Farmers Life Insurance Review (Companies + Rates)
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UPDATED: Mar 13, 2020
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|Key Info||Company Specifics|
|Current Executives||President & CEO – Jeffrey J. Dailey|
CAO – Deborah Aldredge
CFO – Scott Lindquist
|Number of Employees||19,967|
|Total Sales / Total Assets||$159,556,163 / $4,300,437,240|
|HQ Address||3120 139th Ave., Suite 300|
Bellevue, WA 98005-4491
|Premiums Written – Individual Life||$1,044,822,583|
|Best For||Flexible Term Life|
“We are Farmers…”
You know the rest of the jingle in your head. But did you know that Farmers offers life insurance, too? Not highly advertised, Farmers New World Life — the division henceforth known in this article as “Farmers” — has been offering life insurance since the 1950s.
Farmers is now owned by a Swiss company, but its American focus has never changed, including its niche roots of insuring agricultural vehicles. Here, you’ll learn in-depth what Farmers offers, and how you can compare life insurance rates with FREE our quote tool above.
Independent life insurance ratings help consumers find out more about Farmers’ financial standing and creditworthiness. Ratings are about the company’s overall reputation, not specific insurance products.
|Ratings Agency||Farmers' Rating|
|A.M. Best||A (Excellent)|
|BBB||A+ to B (By an Independent Agency)|
|NAIC Complaint Index||0|
As the chart illustrates, Farmers’ ratings are favorable, and each ratings organization is explained below,
One of the most trusted names for rating data is A.M. Best, which focuses solely on the insurance industry. Its rating system provides an in-depth evaluation of an insurance company’s overall financial strength and performance.
A.M. Best rates Farmers’ life insurance division with an A (excellent). Because Farmers has multiple divisions within its corporate structure, you can find the life insurance rating under the name of “Farmers New World Life Insurance Company,” which operates in all 50 states.
Better Business Bureau (BBB)
The Better Business Bureau (BBB) is one of America’s most trusted consumer watchdog organizations. Its ratings are based on reported consumer complaints and how well business entities respond to them. The BBB was founded over 100 years ago as a nonprofit corporation.
Interestingly, the BBB’s statistics on Farmers are by individual, independent agencies.
So, for example, if you live in Kentucky and are looking into Farmers there, the BBB has ratings for specific offices. This is nice because you can get a good feel for that particular office’s track record — not the national overview.
The vast majority of independent agent offices for Farmers are receiving A+, and many of them are BBB accredited, meaning they pass standards of excellent business practices and customer service.
Moody’s Investor Services is a bond credit rating entity. Investors refer to its ratings to evaluate the financial health of corporations.
Although Moody’s does not give Farmers a rating, it does state that Farmers is in stable, solid health as a corporation. It cites Farmers as a cost-effective insurance carrier (seventh-largest in the United States), although it has recently lost some assets due to several localized natural disasters.
Moody’s opinion is that Farmers overall is very healthy. Farmers Insurance Group is a subsidiary of the Swiss-based Zurich Insurance Group.
Standard & Poor’s (S&P)
For more than 150 years, Standard & Poor’s (S&P) has been providing ratings and financial analysis of major companies. It’s highly regarded for its market predictions.
S&P rates Farmers Life Insurance with an A. This means that Farmers is considered a safe investment and remains in stable financial condition.
Fitch is recognized as one of the top credit rating agencies. It focuses solely on the insurance industry.
Fitch does not rate Farmers Insurance by itself since it’s a subsidiary of Zurich Insurance Group (ZIG). However, Fitch gives ZIG a rating of AA- for “Insurer Financial Strength,” and an A+, or “very strong” for its long-term capital position. It also cites ZIG as having a stable outlook.
NAIC Complaint Index
The National Association of Insurance Commissioners (NAIC) represents every state in regulatory matters of the industry. For consumers, it maintains educational resources and an annual complaint index based on the number of expected complaints and a company’s market share, where 1.0 represents the national average.
Farmers received a .44 rating in 2019 (the most recent available), which means that the complaint level for a company of its size is lower than the national average.
