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I have a universal life insurance policy through Farmers since the early 1990's. I have a cash out value of almost $25,ooo. My payments have remained unchanged since I got the policy. I'm very happy with this policy and would in a heart-beat purchase it again. My spouse also has one and the premiums have remained the same throughout the policy and has a cash-out value a little more than me. Both of us are very happy with the policies and our agent.
I too have been scammed by this company. I joined in the late 1980’s with a contract and a promise my premiums would not go up! Not only did they go up but they went up over 100% from my original quote. After over 30 years, even if I cashed out, I would get maybe $10. While I won’t cancel my policy, I feel that this company took advantage of too many people and keeps on ripping us off!
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My review is no different than most. I've had this policy since 1992, was sold a "Whole Life" policy where premiums will never change, only to find out this is not a whole life policy at all but a Universal Life. I had to find that out by calling the State Insurance Commissioner and filing a complaint. Farmers informed me I owed over $600 to keep the policy in force and premiums went from $100 a month to $250 a month just to keep it in force. Because of my age, each year the premiums will get higher and higher, and they have. I now can no longer afford it. I have no cash value because Farmers has used every cent of the premiums made to pay their "fees", which is a premium fee for babysitting my money.
I've paid in over $70K into this and the whole push is to get me to abandon the policy so they can keep every red cent and laugh all the way to the bank. This is done millions of times a day by all of these wicked insurance companies. They want you to abandon it by pricing you out of the ability to keep it. They don't have to pay a red cent at the end of your life. It is the biggest scam I have ever seen in my life and preying on the elderly is something these pariahs excel at. There's no accountability or responsibility for them and rest assured there will never be a consequence for these guys because it is encourage and marketed to do exactly this kind of thing. May they all rot in everlasting hello.
I have had ALL of my insurance with Farmers for over 30 years; Life, Homeowners, Renters, Auto. I have a Life Insurance Policy through Dan in CO that I took out in 1999. I was told the policy would never increase and that is why you take it out at such an early age; so the premium is low for the rest of your life. Except, once I hit 60, I immediately received a call from Dan saying that I must pay a 50% increase in my premium or lose my policy!!! When I asked how it is possible that a premium that was to never increase is now increasing by 50%, he said "no one expected the market to be bad in 2008" What?!!! Who cares?!! My policy was to never increase. Just because Farmers made bad investments in 2008, it is not my problem!!!
I may be as sharp as a bowling ball, but I definitely can recognize the old "Prey on the Elderly Scam" when I see it!!! He is increasing my premiums very quickly to a point where I can no longer afford them and then be forced to cancel my policy. Farmers, and Dan, just made 30 some years of premiums from me and they will never have to make the payout. This SCAM has been around since insurance has been around. I thought the industry was regulated enough now that this illegal practice had stopped. I was wrong!!! Dan and Farmers continue to keep it alive and well today!!! I have no choice, but to pay these illegal and ridiculous premiums until I no longer can. I suppose I can only hope to pass away before that happens and then my boys can get the payout as intended.
I am sure Dan and Farmers would find a way to cancel my policy (or claim I canceled it) just prior to my passing. They will surely keep my kids in lawsuits until my kids give up or run out of money. These people... including Dan, whom I thought was my friend... are very evil people!!!! Do not buy Farmers. On top of this, they will increase your auto, home and renter's insurance rates on a consistent and regular basis!!! They increase them yearly, if not more frequently and always have some excuse like a bad rainstorm in Brazil turned over a poor man's rowboat, chipping the boat's paint, so they have to increase everyone's premiums by 30%. No lie!!! They will increase your premiums regularly with an excuse they cannot justify!!!!
I had purchased a Life Insurance for my mother 21 years so ago at what I thought was a reasonable rate for the amount of coverage. I just recently received a letter that to keep it in force I would have to pay 521.00 and the premium would rise to 250.00 a month. When I bought the insurance, I emphasized to my agent, who has since left or was charged with embezzlement so no longer affiliated with Farmers, that I did not want the premium to change nor did I want the amount of coverage to change. After all, isn't that why we buy life insurance. So now, 21, years later I have to tell my 80 year old mother that she is no longer covered or will have to use her entire income to pay for the premium. Unfortunately, I have had other experiences with Farmers that caused me to change to State Farm, Home and Car Insurance, but to put it simply, my premium for the same coverage was reduced by almost two thirds.
Of course I contacted Farmers and said that it contractual and sorry for any inconvenience, but if she would have died she would have been covered, and unfortunately according to them, didn't happen, so there was nothing they could do. So while the Farmers CEOs and presidents are making millions of dollars, we now have to figure out how to save money to pay final expenses, after we paid on time, monthly and under the wrong impression!!! STAY AWAY FROM ANYTHING THAT FARMERS OFFERS. THEY LIE!!! COVERAGE IS HORRIBLE AND THEY DENY EVERYTHING ANYWAY!!! Go with someone else!!!
