Life Insurance
To help you protect your investments and plan for the future, we offer several lines of insurance – with both group life and term life insurance options. We even have a group life policy that offers disability!
Why Buy Insurance?
Whether you are interested in buying insurance for the first time, or reviewing your current coverage, there are several reasons for you to buy insurance. At Farm Credit, we are committed to providing sound options to help your family in the event of your death for the following reasons:
- Payoff mortgages and other debts
- Replace income for your dependents or farm operation
- Pay final expenses, including inheritance taxes
- Preserve your assets and/or create a tax-free inheritance
We have teamed with some of the highest rated insurance companies to provide you these options at a highly competitive rate. Our plans offer group rates, which make it convenient and easy to get coverage in place, or individually rated insurance. Here’s a summary of the different types of coverage available.
Group Life Insurance
Group life insurance provides you with coverage for your loans at Farm Credit in amounts up to $300,000. It helps your family meet the obligation of a loan in the event of the insured customer’s death. Group life insurance helps keep coverage to a minimum by spreading the cost over a large buying group. The group life options provide coverage for both short-term (1-10 years) and long-term (15-25 years) loans. Farm Credit group life insurance products offer the following benefits:
- Protection to cover the entire loan or a portion of it
- Coverage is reduced annually as your loan balance decreases
- Guaranteed renewable – as long as premiums are paid
- Available for co-signers including your spouse, business partner or anyone who would be personally liable for the loan
- Convenient, quick and easy application process with branch-issue options
- Disability coverage is available on long-term policies (mortgages) for primary
- Premiums based on age-at-issue – rates won’t go up
Term Life Insurance
To complement our group life insurance programs, Farm Credit offers even more competitively priced term insurance plans for customers. You can obtain a quote from any of the top-rated life insurance companies so that you have the most competitive product on the market.
Term life insurance is an individual life policy and requires individual underwriting, including a medical exam and health history. It provides protection for a limited amount of time – 10, 15, 20, or even 30 years. The policy pays if the insured dies during the term selected.
Term life insurance provides a tax-free benefit to the beneficiary listed on the policy. With term life insurance, there aren’t many limits on the amount of insurance you can purchase – you can purchase $100,000 or $10 million in coverage, based on your needs and budget for the insurance. And, there are several additional benefits available with most products, such as conversion to whole life and return of premium riders.
We can provide a custom quote for your life insurance needs, offer an array of products, and give you reliable service on the policy. Just contact us and we’ll be happy to visit with you about your options.