State Farm Life Insurance Review

A Range of Options for Any Age or Stage in Life

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State Farm Life Insurance Company

State Farm Life Insurance Company

overall rating

Our Take

State Farm Life Insurance is a highly rated, financially strong insurance company. The company’s diverse range of policies, wide selection of riders, and excellent customer service will provide security for the changing needs of you and your family as you both grow.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
  • Friendly agents provide product overviews

  • Top-ranked customer satisfaction

  • Great selection of add-on riders

  • Discounts for combining policies

  • Offers comprehensive range of life insurance plans

  • Plans for all age groups and life stages

  • No medical exam coverage for 16- to 45-year-olds

  • Some plans may pay dividends

  • Can’t quote most policy types online

  • Sample quotes on their site are limited

  • Terms and conditions vary by state

  • Final Expense limited to $10,000

  • No Medical Exam plans limited to $50,000

  • Sold through captive agents

  • Not available in Massachusetts

Key Takeaways
  • State Farm has a robust list of life insurance policies you can choose from, including term, whole life, and universal life insurance.  
  • Customer satisfaction recognition suggests consumers are happy with the website and agent knowledge on plans.  
  • You can get an instant issue policy with no medical exam if you are between the ages of 16 and 45 years old.  
  • The return of premium policy gives you a no-risk option to get all your money back if you outlive the policy term.  
  • The free look period is a way for you to review all policy terms and conditions before making a final commitment.
  • Year Founded 1929
  • Kinds of Plans Term Life, Whole Life, Universal Life, Survivorship Life, Joint Life
  • Number of Plans 8
  • Payment Options Limited Pay, Single Pay, Monthly or Annual
  • Official Website

State Farm Life Insurance has built a solid reputation for providing great customer service with a varied product line for its customers for several years running. The company offers options for all types of life insurance, including term life insurance, permanent life insurance, and many optional add-on riders. 

Here’s our review of State Farm Life Insurance to help you compare life insurance policy options and decide if this is the right life insurance company for you.

Company Overview

Headquartered in Bloomington, Illinois, State Farm Life was founded in 1929 and has been offering life insurance for over 80 years. According to its website, State Farm Life is ranked the second-largest life insurer "based on policies in force in the U.S. since 2016."  

State Farm offers life insurance policies in every state except Massachusetts. Policies in New York and Wisconsin are issued by State Farm Life Accident Assurance Company. 

State Farm offers a full range of services online, including self-servicing of policies, an informative blog, calculators to figure out how much life insurance you need, and online quotes. State Farm sells life insurance through local agents who you can meet with in person or speak to by phone to get quotes and review various options.

Available Plans 

State Farm offers eight different life insurance plan options that work well for people of various ages and at different stages in life. The plans also offer features that allow you to convert term to permanent, add coverage at various intervals, and in some cases build cash values. Take a look at the full roster of policy offerings by State Farm Life below.

Term Life Insurance

State Farm offers three term life insurance plans that provide coverage with terms from 10 to 30 years. Depending on the plan you choose, you can enjoy level premiums and even build a cash value you can borrow against.

Select Term Life Insurance

Select Term provides life insurance with three possible terms: 10, 20, and 30 years of coverage. Premiums are level for the term so you won’t have any surprise increases, which makes it easy to budget.   

Once your term is up, Select Term offers the option (for an additional cost) to get more coverage up until the age of 95. Note that the additional cost may be more expensive compared to what you were paying on your term plan. 

For example, issue ages for the term life are:

  • 10-year term available from ages 18 to 75
  • 20-year term available from ages 18 to 65
  • 30-year term available from ages 18 to 45

Select Term also offers riders, such as the option to add a spouse or child, and also to convert to a permanent life insurance policy for yourself or the insured spouse or child without an additional medical exam.

