On the other hand, compared to many of the leading providers of life insurance that we researched, this company’s policy offering is limited, and it serves customers only in 14 states in the Midwest. The only means of providing customer service available to members is via telephone; outside of typical business hours, members have no access to virtual assistance.

Complaint Index

Farm Bureau has substantially fewer customer complaints than anticipated for a firm of its size, according to the NAIC complaint index statistics. If a company's NAIC index is 1.0, it indicates that the number of customer complaints received is comparable to what would be anticipated given the company's market share.

Ratings from A Third Party

AM Best Ranked Farm Bureau well for its reliability as an organization and strong financial position. AM Best was the earliest credit rating agency ever established, with its beginnings reaching back to the year 1899. It now evaluates the creditworthiness of over 16,000 different insurance businesses, evaluating each insurer based on their capacity to pay off debts, claims, and other commitments promptly.

Farm Bureau was rated an A for its financial strength rating by AM Best due to the most recent study conducted on the company. This grade is only given to insurance businesses with exceptional capacity to satisfy their continuing insurance commitments. On this scale, most of the life insurance firms we looked at achieved grades of A- or above.

Policies Available

Farm Bureau provides life insurance options, including term life, universal life, and whole life. A deeper look at each possibility is provided below.

Term Life Insurance

Many different life insurance plans are available, but one of the most cost-effective options is term life insurance. It offers protection for a certain period, often between 10 and 30 years. Your beneficiaries are eligible to receive a death benefit if you die away within the term period of the policy. If you do not, you risk losing your coverage after the term has expired (if you do not renew it or convert it to permanent coverage).

Whole Life Insurance

As long as you continue to make your regular monthly payments, you will be covered by your whole life insurance policy for the whole of your life. Your beneficiary will get a death benefit that has been specified after you have passed away. Additionally, the insurance accumulates cash value, which may be used as collateral for loans or withdrawn at any time throughout your lifetime. Farm Bureau provides whole-life applicants with several alternatives for paying their premiums, including the choice to have their premium payments stay the same up to the age of 100. At this point, they are no longer needed to make any further payments.

Indexed Universal Life Insurance

In addition to providing perpetual coverage and a cash value component, indexed universal life (IUL) insurance plans are also available. On the other hand, the key difference is that you can put your cash worth into an equity-indexed account. This indicates that the success of a market index, such as the S&P 500, is mirrored by the performance of your cash worth. You will accumulate interest, but only if the index goes up. Consequently, the potential for growth of IUL policies is higher than that of more conventional forms of universal life insurance.

Available Riders

You have the option to extend or boost your coverage with riders, but doing so will often cost you an additional premium. The following is a list of the riders offered by Farm Bureau Financial Services.

Guaranteed Insurability Rider

With the help of a guaranteed insurance rider, you can get supplementary life insurance without submitting to a medical examination. In most cases, policies will include the maximum amount of additional insurance that may be purchased and the maximum number of times that it can be purchased (e.g., every three or five years or upon the birth or adoption of a child).

Child Rider

You can include your children in your life insurance policy if it has a "child rider." In most cases, protection is provided in the form of term life insurance, which remains in force until your kid reaches a certain age. This additional coverage is available for children as young as 7 days old and 23 years old via Farm Bureau.

Waiver of Premium

If you suffer a complete disability, the waiver of premium rider will prevent you from being required to pay insurance premiums while you cannot work. Insurers often demand that applicants meet a minimum length of time while disabled and a certain age before considering their applications.

Rider for Individuals with Disabilities

If you become fully handicapped, the disability income rider will step in to replace a part of your income for a certain time. Even though the amount of money you receive from it probably won't compare to what you could get from disability insurance, it might still be able to help.