay your insurance premiums and do not cancel your policy.
While the two insurance products are different, you can add specific benefits to this policy as well.
Country Financial Whole Life Insurance
This policy is another one that offers you permanent insurance coverage.
However, it is more expensive than universal life insurance.
The advantage of choosing this policy is that you can decide how much money each beneficiary receives, and you can also select from different payment options, explained below.
Executive Whole Life
Should you choose this option, you will pay equal premiums until you are 95. And your policy’s value increases over time.
The best part is that your premiums will generally be lower if you purchase the policy when you are young.
With this payment option, you pay for your life-long protection within ten years.
It can be an excellent option for business owners who might need help with their business continuation needs later on.
This option is similar to the 10-pay life payment option. The main difference is the amount of time you get to pay for your life-long protection.
You could choose this option if you prefer paying for your premiums during your working years so that you can enjoy a premiums-free retirement.
Single-Premium Whole Life
With the single-premium whole life option, you get an entirely paid-up policy after making a lump sum payment.
You could then choose to give the insurance policy to an heir, spouse, child, or grandchild.
Life Paid at 65
For this payment option, you will make equal premium payments up to the age of 65. It can be a great way to end up with a completely paid-up life insurance policy in retirement.
Country Financial Life Insurance Riders
With each insurance policy you purchase from Country Financial Life Insurance, you have the option of including additional features and benefits through several insurance riders.
With these add-ons, you can amend the terms of your basic life insurance policy.
These are some of the riders the insurance company allows you to include in your term policy:
- Return of Premium: Receive the premiums of your term insurance policy back if no claim is made during the term.
- Child Term Insurance: Insure your children below age 17. This rider has a coverage limit of $50,000 and can be converted into a permanent policy when your child turns 23.
- Accelerated Death Benefit: Should you be diagnosed with a terminal illness, this rider will pay out a portion of your policy’s death benefit early.
- Disability Waiver of Premium: Should you become disabled, this rider would allow you to retain your policy without increasing your premiums.
You can also include riders on your whole life policy, with the company offering you options such as:
- Guaranteed Insurability Option: Grants you the ability to purchase more coverage without having to undergo medical examinations. However, there are certain amount and age restrictions involved.
- Additional Term Insurance: With this rider, you can purchase a term life insurance policy that you can later convert into a whole life policy.
Eligibility and Application Process
Though you will need to undergo a medical exam when purchasing your life insurance policy, eligibility shouldn’t be an issue.
Your policy will need to undergo underwriting to determine the amount of risk insuring you would involve.
Some of the factors that the company will look at include your lifestyle, gender, and medical history.
It will also look at your age. This is a significant determinant of how high or low your premiums will be.
To apply, simply head over to Country Financial’s website and enter your ZIP code to determine if you are in one of the 19 states in which the company operates.
After typing in your ZIP code, the site will direct you to a page where you will enter your personal and medical information to get a quote.
Pros & Cons of Country Financial Life Insurance
Like any other insurance company, there are certain advantages and disadvantages of getting a life insurance policy from Country Financial Life Insurance.
One of the key benefits of this insurance company is its high rating.
This evaluation is a crucial factor and gives you the confidence to know that the company would pay out the death benefit to your beneficiaries without much hassle if anything were to happen to you.
Its affordability is also another plus.
Other Country Financial Life Insurance benefits include:
- Thorough policy and rider options
- A full complement of additional insurance products, services, and options make it possible for you to address several insurance needs through one company
- Premium payment flexibility
One of the significant drawbacks of the company is its limited availability. The company only offers its products in 19 states.
You are not eligible to purchase its products if you do not have residency in one of the 19 states in which the company operates.
If you are not in one of those states, you may want to check out our review of Farmers Life Insurance.
Country Financial Life Insurance also does not provide you with online quotes.
You will need to provide the company with your contact information for one of its representatives to get in touch with you and give you the information you requested.