In name alone, the new life insurance from Farm Bureau Financial Services—Simple Term—should appeal to many consumers.

The Siegel+Gale Simplicity Survey last year found that 50 percent of consumers say their insurance, credit card, and wireless phone contracts are extremely or somewhat difficult to understand. The study also showed that 67 percent of consumers would have been more interested in purchasing a policy if “plain English explanations and disclosures”—free of industry jargon—were used.

In response to this desire, Farm Bureau Financial Services has launched Simple Term life insurance with the hope that it will stand out from all the complexity that consumers encounter.

“In these complex times, we focus on making insurance simple,” said Rich Kypta, executive vice president, Farm Bureau Life Insurance Company. “Our Simple Term product helps consumers who realize how important it is to prepare for the future with a process that’s streamlined and very easy.”

In most cases, consumers interested in Simple Term just need to answer a few questions online. No medical exam is required, and paperwork is kept to a minimum.

In return, they receive a death benefit ranging from $25,000 to $75,000; guaranteed monthly premiums paid via EFT; set coverage periods, determined in part by the insured’s age; and the option to extend protection by converting to a permanent life policy with Farm Bureau Financial Services.

“Simple Term makes it easy for people to have the coverage they need—and the peace of mind that comes with the knowledge that their loved ones are protected,” Kypta added.