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Bottom line: Farmers offers lots of online tools and doesn't draw many complaints, but policies aren’t available in New York.
Farmers New World Life Insurance Company sells term, whole and universal life insurance products under the Farmers brand in every state except New York, including a term life policy that often doesn't require a medical exam.
With few complaints to state regulators and a plethora of online tools to learn about and manage a policy, Farmers could be a good fit for many life insurance shoppers.
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Farmers life insurance
Farmers life insurance earned 3.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Farmers life insurance pros and cons
Life insurance policies available for people up to age 80.
Not available in New York.
Simple term life typically doesn’t require a medical exam.
Fewer complaints to state regulators than other life insurance companies of similar size.
Farmers life insurance policies
Term life insurance
Farmers sells two term life insurance policies that can be converted to whole life policies:
Farmers Simple Term life insurance policies are available for 18- to 65-year-olds for 10, 20 or 30 years. Coverage amounts start at $75,000, and premiums remain level throughout the term. This policy usually doesn’t require a medical exam or lab test, and you could get approved for coverage within 24 hours.
Farmers Value Term life insurance policies are also available for 10, 20 or 30 years, with premiums that stay the same throughout your chosen term. This policy is open to those between the ages of 18 and 75 but requires a medical exam. Coverage starts at $150,000, with no maximum.
Permanent life insurance
Farmers sells four types of permanent life insurance:
Farmers EssentialLife Simple Whole Life insurance policies are available for ages 15 days to 80 years old, with proceeds paid to age 121. Coverage starts at $15,000 and comes with a guaranteed death benefit, and premiums remain level over the life of the policy as long as payment obligations are met. Coverage approval is dependent on a medical questionnaire and possibly a medical exam.
Farmers Graded Benefit Whole Life insurance policies with no medical exam are marketed to people who have some health conditions but are able to take care of themselves. Coverage of $5,000 to $30,000 is available for ages 18 to 80 years, and proceeds are paid to age 121. Premiums remain level over the life of the policy, and Farmers guarantees a cash value. The policy comes with a graded death benefit that limits the payout amount to 110% of the premiums already paid if the policyholder dies within the first two years, unless the death is a result of an accident.
Farmers EssentialLife Universal Life insurance offers flexible premiums with coverage starting at $50,000 for people between 15 days and 80 years old. It may also have a cash value that earns interest.
Farmers Index Universal Life insurance targets people who want protection from underperforming markets. Portions of your premiums can be invested in accounts indexed to the S&P 500 or Russell 2000, or in fixed-interest accounts paying 0.1% to 1%.
» MORE: Compare life insurance quotes
Customer complaints for Farmers
Over three years, Farmers life insurance has drawn fewer complaints to state regulators than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
More about Farmers
The Farmers website has clear descriptions of each life insurance product and several resources for shoppers who need guidance, including a Life Compass feature that asks customers a few questions to determine which type of life insurance is right for them. You can log in to manage your policy and make payments.
The Farmers mobile app offers a variety of features to policyholders, including the ability to pay bills, view policy documents and connect with an agent.
You can get a Farmers life insurance quote online, on the mobile app or by contacting a life insurance agent through the website’s search portal.
Other Farmers insurance products include:
Boat and watercraft insurance.
Collectible auto insurance.
Landlord and rental property insurance.
Mobile home insurance.
Recreational vehicle insurance.
How we review life insurance companies
In our life insurance reviews, our editorial team considers both the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use A.M. Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. NerdWallet does not recommend companies with a rating lower than a B. Here’s the breakdown:
Exceptional: A+, A++
Strong: A, A-
Moderate: B+, B
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.