Sate farm insurance #State #Farm #Life #Insurance #Reviews #(with #Cost), #Retirement #Living, #2018

Sate farm insurance

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State Farm Life Insurance

State Farm has been in business since 1922 and has grown to provide 83 million policies and accounts. Along with various types of life insurance, State Farm offers personal policies to cover your home, vehicles, identity theft, disability insurance and more. You will likely get a discount for bundling a life insurance policy with their home, auto or other lines of insurance.

State Farm

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State Farm offers an extensive list of life insurance products including term, whole life and universal life insurance. If you’re shopping for life insurance, check out our picks for the best life insurance companies.

State Farm Life Insurance Review

Life insurance is the best way to ensure your family does not struggle with unplanned bills and expenses in the event of your death. This insurance helps ease your family’s financial burdens in a very stressful time. There were nearly 6,000 life insurance companies in the U.S. in 2016. State Farm sets itself apart from other life insurance companies with a strong emphasis on customer service. Consumer research firm J.D. Power awarded State Farm Insurance for providing the highest customer satisfaction every year for the past four years. Additionally, we chose State Farm Life Insurance for best customer service in our guide about the best life insurance companies.

State Farm is a financial service and insurance company, ranking thirty-fifth on the 2016 Fortune 500 list with revenues of over $75 billion. The company offers over 100 financial products and services, including several types of life insurance. State Farm Life Insurance Company offers term, whole, universal, and variable universal life insurance to clients throughout most of the United States. State Farm meets their client’s needs with in-person service through their network of agents as well as the convenience of telephone and online service.

• Offers Term, Whole, Universal, and Variable Universal policies
• Available in most states
• Highly respected company
• Good customer service ratings

• Unavailable in Massachusetts
• No guarantee against loss of value on some plans

State Farm Life Insurance Products

State Farm offers term, whole, universal, and variable universal life insurance policies. This variety of life insurance allows clients to find the policy type that best suits their needs within a single company

State Farm Term Life Insurance

Term insurance is the least expensive life insurance you can buy and coverage continues until the policy term lapses, usually from 10 to 30 years, as long as you pay premiums. With pure term life insurance, there is no cash payout at the end of the policy term, although State Farm has an alternative, discussed below. State Farm offers four types of term life insurance policies, Select Term, Return of Premium Term, Mortgage Term Life and Instant Answer Term insurance.

Select Term and Return of Premium Term policies guarantee benefits for the entire term rather than decreasing with age. You can keep the policy after the term expires, but premiums will increase annually. You can convert either policy to permanent life insurance until you reach age 75, no matter what your health. You can get coverage with either plan starting at $100,000 in coverage and up.

Term Life Insurance Benefits

• Loss of Income- Help provide for your family’s loss of income
• Debts- Help with short-term debts
• Coverage for Children- Additional insurance for children
• Long-term Protection- Help your family pay off mortgage and education expenses

You can buy a State Farm Select Term life insurance with a 10, 20 or 30 term and can renew until you turn 95. State Farm’s Return of Premium life insurance plan is available for a term of 20 or 30 years, and if you live past the term, you receive a refund of the premiums paid over the years. Both Select Term and Return of Premium life insurance have customizable options, such as a rider to add a child or another adult to your policy.

As the name implies, Mortgage Term Life pays your home mortgage off in the event of your death. The insurance is available for 15 or 30 years, and the death benefit decreases annually after the first five years, as your mortgage balance will.

State Farm Instant Answer Term Insurance lets you buy a $50,000 term life insurance policy the same day you apply. No medical exam is required, but you must be between the ages of 16 and 45. You can buy coverage for 10 years or to age 50, whichever is later.

State Farm Whole Life Insurance

Whole life insurance gains tax-deferred value over time with dividends, and you can take cash out of the balance as a loan. As long you pay premiums, the policy holds a cash value at the end of the term, and you will have coverage for life. State Farm offers whole life policies with multiple options for premium terms. Policies can be paid with a single premium payment, premiums to 100 (years old) plan, or level payments for 10, 15, or 20 years with the Limited Pay plans.

Any outstanding loans on the policy reduce the cash value and the death benefit. As with most whole life plans, there are no guaranteed dividends. Death benefits are usually tax-free to beneficiaries.

State Farm Universal Life Insurance

Universal life insurance is a hybrid of life insurance and an investment account. Universal life insurance policies do not guarantee a return on investment but fluctuate with the stock market. Portfolio management expenses get deducted from your monthly premium, then the remaining funds go into your account after paying any other costs. You can withdraw cash from the policy or take out a loan. State Farm Universal Life insurance remains in effect as long as there is enough cash in the account to cover monthly deductions.

State Farm offers universal life insurance that allows you to choose your preferred premium rate within policy minimums, has a death benefit, offers tax-deferred status on cash value growth, and the ability to use the cash value for your expenses.

Universal Life Insurance Features

• Flexibility- You decided the amount of life insurance you want
• Death Benefit- Life insurance proceeds are tax-free
• Tax Deferred- Cash value growth is tax deferred
• Access to Cash Value- Cash value can be accessed to help with expenses

State Farm Survivorship Universal Life Insurance covers two people under the same policy. The death benefit pays out when the last person covered by the plan dies. Survivorship Universal has the same features as standard universal life insurance but is often less expensive compared to two separate policies. This type of plan is often attractive in a variety of situations, such as parents who do not need life insurance for themselves but want to provide for their children when both parents die.

State Farm also offers Joint Universal life insurance. Like Survivorship Universal life, this policy covers two people. However, Joint Universal life insurance pays the death benefit as soon as one insured dies. Joint Universal life insurance has the same benefits as the other universal life insurance policies with an option for the surviving person to purchase a second policy. This plan also has a wide variety of riders available to fully customize your coverage.

Sample State Farm Life Insurance Cost

The table below shows sample life insurance premiums for a 25-year-old female living in Illinois, with excellent health. Annual rates are available.

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