Tennessee Farmers Life Insurance Review
last updated on March 22, 2024Are you considering purchasing a life insurance policy from Tennessee Farmers Life Insurance Company and are looking for more information?
If so, then you came to the right place.
Everything you could want or need to know is right here in this Tennessee Farmers Life Insurance Company review.
We’ll show you their rates, available polices and details, ratings and everything else you could want to know about Tennessee Farmers Life Insurance Company which is part of the Tennessee Farm Bureau organization.
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About
Founded: 1948
Began Offering Life Insurance: 1973
Website: fbitn.com
Phone: (877) 876-2222
Address: P.O. Box 307 Columbia, TN 38402
BBB Rating: A+
Membership: Anyone can be a member of Tennessee Farm Bureau. Membership helps support Tennessee agriculture and rural communities. Tennessee Farm Bureau works hard for farmers and the community.
By The Numbers: Farm Bureau Insurance operates 16 regional claims centers throughout Tennessee and employs more than 350 claims professionals who are dedicated to prompt and caring service for those who have sustained a loss.
The Tennessee Farm Bureau is the nation’s largest state Farm Bureau organization, with more than 655,000 member families. Farm Bureau Insurance covers one in four people in Tennessee.
Tennessee Farmers Life Insurance Company Ratings
| Rating Agency | Strength Ratings |
| A.M. Best | A+ (Superior) |
Tennessee Farmers Life Insurance Underwriting
Tennessee Farmers Insurance Companies are captive insurance companies. This means you have to work for Farm Bureau of Tennessee in order to sell their insurance products. Since they are a captive insurance company, the underwriting guidelines for Tennessee Farmers Life Insurance Company is not publicly available.
There are hundreds of life insurance companies available in America today. If you do have any health concerns, are taking any medications, are concerned about the height/weight chart, blood pressure or cholesterol readings, family history or any other underwriting issue, we suggest you shop multiple companies to see which insurer will offer the best underwriting and rate for you.
Tennessee Farmers Life Insurance Products Offered
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
- Annuities
Tennessee Farmers Life Insurance Term Policy
- 10 Year Level Term
- 20 Year Level Term
- 30 Year Level Term
- 1 Year Term (rates increases every year)
- Tennessee Farmers term life insurance products last until you’re 95 years old (however, the rate jumps up significantly and becomes annual renewable after the term expires). There are three ‘level’ premium options available (10, 20 and 30) and also Tennessee Farmers offers an annually renewable term plan. For the level term plans, the premium stays the same for the level period and then increases each year when the term is over. For the annual renewable term, it increases each year. The 1 year term plan does not have good pricing as can be seen in the image above.
Tennessee Farmers term life insurance is excellent for:
- Replace your lost income for your family’s financial well-being
- Pay off debts, income tax free
- Pay off mortgage
- Pay final funeral expenses
- Cover tuition for your children’s education
- SBA Loan life insurance requirement
- Key person coverage
- Divorce agreement
- Buy-sell agreement
Tennessee Farmers Term Life Insurance Premiums
| Age | 1 Year Term $500k | 10 Year Term $500k | 20 Year Term $500k | 30 Year Term $500k |
|---|---|---|---|---|
| 45 | $63 | $43 | $62 | $86 |
| Age | 1 Year Term $1 Million | 10 Year Term $1 Million | 20 Year Term $1 Million | 30 Year Term $1 Million |
|---|---|---|---|---|
| 50 | $162 | $112 | $132 | $214 |
Tennessee Farmers Whole Life Insurance Premiums
| Age | Cornerstone 2 Life Whole Life $500k | Safeguard 2 Whole Life $500k | Cornerstone 2 20 Pay $500k | Safeguard 2 20 Pay $500k |
|---|---|---|---|---|
| 45 | $693 | $733 | $1,118 | $1,165 |
| Age | Cornerstone 2 Life Whole Life $1 Million | Safeguard 2 Whole Life $1 Million | Cornerstone 2 20 Pay $1 Million | Safeguard 2 20 Pay $1 Million |
|---|---|---|---|---|
| 50 | $1,650 | $1,750 | $2,489 | $2,614 |
Tennessee Farmers whole and universal life insurance is excellent for:
- Estate planning
- Income replacement
- Final expenses
- Pass wealth to children, grandchildren or charitable organizations income tax free
- Guaranteed protection for life
- Debts that may last your lifetime such as a mortgage or a loan
- A special needs dependent
- Buy-sell agreement to have an orderly business succession
- Key person coverage
See our list of The 9 Best No-Lapse Guarantee Universal Life Insurance Companies
Final Thoughts
Life insurance offered from Farm Bureau Insurance Tennessee is issued by Tennessee Farmers Life Insurance Company. They have an A+ (Superior) financial rating from A.M. Best and have been in business since 1973.
The pricing for Tennessee Farmers Life Insurance is extremely competitive in many areas but overpriced in other areas compared to what is available from the other top life insurance companies. For example, for a 45-year old male in excellent health, non-smoker, the rate for a $1million 10 year term policy is $75.51 month with Tennessee Farmers Life Insurance compared to $44.79 month with Pacific Life.
The website for Farm Bureau Insurance Tennessee is very user friendly. In less than a minute, the website allows you to run as many quotes as you like from $5k up to $1 million for term and whole life insurance.
Farm Bureau Insurance Tennessee is an excellent company with local presence. They have offices in more Tennessee communities than any other insurance company. According to their website, there is at least one in every county. Also, Tennessee Farmers Life Insurance Company is one of the largest writers of individual life insurance in the state of Tennessee.
We recommend that you receive quotes from Farm Bureau Insurance of Tennessee and also from other top life insurers and choose the best policy for you.
Frequently Asked Questions
Does Tennessee Farmers Life Insurance Company have a good rating?
Yes, Tennessee Farmers Life Insurance is A+ (Superior) rated by A.M. Best.
Does Farm Bureau Insurance of Tennessee guarantee my policy if they go out of business?
All life insurance policies in the state of Tennessee are covered by the Tennessee Insurance Guaranty Association for a life insurance death benefit up to: $300,000 per insured life.
Can I get instant life insurance quotes online for Farm Bureau Insurance Tennessee?
Yes, you can receive instant Tennessee Farmers Life Insurance quotes here fbitn.com/lifequote.
Can I pay my bill online?
Yes, the CustomerPortal allows you to do many things online, including pay your bill, file a claim, renew your membership, etc.
Why PolicyMutual?
PolicyMutual.com does not just represent one life Insurance company but rather 12+ of the top life insurance companies which allows us to shop the market to find the best rate. Underwriting factors such as: coverage amount, policy length, age, height/weight, blood pressure, cholesterol, medical history and many other factors will determine which company will offer the best rate for your specific profile. That is why we recommend everyone to compare rates from multiple top life insurance companies and choose the best one for you. If you have any questions don’t hesitate to get in contact with us. Thank you for taking the time to read our Tennessee Farmers Life Insurance Review.
