This article contains links to products or services from one or more of our advertisers or partners. We may receive a commission when you click or make a purchase using our site. Learn more about how we make money.

Farmers Life Insurance review 2020

Last updated:  

Term, whole and universal life policy options available — but it might require a medical exam.

Get a quote if…

  • You want flexibility when it comes to policy management and bill-pay options.

Choose a different provider if…

  • You want a guaranteed issue plan.

18 to 65

Issue Age

15,000 to No Limit

Coverage

Yes

Medical Exam Required

Details

Free quote Yes
Monthly cost Not listed
Policies Term, Whole, Universal, Accidental Death
Coverage maximum No Limit
Term lengths 10-, 20- and 30-year
Riders Accelerated death benefit rider, Critical illness benefit rider, Disability income benefit rider
Medical exam required Yes
Available states Nationwide
Issue age

Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

Farmers offers three life insurance policy types: term, whole and universal. Each has its own pros and cons, but all plans are personalized according to your needs. And no matter what policy you choose, bill pay and claim reporting are both available online.

Overall, you’ll find variety and flexibility with this company, along with a history steeped in insurance expertise.

What types of life insurance coverage does Farmers Insurance offer?

You’ll have access to four life insurance options with Farmers Life, including term, whole and universal policies. Each type fits different financial and coverage needs. Here’s a quick breakdown of the four:

  • Term life. This is the most affordable life insurance option. It’s available in 10-, 20- and 30-year terms, and premiums remain level for the entirety of the term. But it ends when the term ends, regardless of if benefits were paid out.
  • Whole life. Whole life generally costs more than term life, but it has extra perks. One of those perks is a cash value that you can access or borrow against should you need it. It’s also a permanent policy, which means it lasts until benefits are paid out as long as you maintain your premiums.
  • Universal life. Flexible premiums and investment options put universal life apart from whole and term life policies. This allows part of your premiums to potentially grow, though returns aren’t guaranteed.
  • Accident only. As the name suggests, accidental death life insurance only pays out in the event that you pass away due to an accident. It typically has moderate coverage amounts and has premiums that won’t increase over time.

What riders can I add to my life insurance policy?

Farmers Life offers three main types of riders, namely a disability, critical illness and an accelerated death benefit rider. Here’s how they break down.

  • Disability income benefit rider. This rider can help offset the cost of your life insurance premiums and, in some cases, may help cover income lost due to the disability.
  • Critical illness benefit rider. Offers additional payments if you’re diagnosed with a covered illness, such as cancer, stroke or heart attack.
  • Accelerated death benefit rider. This rider pays out a portion of your death benefit ahead of schedule if you’re diagnosed with a terminal illness.

How much does Farmers Insurance cost?

You can use the quote tool on the Farmers website to get an estimate of what you might pay for a policy. Coverage cost is determined by the policy type and amount, and your personal level of risk.

Risk assessment is common for most life insurance policies, and although Farmers Life doesn’t require a medical exam for most of its products, several do have a medical questionnaire. Questions may include such things as age, current health status and lifestyle.

How do I get a low rate?

As with most insurance carriers, getting a good rate starts with knowing how much coverage you need — and Farmers Life has a life insurance calculator to help you out. By not getting more than your family will need, you can save on premiums.

The company also offers preferred rates for its term life product. The rate is determined by factors such as your gender, age, overall health, occupation and whether you use nicotine products.

Farmers Insurance recently updated their nicotine rate policy. So, even if you use nicotine, you may still be eligible for a better rate if you’re in good overall health and under its Gold Plus plan. Plans and preferred details aren’t available on the company website, but an agent can go over the details that are specific to you.

Compare life insurance rates

Compare quotes for life insurance policies starting at $15/month.
How do these quotes work?

Pros and cons of Farmers Insurance

As with any insurance provider, there are pros and cons to consider before you buy. To help with your decision, here’s the breakdown.

Pros

  • Mobile access. The Farmers mobile app supports life policies, meaning you can check your plan details and make payments from your smartphone.
  • Customer support 7 days a week. Customer service available by phone between 7 a.m. and 11 p.m. CT on weekdays, and between 8 a.m. and 8 p.m. CT on weekends.
  • Claim service 24/7. Get help with a claim at any time of day by calling 800-435-7764.
  • Potentially decent rates for nicotine users. If you use nicotine products, are healthy overall and are part of its Gold Plan program, you may be able to get a rate incentive.

Cons

  • No anonymous quotes. You’ll need to provide your personal information including address, name, phone number and email to get a quote.
  • Not all products are available everywhere. Depending on your location, you may not have access to every policy type Farmers Life offers.
  • Preferred rates on a case-by-case basis. Enough factors go into assessing if you qualify for a preferred rate that the guidelines aren’t given up front.

Compare other life insurance companies

If you’re looking for more options to compare, take a look at these other providers.

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Prudential
18 - 75 years old
$100,000
$10,000,000
10, 15, 20, 30 years
Yes
Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
Transamerica
18 - 75 years old
$25,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
MassMutual
18 - 80 years old
$2,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
AIG
AIG
20 - 85 years old
$5,000
$2,000,000
10, 15, 20, 25, 30, 35 years
Yes
Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
John Hancock
18 - 65 years old
$25,000
$1,000,000
10, 15, 20 years
Depends on policy
Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.
loading

Compare up to 4 providers

Farmers Life Insurance reviews and complaints

The company earns an A+ rating with the Better Business Bureau (BBB) as of October 2020 and is accredited by the agency. Its customer review section has 106 reviews, but the average rating is a low 1.5 out of 5 stars. Many customers cite a poor claims process with its home and auto insurance products.

Consumer review ratings on Trustpilot currently sit at an average of 2.5, but only 16 reviews have been reported at the time of writing. So, this small pool of reviews may not provide a clear picture on the overall performance for a nationwide insurance provider of this size.

How do I sign up?

If you’d like to talk to an agent, simply click the Find an agent button at the top of the Farmers Insurance website. Otherwise, you can get a quote online by following a few simple steps.

  1. Go to the Farmers Insurance website.
  2. Click Life.
  3. Enter your ZIP code and click Get a quote.
  4. Choose the product you want and click Buy or Quote.
  5. Enter your name, date of birth, gender, address, email address and phone number and select Start my quote.
  6. Fill out the risk assessment and information about the coverage you want and receive a quote.

More about Farmers Insurance

Farmers Insurance has been providing insurance expertise since 1928 and currently serves over 10 million households and services over 19 million individual policies across all 50 states.

It offers a range of other insurance products to choose from, including auto, home, business, recreational vehicle, motorcycle and umbrella insurance. And you can check out its other financial solutions to help you build your wealth and further protect yourself and loved ones.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site