Southern Farm Bureau Life Insurance Company is a regional, membership-based provider that offers term and whole life insurance in addition to fixed annuity products and business insurance. If you qualify, it can be a great choice for those seeking flexibility from the vast selection of riders, as well as no-exam insurance for future policies.
- Pros and Cons
- Key Takeaways
- Company Overview
Easy claims filing
Several riders for extended coverage
Only whole and term life
- Southern Farm Bureau Life Insurance is available in 11 states.
- You must be a member to purchase life insurance.
- There are nine plans for term and whole life insurance, plus five riders.
- Policies can earn dividends following the first year.
Southern Farm Bureau Life Insurance Company was chartered in 1946 as a capital stock life insurance company and officially began operations on January 2, 1947. Today, the company has its headquarters in Jackson, Mississippi, with 3,818 agents and over 1.28 million policies in effect.
Products are available in 11 states:
- North Carolina
- South Carolina
- Year Founded 1946
- Kinds of Plans Term and Whole Life
- Number of Plans 9
- Payment Plan Options Monthly, quarterly, semi-annually, annually
- Customer Service Phone: 601-981-7422; Death claims: 800-562-0919; Policy service: 800-457-9611
- Official Website www.sfbli.com
Southern Farm Bureau is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- Available dividends: With Southern Farm Bureau Life Insurance, policyholders have the option to earn dividends after their first year with a permanent policy.
- Easy claims filing: When you need to file a claim, there are multiple options, including filing online, calling an agent during business hours, or using the app. Either way, it is simple to begin your Southern Farm Bureau Life Insurance claim.
- Several riders for extended coverage: Southern Farm Bureau offers several life insurance riders, such as coverage for children and an accelerated benefit rider, that allow for greater customization with your policy.
- Membership required: In order to purchase a life insurance policy, you must be a member of Southern Farm Bureau Insurance Company. You also must maintain that membership in order for your policy to remain active.
- Limited availability: Southern Farm Bureau has a limited service area of just 11 states.
- Only whole and term life: There are not some of the other types of life insurance seen with some other providers.
Southern Farm Bureau Life Insurance Company offers both term and whole life insurance products.
Southern Farm Bureau offers participating term life insurance, which includes non-guaranteed dividends.
There are five plans for Southern Farm Bureau term life insurance. These policies offer temporary, short-term coverage that carries either guaranteed or graduated level premiums.
10 Year Term Premier
This plan offers guaranteed level premiums for 10 years that increase after that. Plans carry a level death benefit of $100,000 or more, and you can renew your plan through the age of 95. Policyholders also have the option to convert this policy to permanent life insurance without proving insurability for the first five years of the policy’s life, although certain conditions apply.
20 Year Term Premier
The 20 Year Term Premier plan doubles the length of guaranteed level premiums, lasting 20 years with a level death benefit of $100,000 or more. It is renewable each year through the age of 95, at which point, you may convert your policy to a fixed premium permanent life insurance policy. If done within the first 10 years of your policy, you will not have to prove insurability if you meet the necessary requirements.
30 Year Term Premier
Southern Farm Bureau’s longest term life insurance policy offers guaranteed premiums for 30 years. It still carries the same death benefit as the other term life insurance plans, with a level death benefit of $100,000 or greater. Policyholders have the option to renew their policy until the age of 95, but if you convert your policy to a permanent policy within the first 15 years, you will not have to prove insurability when you meet the eligibility requirements.
10 Year Participating Term
The 10 Year Participating Term policy is designed for those seeking dividends, although these dividends are not guaranteed. This plan is non-renewable, with premiums that are guaranteed for 10 years. There is the same level death benefit starting at $100,000, but you can only convert your policy without proving insurability if you do it within the first seven years.
20 Year Participating Term
Similarly, the 20 Year Participating Term policy provides a death benefit of $100,000 or more. Policyholders enjoy guaranteed level premiums for a period of 20 years but are non-renewable. It can be converted to permanent coverage without proving insurability within the first 15 years of the policy.
For those seeking permanent protection, Southern Farm Bureau Life Insurance Company offers four whole life insurance plans. These policies feature level premiums with long-term coverage and access to cash value that accumulates over time.
20 Pay Life
Southern Farm Bureau’s whole life insurance begins with the 20 Pay Life policy that features guaranteed level premiums for 20 years. In addition to a death benefit, your policy may also gain cash value that you can access.
30 Pay Life
The 30 Pay Life policy offers guaranteed level premiums through an extended period of 30 years. There is a death benefit, as well as the ability to accumulate and access cash value.
With a whole life insurance policy from Southern Farm Bureau, coverage lasts through the age of 120.
Single Premium Whole Life
The single premium whole life insurance policy requires a single premium that is paid in one lump sum when you purchase your policy. However, there are no riders permitted with this policy, with the exception of the Accelerated Benefit Rider.
Not all life insurance policies may be right for you, but that is where riders can help. Southern Farm Bureau offers several riders that you can purchase as add-on protection to further customize your policy to meet your needs.
