There’s nothing more important than providing for and protecting your loved ones. It's a labor of love that extends through all phases of life and one many of us would continue after we're gone if it were possible. At Farm Bureau Insurance we're proud to provide peace of mind that comes with a Life Insurance policy.
A Life Insurance policy will provide beneficiaries with payment when the insured party passes away. This can help cover funeral expenses, lost income and more when a loved one passes.
Our trusted advisors are here to help you determine the best policy to protect you and your family. We welcome you to enjoy the security provided by a policy from Michigan’s Insurance Company.
Life Insurance Types at a Glance
| |
Term Life |
Whole Life |
| Unique Advantage |
Low Cost |
Coverage for Entire Life |
| Typical Use |
Mortgage protection, short term coverage, & loan collateral |
Savings tool, legacy, burial expenses, & estate preservation |
| Guaranteed Death Benefit |
During the duration of the term |
Until death of the covered person |
| Medical Exam Requirement |
Yes |
Yes |
| Choice of Policy lengths |
10, 20, 30 years, or to age 70 |
No; provides coverage until death |
| Guaranteed Cash Value |
Yes, on Return of Premium 20-year term |
Yes |
| Provides Dividends |
No |
Yes |
| Lifetime Coverage |
No |
Yes |
| Available Policies |
FB Art; Return of Premium 20; FB Term 10, 20, 30; FB Term to 70 |
Single Premium Whole Life, Select Whole Life |
Life Insurance FAQs
Let us answer some of the most common questions before you contact one of our Trusted Advisors.
- How much life insurance do I need?
This is one of the most often asked questions related to life insurance. Unfortunately, there's not a single clear-cut answer - everyone's case is different, so everyone needs different coverage. Luckily our Agents can serve as your Trusted Advisor and help answer this question with you. Some factors to consider are: your annual income, your debt, the amount of your mortgage, the age of you children and how much you intend to contribute to their college funds.
- How is life insurance paid out?
Life Insurance benefits are income tax-free and you can choose whether the entire amount is paid to beneficiaries in a single lump sum, or over a period of time.
- Do my children need life insurance?
It’s not a pleasant thing to consider in the least – but it’s an important area to evaluate. The fact is - the younger and healthier the covered party is the cheaper a Life Insurance policy will be. Learn more about covering your children in our “Do My Children Need Life Insurance?” blog.
- What do I need to change my beneficiary
The easiest way to do this is to reach out to your Farm Bureau Insurance agent! They will give you the appropriate forms to complete and help walk you through the process. You cannot change your beneficiary with a phone call or email alone. You must complete and sign the applicable form which your agents can direct you to.
Contact your Farm Bureau Insurance agent for more information on insurance products from Farm Bureau Insurance of Michigan.