Southern Farm Bureau just isn’t one in every of our top-rated life insurance coverage firms. You’ll be able to overview our checklist of the very best life insurance coverage firms for what we predict are higher choices.
Execs Defined
- Out there dividends: With Southern Farm Bureau Life Insurance coverage, policyholders have the choice to earn dividends after their first 12 months with a everlasting coverage.
- Simple claims submitting: When it is advisable to file a declare, there are a number of choices, together with submitting on-line, calling an agent throughout enterprise hours, or utilizing the app. Both approach, it’s easy to start your Southern Farm Bureau Life Insurance coverage declare.
- A number of riders for prolonged protection: Southern Farm Bureau affords a number of life insurance coverage riders, reminiscent of protection for kids and an accelerated profit rider, that permit for higher customization along with your coverage.
Cons Defined
- Membership required: To be able to buy a life insurance coverage coverage, you should be a member of Southern Farm Bureau Insurance coverage Firm. You additionally should keep that membership to ensure that your coverage to stay lively.
- Restricted availability: Southern Farm Bureau has a restricted service space of simply 11 states.
- Solely complete and time period life: There should not a few of the different forms of life insurance coverage seen with another suppliers.
Out there Plans
Southern Farm Bureau Life Insurance coverage Firm affords each time period and complete life insurance coverage merchandise.
Southern Farm Bureau affords taking part time period life insurance coverage, which incorporates non-guaranteed dividends.
Time period Life
There are 5 plans for Southern Farm Bureau time period life insurance coverage. These insurance policies provide short-term, short-term protection that carries both assured or graduated stage premiums.
10 Yr Time period Premier
This plan affords assured stage premiums for 10 years that enhance after that. Plans carry a stage dying good thing about $100,000 or extra, and you may renew your plan by means of the age of 95. Policyholders even have the choice to transform this coverage to everlasting life insurance coverage with out proving insurability for the primary 5 years of the coverage’s life, though sure situations apply.
20 Yr Time period Premier
The 20 Yr Time period Premier plan doubles the size of assured stage premiums, lasting 20 years with a stage dying good thing about $100,000 or extra. It’s renewable annually by means of the age of 95, at which level, chances are you’ll convert your coverage to a hard and fast premium everlasting life insurance coverage coverage. If executed throughout the first 10 years of your coverage, you’ll not need to show insurability for those who meet the required necessities.
30 Yr Time period Premier
Southern Farm Bureau’s longest time period life insurance coverage coverage affords assured premiums for 30 years. It nonetheless carries the identical dying profit as the opposite time period life insurance coverage, with a stage dying good thing about $100,000 or higher. Policyholders have the choice to resume their coverage till the age of 95, however for those who convert your coverage to a everlasting coverage throughout the first 15 years, you’ll not need to show insurability while you meet the eligibility necessities.
10 Yr Collaborating Time period
The ten Yr Collaborating Time period coverage is designed for these searching for dividends, though these dividends should not assured. This plan is non-renewable, with premiums which can be assured for 10 years. There is identical stage dying profit beginning at $100,000, however you may solely convert your coverage with out proving insurability for those who do it throughout the first seven years.
20 Yr Collaborating Time period
Equally, the 20 Yr Collaborating Time period coverage offers a dying good thing about $100,000 or extra. Policyholders get pleasure from assured stage premiums for a interval of 20 years however are non-renewable. It may be transformed to everlasting protection with out proving insurability throughout the first 15 years of the coverage.
Entire Life
For these searching for everlasting safety, Southern Farm Bureau Life Insurance coverage Firm affords 4 complete life insurance coverage. These insurance policies function stage premiums with long-term protection and entry to money worth that accumulates over time.
20 Pay Life
Southern Farm Bureau’s complete life insurance coverage begins with the 20 Pay Life coverage that options assured stage premiums for 20 years. Along with a dying profit, your coverage might also acquire money worth that you would be able to entry.
30 Pay Life
The 30 Pay Life coverage affords assured stage premiums by means of an prolonged interval of 30 years. There’s a dying profit, in addition to the power to build up and entry money worth.
Entire Life
With an entire life insurance coverage coverage from Southern Farm Bureau, protection lasts by means of the age of 120.
Single Premium Entire Life
The only premium complete life insurance coverage coverage requires a single premium that’s paid in a single lump sum while you buy your coverage. Nonetheless, there aren’t any riders permitted with this coverage, except the Accelerated Profit Rider.
Out there Riders
Not all life insurance coverage insurance policies could also be best for you, however that’s the place riders might help. Southern Farm Bureau affords a number of riders that you would be able to buy as add-on safety to additional customise your coverage to satisfy your wants.
Youngsters’s Time period Rider
For time period insurance coverage, there is only one rider: the youngsters’s time period rider (CTR). This rider provides $20,000 value of life insurance coverage protection to your coverage. Policyholders can insure as many youngsters as they want beneath this rider, with youngsters greater than 15 days previous eligible for protection. No matter what number of youngsters are insured, there is just one stage premium required, and protection lasts till the kid’s twenty fifth birthday or the rider expires. Youngsters are assured insurability with the choice to transform the rider to a different coverage that has as much as 5 instances the quantity of the rider.
Accelerated Profit Rider
The accelerated profit rider (ABR) permits policyholders to entry the coverage’s dying profit early if identified with a terminal sickness.
Waiver of Premium Settlement
This rider waives coverage premiums if the policyholder experiences a incapacity earlier than the age of 60.
