Types of Life Insurance

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When it comes to life insurance, there’s no such thing as “one size fits all.” Everyone has different needs, goals and financial considerations. That’s why coverage comes in a variety of forms, with a range of features you can tailor to your unique situation:

• Your family is young and growing, so you may be juggling a mortgage, auto loans and childcare costs. While your expenses may continue to expand over time, you may want an affordable life insurance policy that helps you plan for your family’s financial future until the kids are grown and the house is paid off.
• You’re more established in life. In addition to providing a death benefit to your beneficiaries, you may leverage the loan or partial surrender features of certain policies to help support things like supplemental retirement income, caring for a family member with a disability or preparing for eventual estate taxes.
• You’re single and have no children. The death benefit proceeds from your life insurance policy may help support obligations such as the costs of your personal debts, medical bills or final expenses — and may also help leave a legacy to someone you love or a favorite charity.

Your Farmers agent can explain your options, along with information about riders like:

• Disability riders that may help pay your policy’s premiums, and may supplement your lost income, if you’re disabled.
• An accelerated death benefit rider that lets you collect a portion of the policy’s death benefit if you become terminally ill with a short life expectancy.
• A critical illness rider that pays a lump sum to you if you’re diagnosed with one of several specified critical illnesses such as cancer, heart attack or stroke.