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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: May 14, 2021

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State Farm Life Insurance is a constantly adapting organization. Here is what is new about them

How Covid-19 Has Affected State Farm Life Insurance

State Farm has been able to adapt to the change in trends caused by Covid-19.

They have made adaptations to their services to accommodate virtual operations with the use of digital tools for virtual claim inspection moving forward.

Health and safety measures have been adopted to protect customers, employees, and agents.

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New Products Or Changes

State Farm Insurance has designed exciting auto insurance packages that help clients to save more. 

One of which is the Drive and Safe Package. This has a mobile app that helps clients to manage their discounts and up to 30%.

Other packages are the “Steer Clear and Safe Driver Discount” and The Auto Discounts and Savings which is targeted at generating discounts.

State Farm Insurance In The News

State Farm has continually been in the news for its commitment to policyholders and communities. They have reduced premiums by an average of 11% nationally.

According to J.D. Power, State Farm has been awarded “Highest in Customer Satisfaction among Life Insurance Providers and number one for Product Offerings.”

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.

statefarm insurance review

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 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.

Financial Strength of State Farm

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.

  • 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++

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State Farm Life Insurance Quotes

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.

How To Apply

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 the 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 Insurance Company Ratings and Customer Satisfaction

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 best 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 Company Information