Farm Bureau Life Insurance: A Comprehensive Overview

Farm Bureau Life Insurance is a company that has been providing life insurance policies to individuals and families for over 80 years. The company’s mission is to help its clients protect the things that matter most to them, including their loved ones, their homes, and their businesses.

History of Farm Bureau Life Insurance

Farm Bureau Life Insurance was founded in 1939 by the Iowa Farm Bureau Federation. At the time, the company was created to provide affordable life insurance to farmers and their families. As the company grew, it expanded its offerings to include a variety of life insurance policies, as well as other types of insurance, such as home and auto insurance.

Today, Farm Bureau Life Insurance is one of the largest life insurance companies in the United States, with over 500,000 policies in force and more than $23 billion in assets. The company operates in 14 states across the country.

Types of Life Insurance Policies Offered by Farm Bureau

Farm Bureau Life Insurance offers a variety of life insurance policies to meet the needs of individuals and families. These include:

Term Life Insurance

Term life insurance is a type of life insurance policy that provides coverage for a specific period of time, typically 10-30 years. This type of policy is the most affordable type of life insurance and is often used to cover short-term financial obligations, such as paying off a mortgage or funding a child’s education.

Farm Bureau Life Insurance offers term life insurance policies with coverage amounts ranging from $50,000 to $5 million. Policyholders can choose the length of the term, as well as the premium payment frequency.

Term life insurance policies from Farm Bureau also come with a variety of riders that can be added to the policy to provide additional coverage. These riders include:

• Accelerated Death Benefit Rider
• Children’s Term Rider
• Waiver of Premium Rider

Whole Life Insurance

Whole life insurance is a type of permanent life insurance policy that provides coverage for the policyholder’s entire life. Unlike term life insurance, which only provides coverage for a specific period of time, whole life insurance offers guaranteed cash value accumulation and a fixed premium payment.

Farm Bureau Life Insurance offers whole life insurance policies with coverage amounts ranging from $25,000 to $5 million. Policyholders can choose from a variety of payment and coverage options to meet their individual needs, including:

• Level Premium Whole Life
• Single Premium Whole Life
• Modified Premium Whole Life

Whole life insurance policies from Farm Bureau also come with a variety of riders that can be added to the policy to provide additional coverage. These riders include:

• Accidental Death Benefit Rider
• Disability Income Rider
• Paid-Up Additions Rider

Universal Life Insurance

Universal life insurance is a type of permanent life insurance policy that offers flexible premiums and death benefits, as well as the ability to accumulate cash value. This type of policy is often used to provide long-term financial protection for individuals and families.

Farm Bureau Life Insurance offers universal life insurance policies with coverage amounts ranging from $50,000 to $5 million. Policyholders can choose from a variety of payment and coverage options to meet their individual needs, including:

• Fixed Premium Universal Life
• Adjustable Premium Universal Life
• No Lapse Guarantee Universal Life

Universal life insurance policies from Farm Bureau also come with a variety of riders that can be added to the policy to provide additional coverage. These riders include:

• Accelerated Death Benefit Rider
• Long-Term Care Rider
• Term Insurance Rider

Benefits of Farm Bureau Life Insurance

There are many benefits to choosing Farm Bureau Life Insurance as your life insurance provider. These benefits include:

• Customizable policies that can be tailored to meet your individual needs
• A variety of payment and coverage options to choose from
• Competitive rates
• A wide range of riders that can be added to your policy for additional coverage
• A strong financial rating from independent rating agencies

FAQs

What is the difference between term life insurance and whole life insurance?

Term life insurance provides coverage for a specific period of time, while whole life insurance provides coverage for the policyholder’s entire life. Term life insurance is typically less expensive than whole life insurance, but it does not offer the cash value accumulation and other benefits of whole life insurance.

Do I need life insurance?

If you have dependents who rely on your income, or if you have outstanding debts or other financial obligations, then you should consider purchasing life insurance. Life insurance can provide financial protection for your loved ones in the event of your unexpected death.

How much life insurance do I need?

The amount of life insurance you need will depend on your individual financial situation and the needs of your loved ones. A good rule of thumb is to purchase a policy that is equal to 10-12 times your annual income.

What is a life insurance rider?

A life insurance rider is an add-on to your life insurance policy that provides additional coverage. Riders can be used to customize your policy to meet your individual needs, such as providing coverage for long-term care or disability.

Can I change my life insurance policy?

Yes, you can change your life insurance policy at any time by contacting your insurance provider. You may be able to increase or decrease your coverage, change the length of your term, or add or remove riders from your policy.

What happens if I miss a premium payment?

If you miss a premium payment, your policy may lapse, which means that your coverage will end. However, many life insurance policies have a grace period during which you can make a payment without your policy lapsing.

Conclusion

Choosing the right life insurance policy is an important decision that can have a significant impact on the financial security of your loved ones. Farm Bureau Life Insurance offers a variety of customizable policies, competitive rates, and a strong financial rating, making it a top choice for individuals and families who want to protect the things that matter most to them.