Return of Premium Term Life Insurance

State Farm also offers a Return of Premium Term plan with a level premium payment for a term of either 20 or 30 years. The advantage of this policy is that you may be eligible for a return of the premiums you paid at the end of the term if you haven’t used your death benefit.

Return of Premium insurance also accumulates cash value so you can borrow money against the policy during the level premium period. The ability to borrow against a term policy is a special feature not available with most term life insurance policies. However, while reviewing the product benefits and small print of the terms, we noted that it is important to be aware that unpaid loans or withdrawals will reduce the guaranteed death benefit.

Issue ages for Return of Premium plans are:

  • 18 - 45 for Return of Premium Life 30
  • 18 - 60 for Return of Premium Term Life 20
  • 18 - 55 for Return of Premium Life 20
  • 18 - 45 for Return of Premium Life 30 for tobacco users

Instant Answer Term Life Insurance

State Farm’s Instant Answer Term Life policy is a no-medical-exam-required policy available for people ages 16 to 45. Coverage is for $50,000 and continues up to age 50 or 10 years after the policy issued, whichever is later.

Whole Life Insurance

State Farm offers several Whole Life insurance plans with level premiums that build tax-free cash values. Since these are permanent life insurance policies, you can access the cash value through loans during your lifetime. Some policies may also be eligible for dividends that can be paid in cash or used toward reducing your premiums or increasing your coverage.

Limited Pay Life

Limited Pay Life is a good option to choose if you only want to pay premiums for a specific length of time and do not mind paying a little more to finish your payments early. State Farm offers pay terms of 10, 15, or 20 years. You pay for the number of years you select and then keep the policy for life after your term ends with no additional premium payments. 

Limited Pay Life policies also accumulate cash values that can be borrowed against and may earn dividends.

Single Premium Life

State Farm’s Single Premium Life Insurance plan lets you take out a whole life policy that you can pay off in one lump sum. Aside from the advantage of not having to pay premiums, this policy is eligible for dividends and has guaranteed cash value. The disadvantage is that it is considered a Modified Endowment Contract which can have tax implications. Be sure to find out more about this before selecting this kind of plan. 

The minimum value for this plan is $15,000 and the issue age is 0 to 80 years old.

Final Expense

State Farm’s Final Expense insurance policy offers level premiums up to age 100 and a fixed death benefit amount of $10,000. The policy accumulates tax-deferred cash value and may also be eligible for dividends. 

You must be between 50 to 80 (50 to 75 in New York) to be eligible for a final expense policy.

Universal Life Insurance

State Farm’s Universal Life Insurance is a flexible policy that lets you raise or lower your coverage (and premiums) throughout your life to meet your changing needs. Individuals up to age 85 are eligible for universal life insurance. 

Coverage starts at the following limits based on age:

  • $25,000 for ages 0 to 17
  • $50,000 for ages 18 to 54
  • $25,000 for ages 55 to 85

There are two death benefit options in the universal life insurance plan:

  • Level death benefit: Offers a set amount
  • Variable death benefit: The amount varies based on the value of your account

Joint Universal Life

State Farm’s Joint Universal Life Insurance covers two people on one policy and is a cost-efficient solution when you can’t afford or don’t want to buy two policies. This policy can be issued to individuals aged 18 to 85 and offers coverage starting at $100,000. 

Joint Universal Life policies also accumulate cash value which can be accessed during your lifetime.

Survivorship Universal Life Insurance

Survivorship Universal Life Insurance is a cost-effective type of universal life insurance policy that only pays out after both people on the policy have died. Because you are covering two people on one policy, it is generally less expensive than buying two separate policies. This policy can be issued to individuals aged 18 to 90 (18 to 78 in California) and offers coverage starting at $250,000. 

The money you pay for this policy goes partially to the premium and partially into a federal tax-deferred cash value account. You can access the cash value if needed, but it will reduce the guaranteed death benefit and cash value of the policy until you pay it back. Loans from your life insurance policy will also accrue interest.

