Farmers Life Insurance is the life insurance segment of Farmers Insurance Group offering life insurance coverages at highly competitive rates which helps the customer to insure his life. In such cases, life insurance company is bound to reimburse pre-negotiated financial amount to the beneficiary of the insured person, after the demise of the insured person.
Farmers Insurance Group started its venture by writing automobile insurances in the year 1928 in Los Angeles of the state of California. The duo who floated the company are John Tyler and Thomas Leavey. The idea of initiating such an insurance company came to their mind one year prior to its origin. They had a peculiar observation regarding the driving practice of both rural and urban automobile drivers. From their very childhood days they have seen that the country side drivers drive slowly and hence are less prone to accidents. But the drivers of the big cities normally drive fast and meet accident more often than their small city/rural counterparts. So, these entrepreneurs hit the right chord by stressing to write auto insurances for the rural or small town drivers as they don't have to reimburse the claims more often. Their first venture was on the brand name Farmers Automobile Insurance Exchange which was launched in Los Angeles. But with the passage of time the company started growing and increased their product variation to all possible fields right from auto to home to life. Farmers Insurance Group of companies has established its name in this insurance industry market during the last 80 years. Farmer Insurance has made its own niche in providing wide range insurance coverage of highest quality to the people of America and now stands as the third most large companies in writing auto and home insurance policies in the world.
The products and services provided by the Farmer Insurance Group include insurances to the automobiles (for both commercial and private purposes), life insurance, insurances for compensation of workers, insurances for protecting the houses and business arenas from fire and theft/burglary, insurances for condominiums, insurances covering the mechanical breakdown of machines like boilers and other machines, insurance meant for natural calamities like earthquake, value added services, financial solutions, etc.
Two basic types of insurances offered by Farmers Life Insurance are Farmers Term Life Insurance and Farmers Whole Life Insurance.
Term Life Insurance offered by Farmers Life Insurance
Term Life Insurance are of short run nature and helps in managing the needs of the family and business of the short term and are renewable in nature and at many times can be converted from this short term type to the whole life ones.
The different products of the Farmers Life Insurance in this term life insurance include :-
Farmers Decreasing Term Life Insurance
This policy of Farmers Life Insurance can be availed by all from the age group starting from the age of 15 years to 30 years. In this insurance policy, the coverage decreases with the passage of time.
Farmers Level Term 2000 Policies
This particular policy offered by Farmers Life Insurance assures its policy holders that the coverage associated with it is liable to remain fixed for the entire life span of the policy. This policy helps the insured person in giving security to the financial requirements of the person in the current time.
Farmers Whole Life Insurance
Farmers Whole Life Insurance gives insurance on life for the whole life time of the policy holder and are not meant for longer time periods. In such policies, the beneficiaries get the reimbursement after the death of the policy holder. The policy holders can also get the reimbursement once the life period of the policy lapses.
Farmers Life Insurance offers its policy holders with GIB option allowing them to purchase additional insurance policies at any time of their life span. This option can be exercised by the concerned person starting from 25 to 40 years of age (the age at which majority of events take place in the life span of a person).The company also gives a unique facility to its policy holders where the concerned person would be able to increase his extra cash reserve position through Deposit Fund facility in entire United States of America except Kentucky and Tennessee.
The policies advanced to the customers of life insurance by the Farmers Life Insurance in the segment of Whole Life Insurance are :-
- Farmers Juvenile Premier Whole Life
This insurance is specially meant for financially protecting the future of the concerned child. This policy can be done right from the fifteenth day till attainment of the age of 17 years.
- Fixed Premium Whole Life
Uniqueness of this policy include:-
- For the entire life span of the policy the cash value is liable to increase at a fixed rate of 4.5 %.
- The premium and the protection associated with the policy are valid for a maximum of 100 years.
- Farmers Premier Whole Life
This life insurance policy is particularly suitable for
- young persons starting the program for the first time,
- professional personnels in need of short term insurance coverages called the optional OYT rider,
- families interested life insurances along with saving as a dominant option.
Farmers Life Insurance offer two types of rates for life insurances namely standard rate and preferred rate.
Standard rates are the rates offered to the general policy holders of the company. But the preferred rate is meant for special customers who have certain quality which entitle them to access this special rate. This requirement for availing special rates involve top class health condition of the customer.
If you are interested in availing more information on Farmers Life Insurance then please browse through farmers.com and farmerinsuranceagents.com.