State Farm Life Insurance Review

State Farm life insurance is a life insurance carrier based in Bloomington, IL. The company was founded in 1922 and offers life insurance products in 50 states (and Washington, DC).

What types of life insurance products does State Farm life insurance offer?

Life insurance companies typically offer a wide variety of life insurance options. One of the best ways to save money on life insurance products is to avoid unnecessary coverage. Only purchase life insurance policies and riders you actually need.

Here is a brief description of life insurance options State Farm life insurance offers.

• Term Life Insurance - This is the simplest type of life insurance policy. Term life insurance policies are payable if the insured person dies within a specific period of time, such as 5, 10, or 30 years. State Farm life insurance offers term lengths ranging from 10 to 30 years.
• Level Term Life Insurance - These are term life insurance policies that have the same fixed premium and payment amount through the duration of the life insurance policy.
• Decreasing Term Life Insurance- These types of term life insurance policies has fixed premiums but the death benefit decreases over the duration of the term life insurance policy.
• Whole Life Insurance - Whole life insurance policies remain in force for the policyholder's entire life, provided premiums are paid. They have a tax deferred cash value, meaning the cash value will not be taxed until funds are withdrawn.
• Universal Life Insurance - This type of universal life insurance policy guarantees a fixed death benefit and an investment account. The cash value of the investment account will vary depending on the portfolio's performance.
• Variable Universal Life Insurance - These types of universal life insurance policies provides the most flexibility when it comes to investing the cash value of a universal life policy in separate accounts with "variable" values.
• Single Premium Whole Life Insurance - These types of whole life insurance policies lets the policyholder makes one large payment that guarantees a death benefit without the need of further premiums.

As well as the basic coverage types mentioned above, State Farm life insurance company also offers the following life insurance policies:

• Group Life Insurance - State Farm life insurance offers some of its life insurance policies as a group benefit to employees who meet certain eligibility requirements, such as having worked for a month in the company. Typically, these term life insurance policies can only be adjusted or purchased after a qualifying life event, such as marriage or the birth of a child, or during an open enrollment period.
• Guaranteed Issue Life Insurance - These whole life insurance policies offer a cash death benefit to the beneficiary. All coverage applications are approved regardless of health concerns. The catch is that these life insurance policies usually have lower death benefits and higher than normal premiums.
• Survivorship Life Insurance - These types of joint universal life insurance policies cover two individuals and pays a death benefit to a beneficiary after both have died.
• Final Expense - Even bare-bones funerals can cost thousands of dollars. These whole life insurance policies, also known as burial insurance, cover funeral and burial costs.

What is the financial strength rating of State Farm life insurance?

The financial strength rating of life insurance companies scores its ability to pay contracts and life insurance policies. SuperMoney gives State Farm life insurance an A+, which is the highest available rating we give to life insurance companies.

SuperMoney's financial strength rating is primarily based on the average score from insurance rating agencies.