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I have given Farmers New World Life my business for 38 years and never expected them to be crooked but I was so wrong. The policies they have sold me have a lot of fine print that is quickly dismissed by the agents while keeping you focused on all the positives. I recently found out after 30 year that my $90,000.00 life insurance will pay my wife .90 cents when I die. That's right, .90 cents. My premiums started at $177.00 per year 30 years ago and are now $324.00 per year with a pay out of less than $1.00. This is beyond wrong, it is completely sinful! When I called to verify this fine print the woman at the main office told me that was the policy I signed. WOW! These people have NO conscience. Stay away from these wolves if you don't want to get burned.
I had a Farmers life insurance/retirement fund I paid into for many years. I was a contract welder so I had to do it that way if I wanted any hope at a good retirement. Well in 2011 I got a job that had life insurance and a 401k program so I called the “agent” over my policy and said I wasn’t going to need it anymore. At that time I decided to leave the money there because there was huge penalties if I withdrew it early.
Fast forward to this afternoon 3/5/2020 when I decide to actually check on it at the request of my wife.... And after 45 minutes on the phone I am in shock. Not one penny is there! They took that money from 2011 and paid the premiums on a policy I wasn’t paying into until they had depleted the retirement funds. I am talking about thousands of dollars stole away behind my back. Is it Farmers as a whole or was it that agent directly? Who knows? All I know is they took something without permission and could care less when I complained about it. All I know is I will be the biggest anti-Farmers person alive for the rest of my life!
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We had three policies with Farmers (home, auto, and life). Farmers made it very difficult to cancel our policies, and continues to bill us! The policies were cancelled effective July 30th 2019. We were billed through October of 2019 for the life insurance policy. We had to report it as fraud to our bank to get the charges to stop. Ultimately we received a refund check from Farmers, and notice in writing that our account was paid in full and closed. Fast forward to January of 2020 and we received ANOTHER bill. I called to get this bill voided and was told that this bill, in addition to the life insurance policy bills, are being sent to collections. I will never use farmers insurance again.
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!!!
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.
Farmers author 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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