How competitive is Farmers on term?

padthaiforlunch · 06-09-2008, 02:19 PM

A friend gave me a referral on someone with Mega. Turns out they are also shopping term. They have spoken to a Farmer's agent, but have yet to act.

So, figured I would try to pick up the life business as well. Anyone have experience with Farmers.

Are they competitive on term? Any policy limits I can compare on? Weakness vs. other carriers?

I am indy, so I can differentiate on that, show broad comparison, and stress that as an indy, I put their well-being ahead of a specific carrier since I am beholden to none. But I would like more ammo than that. Thoughts on how to capture the life policy?

Thanks!

djs · 06-09-2008, 02:38 PM

It all depends. A lot of Farmers agents can get policy holders a great deal, since a life policy will discount their home and auto.

Given that it is hard to differentiate a term product based on anything other than maybe credit rating of the company, this can make it hard to beat in some cases.

I don't think Farmers has an ultra-preferred rating, so the 'advertised' rate is always a bit higher, but the issued rate on policies in the $500K range tend to be pretty competitive.

If there is no other relationship with the Farmers agent, you'll do well. If there is, it might be hard.

Dan