Farmers Term Life
Insurance is a low cost, traditional decreasing term life insurance plan
to cover your mortgage. Farmers offers several types to accommodate your
Farmers term life insurance can provide a full range of valuable,
temporary coverage that gets your family or business back where it belongs.
These plans usually provide the most coverage for the dollar, several being
renewable or even convertible to permanent forms of coverage. These are the
products detailed in this section:
Premier 20 Year Level Term
Farmers Premier 20 Level Term is designed to fit almost any life insurance
need where coverage is desired for a long period of time. Any time life
insurance needs are for a period of greater than ten years, this product may
be the solution. It is economical, and its level premium structure make sit
easy on the budget.
This policy provides level term insurance to age 85. Current premiums are
projected level for the first 20 years. However, only the first five years
are guaranteed at the current rate. After the first 20 years, the premiums
increase yearly. After the initial five year period, the premium is
guaranteed not to exceed the maximum rates stated in the policy. The maximum
rates increase each year after the initial five-year guarantee.
Conversion is allowed at any time prior to the insured's attained age 65.
Conversion is available in the first year only during the first year policy
year for issue age 65. A policy may converted to any permanent plan Farmers
makes available for conversion at the time of the request, subject to plan
minimum and maximum face amounts. It cannot be converted if the premiums are
being waived at the time of the request.
At the end of the first 20 years, the policy owner may elect to re-enter for
another 20 year period at a more favorable rates it the insured meets the
medical qualifications in effect at the time of the re-entry request. This
re-entry option is available at the end of 20-year period, but only if the
insured has not yet attained age 65 at the time of request for re-entry.
Rates will never exceed the guaranteed maximums stated in the policy.
In addition to non-nicotine users, Farmers Premier 20 Level Term offers
preferred rates to people in better-than-average health.
Farmers 20 Year Level Term is the ideal product for a variety of personal
and business insurance needs because it's priced at a level that allows you
to provide sufficient protection at a low cost. For complete information,
contact your Farmers Agent.
Ten Year Level Term
Farmers Ten Year Level Term is cost-effective, uncomplicated insurance that
allows you to purchase a considerable amount of coverage at a minimum
Affordable Ten Year Level Term can fit the needs of families, professionals
or business owners, anywhere that coverage requirements include limited cash
or short term needs.
The plan provides premiums guaranteed to remain level for the first five
years of the policy with a guaranteed maximum level of increase following
Time is sure to bring change, so Ten Year Level Term can be converted to any
permanent plan during its first eight years to better suit needs.
Your needs may direct you to re-enter the plan for another ten-year period.
Though proof of insurability is required, rates for re-entry policies are
generally lower than those offered by automatically renewable plans.
Non-nicotine users are eligible for reduced premiums. For those meeting
certain health standards, special preferred rates can be obtained for
coverage over $250,000.
To make the plan truly fit your personal set of needs, these benefits and
riders can be added: Waiver of Premium, Accidental Death Benefit, Children's
Rider and Deposit Fund (Retirement Premium Deposit Fund in Kansas, not
available in Tennessee).
Farmers Flexible Term
If your family or business requires a high level of coverage in the first
few years of a policy, Farmers Flexible Term is perfect for you.
The basic Farmers Flexible Term provides 20 years of coverage that remains
level for the first three years, then decreases for the remaining 17 years.
This meets the needs of a young family or someone just starting a career; a
large amount of affordable coverage in the beginning, when it's needed the
The Keep-It-Level Option is the true "flex" in Flexible Term,
since the insured has the option of extending the level death benefit for
another three years at the end of the third year. The option can be
exercised four times, allowing level coverage for up to 15 years.
A special premium discount is available if the first three years' premium is
submitted with the application.
Farmers Flexible Term is convertible to a permanent plan during its first
three years or within the first six years, if the first Keep-It-Level Option
Features that can be added to the policy include the Accidental Death
Benefit, Children's Rider and Deposit Fund (Retirement Premium Deposit Fund
in Kansas, not available in Tennessee).
Farmers Mortgage Protection Plan
This is decreasing term insurance that covers your mortgage loan and allows
your dependents to keep the family home back where it belongs - in the
Farmers Mortgage Protection is available in 15, 20, 25 and 30 terms.
Premiums are guaranteed to remain level, and the benefit decreases monthly
based on a 10 percent amortized rate. By decreasing the death benefit over
the policy year, as opposed to once at each anniversary, the amount of
coverage more closely mirrors your mortgage balance.
First-to-Die Plus Mortgage Protection Rider
Attaching this rider provides "first-to-die" type coverage because
it insures two people at a reduced rate and pays a benefit when the first
death occurs. As a plus, the remaining insured has the option of continuing
coverage at original issue age rates. Since no specific family relationship
is required, the second insured could be a spouse, a partner or associate.
Your needs for life insurance may change, so your Mortgage Plan may be
converted during the first ten policy years to another permanent Farmers
plan. 100 percent of the remaining policy value will be applied to your new
In addition to First-To-Die Plus, several important options are available:
Waiver of Premium, Accidental Death, Children's Rider and Deposit Fund
(Retirement Premium Deposit Fund in Kansas, not available in Tennessee).