State Farm Life Insurance Review

State Farm was founded in 1922 by an Illinois farmer. It is most well-known for its auto and home insurance. The company sells a wide range of life insurance products through local agents. Despite its wide reach, the company does not offer life insurance in Massachusetts.

State Farm life insurance received 4.5 stars from 5 overall for performance. Our editorial team determines NerdWallet’s ratings. The scoring formula considers data from the National Association of Insurance Commissioners as well as financial strength ratings.

State Farm Life Insurance Policies

Individuals can purchase term, whole and universal life insurance policies from State Farm. All State Farm term products can be converted into permanent coverage regardless of any changes in your health. Each state has its own policy details and availability.

Term life insurance

Choose Term Life InsuranceYou can choose from 10-, 20 or 30-year terms depending on your age. Policies are renewable up to 95. The coverage amounts start at $100,000

Instant Answer Term Life:For people aged 16 to 45, $50,000 coverage is available. The policy will last until the age of 50, or 10 years, depending on when it was issued. State Farm offers coverage.instant answer life insuranceIt doesn’t require you to undergo a medical exam. You will need to fill out a questionnaire about your health, which could lead to you being disqualified from coverage.

Premium Life Insurance Returns:You can get coverage starting at $100,000. It is available in either 20- or 30-year terms. However, you can renew your policy at higher rates. You’ll get your money back if you faithfully pay your premiums, don’t renew your policy, or if you outlive your term.

Permanent life insurance

Whole-life insurancePolicies include whole life, limited-pay whole lives, and final expense. Standard whole life insurance has no premiums. You can adjust the way and when you pay for coverage with its single-premium and limited-pay policies. Final expense policies are available for applicants aged 50-80 years (50-75 in New York) and provide $10,000 coverage.

Universal life insuranceThere are two options: survivorship and joint universal. These policies typically cover spouses and two individuals. Standard universal insurance from the company offers flexible coverage options and payment options.

State Farm Customer Satisfaction and complaints

According to NerdWallet analysis of data provided by the National Association of Insurance Commissioners, State Farm received fewer complaints than it expected over three years for life insurance.

J.D. ranked State Farm first among 23 companies. Power’s 2020 U.S. Life Insurance Study to improve customer satisfaction.

Learn more about State Farm Life Insurance

Search for a State Farm agent near you on the company’s site and then apply online for certain term products. All policies are eligible to receive dividends. However, universal and term products can’t be expected to earn them.

You can view your policy online, pay premiums, and see laboratory results. However, it doesn’t support document downloads for Android smartphones.

Guide to buying life insurance

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. Make sure that you are getting the coverage you need from the insurance companies you’re considering.

Compare rates to ensure that they are comparable in terms of coverage and time. You should also ensure that the policy’s medical requirements are in line with your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.

The price of a product may not be the most important factor in your purchase decision. Take a look at the number and quality of complaints received by each company.