Farmers Life Insurance Review for 2019

Shot of a middle aged happy couple planning their future while consulting with insurance agent in their home.

Farmers Life Insurance is one of the most trusted insurance providers. They aim to offer a great customer experience.

Their website allows you to not only connect with an agent or get a quote but to:

  • Report a Claim
  • Check a Claim’s Status
  • Contact Roadside Assistance
  • Access a Guide on What To Do in Case of Accidents

They also have an app that allows you to pay your bills, review your policies, and create a digital ID for convenience.

The accessibility, combined with their solid history, makes them an excellent choice for many people.

Table of Contents:

Is Farmers a Good Insurance Company?

Farmers is a reputable insurance company. They do not have a lot of complaints and offer many insurance options. It started in 1928 and has been successful since.

farmers insurance logo

They’ve always been innovative, paying cash claims during the Great Depression, and were the first to offer comprehensive auto insurance, too.

Farmers insure more than ten million Americans across all their policies, with a rating of ‘A’ or better with the leading rating companies, such as S&P. When you buy a policy from Farmers, you can trust they will be there when you need them.

When you purchase a policy from Farmers, you’re choosing comprehensive coverage and excellent customer service. They offer an app and a website that allows you to conveniently pay your bill and do other essential things for your policy.

How Does Farmers Life Insurance Work?

There is no single insurance solution that works for everybody, and Farmers has various life insurance policies to accommodate many needs. Whatever your requirements, financial situation, and age, there is a Farmers Life Insurance policy that is appropriate for you.

You can use the Farmers website to find an agent for a quote or request a quote and talk to an agent afterward. The application process is simple. Start with your zip code and choose the policy that looks most attractive to you.

Once you have a quote and sign up your policy, you will pay premiums every month. The policy ends when the term is up (if it’s a term life policy) or when the covered party passes away, whichever comes first.

When the policy has ended, you’ll file a claim to cash out. You will receive a payment that can be used to help with final expenses and the support of the loved ones who are left behind.

What Does Farmers Life Insurance Offer?

Farmers offer three primary types of life insurance policies along with one extra that not every company offers:

It’s important to note that not all policy options are available in every state.

Farmers also offers the Farmers Friendly Review Service. It’s a free service that allows you to meet with your agent about your current coverage.

You can make sure you still have the best value for your money and the best policy for your situation.

Term Life Insurance Policies

The policy is available for ten, twenty, or thirty years. In the selected period, the premium remains the same. Only at the end of the term does the price increase. The shorter the term you choose, the more affordable the premium is in general.

Farmers Life Insurance term policies are value term and simple term. The difference is that the value term requires a medical exam, which makes the coverage options higher than with simple term.

Whole Life Insurance Policies

Unlike term life that covers you for a certain period, whole life insurance covers you until death, no matter the length of time. You only need to pay for your premiums until it matures.

This type of insurance accumulates financial value over time, which you can use for whatever purpose you desire.

Farmers offers EssentialLife Simply Whole Life, Farmers Graded Benefit Whole Life, and Farmers Premier Whole Life policies:

  • The Simply Whole Life policy is slightly more expensive but is straightforward and can be issued quickly.
  • The Graded Benefit plan is a reasonable option if you don’t medically qualify for the basic plan. You have to deal with a waiting period for a payout, but it may be the only option available to you.
  • The Premier Whole Life is a policy you can’t outlive. It grows in value over time and offers permanent guarantees.

Universal Life Insurance Policies

Farmers Universal Life Policies are EssentialLife Universal Life and Farmers Index Universal Life. Universal life policies are a combination of whole life and term life, giving you more permanent insurance that has the flexibility of shorter plans.

  • The EssentialLife is like most other universal life insurance policies available at other companies. You’ll get similar guarantees and level death benefits.
  • The Farmers Index Universal Life is different because it allows you to protect your assets. You can use part of your premium in the Russell 2000 or S&P 500 to maximize cash accumulation potential.

Accident Only Insurance Policies

It is not a product offered by every company, so it is a plus for Farmers. It’s an excellent option if you have a dangerous job because it takes care of your family in the event of your accidental death.

The payout benefits vary depending on the circumstances, but your family could receive anything from $37,500 to $1 million.

Pros & Cons of Farmers Life Insurance

Like other insurance companies, Farmers has its advantages and disadvantages.

Here is a summary of their strengths and weaknesses:

Pros:

  • A solid financial foundation.
  • Great customer service
  • You can use the website or the app to do almost anything you need for your policy online.
  • You have a virtual ID as a convenient proof of insurance.
  • It offers term, whole, and universal life policies as well as accidental death coverage.

Cons:

  • All the Farmers policies aren’t available in every state.
  • Its prices are above the industry average.

If you’re price sensitive, you may want to shop somewhere else for life insurance because Farmers is more expensive than many other companies. For others, Farmers’ reputation, benefits, and options will outweigh the increase in price, though.

*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.