Whole Life Policy Features
State Farm Whole Life insurance policies offer level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force.
Policies can be paid with a single premium, premiums payable to 100, or premiums payable up to a limited number of years.
While policy loans do accrue interest daily, any outstanding policy loans and interest will reduce the death benefit and cash value.
While not guaranteed, policy may earndividends2 that can be paid in cash, used to reduce policy premium, accumulate as interest, or pay for additional insurance.
Average State Farm Life Insurance Rates By Age
Something State Farm is good about is appealing to the younger population. Shockingly enough, 44 percent of millennials overestimate the cost of life insurance coverage by five times the actual amount. Also, two in five millennials say they wish their spouse or partner would buy more life insurance coverage.
When looking deeper into the rates, younger females seem to be getting better odds. Since women have a higher life expectancy than men, women get better rates than men. If you dont smoke and youre a young female, your rates will be better than a smoker male or female. This table demonstrates the smoker rates for males and females.
State Farm Average Monthly Term Life Rates for Smokers
|Smoker Age & Gender|
Typically, women get better rates than men, and married women get even better rates. If youre married in general, youll more than likely get a better rate. Due to mens average health and mortality rates, they are more of a risk. Sorry, guys.
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How Is State Farms Life Insurance Customer Service
While State Farm does not offer an online chat option, there are several other features available to customers including an online members portal, a mobile app and dedicated phone numbers for nearly every situation, including those for the hearing or speech impaired.
The State Farm customer service department receives far fewer complaints than the industry average for a company its size according to the National Association of Insurance Commissioners , and the company is rated four out of five stars by Consumer Affairs.
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State Farm Life Insurance: The Bottom Line
The very communicative company tends to be involved in the community and evolves their coverages continually. By heavily involving their employees with their communities and rewarding the employees along with their families, it shows a healthy work environment. State Farm seems like one of the best life insurance companies to work for.
Not only do they make their products affordable for others, but they also give back by getting involved with numerous organizations and provide funding for plenty of great causes. Their online presence seems to grow each day and they get the word out about their company using humorous commercials.
Now that youve finished this State Farm life insurance review, dont wait get your FREE online quote for term, whole, or no exam life insurance today.
State Farm Life Insurance Review 2022
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Bottom line: With strong customer satisfaction and plenty of policy options, State Farm is a good choice for many life insurance shoppers.
Started in 1922 by an Illinois farmer, State Farm is best known for its home and auto insurance. But the company also sells a broad range of life insurance products, primarily through local agents. Although its reach is wide, the company doesn’t issue life insurance in Massachusetts.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair, so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners and heres how we make money.
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How Does State Farms Life Insurance Work
In short an individual purchases life insurance. After that person dies, their beneficiary will get their death benefit. The beneficiary will need to file a claim in order to get the funds, however. In order to get specifics on the claims process, it would be best to call a State Farm agent directly.
Life Insurance Buying Guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers youre considering offer the coverage youre looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. Its also important to make sure the policys medical requirements match your needs. For example, if you want to skip the life insurance medical exam but dont mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
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What Is Life Enhanced
Life Enhanced® is an exciting benefit for State Farm customers who have purchased a new life insurance policy since January 1, 2022.
Life Enhanced® is a health and wellness app weve designed to guide and motivate you in simple and engaging ways. Its all geared towards helping you strengthen four key areas of your overall well-being: Physical, Emotional, Social, and Financial.
We offer sound advice and fun challenges that lead you and thousands of others to develop stronger, holistic health habits.
With an eligible life insurance policy, you can earn rewards in Life Enhanced® by setting goals and logging your progress. To make checking in even easier, Life Enhanced® also syncs with a multitude of fitness-tracking devices and apps. Download the app to set up your account and goals today.
Best For Customer Satisfaction And Stability
If youre looking for a life insurance policy with a substantial death benefit to provide long-lasting financial support to your family, youll want to be confident the company you choose will be able to honor its future claims. Whether youre looking for term or permanent life insurance, State Farm could be a good fit for you.
State Farm offers multiple life insurance policies, and it was top ranked for customer satisfaction by J.D. Power. Despite being one of the largest writers of individual life insurance, it has received a surprisingly small number of complaints from customers. Together, these distinctions make the company our choice for the best life insurance company for customer service and stability.
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State Farm Customer Complaints And Satisfaction
Over three years, State Farm has drawn fewer complaints to state regulators than expected for a company of its size for life insurance, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
State Farm ranked first out of 21 companies in J.D. Power’s 2021 U.S. Life Insurance Study for overall customer satisfaction
Accelerated Death Benefit: Long
It is possible to add a long-term care rider to your State Farm Life Insurance policy, but only if you have a universal life policy. The Flexible Care Benefit Rider is not available in California or New York. With the rider, if you become chronically ill, you may be eligible to access up to 2% of your policys death benefit while youre still alive.
If claim requirements are met, you will not have to pay the cost of insurance, monthly charges for riders, or monthly expense charges.
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We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
State Farm Customer Service
Agencies – State Farm is a national and sure that’s also a neighborhood insurer, with over 18,000 agents across the country. Its familiar red and white signs signifying an agent office can be found within easy travel distance in most areas of the country. State Farm agents or generally quite knowledgeable, particularly about common life insurance products, and can help guide your purchase. As with many major purchases, and to ensure your needs are met, it’s best to do some research on your own before beginning the conversation.
Website – State Farms website provides an excellent quoting tool which can help you price out a life insurance policy. Be aware, however, that rates may vary from the online quote based on the medical exam or changes in coverage options. Making changes to your life insurance policy isn’t quite as simple as making changes to your auto insurance policy, so website functionality is limited in this regard. Simpler tasks such as bill payment or setting up a payment plan are available through State Farms website.