Farmers received a zero rating (no complaints registered at all) for three consecutive years, 2016 through 2018. But in 2019, there were eight registered complaints. Enter your zip code below to view companies that have cheap auto insurance rates. Secured with SHA-256 Encryption
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Farmers Insurance was created in 1928. Its founders, John C. Tyler and Thomas E. Leavey, started the company in the niche market of providing farm vehicle insurance. Their first customers were found by selling insurance door to door of local farmers in California. As the company grew, it added other types of personal and commercial auto insurance.
Despite the company’s start just a year before the stock market crash in 1929 and the Great Depression of the 1930s, Farmers was able to pay its customers’ claims in cash, rather than IOUs.
It also became the first insurer to provide comprehensive auto coverage in the 1930s.
Eventually, it added property insurance, homeowners and business insurance. The company continued its strong growth throughout the 40s and 50s. It was in the 50s that Farmers acquired New World Life Insurance, adding life insurance to its offerings.
As a healthy incentive in the 70s, Farmers started to offer discounts on life insurance to its non-smoking customers — a practice that was imitated by other life insurers and continues today.
In 1988, the British American Tobacco Company acquired all shares of Farmers Insurance. By 1998, the company was purchased again — and is still owned by Zurich Financial Services.
The 2000s have brought several innovations. Farmers became the first insurer to offer discounts on alternative fuel vehicles and other environmental incentives. It also opened its well-known corporate training center, the University of Farmers in California.
Farmers has become a leading charitable company, donating millions of dollars to causes such as the March of Dimes and several community organizations in the San Diego area.
Farmers also has participated in numerous natural disaster recovery services.
Farmers became the title sponsor of the PGA’s annual Farmers Insurance Open Tournament at Torrey Pines. It also sponsors professional golfer Ricky Fowler, who has participated in many disaster recovery efforts since 2013.
Farmers New World Life Insurance is a subsidiary of Farmers Insurance Group of Companies. It sells term, permanent and universal life insurance. Farmers Financial Solutions LLC is another division that sells variable universal life insurance.
Farmers’ Market Share
Although Farmers ranks much higher (ninth) in the property and casualty insurance category, its life insurance division is significantly smaller in market share. It’s not ranked in the NAIC’s annual listing of the top 125 life insurance companies.
This table illustrates how much smaller its life insurance division is than the 2018 top 10 rankings.
|Rank||Group/Company Name||Direct Written Premiums||Market Share|
|1||Northwestern Mutual Life||$10,517,115,452||6.42%|
|3||AARP (New York Life)*||$9,295,848,300||5.68%|
|10||Minnesota Mutual Group||$4,422,100,028||2.70%|
Farmers New World Life Insurance Company’s division is licensed to sell insurance in 36 states.
Farmers’ Position for the Future
Farmers’ future appears strong, especially when combined with all of its other insurance subsidiaries (home, auto, and business). Although the life insurance division (Farmers New World Life) is much smaller than its other divisions, the company’s outlook as predicted by the rating agencies remains stable.
Overall, it’s one of the largest American companies, with 48,000 exclusive agencies and around 20,000 employees. It insures over 10 million households and has underwritten over 20 million policies.
Farmers’ Online Presence
Farmers’ website is pretty self-explanatory. There are a variety of options to look up for each division of insurance products. Interestingly, though, there is no apparent way to file a life insurance claim on its website.
Also, near the bottom of the life insurance page, where you’re prompted to “Learn more here,” the screen isn’t live and takes you nowhere new.
Farmers does have a user-friendly app for mobile devices. Invoices can be paid electronically, and claims can be reported through the app.
On social media, Farmers has a presence on Facebook, YouTube, and Instagram. Most of its posts are about the company and employees providing goodwill in the face of natural disasters. There is nothing easily found about the life insurance division.
They also have a social media presence for the annual Farmers PGA Open at Torrey Pines.
Farmers’ commercials are overwhelmingly about auto and homeowners insurance. Their YouTube channel features most of their popular ads about strange insurance claims. This commercial is one in a series in which Farmers partnered with Sesame Street for its 50th anniversary.
In a news release put out by Farmers about the partnership, Farmers touted its commitment to educating families about safety and health.
Farmers in the Community
Farmers Insurance has built a large corporate giving and sponsorship program. Beginning with its founders, the company has always encouraged a culture of community support.
Founder John Tyler and his wife, Alice, funded the ongoing Tyler Award for environmental achievement, while John and Dorothy Leavey started a foundation, one of the largest California foundations that continues to fund education and multiple charities.