Does State Farm Life Insurance Offer Riders?

A life insurance rider is like an endorsement on an insurance policy that adds extra coverage options. State Farm Life Insurance offers one of the most comprehensive ranges of riders available covering all the bases for the add-ons you might need. Depending on the rider you choose to add, the rider can:

  • Give you added flexibility
  • Improve or increase coverage
  • Extend coverage to a family member
  • Protect your policy

List of State Farm Life Insurance Policy Riders

If you’re interested in purchasing a rider with your State Farm Policy, you have several options to choose from.

Level Term Rider

State Farm’s Joint Universal Life policy offers a Level Term Rider that lets you purchase additional term coverage on either insured until age 95. The coverage limit is a minimum of $100,000, and you must be between the age of 18 to 90 to be eligible for this rider. The Level Term Rider can also be converted to a whole life policy until the age of 75.

Waiver of Premium for Disability Rider

Waiver of Premium for Disability Riders are available for most State Farm policies. This option allows you to have your premiums waived if you become totally disabled prior to age 60 for as long as you remain totally disabled. This waiver has some specific conditions, so be sure and ask about the full details and how the option varies by age or depending on the plan you are on.

The Waiver of Monthly Deduction Rider is similar to the Waiver of Premium rider except that it waives the monthly deductions of the entire policy in the event of total disability. This rider is available on Universal and Joint Life Insurance policies.

Accidental Death Rider

The Accidental Death Rider is an option you can add that will allow the death benefit to be paid out as double, and in some cases triple, the amount of the normal death benefit if the cause of death is an accident.

Guaranteed Insurability Rider

The Guaranteed Insurability Rider lets you purchase an additional amount of insurance without a medical exam at specific “option ages” of 17, 22, 25, 28, 31, 34, 37, 40, 43, 46, and 49. You may also take the next available option when you get married or become a parent. This is available for people ages 0 to 37 for coverage levels of $25,000 to $100,000.  

This rider provides a nice way to lock in lower rates while you are healthy and increase coverage at the same rate without a medical exam when your family or personal needs grow. The only catch is that to take this rider, you also have to select the Waiver of Premium for Disability Rider.

Children’s Term Rider

The Children’s Term Rider can cover a child up until age 25 or until you turn 65 (whichever occurs first) for a limit of $5,000 to $20,000. The children’s rider is convertible without an additional medical exam into an individual life insurance policy for the child, valued up to five times the amount of the original rider under various conditions at age 18 and 25.

Flexible Care Benefit Rider 

The Flexible Care Benefit Rider is a way to get "living benefits" from your life insurance policy if you become critically ill. You can select to accelerate part of the death benefit and get payments every month if you are chronically ill and receiving long-term care services. This rider waives your monthly deductions during this period as well.

Payor Insurance Rider

Payor Insurance will waive your premiums on a children’s life insurance policy in the event you become disabled. The disability must occur before you reach age 60 and is in effect until the insured child reaches 25.

Estate Preservation Rider

The Estate Preservation Rider provides additional death benefits for the first four years of the Universal Life policy to help with certain tax planning situations. This rider is available to individuals ages 18 to 90 (18 to 78 in California).

Customer Service: Local Friendly Agents

State Farm works through local agents who can get to know you and help guide you with your State Farm insurance options. You can reach a local agent easily by phone during normal business hours, or by email.

You can use an agent from State Farm's nationwide network to get fast, friendly, personalized guidance.

Once you select an agent, this agent will become your representative and you will deal with them for all matters regarding your policy. Although State Farm does not have online chat help, it does offer online policy management, a blog, and web resources that are easy to understand. When we tested the company’s “speak to an agent now” phone number, we got connected to a local agent in a few minutes and received friendly and helpful service.

  • State Farm Life Insurance Company scores very well on the National Association of Insurance Commissioner’s (NAIC) National Complaint Index report, with a rating of 0.24. This rating has been consistently good for the past three years.

