In this article we will review life insurance policies provided by State Farm insurance. We’ll be discussing how the rates offered by State Farm stack up to the competition, as well as State Farm’s approval guidelines. We’ll also provide some pricing examples of State Farm and other top-rated companies that provide life insurance and competitive term life rates. You can compare rates right now using life insurance calculator, or keep reading for more on State Farm.
Reviews on State Farm Life Insurance
State Farm provides consumers a variety of coverage options and is financially stable. State Farm term life insurance is very affordable, but they aren't the best choice if you aren't in perfect health. State Farm's underwriting is strict and you'll probably get a better deal by shopping around.
State Farm Life Insurance Review – Pros and Cons
While I’m not a big fan of State Farm for life insurance, the company is a quality organization. They have been in business over 90 years, and I do think that they are a good choice for home and auto coverage. However, for life insurance, they simply are not as competitive as other insurance companies. If you compare State Farm rates vs other high quality companies, you will see you can probably save anywhere from 10-20% or more.
Why can State Farm price their policies higher? Because they already have a relationship with you, and you already have home and auto with them, so you choose them without shopping around, only to find out the rates are a bit higher. Many people I speak to end up replacing their State Farm policies when they find out they can get better rates. Also, you will read further in this article that State Farm does decline people who even have minor health issues like high cholesterol – if you aren’t in perfect health, they may not even approve you.
State Farm Life Insurance Review – Pricing Comparison
How much does State Farm life insurance cost? For the purpose of comparing prices, let’s take a look at a 35 year old female, applying for half a million dollar of term life – in this case a 30 year term policy. I’ll compare rates at Preferred Plus non-tobacco for the purposes of this example.
For a 30 year term life policy with a $500,000 face amount, a thirty five year old woman in good health is looking at a monthly rate of:
- With companies like Banner Life, American General, Transamerica and several others are more competitive in this example – pricing at around $30-$35 per month.
- State Farm is over $43 per month – While it may only seem like a $13 difference, it adds up considerably over the life of the policy. Over a 30 year term that $13 saving amounts to over $4,000 in total savings over State Farm rates.
State Farm term life insurance
Term life insurance is a type of life insurance that provides coverage for a specific amount of time, or term. The most popular term lengths are 10, 20, and 30 year terms.
Term life insurance typically provides the most value in terms of the cost of the policy compared to the amount of death benefit. For example, a 30 year $100,000 term life policy should be less expensive when compared to a $100,000 Whole Life policy.
Other Insurance Types with State Farm
One question you need to ask yourself is do you want to purchase your policy from a company that doesn’t specialize or focus on life insurance? State Farm provides consumers with a variety of insurance options just like Allstate. State Farm offers consumers:
- Auto Insurance
- Homeowners Insurance
- Property Insurance
- Health Insurance
- Disability Insurance
- Small Business, Liability and Group Insurance
State Farm Life Insurance Agents
When working with an agents from State Farm they will only quote you State Farm rates – they are considered a “captive” agent – one that only represents one company. When you work with an independent agency like ours, we can compare rates from among over 60 companies and find you the best priced life insurance company.
State Farm Underwriting Guidelines
State Farm Insurance takes a very conservative view when underwriting life insurance policies. If you have a pre-existing condition like multiple sclerosis, Hepatitis C, or Crohn’s disease, for example, you are not likely to get approved. I have even seen cases where people get denied solely due to high cholesterol.
We at are specialists in high-risk life insurance and obtaining approval even if you have a pre-existing medical condition.
You can use the instant quote tool that we below to compare life insurance rates from among top companies. Alternatively, you can call us at 888-411-1329 and we would be happy to discuss quotes and answer any questions you have.