Like a good neighbor, State Farm has always been there, providing customers with the best quality insurance for nearly 100 years.
From day one, its mission has remained the same: To help people manage the risks that come with life on a daily basis, recover from unexpected events and make their dreams come to life.
About State Farm Life Insurance
Life insurance from State Farm is something to consider, but there’s plenty more where that came from.
The breadth of State Farm’s insurance offerings makes it a highly known and sought out provider.
From home and property choices like auto and homeowner’s insurance to life, health and disability coverage, State Farm allows you to keep all of your ducks in a row without worry.
State Farm Life Insurance Quotes and Application
One of the many benefits of working with State Farm is its nationwide service (besides Massachusetts, New York, and Wisconsin), providing an opportunity to apply and discount your options in-person if you’re most comfortable meeting with an agent face-to-face. You can also connect with a professional over the phone if you’re looking for a more convenient route.
State Farm also has an online application option. To start the process, use the State Farm Life Illustrated® calculator to learn about how much you should anticipate needing for your life insurance policy.
Once you understand your total insurance needs, the website will redirect you to the initial application to request a quote. Here, you’ll fill out general contact information and coverage needs to determine the premium of the quote.
State Farm Life Insurance Policies
To meet different wants and needs of its customers, State Farm provides four different types of life insurance: term life, whole life, and universal life. Read on to learn which type best fits your budget and goals as a policyholder:
- Term Life: Also referred to as State Farm’s most straightforward policy, term life insurance is the coverage you gain along the chosen time period of the policy. You choose a 10, 20 or 30-year term with guaranteed benefit. Term life insurance can be used to help your family cover the loss of income when you pass, take care of short-term debts, add protection while raising children, pay off the mortgage or send the children to college.
- Whole Life: This type of insurance policy is a bit more complex, but it’s the smarter option if you want to be fully prepared for anything. Essentially, whole life insurance helps your family members prepare for the unexpected twists and turns of life. It builds non-taxed cash value that can be accessed during or after your lifetime. The death benefit can be used as your family pleases, but it’s generally used to replace your income, take care of the mortgage or cover the cost of education.
- Universal Life: This flexible, permanent policy provides your family assistance in the event of your death, but is not limited to this circumstance. In fact, you can personally take loans or make withdrawals from the account for your own wants and needs, whether it’s an opportunity in life like a business venture or vacation, or ground to cover finances during retirement.
During the online application process, State Farm can match you with the best insurance policy option based on your lifestyle. However, if you want to learn more about one of these policy types from an agent directly, it’s in your best interest to talk to someone over the phone.
State Farm Life Insurance Riders
The legal term rider refers to a provision that adds benefits or amends the terms that are generally included in a basic life insurance policy. Essentially, this gives customers the opportunity to add additional coverage and other benefits to a policy.
One of the reasons State Farm has such a positive reputation as an insurance policy provider is its large rider offerings. This allows you to customize your plan so you can get the best bang for your buck and ensure your life insurance meets your needs.
The plan riders offered by State Farm include Accidental Death, Flexible Care Benefit, Child, Disability Income, Funeral Expenses, Additional Insured, Estate Protection, Accelerated Benefits, Death Benefit Guarantee, and Long Term Care Benefit.
State Farm offers a variety of Multiple Line Discounts (MLD) when you bundle more than one policy under the company. However, these generally don’t apply to life insurance options, and often vary state-to-state.
Based on the information on the website, interested customers should contact a State Farm agent directly to learn more about available discounts and what it takes to become eligible.
State Farm Life Insurance Financial Strength
- Underwriter: State Farm
- Marketshare: 3.31%
- Premiums Written: $5.4 billion (2018)
- Standard & Poor’s Financial Rating: AA
- Moody’s Financial Rating: Aa1
- AM Best Financial Rating: A++
Financial strength plays a major role in determining whether a life insurance company has the ability and assets to provide consumers with the support they need during tough times. State Farm is one of the top providers of life insurance policies in the country, standing at No. 96 on the Fortune 500 list.
This ranking alone lets you know that State Farm is in great shape, but its financial strength is proven in its top financial ratings. It earned an AA from Standard & Poor’s, an Aa1 from Moody’s and an A++ from AM Best, the oldest and most recognized financial rating system for insurance companies.
State Farm Life Insurance Reviews and Customer Service
While there is no information available that shows proof of Better Business Bureau accreditation or scoring, that doesn’t mean State Farm doesn’t have a positive customer service reputation. In fact, in the recent J.D. Power 2018 U.S. Life Insurance Study, State Farm was ranked as the highest life insurance provider for the fifth year in a row.
The survey collected information from over 5,000 insurance customers between June and July 2018 to measure customer satisfaction and critical experience factors including annual statement and billing; interaction; policy offerings and price.
State Farm Life Insurance Phone Number & Contact Information
- Homepage URL: https://www.statefarm.com/insurance/life
- Company Phone: 800-STATE-FARM
- Headquarters Address: One State Farm Plaza, Bloomington, IL 61710