No one understands the importance of planning better than a farmer. It’s the attention you give your soil, your crops and your livestock today that produces a successful tomorrow. Careful planning is the key to your family’s future too. Insurance such as Credit Life or Term Life will provide monetary benefits to a decedent’s family or other designated beneficiary.
Because protecting your business and your family is important to us and to our customers, American AgCredit may sell to its borrowers Credit Life Insurance (CLI) for short-term coverage on commercial loans, and Mortgage Life and Disability Insurance for long-term coverage on mortgage loans, both of which are made available through Minnesota Life. The insurance policy will pay off the loan commitment between the Association and the borrower in the event of a debtor’s death.
(Short Term or Long Term Life and Disability)
Group CLI offers a streamlined process with fewer questions on the application and provides a fast turnaround time.
(Advantage Elite or Premier Series Term Insurance)
Individual Term insurance often requires more time for the underwriters to gather information about the customer, however it may offer approval for a broader range of people.
A paramedical exam is required on the Advantage Elite and Premier Series products and both offer various rate tables that are based on the applicant’s risk factors. For more information on the Advantage Elite or Premier Series term life insurance go to www.fclifenet.com.
Group and individual coverage options each have their advantages. While group coverage may not be the right fit for one person with complex health issues, it may be the more economical choice for another. Individual coverage can offer a greater amount of coverage for a diverse group of borrowers. Regardless of the type of coverage granted, the same underwriting methods and tools are used for all coverage.
Even if you already have life insurance, it makes sense to have an insurance check-up when life encounters a change. For more information contact your Loan Officer or the Association’s Life Insurance Representative, Julie Middleton at 209-944-7478.
For more information contact your Loan Officer or the Association’s Life Insurance Representatives, Julie Middleton (CA and NV) at 209-944-7478, and Mike Phillips (KS and OK) at 216-772-2690.
