Term
| What is Term Life Insurance? |
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Definition
| Term Life, is a policy that covers an insured for a finite period of time in years. Once the term expires, it can remain in force but the rate will increase (based on the age and health of the insured after the original term has expired). Each follwing the original expiration date will be considered as a one year term--generating higher rates at each subsequent renewal. This type of poicy benefits someone who wants to ensure money to pay off a debt in the event of death of a household wage earner (e.g., the term may correspond to the length of a mortgage or business loan). |
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Term
| What is Permanent Life Insurance? |
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Definition
| Permanent Life policies remain in force until the policy matures (i.e., pays out). Permanent policies include Whole Life and Universal Life. |
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Term
| What is a Whole Life Insurance Policy? |
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Definition
| Whole Life policies provide guaranteed death benefits, guaranteed cash values and fixed and known annual premiums. Accumulated cash value can be access by the insured at any time via a loan (which will decrease the death benefit if not paid back). |
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Term
| What is a Universal Life Insurance Policy? |
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Definition
| Universal Life provide flexible premiums, death benefit options and flexible cash values--premiums can be discontinued if the cash value accumulated allows for it. |
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Term
| What are features of Farmers Simple Term? |
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Definition
| Offers level term, with face amounts that are low enough to fit most budgets ($75k-$150k). 10, 20 and 30 year options. Offers guaranteed premiums. On-line application process. eSignature option available. Streamlined underwriting process. Discounts available for Farmers product Auto/Homeowners policy holders. |
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Term
| What are features of Farmers Level Term? |
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Definition
| Offers level term, with face amounts that will protect most clients assets ($150k+, no maximum face). 10, 20 and 30 year options with guaranteed premiums and face amounts for the terms. On-line application process. eSignature option available. Medical screen required for preferred and premier rates. Can be converted to a Permanent Product. |
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Term
| What are general features of Farmers Graded Benefit Whole Life? (FGDBWL) |
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Definition
| Available for ages 45-80. Male/Female rate classes. Fixed premiums to age 100 years. Fixed death benefit to age 121 years. Face amounts $5k-$20k. Death in the first 2 years (other than accidental) will have a death benefit of 100% of premiums paid. |
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Term
| What are general features of Farmers Essential Universal Life? (FEUL) |
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Definition
| Permanent protection. Cash value accumulation. Adjustable time and amount of premium. Adjustable type of death benefit. |
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Term
| What factors affect life insurance rates? |
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Definition
| Rates vary on the risk being accepted by the company and are based on your client's age, health and lifestyle. |
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Term
| Who is your Blue Vase inspiration? |
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Definition
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