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Farmers Life Insurance

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Farmers Life Insurance

Updated: May. 31, 2018

Ranked 10th of 10 life insurance with a Quid Score of 66.

Buy Now Leave a Review

Farmers Life Insurance

Ranked 10th of 10 life insurance with a Quid Score of 66.

Product Details

Product Details

Ranks 10th overall.

Other Information
  • Online Quote: Yes
  • Other Features: N/A
  • Smoking Policy: Yes - smoker pay on average 30% more
  • Customer Service System: Phone, message, FAQ, local agent
  • Medical Exam Requirement: Yes
  • Other Financial Services: Auto, home, renters, landlord/rental, life, motorcycle, business, recreational, financial products, pet insurance, umbrella
  • Online Portal/Smartphone App: Both
  • Other Life Insurance Policies: Yes - Three types of term life (simple term, value term, and decreasing term), Whole Life, Universal Life
  • Age Requirement at Time of Application: Any age
Policy Information
  • Term Options: Yes - 10, 20, 30 years
  • Annual Premium: FEMALE: $360 - $480
  • Face Value Policy: $100,000 - $2,000,000
  • Payment Frequency: Monthly or Annually
  • Fixed or Fluctuating Premium: Fixed
  • Riders/Supplementary Coverage: No
Key Product Information
  • Online Quote: No
  • Term Options: Yes - 10, 20, 30 years
  • Annual Premium: FEMALE: $360 - $480
  • Face Value Policy: $100,000 - $2,000,000
  • Fixed or Fluctuating Premium: Fixed

Expert Rating: 60%

Ranks 10th among competitors.

Expert Rating: 60%

Ranks 10th among competitors.

Experts praise the customizability in Farmers’ term life plans. The website is a great resource for handling claims, and the company offers low coverage starting points. The premiums tend to be on the higher end compared to other companies, and Farmers does not offer any long-term financial planning.

Full Expert Breakdown
  • Premium Rates - Above average
  • Agent Responsiveness - Below Average
  • 24-Hour Telephone Support - Yes
  • Standout Incentive - Local agents
  • Financial Strength - Above average
  • Policy Options - Above average
Notable Positives
  • Offers a mortgage term life policy
  • Variety of plan options
  • Offers term life coverage as low as $50,000 ($25,000 in TX and CA)
  • Ample online resources for handling claims
Notable Negatives
  • Don’t offer aid for long-term financial planning
  • Lack supplemental service features
  • Higher-than-average premiums
Full Expert Breakdown
  • Premium Rates - Above average
  • Agent Responsiveness - Below Average
  • 24-Hour Telephone Support - Yes
  • Standout Incentive - Local agents
  • Financial Strength - Above average
  • Policy Options - Above average

Customer Rating: 76%

Ranks 5th among competitors.

Customer Rating: 76%

Ranks 5th among competitors.

Farmers agents are knowledgeable about term life policies. The company offers competitive premiums and gives the option when the term policy is up to convert to another policy. The website is accessible. Applying for a policy with a pre-existing health condition, however, may make getting approved difficult.

Ideal for people:

Those who will need agent assistance and a smooth online experience. Those looking for competitive rates and the option to convert their policy into something else at the end of its term.

Not ideal for people:

Those with pre-existing conditions may find it difficult to get approved for a policy.

Notable Pros:
  • Helpful agents
  • Competitive premiums
  • Accessible Website
  • Can convert term policies to other types at the end of term period
Notable Cons:
  • Difficult for those with pre-existing conditions to get coverage

Brand Score: 78%

Ranks 3rd among competitors.

Brand Score: 78%

Ranks 3rd among competitors.

Farmers offers multiple insurance policies and functions as a financial services group. The company serves more than 10 million households with over 19 million individual policies across all 50 states. It has 48,000 exclusive and independent agents and nearly 21,000 employees.

Heritage - 5/5

Farmers was founded in 1928 by John C. Tyler and Thomas E. Leavey.

Innovation - 3/5

Farmers offers a mobile app that allows you to view your ID cards, pay bills, view policy documents, set up payment reminders and report a claim at any time.

Reliability - 4/5

Farmers offers a live chat option on its website and assigns an agent based on a customer’s area who can be contacted in person, on the phone, or by mail. The Farmers website FAQ section has extensive resources for each type of insurance offered.

Social Good - 5/5

Farmers Insurance has several philanthropic efforts such as Thank America’s Teachers, Volunteer Incentive Program, Matching Education Gifts Program, and Farmers Family Fund.

Relevance - 4/5

Farmers has an established following on Facebook with over 2 million likes as well as strong engagement on Instagram and Twitter. The company shares behind-the-scenes details from events with Farmers agents and images from its campaign, Hall of Claims.

Retail: Best Price $420.00

Ranks 10th in value among competitors.

Retail: Best Price $420.00

Ranks 10th in value among competitors.

Customers who apply for insurance are required to fill out personal information and important health details. Farmers also offers local agents who are available to help with the online quote process.

Best Purchase Options
Farmers - $420.00
Best Purchase Option
Farmers - $420.00

Ranked by Quiddity

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