Farmers Insurance Group

Life Insurance - Farmers Insurance Group

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Category: Farmers Insurance Group
Published on Monday, 19 July 2010 09:20

farmer-insurance-group-lifeAt Farmers®, we know it's difficult to imagine a time when you won't be there to help provide for your family. That's why Farmers has developed a suite of Life insurance products* designed to help answer your Life insurance requirements, at any stage of life. Whether you're a new family, empty nester, business owner, or single parent, Farmers has a Life insurance option to suit your needs and budget.

Protecting Your Family:
By preparing in advance, you'll have the peace of mind that comes from knowing you're protecting your family's financial future. And since Life insurance benefits are generally not taxable at the federal level**, your loved ones can use the benefits to help take care of their living expenses in a variety of ways.

  • Any needs after the time of death, such as final illness expenses, burial costs and estate taxes.
  • Funds for a readjustment period, to finance a move, or to provide time for family members to find a job.
  • Ongoing financial needs, such as monthly bills and expenses, daycare costs, college tuition or retirement.

Safeguarding Your Business
If you're a business owner or have business partners, it's important to prepare for the unexpected. Farmers offers several Life insurance products that are designed to help you, as a business owner, to make it possible for your heirs to help pay estate taxes and help sustain the business during a change in management, or to help provide funds in order to execute a buy-sell agreement between partners or stockholders.**

Contact a Farmers agent to learn more about how Life insurance can benefit you and your loved ones or beneficiaries. Products and features may not be available in all states and may vary by state.

*Life insurance issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040
**This document is for informational purposes only.  You should consult your attorney, accountant, or tax advisor for legal or tax advice.

 

Farmers Term Life Insurance Policies

Farmers Term Life insurance could be the right choice when you're looking for temporary coverage to fit your current family or business needs. These policies generally provide the most coverage for your insurance dollar. What's more, several of the policies are renewable or convertible to permanent coverage that lock in your premium cost over the life of the policy.

Life insurance issued by Farmers New World Life Insurance Company, Mercer Island WA 98040.

Farmers Level Term 20001

Features:2
Three level term to age 90 products, all having different premium structures:

  • 30-year product with level premiums guaranteed for 30 years.
  • 20-year product with level premiums guaranteed for 20 years.
  • 10-year product with level premiums guaranteed for 10 years.

In each case, after the level premium period, the projected premiums and the guaranteed maximum premiums increase annually.

Critical Illness Accelerated Benefit rider3
Critical Illness pays you a lump-sum benefit upon your first diagnosis of a covered condition, as defined in the policy contract, after the waiting period. You may spend the benefit as you choose, to meet your individual needs.

Accelerated Benefit - Terminal Illness Rider4
This rider pays a part of the policy's Death Benefit while you are still living if a physician diagnoses you with a terminal illness, as defined in the policy contract. The maximum benefit available is $150,000 or 50% of the policy's Death Benefit. You may spend the benefit as you choose, to meet your individual needs.

Other Riders Available:
Waiver of Premium5, Accidental Death Benefit6, Children's Term Insurance Rider7, Deposit Fund8

Auto/Life and Home/Life Discounts:9
In addition to providing inexpensive coverage for your temporary Life insurance needs, Farmers Term Life insurance policies may qualify you for discounts on your Farmers Auto insurance and Farmers Homeowners insurance. Ask your Farmers agent for details.

Re-entry:
At the end of the first policy term, you may re-enter for another level premium period at favorable rates if you meet medical qualifications in effect at the time you request re-entry. Re-entry provisions vary by policy term.

Conversion:
You may convert all or part of your Term policy to a permanent policy any time prior to 20 policy years or age 65, whichever is earlier. You may convert your policy to any permanent policy made available for conversion at the time of the request, subject to minimum and maximum face amounts.

Ages Available:

  • 30-Year:
    • 18-45 Nicotine Class
    • 21-50 Non-nicotine Classes
  • 20-Year:
    • 18-60 Nicotine Class
    • 21-60 Non-nicotine Classes
  • 10-Year:
    • 18-65 Nicotine Class
    • 21-65 Non-nicotine Classes


Application Minimum: $150,000

1Policy forms 2000-228, 2000-230, and 2002-226 series
2Products and features may not be available in all states and may vary by state.
3 Policy forms 2004-CI-ABR (1-05) series, 2004-CI-ABR (30)(1-05), 2004-CI-ABR (60)(1-05), 2004-CI-ABR (1-06) UT, and 2004-CI-ABR (3-06) SD
4Policy form 2004-127 ABR-TI series
5 Policy form 2000-97B WP and 2004-97 WP CI
6Policy form 1997-100 ADB (LT)
7 Policy form 1987-107 CTIR series
8Policy form 1994-10,000 RDF series, 1994-10,001 PDF, 1994-10,002 RPDF, 1994-10,003 RPDF (w). Not available in Kentucky and Tennessee.
9Discounts apply to selected property and casualty coverages, perils, and policy types only and may vary by state and eligibility.

