Farmers Life Insurance is a brand many people know thanks to its catchy “We Are Farmers” advertisements. But is Farmers the right choice for your life insurance needs? Life insurance is an important purchase, but finding the perfect policy from hundreds of different companies isn’t always easy.
This comprehensive Farmers Life Insurance review will cover the pros and cons of this nearly century-old insurer so you can decide if it’s the right fit for your financial protection.
Farmers Life Insurance Products
Farmers New World Life Insurance offers a variety of basic life insurance options. Below are some key features of each policy:
| Policy Type | Age Availability | Coverage Amount | Medical Exam |
|---|---|---|---|
| Simple Term | 18 – 65 years | Starts at $75,000 | No |
| Value Term Life | 18 – 75 years | Starts at $150,000 | Yes |
| EssentialLife® Simple Whole Life | 15 days – 80 years | Starts at $15,000 | No |
| Graded Benefit Whole Life | 18 – 80 years | $5,000 – $30,000 | No |
| EssentialLife® Universal Life | 15 days – 80 years | Starts at $50,000 | Yes |
| Accidental Death | 18 – 69 years | $37,500 – $200,000 | No |
About Farmers Life Insurance Products
- High Minimum Coverage Amounts: Shoppers who want smaller policies may find Farmers’ options less attractive. For example, the traditional level term policy starts at $150,000, while the simplified issue term starts at $75,000.
- Lower Maximum Age Limits: It’s easier to age out of Farmers’ life insurance policies, especially for smokers. For instance, a 46-year-old smoker can’t buy a 30-year term policy, and a 66-year-old wouldn’t qualify for a simplified issue (no-exam) term policy.
- Not Available in New York State: Unfortunately, Farmers Life Insurance isn’t accessible to residents of New York State due to varying state regulations.
- Lower Complaint Ratio: Farmers has a complaint ratio of 0.71, showing better-than-average customer service according to the National Association of Insurance Commissioners (NAIC).
- Higher A.M. Best Rating: Farmers holds an A rating from A.M. Best, indicating strong financial stability.
- Graded Benefit Maximum: Farmers offers up to $30,000 in guaranteed issue coverage, higher than many competitors who cap this at $20,000 or $25,000.
- Online Tools: Farmers offers innovative online tools for insurance shoppers, making the process more streamlined than many competitors.
Farmers Life Insurance Rates
Many high-quality life insurance companies compete for your business, especially if you’re young and healthy. This is great because comparing rates can save you up to 50% for the same coverage.
For example, a 38-year-old male looking for a 20-year term life insurance policy worth $500,000 could expect to pay Farmers about $50 per month. That’s a competitive rate, but life insurance is one of the most personalized financial products you can buy. Factors like age, health, job, and habits directly impact premiums.
To get an accurate rate for your life insurance, use a quote tool to compare rates from different companies.
Multi-Policy Discounts
Farmers does offer multi-policy discounts, but these typically apply to property and casualty policies, such as home, auto, or renters insurance, rather than directly to life insurance. However, when you bundle life insurance with other types of coverage (e.g., auto and home insurance), some companies, including Farmers, may offer discounts on those other policies.
It’s rare for life insurance premiums themselves to receive direct discounts as part of a multi-policy package, but the overall savings can result from reductions on other policies you hold with the same insurer.
Is Farmers Life Insurance a Good Company?
Founded in 1928, Farmers Life Insurance now insures more than 10 million Americans, making it a financially stable company. A.M. Best has given Farmers an A rating, indicating it’s a reliable and trustworthy option for life insurance coverage.
How to Get Lower Monthly Premiums
Your premium rates for Farmers New World Life Insurance will vary widely based on factors like age, health, occupation, and habits. Here are some strategies to help lower your monthly premiums:
Quit Unhealthy Habits
Smoking and excessive drinking can dramatically increase your life insurance premiums. Smokers looking for life insurance will face higher rates and age restrictions. Quitting smoking or cutting back on alcohol can save you thousands of dollars over the lifetime of your policy.
Improve Your Health
Improving your health before undergoing a medical exam for life insurance can also help lower your premiums. Maintaining a healthy weight, lowering cholesterol, and managing blood pressure are all factors that insurance underwriters consider when determining your rates.
Reduce Your Coverage Amount
Purchasing only the amount of coverage you need will lower your monthly premiums. Over-insuring is a common mistake, but buying more coverage than necessary will increase costs without providing additional value for your family.
Is Farmers Life Insurance the Best for You?
Farmers offers a combination of modern technology, financial stability, and policy options. While several companies may outperform Farmers in one area, few can match them across the board. However, the best rates vary depending on individual circumstances, so it’s essential to shop around.
If you’re ready to secure your financial future with life insurance, use our life insurance quoter on this page to compare rates from top companies.
Frequently Asked Questions (FAQs)
What life insurance products does Farmers offer?
Farmers Life Insurance offers term, whole, and universal life insurance, as well as accidental death policies. Coverage amounts range from $5,000 to over $200,000 depending on the policy.
How much does a Farmers life insurance policy cost?
Premiums vary based on factors like age, health, and coverage amount. For example, a 38-year-old male might pay around $50 per month for a 20-year, $500,000 term policy.
Is Farmers a good company for life insurance?
Yes, Farmers is financially stable, holding an A rating from A.M. Best. It also has a low complaint ratio, indicating a strong commitment to customer service.
Does Farmers offer life insurance without a medical exam?
Yes, Farmers offers several no-exam policies, such as Simple Term and Graded Benefit Whole Life, depending on your age and coverage amount.
Can I get a discount on Farmers life insurance?
Yes, Farmers offers multi-policy discounts when you bundle life insurance with other types of coverage like home, auto, or renters insurance.
