How competitive is Farmers on term?

Jun 9, 2008

  1. padthaiforlunch
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    padthaiforlunch Guru

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    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!
     
  2. djs
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    djs Super Moderator Moderator

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    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
     
    djs, Jun 9, 2008
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