Since the 1990s, Farmers employees have contributed or helped to raise over $40 million for March of Dimes charities. The company also focuses on disaster relief efforts, education, and support of military personnel, as this video explains.
Farmers is also the title sponsor of the annual Farmers PGA Open at Torrey Pines in Southern California. Led by professional golfer Ricky Fowler, PGA players team up regularly to assist in disaster relief.
Farmers has participated in the Pasadena (California) Rose Parade since 1959, as well as countless community parades and events.
Farmers employs approximately 20,000 people and has 48,000 captive insurance agents. (This means they are limited to selling Farmers insurance products.)
Farmers New World Life (the life division of Farmers’ corporation) is based in Bellevue, Washington. Great Place to Work® has given Farmers the distinction of a Certified Company for its employee satisfaction. According to the Great Place to Work® website, 81 percent of Farmers employees agree with the criteria.
Subcategories of the surveys, such as the opportunity for growth and availability of benefits, are rated between 86 and 91 percent satisfaction from employees.
Glassdoor.com has 3,300 reviews of the Farmers New World Life division. The average employee overall rating is 3.3 stars out of 5.
Farmers was rated number 97 in Fortune’s 100 Best Companies in 2020, and number 55 in its Best Workplaces for Diversity in 2018. As this employment recruiting video portrays, it actively recruits young employees. More than 80 percent of its workforce is under the age of 60.
This may or may not influence which company you choose for life insurance. But as one online reviewer noted, “I felt my Farmers agent was more interested in bundling my life insurance with homeowners and auto than he was in understanding what my actual life insurance needs were as a senior.”
Shopping for Life Insurance
Ultimately, choosing life insurance is about choosing the best plan for protecting your lifelong assets and your loved ones. It may also be designed to protect your business, a business partner, or even a charitable organization.
In other words, life insurance is designed to relieve the financial burden from your survivors or leave a lasting legacy for a cause you feel strongly for.
The best way to shop for life insurance is to compare rates. You can accomplish this by using their free online quote tool and becoming familiar with the types of life insurance that are available.
Because Farmers offers several types of insurance besides life (such as homeowners, auto and business owners), some people may want to consider Farmers as a one-stop-shop for all their insurance needs. This is called bundling, and in many cases, Farmers will offer discounts to its customers if they bundle two or more kinds of insurance with them.
This can create convenience and billing ease and can save an estimated 15 percent overall. However, buyers need to be aware that life insurance itself isn’t permitted by law to be discounted. The discount will actually be applied to auto or homeowners insurance.
So if you bundle all your insurance through Farmers, you may be paying higher life insurance rates that aren’t competitive with other reputable companies.
Types of Coverage Offered
Farmers’ life insurance products are basic and fall into two categories, as this video explains: term and permanent. There are other sub-types of insurance within these two categories, as we’ll explain.
This Farmers video illustrates the two basic types of insurance available, and when or why each of them might be considered as options as life changes occur.
Farmers stresses the difference between the two types of basic life insurance it offers, and why, as your life changes, you may consider permanent over term, or the other way around. Here, we explain what each is, and what life insurance products are offered by Farmers.
Keep in mind that Farmers is not available in all states, and it must be purchased through a Farmers agent.
Term life is a policy that pays a guaranteed death benefit for a specified period. For example, as long as premiums are paid on time, the beneficiary will be paid a death benefit in full if the policyholder died before the term expired. Otherwise, the policy will become void.
It’s crucial that premiums are paid on time, and that the policyowner makes sure the beneficiary is aware of the term’s expiration date.
Term life insurance is one of the most affordable policies available and is usually recommended for people at major life occurrences, such as marriage, the birth of a child, or the purchase of a new home. The younger you are when you purchase a policy, the lower your rates will be with term insurance.
Farmers New World Life offers 10-, 20-, and 30-year term life policies. This isn’t as comprehensive as many other companies that also offer 15- and 25-year term life insurance. This means it offers fewer options to consider.
