#Whole #life #insurance
Farmers EssentialLifeВ® Simple Whole Life Insurance
Provides coverage for a lifetime and accumulates cash value that you can use while living.
Coverage Which Lasts as Long as You Need
Whole life insurance 1 is permanent insurance that can provide insurance protection for a lifetime, as long as policy premiums are paid per the terms of the contract. Farmers EssentialLife Simple Whole Life insurance 2 offered by Farmers New World Life Insurance Company can help your family in two ways:
- You may access your cash value generally income tax-free 3 to help with a loss of income, mortgage costs, educational expenses or other needs.
- It can help provide a financial legacy for your beneficiaries in the event of your death.
Farmers Simple Whole Life insurance is payable to age 100 and combines the traditional guarantees of whole life insurance with riders 4 and discounts 5,6 for customers who also have other Farmers insurance policies.
- Easy application process — no lengthy forms to fill out
How Simple Whole Life insurance can help you
Guaranteed level premiums
The premiums you pay are guaranteed to remain the same for the life of the policy, regardless of age or changes in your health.
Guaranteed death benefits
The amount beneficiaries receive is guaranteed upon the death of the insured, according to the terms of the contract provided that premiums are paid.
Accumulates cash value
As you pay your premiums, the policy accumulates value that you may borrow 7 and use to help pay premiums.
2 Policy form 2008-352.
3 Distributions from a life insurance policy in the character of partial surrenders (withdrawals) up to basis or policy loans will generally be income tax free, provided the policy does not violate Modified Endowment Contract (MEC) guidelines and the policy is not terminated during the lifetime of the insured. MEC guidelines are rules in the Internal Revenue Code which specify maximum premiums that can be paid without triggering adverse tax consequences for withdrawals. A policy termination during the life of the insured can cause the owner a single taxable event for any gains in the policy that were borrowed or withdrawn on or before the termination date.
For informational purposes only. In general, partial withdrawals from a permanent life insurance policy in excess of the policyвЂ™s basis are taxable, and limited circumstances exist where death proceeds will be taxable. Neither Farmers New World Life Insurance Company, its employees nor its Agents provide legal or tax advice. Always consult your own attorney, accountant or tax adviser as to the legal, financial or tax consequences and advice on any particular transaction.
4 Available at additional charge.
5 Customers qualifying for the Farmers Customer Discount may receive up to a 6% discount on the base premium rate per thousand Contact your agent for more details.
6 Discounts apply to selected coverages, perils and policy types. Eligibility and actual percentage of discounts may vary.
7 Policy loans and withdrawals will reduce cash surrender value and death benefit. Policy loans are subject to interest charges. If your policy is a modified endowment contract, loans and withdrawals may be subject to taxes and penalties.