Let us give you a no-obligation quote on a life insurance policy! Today, Life insurance has more options and is more affordable than ever before. Our agency can help you decide what type of policy is best for you and your goals. So whether that’s sending the kids to college, paying off the mortgage, or enjoying a long retirement Farmers is here to help!
Term Life insurance policies has a set premium that remains level for the policy period, usually 10, 20, or 30 years. If you maintain a term policy past the level premium period, then the premium amount will likely increase. Generally speaking, the shorter the policy term is the lower your premium amount will be. Coverage continues as long as premiums are paid, but this type of policy tends to get more expensive as you age. Term insurance is a good option for those with limited budgets or significant expenses over a short period of time.
Permanent Life insurance includes two basic types: Whole and Universal. Whole Life policies are in effect for your lifetime, as long as you pay your premium. The premium stays level and the policy can also accumulate cash value. This cash value can be accessed while you’re still alive for a variety of reasons. Universal Life is very similar, but provides much more control and flexibility for the insured. You can tailor the policy to fit the changes in your life with flexible premiums and face amounts. This type of policy also allows more control over how quickly your cash value grows.
Remember, there is no one-size-fits-all in Life insurance. Each individual or family has different needs, goals, and budgets that need to be met. So whether you’re a young, growing family, empty-nesters, or single with no dependents there is a policy for you! Also ask our agents about additional policy options like:
- Disability riders: Help pay your premiums and supplement your income if you become disabled
- Accelerated Death Benefit rider: Lets you collect a portion of the death benefit if you become terminally ill.
- Critical Illness rider: Pays a lump sum if you’re diagnosed with one of several specified critical illnesses, like cancer, heart attack, or stroke.