State Farm Life Insurance

State Farm offers several types of life insurance policies. These include term life insurance, whole life insurance, and universal life insurance. The company also offers optional riders like a children's term rider and a guaranteed insurability option rider.

State Farm is best known for its auto insurance but offers a wide range of life insurance policies. Customers can find policy options and information on the company’s website and contact a local agent for further assistance. State Farm life insurance rates are often lower than competitors, and the company encourages bundling, saving its customers on premiums.

Term life policies, including Select Term Life and Instant Answer Term Life, are available in 10-, 20- and 30-year terms. Whole life insurance, or permanent coverage, is offered as well and comes in the form of whole and universal policies. Whole-life policies provide a death benefit and cash value that builds over time. The death benefit passes to beneficiaries tax-free income, and the cash value can be withdrawn anytime.

State Farm’s life insurance products are typically rated highly among consumers, with many noting its low prices and excellent customer service. The company has a strong presence in the community through its Good Neighbor Grant program, which supports charitable and educational organizations. Additionally, the company has a number of initiatives to support the African-American, Asian and, Pacific Islander, Hispanic, and LGBT communities. Customers can choose from a variety of rider options to customize their State Farm life insurance policy, such as children’s term riders, estate preservation riders, and a flexible care benefit rider.

State Farm Life Insurance
State Farm Life Insurance 1

Is State Farm Good for Life Insurance?

State Farm offers a wide range of life insurance products, with plans available in all 50 states. Its extensive list of options and riders makes finding the plan that fits your needs easy. State Farm also has an excellent reputation within the industry, earning an A++ (Superior) rating for financial stability from AM Best and ranking No. 1 in the J.D. Power 2022 U.S. Individual Life Insurance Study among 20 other insurers.

In addition to its standard term policies, State Farm also offers whole and universal life insurance. With these plans, you can choose a fixed premium and death benefit for a certain amount of time or build cash value over the years. Many people find these options helpful in providing protection for loved ones after a person’s death or building long-term wealth.

Another perk of State Farm’s life insurance is its ability to be bundled with home, car, renters, and auto policies. This can save money and make it easier to manage multiple policies from one company.

Additionally, State Farm offers specialized coverage for classic cars. It has partnered with Hagerty to offer this coverage for vehicles that meet certain criteria. Typically, these include muscle and hot rods that are at least 10 years old and have historic interest. Customers can use a State Farm agent to determine whether their vehicle is eligible for coverage and the specific policy terms.

How to Buy a State Farm Life Insurance Policy?

Customers can buy State Farm life insurance through a local agent or online. The company’s agents have the ability to answer questions and help you select a policy that fits your needs. The company has 19,000 agents across the country, so there’s probably one nearby.

In addition to offering life insurance, State Farm provides a wide range of financial services and is involved in numerous community initiatives. Its foundations and grants support a number of charitable causes, including youth programs and schools. The company also donates to various environmental causes through its Good Neighbor Grant program.

State Farm Life Insurance Death Pay
State Farm Life Insurance 2

State Farm Life Insurance Death Pay

State Farm offers several types of life insurance, including term, whole, and universal policies. They also offer a range of riders, which are add-ons that provide additional coverage or benefits.

For instance, the Return of Premium policy allows you to get a refund of your policy’s premium if you outlive the term. In addition, it builds cash value1 that you can borrow against or withdraw from, though unpaid loans and withdrawals will reduce the death benefit1.

Among other things, State Farm offers final expense life insurance, which pays a guaranteed death benefit of $10,000 to beneficiaries who apply it to funeral, burial, or related expenses. This type of policy is typically cheaper than traditional whole or term life insurance and requires no medical exam or health questionnaire.

While State Farm is well-established in the industry and has a stellar reputation for customer service, it isn’t the best choice for all life insurance shoppers. For example, its term life insurance rates were in the priciest 15% of the companies we gathered quotes from. Additionally, it doesn’t offer accelerated death benefit riders—which allow you to access part of your death benefits early under certain conditions—as some other top providers do.

Still, it’s worth considering if you already have an auto policy with State Farm or are looking to save on your life insurance by bundling with other products. And, it’s always a good idea to shop around as prices can vary widely depending on your age, policy choice, and health profile.

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