Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Feb 3, 2021

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The Facts of Life

  • State Farm has over 100 home, auto, and life insurance products. 
  • The company was founded in 1922 by an Illinois farmer; its headquarters are still in rural Illinois today.
  • State Farm is the second-largest life insurance provider in the country. 

Everyone needs a good neighbor. Like its slogan says, State Farm has been there for home and auto insurance policyholders for decades.

In 1922, a farmer founded the business to protect his community. Now, headquartered near Illinois State University in Bloomington-Normal, State Farm handles financial savings and securities around the nation. 

In this State Farm life insurance review, learn more about term and whole life insurance policies — as well as what third-party ratings have to say about State Farm. Customer reviews say it is one of the best life insurance companies

If you’re ready to buy life insurance enter your ZIP code now before you choose a life insurance company. Our comparison tool will show you the best life insurance rates in your area. 

What available plans does State Farm offer?

State Farm offers term, whole, and universal life insurance policies. Each of these general categories can be broken down further to more specified contracts. Read on to learn about State Farm term life insurance, whole life insurance, and universal life insurance.

State Farm has three different term life insurance products:

  1. Select Term Life Insurance policies are either 10-, 20-, or 30-year terms. With coverage of at least $100,000, this policy can be extended until the age of 95 with a higher premium.
  2. Return of Premium Term policies begin at terms of 20 or 30 years. Your premiums build cash value with this option.
  3. The last term life option is Instant Answer Term. This policy gets you a $50,000 death benefit with no medical exam if you are under 45.

State Farm has four whole life insurance options:

  1. With the standard Whole Life insurance policy, premiums stay the same forever with guaranteed coverage for a lifetime.
  2. The Limited Pay Whole Life policy has set premiums for 10, 15, or 20 years. You are still covered under this policy even when you are done paying. 
  3. Then there’s Single Premium Whole Life. This policy is exactly what it says. You make a single premium payment, and no additional payments are ever required.
  4. Final Expense policies are up to $10,000 in coverage for your burial expenses.

State Farm has three universal life insurance options:

  1.  Universal Life policies are available to people between the ages of 0 and 85, and coverage is at least $25,000.
  2. Survivorship Universal Life covers two people and pays benefits only after both have died. This policy starts at $250,000.
  3. Joint Universal Life pays the beneficiaries upon the death of the first insured. This coverage starts at $100,000.

Are there any available riders?

State Farm allows a plethora of riders. These include: 

  • Children’s Term Rider
  • Flexible Care Benefit Rider
  • Guaranteed Insurability Option
  • Level Term Rider/Additional Insured
  • Waiver of Monthly Deduction for Disability

These riders can help you customize your term life insurance policy.

What are the pros and cons of State Farm Life Insurance?

Just like when you buy life insurance from any company, the price will be determined by your age, health history, and a series of other factors used to measure risk. So, no surprise there. 

Some pros to signing with State Farm are its vast and flexible policies and its no-exam requirement life insurance option. 

However, the flip side of the no-medical-exam requirement is the limitations. The no-exam policy is only available to members until they are 45, with benefits capped at $50,000. 

Another common thread in customer complaints is the limited final expense benefit. These life insurance policies only dispense up to $10,000. This amount is generally not enough to cover a typical burial and memorial service. 

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Who is State Farm’s competition? 

State Farm has been the number-one auto insurance provider since 1946 and the top home insurance company since the ’60s, according to data from S&P Global Market. State Farm is the second-largest life insurer in the United States — and has been for four years. 

State Farm is a big company, with over 100 products, 19,000 agents, and $8 million in life insurance policies around the nation. It’s bound to be up to some competition. 

Take a look at the top life insurance companies by market share. For whole life insurance policies, State Farm is in the top 10. The company with the most premiums written, however, is Northwestern Mutual, with Metropolitan Group close behind. 

Top 20 Whole Life Insurance Companies by Market Share

Top 20 Whole Life Insurance Companies by Market Share
CompaniesDirect Written PremiumMarket Share
Northwestern Mutual$10,517,115,4526.42%
Metropolitan Group$9,821,445,9536.00%
New York Life$9,925,848,3005.68%
Lincoln National$8,769,303,7745.36%
John Hancock$4,640,905,0172.83%
State Farm$4,633,004,9632.83%
Minnesota Mutual Group$4,422,100,0282.70%
Guardian Life$4,033,541,4012.46%
Pacific Life$3,755,606,2132.29%
AXA Equitable$3,051,945,8491.86%
Voya Financial$2,526,828,2681.54%
Brighthouse Financial$2,519,733,1161.54%
Protective Life$2,403,640,8251.47%
Sammons Enterprises$2,321,529,7221.42%
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Another competitor is New York Life. State Farm’s associate company, State Farm Life and Accident Assurance Company, is its only affiliate licensed in New York and Wisconsin. State Farm is also limited in other states. New York Life, however, is offered in every state. 

Though their rates are similar and both have an A.M. Best ranking of “A++,” New York Life reaped $1.9 billion in dividends last year compared to State Farm’s $600 million. 

State Farm Ratings 

According to a J.D. Power life insurance study involving life insurance companies around the nation, State Farm shined in customer service. 

State Farm, as reported by J.D. Power, is the highest-ranked individual life insurance provider. 

As seen above, State Farm ranks superior in the life insurance field as far as its financial security. A.M. Best gave the company an A++, an outstanding rating. 

State Farm is a top military-friendly employer, as well as a Fortune 500 most admired company. 

Get a State Farm Life Insurance Quote

State Farm is a well-rated company, which has been serving the country for just shy of 100 years. It hass built its way to a household name in terms of auto insurance, but, what about its life insurance policies? 

We’ve learned that State Farm life insurance policies are flexible and expansive enough to cover just about any situation. However, if you’re looking for more than $10,000 for funeral expenses without a medical exam, State Farm may not be the right company for you. 

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About State Farm

State Farm is an auto, home, and life insurance company. Before wrap up, take a look at its Color Full Lives series.

This series features Angela Yee, Tonya Rapley, and Aminatou Sow, who discuss their lives and give financial tips. The series is a celebration of African American women and their financial security.

Life insurance companies want their policyholders to live the most secure life possible. What risk do you pose? Learn more about what plans you need to secure the future for your loved ones. 

Has the company’s strong reputation swayed you? Enter your ZIP code now to start comparing affordable life insurance rates in your area.