State Farm Life Insurance Review 2023

About the Company

State Farm life insurance company was established in 1922 and currently functions as a mutual company with more than 83 million accounts and policies in effect. The company offers a range of insurance products, including life, property and home, health, and auto insurance. 

It is a highly-rated life insurance provider with excellent financial strength ratings. State Farm offers numerous customizable products, including policies without a medical examination.

That said, if you are a smoker or have a pre-existing medical condition, this might not be a good option for you. State Farm life insurance reviews can help you determine if this insurer is what you are looking for.

The State Farm life insurance phone number is 1-800-782-8332, and the State Farm life insurance home office address is:

State Farm Insurance

One State Farm Plaza

Bloomington, IL 61710

How We Reviewed 

This review is based on numerous factors to assess different aspects of the company.

We examined the company’s website for available policies and features, as well as the amount of useful information provided for the clients. 

We also determined the financial strength of the company, the ratings, and customer reviews found on rating websites. We assessed whether the company offers any discounts that impact the cost of the insurance. 

These major factors helped in determining the overall State Farm life insurance ratings. 

Where Is It Available?

State Farm Life Insurance Company sells life insurance products in every state, except Massachusetts, New York and Wisconsin. The policy options and discounts might vary from state to state. The State Farm life insurance headquarters are in Bloomington, Illinois. 

Life Insurance Coverage Options

State Farm offers a wide range of different life insurance products. Let’s have a closer look:

Term Life Insurance

State Farm offers death protection with its term life insurance for a specified time period. The term life policies are the most cost-effective choice for the majority of families. This policy is popular for families with young children as it offers a safety net and can even be utilized to pay off the home mortgage if the policyholder passes away.   

State Farm offers 3 options for term life insurance: 

• Select Term life insurance – with this insurance, you get to select 30, 20, or 10-year terms. The coverage begins at $100,000. The premium with this insurance plan is level, which means that you won’t be surprised with any sudden increases. The coverage can be extended beyond the loan term until you are 95 years of age. However, in that case the premiums will be higher. 
• Return of Premium Term – if you purchase this policy, you can select from either 20 years or 30 years term. If you manage to outlive your insurance term and have paid all the premiums on time, the premiums will be handed back to you at the end of the term. Throughout the term, the premiums create a cash value that can be borrowed against if there is a need. 
• Instant Answer Term – when you buy this term life insurance, the company offers you $50,000 in death benefits. There is no need for a medical examination. Persons between 16 and 45 years of age are eligible to apply. The policy covers you until you reach the age of 50 or covers you for 10 years maximum. 

Whole Life Insurance

When you purchase this insurance policy, you get coverage for lifetime. The whole life policy pays out the death benefit. It also includes a saving component, which accumulates cash value that can be invested. Monthly premiums utilize a specific amount of insurance coverage and some tax-deferred savings. 

State Farm whole life insurance offers 4 options:

• Whole Life – the premiums stay the same throughout life when purchasing whole life insurance policy. You also get guaranteed lifetime coverage. 
• Limited Pay Whole Life – with this policy, you can pay premiums for 10 years, 15 years, or 20 years. After that, you will still have the coverage, but you won’t have to pay the monthly premiums. 
• Single-Premium Whole Life – when you purchase this policy, you only have to make a single premium payment. There aren’t any additional payments needed. 
• Final Expense – if you go with the final expense policy of State Farm, you get $10,000 coverage for burial cost. The premiums stay level throughout the coverage and might become payable when you cross the age of 100 years, depending on your policy. 

Universal Life Insurance

The universal life insurance of State Farm is a type of permanent life insurance. These policies often have inexpensive premiums and offer more flexibility as compared to whole life policies. It is a better option if you are on a budget. You have the opportunity to make changes in the policies, including death benefits and premiums. The universal life policy also accumulates cash value. 

State Farm universal life offers 3 policy options:

• Universal Life – these policies are offered to individuals aged 0-85 years. The coverage begins at $25,000. You can increase or decrease the premiums and coverage to meet the changes in your life. You also have an option to opt for the death benefit that is equal to the initial life insurance amount you selected. You can also choose to get the death benefit that changes with the account value. 
• Survivorship Universal Life – this policy covers two individuals and pays the benefits when both insured people pass away. The coverage begins at $250,000.
• Joint Universal Life – through this policy, two people can get coverage, typically at a reduced cost, as compared to buying two policies. With this policy, the death benefit is given to the beneficiaries when the first insured individual passes away. The coverage begins at $100,000. 

State Farm Life Insurance Pricing 

You can get a State Farm Life insurance quote by calling their helpline and speaking to a representative. The overall cost of the insurance depends on several factors, like age, gender, health, and location. The average life insurance cost for State Farm or $250,000 term policy for both man and woman are as follows:

Age	Male	Female
25	$16.74	$15
35	$18.72	$16.74
45	$25.89	$25

 

It is recommended that you get the quote from the State Farm representative based on your individual needs and budget to get a better estimate of the policy. Moreover, shop around to determine which insurer provides you with the best deal. 

State Farm Life Insurance Discounts

State Farm discounts are mostly offered in auto and home insurance, but there isn’t much information about discounts with life insurance policies. State Farm offers additional riders to add more protection. These riders include:

• Accidental Death – it provides additional payment if the policyholder passes away because of an accident.
• Flexible Care Benefit – the policyholder can access some of the death benefit amounts monthly if they are chronically ill.
• Family Insurance – offers protection for immediate family members as a rider instead of getting individual plans.
• Waiver of Premium for Disability – provides a monthly stipend to cover the support and expenses if the policyholder becomes disabled and isn’t able to earn.
• Funeral Expenses – offers an extra payout for funeral expenses.
• Accelerated Benefits – payout some benefits if the policyholder is diagnosed with some terminal illness. It also covers long-term care and the cost of living. 
• Death Benefit Guarantee – the beneficiary gets a guaranteed payout if the policyholder passes away.
• Long-Term Care Benefit – pays out some part of the death benefit to cover the expenses of long-term care.
• Child Term Rider – it offers temporary coverage to the policyholder’s children up to the age of 25 years. It can also be converted into a permanent plan. It is available with Whole Life, Universal Life, Return of Premium, and Select Term policy.
• Accelerated Death Benefit – it allows the policyholder to access some amount of the death benefit to cover medical expenses.

