Term Life Insurance
Term life insurance is perhaps the simplest form of life insurance. It provides temporary life insurance protection on a limited budget. Term life insurance is a way to get the most amount of coverage for the lowest cost. Since term insurance can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years. Term life insurance provides death protection for a stated time period, or term. The main drawback to term insurance is that after the specified term is over the cost will increase. The good news is that all of our term products are convertible to permanent insurance depending on your age, and you may not be required to complete any medical exams or answer any health questions.
Whole Life Insurance
Whole life provides life insurance protection for as long as the policy is kept in force (“whole life”). Whole life policies feature lifelong protection, guaranteed premiums, guaranteed death benefit, and a cash value account. The cash value can grow each year and grows tax deferred. The cash value can even be borrowed against to help with emergencies or when times get tough. Another valuable feature of whole life insurance is the opportunity to receive policy dividends*. Dividends can be used to increase your death benefit, increase your cash value, or even help reduce your premiums. Farm Bureau Life has paid a dividend every year since the company’s inception.
*Not all whole life policies pay dividends and dividends are not guaranteed.