Your Guide to Life Insurance
Prepare for Your Tomorrow Today
Life can be unpredictable—but planning for it doesn’t have to be complicated. Life insurance can be one of the simplest, most powerful tools to help secure your family’s future.
Whether you’re a young professional, part of a busy family, approaching retirement, or running a business, life insurance can help you prepare for what’s ahead and give you greater financial confidence.
Why Life Insurance Matters
Determining your short- and long-term financial goals often comes with tough questions:
- What happens to my family if I’m no longer here?
- How would debts or expenses be covered?
- Could my loved ones maintain their lifestyle?
Life insurance may be a straightforward answer to these challenges.
Key Factors to Consider When Choosing Coverage
When deciding how much life insurance to purchase, consider:
| Factor | Why It Matters |
|---|---|
| Your age and income | How much future income your family could lose |
| Your spouse’s age/income | How long your spouse might need financial support |
| Number and ages of children | Educational expenses and special needs |
| Family cost of living | Ongoing mortgage or other debts |
| Other dependents | Support for aging parents or disabled relatives |
| Final expenses | Unpaid medical bills and funeral costs |
| Legacy plans | Charitable giving or wealth transfer goals |
💡 Tip: Life insurance is generally more affordable the younger and healthier you are. Farmers® customers may even qualify for discounts on certain policies and coverages.¹
Life Insurance Through Every Stage of Life
Young Professionals
Even if you’re just starting out, life insurance can:
- Protect your loved ones by covering student loans, a mortgage, or other debts.
- Offer flexibility—some permanent policies include a cash value you can access for future needs like a down payment on a home.²
Busy Families & Pre-Retirees
As your responsibilities grow, life insurance can:
- Ensure your family is supported financially in case of the unexpected.
- Provide living benefits—such as policy riders or cash value—to help with future planning.²
- Be layered or blended (term and permanent policies) to fit your evolving needs.
Retirees
Life insurance can still play a vital role by:
- Helping transfer wealth to children or grandchildren.
- Supporting a charity or cause that’s important to you.
- Allowing you to own a policy for a child or grandchild, making them the beneficiary.
Business Owners
Your business and family both depend on smart planning. Options include:
- Key person insurance to protect your company if a critical employee or partner passes away.
- Buy-sell agreements to ensure a smooth ownership transition.
- Individual life insurance to protect your personal financial interests and those of your loved ones.
