New Term Life Insurance Product: Farmers Value Term (FVT)

Synopsis: Farmers Value Term (FVT) is a new Term Life insurance product offered from Farmers Life, replacing the Farmers Level Term 2000.

Background: Farmers Value Term (FVT) products provide much-needed coverage for your customers’ growing families at a manageable cost. The death benefit can be used toward a mortgage balance, a child’s education or to provide income for other family needs in case of a premature death.

Product highlights:

• Competitive premium rates
• A majority of the rates are lower than Level Term 2000.
• The $2 million Jumbo Term isn’t just for the 20-year term any more. There are now five rate bands for all Farmers Value Term products: The 10-, 20- and 30-year term.
• Band 1 Face Amounts of $150,000 - $249,999
• Band 2 Face Amounts of $250,000 - $499,999
• Band 3 Face Amounts of $500,000 - $999,999
• Band 4 Face Amounts of $1,000,000 - 1,999,999
• Band 5 Face Amounts of $2,000,000 and above
• Six underwriting classes available: Platinum Elite, Platinum Plus, Platinum Choice, Platinum, Gold Plus and Gold as follows:
• Two Gold underwriting classes for nicotine users — providing competitive rates for healthier nicotine users; and,
• Four Platinum underwriting classes for non-nicotine users –giving better ratings for many people who don’t quite qualify for Level Term 2000 preferred rates today.
• Additionally,
• Gold underwriting class is available for ages 18-21 (ages 20½-21 eligible for the Gold or Platinum underwriting class).
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• Expanded issue ages: Providing coverage to those who are living and working longer.
• Up to age 75 for 10-year Farmers Value Term
• Up to age 65* for 20-year Farmers Value Term
• Up to age 50* for 30-year Farmers Value Term
• * In OR and WA: 20-Year Products: up to age 60 Gold Classes (Nicotine)
• 30-Year Products: up to age 45 Gold Classes (Nicotine)

• Premiums guaranteed for 10, 20 or 30 years
• Coverage to insured’s attained age 90 or the death of the insured.
• Minimum Face Amount $150,000
• Conversion provision (prior to the earlier of 20 years or the insured’s attained age 65) to a permanent plan, subject to policy minimums and maximums
• Benefits and Riders (availability varies by state): Waiver of Premium, Accidental Death Benefit, Children’s Term Rider, Accelerated Benefit Rider for Terminal Illness, Critical Illness-Accelerated Benefit Rider and Disability Income Rider