A whole life policy from Farm Bureau Life is one of the few contracts where you already have a number in hand. The guaranteed cash value is printed in the policy, it grows on a fixed schedule, and you can take it by surrendering. That guaranteed floor is exactly why the decision deserves more thought than a phone call to cancel: a settlement, a surrender, a reduced paid-up election and a policy loan all end with money or coverage in your hands, and they are not interchangeable.
This page covers what is verifiable about Farm Bureau Life as of July 2026, how guaranteed cash value and dividends change the math, and what the company requires to transfer ownership. Pine Lake Life Solutions is an independent educational resource and is not affiliated with, endorsed by, or acting for Farm Bureau Life Insurance Company or any Farm Bureau organization.
In This Article
- First, Confirm Which Farm Bureau Company Issued Your Policy
- Who Owns Farm Bureau Life Today
- What Guaranteed Cash Value Does and Does Not Do
- Dividends, Paid-Up Additions and the Real Cash Value
- Settlement Offer, Surrender, or Reduced Paid-Up
- Farm Bureau Life’s Change-of-Ownership Requirements
- Frequently Asked Questions
First, Confirm Which Farm Bureau Company Issued Your Policy
More than one insurer uses the Farm Bureau name, and they are separate companies with separate home offices, service numbers and forms. Farm Bureau Life Insurance Company is based at 5400 University Avenue, West Des Moines, Iowa 50266-5997, and is the life subsidiary of FBL Financial Group, Inc., which markets under the Farm Bureau Financial Services brand. Southern Farm Bureau Life Insurance Company, Farm Bureau Life Insurance Company of Michigan, Farm Bureau Life Insurance Company of Missouri, Kentucky Farm Bureau, Indiana Farm Bureau Insurance and Texas Farm Bureau each operate independently of the Iowa company.
Read the full corporate name and home office address on the face page of the contract before doing anything else. Everything below applies to the West Des Moines company; a different Farm Bureau entity will have its own service line and its own forms.
Who Owns Farm Bureau Life Today
Policyholders often assume a carrier that left the stock exchange was sold off or put into runoff. That is not what happened here. On May 25, 2021, Farm Bureau Property & Casualty Insurance Company completed a take-private transaction with FBL Financial Group, Inc., buying the outstanding Class A and Class B shares that it and the Iowa Farm Bureau Federation did not already hold for $61.00 per share in cash. FBL Financial Group common stock stopped trading on the New York Stock Exchange before the market opened on May 26, 2021, and the Iowa Farm Bureau Federation remained the majority owner afterward.
Two practical points follow. First, the company servicing your whole life policy did not change; the shareholder register did. Your policy number, guaranteed values and contractual rights are unaffected. Second, Farm Bureau Life is not in runoff. As of July 2026 its consumer site states it offers three types of life insurance, term life, whole life and indexed universal life, with life and annuity business licensed in Arizona, Idaho, Iowa, Kansas, Minnesota, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Utah, Wisconsin and Wyoming.
On financial strength, AM Best has affirmed a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” for Farm Bureau Life Insurance Company, with “bbb+” for the holding company, outlook stable. Ratings are reviewed periodically; confirm the current one with AM Best.
What Guaranteed Cash Value Does and Does Not Do
Whole life is a level-premium contract with a guaranteed cash value table. That table is not a market value; it is what the insurer contractually owes you if you hand the contract back, and it climbs slowly early and faster later. Because it is guaranteed, it is the floor in every conversation about monetizing the policy, and an offer that does not clearly beat it is not worth the paperwork.
The tradeoff is coverage. Surrendering ends the death benefit permanently. Two nonforfeiture alternatives keep some coverage alive without further premiums, and Farm Bureau Life’s own service form contemplates both. Reduced paid-up converts the cash value into a smaller, fully paid death benefit that lasts for life. Extended term insurance keeps the current face amount but only for a defined period, after which it stops. Which is better depends on how long the coverage needs to matter and whether anyone still depends on it.
A policy loan is a third route. It takes cash out without ending the contract, but it accrues interest and reduces the death benefit until repaid, and an unpaid loan that grows past the cash value can lapse the policy with a taxable gain.
| Option | What you receive | What happens to the death benefit |
|---|---|---|
| Full surrender | Net cash value, minus any loan | Ends permanently |
| Reduced paid-up | No cash now | Smaller face amount, paid up for life |
| Extended term | No cash now | Current face amount for a limited period only |
| Policy loan | Cash up to the loan value | Reduced by the loan and accrued interest |
| Life settlement | A negotiated lump sum, if an offer is made | Transfers to the buyer with ownership |
Dividends, Paid-Up Additions and the Real Cash Value
If your Farm Bureau Life whole life contract is participating, the dividend election materially changes the number you are comparing against. Farm Bureau Life’s Policy Service Request form, number 433-279 (01-23), lists the dividend options the company administers: pay in cash, apply as a premium reduction with any remainder directed elsewhere, accumulate at interest, or buy paid-up additions. There is also a separate section for a one-time dividend withdrawal, which can be taken in cash, applied to a premium, applied to a policy loan, or applied to the first premium on a new application.
