Southern Farm Bureau Life Insurance Review

Plans with customizable options in 6 states

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Southern Farm Bureau Life Insurance

Southern Farm Bureau Life Insurance

Our Take 

Southern Farm Bureau is a long-standing life insurance provider, providing coverage in six states. Although it has both term and whole life policies with many rider options available, the limited ability to obtain a quote and apply online makes it more difficult to access compared to other companies. 

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Many riders available for customization

  • Term policies renewable until age 95

  • Whole life policies eligible for dividends

  • Online portal for account management

  • Strong financial ratings

Cons
  • Life insurance only available in 6 states

  • No online quotes

  • No online application

  • No email or live chat support

  • No guaranteed issue policies available

Key Takeaways
  • Southern Farm Bureau Life Insurance offers both term and whole life insurance policies.
  • Southern Farm Bureau also offers fixed annuities and business insurance.
  • The company offers no options for obtaining life insurance without a medical exam. 
Specifications
  • Year Founded 1947
  • Kinds of Plans Term and whole
  • Number of Plans 7
  • Payment Options Online or by mail
  • Official Website https://w3.sfbcic.com

Introduction

Southern Farm Bureau Life Insurance is an insurance company offering both term and whole life policies with many rider customization options. We reviewed Southern Farm Bureau Life’s plan options, riders, and customer service and satisfaction to help you compare its policies to the competition.  

Company Overview

Southern Farm Bureau Life Insurance company was chartered in 1946 but began operations in January of 1947. Headquartered in Jackson, Mississippi, Southern Farm Bureau Life Insurance policies are available in six states: 

  • Arkansas
  • Colorado
  • Florida
  • Louisiana
  • Mississippi
  • South Carolina

Note that some states operate as their own branch. For example, when clicking on a state with life insurance availability on the Southern Farm Bureau’s website, you will be redirected to the state’s website. Because of this, not all states offer the same products and you’ll need to speak with a local agent regarding what’s available near you.

The company offers seven types of insurance in 11 different states, making it a good option for those looking for lots of offerings and customization. However, to obtain a quote or purchase a policy, you must contact a local Southern Farm Bureau agent. 

Southern Farm Bureau’s training facility, Farm Bureau Tech, has been recognized nationally for graduating some of the most knowledgeable claims adjusters and underwriters in the industry. 

Available Plans 

Southern Farm Bureau has both term and whole life insurance. While they only carry these two types of insurance, they allow for several different term lengths as well as many rider options for both plans.

Term

Term policies through Southern Farm Bureau are available in 10-, 20- and 30- year lengths. There is no cash value to term insurance and no dividend payout. The policies can be purchased starting at $100,000 death benefit amount and all are annually renewable to age 95, although premiums increase after 10, 20, or 30 years respectively. 

Term insurance can be converted into whole life policies halfway through the term length at 5, 10, or 15 years depending on the plan. Be sure to review your plan, including how premiums may change if converted, before the deadline if you’d like to consider extending coverage for longer.

Whole 

There are several different types of whole life policies available through Southern Farm Bureau Life Insurance including 20-pay Life, 30-pay Life, Whole Life, and Single Premium Whole Life. The differences between these plans reflect how long the insured pays premiums. The 20-pay requires the insured to make annual premium payments for 20 years, the 30-pay for 30 years, and the Whole Life is until age 100. 

These premiums will remain level for the duration of the payment period (20, 30, or until age 100). The Single Premium is funded by a one-time lump sum. All whole life coverage goes until an individual is 120 and offers both death benefit payout and cash value growth. 

Dividends can also be paid out after the first policy year. They are not guaranteed but when they are earned, they can increase the policy value and death benefit. When dividends are paid, they can be used in the following ways:

  • Purchase paid-up additional insurance that increases the policy value and death benefit
  • Leave on the policy to earn interest
  • Pay in cash to the owner
  • Apply towards premiums, reducing the amount paid out-of-pocket for insurance

While the 20-pay, 30-pay, and Whole Life are paid up in either 20, 30, or 100 years respectively, the Single Premium Whole Life is funded with a lump sum payment. No future premiums are expected or allowed to be paid and the plan only allows the Accelerated Benefit Rider to be added on. 

Available Riders

Riders are additional options that you can add to an existing insurance policy. They allow for customization and the ability to make a policy better meet an insured’s needs. Southern Farm Bureau has several different riders, but not all are available for every life insurance plan.

10-Year Term Premium Rider

The 10-year term premium rider provides a level death benefit with guaranteed level premiums for 10 years. It can also be converted to a fixed premium permanent life insurance policy without having to prove insurability within the first five years. 

This option does not participate in dividends and is only available on whole life policies. 

20-Year Term Premium Rider

The 20-year term premium rider provides a level death benefit with guaranteed level premiums for 20 years. It can also be converted to a fixed premium permanent life insurance policy without having to prove insurability within the first 10 years. 

This option does not participate in dividends and is only available on whole life policies. 

10-Year Participating Term Rider

The 10-year term premium rider provides a level death benefit with guaranteed level premiums for 10 years. It can also be converted to a fixed premium permanent life insurance policy without having to prove insurability within the first seven years. 

This option does participate in dividends and is only available on whole life policies. 

20-Year Participating Term Rider

The 20-year term premium rider provides a level death benefit with guaranteed level premiums for 20 years. It can also be converted to a fixed premium permanent life insurance policy without having to prove insurability within the first 15 years. 

This option does participate in dividends and is only available on whole life policies. 

