Farmers Life Insurance Review - Products - Quotes & Pricing - FAQs

As the name suggests, Farmers Insurance began as a farm insurance company. Founders John C. Tyler and Thomas E. Leavey both come from a farming background, so it made sense to them to go to farms in person to drum up business. They began Farmers Insurance in 1928 in downtown Los Angeles.

Farmers was one of the few carriers who could pay out claims in cash, rather than IOUs, during the Great Depression. The company gained a positive repetition in town and business flourished.

They bought New World Life Company in Seattle in the 1950s, which is the company that issues Farmers life insurance products today.

Farmers Insurance is considered a pioneer in the insurance industry, having been the first to offer comprehensive auto insurance coverage in the 1930s and a monthly payment plan option in the 1960s.

Today, the insurance carrier is owned by Zurich Financial Services, part of the Farmers Insurance Group of Companies. You may have heard their catchy jingle:

“We. Are. Farmers!” duhduhduhduhduhduhduh…

FARMERS FINANCIAL STRENGTH

When you buy life insurance from a company, you typically have a large death benefit amount. Knowing that eventually, that large payout may come due can leave anyone worried about how easily the company can pay.

Farmers New World Life Company has an A rating with both AM Best and S&P Global Ratings. These excellent ratings showcase Farmers financial stability and ability to pay claims when the time comes.

LOCATIONS

Farmers still has its home office in Los Angeles, California. Farmers New World Life Insurance Company is domiciled in Bellevue, WA.

STATE AVAILABILITY & LICENSING

Farmers has agents in 42 states across the country. It is licensed to sell life insurance in 49 states and Washington, D.C.

The only state you can’t buy Farmers life insurance in is New York.

Farmers life insurance products are issued by Farmers New World Life Insurance Company in Bellevue, WA.

FARMERS TERM LIFE INSURANCE OPTIONS

Farmers has two term life insurance options: Simple Term and Value Term.

Here are the similarities of the two Farmers term life insurance policies:

Issue ages of 18 to 65 years
Coverage for 10, 20, or 30 years
Guaranteed death benefit
Level premiums for the life of the policy term
Most states offer coverage to age 90
Term coverage does not build cash value

Simple Term

Coverage amounts start at $75,000 and are capped at $150,000. This policy comes with simplified underwriting, which means you only have to answer health questions on the application, but don’t have to take a medical exam. Your approval depends on the answers to the health questions.

Value Term

Starts at $150,000 in coverage and has no maximum coverage limit. If you can prove a financial need, you can get as much coverage as you want with Farmers Value Term. This policy requires a medical exam for approval.

FARMERS WHOLE LIFE INSURANCE OPTIONS

Farmers also has two options for whole life insurance: Simple Whole and Graded Whole.

Life Farmers term life, Farmers whole life products have some similarities:

Builds cash value
Guaranteed level premium
Guaranteed death benefit
Provides lifetime coverage

You can buy Simple Whole life for a child as young as 15-days-old, up to an 80-year-old senior. Coverage amounts start at $15,000 and go up to $250,000.

While this policy doesn’t have a medical exam requirement, you do have to answer health questions to be approved. The policy is payable to age 100. If you live beyond 100, the policy is considered paid up, so you no longer have to make payment but are covered until death.

Farmers Graded Whole life is best for people who can’t qualify for Simple Whole life. It has a smaller death benefit, from $5,000 to $30,000. You have to be at least 18-years-old to buy it, and the age cap for this product is also 80-years-old.

There is no medical exam required, but you do have to answer three health questions on the application to get approved. This policy is payable until age 121.

This policy has a graded death benefit, which means if you pass away in the first two years, your beneficiary only receives your premiums paid plus 10% interest.

FARMERS UNIVERSAL LIFE INSURANCE OPTIONS

Farmers also has two universal life insurance options: EssentialLife Universal Life and Index Universal Life.

You can get universal life insurance coverage from 15-days-old to 80-years-old. Coverage for Farmers universal life starts at $50,000 and doesn’t have a cap.

Similar to whole life, universal life comes with a guaranteed death benefit, but allows you the flexibility to change your coverage or premium amount if your needs change.

