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Tough questions. Simple answers. Farmers® makes it simple to understand Life insurance.

Life Insurance

In a nutshell, Life insurance comes in two forms: Term insurance and Permanent insurance.

What kind of Life insurance¹ fits my needs?
  • Whole Life may be good for young adult’s initial insurance purchase, or for families needing life insurance protection yet also wanting to accumulate funds for the future.

  • The cash value of a whole life policy is guaranteed.

Whole Life insurance
Term vs.
Permanent Insurance

Term insurance has level premiums for a set period of time and is usually more affordable. It provides the greatest amount of coverage for the lowest initial cost. You may find that a Term policy is a good choice if you have temporary needs or if your funds are limited.


Permanent insurance, which includes Whole Life and Universal Life, may be the right fit for you if you want to help cover a long-term need such as replacing income for a surviving spouse, legacy planning for children or end of life expenses. Permanent insurance may initially cost more, but may accumulate cash value.


It's difficult to say exactly which kind of Life insurance is better, because the type of coverage that's right for you all depends on your individual circumstances and financial goals. A combination of Term and Permanent insurance may be the right solution.

  • Affordable coverage.

  • May be a good fit if your personal or business needs are temporary.

  • Your coverage may continue after the level term period3 or you may also convert to permanent coverage (subject to contractual requirement).

Term Life insurance
  • Flexible coverage

  • Options for timing and method of premium payment4

  • Tailor coverage to your personal needs

3Premiums for Term policies are generally subject to change after the initial term period.

4This policy may lapse if premiums are not paid or if premiums are not sufficient to continue coverage.

Universal Life insurance
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