Premium Insurance coverage
Often known as payor dying or dying/incapacity, the premium insurance coverage rider waives premiums when the premium payor is completely disabled. The coverage additionally covers insured youngsters by means of the age of 25.
Assured Insurability Possibility
With this rider, the policyholder should buy further complete life insurance coverage protection with out having to show insurability. That is solely out there for policyholders as much as the age of 37 years.
Buyer Service
Southern Farm Bureau Life Insurance coverage Firm affords a mix of buyer help choices that embody telephone, mail, e-mail, and fax. There isn’t a reside chat possibility as seen with different firms. For in-person help, there are greater than 3,800 brokers out there inside Southern Farm Bureau’s service space.
Customer support representatives can be found to assist Monday by means of Friday between the hours of 8 a.m. and 4:30 p.m. CST. Accomplished service kinds could also be mailed, emailed to service@sfbli.com, or faxed to 601-321-3244.
| Telephone Contacts | |
|---|---|
| Contact | Telephone Quantity |
| Switchboard | 601-981-7422 |
| Direct line (extension use solely) | 601-981-5332 |
| Coverage service | 800-457-9611 |
| Claims | 800-562-0919 |
| Mailing Tackle | |
|---|---|
| Road Tackle | 1401 Livingston Lane Jackson, MS 39213 |
| Mailing Tackle | P.O. Field 78 Jackson, MS 39205 |
Policyholders also can use the MOBILE agent App to handle their coverage, contact an agent, request emergency roadside help, or file a declare. It’s out there for obtain on each iOS and Android units.
Grievance Index
A dependable approach to test an organization’s buyer satisfaction scores is by trying to the Nationwide Affiliation of Insurance coverage Commissioners (NAIC). Utilizing its buyer grievance index, it tracks the variety of complaints an organization receives, assigning an annual rating utilizing a baseline rating of 1.00.
Southern Farm Bureau Life Insurance coverage Firm receives an especially low score for 2020, scoring a complete of 0.014. It’s on par with the corporate’s previous efficiency, with robust grievance index scores of 0.007 in 2019 and 0.011 in 2018. These scores present that clients are usually pleased with the service that they obtain from Southern Farm Bureau, making it a good selection while you worth customer support and help.
Third-Celebration Scores
Southern Farm Bureau additionally performs effectively in AM Finest’s scores for monetary power, with an A+ (Superior) score. This signifies robust monetary power and reliability, particularly in terms of claims processing.
Cancellation Coverage
Policyholders might cancel their Southern Farm Bureau life insurance coverage coverage by contacting the corporate instantly. Chances are you’ll begin your request by contacting your agent, calling customer support at 800-457-9611, or logging into your account on-line. Your coverage might also present further info concerning cancellation and any eligible charges.
Value
You need to work instantly with a Southern Farm Bureau agent to obtain a quote and buy a life insurance coverage coverage. A medical examination is required earlier than you may qualify for a life insurance coverage coverage, though you should purchase riders to ensure insurability for future merchandise. The worth of your Southern Farm Bureau life insurance coverage coverage is dependent upon a number of elements, such because the coverage you select and any further riders that you just buy.
One other issue that may influence the price of your Southern Farm Bureau life insurance coverage is your gender, with many firms utilizing your intercourse at delivery as an alternative of present gender id to cost your coverage.
Competitors
When evaluating how Southern Farm Bureau Life Insurance coverage Firm performs on an industry-wide scale, we glance to top-of-the-line life insurance coverage firms as we speak, New York Life. There are numerous pronounced variations between the 2, the largest of which being sheer measurement. New York Life is the third-largest insurance coverage provider within the nation with practically 6% market share, whereas Southern Farm Bureau lags far behind at simply 0.05% as a regional supplier.
New York Life additionally neared $2 billion in 2020 nationwide dividends, whereas Southern Farm Bureau did about $876 million throughout its restricted space of simply 11 states. If you desire a supplier with higher availability and robust annual efficiency, New York Life outperforms Southern Farm Bureau’s restricted attain.
| Southern Farm Bureau | New York Life | |
|---|---|---|
| Market Share | 0.05% | Third-largest in U.S., 5.7% |
| Variety of Plans | 9 | 10 |
| Dividends for 2020 | $875.8 million | $1.9 billion |
| Wellness Program Reductions/Stop Smoking Incentives | Not relevant | Not relevant |
| Service Methodology | Brokers | Brokers |
| AM Finest Ranking | A+ (Superior) | A++ (Superior) |
| Value Rank | Varies | Higher than most |
| Complaints Development | 0.015 Nice | 0.15 Glorious |
Remaining Verdict
Southern Farm Bureau Life Insurance coverage Firm is a regional supplier that serves an unique market with restricted availability in simply 11 states. Membership is required, and you need to work with an agent to buy a life insurance coverage coverage from the corporate. Nonetheless, it may be a good selection for all times insurance coverage while you need loads of choices in your complete and time period life insurance coverage.
Our Methodology: How We Evaluate Life Insurance coverage Carriers
Utilizing our unique life insurance coverage overview methodology, we methodically analyze every insurance coverage supplier on an ongoing foundation to make sure solely probably the most present and correct knowledge for you and your loved ones. We fastidiously take into account a number of various factors, reminiscent of the kind of protection out there, availability, sources, {qualifications}, and eligibility. We additionally take into account firm scores, trying to main {industry} leaders like AM Finest for monetary power scores.