For the savvy investor looking to maximize their cash value growth potential, Farmers also has Index Universal Life. This policy has the same features as EssentialLife Universal Life, but you can allocate some of your cash value to either an indexed S&P 500 or Russell 2000, or both.

There’s a guaranteed minimum return rate, which helps ensure your account doesn’t go negative in a down market. In an up market, you’ll earn more interest faster. Cash value can be used to pay premiums or you can withdraw or borrow against it as a loan.

If you think you may need the flexibility but want the comfort of permanent life insurance, universal life may be a better fit than whole life insurance.

FARMERS ACCIDENTAL DEATH INSURANCE OPTIONS

Farmers accidental death insurance, also called accidental death and dismemberment, or AD&D, is available in 33 states. Purchase coverage from $37,500 to $200,000. If you buy $200,000. Farmers will pay up to $1 million if you die in a common carrier accident as a fare-paying passenger on a commercial flight.

Unlike life insurance, which pays out for almost any manner of death, accidental death pays out only if you die in a covered accident.

You can buy it as a stand-alone policy or purchase it as a supplement to your existing life insurance. You have to be between the ages of 18 and 69 to qualify. There are no health questions on the application or medical exam to complete. Coverage is available until age 80 in most states.

FARMERS LIFE INSURANCE RIDERS

One way you can customize your life insurance coverage is with riders. Riders allow you to add certain features or benefits to your policy. Some are free while others cost extra.

Here are a few riders you can get with a Farmers life insurance policy:

Accidental death: Pays a higher death benefit if you die an accidental death.
Children’s term rider: Add life insurance coverage for your child, which will cover them until they reach adulthood.
Chronic illness: Allows you to access some of the death benefit while you’re still alive after being diagnosed with a qualifying illness or long-term disability.
Critical illness: Allows you to access some of the death benefit while you’re still alive if you’re diagnosed with a qualifying critical illness.
Terminal illness: Like the critical illness rider, you can access some of the death benefit if you’re diagnosed with a terminal illness.
Waiver of premium: If you’re deemed disabled and unable to work, Farmers will pay your premiums to keep your policy in force.

Riders may not be available in all states and typically have conditions to be eligible and terms to adhere to.

QUOTES AND PRICING

In this section, you can get an over-the-shoulder look at how to get a quote for Farmers life insurance online.

STEP ONE: START YOUR QUOTE REQUEST

The Farmers website is a little confusing. If you start on the home screen, you can select Life from the drop down and enter your ZIP code, then select Get a Quote.

You then get a screen that shows you the only option to get a quote online is for Value Term.

But if you go through the menu, select Life Insurance, then go to the life insurance screen. You can go through the Farmers FastQuote option, select Life, then put in your ZIP code, and select Start My Quote.

From here, you can buy accidental death insurance or get a quote for term or whole life insurance. If you want a quote for universal life, you have to contact a Farmers agent.

STEP TWO: BASIC PERSONAL DETAILS

Once you select the type of policy you want, you’ll enter some personal details:

Name
Date of birth
Gender
Residential address
Email
Phone number

STEP THREE: PROVIDE MORE INFORMATION

On the next screen, your name will be grayed out. You have to check yes or no to whether you’ve had any form of tobacco or nicotine products in the last 3 years.

You’ll then enter the insurance amount you want. No matter if you select 10, 20, or 30 years of coverage, you’ll only be able to get a quote for a minimum of $301,000, not the $250,000 advertised.

You can then choose whether you want the waiver of premium rider quoted, and if you choose 20- or 30-years, you’ll have the option to choose the critical illness rider.

STEP FOUR: GET YOUR FARMERS QUOTE

Without asking you any health questions besides tobacco usage, Farmers is ready to give you a quote. For a 25-year-old female, Farmers assumes she qualifies for its healthiest class and lowest rate for its Platinum Plus underwriting class.

If you click on “View your coverage options,” you’ll get a pop-up box with rates for a 20- and 30-year term as well.

These rates are comparable to State Farm’s, though you have to keep in mind, the State Farm quotes we received are for $250,000 in coverage, not $301,000.

STEP FIVE: WAIT FOR AN AGENT

Once you click Continue, you receive a screen with your quote summary number and estimated monthly premium. You can print or email it to yourself.

Now, you’ll have to wait for a Farmers agent closest to your address to contact you. They’ll confirm your information, ask about health questions, and then get you the actual quote based on your responses.

Reviews, Testimonials, & Complaints

As a long-standing member of the insurance industry, Farmers is on plenty of review sites with testimonials and complaints. Let’s see what consumers have to say about Farmers insurance.

BBB RATING

Farmers Better Business Bureau rating is an A, with a 1.34 out of 5 star customer review rating and 1,028 complaints filed in the last 3 years. As a multi-line company, we can assume most complaints are for the auto and home insurance division of the company.

Keep in mind, most people who use review sites are going to complain. You rarely get feedback from the people who are happy. State Farm, one of the biggest and well-respected names in the industry, has a 1.21 out of 5 star customer review rating with BBB.

GLASSDOOR RATING

Farmers has almost 5,000 reviews on Glassdoor, which is a website where current and former employees can review their job with the company. Glassdoor is a great way to get an insider’s look into how companies treat their employees, and by extension, their customers.

Farmers Insurance Group, which encompasses the entire company, not just the life insurance division, receives 3.7 out of 5 stars from employees. Eighty percent of people approve of CEO Jeff Dailey. Of the reviewers, 66% would recommend Farmers to their friend as a place of employment.

YOUGOVAMERICA RATING

YouGov is a data and analytics group that conducts consumer-driven online market research. Not all insurers have made it onto YouGov, but Farmers has.

As a brand, Farmers is the 9th most recognized insurance brand. As a general brand, it falls far below, in 940th place.

Farmers is known by 92% of people and is liked by 40%, disliked by 9%, and 43% are neutral on the brand.

It’s popular among all age groups, but is split more by gender, with 42% of women favoring Farmers and just 38% of men. Its popularity and fame has remained relatively steady since quarter three of 2020.

TRUSTPILOT RATING

Another consumer review website to consider when shopping for an insurance company is Trustpilot. With 43 reviews, Farmers has earned a poor rating of 1.9 out of 5 stars.

Many reviews are negative towards Farmers since it acquired MetLife’s home and auto division. Other reviewers complain about billing and customer service issues, while others complain about the claims process or denied claims for home and auto.

FARMERS CUSTOMER SERVICE: CLAIMS, PAYMENTS, CASH OUT, POLICY ASSISTANCE

Farmers offers several customer service options to make payments, file claims, and make policy changes.

FARMERS CUSTOMER SERVICE PHONE NUMBER:

If you need to make changes to your policy or have questions about your life insurance coverage, you can contact Farmers toll free at 1-800-FARMERS, or 1-800-327-6377, or reach out to your Farmers agent directly.

FILE OR TRACK A CLAIM:

You can file a claim with Farmers by calling 1-800-435-7764 or 1-800-422-4272 for 24/7 support. Unfortunately, you cannot track life insurance claims online or through the mobile Farmers app.

HOW TO MAKE A PAYMENT, UPDATE BANK INFO FOR DRAFT, OR DEBIT CARD INFO

There are several ways to contact Farmers Life Insurance with payment requests:

Call 1-800-27-6377
Pay your bill online: https://www.farmers.com/payments/
Use the mobile app
Mail your payment to

Farmers New World Life Insurance Company

3120 139th Ave, SE

Suite 300

Bellevue WA 98005

Frequently Asked Questions

IS FARMERS A GOOD COMPANY?

Farmers is one of the longest standing insurers in the country. It offers a wide range of insurance products, but got its name and legacy from selling farm and auto insurance. While it’s not the most expensive life insurer, it’s also not the cheapest.

WHAT EXCLUSIONS ARE THERE?

There are fine print, conditions, terms, and exclusions with every life insurer. All life insurance policies have a suicide clause, which states that if you die by suicide in the first two years, your beneficiary will not receive any money. To find out Farmers specific exclusions, you’ll have to read your policy.

DOES FARMERS OFFER LIFE INSURANCE FOR SENIORS?

Yes, Farmers offers life insurance for seniors. Its Graded Whole Life policy is for seniors up to 80-years-old. They can qualify without any health questions or medical exam for up to $30,000 in life insurance coverage.