Farmers Burial Insurance: A Detailed 2024 Review
Posted in Companies last updated on December 4, 2023
Farmers burial insurance is a form of life insurance designed to cover funeral and burial costs. Burial insurance can provide peace of mind for seniors over 50 who want to ensure that their final expenses are taken care of, without burdening loved ones with financial responsibility after they pass away.
Is a Farmers burial policy right for you?
You will need to do your homework and compare and contrast other carriers, first, before making a decision.
Farmers offers two types of coverage plans tailored specifically to meet the needs and budget constraints of senior citizens.
In this blog post, we will discuss what Farmers burial insurance entails, its benefits and drawbacks compared to other forms of end-of-life planning options available on the market today, plus an overview about the company itself.
Table of Contents
- What is Farmers Burial Insurance?
- Pros and Cons
- Company Overview
- Alternatives to Farmers Burial Insurance
- Frequently Asked Questions
- Next Steps
What is Farmers Burial Insurance?
Founded in 1855 by John H Farmer Sr., Farmers Life & Casualty Company (FLCC) is one of America’s oldest life insurers offering products specifically tailored towards seniors, including burial insurance plans through its subsidiary company – Farmers Financial Solutions LLC (FFS).
Burial insurance is typically purchased by seniors over the age of 50 who want to ensure that their final expenses are taken care of in the event of their death.
This type of coverage can help ease financial burdens for family members or loved ones left behind, as well as provide peace-of-mind knowing that all necessary arrangements have been taken care of.
Benefits of Farmers Burial Insurance include providing financial protection against high funeral costs, allowing families to focus on mourning rather than worrying about how they will pay for funeral expenses, and providing an affordable way to pre-plan your own end-of-life services.
With this type of policy, you can choose from a couple different plans depending on your health, needs and budget. The amount you pay each month will depend on factors such as age, health status, gender, lifestyle habits and other personal information provided during application process.
Specifically, Farmers sells one form of whole life insurance that is typically used for burial insurance – Graded Whole Life.
Farmers Graded Benefit Whole Life has a simplified underwriting process, and you may qualify even if your health makes it difficult to qualify for other life insurance coverage.
– Farmers Insurance
Graded Whole Life Policy Details
- Issue ages 18 – 80 years.
- Minimum coverage amount: $5,000.
- Maximum coverage amount: $30,000.
- Permanent life insurance.
- Modest cash value.
- Guaranteed death benefit.
- Level premiums.
- No medical exam.
- Only three health questions.
- Waiting period of two years (except for accidental death).
Farmers Burial Insurance aims to provide peace of mind by offering burial insurance for seniors – to help cover the costs associated with funerals and other end-of-life expenses.
With its range of coverage options, it is a great way for seniors to ensure their families are taken care of when they pass away.
Note – Farmers does not issue burial polices to seniors over 80 .
If you are looking for burial insurance for elderly individuals, there are some carriers who offer coverage to those who are over 80 years old.
It is important to note that you must wait two years after your policy’s issuance before your beneficiaries can receive the full death benefit. This is common amongst burial insurance policies.
Key Takeaway: Farmers Burial Insurance – Graded Whole Life is a life insurance policy designed to cover funeral and burial expenses for seniors. Benefits include financial protection – allowing families to focus on mourning.
Pros and Cons
You will want to take the time to evaluate the pros and cons of Farmer’s Graded Whole Life policy before moving forward with an application.
Pros
One of the main benefits of purchasing Farmers Burial Insurance is that it can provide financial protection for surviving family members in the event of death.
It also has flexible payment plans, allowing you to pay premiums on a monthly or annual basis.
You are not required to take a medical exam, making the underwriting process simple and straightforward.
This makes it easier for seniors who may have pre-existing conditions or lifestyle choices which could otherwise make them ineligible for life insurance policies from other companies.
You do, however, need to answer a few health questions in order to qualify for coverage. Farmers burial insurance is not a form of guaranteed issue burial insurance.
Cons
The downside to Farmers Burial Insurance is that premiums tend to be higher than those offered by traditional life insurance policies due to age restrictions and potential restrictions on coverage based on pre-existing conditions or lifestyle choices.
Additionally, there is no online application option available; customers must provide personal information in order to get an accurate quote and apply for coverage.
