Life Insurance and Annuity Products
Find the life insurance policy or annuity product that works for you. We offer both Whole Life and Term Life insurance policies and Qualified and Non-Qualified annuities through our issuing company, Southern Farm Bureau® Life Insurance Company in Jackson, Mississippi.
Even though it can be difficult to think about life insurance, we believe having protection in place is important. Choosing a company you trust is an important part of that decision. Our Colorado Farm Bureau Insurance® agents are licensed and trained to help you determine the life insurance and/or annuity product that could work for you and your family.
Life Insurance
Life insurance provides a specified amount of coverage, known as the face amount, on the life of an insured person. In exchange for premium payments, a death benefit is paid to the beneficiary chosen by the policyowner, when the insured person dies. Premium payments may be made monthly, semi-annually, or annually. The death benefit is generally received income tax-free.1 Some common reasons people buy life insurance is to help with final expenses, maintaining a standard of living, paying off any credit cards, mortgage payments, business debt, funding a college education, or even providing an inheritance for children or grandchildren. While these are common reasons for life insurance, the death benefit can be used however the beneficiary determines best meets their needs.
Term Insurance
Term insurance provides life insurance coverage for a specified period of time. Because term insurance does not build cash value, it is often more affordable than permanent life insurance.
Some common reasons people purchase term insurance are to help with providing financial protection while children are still dependent on their parents, helping loved ones pay off debts such as a mortgage, or addressing temporary business insurance needs.
Our term products offer a set number of years of level premium payments. After the level premium period ends, premiums increase annually. Our term products include a conversion option for a certain number of years. This means you can exchange all or a portion of your term life insurance for permanent whole life insurance for a limited number of years, subject to the provisions outlined in your policy contract. The conversion from term life insurance to permanent insurance is done without proving insurability, provided that no additional benefits or riders are requested at the time of the conversion.
We offer three different term insurance plans that may be right for you.
Whole Life Insurance
Whole life insurance is a permanent insurance that provide a death benefit until age 120 or for the life of the insured. Our whole life insurance products build cash value that will eventually equal the face amount at age 120. There is flexibility in being able to take some or all of that cash value while the insured is still living, although doing so will affect your death benefit and may have tax implications. While whole life insurance can help meet many of the same protection needs as term insurance, people often choose whole life insurance to help cover final expenses, such as funeral costs and medical bills, provide a legacy for loved ones, or assist with estate planning needs.
We offer four different whole life insurance plans that could be what you need, including limited pay policies.
Annuities
An annuity is a contract issued by an insurance company that can be purchased with a lump-sum payment or a series of payments. Depending on the contract and payout option selected, the annuity may provide income immediately or at a future date. While there are many reasons to purchase an annuity, a common reason is to help financially during an individual’s retirement. Depending on the payout option selected, an annuity can help provide income for a set number of years or for life, and certain options may also provide benefits to a beneficiary after the owner's death.
We offer two different annuity products that may be what you are looking for.
Estate Planners
Our agents also work with Estate Planners offered through SFBLIC, who can be utilized at no cost to you. Our experienced Estate Planners can assist with a variety of planning needs, including estate planning, business continuation planning, and family protection matters involving life insurance and annuities.
Product Comparison
| Term Insurance | Whole Life Insurance | Annuities | |
|---|---|---|---|
| Key Attributes | More affordable straightforward coverage design | Permanent coverage Can earn dividends 2 Flexibility | Stream of income |
| Purpose | Protection for a set number of years | Lifelong protection | Potential retirement income and long-term financial planning assistance |
| Premiums | Level for set number of years, then increase annually | Level or lump sum | Multiple payments or lump sum |
| Guaranteed Cash Value | No | Yes | Yes |
| Death Benefit | Yes | Yes | Yes |
| Available Policies | 10 Year Premier Term 20 Year Premier Term 30 Year Premier Term | Single Premium Whole Life 20 Pay Whole Life 30 Pay Whole Life Whole Life | Qualified Flexible Premium Deferred Annuity My Secure Choice: Multi-Year Guaranteed Annuity |
For more specific product details, visit www.sfbli.com/products.
Contact Us for a Free Quote
Call your local Colorado Farm Bureau Insurance agent today to schedule your Get Real Review, and we’ll help you determine the right choice for you.
The amount of life insurance coverage that you may qualify for or apply for is subject to medical and financial underwriting by the issuing company, Southern Farm Bureau® Life Insurance Company, Jackson, MS.
1 - No information presented should be viewed as tax, legal, or accounting advice. Neither Farm Bureau agents nor Southern Farm Bureau Life Insurance Company nor its representatives are authorized to give such advice. Individuals should consult their own tax advisor or legal representative regarding your particular circumstances. Comments on tax information are based on the current tax law, which is subject to change.
2 - Dividends are not guaranteed and are based on the Company’s experience on investment earnings, mortality, expenses, and taxes.