Farmers New World Life Insurance Company Review (2022)
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
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: Feb 26, 2022
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Here’s the Scoop
The Farmers New World Life Insurance Company sells three different types of life insurance
You can file a claim online or over the phone
Farmers New World Life Insurance Company offers bilingual support
You can use life insurance to provide for your loved ones even when you pass away. If you are shopping for life insurance, there are many options with Farmers New World Life Insurance Company, offering whole life insurance quotes and more.
Keep reading this Farmers New World Life review to learn more about its history and the life insurance products it can offer you.
What is the Farmers New World Life Insurance Company?
The Farmers New World Life Insurance Company first opened its doors for business in 1910 as the Catholic Life Insurance Company. Later, the company changed its name to the New World Life Insurance Company. After the Farmers Insurance Group purchased it in 1953, it was known as the Farmers New World Life Insurance Company.
Although the company changed names many times, its dedication to providing excellent life insurance products hasn’t. The Farmers New World Life Insurance Company has an A rating from A.M. Best, an indicator that it can pay out any qualifying claims filed by its clients.
While there is no Better Business Bureau rating for the Farmers New World Life Insurance Company, its parent company, Farmers Insurance, has an A- rating from the BBB. This rating means that you can expect to receive excellent customer service whenever you reach out to Farmers New World Life.
Thankfully, you won’t have to spend time searching for the Farmers New World Life Insurance Company website. Its life insurance products are all listed on the website of its parent company Farmers Insurance.
The Farmers New World Life Insurance Company address is 3120 139th Ave SE, Suite 300, Bellevue, WA, 98005-4491. You can also call Farmers New World Life at 1-800-515-1896 to get a quote.
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What life insurance products does the Farmers New World Life Insurance Company offer?
While there isn’t a Farmers New World Life Insurance Company long-term care policy, Farmers New World Life does have four life insurance products to offer you:
Farmers EssentialLife Simple Whole Life
Framers Graded Benefit Whole Life
Farmers Simple Term
Farmers Value Term
Farmers EssentialLife Universal Life
Farmers Index Universal Life
Farmers Accidental Death Insurance
Your life and the goals you want to achieve with a life insurance policy will help determine the policies that best fit your needs. Let’s take a closer look at these policies to see if they’re a good match for you.
Farmers EssentialLife Simple Whole Life
Parents who want to build cash value for their newborn could utilize the Farmers EssentialLife Simple Whole Life insurance policy. Adults who want to build cash value may also take advantage of this policy. While you can’t be over 80 years old at the time of your application, you may only have to answer a health questionnaire. Then, depending on your answers, Farmers New World Life may ask you to take a medical exam.
You can purchase as little as $15,000 in coverage, and the rates for your policy will not increase after your initial payments. As long as your policy is in good standing at the time of your death, your beneficiaries will receive a guaranteed death benefit. However, since this policy also builds cash value, they could receive far more than the original value of the policy.
Farmers Graded Benefit Whole Life
Like the EssentialLife Simple Whole Life plan, this policy also builds cash value, making it a good fit for:
Young parents
Individuals who want to generate wealth
People who would prefer to borrow from themselves than a bank
You can apply for up to $30,000 in coverage with this policy if you are between 18 and 80 years old. There also isn’t a medical exam. Instead, you’ll need to fill out a health questionnaire to apply for this policy. While Farmers New World Life advertises that this policy is guaranteed to build cash value, you should note that your beneficiaries would receive a limited payout if you were to pass away within the first two policy years.
Farmers Simple Term
If you’re not sure that you’ll need insurance coverage for your entire life but need protection for some time, the Farmers Simple Term may be of interest to you. People between 18 and 65 years old can apply for this term life insurance policy, with coverage starting at $75,000.
You may choose to let your term plan run for 10, 20, or 30 years. This plan is also convertible. You can covert your Simple Term policy into an EssentialLife Simple Whole Life to start building cash value, regardless of any changes to your health.
Farmers Value Term
Though a medical exam is required, you can apply for a Farmers Value Term policy until you turn 75 years old. Coverage starts at $150,000, but there isn’t a limit to how much coverage you can purchase. You can even convert this policy into a permanent coverage policy that has the potential to accumulate cash value.
Farmers EssentialLife Universal Life
If you want control of your life insurance, you may be interested in the Farmers EssentialLife Universal Life plan. As you experience changes in your life, you can adjust the amount and frequency of your premiums to meet your current needs. Though you can’t be over 80 years old to purchase this policy, you can secure at least $50,000 in coverage.
Farmers Index Universal Life
The Farmers Index Universal Life policy is tied to either S&P 500 or Russell 2000 indexed accounts. If these indexes perform well, your cash value can grow exponentially. You also have the choice to designate some of your premiums to feed into fixed interest accounts to guarantee financial growth.
Farmers Accidental Death Insurance
Accidents happen every day, but the Farmers Accidental Death Insurance policy has you covered. Your beneficiaries could receive as much as $200,000 if you were to perish in a covered accident. You can also apply for this coverage until age 69, with no medical exam required.
You can make your Farmers New World Life Insurance payments online for any of these policies. Still, before you put any money down, you should get different types of life insurance quotes from various companies. This strategy will allow you to compare the policies side-by-side and verify that you get the best coverage for your needs.
Is filing a claim with the Farmers New World Life Insurance company easy?
Experiencing the loss of a loved one is hard. Thankfully, the Farmers New World Life Insurance Company understands that.
The process of filing a claim with the Farmers New World Life Insurance Company claims department is relatively simple. You can file a claim online, but if you are a beneficiary trying to receive a death benefit, you will need access to your loved one’s insurance policy number.
If you don’t have the policy number, you can always call 1-800-435-7764 to file your claim. If Spanish is your first language, you can call 1-877-732-5266 to get the help you need as you file your claim.
What You Need to Know About the Farmers New World Life Insurance Company
Purchasing a policy through the Farmers New World Life Insurance Company can empower you to provide for your loved ones even after you pass away. Farmers New World Life Offers a wide variety of policies that make life insurance more accessible. You can even use a bilingual support phone number if English isn’t your first language.
While the Farmers New World Life Insurance Company has an impressive array of life insurance policies, you should take your time examining the options before you make a purchase. It’s in your best interest to get quotes from a few life insurance companies to do a cost-benefit analysis for each quote.