Owners who elected paid-up additions for decades often hold a policy with meaningfully more death benefit and more cash value than the original schedule shows, because each year’s dividend bought a small block of extra paid-up coverage. Owners who took dividends in cash have the original guaranteed schedule and nothing more. Ask the company for the current total cash value including any dividend accumulations and paid-up additions, and the current total death benefit including additions. Those two figures, not the numbers printed on a policy issued years ago, are the correct inputs. Dividends are not guaranteed.
Settlement Offer, Surrender, or Reduced Paid-Up
A life settlement is the sale of an in-force policy to an institutional buyer for more than the surrender value but less than the death benefit. Eligibility is driven mostly by age and health, because a buyer is pricing how long premiums must be paid before the policy pays out. Whole life is settled less often than universal life, for a simple reason: the guaranteed surrender value sets a high bar, and on a healthy insured a buyer often cannot clear it. On an older insured, or one whose health has declined since the policy was issued, the gap can open up considerably.
Nobody can promise you qualify, and no figure quoted before medical records and an in-force ledger are reviewed is anything but guesswork. What is achievable is getting all four numbers in front of you at once: current net surrender value, reduced paid-up death benefit, extended term duration, and any offers a licensed broker brings back.
Farm Bureau Life’s Change-of-Ownership Requirements
Every life settlement ends with a change of policy ownership, so it is worth knowing in advance what the company requires. Farm Bureau Life handles this on form 433-279 (01-23), the Policy Service Request, mailed to the home office at 5400 University Avenue, West Des Moines, Iowa 50266-5997 or faxed to 800-754-6370. Section 4 of that form, Transfer of Ownership, carries a warning owners frequently miss: any ownership change removes all existing owners and contingent owners, so anyone you wish to keep must be re-affirmed on the form. The new owner must sign the form. If the new owner is a trust, corporation or other entity, the full legal title must be written out and form 433-042 or 433-043 attached, as appropriate.
Two more details matter. Beneficiary changes are not made on the ownership form; Farm Bureau Life directs those to form 433-64. And the form states that requested changes do not take effect until recorded at the home office, with the effective date then dated back to the request. If the original contract is lost, Section 11 allows the company to issue a certificate of insurance for a $25 charge. To confirm current forms and processing times, call Farm Bureau Financial Services life and annuity client service at 800-247-4170, listed on fbfs.com as available Monday through Friday 8:00 a.m. to 7:00 p.m. and Saturday 9:00 a.m. to 1:00 p.m. Central time.
Frequently Asked Questions
Did Farm Bureau Life sell off its life insurance block?
No public record supports that. What happened is a corporate ownership change at the holding-company level: Farm Bureau Property & Casualty Insurance Company completed a take-private transaction with FBL Financial Group, Inc. on May 25, 2021 at $61.00 per share, and the stock was delisted from the New York Stock Exchange. The Iowa Farm Bureau Federation remained the majority owner, and Farm Bureau Life continues to service policies and write new life insurance.
How do I find out what my Farm Bureau Life whole life policy is actually worth today?
Request three figures directly from the company: the current net cash surrender value, the current total death benefit including any paid-up additions, and the value of any dividend accumulations. Ask also for the reduced paid-up and extended term amounts if you elected those. The life and annuity client service line listed on fbfs.com is 800-247-4170.
Is my policy participating, and do dividends change the decision?
Only the contract can tell you whether it is participating. Farm Bureau Life’s Policy Service Request form administers dividend options including cash, premium reduction, accumulation at interest and paid-up additions. If you elected paid-up additions for many years, both your cash value and your death benefit are likely higher than the original schedule shows. Dividends are not guaranteed.
What paperwork does Farm Bureau Life require to change who owns the policy?
Section 4 of form 433-279 (01-23), the Policy Service Request, handles a transfer of ownership. The new owner must sign, an entity owner requires form 433-042 or 433-043, and any ownership change removes all existing owners and contingent owners unless they are re-affirmed on the form. The company states changes are not effective until recorded at its home office. Confirm current requirements with the company before relying on any form number.
Does Pine Lake buy my policy?
No. Pine Lake Life Solutions does not purchase policies and is not affiliated with Farm Bureau Life Insurance Company. We provide a free, no-obligation policy review so you can compare surrender, nonforfeiture and settlement outcomes with real numbers. Any decision remains entirely yours.
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Related Reading
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- Sell My Farm Bureau Life Term Policy
- Cash Value Loan Vs Surrender
- Extended Term Nonforfeiture Option
- Keep Or Sell Policy Npv
- Change Of Ownership Life Insurance
- Sell My State Farm Whole Life Policy
Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.