State Farm Life Insurance Policies: The Real Truth

Are Quotes For State Farm Life Insurance Competitive

For 2023, we have not been able to acquire all their rates. However, we do have several people who have already received quotes for term and whole life insurance from State Farm. In every case, our carriers have made much better offers for life insurance to these very same people.

Now why is this? State Farm is primarily a P&C carrier. This means Property and Casualty insurance such as homeowners and automobile insurance. Medical underwriting which is done by life and health insurance companies is another “cup of tea.” While State Farm Life is happy to insure those in excellent health they avoid significant health conditions and high risk cases. Insurance companies are rarely good at underwriting both P&C and life insurance. Polar opposites. Life insurance is more complex to assess. This is why as an agency, we specialize in medically underwritten insurance and NOT property and casualty insurance such as automobile and homeowners. Remember, “jack of all trades, master of none.”

State Farm Life insurance policies should only be considered IF you are in excellent health including height and weight. Don’t waste your time otherwise, even if you are close to your corner agent.

Find yourself an independent life insurance pro. Spending your time with companies that don’t write a lot of life insurance can end up in an unnecessary decline or being overcharged.

Compare State Farm Life Insurance Rates With Other Companies

So maybe your not sure what to believe about life insurance with State Farm. Maybe you heard they had a great policy. If so, which one specifically and why is it “great?” Were going to dispell a lot of misinformation right here. On this page is our instant quoting tool that will allow to to see all the best life insurance carriers rates and products.

But first use the State Farm Life Insurance Quoter and select your product. You will be asked whether you would like a quote for their Guaranteed Issue Final Expense whole life insurance or the Term Life insurance from State Farm.

Term Life Insurance From State Farm

Did you use the State Farm insurance quoter in the link above to get a term life insurance quote? If so, now go to our instant quote tool page and find out how all the top life insurance companies are pricing the same type of term insurance you just saw on the State Farm site.

As you may have noticed from both online tools, there are some significant pricing differences in term life insurance from State Farm versus a wealth of other top life insurance companies. Term life insurance is a bit more of a commidity than other types of life insurance. While there may be special riders built into certain insurance companies term policies which enhance the base coverage, State Farm’s coverage is quite expensive and hard to qualify for. You must be in good health among several other factors to be approved for protection.

State Farm Whole Life Insurance

If you’re interested in a traditional, fully underwritten policy with State Farm for their best rates on permanent life insurance, you will have to contact a State Farm office and have an agent collect more information from you than required on their online quoting system. If you have an illustration you have received and wish to share it wish us, we can prepare an appropriate comparison and illustration for you from one of the top life insurance companies.

State Farm Life Guaranteed Issue Final Expense Insurance

For those people who need are planning for end of life costs, State FarmGuaranteed Issue Final Expense is available in policy amounts of $10,000-$15,000. This type of whole life insurance is a no exam, no medical question life insurance contract. This type of whole life insurance is designed for people in poor health. Examples: Active Internal Cancer, Recent Amputation due to diabetes, terminal illness, receiving kidney dialysis, someone requiring a recently received an organ transplant, diagnosed with dementia and/or Altzheimer’s. Policies such as this are available from a few different companies. Common names such as Colonial Penn’s 9.95 life insurance is guaranteed issue as well. Neither of these carriers are competitive for guaranteed issue life insurance.

State Farm Life Conclusion

I’m going to cut right to the chase here. State Farm Life does any not have pinnacle life insurance products or underwriting. They have cut their teeth and are well known for auto and homeowners insurance. They are just dabbling in the life insurance market. Underwriting life insurance with expertise takes a lot of experience and data with the risks they are insuring. This is simply not their wheelhouse and likely why we don’t hear about life insurance within their television advertisments.

Maybe you have a good relationship with a State Farm agent. That is ok. Just be sure to get a life insurance quote from a independent life insurance agency like ours first. State Farm life insurance is either hard to qualify for, overpriced and/or underperforming. This is just not a market they are serious about.

Be careful reading reviews of State Farm life insurance from financial bloggers. You will find most don’t have a life insurance license. The internet is chocked full of opinions. Many will come from unqualified voices. A licensed life insurance agent has actual training and continuing education requirements on the life insurance industry, products, medical underwriting as well as needs analysis of life insurance consumers. A good independent agent/broker should be your advisor and direct you to your best options to meet your goals.

Needs analysis and pre-qualifying an applicant is the first step in picking the right company and product/plan. Sorry to say, the name of the brand means nothing. Often, it will come down to your needs, age and overall health what is most advisable. Some of the top life insurance companies… most consumers have not heard off. Take for example, Banner Life. There is a rock solid, A+ rated company with excellent life insurance underwriting combined with competitive pricing.

Folks, I would say keep your auto and homeowners with State Farm if you’re happy but certainly bring in a life insurance expert that will help you get the best life insurance product and for your needs and dollar spent.

We’re always here. Feel free to give us a call with any questions or assistance. 269-244-3420

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