I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Nov 19, 2021

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What’s New In 2021 For Farmers Life Insurance?

2021 has been a lively and active year for Farmers Life Insurance. Farmers has partnered with the Signal app in order to help minimize car accidents caused by texting, as well as much more.

How Has Covid-19 Affected Farmers Life Insurance?

Covid-19 has affected Farmers by causing a record number of people to participate in their life insurance programs. During the same time frame that Farmers announced its Covid-19 relief programs for certain states experiencing high numbers of covid cases, they also announced that their programs would likely cover deaths from the disease.

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New Products or Changes 

One of the most impactful changes to Farmers Life Insurance in 2021 has been its adoption of MetLife’s property and casualty business, MetLife Auto & Home. As of April 7th, 2021, MetLife Auto & Home came under the Farmers Exchanges and Farmers Group Inc. umbrellas for $3.94 billion dollars.

Farmer’s Life Insurance in the News 

In early 2021, Farmers Life Insurance announced the launch of a brand new usage-based insurance program targeting commercial vehicles in Washington state.

This program, known as the FairMile Program, allows Washington-based commercial business owners to choose an insurance policy for their vehicles that is based on miles driven rather than annual membership dates. Covered by Insurance Business America, Farmers said that they are “deeply committed to innovating based on the emerging needs of our customers.”

2021 Latest Farmers Life Insurance Reviews

A NerdWallet review released on December 3rd, 2020, has awarded Farmers Life Insurance with a rating of 3.5 out of five available stars. Noting simple life insurance terms and reliable whole life insurance with policies ranging from a starting age of 15 through a max-age of 121, NerdWallet gives Farmers a favorable review with no major complaints.

While Consumer Affairs joins NerdWallet in giving Farmers Life Insurance an overall review score of nearly 3.5 out of 5 stars, customer reviews on the page suggest poor experiences. Out of 94 total customer ratings, the most recent handful of reviews ranging from October 2019 all the way through April 9th, 2021, are one-star reviews. These reviews from unhappy past customers range from California and Utah to Texas and Florida.

The Better Business Bureau also displays an array of disgruntled Farmers Life Insurance customers. With over 800 customer complaints in the last three years, only about 200 of those complaints have been listed as resolved so far this year. Farmers Life Insurance has an average of only 1.44 stars from 125 recent customer ratings. 

However, they are a BBB accredited business, with an A+ rating overall. It’s important to always keep in mind that angry or desperate customers are more likely to leave a review than happy, satisfied ones.

Farmers Life Insurance is one of the most trusted insurance providers. They aim to offer a great customer experience.

Their website allows you to not only connect with an agent or get a quote but to:

  • Report a Claim
  • Check a Claim’s Status
  • Contact Roadside Assistance
  • Access a Guide on What To Do in Case of Accidents

They also have an app that allows you to pay your bills, review your policies, and create a digital ID for convenience.

The accessibility, combined with their solid history, makes them an excellent choice for many people.

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Is Farmers a Good Insurance Company?

Farmers is a reputable insurance company. They do not have a lot of complaints and offer many insurance options. It started in 1928 and has been successful since.

farmers insurance logo

They’ve always been innovative, paying cash claims during the Great Depression, and were the first to offer comprehensive auto insurance, too.

Farmers insure more than ten million Americans across all their policies, with a rating of ‘A’ or better with the leading rating companies, such as S&P. When you buy a policy from Farmers, you can trust they will be there when you need them.

When you purchase a policy from Farmers, you’re choosing comprehensive coverage and excellent customer service. They offer an app and a website that allows you to conveniently pay your bill and do other essential things for your policy.

How Does Farmers Life Insurance Work?

There is no single insurance solution that works for everybody, and Farmers has various life insurance policies to accommodate many needs. Whatever your requirements, financial situation, and age, there is a Farmers Life Insurance policy that is appropriate for you.

You can use the Farmers website to find an agent for a quote or request a quote and talk to an agent afterward. The application process is simple. Start with your zip code and choose the policy that looks most attractive to you.

Once you have a quote and sign up your policy, you will pay premiums every month. The policy ends when the term is up (if it’s a term life policy) or when the covered party passes away, whichever comes first.

When the policy has ended, you’ll file a claim to cash out. You will receive a payment that can be used to help with final expenses and the support of the loved ones who are left behind.

What Does Farmers Life Insurance Offer?

Farmers offer three primary types of life insurance policies along with one extra that not every company offers:

It’s important to note that not all policy options are available in every state.

Farmers also offers the Farmers Friendly Review Service. It’s a free service that allows you to meet with your agent about your current coverage.

You can make sure you still have the best value for your money and the best policy for your situation.

Term Life Insurance Policies

The policy is available for ten, twenty, or thirty years. In the selected period, the premium remains the same. Only at the end of the term does the price increase. The shorter the term you choose, the more affordable the premium is in general.

Farmers Life Insurance term policies are value term and simple term. The difference is that the value term requires a medical exam, which makes the coverage options higher than with simple term.

Whole Life Insurance Policies

Unlike term life that covers you for a certain period, whole life insurance covers you until death, no matter the length of time. You only need to pay for your premiums until it matures.

This type of insurance accumulates financial value over time, which you can use for whatever purpose you desire.

Farmers offers EssentialLife Simply Whole Life, Farmers Graded Benefit Whole Life, and Farmers Premier Whole Life policies:

  • The Simply Whole Life policy is slightly more expensive but is straightforward and can be issued quickly.
  • The Graded Benefit plan is a reasonable option if you don’t medically qualify for the basic plan. You have to deal with a waiting period for a payout, but it may be the only option available to you.
  • The Premier Whole Life is a policy you can’t outlive. It grows in value over time and offers permanent guarantees.

Universal Life Insurance Policies

Farmers Universal Life Policies are EssentialLife Universal Life and Farmers Index Universal Life. Universal life policies are a combination of whole life and term life, giving you more permanent insurance that has the flexibility of shorter plans.

  • The EssentialLife is like most other universal life insurance policies available at other companies. You’ll get similar guarantees and level death benefits.
  • The Farmers Index Universal Life is different because it allows you to protect your assets. You can use part of your premium in the Russell 2000 or S&P 500 to maximize cash accumulation potential.

Accident Only Insurance Policies

It is not a product offered by every company, so it is a plus for Farmers. It’s an excellent option if you have a dangerous job because it takes care of your family in the event of your accidental death.

The payout benefits vary depending on the circumstances, but your family could receive anything from $37,500 to $1 million.

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Pros & Cons of Farmers Life Insurance

Like other insurance companies, Farmers has its advantages and disadvantages.

Here is a summary of their strengths and weaknesses:

Pros:

  • A solid financial foundation.
  • Great customer service
  • You can use the website or the app to do almost anything you need for your policy online.
  • You have a virtual ID as a convenient proof of insurance.
  • It offers term, whole, and universal life policies as well as accidental death coverage.

Cons:

  • All the Farmers policies aren’t available in every state.
  • Its prices are above the industry average.

If you’re price sensitive, you may want to shop somewhere else for life insurance because Farmers is more expensive than many other companies. For others, Farmers’ reputation, benefits, and options will outweigh the increase in price, though.