I love Farmers commercials on TV. You may also have the “We are farmers” jingle in your head just like I do. Because they advertise many people know of the Farmers brand. However, are they really the best choice for life insurance?
This Farmers Life Insurance Review will look at Farmers Life Insurance, the positives and negatives of their insurance policies and if you should go with Farmers for life insurance. While Farmers may be competitive for auto and homeowners insurance, our conclusion is that they are not the best choice as your life insurance provider and we’ll cover the reasons in this blog post.
First a bit about Farmers.
Farmer’s Life Insurance – History:
While we don’t think Farmers is the best choice for life insurance, they are a financially sound company – they have been around since 1928 and insure more than ten million Americans and have an A rating from A.M best, which is considered excellent. Many people do choose Farmers for their auto and home insurance since they do have a good reputation and local offices.
Despite their great record, Farmer’s has had some high profile lawsuits in the last 10 years. There have been a fair number of lawsuits resulting from stonewalling from Farmers in paying out insurance claims. Most of these claims are settled out of court, with Farmers paying the customers their due.
Comparing Farmers Rates
We wanted to compare rates between Farmers and other top life insurance companies. As an example we went on Farmers website and put in a 38 year old male who is looking for 20 year term life insurance. When going to the Farmers Life Insurance website, a $500,000 insurance policy results in monthly premium payments of $62. While this may sounds like it’s a decent deal, you can actually save about 50% off that price by comparing rates among top life insurance companies, which you can do using our quote tool.
When shopping for life insurance going to just one company and getting rates isn’t the best way to shop. There are probably 15-20 excellent companies for term life insurance and comparing rates is the best way to find a high quality company while saving money on coverage.
Comparing Farmers Life Insurance to other Insurance Companies:
The bottom line is that there are many companies that will have better pricing than Farmers. From Prudential, to Banner Life, to Transamerica and Protective, you will find better pricing for life insurance by comparing rates. You can save about 50% off Farmers life insurance rates while still finding A+ rated life insurance companies.