Finally, some states may impose additional taxes on burial insurance policies which could further increase costs associated with this type of policy.
The Pros & Cons of Farmers Burial Insurance provide a comprehensive overview of the policy, and it is important to consider both when making a decision as to whether burial insurance is worth it. Next, we will take an in-depth look at the company behind this product.
Company Overview
Founded in 1928, Farmers Insurance Group has been providing quality insurance products for over 140 years. With a focus on customer service and satisfaction, they offer a wide range of products designed to meet the needs of seniors over the age 50.
Their life insurance products are issue by Farmers New World Life Insurance Company, which is based out of Bellevue, WA.
Farmers has A (Excellent) rating from A.M. Best and the Better Business Bureau gives Farmers an A. Although, a number of customer complaints can be found on the BBB business profile of Farmers.
Farmers Insurance Group offers a burial insurance plan tailored specifically for this demographic group. These plans are designed to provide financial security and peace of mind by covering funeral expenses such as casket costs, memorial services, cremation fees and more.
In addition to these products geared towards seniors over the age 50, Farmers Insurance Group also provides auto, home, and other life insurance options – with discounts available for those who qualify based on their driving record or other factors such as military service or membership in certain organizations.
Key Takeaway: Farmers Insurance Group provides coverage solutions tailored to meet the needs of seniors, including burial insurance plans. Farms has been in business since 1928 with a decent track record of customer service.
Frequently Asked Questions for Farmers Burial Insurance
Does farmers have burial insurance?
Yes, Farmers Insurance offers a burial insurance policy for seniors, called the Graded Whole Life policy. This policy provides coverage for final expenses, such as funeral costs and other related expenses.
You only need to answer three health questions to qualify.
Can you cash out a burial policy?
Yes, you can cash out a burial policy.
Depending on the type of policy and the insurance company, there are different ways to do this. Generally speaking, if you have a whole life or universal life insurance policy that has accumulated cash value over time, you may be able to surrender it for its current cash value.
Alternatively, some policies allow for accelerated death benefits which provide access to part of the death benefit while still alive in exchange for reduced coverage after payment is made.
It is important to understand the terms of your policy before attempting to cash out a burial policy.
How long do you have to notify life insurance company of death?
Most life insurance companies require that the death of a policyholder be reported within 30 days. It is important to contact the insurer as soon as possible, even if you are not sure whether or not the deceased had an active policy with them.
If there is a valid policy in place, it will need to be verified through filing a death claim. Additionally, some insurers may require additional documentation such as a copy of the death certificate before they can process any claims related to the deceased’s policy.
Therefore, it is best to contact your insurer promptly after learning of someone’s passing so that all necessary steps can be taken in order for their beneficiaries to receive benefits from their life insurance policies.
What alternatives are there to Farmers Burial Insurance?
Be sure to evaluate all of your burial insurance options before committing to a specific carrier. That is why it’s important to work with an independent agent.
To start, the following final expense life insurance companies are highly rated and should be assessed:
By understanding the various choices you have pertaining to coverage, you will able to find the best policy to meet your needs.
What do you do with life insurance when someone dies?
When someone dies, the life insurance policy pays out a death benefit to the designated beneficiary, after a death claim has been filed.
This is usually done in one lump sum payment, though some policies may offer installment payments or other options.
The beneficiary can use this money for any purpose they choose, such as paying off debts, covering funeral expenses, or providing financial security for their family.
It is important to note that if there are multiple beneficiaries listed on the policy, each will receive an equal share of the death benefit unless otherwise specified in the contract.
Next Steps
Farmers Burial Insurance is one option for seniors who are looking for coverage to help with final expenses.
It offers a variety of coverage amounts that can be tailored to fit your individual needs. While there are some pros and cons associated with this type of insurance, it is important to do your research and understand what you are signing up for before making any decisions.
Seniors deserve the security of knowing that they can have access to burial insurance and other important health care benefits. iSeniorBenefits is here to provide an affordable, comprehensive solution for seniors who need help covering their final expenses, Medicare costs, and cancer treatments.
We are committed to helping our clients find the best coverage options at competitive rates so they can rest easy knowing that they’re covered in case of unexpected illness or death. Contact us today and let us show you how we can make your life easier.