Customer Satisfaction: Among the Best

State Farm Life has a consistently strong track record of high scores in the J.D. Power Life Insurance Study, which ranks life insurance companies for customer experience and satisfaction. From 2015 to 2018, State Farm was awarded the top rank, and then again in 2020.

Category Rank
Overall Satisfaction – Score 808 Among the Best
Product Offerings Among the Best
Price Better than Most
Statements Better than Most
Interaction Among the Best
Communication Among the Best
Application and Orientation About Average

Waiver of Monthly Deduction for Disability Rider

Financial Strength: Highest Ranking A++ (Superior)

State Farm Life Insurance Company and State Farm Life and Accident Assurance Company (together referred to as State Farm Life) have a financial strength rating of A++ (Superior) by AM Best.

State Farm Cancellation Policy

State Farm requests that you contact your agent or send a request in writing if you want to cancel your policy. Ask about cancellation fees or procedures before you buy to have a good understanding of what to expect, especially if you want to know about cash values or surrendering your life insurance policy.

Price of State Farm Life Insurance

State Farm Life provides several payment options including monthly and yearly single pay plans and the option to pay premiums for either a limited number of years or up to age 100.

The Select Term rates state that the premiums will increase annually to age 95 but will never exceed the maximum premium stated in the policy.

Here are sample rates for $250,000 of term life coverage for a 25-year-old female in excellent health in Illinois:

Product (Years) Premium
Return of Premium (20 Years) Starting at $49.59 per month; $570.00 annually
Return of Premium (30 Years) Starting at $51.77 per month; $595.00 annually
Select Term (10 years) Starting at $15.02 per month; $172.50 annually
Select Term (20 years) Starting at $15.22 per month; $175.00 annually
Select Term (30 years) Starting at $19.14 per month; $220.00 annually

We reached out to five separate State Farm agents and the only one to respond to us was unwilling to give us quotes for whole life policies. You may find that getting a quote may be similarly difficult depending on the agents available in your area.

Even though their website offers dynamic quoting tools, don’t expect your premium to directly match the quote.

How State Farm Stacks Up to the Competition

We wanted to see how State Farm compared to the competition when it came to life insurance policies. After reviewing products and offerings from 25 life insurance companies, State Farm Life insurance is tough to compete within the areas of product offering, optional riders, or flexibility. Not only does the company offer traditional life insurance options, but it’s also one of the few insurance companies that offer a term life option with a cash value. State Farm also offers property insurance that may get you discounts for combined policies.

Final Verdict

State Farm Life Insurance is a good company that can offer you a lot of choices when it comes to buying life insurance. It also offers a full range of other insurance options like home and auto, some of which will give you discounts. 

The company’s website has a lot of resources but not a lot of interactivity. You will have to speak to an agent to get most types of policy quotes. Since State Farm works through captive agents, if you want to get a sense of what other insurance companies might offer you, consider shopping around for life insurance options or speak to a financial advisor to help you make a well-informed decision.


All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Better Business Bureau. "State Farm Insurance Company." Accessed Sept. 15, 2021.

  2. Insurance Information Institute. “What Are the Principal Types of Life Insurance?" Accessed Sept. 15, 2021. 

  3. National Association of Insurance Commissioners. "State Farm Life Ins Co National Complaint Index Report." Accessed Sept. 15, 2021.

  4. J.D. Power. "2020 JDPower US Home Insurance Study." Accessed Sept. 22, 2021.

  5. J.D. Power. "J. D. Power 2017 US Household Insurance Study." Accessed Sept. 22, 2021.

  6. J.D. Power. "J. D. Power 2016 US Household Insurance Study." Accessed Sept. 22, 2021.

  7. J.D. Power. "J. D. Power 2015 US Household Insurance Study." Accessed Sept. 22, 2021.

  8. AM Best. "AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Most of Its Subsidiaries." Accessed Sept. 15, 2021.