Whole Life Insurance: Whole Life Rates – Quotes: Farmers Insurance, whole life


Whole Life Insurance

Whole life insurance is a type of permanent life insurance – that can insure you for a lifetime. Premiums are typically level and guaranteed for the life of the policy.

Whole Life Policies

Whole life is one of the most common types of permanent life insurance offered by Farmers New World Life Insurance Company. Whole life insurance combines a level premium with guaranteed cash values which the policy owner may use to meet a variety of financial goals. 3 Whole life insurance policies may also produce excess credits, which may be used to purchase additional paid-up life insurance, potentially increasing the available death benefit. Best of all, whole life policies may offer generally income tax-free 4 access to cash value and death benefits. 5

Farmers EssentialLife Simple Whole Life 6

Farmers EssentialLifeВ® Simple Whole Life is a modernized whole life insurance policy combining the traditional guarantees of whole life with optional riders (available at additional charge), potential to earn excess credits, and a discount 7 for customers with other Farmers insurance policies.

Farmers EssentialLifeВ® Simple Whole Life features guaranteed level premiums, guaranteed cash values and is payable to age 100. Unlike universal life or variable universal life insurance policies, the cash value, premium requirements, and death benefit of Farmers Simple Whole Life policy do not vary based on prevailing interest rates or market performance. It may be an ideal product for customers seeking maximum certainty with permanent, lifelong coverage.

  • Simplified underwriting
  • Discounts available for customers owning other Farmers policies

  • Fast underwriting decision, after completing the application with your local agent

    Farmers Graded Death Benefit Whole Life 8

    To help prepare for life’s unexpected expenses, the Farmers Graded Benefit Whole Life is a life insurance policy for those who want permanent insurance coverage with guaranteed cash values and guaranteed level premiums with a lower face amount. With a simplified underwriting process, the Farmers Graded Benefit policy could offer otherwise uninsurable individuals an opportunity to obtain permanent whole life coverage.

    • No medical exam, just answer three simple health questions to determine eligibility
    • Guaranteed cash value accumulation
    • Guaranteed death benefit. 9 Limited death benefit during the first two policy years.

    Farmers Premier Whole Life 10

    For level insurance coverage throughout the life of the insured, Farmers Premier Whole Life features guaranteed level premiums and guaranteed cash values.

    • A wide range of face amounts for most financial needs
    • Guaranteed cash value accumulation
    • Option to add several riders and benefits available at an additional charge

    Contact a Farmers agent to learn more about whole life insurance.

    2 Lifetime coverage is guaranteed provided premiums are paid per the terms of the contract.

    3 Policy loans and withdrawals will reduce cash surrender value and death benefit. Policy loans are subject to interest charges. If your policy is a modified endowment contract, loans and withdrawals may be subject to taxes and penalties

    4 Distributions from a life insurance policy in the character of partial surrenders (withdrawals) up to basis or policy loans will generally be income tax free, provided the policy does not violate Modified Endowment Contract (MEC) guidelines and the policy is not terminated during the lifetime of the insured. MEC guidelines are rules in the Internal Revenue Code which specify maximum premiums that can be paid without triggering adverse tax consequences for withdrawals. A policy termination during the life of the insured can cause the owner a single taxable event for any gains in the policy that were borrowed or withdrawn on or before the termination date.

    5 For informational purposes only. In general, partial withdrawals from a permanent life insurance policy in excess of the policy’s basis are taxable, and limited circumstances exist where death proceeds will be taxable. Neither Farmers New World Life Insurance Company, its employees nor its Agents provide legal or tax advice. Always consult your own attorney, accountant or tax adviser as to the legal, financial or tax consequences and advice on any particular transaction.

    6 Policy form 2008-352

    7 Customers qualifying for the Farmers Customer Discount may receive up to a 6% discount on the base premium rate per thousand. Contact your agent for more details.

    8 ICC11-2011-123 or applicable state variation. Farmers Graded Death Benefit Whole Life Insurance policy. Limited death benefit during the first two policy years.

