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Farmers Mortgage InsuranceTop

Mortgage insurance is life insurance designed to provide that, in the event of your death, your family will remain in the house they love. Farmers Insurance offers two basic types of mortgage life insurance:

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 specific needs.

Deposit Fund
This rider may be added to either of these plans to build an additional cash reserve for the future. Payments into the fund can be made at any time. These payments, or even withdrawals from the fund, will not affect the basic policy's death benefit. Interest is earned at a competitive rate, and is compounded annually. The interest rate that this fund earns will never be less than the stated guaranteed minimum.

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:


Farmers Premier 20 Year Level Term
Farmers Flexible Term
Farmers Mortgage Protection Plan


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.

Coverage
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 Provisions
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.

Re-Entry
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.

Guaranteed Maximum
Rates will never exceed the guaranteed maximums stated in the policy.

Discounts
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 premium outlay.

Coverage
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.

Guaranteed Premium
The plan provides premiums guaranteed to remain level for the first five years of the policy with a guaranteed maximum level of increase following that.

Convertibility
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.

Re-Entry
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.

Discounts
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.

Options
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.

Coverage
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 most.

Keep-It-Level
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.

Prepayment Saving
A special premium discount is available if the first three years' premium is submitted with the application.

Convertibility
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 is selected.

Options
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 family.

Coverage
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.

Conversion
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 policy.

Options
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).



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