Term life insurance is temporary and is purchased for a set length of time, a term. We offer policies lasting one, 10, 20 or 30 years. Term life insurance is a way to get the most amount of coverage for the lowest cost. It has a low initial premium and the cost stays level for a specified period of time.
Term insurance is most often used to take care of temporary needs like replacing your lost income or paying off the mortgage. The main drawback to term insurance is that after the specified term, the cost will increase.
The good news is that all of our term products can be converted to permanent insurance. Depending on your age, you may not have to complete any medical exams or answer any health questions to convert to a permanent plan.
Whole life insurance is meant to last your whole lifetime, as long as you keep paying the premiums, and it increases in cash value as time passes. The amount of the premium stays the same, and policies guarantee a set death benefit. The policies’ cash value accounts can grow each year and taxes on the increasing value are deferred (paid at a later date). The cash value can even be borrowed against to help with emergencies or when times get tough.
Another valuable feature of whole life insurance is the opportunity to receive policy dividends.*
Dividends can be used to increase your death benefit, increase your cash value, or even help reduce your premiums. We can proudly say that we have paid a dividend every year since the company’s inception.
- Not all of our whole life policies pay dividends and dividends are not guaranteed.
Farm Bureau Insurance is one of the largest providers of universal life in Tennessee.
Universal life is a flexible form of insurance that can last your lifetime and can also increase in cash value over time. Flexibility means that you can change different aspects of the policy – the size of the premiums, whether the death benefit increases with time or stays level – which allows you to change your coverage as your needs change.
Another important feature of universal life is that it has the ability to increase in cash value, depending on how it is funded. The cash value account earns interest and the taxes are deferred (paid at a later date). With so many products and coverage options, universal life insurance is easily included in budgets of any size.
Annuities are designed to receive and grow funds from an individual. They are primarily used to provide cash flow during an individual's retirement years. There are a variety of cash flow options for an individual to choose.Read More