State Farm Life Insurance Reviews
- State Farm has become something of a cultural zeitgeist with its "Jake from State Farm" marketing schematic. While celebrities like athlete Chris Paul, actor Paul Rudd and rapper Drake have recently donned the infamous red shirt, the original version was a real employee named Jake Stone.
The company's promotions went viral, and State Farm became a digital sensation and social media darling. From memes to quirky Super Bowl commercials, State Farm has enjoyed a refreshed brand image. Its "Like a good neighbor, State Farm is there" tagline is catchy and instantly identifies the company's approach to customer service.
State Farm has reliably offered a battery of insurance and personal finance products over its long company history, covering the breadth of the consumer lifespan.
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What Products and Services Does State Farm Insurance Provide?
State Farm offers a vast array of products and services, including:
- Car insurance
- Home/condo/motorhome insurance
- Renters insurance
- Boat insurance
- Motorcycle insurance
- Life insurance
- Medicare supplement insurance
- Disability insurance
- Pet medical insurance
- Mutual funds/banking
The State Farm Life Insurance Company is currently licensed for coverage in every state except for Massachusetts, New York and Wisconsin. The State Farm Life and Accident Assurance Company is licensed in both New York and Wisconsin.
Term Life Insurance
Term policies include Select Term Life, Instant Answer Term Life and Return of Premium Term Life. Coverage spans include 10-, 20- and 30-year options, and monthly premiums are generally stable.
Instant Answer Term life insurance is a flat $50,000 policy, while Return of Premium Term Life and Select Term Life start with coverage of $100,000.
Permanent life insurance
State Farm offers whole life, single-premium whole life, limited-pay whole life and final expense insurance. Final expense policies apply to those between the ages of 50 and 80, except for in New York, where the age limit is 75 on the upper end.
Final expense policies cap out at $10,000 in coverage. Limited-pay and single-premium policies offer customized adjustments on coverage, while whole life boasts level premiums.
State Farm also offers joint universal and survivorship policies, which cover more than one person at a time. These policies are generally geared towards spouses.
The Pros and Cons of State Farm Insurance
- Longevity: The company has been around since 1922. This kind of longevity can be reassuring to customers, because it indicates sound company practices that have allowed it to thrive for so many years.
- Variety: State Farm offers a significant portfolio of products, allowing consumers to mix and match those most applicable to their needs.
- Affordability: State Farm offers affordable rates on life insurance and has enough options to fit just about any budget.
- Policy Conversion: All of State Farm's term life insurance products can be converted to permanent policies, no matter how the customer's health status may change.
- Variety: This is listed as both a pro and a con, since customers can sometimes get overwhelmed by the options available to them.
- Availability: The company's life insurance policies are not available in Massachusetts, which is a drawback, and have different policy parameters for New York customers in some instances.
What People Are Saying About State Farm Insurance
Many of the State Farm life insurance reviews emphasize the significant breadth of coverage and products, and there are a bevy of positive reviews from consumers, which far outweigh any negative feedback. Reviewers like the ability to bundle their life insurance policy with the same company that provides their home and auto insurance. They note the ease of management when dealing with just one company.
Reviews also laud the company for stellar customer service, noting that State Farm provides online, phone and in-person agents in every state serviced by the company. Agents have been noted for their professionalism and willingness to answer queries in a way that is friendly and educational for consumers.
Some people report struggling with the inundation of information from so many products and corresponding price constructs. Others underscore some of the challenges of dealing with the online portal from certain smartphones, though this does not appear to be a widespread issue.
Who Would State Farm Insurance Be Good For?
State Farm Life Insurance is ideal for anyone in need of a quality life insurance policy. Seniors, especially, may benefit from the affordable premiums and relatively easy qualification parameters.
Families with multiple life insurance needs, ranging from younger kids to older parents, can also benefit from the array of life insurance options. Families can take advantage of State Farm's life insurance policy offerings that meet the needs of each age group within one account.