    9 The death benefit is guaranteed according to the terms of the contract and provided that premiums are paid.

    10 Policy form 1995-112 or applicable state variation. (Farmers Premier Endowment at age 100 – IN and PA.)

  • How Much Does Permanent Life Insurance Cost? #cost #of #whole #life #insurance


    Permanent Life Insurance Cost

    The cost of permanent life insurance will vary depending upon your personal profile and the life insurance company you buy a policy from. Each life insurance company has its own complex methodology for calculating premium costs. You’ll term life insurance is consistently less expensive to buy than a permanent life policy. Permanent life insurance policies have a cash value accumulation feature, but term insurance provides death benefits only.

    To make an informed decision on the right policy for you, find a local independent agent in the Trusted Choice ® network who specializes in life insurance. Your local member agent can help you compare permanent life insurance costs and find the right policy to meet your needs.

    2012 Life Expectancy Rates: How the U.S. Compares

    The United States ranks among the top 50 countries worldwide for life expectancy. As you’re thinking about your life insurance policies, here are a few facts to consider:

    • No. 1 Life Expectancy Ranked Nation – Japan – 83 Years
    • No. 2 Life Expectancy Ranked Nation – Switzerland – 82 Years
    • No. 34 Life Expectancy Ranked Nation – United States – 78 Years

    There are many ways to plan for your future, no matter your age or how long you live. Life insurance policies are one important way to protect your loved ones and your finances when you have passed. For more information on life insurance, contact a local independent agent.

    How Are Permanent Life Insurance Rates Calculated?

    There are a variety of factors that every life insurance company uses to determine the premium. There are three basic types of permanent life insurance policies:

    All three of these types of plans have variations and their costs are calculated differently. While all permanent life insurance policies provide death benefits, what differentiates them is how the premiums can be paid and how you can use the cash value accumulation.

    Every life insurance company uses “actuarial analysis of mortality statistics” to gage the amount of risk they are taking to insure a customer. This analysis gives the life insurance company a good idea of your life expectancy, and includes a number of variables that a company will use to determine the premium you will pay.

    One important point to remember is that the younger you are when you buy a life insurance policy, the cheaper your premium will be. Regardless of the policy, life insurance becomes progressively more expensive as you age.

    The main variables used to determine how much your permanent life insurance policy will cost include:

    • Your age: The younger you buy life insurance, the more affordable it will be. Your chances of dying or developing life threatening health risks increases as you age.
    • Your gender: Life insurance tends to be somewhat cheaper for females and more expensive for males.
    • The state of your health: The healthier you are, the lower your risks are and the more affordable your policy will be.
    • Whether you smoke: Smokers pay considerably more for life insurance. You can reduce your rates if you quit smoking, although you will likely have to have quit for at least a year or more.
    • Your lifestyle: If you live a healthy lifestyle, your life insurance rates should be cheaper.
    • Your family medical history: If your family has a history of heart disease or cancer, you may pay a higher premium.
    • Your occupation and hobbies: Some hobbies and jobs are considered risky to insure. If you work as a commercial deep sea diver, for example, or you drive race cars for fun on the weekends, your rates will almost certainly be higher.
    • Size of the policy: The amount of death benefits you choose will directly impact the premium you pay.
    • Your medical exam results: If your medical examination shows that your blood pressure and other vitals are in a normal, healthy range, your rates will be lower.

    Note that some life insurance policies are available without a medical exam. However, the premium you pay for a policy that requires you to take a medical exam will be cheaper than for a policy that does not require a medical exam. A medical exam allows the insurance company to know exactly the health status (and risk) of every customer they insure – without that data, the risks are unknown, and premiums tend to be higher as a result.

    How Do Life Insurance Companies Use Premiums?

    Different types of permanent life insurance vary in how the insurance company uses your premiums. In some policies, such as universal life and variable life, you have some options to alter the amounts, but essentially your premium gets used to pay for three major components of the policy:

    • The amount targeted to pay your death benefits
    • The amount you pay to cover the cost of administering your policy
    • The cash value accumulation or saving/investment component

    To review how a type of permanent life insurance manages these different components, meet with an independent agent in the Trusted Choice network. Talking with an independent agent will get you one step closer to choosing the policy that best fits your situation. Your agent can evaluate your life insurance and investment needs and help choose the right policy for you.

    How Much Does Whole Life Insurance Cost?

    With whole life insurance. the higher the premium you pay, the higher your cash value accumulation. This type of permanent life insurance is not difficult to understand. Once you decide on the amount of death benefits you want, the premium you pay is guaranteed for the life of the policy. The minimal amount of return that you will receive on your cash value accumulation is also guaranteed.