Here are your options:
Farmers Simple Term
- For ages 18-65
- Auto underwriting for coverage within a day, and usually without a required medical exam
- Minimum $75,000 policy
- Guaranteed death benefit with level premiums (stay the same)
- May be converted later to a Farmers whole life (permanent) policy later
Farmers Value Term®
- A good consideration if you have fixed-end obligations such as a mortgage or car loan, or if you anticipate a date for college tuition expenses
- A medical exam (underwriting) is required
- Ages 18-75
- 10-, 20-, 30-year terms with a minimum of $150,000 policy purchase
- Guaranteed death benefit, usually tax-free
- Level benefits (the death benefit stays the same regardless of when you die) during the term
- May be converted to a permanent Farmers life insurance policy at the end of the term
Whole life insurance is a form of permanent life insurance, meaning the policy is valid for your entire life. It does not expire like term life does — as long as your premiums are paid on time.
Consider whole life as a hybrid: It has a guaranteed death benefit but also contains a cash value. A portion of your premium has a savings component. Typically, the interest rate is lower than other investments, but it does increase in value over time.
The attractiveness of whole life to some people is that you can access the cash value during your lifetime if you need it for something, such as a new home, college tuition or other major expenses.
Additionally, the premiums stay level, meaning they don’t increase with age.
Whole life is generally far more expensive than term. Some policies are five times as much as term life. However, if you can afford whole life, it offers a guaranteed death benefit, and those benefits are almost always tax-free for your beneficiaries.
Farmers offers two types of whole (also called permanent) life options.
EssentialLife® Simple Whole Life:
- Level benefits
- Cash value growth is guaranteed (it doesn’t rely on market conditions going up or down)
- Minimum $15,000
- Tax-free death benefit
- Quick underwriting — may not need a medical exam
Farmers® Graded Whole Life:
- May be a better choice for those with health issues who are concerned about their eligibility in obtaining life insurance
- $5,000–$30,000 policies available
- Guaranteed cash value growth
- Guaranteed death benefit, but only after a two-year waiting period
Graded life insurance pays less money to the beneficiary if death occurs within a few years of purchasing the policy. It’s designed to protect the insurance company if they are concerned about an individual’s health, but it also provides the insured with a guarantee that at least some of the death benefit will still be paid.
The following video by a nonprofit foundation further helps to explain the difference between term and whole life and to determine which type might be better for you and your family.
In summary, term life is more affordable but simply ends at the end of a predetermined time (unless you want to convert your term policy into permanent at a later time. Permanent life insurance has a savings component to it, which can allow more flexibility later in life. However, it is much more expensive. Everything goes back to deciding what is best for you and your family’s financial and lifestyle situation.
Universal life insurance is another form of permanent life, which means that a policy is in effect for the entire lifetime of the insured person. That’s the major difference between universal and term.
But like whole life, universal can accumulate cash value over the person’s lifetime, but the difference here is that universal offers more flexibility and control over how your policy value grows.
For example, premiums are usually flexible (you can pay what you choose when you’re able), and you can also choose how to invest some of your policy’s cash value.
Farmers offers two kinds of universal life insurance:
Farmers EssentialLife® Universal Life:
- Frequency and amount payable in premiums can be set according to needs
- Cash value growth is generally tax-deferred
- Can be purchased up to 80 years of age
- Minimum $50,000 policy purchase
Farmers Index Universal Life®:
- You can choose to allocate a portion of funds to either indexed fund of S&P 500® or Russell 2000®
- Offers asset protection because it has a zero percent floor, meaning the cash value won’t dip below the original amount during poor market performance
- Growth can be more significant during favorable market conditions
- You can adjust the frequency and amount of payments and can adjust the account’s face value (the death benefit)
- Death benefits are generally tax-free
- You can access the cash value for expenses or business succession
Burial & Final Expense
Final expense insurance is permanent coverage that’s used to cover the costs associated with the insured’s death. Yes, even dying costs money, and since the deceased can’t pay for it, their loved ones will have to.
Early preparation can help prevent financial pain for your loved ones. Medical bills, burial, and funeral services or cremation are among the reasons people purchase this form of protection.
The premium and the death benefit remain level throughout the insured’s lifetime. Another unique advantage of final expense is that they don’t require the applicant to undergo an exam as part of the underwriting process.
Farmers does not market burial and final expense insurance. Rather, it sells term life insurance that’s fundamentally designed to help families pay for expenses after the policyholder’s passing.
