Farmers & Traders Life Insurance Company

Farmers & Traders Life Insurance Company
960 James Street P.O. Box 1056
Syracuse, New York 13201-1056

In 1914, Farmers and Traders Insurance Company was formed by an agricultural organization called “Grange”, a large organization composed of farm people during that period. The organization’s members were often deprived of the services and products that were offered in bigger cities primarily because of their remote location and simpler lifestyles compared with the people in urbanized areas.

To bridge this gap that the Grange members perceived, Farmers and Traders Life Insurance Company was born. The company was primarily aimed to provide the same type of financial protection that other companies were offering to urban people. Aside from the farming community, the company also opened its doors to the general public and market.

Through the years, the business of the company has expanded to the delivery of a complete range of insurance solutions to people from different groups and areas other than the farming communities.

The company deals in whole and term life plans, universal life, annuities and other coverage that are geared toward seniors. It primarily utilizes independent agents to market its insurance products to the different states where it is licensed to operate.

Today, Farmers and Traders is based in Syracuse New York. In October 2007, it was incorporated into and formed a merger with Columbian Mutual Life Insurance Company based in Binghamton, New York. The company currently functions as part of the Columbian Financial Group of Companies. Farmers and Traders is headed by William Hess, who functions as the chairman of the board and president.

Farmers and Traders promotes its business through collaboration with 1,600 representatives who are spread out across 28 states in the United States. Currently, the company boasts of an asset of $478.5 million and almost $2 billion worth of insurance protection for its policy owners. It also enjoys an A- or excellent financial rating from A.M. Best. With the merger, the company becomes part of an organization that boasts of more than $1 billion in assets and surplus greater than $70 million.

Farmers and Traders is licensed to operate in Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia, and Wisconsin.

The company offers insurance protection plans to seniors aged 50 to 80 years old. Its Senior Protector Life Plan promotes premiums that can be paid up to the insured’s 100th year. Cash benefits associated with this plan ranges from $5,000 to $25,000. In addition, these senior coverage plans carry an assurance of death benefit that is composed of the total premiums paid plus interest that is dependent on the age of the insured in case of death.

With the Farmers and Traders’ incorporation into Columbian Mutual, policy owners automatically become plan holders under the former. However, the stipulations of the plans and coverage that they possess do not change. This shows that the merging of the two companies is a strategic move to further benefit, not only the organization but also the customers, who can be assured of a more financially secure and strong provider.