Farmers Life Insurance Review
You might recognize Farmers Insurance from the company’s clever TV commercials. But what is the company behind the commercials all about?
In this Famers Life Insurance review, you can learn about the life insurance policies, costs, coverage and more that are offered by Farmers. When you’re ready to compare life insurance plans from multiple insurance companies, you can request a free quote online or call to speak with a licensed insurance agent.
About Farmers Life Insurance
Farmers New World Life Insurance Company is headquartered in California and was originally founded 1928. The company serves more than 10 million households with over 19 million policies written.1
Where Is Farmers Life Insurance Sold?
Farmers sells life insurance policies in every state except New York.
What Kind of Life Insurance Does Farmers Sell?
Farmers Life Insurance sells term, whole and universal life insurance in all states but New York and also sells accidental death insurance in select areas.
Farmers Term Life Insurance
Farmers sells two different types of term life insurance policies:
- Simple term life insurance provides coverage in increments of 10, 20 or 30 years to those between the ages of 18 and 65. Minimum death benefits are $75,000, and premiums remain level throughout the term. Farmers typically does not require a medical exam or lab test for these policies and approval can happen in as little as 24 hours.
- Value term life insurance is available up to the age of 75, has death benefits beginning at $150,000 and requires a medical exam for approval.
Farmers Whole Life Insurance
Whole life insurance provides permanent coverage, and Farmers sells two different whole life policies.
The Farmers EssentialLife Simple plan is available to those as young as just 15 days old all the way up to 80 years in age. Death benefits can be as low as just $15,000 and are guaranteed. Premiums remain level over the life of the policy and approval is dependent on a medical questionnaire and possibly an exam.
The Farmers Graded Benefit whole life insurance policy requires no medical exam and provides death benefits of between $5,000 and $30,000 to those ages 18 to 80. Premiums are level, the cash value is guaranteed, and the death benefit payout is limited to 110% of paid premiums for a non-accidental death within the first two years of the policy’s life.
Farmers Universal Life Insurance
Farmers offers two different varieties of universal life insurance.
- The Farmers EssentialLife Universal policy offers flexible premiums for death benefits starting at $50,000 for those ages 15 days through 80 years. This policy can also come with an interest-earning cash value.
- The Farmers Index Universal product is identical to the EssentialLife policy but allows policyholders to invest portions of their premiums in fixed-interest accounts or index funds.
Farmers Accidental Death Insurance
Accidental death insurance provides benefits in the event of a covered accident.
Policies from Farmers range from $37,500 to $200,000 in death benefits and can even pay up to $1 million in certain circumstances. Coverage is available to those ages 18 to 69 and there are no medical exams or waiting periods.
Accidental death insurance is available from Farmers in 33 states.
Does Farmers Life Insurance Have Any Riders?
Riders are optional add-ons that allow you to customize your policy. The riders made available by Farmers Life Insurance Company include:
- Disability. Temporarily pause your premiums if you become disabled and unable to work.
- Accelerated death. Use some of your death benefits before passing if diagnosed with a qualifying chronic or terminal illness.
- Critical illness. Take money from your life insurance policy to pay for certain expenses if diagnosed with a particular illness or condition.
How Is Farmers Life Insurance Customer Service?
Farmers Life Insurance performs generally well when it comes to customer service. The company is rated four out of five stars by Consumer Affairs and has been accredited with the Better Business Bureau since 1951, with an A- rating.
Farmers Life Insurance also receives a lower than average number of customer complaints, according to the National Association of Insurance Commissioners.
Farmers Life Insurance phone number
If you currently have a Farmers life insurance policy, you may call 1-888-327-6335 to speak to the Farmers customer service team.
Farmers also has a mobile app available in both the Google Play and Apple App Store. The app allows you to manage your policy wherever you go by paying your premiums, reviewing your benefits, viewing terms and conditions and more.
What Are Farmers Life Insurance Company’s Financial Ratings?
Farmers Life Insurance Company is one of the largest insurance companies in the U.S. with roots dating back nearly 100 years.
The company maintain an A- (Excellent) rating from A.M. Best, one of the leading financial rating agencies in the country.2
Is Farmers Life Insurance a Good Company?
Farmers Life Insurance Company offers a diverse portfolio of life insurance products in nearly every state, is backed by strong financial and consumer ratings and delivers strong customer service.
There may be policies available where you live from several different life insurance companies. Call to speak with a licensed insurance agent who can help you compare plans, or request a free plan comparison online.
1 Farmers Insurance. About Farmers. Retrieved Mar. 15, 2022, from https://www.farmers.com/about-us.
2 AM Best Rating Services. Retrieved Mar. 15, 2022, from https://ratings.ambest.com/companyprofile.aspx?ambnum=2395&URatingId=-1&bl=0&AltSrc=3&PPP=&AltNum=14232395&Ext_User=66.249.70.4&Ext_Misc=CompanyProfile:&Portal=0.
