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State Farm Life Insurance Review

State Farm is well known for its home and auto insurance. But the company also offers several types of life insurance, and in 2021 issued coverage for more than $4.9 billion worth of premiums. 

In this State Farm life insurance review, we explore the company’s offerings to help guide you in your search for coverage. When you’re ready to compare policies that are available where you live, you can request a free plan quote online or call to chat with a licensed agent.

About State Farm Life Insurance

State Farm got its start in 1922, selling only car insurance.

State Farm has since branched out to include more than 100 different products and services, including life insurance. The company is headquartered in Bloomington, Illinois.

Where Is State Farm Life Insurance Sold?

State Farm Life Insurance Company sells whole life insurance in all states except New York, Massachusetts and Wisconsin. 

State Farm Life and Accident Assurance Company (a subsidiary of State Farm) is licensed to sell life insurance in New York and Wisconsin.

What Kind of Life Insurance Does State Farm Sell?

State Farm sells several types of life insurance including term, whole and universal policies. 

State Farm Term Life Insurance

State Farm offers three different term life insurance products. Term life insurance provides temporary coverage and is designed to serve as an income replacement if the unexpected were to happen during your earning years. 

State Farm Select Term policies come in terms of 10, 20 or 30 years for customers up to age 95. Death benefits start at $100,000.

The Instant Answer term life policy offers $50,000 worth of coverage to those ages 16 to 45. The term lasts until age 50 or 10 years after the policy goes into effect. You’ll have to complete a health questionnaire, but no medical exam. 

The Return of Premium term life option starts at $100,000 of death benefits and comes in 20- or 30-year terms with an option to renew. If you outlive your term, your premiums will be returned. 

State Farm Whole Life Insurance

State Farm whole life insurance policies includes four separate types of products. Whole life insurance provides permanent coverage that can serve as income replacement or an inheritance.  

  • The basic whole life policy provides guaranteed lifetime coverage, level premiums and a cash value accumulation. 

  • The Limited Pay whole life option provides a lifetime of coverage but with premiums that are only temporary. Premiums remain in place for either 10, 15 or 20 years, at which time the policy is paid off and the death benefits remain in place. 

  • The Single Premium option offers permanent coverage in exchange for just one single premium payment. 

  • A Final Expense policy is available for up to $10,000 in benefits for those ages 50 to 80, with level premiums along the way. 

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. It’s 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.  

Does State Farm Life Insurance Have Any Riders?

State Farm offers five riders for its life insurance policies. A rider is an optional add-on that can customize a policy to align with your individual needs more closely. State Farm offers the following riders:

  • Children. A children’s rider provides temporary life insurance for your child until the age of 25 or until you turn 65. The policy can then be converted to permanent coverage at that time.

  • Flexible care benefit. This rider allows you to access a portion of your death benefits if you become chronically ill or require long-term care.

  • Guaranteed insurability. A guaranteed insurability option allows you to purchase additional coverage at certain ages with no medical exam.

  • Additional insured. The additional insured rider lets you add another person to the policy at a later time.

  • Waiver of monthly deduction for disability. This rider waives future monthly deductions if you become disabled and unable to work while the policy is in force.  

How Is State Farm’s 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 member’s 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 (NAIC), and the company is rated four out of five stars by Consumer Affairs

State Farm Life Insurance Phone Number

If you’re a current State Farm customer, you can call to be routed to the appropriate customer service representative by dialing 800-STATE-FARM (800-782-8332).

What Are State Farm’s Life Insurance Financial Ratings?

As a large and long-established company, State Farm leaves little concern about its finances or the ability to pay out benefits.

AM Best, one of the leading financial rating agencies, affirmed a Financial Strength Rating (FSR) of A++ (Superior) for State Farm in 2021.

Is State Farm a Good Company?  

State Farm is a well-established company with strong financial ratings, good customer service reviews and a wide range of flexible products available in almost every state. Most consumers would be hard pressed to find any major issues with a life insurance policy from State Farm.

Beyond those basic-yet-important characteristics, the best life insurance company for you will be the one offering the most generous benefits at the lowest rates.

Get in touch with a licensed insurance agent to learn about available policies from insurance companies selling coverage in your area. 

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