With Return of Premium Term life insurance, you can provide the financial protection your loved ones may need upon your death ... or get a full return of your base premiums1 if you live to the end of the coverage period you select - guaranteed2. That lump-sum payment is non-taxable to you and can be used how you choose, including to supplement your retirement income, fund your child's college, pay personal expenses, purchase additional coverage or invest in financial products - it's your money, your decision.
Key features of Return of Premium Term life insurance include:
Term Options - Based on your needs, you can choose a coverage period of 20 or 30 years. At the end of the coverage period, you may continue your term coverage until you reach age 100.
Guaranteed Premiums - Your premium payments will remain the same throughout the coverage period you select. They will increase after the end of the coverage period.
Return of Premiums - If you live to the end of the coverage period you select, you are guaranteed2 a return of all the base premiums paid1 (without interest) - plus your funds are received tax-free!
Liquidity - Your policy will develop cash value, allowing you to receive benefits from your policy if necessary (i.e., due to lost income or unexpected expenses).
Extending Protection - If your financial needs change and you need protection for a longer period of time - even for life, you have the option of converting your term coverage to a permanent life policy with Farm Bureau Life Insurance Company without a medical exam. A conversion credit may also be available.3
Living Benefit4 - If you are diagnosed with a qualifying terminal illness, you can receive money by utilizing a portion of the policy's death benefit. This feature is provided at no additional cost.
Financial Protection for Others - If your death occurs during the coverage period, your beneficiaries will receive the policy's death benefit either as a lump sum or though flexible, guaranteed2 income payment options. These benefits are paid directly to your beneficiaries, so there should be no additional costs or delays in receiving the policy proceeds.
Optional Protection: You may enhance your insurance coverage by adding the following features to your term policy for an additional cost:
Children's Term Life Insurance - Provides term life insurance for each of your qualifying children, age 7 days to 23 years.
Waiver of Premium - If you experience a total disability that continues for 90 consecutive days, premiums will be waived for the duration of that disability.
As your insurance needs and financial goals change throughout the different stages of your life, your Farm Bureau agent has the knowledge and experience to make insurance simple for you. For more information, please contact me.
1The amount of the lump-sum payment (endowment benefit) is equal to the number of years in the initial level premium period times the base policy premium (excluding any substandard premium, modal expense factors and premiums for riders).
2The guarantees expressed on this Web page are based on the claims-paying ability of Farm Bureau Life Insurance Company.
3The conversion credit is available under current Company practice, which is not guaranteed and is subject to change at any time.
4The Living Benefit Rider is known as the Accelerated Benefit Rider in some states.
IMPORTANT: The information and material contained on this Web site is not an offer to sell or a solicitation to buy any security or any insurance product in any jurisdiction. No security or other insurance product is offered or will be sold in any jurisdiction in which such offer or solicitation purchase or sale would be unlawful under the securities, insurance or other laws of such jurisdiction. Not all products are available in all states. Exclusions, limitations and reductions may apply. This Web site briefly highlights Farm Bureau's insurance policies and their benefits. The contract is contained only in the policy. Farm Bureau products are offered by Farm Bureau agents -- for more information about any Farm Bureau product, please contact me.