Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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Life, it’s not the same for everybody, and nobody knows where it’s going to lead them. There is one experience everyone shares during their lifetime, though.

We’re sure you know which one.

With nearly 2.7 million deaths in the US every year, passing away is a topic nobody wants to linger on for very long, and everybody has to prepare for it. That preparation takes the form of a life insurance policy.

But, with so many options out there to choose from, what’s the best policy for your unique lifestyle? Today, we put the State Farm Life Insurance Company under the microscope.

We’ll be bringing you the facts, figures, benefits and potential problems, and breaking down their value to you, the client.

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Table of Contents

State Farm: A Closer Look

Let’s start with the facts.

State Farm Life Insurance Company is a provider that offers property, casualty, and life insurance.

In addition to these, it also offers annuities, mutual funds, and banking. They’re also one of the most recognizable insurance providers in America for homeowners, automobiles, and property insurance.

But what about life insurance?State Farm Company Logo

This is a fair question: many people choose to bundle up their life insurance policy with their auto or home plan, but how good of a policy could it be? After all, it’s not known to be their service priority.

Here, in spite of their size and reach, State Farm actually doesn’t feature on the top ten lists, which also makes sense. Every company has its focus. State Farm’s competitive areas are auto and home service, and it’s important to understand that, moving forward.

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So, How Do They Measure Up?

Make no mistake: State Farm not coming in at the top of provider lists where the focus is on life policies doesn’t mean their policies aren’t worth it.

The provider offers a comprehensive array of life policies, to cover a variety of unique lifestyles and requirements. These packages provide users with term, life, and universal coverage, and each of these is robust and flexible.

How flexible? Users have their pick of great options like term conversions, cash surrender, and survivorship. Their flexible coverage minimums also make the policy easier for inexperienced or younger buyers.

Looking further into the flexibility of these life insurance policies, the question of riders comes into play.

State Farm Life Insurance Company offers extensive policy riders to their policyholders. These allow you to make a variety of changes to shape your policy to your unique needs.

Life insurance doesn’t have to mean “just” funeral coverage or accidental death benefits. With State Farm, you can opt-in for riders on disability income and long-term care, as well as many others, making your package something unique to you.

Navigating The State Farm Product

Any insurance platform worth its salt needs to take its users’ experience into account.

State Farm has built on this, creating consolidated tools and learning materials for grappling with your policy. Beginner guides have been included in order for new users to get to grips with the system before committing to it.

Even once you’ve taken up one of these policies, these help files are there to help navigate any potential issues you might have on the day-to-day.

Everything from “the basics” to more advanced guides is made readily available. In addition to these, State Farm has also provided a collection of useful tools for working through and with your life insurance policy.

First in line is the illustrated calculator. This handy tool helps to estimate how much insurance is needed, based on your unique financial and lifestyle obligations.

This takes a lot of the risk out of using your policy, breaking down the more complicated processes into simple, accurate functions.

Next up is their online quote tool. This fantastic application offers quotations for a huge array of life insurance products. These quotes, in turn, can help you negotiate a review with your local State Farm agent, which is really going the extra mile in terms of service.

A Short (Positive) Note On Customer Support

The weak link in any service provider’s chain is almost always in its customer support.

Which is why it’s with pleasure that we can confirm State Farm offers 24-hour telephone support for its claims and payment services.

Not only this, but they offer contact via email, Facebook, and Twitter.

Beyond that, clients can also choose to pay their premium payments in one lump sum or split into multiple installments.

You can make payments either online, over the phone, or at a local State Farm agency, making State Farm’s life insurance easier to use.

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And The Cost?

As we’ve mentioned, State Farm’s overall focus is not on life insurance. With this in mind, it makes sense that their fees and charges aren’t the best you’ll find out there, even with their commission-free policies.

Their assessment for a daily mortality and expense risk charge amounts to 0.8% of your net assets, annually, which is the industry standard.

Surrender charges for early cancellations clock in at 9% of your account’s cash value, with that number dropping by 1% each year.

All of this makes State Farm life insurance a better option for buyers with more to spend.

The Verdict On State Farm Life Insurance Company

Life insurance is a safety net you simply can’t do without.

What State Farm Life Insurance Company offers is a wide-ranging, integrated insurance package, backed by one of the biggest names in the United States of America.

While it does have its problems, it’s important to acknowledge this is a robust, easy-to-use life insurance policy.

And it’s gaining momentum.

However, if you’re a price-conscious shopper, State Farm may not offer the best price for life insurance coverage.

Compared to some of the other largest life insurance companies, you’ll often find a significantly cheaper rate by shopping with anyone these (A) rated companies.

Before settling on one company, be sure to check out all your options and shop your rates as there can be savings in up to 70% from company to company.

Ultimately, it comes down to preference, and which other options you’re considering. Interested in learning more about some of the biggest and best insurance packages on the market? Take a look through some of our other articles, and find the right package for you, today.

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