Country Life Insurance Review 2022 – Investopedia
Pros Explained
Long history: Country Financial has been in the insurance business since 1925.Easy to bundle: There are many other types of insurance available, such as home, auto, and farm insurance, that can be easily bundled with your life insurance for additional savings.Excellent customer satisfaction: Country Financial holds some of the best scores in the industry for customer satisfaction from NAIC.
Cons Explained
Limited availability: Country Financial is only available in 19 states.No online quotes: You have to call and speak with an agent if you want a quote.Not FDIC-insured: Country Financial is not FDIC-insured, so there is no bank guarantee, and funds may lose value.
Available Plans
Country Financial offers three forms of life insurance: term, whole life, and universal life insurance.
Term Life Insurance
Country Life offers term life insurance that comes with terms of 10, 15, 20, or 30 years and a death benefit ranging from $50,000 to over $1 million. At the end of the term, you have the option to extend coverage or convert to permanent coverage. Because term life insurance is only temporary, policies are generally more affordable than permanent life insurance. However, it does not build cash value or receive dividends.
Whole Life Insurance
For permanent coverage, Country Financial offers whole life insurance with lifetime protection and the ability to accumulate cash value over time. Although premiums are often more expensive than term life premiums, whole life insurance has fixed premiums that do not increase over time. You can also access cash value if you need a financial boost due to an emergency or other reasons.
Country Financial whole life insurance is available in five policies, although availability and eligibility restrictions may apply.
10-Pay Life
Country Financial’s 10-Pay Life likely has the highest premiums because payments last just the first 10 years of your policy. After that, you have a fully paid premium with lifetime protection.
20-Pay Life
Similar to the 10-Pay Life policy, the 20-Pay Life policy has premiums that last for 20 years before the policy is fully paid.
Life Paid-Up at 65
Country Financial’s Life Paid-Up at 65 policy is an age-based policy with premiums that end at the age of 65.
Executive Whole Life
For more affordable premiums, you can extend your premiums through the age of 95 with the Executive Whole Life policy.
Single Premium Whole Life
Country Financial also offers its Single Premium Whole Life policy that requires just one upfront, lump-sum premium payment in exchange for lifetime coverage.
Universal Life Insurance
Country Financial also offers universal life insurance, which can provide lifetime protection and limited cash value. There are no dividends with this plan, but it is a more affordable option than whole life insurance, given the more restricted cash value.
Available Riders
A life insurance plan may not always meet your needs as packaged, which is where life insurance riders can help. For an additional cost, you can often add additional protections to your policy to better mold coverage to your specific needs.
Country Financial has 11 life insurance riders available for your policy, with options depending on both the coverage you choose and the state in which you live.
There are 11 life insurance riders you can use to customize your Country Financial life insurance policy.
Rider Type
Term life insurance
Whole life insurance
Universal life insurance
Child Term Insurance
✔
✔
✔
Disability Waiver of Premium
✔
✔
Accelerated Benefits
✔
✔
✔
Return of Premium
✔
Insured Term Rider
✔
Accidental Death Benefit
✔
Guaranteed Insurability Option
✔
Index Dividend Feature Rider
✔
Paid-Up Additions Rider
✔
Term Insurance for Policyholder and/or Spouse
✔
Waiver of Specified Premium
✔
Child Term Insurance
Country Financial offers the option of additional term insurance for children up to the age of 17 years. At the age of 23, children can convert their coverage to whole life insurance coverage without having to show proof of insurability. Coverage is available in amounts up to $50,000 for term insurance.
Disability Waiver of Premium
Should the policyholder become disabled before the age of 65, Country Financial will waive premium payments.
Accelerated Benefits
Country Financial offers free coverage for accelerated benefits with your policy. If you are diagnosed with a terminal illness, you can access a portion of your policy’s death benefit to help with the additional medical expenses.
Return of Premium
When you purchase a 20- or 30-year term life policy, you can add the Return of Premium waiver to your policy. This will refund your paid base annual premiums, as well as the cost of the Return of Premium waiver, if you are still living at the end of the policy’s term.
Insured Term Rider
The Insured Term Rider allows policyholders greater flexibility with term life insurance coverage, offering temporary coverage when you have specific financial needs throughout life, such as college or a mortgage.
Accidental Death Benefit
An Accidental Death Benefit Rider offers an additional death benefit if you die from an accident before the age of 70.
Guaranteed Insurability Option
If you think you might need additional life insurance coverage, the Guaranteed Insurability Option (GIO) offers guaranteed additional coverage for policyholders without the need for a medical exam. Coverage is available for purchase every three years for policyholders between the ages of 22 and 43.
Index Dividend Feature Rider
The Index Dividend Feature Rider is a free rider for whole life insurance that can grow dividends using index performance to build greater value. However, growth is not guaranteed, and dividends can decrease or even be lost.
Paid-Up Additions Rider
With the Paid-Up Additions Rider, you have the option to buy upfront additional whole life coverage in order to increase your policy’s value.
Term Insurance for Policyholder and/or Spouse
If you have a whole life insurance policy, you can purchase additional protection with term life coverage for yourself or your spouse. There is the option of term life coverage that lasts 10, 15, 20, or 30 years. It can be a cheaper way to buy additional coverage without the cost of pricier whole life insurance policies.
Waiver of Specified Premium
The Waiver of Specified Premium is available for policyholders that experience a temporary disability before the age of 65. During this time, premiums are reduced.
Customer Service
Country Financial has more than 3,000 employees and 2,000 representatives to help with 24/7 customer service. To find a representative, Country Financial offers an easy online search tool.
You can also call customer support with specific contacts based on your needs.
Country Financial Phone Support
Type of support
Contact
General client support
866-COUNTRY (866-268-6879)
Request a quote
866-268-6879
Roadside assistance
800-481-1080
Report a claim
866-268-6879
Mailing Addresses
Country Financial
Country Financial
PO Box 2020
Bloomington, IL 61702-2020
Country Trust Bank
Country Trust Bank
PO Box 2222
Bloomington, IL 61702-2222
Life Insurance Payments
Country Financial
PO Box 2000
Bloomington, IL 61702-2000
Complaint Index
The National Association of Insurance Commissioners (NAIC) tracks the number of customer complaints that a company receives and assigns a score, using 1.00 as the industry average.
Country Life holds a very impressive 0.08 rating for 2021 and 2020, which is in line with its performance in past years. In 2019, it received a 0.05 rating. It shows that customers are generally happy with the service that they receive.
Third-Party Ratings
One way to determine a company’s financial strength is to consider its AM Best rating. Country Life receives a score of A+ (Superior), showing excellent financial strength. This means that Country Life is a company that is generally reliable and efficient in its claims processing.
Cancellation Policy
When you buy a new life insurance policy, there is a “free look” period that gives you an opportunity to review your policy in greater detail. If you decide that your policy is not for you, you can cancel your policy without penalty and receive a refund of premiums paid when you cancel within the appropriate period. Free look periods typically last between 10 and 30 days.
If you decide that you want to cancel your Country Financial policy, simply contact your insurance agent for more information. Your agent can detail any fees or penalties that may apply if you cancel after the free look period. To contact your agent, you can call 1-866-COUNTRY (268-6879).
Price
To qualify for a life insurance policy, many life insurance companies require a medical exam or questionnaire. However, Country Financial offers a unique underwriting process that can bypass the hassle and save you time. There are simplified and accelerated underwriting processes that can bypass the medical exam altogether. Your insurance agent can help with eligibility requirements.
The cost of your Country Financial policy depends on several factors, such as the policy you choose. Term and universal life insurance are more affordable than whole life insurance, but your death benefit amount and any riders can also increase the cost.
Other factors that impact the cost of your life insurance are your age, health, and medical history. Gender is another factor that can impact price, although most providers use your sex at birth rather than current gender identity.
Competition
To help evaluate how Country Financial performs, we compared it to one of the best life insurance companies, New York Life. Country Financial is significantly smaller than New York Life, which is the third-largest provider in the country. Country Financial has fewer plans and fewer dividends, and although it rates highly for customer satisfaction, it still lags behind in scores for financial strength and reliability. Overall, New York Life is a stronger company for life insurance.
Country Financial
New York Life
Market Share
0.035%
Largest in U.S., 6.75%
Number of Plans
7
9
Dividends for 2020
$594.6 million
$1.9 billion
Wellness Program Discounts/Quit Smoking Incentives
Yes
Not applicable
Service Method
Agents
Agents
AM Best Rating
A+ (Superior)
A++ (Superior)
Price Rank
Varies
Better than most
Complaints Trend
0.08 (Excellent)
0.25 (Good)
Final Verdict
One of Country Financial’s greatest challenges is its availability, with just 19 states served. However, with solid financial strength and excellent customer satisfaction, Country Financial can be a great choice if you live in its service area and are looking for whole life, term, or universal life insurance.
Our Methodology: How We Review Life Insurance Carriers
To find the best life insurance companies for you and your family, our team uses our exclusive Life Insurance Review Methodology to evaluate companies based on critical factors like available coverage, pricing, and availability. We also look at each provider’s overall customer satisfaction based on ratings by the National Association of Insurance Commissioners (NAIC). Finally, we consider financial strength ratings from AM Best for claims processing and reliability. Based on these factors and more, we present well-rounded, multi-faceted life insurance reviews for your reference.
