Farmers Life life insurance

Overview

Farmers Life is the trade name for Farmers New World Life Insurance Company, the life insurer of the Farmers Insurance Group of Companies. It is easy to assume Farmers Life belongs to the Farmers Exchanges, the policyholder-owned reciprocal insurers that write Farmers auto and home coverage. It does not. Farmers New World Life is a stock company wholly owned by Farmers Group, Inc., which manages the Exchanges as their attorney-in-fact and whose ultimate parent is Swiss-based Zurich Insurance Group. That is why NAIC data files it under the Zurich Insurance group.

The Zurich group ranked #29 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $1.34 billion in premiums and a 0.86% share. Farmers New World Life is the group's consumer-facing life brand; the NAIC group also includes Zurich American Life Insurance Company, its New York affiliate, and Centre Life Insurance Company. Farmers New World Life sells term, whole life and indexed universal life in 49 states and Washington, D.C., through the same agents who sell Farmers auto and home policies. It is not licensed in New York.

History

Farmers New World Life traces back to New World Life Insurance Company, founded in 1910 by seven Spokane, Washington businessmen. Farmers bought a majority stake in the Seattle-based company in 1953 and renamed it Farmers New World Life; it is now based in Bellevue, a Seattle suburb. The wider Farmers organization dates to 1928, when John C. Tyler and Thomas E. Leavey opened Farmers Automobile Inter-Insurance Exchange in Los Angeles.

Ownership changed twice in the late 20th century. British conglomerate B.A.T Industries bought Farmers Group, Inc. in 1988, and in 1998 B.A.T's financial services businesses were merged into what is now Zurich Insurance Group, which has controlled Farmers Group and its life company since. Zurich American Life Insurance Company, based in Schaumburg, Illinois, is the former Kemper Investors Life Insurance Company.

The biggest recent change happened in 2023. Under an agreement signed May 17, 2023, and effective August 1, 2023, Farmers New World Life reinsured its remaining in-force life, accident and health, and annuity blocks with Security Life of Denver Insurance Company, a subsidiary of Resolution Life US, ceding about $4.0 billion of assets and $5.2 billion of statutory reserves. Farmers New World Life remains the insurer on those policies, but for its older variable universal life policies and variable annuities, Security Life of Denver and the administrator Infosys McCamish now handle servicing from a service center in Atlanta. Since late 2025 the company has also ceded 95% of the risk on new term and indexed universal life policies issued with simplified underwriting to its affiliate Zurich Insurance Company. If your Farmers policy statements now come from a different administrator, when your life insurance policy is sold to another company explains how these arrangements work.

Life insurance products

Farmers Life sells four kinds of individual coverage, all issued by Farmers New World Life:

• Term life: level premiums for 10, 15, 20 or 30 years. Depending on the contract, you may be able to convert all or part of a term policy to whole life or indexed universal life.
• Return of premium term: a version that refunds up to 90% of premiums paid if the insured outlives the term (see return of premium term life insurance: is it worth it).
• Whole life: level premiums and guaranteed cash value growth, payable for 10 years, 20 years, to age 65 or to age 100, the shorter options being a form of limited-pay whole life.
• Indexed universal life: flexible premiums, with cash value linked to the S&P 500 or the S&P MARC 5% ER index, or a fixed account; both index accounts have a floor so the credited return is never negative, and the S&P MARC 5% ER option is uncapped (see Indexed universal life (IUL) explained).

Farmers says most applicants qualify for automatic underwriting with no medical exam and a same-day decision, while some still need an exam. Its public product pages do not list riders, issue ages or maximum coverage amounts, and the company is no longer offering its variable universal life policies.

Other products

Farmers New World Life still services older variable universal life policies and variable annuities, and Zurich American Life services older annuities such as the Scudder Destinations and Farmers Variable Annuity I contracts, which it no longer sells. Farmers agents also sell the Exchanges' auto, home and business insurance, which is the main reason many customers end up with a Farmers life policy.

Buying and service

Farmers life insurance is sold by Farmers exclusive agents, who must offer the Farmers companies' products first, and through an online quote and application at esales.farmers.com. Policyholders can manage policies through Farmers' self-service portal at any hour. Farmers' life insurance pages list 844-557-1662 for life coverage; general Farmers customer care is 888-327-6335. Owners of older Farmers variable universal life policies and variable annuities call the Atlanta service center at 877-376-8008. Zurich American Life annuity owners call 800-449-0523 (Scudder Destinations and Farmers Variable Annuity I) or 800-621-5001 (other annuities).

Claims

Farmers does not publish a separate life claims process on its website; the main Farmers claims line (800-435-7764) and online claims system are built around auto and property claims. Its guidance for families says to contact the life insurer to request claim information and forms, and notes that you usually do not need to wait for the death certificate before reporting the death. For older variable universal life policies, the prospectus says a lump-sum death benefit is placed in an interest-bearing account in the beneficiary's name, accessed by checkbook, unless the beneficiary asks for a check; that kind of retained asset account is part of the insurer's general account and is not FDIC insured. The claims guide covers the general steps.

Ratings and reputation

Farmers does not list financial strength ratings for Farmers New World Life on its life insurance pages, and its variable product prospectuses refer policyholders to AM Best for current ratings. Farmers Life was not among the insurers ranked in the J.D. Power 2026 U.S. Individual Life Insurance Study. The structure is worth understanding: the business in force in 2023 is reinsured to Security Life of Denver, and 95% of the risk on new simplified-issue term and indexed universal life policies is reinsured to Zurich Insurance Company, so much of the risk on Farmers Life policies sits with reinsurers, while Farmers New World Life remains the company responsible to policyholders.

Who it suits

Farmers Life fits people who already have Farmers auto or home insurance and want to add term or whole life through the same agent, or who want an online application with a fast, often exam-free decision. It is a weaker fit for New York residents, who cannot buy it, and for shoppers who want to compare many insurers through an independent broker or who want detailed product specifications and published ratings before they apply.

• Strengths: sold through a large network of local Farmers agents and online; automatic underwriting with same-day decisions for most applicants; return of premium term and limited-pay whole life options; backed by Zurich Insurance Group.
• Weaknesses: not sold in New York; agents sell Farmers products first; few product details and no ratings published on its life pages; older policies now serviced through a reinsurer's administrator, which can confuse long-time policyholders.

How to contact Farmers Life