 

Farmers® Whole Life Insurance Policies

Whole Life Insurance: Permanent Life coverage that is provided for the insured's lifetime. Premiums are usually level, and guaranteed for the life of the policy. Whole Life policies build cash value that the policy owner may borrow during the insured's lifetime, at a reasonable rate of interest. If there is an outstanding loan at the time of the insured's death, the death benefit is reduced by the loan amount.

Farmers Premier Whole Life®†
Features:
If you want the security of traditional whole Life insurance -- and the flexibility to add special one-year term and single premium riders and other options. It also has an Excess Credits feature that can mean added insurance benefits or cash back.

Farmers Premier Whole Life1 can be great solution for:

  • Young adults just beginning an insurance program
  • Families needing protection while saving for the future
  • Professionals who require a lot of short-term insurance coverage with the optional One Year Term Rider

Farmers Premier Whole Life is a nonparticipating policy that features level premiums guaranteed over the life of the policy, a level death benefit (for the base policy) and guaranteed cash values.

Excess Credits:
Excess Credits are based on future expectations of mortality, investments and expenses, and may be paid throughout the life of the policy. They may be taken in cash, added to the Deposit Fund (except in Kentucky and Tennessee), used to purchase Paid-Up Additions or applied to pay future premiums. These credits are not guaranteed and the Company reserves the right to pay lesser amounts on substandard policies and policies with outstanding loans.

Riders Available:
One-Year Term Rider2 (only available at issue), Single Premium Paid-up Rider3(only available at issue), Waiver of Premium4, Accelerated Benefit Rider-Terminal Illness5, Accidental Death Benefit6, Children's Term Insurance Rider7, Payor Death and Disability8 (for juvenile policies), Additional Insured Rider9 and Deposit Fund10 (Retirement Premium Deposit Fund in KS; not available in KY and TN).

Guaranteed Insurability Benefit11 is available on juvenile policies only (issue ages 0-15.)

Auto/Life and Home/Life Discounts:
In addition to providing inexpensive coverage for your temporary Life insurance needs, Farmers Term Life Insurance policies can qualify you for discounts on your Farmers Auto and Farmers Homeowners insurance. Ask your Farmers agent for detail12.

Ages Available:

  • 18-80 Nicotine Class
  • 21-80 Non-nicotine Classes
  • 0-17 for juveniles (conversion to Non-Nicotine status at age 21, if eligible)

Application Minimum (varies by premium band):

  • Band I, $10,000 - $24,999 (ages 0-50) and $25,000 - $99,999 (ages 51-80);
  • Band II, $100,000 - $249,999;
  • Band III, $250,000 and higher.

†Product name changed to FarmersÂŽ Premier Endowment at age 100 (in IN)

1Policy form 1995-112 series
2 Policy form 1995-512 OYT series
3 Policy form 1995-312 SP series
4 Policy form 1995-97 WP series
5 Policy form 2004-127 ABR-TI series
6 Policy form 1995-100 ADB series
7 Policy form 1987-107 CTIR series
8 Policy form 1974-95 WP Payor; 1968-95 WP Payor
9 Policy form 1997-538 AIR series
10 Policy form 1994-10,000 RDF series; 1994-10,001 PDF (IL, SD); 1994-10,002 RPDF (IN, MT); 1994-10,003 RPDF (w) (KS)
11 Policy form 1980-171 GIB Rider
12 Discounts apply to selected property and casualty coverages, perils, and policy types only and may vary by state and eligibility.

Farmers Fixed Premium Whole Life†
Features:
Farmers Fixed Premium Whole Life13 is a permanent policy designed for fast underwriting of smaller death benefit amounts. This policy may be able to fill a variety of client needs including:

  • Older customers, particularly those age 55 and older, who are interested in a policy to cover final expenses.
  • Associations or organizations seeking small amounts of insurance for members who have no employer/employee relationship.
  • Farmers Fixed Premium Whole Life is specifically designed for efficient underwriting and issue service. Although this is not a guaranteed issue product and each application will be underwritten, in most cases a policy can be issued within a few days.

Farmers Fixed Premium Whole Life has these two important features:

  • Constant level of protection and constant premiums until age 100.
  • Built-in cash value, guaranteed to increase at 4 ½ percent yearly for the life of the policy.