One important factor to keep in mind about Farmers term insurance is its limitations on age. Unlike other major life insurance providers, Farmers only provides term insurance under its Simple Term product until age 65. And under its Value Term®, it only issues policies for people up to age 75.
That’s a consideration for people who are in good health well into their 70s and 80s and who desire to leave their loved ones coverage for funeral or tax reasons. Farmers does not seem like a senior-friendly insurer for final expense insurance.
Factors That Affect Your Rate
There are several factors that insurance companies take into consideration in the underwriting process. Here, we outline basic criteria looked at by any life insurance company, especially if you are seeking life insurance as a supplement to what your employer might already be offering.
Your gender is a primary factor. Men pay more for life insurance because they generally don’t live as long as women. Age is also a primary factor because younger populations are less likely to die, making premiums significantly lower.
The incentive for insurance companies is to have you pay premiums for a long time. Conversely, the incentive for young people to purchase life insurance is to lock in lower rates early.
Current Health & Family Medical History
Another factor that comes into play throughout your lifetime is your health and family history. If there are significant hereditary risks, such as heart disease and cancer, or if you have a chronic illness such as diabetes or arthritis, insurance companies will charge higher rates for chronic illness.
Obtaining life insurance at an early age, when health is generally better, makes good sense.
It can also help lock you into a permanent policy. Smoking falls into this category of risk, as smokers pay higher premiums. However, if you already have a policy in place and you quit smoking, you may be able to save money by informing an agent of this significant and improved lifestyle change.
The status of your current health when you apply for life insurance is crucial for obtaining the best rate possible. If you’re in good health, don’t smoke or engage in unhealthy habits, getting life insurance should be relatively easy. In general, again, it’s wise to obtain life insurance while you’re young and healthy to save money.
Farmers Simple Term life insurance doesn’t usually require a medical exam, but they may ask you some health-related questions for you to be approved. Its simple term boasts a quick turnaround: Most policies are approved and in effect within a day.
Farmers Value Term®, on the other hand, requires a medical exam for its underwriting process. It is, as its name implies, less expensive than its Simple Term product. The advantage, then, would be for people to consider this kind of insurance while they’re young and in good health.
Life insurance can be a tricky negotiation for people in certain occupations. When life insurance policies are underwritten, your occupation is considered as a factor that affects your rate — or even your eligibility. Jobs such as a commercial fisherman, an electrical lineman or even a UPS driver can weigh considerably on the rate or approval you receive.
The U.S. Bureau of Labor and Statistics tracks risky occupations, and insurance companies will pay attention if yours is included.
If you’re in a high-risk field such as airline piloting, heavy construction, or driving a truck, you can expect generally to pay higher premiums. Depending on other combined risks, you may be unable to be approved by certain insurers.
Farmers, as all insurance providers will do, takes the insured’s risk into consideration when calculating premiums.
A straightforward tool on Farmers Life’s website quizzes you on everything from where you live to what you do for a living, even before you commit to purchasing a policy. Be aware that your rates are definitely affected by your occupation.
It’s no surprise then, that high-risk habits — smoking is first on that list — will also affect your life insurance rates. Scrutiny of your lifestyle and your medical records will come into play with your calculated rates.
If, for example, you engage in rock climbing, skydiving, or even occasional scuba diving, there are temporary, situational insurance options available, and they should not affect your overall rates.
Your best bet, if any of these higher risks apply to you, is to shop around for various companies’ rates. Or, you might consider no-exam life insurance as an alternative.
Just be prepared to be honest about your hobbies and lifestyle. Dishonesty may cost you dearly. If the company discovers that your application was fraudulent, the policy itself could be nulled.
Veteran or Active Military Status
Farmers New World Life does not offer any military exceptions or discounts for life insurance. They do offer incentives for auto and homeowners insurance for veterans, but not for life insurance policies.
Also, keep in mind that Farmers isn’t available in all states of residence; therefore, discounts don’t apply.
Getting the Best Rate With Farmers
Getting the best life insurance rates with Farmers has everything to do with your current state of health, the state in which you reside, and which type of policy you seek. Farmers New World Life isn’t generally known as being competitive with life insurance rates.
They are far better known for comprehensive auto and homeowners, rather than life insurance rates, which are regulated and not discounted.
