Farmers Whole Life Insurance Review

By February 25, 2019 April 19th, 2019 Reviews, Whole Life Companies

Farmers Whole Life Insurance Review

Farmers Insurance Group, known by many as Farmers, is an insurance company that providers a variety of products and services to consumers throughout the United States.

Founded in 1928, the company has been in business helping people with their various insurance needs for 91 years. It’s headquarters is located in Los Angeles, California. However, Farmers has approximately 22,000 employees and 50,000 exclusive and independent agents.

With that many agents, the company serves well over 10 million households. And with numbers like these, it’s easy to see that Farmers is one of the top 10 largest insurers in the world.

The company is primarily made up of three separate entities:

  • Insurance Exchange
  • Fire Insurance Exchange
  • Truck Insurance Exchange

Another interesting fact is that Farmers is a mutual insurance company, and is owned by the policy holders.

Farmers New World Insurance Policies

Farmers offers many different types of insurance policies.

  • Auto Insurance
  • Home Owners Insurance
  • Renters Insurance
  • Landlord and Rental Property Insurance
  • Life Insurance
  • Business Insurance
  • Motorcycle Insurance
  • Recreational Insurance
  • Umbrella Insurance

As you can see that is a wide range of insurance products.

With something to meet the goals of almost every person, the company has achieved great growth over the past decade.

Permanent Coverage

Let’s begin by looking at all the different kinds of permanent coverage they offer. There are two main types of permanent coverage: Whole Life and Universal.

But each of the has different sub-types.

Whole Life

  • Essential Life Simple Whole Life
  • Graded Death Benefit Whole Life
  • Premier Whole Life

Universal Life

  • Essentiallife Universal Life
  • Index Universal Life

Index Universal Life “IUL”

Index universal life allows an opportunity to pick between two different funds “indexed accounts” These accounts will track the returns S&P or Russell 2000.

That is a wide array of permanent life insurance products.

Term Insurance

You are probably familiar with term insurance, as it is the most common type of life insurance.

Level Term Life Insurance

Farmers Simple Term

  • Product features
    • Coverage offered between ages 18-65
    • LEVEL premiums ( 10/20/30-year)
    • Coverage starts as low as $75,000
    • Guaranteed level premium for the term you choose
    • Convertible, meaning you can decided to change this to Farmers Whole Life product that builds cash value if you choose without medical underwriting

Farmers Value Term

  • Product features
    • Coverage offered between 18-75
    • Medical exam required
    • LEVEL Premium ( 10, 20, 30-year)
    • Coverage starts at $150,000 and no max
    • Guaranteed level premiums for the term you choose
    • Convertible, meaning you can decided to change this to Farmers Whole Life product that builds cash value if you choose without medical underwriting

Mortgage Protection

Farmers Decreasing Term

This product is designed to help protect you from an amortized loan obligation. The death benefit will decrease each month over the time you own the policy.

  • Products Features
    • Coverage starting at $25,000
    • LEVEL premiums
    • Coverage options ( 15-, 20-, 25-, 30-year) policies
    • Convertible, meaning you can decided to change this to Farmers Whole Life product that builds cash value if you choose without medical underwriting

Life insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040. Products and features may not be available in all states and may vary by state. Restrictions, exclusions, limits, and conditions apply.

The Good

Three Types of Whole Life Insurance

With more than one type of whole life insurance product, consumers find it easier to settle on the product that’s right for them.

The three options include:

  • Essential Life Simple Whole Life
  • Graded Death Benefit Whole Life
  • Premier Whole Life

Each of these products comes with its own set of features. For example, Farmers Premier Whole Life offers:

  • Guaranteed cash value accumulation
  • No medical exam
  • Guaranteed death benefit

As a consumer, Farmers gives you the opportunity to easily compare three distinct types of whole life insurance before making a purchasing decision.

Financial Strength

Farmers is one of the most financially secure whole life insurance companies, with solid ratings across the board:

  • Moody’s: A2
  • M. Best: A
  • Standard and Poor’s FSR: A+

Although there are other whole life insurance companies with stronger ratings, these three show that Farmers is on solid ground.

Large Agent Network

Farmers has approximately 50,000 exclusive and independent agents in locations throughout the United States.

This benefits both the company and the consumer. For Farmers, a large network of agents allows it to reach the largest possible customer base.

At the same time, consumers in all parts of the country have the ability to locate and work directly with a local agent. This goes a long way in ensuring that Farmers maintains its reputation for providing some of the best customer service in the insurance industry.


The Not So Good

Higher Premiums than the Competition

When it comes to pricing, Farmers is not the cheapest or the most expensive whole life insurance company.

If you’re shopping on price alone, Farmers isn’t the company for you. At the same time, no one will ever confuse Farmers for being the most expensive company in the industry.

While this is a mark in the “negative column,” there’s something to remember: by offering three distinct policy types, it’s easier to settle on a policy that fits your budget.

Confusing Website

On the plus side, the Farmers website allows you to do almost everything you would expect. This includes:

  • Connecting with an agent
  • Paying for your policy
  • Obtaining a quote
  • Making a claim

While there are many tools and resources that will make your life easier. Many people find that it’s not laid out in a user friendly manner.

So, until you are familiar with the website and its navigation, you may struggle to efficiently find what you’re looking for.

Final Word

In addition to its recent growth, Farmers Insurance Group remains on solid financial ground. Along with this, it currently services more than 19 million individual policies (all types included).

With the ability for consumers in all 50 states to purchase from Farmers, it should remain one of the top providers of whole life insurance into the future.

For consumers who want a comprehensive and flexible whole life insurance policy at an affordable price you should consider the competition. We would suggest Ohio National, MassMutual or Penn Mutual instead…

Other Great Reviews: Minnesota Whole Life Review , Nationwide Whole Life Review Sagicor Whole Life Review

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