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Life Insurance

 

Whole Life Insurance  

 

Like most people, your first concern is to protect your family if you're no longer there to provide for them. Whole life insurance is permanent insurance guaranteed to last for your entire life. But in addition to providing a death benefit, your premium payments accumulate as guaranteed cash values for life's needs — providing money that can be used for key financial goals like building a retirement nest egg, funding a college education or enhancing your estate so you can transfer your accumulated wealth to your heirs.  

 

Life Paid up at 65 or 95

 

Life Paid Up at 65 or Life Paid up at 95 are excellent ways to protect your family’s financial security while building guaranteed cash values. As a whole life insurance policy, these two “Life Paid Up” options offer permanent life insurance and a guaranteed level premium that remains fixed throughout the premium payment period. At age 65 or 95, depending on the policy you choose, your premium payments end but your policy is fully paid for and remains in effect during your lifetime.  

 

Whole Life 100

 

Whole Life 100 is a whole life policy that offers permanent life insurance and a guaranteed level premium that remains fixed throughout the premium payment period. At age 100, your premium payments end but your policy is fully paid for and remains in effect during your lifetime. In addition, your premium dollars will accumulate cash value. You can then borrow against the policy’s cash value to fund college costs, retirement income, etc. Dividends can be used to reduce premium costs, pay a policy loan, increase cash value or death benefit or a combination of the above. 

 

 

Term

 

Term Life Insurance    Term life insurance is one of the best ways for newlyweds, young families and small business to start out with affordable coverage. It can be purchased in large amounts for a relatively small premium, and it provides affordable protection for a specific period of time, at a cost that will fit your budget. And when you're ready, you can convert term to permanent coverage. In the short term, it can pay for immediate expenses. In the long term, it ensures your family can have the kind of lifestyle you planned for.  

 

Level Terms 10, 15, 20, 30   We offers affordable Term Life Insurance protection for specific time periods: 10, 15, 20 and 30 years. Premiums are guaranteed to remain unchanged for the duration of the selected term period. The amount of your premium will depend on your gender, age, health, and whether or not you use tobacco products. At the end of the term — depending on your age, health and plan type — you can select another policy term or continue your existing policy with an annual renewable term if you want continued protection.    

 

Annual Renewable Term   Annual Renewable Term is term life insurance that provides protection on a year-by-year basis. It provides a level death benefit to age 75 with affordable and competitive initial premiums increasing annually and guaranteed for 10 years. Yearly Renewable Term is ideal for young individuals to insure for or to provide for any significant life insurance needs at a reasonable cost. It is designed with low, annual premiums that can be converted to longer level term or permanent coverage. 

 

For clients who want an extra level of protection, talk to your Farm Family agent about our riders: Disability Premium Waiver, Children’s Term and Accelerated Death Benefit. These riders are not available in all states.

 

 

Universal

 

You know life insurance is the cornerstone of a sound financial plan—and a secure future. In addition to providing a death benefit, it offers an attractive means of accumulating funds for retirement or other long-term financial needs.   

 

Single Premium Life Insurance    Single Premium Life Insurance (SPLI) is simple and straightforward: you make a one-time premium payment to secure a totally paid-up, cash-value life insurance policy providing a guaranteed death benefit.  

 

SPLI can provide the financial security you seek from life insurance while providing a smart estate or retirement planning option for you and your family:

  • A death benefit that may be free from federal income tax, probate expense and the claims of creditors

  • A guaranteed interest credited to the policy’s cash value Tax-deferred accumulation of the policy’s cash value

  • The ability to access cash values through policy loans or withdrawals*

  • The convenience of paying just one premium for a paid-up policy  

 

* Choosing this option will reduce your policy’s death benefit.   

 

 

Family Universal Life Insurance  

 

You know life insurance is the cornerstone of a sound financial plan, and you’re looking one that not only protects your loved ones but also offers flexibility and affordability. Family Universal Life (FUL) gives you the freedom to design an insurance plan you can adjust as the needs of your growing family change without changing policies. You can choose from two coverage options: coverage that increases or coverage that remains level throughout the life of your policy.  

 

FUL can be an inexpensive way to guarantee a death benefit that is payable to age 100 and beyond. You can request an increase or decrease in you death benefit any time you feel it necessary to change your coverage. And as your income grows, your premiums can be adjusted to accumulate cash value more quickly.     

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