We
know it’s hard to imagine a time when you won’t be there to help
provide for your family. That’s why Farmers® has
developed a suite of Life insurance products* designed to help you meet
your Life insurance needs, at any stage of life. Whether you’re a new
family, empty nester, business owner, or single parent, Farmers has a
Life insurance option to help suit your needs and budget.
Protecting
Your Family: By preparing in advance, you can help ensure that
your family’s financial future is protected. Your loved ones can use
the benefits to help take care of their living expenses in a variety of
ways, such as needs after the time of death (final illness expenses,
burial costs and estate taxes1), funds for a readjustment
period (to finance a move, or to provide time for family members to find
a job), or for ongoing financial needs (monthly bills and expenses,
daycare costs, college tuition or retirement).
Safeguarding
Your Business: If you’re a business owner or have business
partners, it’s important to prepare for the unexpected. Farmers offers
several Life insurance products that are designed to help you, as a
business owner, make it possible for your heirs to help pay estate taxes
and help sustain the business during a change in management, or to help
provide funds in order to execute a buy-sell agreement between partners
or stockholders.
What kind of Life Insurance do I need?
In a nutshell, Life insurance comes in two types: Term and Permanent.
Farmers offers several options for both types of Life insurance
coverage.
Term Life Insurance: Term Life
insurance provides the greatest amount of coverage for the lowest
initial cost so it is a good choice if your needs are temporary or your
funds are limited. Since term insurance provides coverage for a specific
period of time (the "term"), you will have to choose the number of
years you will need coverage. The Company pays a death benefit only if
you die during that term. Some term insurance policies can be renewed at
the end of the term. Premium rates may increase at each renewal date.
Term insurance is useful as coverage for responsibilities that will
diminish or end over time, such as mortgages or car loans. Farmers
offers several term Life insurance options to choose from.
Permanent
Life Insurance: Permanent Life insurance coverage is useful
when you anticipate a long-term need. The accumulated value can be
borrowed against and, in some cases, withdrawn to help meet current
goals. (Of course, accessing your accumulated value may reduce your
death benefit and result in additional fees or surrender charges).
For a personalized assessment of your Life insurance coverage needs,
contact Judy, your local Farmers agent. She can help answer your
questions about Life insurance and how Life insurance can benefit you
and your loved ones or beneficiaries. For more information about Life
insurance coverage considerations, visit the Life and Health Insurance
Foundation for Education.
1This document is for
informational purposes only. You should consult your attorney,
accountant or tax adviser for legal or tax advice.
PWS 56247
10/09