December, 14 2017

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Life insurance reviews, news and prices from the top companies

Farmers Life Insurance Review 2016

Farmers Life Insurance Review 2016

Author
  • Price
  • Underwriting
  • Financial Strength

Farmers Life Insurance Review 2016

Pros:  Local agents- Farmers uses a brick and mortar business model with local agents- which many people prefer.  Well-known- Farmers is very well known thanks to their popular television commercials.  Website- Farmers website is very user friendly and provides instant rate quotes.

Cons: Price- Farmers prices are often higher compared to other insurers we reviewed.  (See table below)

Bottom Line: Farmers Insurance is a household name and a top 5 auto and home insurer in America.  While their property and casualty is highly ranked, their life insurance (issued by New World Life Insurance Company) rates are higher than many of the other top companies we reviewed in 2016.  Farmers does have local agents, good underwriting guidelines and a user friendly website that provides instant quotes but their rates can be expensive compared to other life insurers.

About

Type: Subsidiary

Issued by: Farmers New World Life Insurance Company

Founded: 1928

Website: www.farmers.com/life/

Phone: (800) 327-6377

Address: 4680 Wilshire Blvd. Los Angeles, CA 90010

A.M Best Rating 2016: A (Excellent) Third highest of 16 possible ratings

Comdex Ranking: NA

BBB Rating: A+ (Farmers New World Life Insurance Company Not Accredited)

Competitors: New York Life, Northwestern Mutual, Mass Mutual, Mutual of Omaha, John Hancock, PennMutual, Principal, State Farm, Allstate, Ohio National Life, American General Life, Banner Life, Protective Life, Primerica, State Farm, USAA, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential.

 

Farmers Term Life Insurance Rates 2016 Comparison

Below are the sample monthly rates a male in each company’s best health class for $250,000-20 year term life insurance policy for a 40 year old male.

Mutual of Omaha: $19.91

AIG: $20.02

MetLife: $21.51

TIAA-CREF Life: $22.75

Voya: $22.97

Nationwide: $23.36

Prudential: $25.65

John Hancock: $28.70

Primerica: $28.98

New York Life: $29.42

Farmers: $42.06