Mobile App – State Farm does provide a mobile application, however, its functionality in regard to life insurance is much more limited than for other insurance types such as auto insurance.
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State Farm Competitors: Term Life Insurance Rates By Age Chart
The chart below shows the monthly term life insurance premiums from some of State Farms largest term life insurance competitors, for a healthy, non-smoker, male at the Preferred Plus health class for a 20-year term policy. Rates are from Superior rated life insurance companies: Banner Life, Pacific Life, Protective Life and Lincoln Financial.
*Date of birth used: May 1st. Rates current as of 6/1/2022
You can see the rates from the top companies for your age, coverage amount and term you are seeking by using our instant quoter.
State Farm Universal Life Insurance
State Farm sells three types of universal life insurance, which is another type of permanent policy that offers a little more flexibility than standard whole life insurance.
- The basic universal life insurance policy allows you to adjust your premiums and death benefits over time to keep pace with your needs.
- The Survivorship universal life policy pays death benefits when the second spouse passes. Its often used by couples with large estates or those who wish to leave an inheritance.
- The Joint universal option provides coverage for two people under one policy and is popular among business owners for executing buy-sell agreements.
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How We Review Life Insurance Carriers
We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.
In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each we then weighted category scores to determine how companies performed overall.
Pros And Cons Of State Farms Life Insurance
- Insurance quotes take minutes online
- Term insurance policies are renewable until the age of 95
- Bundling options can lower overall premiums
- Limited policy options without medical exam requirements
- Policy changes must be completed in person or through standard mail
- Term insurance premiums are higher than many competitors
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Cost Of State Farm Life Insurance
When youre shopping for a life insurance policy, keep in mind that its usually cheaper to buy life insurance in your 20s or 30s. Youre less likely to have existing medical conditions, so you can typically qualify for cheaper rates than if you wait to buy a policy later in life.
To get an idea of State Farms costs, we requested quotes for term life insurance for a 30-year-old individual in excellent health. We found that State Farms premiums tend to be higher than the industry average. For example, a 20-year $250,000 policy costs $17.85 per month, while the industry average is just $13.75 per month.
Your rates may vary from the sample rates we received because premiums are based on multiple factors including your age, gender, health history and location.
State Farm Vs Competitors
- securely through Ladder Life Insurance’s websiteMore Details
Ladder Insurance Services, LLC offers term life insurance policies: in New York, on behalf of Allianz Life Insurance Company of New York, New York, NY and in all other states and the District of Columbia on behalf of Allianz Life Insurance Company of North America, Minneapolis, MN . Only Allianz Life Insurance Company of New York is authorized to issue life insurance in the state of New York. Insurance policy prices, coverages, features, terms, benefits, exclusions, limitations and available discounts vary among these insurers and are subject to qualifications. Each insurer is solely responsible for any claims and has financial responsibility for its own products.
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When To Purchase Permanent Life Insurance
Blevins talks about the benefits and realities of permanent life insurance. “It’s initially more expensive than term for the same amount of coverage, but don’t confuse cost with value. Permanent insurance can provide a level premium for the life of the policy. In addition, permanent insurance also provides “living benefits”in the form of cash value. Over time, you can access values1 to help with life’s emergencies, help with education needs or let it grow tax-deferred2 to help supplement a retirement. The choice is yours.
“Whole and universal life policies have several variations. Depending on your needs, you can select a policy that works best for your budget, your family situation and the time frame you wish to pay premiums. Regardless of which policy you choose, they are all designed to provide lifetime protection for those you care about most.”
State Farms Customer Experience
As far as customer experience goes, there are many positive reviews. The company prides itself on doing right by their customers. They answer their customers concerns quickly and efficiently.
State Farms bulk of complaints are mostly about the claims process.
This should come as no surprise since most of all the companys complaints are about their claims process. The complaints are either about the representative that helped them not being able to approve their claim or about their claim being denied.
However, most people found the employees friendly and helpful. They found everything fair and informational. Customers were pleased with the knowledgeable staff and are happy to be a part of the State Farm family.
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Financial Strength And Claims Paying Ability
AM Best is a company that evaluates the financial strength of insurance companies. This is important because it shows how well an insurance company can meet its policy obligations.
The AM Best rating shows how financially stable an insurance company is. The higher the grade, the more financially stable it is. This means that if something happens and you need to make a claim, the company is more likely to be able to pay you what you are owed.
Both State Farm Life Insurance Company and State Farm Life and Accident Assurance Company have a Financial Strength Rating of A++ , AM Bests highest rating.
What Is Whole Life Insurance
Whole life insurance helps your family prepare for the unexpected. The guaranteed death benefit can help replace a family’s loss of income, help with mortgage costs, or educational needs or to leave a legacy for the next generation. Over time, these policies build cash value that grows tax-free. This living benefit1 can be accessed during your lifetime. State Farm® Life Insurance Company or State Farm Life and Accident Assurance Company can help.
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Cons Of State Farm Life Insurance
With the pros come some negatives:
- Its a large company, meaning if youre looking for a very personal experience or the feel of a mom and pop company, it may not be for you.
- Higher rates than some other companies.
- Not very many upfront benefits for the military.
Review some of these and make the decision for yourself. You may also come up with more pros and cons of the company on your own.
Overview Of State Farms Life Insurance
Established in 1922, State Farm is most known for home and auto insurance. As one of the largest life insurance companies in the United States, State Farm now offers a variety of insurance and financial products, including banking and investment options. This allows the company to encourage bundling, saving the policyholder money on premiums, and the stability of this Fortune 500 company makes it a solid choice for anyone worried about future economic downturns.
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