Farmers Fixed Premium Whole Life is a nonparticipating whole Life insurance product that provides a level amount of protection with level premiums to age 100. The policy features guaranteed cash values at a 4 ½ percent interest rate. Policy loans, as well as Reduced Paid-Up and Extended Term nonforfeiture options are available. If the insured is living at age 100, the face amount, less any outstanding loan, is paid as an endowment.

Ages Available:
21-80 (All states except Washington)
Washington: male 21-66 female 21-71
 

Application Minimum:
$10,000 for ages 21-50
$5,000 for ages 51-80

Application Maximum:
$25,000 for ages 21-65
$15,000 for ages 66-80.

†Product name changed to FarmersÂŽ Fixed Premium Endowment at age 100 (in IN)

13Policy form number 1992-105 

Products and features may not be available in all states and may vary by state.
Life insurance issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040


Farmers EssentialLife® Universal Life

Sometimes basic Life insurance isn't the right choice. Farmers EssentialLife® Universal Life is designed to provide protection that fits your changing financial situation with:

  • Flexible coverage
  • Options for timing and method of premium payment
  • Many useful features and options, to tailor coverage to your personal needs

Farmers EssentialLife® Universal Life policies could help you in your preparation for the future. Your Farmers agent can explain them.

Farmers EssentialLife® Universal Life (Policy Form 2006-044)
Features:
Farmers EssentialLife® Universal Life policy combines the advantages of permanent protection and competitive cash value accumulation with the flexibility to adjust the time and amount of premiums, and the type and amount of death benefit. (Some changes require underwriting approval.)

This flexibility lets the product fit your changing insurance needs for a lifetime. It works hard to keep up with your current and future needs. It allows you to change the type of coverage and the death benefit while offering an outstanding cash accumulation program.

Farmers EssentialLife® Universal Life can adjust to help provide:

  • Optimum insurance protection
  • Maximized income
  • Income Tax-favored status for faster growth1

Farmers EssentialLife® Universal Life Benefits

  • Coverage - We offer a low minimum coverage to help you get started. Permanent coverage is available in amounts as low as $75,000 ($50,000 for juveniles and over age 50).
  • Premium - A minimum premium is required the first year, with the option of changing the timing or amount of payment afterwards.
  • Cash value - Every month cash value is credited to the policy to give you full benefits from the time you pay your premium. You also get competitive interest rates.
  • Farmers Customer Discount - Receive a discount of up to 20% on the Monthly Underwriting and Sales Expense Charge of your policy if you have a qualifying Auto, Home, additional Life insurance policy, or Annuity with Farmers.2

Flexible options: Increasing Death Benefit (Option A): The death benefit is the total of the current face amount and accumulation account.

Level Death Benefit (Option B): The total death benefit is the current face amount.

Changing Death Benefit Options:
You may change death benefit options after the first policy year, but no more than one change is allowed annually.

Policy Loans:
Even in the first policy year, you may take loans against all or part of the loan, provided the policy has a cash surrender value.. The Loan value is the cash value less (1) loan interest to the next policy anniversary date, less (2) three monthly deductions for policy costs or if less than three, the number due prior to the next policy anniversary date. The maximum loan interest rate is 7%.

Partial Surrenders:
(withdrawals) can be made after the first policy year subject to one partial surrender per calendar quarter, a $500 minimum and an amount not to exceed 75 percent of the cash value. Partial surrenders during the first nine policy years will incur a surrender charge.

Riders:

  • Waiver of Deduction Benefit Rider3
  • Owner Waiver of Deduction Benefit4
  • Monthly Disability Benefit Rider5
  • Accidental Death Benefit6
  • Children's Term Insurance Rider7
  • Additional Insured Rider8
  • Automatic Increase Benefit Rider9
  • Accelerated Benefit Rider for Terminal Illness10


Life insurance issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040
Farmers EssentialLife® is a registered trademark of Farmers New World Life Insurance Company
Products and features may not be available in all states and may vary by state

1 This document is for informational purposes only. You should consult your attorney, accountant, or tax advisor for legal or tax advice.
2 A 20% discount applies to the Monthly Underwriting and Sales expense Charge during the first 5 years after policy issuance.
3 Policy form 2006-90 (UL) DSW series
4 Policy form 2006-92 (UL) Owner WD series
5 Policy form 2006-103 (UL) MDB series
6 Policy form 1991-100 (038) ADB series
7 Policy form 2006-107 (UL) CTIR series
8 Policy form 2006-544 (UL) AIR series
9 Policy form 2006-310 (UL) Al series
10 Policy form 2004-127 ABR-Tl series

 

Source: Farmers Insurance Group