Children’s Term Rider
For term insurance, there is just one rider: the children’s term rider (CTR). This rider adds $20,000 worth of life insurance coverage to your policy. Policyholders can insure as many children as they would like under this rider, with children more than 15 days old eligible for coverage. Regardless of how many children are insured, there is only one level premium required, and coverage lasts until the child’s 25th birthday or the rider expires. Children are guaranteed insurability with the option to convert the rider to another policy that has up to five times the amount of the rider.
Accelerated Benefit Rider
The accelerated benefit rider (ABR) allows policyholders to access the policy’s death benefit early if diagnosed with a terminal illness.
Waiver of Premium Agreement
This rider waives policy premiums if the policyholder experiences a disability before the age of 60.
Also known as payor death or death/disability, the premium insurance rider waives premiums when the premium payor is totally disabled. The policy also covers insured children through the age of 25.
Guaranteed Insurability Option
With this rider, the policyholder can purchase additional whole life insurance coverage without having to prove insurability. This is only available for policyholders up to the age of 37 years.
Southern Farm Bureau Life Insurance Company offers a combination of customer support options that include phone, mail, email, and fax. There is no live chat option as seen with other companies. For in-person support, there are more than 3,800 agents available within Southern Farm Bureau’s service area.
Customer service representatives are available to help Monday through Friday between the hours of 8 a.m. and 4:30 p.m. CST. Completed service forms may be mailed, emailed to firstname.lastname@example.org, or faxed to 601-321-3244.
|Direct line (extension use only)||601-981-5332|
|Street Address||1401 Livingston Lane
Jackson, MS 39213
|Mailing Address||P.O. Box 78
Jackson, MS 39205
Policyholders can also use the MOBILE agent App to manage their policy, contact an agent, request emergency roadside assistance, or file a claim. It is available for download on both iOS and Android devices.
A reliable way to check a company’s customer satisfaction ratings is by looking to the National Association of Insurance Commissioners (NAIC). Using its customer complaint index, it tracks the number of complaints a company receives, assigning an annual score using a baseline score of 1.00.
Southern Farm Bureau Life Insurance Company receives an extremely low rating for 2020, scoring a total of 0.014. It is on par with the company’s past performance, with strong complaint index ratings of 0.007 in 2019 and 0.011 in 2018. These scores show that customers are generally happy with the service that they receive from Southern Farm Bureau, making it a good choice when you value customer service and support.
Southern Farm Bureau also performs well in AM Best’s ratings for financial strength, with an A+ (Superior) rating. This signifies strong financial strength and reliability, especially when it comes to claims processing.
Policyholders may cancel their Southern Farm Bureau life insurance policy by contacting the company directly. You may start your request by contacting your agent, calling customer service at 800-457-9611, or logging into your account online. Your policy may also provide additional information regarding cancellation and any eligible fees.
You must work directly with a Southern Farm Bureau agent to receive a quote and purchase a life insurance policy. A medical exam is required before you can qualify for a life insurance policy, although you can purchase riders to guarantee insurability for future products. The price of your Southern Farm Bureau life insurance policy depends on several factors, such as the policy you choose and any additional riders that you purchase.
Another factor that can impact the cost of your Southern Farm Bureau life insurance is your gender, with many companies using your sex at birth instead of current gender identity to price your policy.
When comparing how Southern Farm Bureau Life Insurance Company performs on an industry-wide scale, we look to one of the best life insurance companies today, New York Life. There are many pronounced differences between the two, the biggest of which being sheer size. New York Life is the third-largest insurance carrier in the country with nearly 6% market share, while Southern Farm Bureau lags far behind at just 0.05% as a regional provider.
New York Life also neared $2 billion in 2020 nationwide dividends, while Southern Farm Bureau did about $876 million across its limited area of just 11 states. When you want a provider with greater availability and strong annual performance, New York Life outperforms Southern Farm Bureau’s limited reach.
|Southern Farm Bureau||New York Life|
|Market Share||0.05%||Third-largest in U.S., 5.7%|
|Number of Plans||9||10|
|Dividends for 2020||$875.8 million||$1.9 billion|
|Wellness Program Discounts/Quit Smoking Incentives||Not applicable||Not applicable|
|AM Best Rating||A+ (Superior)||A++ (Superior)|
|Price Rank||Varies||Better than most|
|Complaints Trend||0.015 Great||0.15 Excellent|
Southern Farm Bureau Life Insurance Company is a regional provider that serves an exclusive market with limited availability in just 11 states. Membership is required, and you must work with an agent to purchase a life insurance policy from the company. However, it can be a good choice for life insurance when you want plenty of options for your whole and term life insurance.
Our Methodology: How We Review Life Insurance Carriers
Using our exclusive life insurance review methodology, we methodically analyze each insurance provider on an ongoing basis to ensure only the most current and accurate data for you and your family. We carefully consider several different factors, such as the type of coverage available, availability, resources, qualifications, and eligibility. We also consider company ratings, looking to leading industry leaders like AM Best for financial strength scores.