    The types of whole life insurance policies you can choose from include:

    • Non-participating policies: You’ll have no say in how the insurance company allocates your premium
    • Participating policies: You’ll have a say about how the company uses the dividend
    • Combination policy: A permanent policy used in conjunction with a term policy
    • Joint policy: You and your spouse buy a whole life policy jointly as opposed to separately

    Non-Participating, combination and joint policies tend to be cheaper than participating policies.

    Let’s take a look at a few quote examples. The following figures will provide a rough idea of what you might expect to pay for a whole life policy with death benefits valued at $250,000. The assumption for each of these examples is that the policyholder is a non-smoker, in good health, who lives in Nebraska.

    Monthly and Annual Whole Life Insurance Rates

    How Much Does Variable Life Insurance Cost?

    A variable life insurance policy is similar to a mutual fund. The cash value accumulation has a more distinct investment component than other types of permanent life insurance because it allows you to choose from a variety of investment options. There are many variations on variable life insurance, and your costs will vary widely depending upon the type you choose.

    Variable insurance is different from whole life and universal life because the company is obligated to provide you with a prospectus that breaks down all the costs for your policy, including the fees and the expenses for the “sub-account,” which is the portion allocated for investment.

    To learn more about variable insurance, find an independent agent in the Trusted Choice network who specializes in life insurance. One of these agents, right in your area, can provide a complete review of variable permanent life insurance costs for you.

    What Happens If You Miss a Life Insurance Payment?

    What happens if you miss a life insurance payment depends on the type of permanent life insurance policy you are buying. With a whole life policy, it is quite simple – if you miss a payment, your policy lapses.

    With a universal life insurance policy on the other hand, the company will take the premium from the cash value accumulation portion and continue to pay the premium. A variable life insurance may or may not offer similar options.

    How much permanent life insurance costs can vary considerably from company to company. To find the best quotes and get the help you need to choose a policy that meets your life insurance needs, find an independent agent in the Trusted Choice network. These agents have access to several different life insurance companies and can provide the information you need to make an informed decision. Contact an agent today to get started.

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    Advantages – Disadvantages of Whole Life Insurance Policies – Budgeting Money #term


    Advantages & Disadvantages of Whole Life Insurance Policies

    Whole life insurance can be viewed as an investment.

    Whereas term life insurance runs only for a set period of time — the term — whole life insurance coverage continues until you die. Whole life policies have many advantages that term life cannot offer and some disadvantages that term life policies help you to avoid. Knowing the advantages and disadvantages of whole life insurance policies can help you decide if this is the right type of life insurance policy for your needs.

    Permanent Coverage

    The permanence of a whole life policy can be both an advantage and a disadvantage depending on your situation. Some people like the fact that they will enjoy the same amount of coverage no matter their age or health and that this coverage cannot be taken away as long as the payments are made. On the other hand, others may eventually find the premiums difficult to keep up with, especially in the later years when kids are grown and the high level of financial support that was once necessary is no longer a concern.


    The cost of a whole life policy is its main disadvantage. Since term life policies only cover you for a limited time and do not feature any investment benefits, the premiums are cheaper in comparison. Whole life policy premiums can be as much as 10 times higher than term life premiums for the same amount of coverage. In addition to the cost of the premiums, whole life policies tend to have fees and commissions attached by the underwriter, thanks to their high value and open-ended term.

    Investment Value

    A whole life insurance policy is an investment. Your insurance premiums are placed into stocks or bonds and earn interest over the life of the policy. The balance of your whole life insurance account can be borrowed against and counts as an asset in your overall financial profile. The real value of your policy investment may take time to build depending on the investment vehicle chosen and the amount of fees and commission you must pay off at the start of the policy. In some ways, a whole life or cash-value policy is similar to a mortgage, with the initial years of payments going toward the interest. As a rule, the longer you have your policy, the more it will be worth although there is always the possibility that investments will not grow at all.

    Set Payments

    Whole life policies come with a monthly premium amount that is locked in for the life of the policy without the possibility of change. Term insurance policies require renewal from time to time based on the length of the term selected. At each renewal the monthly premium is subject to adjustment and is typically raised, because the older you get, the more likely it is that you will die during the term.