Last Updated on December 7, 2020 by Swati Brijwasi
A Brief Look At Farmers Insurance
Farmers Insurance Group is an American insurance group consisting of homes, cars and other small businesses and provides various other financial and insurance products to its clients. Farmers Insurance boasts nearly 48,000 independent and exclusive agents and more than 21,000 full-time employees. The company was established in 1924 and is one of the original five members of the National Farmers’ Union. In addition to insurance products, Farmers Insurance also offers financial products, such as life and disability insurance, and general business solutions.
Although Farmers Insurance offers several lines of insurance, the most popular products it sells are its life and disability insurance policies. These cover the survivors and family members of the insured for a variety of events like death, sickness and injury. Since life insurance is generally not purchased with a whole account, most people purchase this type of policy when they are already within their life policy’s term limit.
Life insurance policies pay off a monthly premium that remains fixed for the life of the policy. A premium increase is applicable only if the insured accidents increase over the term. In addition, premiums are based on the age of the consumer at the time of application. However, policies are renewable annually or via a choice of premium payment method.
The disability portion of farmers insurance generally pays benefits to covered workers and their beneficiaries. The benefit may be paid for a pre-determined period or as a lump sum. Benefits may be earned on a monthly, quarterly or annual basis. Covered workers are typically covered for up to six years. Depending on the agreement in your contract, the benefit period may be increased by a specific amount during the agreed upon term.
Farmers insurance policies pay all or part of the funeral costs. Traditionally, these types of policies were intended for workers who were killed on the job. With more coverage options now available, farmers can choose to take out policies to cover unexpected deaths at home or while traveling on an extended trip. In these cases, the policy will pay for expenses for personal items left behind at the death site, if the insurance provider is not paid, or if the family members do not meet the necessary requirements to receive payment for the burial. If travel occurs, it is important to include funeral expenses in the insurance policy.
One important thing to note about farmers insurance policies is that many farmers need to purchase life and other supplemental policies from a local insurance agent for extra coverage. These policies may be separate from the main insurance policy, or they may be combined with it.
For example, many farmers purchase life insurance policies for a spouse and children. Additional coverage may be necessary in such cases. Some insurance companies offer additional coverage through their affiliates, or through direct investments by farmers. If this is the case, you should inquire with your agent about farmers insurance policies that offer additional savings.