Single Premium Paid Up Additional Rider

Gives permanent paid-up insurance with a level death benefit to age 100 or until the base plan terminates. This plan participates in dividends and is only available on whole life policies. 

10-Year Premier Spouse Term Rider

The 10-year Premier Spouse Term Rider is the same as the 10-Year Term Premium Rider, but available on the insured’s spouse. It provides a level death benefit with guaranteed level premiums for 10 years. It can also be converted to a fixed premium permanent life insurance policy without having to prove insurability within the first five years. 

This option does not participate in dividends and is only available on whole life policies. 

20-year Premier Spouse Term Rider

This rider is similar to the 10 Year Term Premium Rider, except it provides a level death benefit with guaranteed level premiums for 20 years. It can also be converted to a fixed premium permanent life insurance policy without having to prove insurability within the first 10 years. 

This option does not participate in dividends and is only available on whole life policies. 

Children’s Term Rider

The Children’s Term Rider (CTR) offers $20,000 of coverage with one level premium regardless of the number of children insured by the rider. All children ages 15 days and older are covered. It can be converted to up to five times the amount of coverage without a health exam or underwriting. 

This rider expires either when the child turns 25 or the rider expires, whichever comes first, and is available on both whole and term life policies. 

Accelerated Benefit Rider

The Accelerated Benefit Rider (ABR) allows for a portion of the death benefit to be paid out early in the event of a terminal illness diagnosis. This rider is available on both whole and term policies. 

Waiver of Premium Agreement

The Waiver of Premium Agreement (WP) waives the premiums if the insured has a qualifying disability before the age of 60. This rider is available for an additional premium and is available on both whole and term policies. 

Premium Insurance

The Premium Insurance rider waives the premiums on a child’s life policy up to age 25 if the payor dies or becomes totally disabled. This rider is available for an additional cost and is only available on whole life policies. 

Guaranteed Insurability Option

The Guaranteed Insurability Option (GIO) allows for additional Whole Life to be purchased without proving insurability. It’s only available up to age 37 for an additional cost and is only available on whole life policies. 

Customer Service: Standard

Southern Farm Bureau has an online portal in which customers can view policy information and tax forms, manage their account, and pay insurance premiums. There is also a form available online to set up a bank draft for bill pay. 

Customers can reach a representative Monday–Friday from 8:00 a.m.–4:30 p.m. CST. Southern Farm Bureau has the following lines to reach them: 

  • Switchboard: 601-981-5332
  • Death Claims Reporting:1-800-562-0919
  • Policy Service: 1-800-457-9611
  • Direct (if extension is known): 601-981-5332

Southern Farm Bureau does not offer email or live chat support. However, some of the independent state branches do offer more comprehensive customer service. 

Customer Satisfaction: Above Average

According to the National Association of Insurance Commissioners (NAIC)’s complaint index, Southern Farm Bureau Life Insurance Company is rated .26 on their complaint scale, which means it receives below the number of complaints expected in the market (the average score is 1).  

 Southern Farm Bureau Life Insurance had three complaints in 2020, two in 2019, and one in 2018. 

Financial Strength: A+ (Superior)

Southern Farm Bureau Life Insurance has been given an A+ rating by AM Best for financial strength and ability to meet obligations to customers. An excellent rating with AM Best means that Southern Farm Bureau Life Insurance is financially sound and has the ability to pay out the claims due to beneficiaries.

Cancellation Policy: Unavailable   

There is no information online regarding the cancellation policy for life insurance purchased through Southern Farm Bureau Life Insurance. When obtaining a quote through a representative, be sure to inquire about the availability and fees associated with canceling a policy. In addition, ask whether they have a free-look period, which would enable you to review a policy for a certain number of days and cancel risk-free. 

Price of Southern Farm Bureau Life Insurance: Unavailable

There is no information available online regarding the price of Southern Farm Bureau Life Insurance. To obtain a claim you must call a local representative in one of the participating six states, or fill out a form on the local state/chapter’s website to have a representative call or email you more information. 

How Southern Farm Bureau Life Insurance Compares to Other Life Insurance

While Southern Farm Bureau has different options for term and whole life coverage complete with rider customization options, its online availability and functionality are limited. Those looking for more upfront information or more comprehensive online customer service may want to choose a different company for life insurance. 

Southern Farm Bureau vs. State Farm Review

Southern Farm Bureau and State Farm were both founded with farmers’ needs in mind, Southern Farm Bureau in 1946 and State Farm in 1922. Both companies offer both term and whole life policies with a selection of riders, but State Farm is available in more states.

There are a few other differences as well: 

  • State Farm offers a no medical exam policy called the Instant Answer Term, giving individuals aged 16 to 45 $50,000 of coverage with no medical exam. 
  • Southern Farm Bureau is rated A+ from AM Best while State Farm is rated A++. 
  • Southern Farm Bureau is only available in six states, while State Farm is available in all except New York, Massachusetts, and Wisconsin. 
  • State Farm has four rider options while Southern Farm Bureau has 12.

Although both companies offer similar whole life and child term rider options, State Farm does offer online quotes for term policies. If you live in one of the six states offering Southern Farm Bureau coverage, however, it may be worth it to obtain quotes given it has more rider options available. 

Read our full State Farm Life Insurance review.

Final Verdict

Southern Farm Bureau Life Insurance offers both term and whole life policies with a variety of riders to add on for further plan customization. There are no online quote or application options available, and there is limited policy information available online.

While it has a strong financial strength rating, the company provides no online chat or email options for customer service. Southern Farm Bureau may be best for those looking to use a local company and agent through one of the six state branches, but those looking for more online options and availability will have to look elsewhere.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.