Farmers Life Insurance Review 2024

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Written by Ben Moore
Assistant Assigning Editor
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Assigning Editor
Fact Checked

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Farmers

3.0

NerdWallet rating 
Farmers offers helpful online tools and doesn’t draw many complaints, but policies aren’t available in New York.

on Nerdwallet

Financial strength rating

Strong

Online purchase

No

NAIC complaints

Close to expected

Policies offered

Term, permanent & no-exam
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on Nerdwallet

Farmers

3.0

NerdWallet rating 
Farmers offers helpful online tools and doesn’t draw many complaints, but policies aren’t available in New York.

Financial strength rating

Strong

Online purchase

No

NAIC complaints

Close to expected

Policies offered

Term, permanent & no-exam

In our life insurance reviews, our editorial team considers 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 AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. 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.

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.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.

Farmers life insurance rating

3.0

NerdWallet rating 

Farmers life insurance earned 3 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 policies

Term life insurance. Farmers sells two term life insurance policies that can be converted to whole life insurance:

  • Farmers Simple Term is 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 lasts 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.

Whole life insurance. Farmers offers two types of whole life insurance:

  • Farmers EssentialLife Simple Whole Life is open to people 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 stay the same. To apply, you’ll need to answer a health questionnaire and potentially take a life insurance medical exam.

  • Farmers Graded Benefit Whole Life doesn’t require a medical exam. It’s marketed to people ages 18 to 80 who may have health issues but are able to take care of themselves. Premiums remain level, and policies earn a cash value over time, which Farmers guarantees. Once you’ve accumulated enough cash value, you can begin withdrawing money or taking out loans against your policy. The policy comes with a graded death benefit. This means if the policyholder dies of natural causes within the first two years, their beneficiaries will receive a payout equal to 110% of the premiums paid.

Universal life insurance. Like all universal life insurance policies, Farmers EssentialLife Universal Life offers flexible premiums, and has a cash value component that earns interest over time. The policy is open to people ages 15 days to 80 years old, with coverage starting at $50,000.

Indexed universal life insurance. Farmers Index Universal Life insurance targets people who want protection from underperforming markets. Portions of your premiums can remain in a short-term holding account earning 0.1%, be allocated to accounts indexed to the S&P 500 or S&P MARC 5% ER or placed in a fixed interest account paying a guaranteed minimum interest rate of 1%.

Farmers customer complaints

Over three years, Farmers has drawn close to the expected number of complaints to state regulators 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, including guidance determining 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:

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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.

Methodology

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 2020-2022. To assess how insurers compare with 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. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

In This Review . . .