To get the most favorable rate for life insurance with Farmers, it’s a proactive process: stay healthy, buy at a young age, and pay your premiums on time so that your policy doesn’t lapse.
Our quote tool can help you shop for comparable rates, but regardless of shopping online, we recommend that you compare companies.
Although Farmers offers bundled options for all of your insurance needs, it doesn’t discount life insurance. If you’re in the market for a competitive rate on all of your insurance needs, then bundling might make sense.
Farmers has a few programs worth mentioning, including its attention to bundling. As far as life insurance goes, it’s far less competitive with rates, but as mentioned before, if you’re interested in a comprehensive plan for all your insurance needs, you might be able to pull a plan together to save on other insurance such as homeowners and auto.
One bill for all of your insurance bills is attractive.
On its website, Farmers has a tool called Life Compass® that’s designed to navigate the needs you and your family may have. You have to answer the basic questions before it chutes you into an online quote, including:
- Name, age, dependents
- Income and occupation
- Finances (savings and debt)
- Life stage (Did you just start a family, or are you ready to retire?)
- Future (What do you expect in your future situation?)
- Needs (Tricky; know how much life insurance is sufficient for you and your family to get by)
Farmers isn’t well known for its competitive rates, but it’s user-friendly with its agent suggestions. Although it’s not available in all 50 states (it’s available in 36 states), its website tools will point you in the right direction for a customized policy. Enter your zip code below to view companies that have cheap auto insurance rates. Secured with SHA-256 Encryption
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Canceling Your Policy
The benefit of Farmers Insurance’s size is its presence — online and through your local agent. If for whatever reason you need to cancel or amend your policy with Farmers, there is a representation at the local level. Of course, there are steps to cancellation.
How to Cancel
Follow these steps to cancel your policy.
#1 – Call 1-800-238-9671
Or, contact your representative or agent from Farmers, who can adjust your policy accordingly.
#2 – Be Sure to Have the Original Copy of the Policy Agreement on Hand
If you can’t locate your policy information, Farmers’ website has a search tool that can help you, as well as a live chat option.
#3 – Make Sure You’re Covered
Before you make changes, be certain that you have an alternative life insurance plan in effect to ensure that your family has no lapse in coverage.
#4 – Discuss With the Agent Whether There Might Be Another Option Available to You
For example, if you’re canceling simply because your term policy is about to expire, but you’re in good health and still need life insurance for your heirs, you may consider converting your policy into whole life, but it must be in good standing.
How to Make a Claim
Way down on the list of its type of claims to make online, Farmers tells you how to make a claim for life insurance. It’s user-friendly for auto and homeowners insurance, but a little more confusing if you’re trying to make a claim for someone’s actual life (death, actually).
To make a claim, contact your Farmers agent and follow their guidelines. Making a claim for life insurance involves highly sensitive and emotional details; therefore, you need to make a claim through an ambassador (agent). You can also reach out to their life insurance helpline at 1-800-238-9671.
How to Get a Quote Online
Getting a quote from Farmers is relatively easy, right from the home page. It is recommended, however, that before you do, you should first become familiar with your life insurance options from Farmers, since they are somewhat limited in scope.
#1 – Visit Farmers Insurance at www.farmers.com
There is a tool under the Life Insurance tab, which immediately prompts you to enter your ZIP code for a quote. (Remember, Farmers is not available in all 50 states.) Here is what you will start with:
You can also click on the “learn more” option first before utilizing this option. By entering the ZIP code in which you reside, you will immediately find out whether your state has Farmers available.
#2 – Have All Your Important Information Ready
You will be asked for some basic information, such as your date of birth and an estimate of how much you need for life insurance.
#3 – Be Prepared to Get Personal
Some of the questions are somewhat intimate, including health history and income data.
As you will see, purchasing Accidental Death is easy to do online, but the four other options will take you to product pages where your personal data will be required. Enter your zip code below to view companies that have cheap auto insurance rates. Secured with SHA-256 Encryption
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Design of Website/App
Farmers has a user-friendly web application that helps its customers navigate through the claims process. Keep in mind, however, that it’s primarily for other kinds of insurance, such as auto or homeowners insurance.
Farmers also offers a phone app, but life insurance claims must be handled through a Farmers agent, and can’t be accomplished in the phone app.
