Farm Bureau Life vs American Family Insurance
Affordable life insurance is essential for protecting your loved ones without straining your budget. Farm Bureau Life and American Family Insurance are two reputable providers offering a range of cost-effective life insurance products. Here’s how they stack up for value-focused clients.
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Company Overviews
Farm Bureau Life
Founded in 1945, Farm Bureau Life Insurance Company is part of Farm Bureau Financial Services, which originated to serve farmers but now offers insurance and financial products to a broad customer base across Western and Midwestern states. Its network emphasizes personal relationships and community involvement.
American Family Insurance
American Family, or AmFam, began in 1927 and has grown into a Fortune 500 company. It provides a wide array of insurance products, including life, auto, and homeowners, and is known for its focus on supporting customers’ dreams and providing robust agent support.
Financial Strength & Ratings
| Company | AM Best Financial Strength Rating | Outlook |
|---|---|---|
| Farm Bureau Life | A (Excellent) | Stable |
| American Family | A (Excellent) | Stable |
Both companies have strong balance sheets and a long history of meeting policyholder obligations, making them reliable choices for long-term coverage.
Policy Types Offered
Farm Bureau Life:
- Term Life (including return of premium and increasing term)
- Whole Life
- Universal Life
- Indexed Universal Life
- Annuities
American Family Insurance:
- Term Life (including simplified issue, no-exam)
- Whole Life (standard, children’s, and senior options)
- Universal Life (flexible coverage)
- Final Expense
Coverage Options & Flexibility
Farm Bureau Life:
- Term lengths: 10, 15, 20, 30 years, or to age 65
- Return of premium and increasing coverage options
- Convertible to permanent coverage without a new medical exam
- Flexible payments for whole and universal life
American Family Insurance:
- Term lengths: 10, 15, 20, 30 years
- Coverage starts at $50,000
- Adjustable coverage with flexible universal life
- Whole life and final expense policies for children and seniors
Underwriting & Application Process
Farm Bureau Life: Traditional underwriting with medical exams for most. Some simplified underwriting options exist but exams are usually required for higher amounts.
American Family: Offers simplified issue term and whole life (no-exam). Streamlined applications with fast decisions available for some products. Traditional options may still require exams.
Pricing & Affordability
Farm Bureau Life: Competitive pricing for term life. Return of premium and increasing coverage cost more but offer added value. Pricing varies by state and health factors.
American Family Insurance: Affordable term life for younger or healthy applicants. Whole and universal life are designed for accessibility with flexible payment options.
Tip: Always get personalized quotes to compare accurately based on your age, health, and location.
Alternatives to Consider
- Ladder: Fully online term life, no exam for many
- Ethos: No-exam, same-day coverage available
- Legal & General America: Affordable rates and flexible terms
Riders & Customization
Farm Bureau Life:
- Living benefits / Accelerated Death Benefit
- Waiver of Premium (Disability)
- Children’s Term Rider
- Guaranteed Re-entry / Convertibility
- Chronic illness and daily living riders (select policies)
American Family Insurance:
- Waiver of Premium (Disability)
- Children’s Insurance Rider
- Guaranteed Purchase Option
- Accelerated Death Benefit
- Customizable payments (especially for children’s policies)
Best For…
| Company | Best For |
|---|---|
| Farm Bureau Life | Rural, agricultural, or Midwestern clients; those wanting local agent relationships; return of premium options |
| American Family | Clients seeking flexible payment options, no-exam policies, or a wide range of insurance products to bundle |
Pros and Cons
| Company | Pros | Cons |
|---|---|---|
| Farm Bureau Life | Strong local agent support, variety of term options, return of premium, flexible riders | Availability varies by state, medical exams required for some, digital tools vary |
| American Family | Simplified/no-exam options, flexible universal life, strong financials, good bundling discounts | Not available in all states, some products agent-only |
Customer Experience & Support
Farm Bureau Life: Known for personalized service and local agent focus. Digital services vary by region.
American Family Insurance: Strong reviews, robust agent network, online account access, and mobile tools available.
Final Verdict
Farm Bureau Life is ideal if you value agent relationships and want flexible term options like return of premium.
American Family is better for those seeking fast, no-exam policies, and flexible children’s coverage with digital access.
Compare quotes and coverage features to find the best match for your goals and preferences. Both providers offer solid, affordable options backed by excellent financial strength.
✅ FAQs: Farm Bureau Life vs American Family Insurance
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent