Insurance 101


Related Information

  • Life Insurance FAQ

  • If I would like to pay my Life Insurance policy via electronic funds transfers (EFT), what do I need to do? 
    You will need to complete and file an "EFT - Electronic Funds Transfer Authorization" form (BR552A). The form may be obtained from your Farm Bureau Insurance Agent’s office, or it may be downloaded from the Pay Bill page on this web site. You must also attach a voided check or a savings account deposit slip showing your correct account number and the bank’s routing number. We will assume that the funds are to be taken from your checking account, unless you specify that they are to be taken from your savings account.

    If I have attained age 70 ½ and need to begin taking a “Required Minimum Distribution” from my Qualified Annuity, what do I need to do?  
    You will need to complete and file a “Request For Annuity Distribution” Form (LG466), which may be obtained from your Farm Bureau Insurance Agent’s office. We offer you the option of completing and filing this request each year or of establishing a Systematic Withdrawal. If you choose the Systematic Withdrawal option, a check will be automatically produced every year on the date that you have chosen. No further notification from you is needed. Please see your Farm Bureau Insurance Agent for more details.

    Do I have the option of receiving automatic payments from my policies without annuitizing them?  
    Yes. We offer a Systematic Withdrawal option on certain plans. If you choose the Systematic Withdrawal option, you may elect a monthly, quarterly, semi-annual, or annual payment. You must specify the amount that you want distributed to you ($100.00 minimum) or you may request that only the interest you earn be distributed to you ($100.00 minimum). If you are over age 70 ½ and are required to take a distribution from your qualified plan each year, you may choose the Systematic Withdrawal option. We also offer the option of having your distributions deposited directly into your checking or savings account. To determine whether your plan type is eligible for Systematic Withdrawal, please contact your Farm Bureau Insurance Agent. 

    What types of annuity payout options are available to me?
    The following options are available:
    Single Lifetime Income Option 10 Year Guarantee Period
        A Life Income Option with payments guaranteed for a total of 10 years to you or your beneficiary.
    Single Lifetime Income Option 15 Year Guarantee Period
        A Life Income Option with payments guaranteed for a total of 15 years to you or your beneficiary.
    Single Lifetime Income Option 20 Year Guarantee Period
        A Life Income Option with payments guaranteed for a total of 20 years to you or your beneficiary.
    Income For A Fixed Period
        An Income Option with payments guaranteed to you or your beneficiary for a period of years (between 5 and 25) that you select.

    In addition to the abovementioned options, Farm Bureau Life Insurance Company of Michigan also offers Annuities for a fixed amount and Joint and Survivor Annuities.

     

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