An agent can help to ease you through the emotional turmoil of a life insurance claim. The website is far more suited to property claims than for life insurance.
Here is Farmers’ home page:
As previously mentioned, the subtle message on the homepage is that all of your insurance needs can be met “strung together.” The next step is to click the Life link.
As you scroll underneath the basic screen, lengthy descriptions of what kind of life insurance may be right for you will appear. Or, you can click on any one of the subject links to take you directly to the product you’re looking for.
Its Life Compass® section is a nice feature that guides the reader through what their individual needs may be, with appropriate links for more specific information.
Overall, the website is very friendly and easy to navigate before you even have to contact an agent.
Pros & Cons
The familiar jingle of Farmers’ commercials can get into your head, and possibly make you believe that the company will cover even the most unimaginable claims.
Life insurance is different, of course. The serious business of life insurance isn’t at the forefront of Farmers’ marketing, but because of the company’s overall good standing, it still may be worth considering, especially if you already use Farmers for auto and homeowners insurance.
Farmers Insurance is a stable bet if you’re in the market for a package (bundle) of comprehensive home, auto, and life insurance. But it’s not necessarily the best company for competitive rates or options.
Farmers offers a menu of basic life insurance options. It’s not complicated at all: its term, permanent and universal policies are straightforward. So if you’re confident in Farmers in general, you may enjoy the ease of its bundling option. Bill payments for all of your insurance needs are simplified and convenient.
You can also save money in the long run with bundling — just remember that the savings are on discounted auto or homeowners. Life insurance is regulated and cannot be discounted.
Farmers offers several rider options if that’s what you’re looking for.
For term life, and if you’re in good health, Farmers Value Term® is a good option if you have long-term obligations such as a mortgage or children’s education in your future. If you’re looking for whole life but have health eligibility concerns, Farmers® Graded Whole Life may be a better choice because it doesn’t require a medical exam.
If you love a philanthropic company, Farmers’ history in this category is impeccable. They support community fundraisers, respond to catastrophic weather occurrences, and have received accolades for their workplace diversity.
The biggest downside to Farmers New World Life is its lack of competitive rates. Depending on your age and gender, rates can be up to 18 percent higher than other, more well-known life insurers.
Even if you want to bundle your insurance package, the savings over your lifetime may be much smaller than you realize.
Another disadvantage of Farmers is its rigidity in term options (10, 20 and 30 years versus other companies’ 10-, 15-, 20-, 25-, and 30-year options). And there’s a bit of age discrimination if you’re a senior looking for term life: the simple term is only offered to people up to age 65, and Farmers Value Term® is only offered until age 75. Most major life insurers offer seniors term life well into their 80s.
Finally, Farmers New World Life isn’t available in all 50 states.
The Bottom Line
Farmers New World Life is a reputable insurance company. They also have deep roots in community support, which began with its founders almost 100 years ago.
Although its parent company, Farmers, is far better known for its home and auto insurance than its life insurance, many of its customers seem happy with the fact that they can combine all of their insurance to ease billing and receive consistent customer service.
Farmers’ life insurance rates aren’t considered to be competitive — especially for a company of its size.
And because it’s available only in 36 states (the website quote tool will tell you right away when you enter your state of residence), it isn’t a consideration for many Americans.
It’s worth a look if you already own (or plan to own) Farmers auto or homeowners insurance.
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Here are some common questions people often have regarding life insurance, plus a few further details about what Farmers does and does not offer in addition to term and permanent life insurance.
#1 – Does Farmers offer accidental death?
Yes. Accidental death insurance, a separate policy, is available from Farmers. Policies can range between $37,500–$200,000. Up to $1 million is available under certain conditions. It is available for people ages 18–69.
#2 – Can I use the cash value of my universal life insurance to pay for premiums due?
Yes. One of the advantages of universal life is having the ability to make your premiums and payout values adjustable. Many people find this feature to be a sort of parachute in case their individual circumstances prevent them from being able to afford premiums at times.
#3 – Does Farmers allow me to convert my term life policy into a permanent policy when the term expires?
Yes. If you already own a term policy with Farmers, you’ll be able to convert your policy seamlessly into a whole (permanent) life policy. Certain medical conditions might apply.
#4 – Can I buy disability insurance through Farmers?
No. Farmers doesn’t offer separate policies for disability insurance.