State Farm is a fantastic choice for many people shopping for life insurance since it has a high level of customer satisfaction and a wide variety of policy options.
Policies offered |
Financial strength |
Complaints |
Availability for purchase online |
| Term, permanent & no-exam | Exceptional | Fewer than expected | No |
Life insurance provided by State Farm
In terms of overall performance, the life insurance offered by State Farm received 4.5 out of a possible 5 stars. As collected by the National Association of Insurance Commissioners, consumer feedback is factored into the scoring algorithm, as are judgments of the company's ability to meet financial obligations.The advantages and the disadvantages of State Farm life insurance
State Farm life insurance –– the advantages
- The number of complaints regarding life insurance received by state regulators was lower than anticipated for a corporation of size.
- A life insurance company that scored the highest in J.D. Power's evaluation of customer satisfaction for the year 2021.
- Large selection of term products, one of which is life insurance with a quick answer.
State Farm life insurance –– the disadvantages
- Life insurance coverage is not accessible in Massachusetts.
- When viewing the policy details through the web portal, some limits are placed on Android cell phones.
Plans from State Farm for life insurance
Individuals can purchase life insurance plans from State Farm that cover their term of life, whole life, or universal life. Availability, as well as the specifics of state policies, can vary from state to state. Regardless of how your health has changed over time, you can always convert any of the term products State Farm offers to coverage that is permanent.Term life insurance
Select Term Life Insurance
Depending on your age, you can choose between a 10, 20, or 30-year policy term, and all policies are renewable up to the age of 95. Coverage amounts start at one hundred thousand dollars.Instant Answer Term Life
Coverage of up to $50,000 is offered to people between the ages of 16 and 45. It remains in effect either until the person reaches age 50 or until 10 years have passed since the policy was issued, whichever comes first. The rapid answer life insurance offered by State Farm does not need a medical exam to be purchased. You will, however, be required to fill out a health questionnaire, which could result in your being denied coverage.Return of Premium Term Life
Coverage begins at $100,000 and can be purchased for 20 or 30 years. If you make all of your payments on time, outlast your policy's term, and choose not to renew it, you will get your money back. However, you can renew the policy at increasing premiums if desired.Permanent life insurance
Whole life insurance
Ordinary whole life, limited-pay whole life, single-premium whole life, and final expense are the types of policies that fall under this category. The premiums for the standard whole life policy offered by the company are always the same. Due to the company's limited-pay and single-premium policies, you can front-load the insurance cost, which relieves you of the obligation to make payments after retirement. The standard coverage for final expense insurance is $10,000, and policy applicants can be between the ages of 50 and 80 (or 50 to 75 in New York).Universal life insurance
The universal and standard policy offered by the organization provides a variety of payment and coverage choices. Among these possibilities are survivorship and joint universal insurance contracts. These are the sorts of insurance policies that cover two people, most commonly a married couple.Complaints from State Farm customers and their level of satisfaction
According to a review of data provided by the National Association of Insurance Commissioners, over the course of three years, State Farm has received a far lower number of complaints regarding its life insurance offerings than would be expected for a company of its size and scope. According to the findings of the 2021 U.S. Life Insurance Study conducted by J.D. Power, State Farm came in first place overall among the 21 companies evaluated.Additional information regarding State Farm's life insurance
On the organization's website, you can search to find a State Farm agent in your area and apply to particular term products. There is a possibility that you could pay out dividends on any policy. Still, it is not typical for universal or term insurance. You can access your insurance, make payments for premiums, and view lab results using the online portal. On the other hand, it does not support downloading documents on Android cell phones. Other types of insurance offered by State Farm include the following:- Auto insurance provided by State Farm.
- Insurance for homeowners provided by State Farm.
- Insurance for renters provided by State Farm.
- Insurance for farms and ranches.
- Insurance for medical expenses
- Insurance for boats
- Insurance for a small-scale business.
Purchasing advice for life insurance
Decide the kind of life insurance policy you need, such as term or whole life, before comparing different providers. Make a decision regarding which riders you would like to be added to the life insurance policy. Please do the math to determine how much life insurance you require and how many years you want it to protect you. Check to see if the prospective insurance companies can provide the level of protection you require. When comparing prices, you want to ensure that all of the estimates you are looking at are for the same amount of coverage for the same amount of time. In addition, it is essential to check that the medical requirements of the coverage are suitable for your situation. For instance, perhaps you want to avoid the medical exam for life insurance but are willing to answer questions about your health. In that case, you should ensure that the application procedure for each of the policies you are evaluating is consistent with your preferences. It's possible that price wasn't the primary factor in your purchase choice. Examine the number of customer complaints each company has received, as a high number of complaints may indicate that the service is of poor quality.Methodology for rating life insurance companies
Our ratings for life insurance are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company's ability to pay future claims. The complaint index scores come from the National Association of Insurance Commissioners for individual life insurance. We consider the ease of communication and website transparency as part of the consumer experience category. Website transparency examines the breadth of policy details that are available online. We readjusted the scores to a skewed 5-point scale to determine the ratings for each insurance. These ratings should be used as a guide, but you should still shop around and get many bids on insurance to get the policy that suits your needs at the most affordable price.Methodology for investigating complaints with insurers
During 2018-2020, we investigated the complaints submitted to state insurance regulators. We presented our findings to the National Association of Insurance Commissioners. The NAIC calculates a complaint index each year for each subsidiary of an insurance company. This index compares the company's share of total complaints to its size, as measured by its share of total premiums in the industry. This index aims to evaluate how different insurers compare to one another. Over the course of three years, we computed a comparable index for each insurer, weighting it according to the market share of each subsidiary. This allowed us to examine the complaint history of each company. The ratios for car, home (including renters and condo), and life insurance are all computed independently.