You will never make a more important purchase than your life insurance policy, but it’s not always the easiest. Nobody wants to think about his or her own death, but you need to get your family the protection they need. With the hundreds of different companies and dozens of different policy types, the search for the perfect plan is hard.
Farmers Life Insurance is a brand that many people know about, thanks to their constant advertising and their catchy “We are Farmers” jingle. I love those commercials probably just as much as you do. If we picked the best life insurance company based on their commercials and jingles, they would be the clear winner. But it’s important to consider not just their popular jingle, but whether they are really the right choice for life insurance.
This review of Farmers Life Insurance will look at the history of the Farmers company, the positives and negatives of their life insurance policies, and whether the company is right for you. Our conclusion is that while Farmers may have competitive rates in the home and auto industry, they are not the best choice for life insurance, and this blog post will explain why.
Farmers Life Insurance – History:
Let’s start off with a bit about Farmers as a company. They were founded in 1928 and currently insure more than 10 million Americans, making them a financially sound company. A.M. best considers Farmers an excellent company, giving them an A rating, and due to their excellent reputation and local offices, many people do use Farmers for their home and auto insurance.
Farmers has been involved in some high-profile lawsuits in the past 10 years, though. Many of these lawsuits resulted from Farmers being quite slow to pay out insurance claims. Farmers often chose to pay out their claims and settle out of court. If you’re looking for a safe and sound company that won’t go bankrupt, you don’t have to worry if you choose Farmers Life.
Comparing Farmers Rates
We wanted to compare Farmers rates with those of other high-profile life insurance policies. To do that, we went to the Farmers website and pretended to be a 38-year-old male who is searching for a 20-year term life insurance policy. A $500,000 policy would have required us to pay a monthly premium of $62. That’s a good deal, but using our quote tool to compare rates among multiple life insurance companies can save you almost 50 percent for the same policy.
Every company has different systems that they use for calculating their monthly premiums. You could receive drastically different premiums from two different companies for the exact same size policy. It’s important to compare rates from many different life insurance companies to ensure that you get the best deal possible. There are many high-quality life insurances companies who are competing for your business and comparing rates is the best way to get a good policy at affordable monthly premiums.
Because there are so many options, you could spend days calling different agents and getting quotes. Your time is valuable, don’t waste it on the phone or filling out forms online, we can do it for you.
We have included more company reviews on our site for your reference as well, to be able to get a better understanding of what companies offer and what their pros and cons are. We highly recommend you take a look at all of our reviews we have posted for your reference, such as our Globe Life Insurance Review or our Colonial Penn Review, before making your final decision on coverage.
Getting Lower Monthly Premiums
Not only do we want to help you get life insurance, but we also want you to get your protection as cheap as possible. Whenever we get asked questions about getting cheap life insurance, we always recommend several things.
The first is to kick your bad habits like smoking or excessive drinking. Both of these can wreak havoc on your health and your insurance premiums. Smokers looking for life insurance are going to pay at least double for their life insurance versus what a nonsmoker is going to pay. In some cases, smokers could even pay triple what a nonsmoker will pay. If you want to save thousands of dollars on your insurance plan, it’s time to put those cigarettes down.
Similar to quitting smoking, if you want to save money, you’ll need to improve the rest of your health as well. After you complete the initial paperwork, Farmer’s Insurance (or any other company that you choose) is going to schedule a paramedic to come to your house and complete a simple medical exam. During this medical exam, they want to see how your overall health is. They will look at your weight, blood pressure, cholesterol, and they will also take a blood sample and a urine sample. If you want to save money, it’s time to start focusing on your health and working to improve it.
It’s important that you start a healthy diet and a regular exercise program. Both of these are going to work wonders on your health, mood, energy levels, and your insurance premiums. It’s going to help you lose weight, lower your cholesterol, and lower your blood pressure, all three of these will save you money.
If you want to the best rates, you need to consider how large of a policy you’re going to purchase. The more insurance coverage you buy, the more you’ll pay in monthly premiums. Make sure that you aren’t trying to purchase more coverage than your family needs.
Comparing Farmers Life Insurance to Other Insurance Companies
Farmers Life is only one company on the market. They probably aren’t the cheapest. Luckily, we can help you find the golden company with the lowest rates.
Comparing rates between companies shows that there are many insurance companies that offer better rates than Farmers, such as Prudential, Protective, Transamerica, and Banner Life. It’s possible to find A+ rated insurance companies while saving about 50 percent off of Farmers life insurance rates. If you have any questions about Farmers, life insurance, or any of the different types of policies
Please call us at 1-888-552-6159, to get a quote or apply for life insurance, or compare rates by using our quote tool on this page.