Life Insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

As with most insurance policies, life insurance is a contract between the insurer and the policy owner whereby a benefit is paid to the designated beneficiaries if an insured event occurs which is covered by the policy.

The value for the policyholder is derived, not from an actual claim event, rather it is the value derived from the 'peace of mind' experienced by the policyholder, due to the negating of adverse financial consequences caused by the death of the Life Assured.


What is Life insurance?

We know it's difficult to imagine a time when you won't be there to help provide for your family. That's why Farmers has developed a suite of Life insurance products* designed to help answer your Life insurance requirements, at any stage of life. Whether you're a new family, empty nester, business owner, or single parent, Farmers has a Life insurance option to suit your needs and budget.

Protecting Your Family:

By preparing in advance, you'll have the peace of mind that comes from knowing you're protecting your family's financial future. And since Life insurance benefits are generally not taxable at the federal level**, your loved ones can use the benefits to help take care of their living expenses in a variety of ways.

• Any needs after the time of death, such as final illness expenses, burial costs and estate taxes.
• Funds for a readjustment period, to finance a move, or to provide time for family members to find a job
• Ongoing financial needs, such as monthly bills and expenses, daycare costs, college tuition or retirement
  Safeguarding Your Business

If you're a business owner or have business partners, it's important to prepare for the unexpected. Farmers offers several Life insurance products that are designed to help you, as a business owner, to make it possible for your heirs to help pay estate taxes and help sustain the business during a change in management, or to help provide funds in order to execute a buy-sell agreement between partners or stockholders.**

Contact a Farmers agent to learn more about how Life insurance can benefit you and your loved ones or beneficiaries.
Products and features may not be available in all states and may vary by state.*Life insurance issued by Farmers New World Life Insurance Company, Mercer Island, WA 98040**This document is for informational purposes only. You should consult your attorney, accountant, or tax advisor for legal or tax advice.