Term life insurance provides you with coverage for a specific period of time. It pays a benefit only if you die during that term. Some term insurance policies can be renewed at the end of the period. Premium rates may increase at each renewal date. Because term insurance premiums are generally lower than permanent insurance premiums, you can usually afford a higher level of coverage. Term insurance is good for responsibilities that will diminish or end over time, for instance, mortgages or car loans.
Farmers Term Life Insurance is the right choice when you're looking for temporary coverage to fit your current family or business needs. These plans generally provide the most coverage for your insurance dollar. What's more, several of the plans are renewable or even convertible to permanent forms of coverage that lock in your premium cost over the life of the policy.
Whole-life insurance is designed to be a lifelong policy and is known by a variety of names. As long as you pay the necessary premiums, the death benefit will always be there. These policies are designed and priced for you to keep over a long period of time, build in cash value, and have many financial benefits.
