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Last updated June 23, 2009
Farmers New World Life was founded as New World Life in 1910. The company changed its name in 1953 when it became a part of the Farmers Insurance Group franchise and, today, the Los Angeles-based insurer is one of the largest life insurance subsidiaries in the country. With a commitment to drive innovation and operational excellence, the company strives to provide the best value and experience for every customer they serve.
The Farmers Insurance Group of Companies is a property and casualty insurance group providing homeowners insurance, auto insurance, life insurance, and financial services in the United States. It is the third largest insurance group in the US servicing over 10 million households in 41 states.
Farmers New World Life designed their life insurance options in hopes to best fit each individual’s requirements. These options include term life, whole life and universal life insurance. Term life is a form of temporary insurance that provides coverage for a specified time frame, usually a set number of years. If the policyholder dies within that period, the death benefits will be paid to the beneficiary. These policies are usually the least expensive and provide the most coverage for your insurance dollar. Most term life agreement plans are renewable or can be converted to a more permanent plan. Whole life is a type of permanent insurance that provides coverage for the entire lifespan of the policyholder. The premiums, although higher than those of term life policies, are usually set and guaranteed for the life of the insured. The policy earns cash value that may be borrowed by the policyholder if needed. As another form of permanent life insurance, universal life provides a lifetime of coverage with less constraints than whole life. It is designed to provide protection that fits each individual policyholder’s changing financial situation. These policies offer cash value accumulation along with the flexibility to modify the time and amount of premiums paid and death benefits paid out.
Contact Farmers New World Life at Farmers New World Life 3003 77th Ave. SE Mercer Island, WA 98040 Telephone: (206)232-8400
Sources: “Farmers Insurance Group,” Wikipedia, June 2009; “Life Insurance Overview,” Farmers Website, 2009, “80 Years Serving America” Farmers Website, 2009.