Life Insurance Information
Term Life Insurance
Term life is a type of life insurance policy where premiums remain level for a specified period of time — generally for 10, 20 or 30 years. After the end of the level premium period, premiums will generally increase. Coverage continues as long as the premiums are paid. Perhaps this is an option you may want to consider when you’re on a more limited budget and will have significant expenses over a shorter period of time.
You can often pay a lower premium when you select a shorter term — say, 10 years instead of 20. But since premiums are based on risk of death, once you are outside of the level premium period, a term life policy generally gets more expensive as you grow older.
Whole Life Insurance
Whole life is permanent insurance — you’re insured throughout your lifetime, or until the policy matures, as long as you continue to pay your premiums per terms of the contract. Those premiums will stay level as long as the policy remains in force. Over time, permanent insurance typically accumulates a cash value that can be accessed for a variety of purposes while you’re still alive.
Universal Life Insurance
Like whole life, universal life is permanent insurance that may also accumulate a cash value. It offers more flexibility. You can tailor a policy to meet changing priorities with flexible premiums and face amounts. Universal life also offers you more control over how quickly your cash value grows.
Accidental Death Insurance
What are your priorities as you think about financially supporting the ones you love? You might want an extra layer of just-in-case coverage to help supplement your existing life insurance policy. Maybe you’re looking for a quick approval process without health questions or exams. Or you may simply want to help provide for heirs in the unlikely event of an accident.
Accidental Death Insurance from Farmers New World Life Insurance Company can be an affordable option — with premiums beginning at $4.50 each month for every $100,000 of coverage* .