Life Insurance
Farm Bureau Life Insurance
Life insurance offers protection for a family’s assets and finances as well as a source of funding for health emergencies and others needs. Farm Bureau’s policy offerings vary by state and region, but all state Farm Bureaus offer life insurance coverage either through proprietary programs or via a third-party insurance provider.
Farm Bureau’s term life policies remain in force for a fixed number of years and end afterward with no benefit available after expiration. Terms usually are offered in periods of between 10 and 30 years’ duration, and some term life products can be renewed annually or converted in permanent life insurance. Depending on the plan chosen, term life premiums can remain level or vary based on health factors during a policy’s term.
A “Living Benefit” rider allows access to a portion of death benefits if diagnosed with a terminal illness, and other options allow for waiving premium payments while disabled. Some term policies can be renewed either annually or for additional terms with premiums generally rising over time.
Permanent life insurance products offered include universal and variable universal life insurance.
Depending on the state of residence and availability, a universal life policy can be purchased with flexible premiums and death benefit coverage. Policies offer coverage up to age 115 in most states and build interest and cash value accessible through withdrawals and loans. Discounts are available on premium rates for non-smokers and meeting acceptable blood pressure and cholesterol levels.
A variable universal life policy offers flexible premiums and death benefit protection up to age 121 with a variety of investment options available to grow cash value. A portion of death benefits is available if diagnosed with a qualifying terminal illness, and charges for surrendering a policy during the first 10 years is waived if due to a chronic or terminal illness, total disability or confined to a nursing home for at least 90 days.
Regardless of whether purchasing a term life or permanent life product, all death benefits are free from federal taxation when paid to beneficiaries.