Customer Satisfaction and Financial Strength Review

The State Farm life insurance complaints to the state regulators have been fewer than average. You can expect a better than average customer satisfaction with State Farm insurance too. The company has been rated slightly higher than its competitors in both claims satisfaction and shopping experience.

The complaint index by the National Association of Insurance Commissioners (NAIC) for State Farm is zero, which means the company didn’t have enough complaints to take into account. That’s impressive when you consider the size of the company and the fact that it has more than 8 million policyholders. 

State Farm life insurance BBB rating is an A+. According to the BBB website, this insurer has closed more than 1,000 complaints in the past 3 years, and more than 400 complaints were closed in the past year. S&P gave State Farm a rating of AA. This rating is the second-highest to be granted to a company. It shows that State Farm is financially strong to handle claims and meet the expectations of its customers. 

State Farm life insurance AM Best rating is A++. AM Best is a credit rating company that specializes in the insurance industry. The rating again indicates that the company has a superior financial ability to manage its obligations towards customers. 

ConsumerAffairs and Trustpilot allow the customers to rate and review the companies directly. State Farm has a high rating at ConsumerAffairs, and the customers have shared many positive reviews about the company. 

There have been more than 300 ratings and reviews added on the website, and the company is rated 4, which is higher for a life insurance company. By contrast, State Farm didn’t receive high ratings at Trustpilot, obtaining only 2.5 stars. 

Platform	Rating
BBB	A+
ConsumerAffairs	4
Trustpilot	2.5

Customer Support 

State Farm life insurance customer service has received excellent reviews. There are several ways to get in touch with customer support. If you want quotes or need details on life insurance claims, get in touch with the agent directly through the agent locator tool on the website. 

For general inquiries, you can call their 24/7 helpline. The State Farm life insurance customer service number is 800-782-8332. You can also contact State Farm for specific queries during regular business hours, between 8 a.m. to 6 p.m. The website provides separate contact numbers for different insurance products. 

The State Farm life insurance customer reviews are generally positive. The company representatives are helpful and quick in answering queries. Since there are separate numbers for different products and a different number for claims, it usually doesn’t take much waiting time. 

State Farm doesn’t offer a live chat option but their mobile app is rather useful. It lets you track your policy, make changes, make payments, and track your claim.   

Ease of Buying and Claims Handling 

State Farm offers an outstanding amount of resources and details on the website, including information on all the life insurance products. Potential policyholders can get a free quote online by adding basic information in the quote tool. 

The site even allows you to compare the State Farm policies to help find the right policy option. There are blog articles that provide further information. The FAQs section has an extensive list of commonly asked questions.   

The quote application length is short and takes a few minutes to complete. The majority of the life policies require you to get in touch with the agent to purchase. The turnaround time varies according to the different types of policies. 

Some policies need medical exams, while others don’t. Therefore, it might take one to six weeks to obtain the coverage. The policy is activated with the first payment. State Farm delivers your policy via mail or electronically. 

There are various payment methods you can use to pay your premium, including:

• Credit Cards: Visa, MasterCard, Discover, American Express.
• Phone: You can use a checking account or credit card to make the payment on the phone.
• Autopay: you can set up automatic payments from a credit card or checking account by phone or online.

The State Farm life insurance claim can be made via app, online, or phone by calling 877-292-0398. Here is how you can file a claim online in 4 quick steps:

1. Go to the website and click on “Claims”.
2. It will give you two options – “Track a Claim” or “File a Claim”. Select “Track a Claim”.
3. Click “Start a Claim” and select the life insurance policy you have. You will be asked to add in details, including the cause of death of the insured party, date of the accident, policy number, state of residence, date of birth, and name of the insured party. 
4. Submit the State Farm life insurance claim form and a representative will get in touch with you with further details.

You can call their 24/7 helpline to get help if you are having issues filing the claim. 

State Farm life insurance claim status can be checked online, through the mobile app, or by calling the claim phone number. 

Comparison With Competitors 

To give you a better idea of the home insurance provider you should choose, we compared State Farm with some of its major competitors in the market. Let’s have a look:

State Farm Life Insurance vs Primerica 

Primerica, Inc. offers a range of coverage options for term policies but doesn’t provide alternatives for individuals looking for other permanent life products or want whole life insurance. The company has an excellent financial strength rating and has been known to pay the claims promptly. 

State Farm Life Insurance vs New York Life 

New York Life Insurance Company has excellent ratings for customer service. The company uses local advisors to offer personalized life insurance services. New York Life has a wide range of life insurance plans and also pays dividends to the policyholders. 

If you are looking for permanent life insurance, with level premiums, this is the right choice. This insurer is suitable for individuals on a budget. 

The downside of the company is that it doesn’t offer much support or online resources and provides shorter-term life policies as compared to others. 

State Farm Life Insurance vs USAA 

USAA sells different life insurance products for veterans, reservists, servicemembers, and their families. It also offers additional riders designed explicitly for armed forces. USAA has a strong financial rating, but there have been various complaints against the company. This insurance provider is good for individuals in the forces. Otherwise, State Farm would be a better option for you.