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Have had a life ins policy since 1992, last few yrs received letters from agent, whom I have never met, that I need to send money to him for accumulation acct anywhere from $400 to $500, this year added $100 to monthly premium for a total of $600 to apply to accumulation acct. They received the money but have not applied to acct. Now he wants $464.92 or will cancel. Contacted agent. All he did was send a copy of policy. Cannot get answer to where $600 went.
Imagine my surprise this morning to awaken and find my account $129.66 lighter. I called the insurance company and they claim they didn't see my payment. Advised to call my bank as someone had my banking info. I called the bank stating that Farmers New World Life Insurance needed the MLB#, only to have the bank rep tell me they didn't know what I was talking about. I don't need nor want this insurance company as I have my own.
I started the process of trying to get life insurance and critical illness back in Feb 2017. I was assigned to Dan **, and I specified upfront that I am difficult to insure due to some health conditions. He said, "No problem, we would find something." Made appt with him for first meeting and to go over applications. Last minute he had to cancel and we went through the forms over the phone. It took a very long time as there were a lot of questions, but I know that is standard.
Then he emailed me some quotes, but they were completely unprofessional - like he printed pages from somewhere and scanned them in badly, they were hard to read and disorganized. He gave quotes for completely different companies for life insurance than the ones he quotes for critical illness (which is ridiculous). Took me hours to try to make sense of the poorly designed quotes, so I did not manage to get back to him for a couple weeks while I tried to make sense of the quotes. He did not even include how many illnesses were covered for critical illness, and wanted me to just pick only 2-3 to find out about. I told him I could not pick top choices until I knew how many illnesses, and also that I needed quotes for the same companies for Critical illness and life insurance. In every email he sent me, he called me by a different name (spelled wrong, wrong name, etc) and I finally asked him to use my actual name. Very disrespectful.
Finally I made a choice, and he said we had to meet again to get some more information. We arranged to meet (he was late), and then he made me go through answering all the same questions I answered before, taking over half an hour of my time and losing me my lunch-break. During the questions, he suddenly piped up that because of the health issues I have there may be issues getting me insured. I was furious!! After all this time, when I was VERY clear upfront that I had pre-existing conditions and had been turned down before, and he assured me it was no problem. Now we wasted all this time for nothing.
Then when going through questions, when I stated I had an anxiety disorder, he wanted to know what caused it?? Seriously, he deals with life insurance, and is completely clueless about mental illness?? I had to explain that it is a chemical balance and he might as well ask someone with MS why they have MS. I was livid.
Finally we finished the forms and he was going to send them in. And I waited. FOR MONTHS. We met last in April. I had to keep sending emails to follow up, because months went by and I heard nothing. Then finally in June he emailed me to say they asked him for more information weeks ago and he missed it. Then another month went by, and I finally got contacted for a medical checkup. Fast forward to August 15 and I was notified I was denied. So, after 6 MONTHS of wasted time, dealing with an unprofessional and ignorant broker, I am back to square one. Furious. Thanks a lot.
Paid on life policy for 30 years. Made claim 2 weeks ago and still nothing. They play mailing games using snail mail and not honoring claims in a timely manner despite assurances claim is being expedited. Research Life insurance companies that are more efficient and do not play these games with claimaints.
In 1990 I purchased a life insurance policy from Farmers. I have paying this thru automatic pay thru my checking. About 2 years ago I had an emergency and needed some cash so I took a loan out on the cash value. When I asked the agent how to pay the loan back he advised since the loan was on my cash value I did not have to pay it back if I didn't want to because it was the money I had earned. Since things were a little rough I decided not to pay it back. Now I have all my insurance needs thru Farmers but a different agent. So I decided a few months I needed to get this policy over to him to take care of it. So I sent a letter to have it transferred to him. He calls me a couple of weeks later and tells me that policy has been cancelled. Come to find out the other agent was wrong. This did need to be paid back.
So my agent said we could ask to have it reinstated. So we send a request. I get a letter today with the check I had sent in to cover what was due declining to reinstate because I am now overweight. I have paid on this for 27 years and they were not worried about my health when they were taking that monthly payment. The agent that messed this all up is no longer agent. I have 5 cars insured, my house, motor home and my kids' life insurance thru Farmers. I will be looking for another insurance company and move everything.
Farmers expert review by Neal Frankle
As one of the only large insurance companies based on the West Coast, Farmers is headquartered in Los Angeles. Farmers opened its doors in 1928 but is now a wholly-owned subsidiary of Zurich Financial, an Irish insurance company.
Current-customer convenience: Convenient to use for consumers who already have auto and/or home insurance with Farmers.
Regional convenience: Being based on the west coast makes Farmers convenient for customers living in the region.
Products: Limited menu of insurance products.
Farmers New World Life Insurance Company Information
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